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[ "table of contents item 2 .", "properties flight equipment and fleet renewal as of december 31 , 2016 , american operated a mainline fleet of 930 aircraft .", "in 2016 , we continued our extensive fleet renewal program , which has provided us with the youngest fleet of the major u.s .", "network carriers .", "during 2016 , american took delivery of 55 new mainline aircraft and retired 71 aircraft .", "we are supported by our wholly-owned and third-party regional carriers that fly under capacity purchase agreements operating as american eagle .", "as of december 31 , 2016 , american eagle operated 606 regional aircraft .", "during 2016 , we increased our regional fleet by 61 regional aircraft , we removed and placed in temporary storage one embraer erj 140 aircraft and retired 41 other regional aircraft .", "mainline as of december 31 , 2016 , american 2019s mainline fleet consisted of the following aircraft : average seating capacity average ( years ) owned leased total ." ]

[ "the airbus a319 of average seating capacity is 128 ; the airbus a319 of average age ( years ) is 12.8 ; the airbus a319 of owned is 19 ; the airbus a319 of leased is 106 ; the airbus a319 of total is 125 ;", "the airbus a320 of average seating capacity is 150 ; the airbus a320 of average age ( years ) is 15.5 ; the airbus a320 of owned is 10 ; the airbus a320 of leased is 41 ; the airbus a320 of total is 51 ;", "the airbus a321 of average seating capacity is 178 ; the airbus a321 of average age ( years ) is 4.9 ; the airbus a321 of owned is 153 ; the airbus a321 of leased is 46 ; the airbus a321 of total is 199 ;", "the airbusa330-200 of average seating capacity is 258 ; the airbusa330-200 of average age ( years ) is 5.0 ; the airbusa330-200 of owned is 15 ; the airbusa330-200 of leased is 2014 ; the airbusa330-200 of total is 15 ;", "the airbusa330-300 of average seating capacity is 291 ; the airbusa330-300 of average age ( years ) is 16.4 ; the airbusa330-300 of owned is 4 ; the airbusa330-300 of leased is 5 ; the airbusa330-300 of total is 9 ;" ]

[ [ "", "average seating capacity", "average age ( years )", "owned", "leased", "total" ], [ "airbus a319", "128", "12.8", "19", "106", "125" ], [ "airbus a320", "150", "15.5", "10", "41", "51" ], [ "airbus a321", "178", "4.9", "153", "46", "199" ], [ "airbusa330-200", "258", "5.0", "15", "2014", "15" ], [ "airbusa330-300", "291", "16.4", "4", "5", "9" ], [ "boeing737-800", "160", "7.7", "123", "161", "284" ], [ "boeing757-200", "179", "17.9", "39", "12", "51" ], [ "boeing767-300er", "211", "19.5", "28", "3", "31" ], [ "boeing777-200er", "263", "16.0", "44", "3", "47" ], [ "boeing777-300er", "310", "2.8", "18", "2", "20" ], [ "boeing787-8", "226", "1.3", "17", "2014", "17" ], [ "boeing787-9", "285", "0.2", "4", "2014", "4" ], [ "embraer 190", "99", "9.2", "20", "2014", "20" ], [ "mcdonnell douglasmd-80", "140", "22.0", "25", "32", "57" ], [ "total", "", "10.3", "519", "411", "930" ] ]

[ "insurance 2013 north american 2019s catastrophe losses were $ 298 million in 2008 , compared with $ 16 million in 2007 , and $ nil in 2006 .", "catastrophe losses in 2008 were primarily related to hurricanes gustav and ike .", "insurance 2013 north american incurred net favorable prior period development of $ 351 million in 2008 .", "this compares with net adverse prior period development of $ 9 million and $ 65 million in 2007 and 2006 , respectively .", "refer to 201cprior period development 201d for more information .", "the increase in the loss and loss expense ratio as adjusted in 2008 , compared with 2007 , was primarily due to changes in business mix , specifically higher premiums from the crop business , which carries a relatively high current accident year loss ratio .", "in addition , the 2008 loss and loss expense ratio reflects increased loss costs , including higher incurred losses for non-catastrophe events that affected the property , marine and energy business units .", "insurance 2013 north american 2019s policy acquisition cost ratio increased in 2008 , compared with 2007 , due in part to the inclusion of ace private risk services in 2008 , which generates a higher acquisition cost ratio than our commercial p&c business .", "the increase also reflects higher acquisition costs on ace westchester 2019s crop/hail business , as 2008 included more profitable results on the first quarter final settlement than in 2007 , as well as increased crop/hail production for 2008 .", "the first quarter settlement in 2008 generated a higher profit share commission , which added approximately 0.8 percentage points to insurance 2013 north american 2019s 2008 policy acquisition cost ratio .", "in addition , higher assumed loss portfolio transfer business in 2007 , which incurred low acquisition costs as is typical for these types of transactions , reduced the 2007 policy acquisition ratio by 0.2 percentage points .", "these increases in the 2008 policy acquisition cost ratio were partially offset by improvements at ace bermuda , primarily due to increased ceding commissions .", "the decrease in insurance 2013 north american 2019s 2007 policy acquisition cost ratio , compared with 2006 , was primarily related to reductions in the policy acquisition cost ratio at ace usa and ace westchester .", "for ace usa , the reduction reflected higher ceding commissions as well as lower premium taxes due to reassessment of obligations for premium-based assessments and guaranty funds .", "for ace westchester , the reduction in the policy acquisition cost ratio was primarily due to lower profit share commissions on crop business in 2007 , compared with insurance 2013 north american 2019s administrative expense ratio increased in 2008 , compared with 2007 , reflecting the inclusion of ace private risk services unit , which generates higher administrative expense ratios than our commercial p&c business , and the reduction in net premiums earned .", "the administrative expense ratio was stable in 2007 , compared with ." ]

[ "ace usa 2019s reduction in net premiums earned in 2008 was primarily driven by the decrease in financial solutions business , as the prior year included approximately $ 170 million related to a one-time assumed loss portfolio transfer program .", "in addition , net premiums earned were lower in 2008 due to decreases in middle-market workers 2019 compensation business , large risk accounts and property , reflecting competitive market conditions and declining business that did not meet our selective under- writing standards .", "these reductions were partially offset by growth in ace usa 2019s professional liability , specialty casualty , a&h , inland marine and foreign casualty units .", "ace usa 2019s increase in net premiums earned in 2007 , compared with 2006 , was primarily driven by assumed loss portfolio business , as well as new business in the energy unit and growth in specialty casu- alty lines .", "ace usa 2019s curtailment of middle market worker 2019s compensation business partially offset these increases .", "ace westchester 2019s reduction in net premiums earned over the last two years was primarily due to declines in casualty and inland marine business , which resulted from competitive market conditions .", "this trend was partially offset by crop business growth , which benefited from generally higher commodity prices for most of 2008 and in 2007 .", "ace bermuda 2019s reduction in net premiums earned in 2008 , compared with 2007 , was a result of lower production , and the decrease in 2007 , compared with 2006 , was primarily due to the curtailment of financial solutions business .", "insurance 2013 north american 2019s loss and loss expense ratio increased in 2008 and 2007 .", "the following table shows the impact of catastrophe losses and prior period development on our loss and loss expense ratio for the years ended december 31 , 2008 , 2007 , and 2006. ." ]

[ "insurance 2013 north american 2019s catastrophe losses were $ 298 million in 2008 , compared with $ 16 million in 2007 , and $ nil in 2006 .", "insurance 2013 north american incurred net favorable prior period development of $ 351 million in 2008 ." ]

[ [ "", "2008", "2007", "2006" ], [ "loss and loss expense ratio as reported", "71.8 % ( % )", "71.1 % ( % )", "70.4 % ( % )" ], [ "catastrophe losses", "( 5.4 ) % ( % )", "( 0.3 ) % ( % )", "2013 % ( % )" ], [ "prior period development", "6.2 % ( % )", "( 0.2 ) % ( % )", "( 1.2 ) % ( % )" ], [ "loss and loss expense ratio adjusted", "72.6 % ( % )", "70.6 % ( % )", "69.2 % ( % )" ] ]

[ "cash flows provided by operating activities the most significant items affecting the comparison of our operating cash flows for 2016 and 2015 are summarized below : changes in assets and liabilities , net of effects from business acquisitions and divestitures , decreased our cash flow from operations by $ 205.2 million in 2016 , compared to a decrease of $ 316.7 million in 2015 , primarily as a result of the following : 2022 our accounts receivable , exclusive of the change in allowance for doubtful accounts and customer credits , increased $ 52.3 million during 2016 due to the timing of billings net of collections , compared to a $ 15.7 million increase in 2015 .", "as of december 31 , 2016 and 2015 , our days sales outstanding were 38.1 and 38.3 days , or 26.1 and 25.8 days net of deferred revenue , respectively .", "2022 our accounts payable decreased $ 9.8 million during 2016 compared to an increase of $ 35.6 million during 2015 , due to the timing of payments .", "2022 cash paid for capping , closure and post-closure obligations was $ 11.0 million lower during 2016 compared to 2015 .", "the decrease in cash paid for capping , closure , and post-closure obligations is primarily due to payments in 2015 related to a required capping event at one of our closed landfills .", "2022 cash paid for remediation obligations was $ 13.2 million lower during 2016 compared to 2015 primarily due to the timing of obligations .", "in addition , cash paid for income taxes was approximately $ 265 million and $ 321 million for 2016 and 2015 , respectively .", "income taxes paid in 2016 and 2015 reflect the favorable tax depreciation provisions of the protecting americans from tax hikes act signed into law in december 2015 as well as the realization of certain tax credits .", "cash paid for interest was $ 330.2 million and $ 327.6 million for 2016 and 2015 , respectively .", "the most significant items affecting the comparison of our operating cash flows for 2015 and 2014 are summarized below : changes in assets and liabilities , net of effects of business acquisitions and divestitures , decreased our cash flow from operations by $ 316.7 million in 2015 , compared to a decrease of $ 295.6 million in 2014 , primarily as a result of the following : 2022 our accounts receivable , exclusive of the change in allowance for doubtful accounts and customer credits , increased $ 15.7 million during 2015 due to the timing of billings , net of collections , compared to a $ 54.3 million increase in 2014 .", "as of december 31 , 2015 and 2014 , our days sales outstanding were 38 days , or 26 and 25 days net of deferred revenue , respectively .", "2022 our accounts payable increased $ 35.6 million and $ 3.3 million during 2015 and 2014 , respectively , due to the timing of payments as of december 31 , 2015. ." ]

[ "liquidity and capital resources the major components of changes in cash flows for 2016 , 2015 and 2014 are discussed in the following paragraphs .", "the following table summarizes our cash flow from operating activities , investing activities and financing activities for the years ended december 31 , 2016 , 2015 and 2014 ( in millions of dollars ) : ." ]

[ "cash flows provided by operating activities the most significant items affecting the comparison of our operating cash flows for 2016 and 2015 are summarized below : changes in assets and liabilities , net of effects from business acquisitions and divestitures , decreased our cash flow from operations by $ 205.2 million in 2016 , compared to a decrease of $ 316.7 million in 2015 , primarily as a result of the following : 2022 our accounts receivable , exclusive of the change in allowance for doubtful accounts and customer credits , increased $ 52.3 million during 2016 due to the timing of billings net of collections , compared to a $ 15.7 million increase in 2015 ." ]

[ [ "", "2016", "2015", "2014" ], [ "net cash provided by operating activities", "$ 1847.8", "$ 1679.7", "$ 1529.8" ], [ "net cash used in investing activities", "-961.2 ( 961.2 )", "-1482.8 ( 1482.8 )", "-959.8 ( 959.8 )" ], [ "net cash used in financing activities", "-851.2 ( 851.2 )", "-239.7 ( 239.7 )", "-708.1 ( 708.1 )" ] ]

[ "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 upon average wti adjusted for differentials unique to western canada .", "( b ) monthly average day ahead index .", "integrated gas our integrated gas operations include production and marketing of products manufactured from natural gas , such as lng and methanol , in eg .", "world lng trade in 2011 has been estimated to be 241 mmt .", "long-term , lng continues to be in demand as markets seek the benefits of clean burning natural gas .", "market prices for lng are not reported or posted .", "in general , lng delivered to the u.s .", "is tied to henry hub prices and will track with changes in u.s .", "natural gas prices , while lng sold in europe and asia is indexed to crude oil prices and will track the movement of those prices .", "we have a 60 percent ownership in an lng production facility in equatorial guinea , which sells lng under a long-term contract at prices tied to henry hub natural gas prices .", "gross sales from the plant were 4.1 mmt , 3.7 mmt and 3.9 mmt in 2011 , 2010 and 2009 .", "we own a 45 percent interest in a methanol plant located in equatorial guinea through our investment in ampco .", "gross sales of methanol from the plant totaled 1039657 , 850605 and 960374 metric tonnes in 2011 , 2010 and 2009 .", "methanol demand has a direct impact on ampco 2019s earnings .", "because global demand for methanol is rather limited , changes in the supply-demand balance can have a significant impact on sales prices .", "world demand for methanol in 2011 has been estimated to be 55.4 mmt .", "our plant capacity of 1.1 mmt is about 2 percent of total demand .", "operating and financial highlights significant operating and financial highlights during 2011 include : 2022 completed the spin-off of our downstream business on june 30 , 2011 2022 acquired a significant operated position in the eagle ford shale play in south texas 2022 added net proved reserves , for the e&p and osm segments combined , of 307 mmboe , excluding dispositions , for a 212 percent reserve replacement ratio ." ]

[ "a significant portion of our natural gas production in the lower 48 states of the u.s .", "is sold at bid-week prices or first-of-month indices relative to our specific producing areas .", "average settlement date henry hub natural gas prices have been relatively stable for the periods of this report ; however , a decline began in september 2011 which has continued in 2012 with february averaging $ 2.68 per mmbtu .", "should u.s .", "natural gas prices remain depressed , an impairment charge related to our natural gas assets may be necessary .", "our other major natural gas-producing regions are europe and eg .", "natural gas prices in europe have been significantly higher than in the u.s .", "in the case of eg our natural gas sales are subject to term contracts , making realized prices less volatile .", "the natural gas sales from eg are at fixed prices ; therefore , our worldwide reported average natural gas realized prices may not fully track market price movements .", "oil sands mining osm segment revenues correlate with prevailing market prices for the various qualities of synthetic crude oil we produce .", "roughly two-thirds of the normal output mix will track movements in wti and one-third will track movements in the canadian heavy sour crude oil marker , primarily western canadian select .", "output mix can be impacted by operational problems or planned unit outages at the mines or the upgrader .", "the operating cost structure of the oil sands mining operations is predominantly fixed and therefore many of the costs incurred in times of full operation continue during production downtime .", "per-unit costs are sensitive to production rates .", "key variable costs are natural gas and diesel fuel , which track commodity markets such as the canadian alberta energy company ( 201caeco 201d ) natural gas sales index and crude oil prices , respectively .", "recently aeco prices have declined , much as henry hub prices have .", "we would expect a significant , continued declined in natural gas prices to have a favorable impact on osm operating costs .", "the table below shows average benchmark prices that impact both our revenues and variable costs. ." ]

[ "benchmark the wti crude oil ( dollars per bbl ) of 2011 is $ 95.11 ; the wti crude oil ( dollars per bbl ) of 2010 is $ 79.61 ; the wti crude oil ( dollars per bbl ) of 2009 is $ 62.09 ;" ]

[ [ "benchmark", "2011", "2010", "2009" ], [ "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" ] ]

[ "the amounts earned and owed under the swap agreements are accrued each period and are reported in interest expense .", "there was no ineffectiveness recognized in any of the periods presented .", "the market risk associated with the company 2019s derivative instruments results from currency exchange rate or interest rate movements that are expected to offset the market risk of the underlying transactions , assets and liabilities being hedged .", "the counterparties to the agreements relating to the company 2019s derivative instruments consist of a number of major international financial institutions with high credit ratings .", "the company does not believe that there is significant risk of nonperformance by these counterparties because the company continually monitors the credit ratings of such counterparties .", "furthermore , none of the company 2019s derivative transactions are subject to collateral or other security arrangements and none contain provisions that are dependent on the company 2019s credit ratings from any credit rating agency .", "while the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions , they do not represent the amount of the company 2019s exposure to credit risk .", "the amounts potentially subject to credit risk ( arising from the possible inability of counterparties to meet the terms of their contracts ) are generally limited to the amounts , if any , by which the counterparties 2019 obligations under the contracts exceed the obligations of the company to the counterparties .", "as a result of the above considerations , the company does not consider the risk of counterparty default to be significant .", "the company records the fair value of its derivative financial instruments in the consolidated financial statements in other current assets , other assets or accrued liabilities , depending on their net position , regardless of the purpose or intent for holding the derivative contract .", "changes in the fair value of the derivative financial instruments are either recognized periodically in earnings or in shareholders 2019 equity as a component of oci .", "changes in the fair value of cash flow hedges are recorded in oci and reclassified into earnings when the underlying contract matures .", "changes in the fair values of derivatives not qualifying for hedge accounting are reported in earnings as they occur .", "the total notional amount of derivative instruments designated as hedging instruments as of october 31 , 2009 is as follows : $ 375 million of interest rate swap agreements accounted as fair value hedges , and $ 128.0 million of analog devices , inc .", "notes to consolidated financial statements 2014 ( continued ) ." ]

[ "as of october 31 , 2009 , the total notional amount of these undesignated hedges was $ 38 million .", "the fair value of these hedging instruments in the company 2019s condensed consolidated balance sheet as of october 31 , 2009 was immaterial .", "interest rate exposure management 2014 on june 30 , 2009 , the company entered into interest rate swap transactions related to its outstanding notes where the company swapped the notional amount of its $ 375 million of fixed rate debt at 5.0% ( 5.0 % ) into floating interest rate debt through july 1 , 2014 .", "under the terms of the swaps , the company will ( i ) receive on the $ 375 million notional amount a 5.0% ( 5.0 % ) annual interest payment that is paid in two installments on the 1st of every january and july , commencing january 1 , 2010 through and ending on the maturity date ; and ( ii ) pay on the $ 375 million notional amount an annual three-month libor plus 2.05% ( 2.05 % ) ( 2.34% ( 2.34 % ) as of october 31 , 2009 ) interest payment , payable in four installments on the 1st of every january , april , july and october , commencing on october 1 , 2009 and ending on the maturity date .", "the libor based rate is set quarterly three months prior to the date of the interest payment .", "the company designated these swaps as fair value hedges .", "the fair value of the swaps at inception were zero and subsequent changes in the fair value of the interest rate swaps were reflected in the carrying value of the interest rate swaps on the balance sheet .", "the carrying value of the debt on the balance sheet was adjusted by an equal and offsetting amount .", "the gain or loss on the hedged item ( that is fixed- rate borrowings ) attributable to the hedged benchmark interest rate risk and the offsetting gain or loss on the related interest rate swaps as of october 31 , 2009 is as follows : income statement classification gain/ ( loss ) on gain/ ( loss ) on note net income effect ." ]

[ "the total notional amount of derivative instruments designated as hedging instruments as of october 31 , 2009 is as follows : $ 375 million of interest rate swap agreements accounted as fair value hedges , and $ 128.0 million of analog devices , inc ." ]

[ [ "income statement classification", "gain/ ( loss ) on swaps", "gain/ ( loss ) on note", "net income effect" ], [ "other income", "$ 6109", "$ -6109 ( 6109 )", "$ 2014" ] ]

[ "some of our owned properties , primarily classified under corporate activities , are leased to third parties .", "in the area of manufacturing , most of the operations are of a job-order nature , rather than an assembly line process , and productive equipment has multiple uses for multiple products .", "management believes that all of our major physical facilities are in good condition and are adequate for their intended use .", "item 3 .", "legal proceedings we are a party to or have property subject to litigation and other proceedings , including matters arising under provisions relating to the protection of the environment .", "we believe the probability is remote that the outcome of these matters will have a material adverse effect on the corporation as a whole , notwithstanding that the unfavorable resolution of any matter may have a material effect on our net earnings in any particular quarter .", "we cannot predict the outcome of legal proceedings with certainty .", "these matters include the proceedings summarized in note 14 2013 legal proceedings , commitments , and contingencies beginning on page 78 of this form 10-k .", "from time-to-time , agencies of the u.s .", "government investigate whether our operations are being conducted in accordance with applicable regulatory requirements .", "u.s .", "government investigations of us , whether relating to government contracts or conducted for other reasons , could result in administrative , civil , or criminal liabilities , including repayments , fines , or penalties being imposed upon us , or could lead to suspension or debarment from future u.s .", "government contracting .", "u.s .", "government investigations often take years to complete and many result in no adverse action against us .", "we are subject to federal and state requirements for protection of the environment , including those for discharge of hazardous materials and remediation of contaminated sites .", "as a result , we are a party to or have our property subject to various lawsuits or proceedings involving environmental protection matters .", "due in part to their complexity and pervasiveness , such requirements have resulted in us being involved with related legal proceedings , claims , and remediation obligations .", "the extent of our financial exposure cannot in all cases be reasonably estimated at this time .", "for information regarding these matters , including current estimates of the amounts that we believe are required for remediation or clean-up to the extent estimable , see 201ccritical accounting policies 2013 environmental matters 201d in management 2019s discussion and analysis of financial condition and results of operations beginning on page 45 , and note 14 2013 legal proceedings , commitments , and contingencies beginning on page 78 of this form 10-k .", "item 4 .", "( removed and reserved ) item 4 ( a ) .", "executive officers of the registrant our executive officers are listed below , as well as information concerning their age at december 31 , 2010 , positions and offices held with the corporation , and principal occupation and business experience over the past five years .", "there were no family relationships among any of our executive officers and directors .", "all officers serve at the pleasure of the board of directors .", "linda r .", "gooden ( 57 ) , executive vice president 2013 information systems & global solutions ms .", "gooden has served as executive vice president 2013 information systems & global solutions since january 2007 .", "she previously served as deputy executive vice president 2013 information & technology services from october 2006 to december 2006 , and president , lockheed martin information technology from september 1997 to december 2006 .", "christopher j .", "gregoire ( 42 ) , vice president and controller ( chief accounting officer ) mr .", "gregoire has served as vice president and controller ( chief accounting officer ) since march 2010 .", "he previously was employed by sprint nextel corporation from august 2006 to may 2009 , most recently as principal accounting officer and assistant controller , and was a partner at deloitte & touche llp from september 2003 to july 2006. ." ]

[ "the following is a summary of our floor space by business segment at december 31 , 2010 : ( square feet in millions ) owned leased government- owned total ." ]

[ "( square feet in millions ) the total of owned is 29.6 ; the total of leased is 25.5 ; the total of government-owned is 23.2 ; the total of total is 78.3 ;" ]

[ [ "( square feet in millions )", "owned", "leased", "government-owned", "total" ], [ "aeronautics", "5.2", "3.7", "15.2", "24.1" ], [ "electronic systems", "10.3", "11.5", "7.1", "28.9" ], [ "information systems & global solutions", "2.6", "7.9", "2014", "10.5" ], [ "space systems", "8.6", "1.6", ".9", "11.1" ], [ "corporate activities", "2.9", ".8", "2014", "3.7" ], [ "total", "29.6", "25.5", "23.2", "78.3" ] ]

[ "fidelity national information services , inc .", "and subsidiaries and affiliates consolidated and combined financial statements notes to consolidated and combined financial statements 2014 ( continued ) ." ]

[ "through the certegy merger , the company has an obligation to service $ 200 million ( aggregate principal amount ) of unsecured 4.75% ( 4.75 % ) fixed-rate notes due in 2008 .", "the notes were recorded in purchase accounting at a discount of $ 5.7 million , which is being amortized over the term of the notes .", "the notes accrue interest at a rate of 4.75% ( 4.75 % ) per year , payable semi-annually in arrears on each march 15 and september 15 .", "on april 11 , 2005 , fis entered into interest rate swap agreements which have effectively fixed the interest rate at approximately 5.4% ( 5.4 % ) through april 2008 on $ 350 million of the term loan facilities ( or its replacement debt ) and at approximately 5.2% ( 5.2 % ) through april 2007 on an additional $ 350 million of the term loan .", "the company has designated these interest rate swaps as cash flow hedges in accordance with sfas no .", "133 .", "the estimated fair value of the cash flow hedges results in an asset to the company of $ 4.9 million and $ 5.2 million , as of december 31 , 2006 and december 31 , 2005 , respectively , which is included in the accompanying consolidated balance sheets in other noncurrent assets and as a component of accumulated other comprehensive earnings , net of deferred taxes .", "a portion of the amount included in accumulated other comprehensive earnings is reclassified into interest expense as a yield adjustment as interest payments are made on the term loan facilities .", "the company 2019s existing cash flow hedges are highly effective and there is no current impact on earnings due to hedge ineffectiveness .", "it is the policy of the company to execute such instruments with credit-worthy banks and not to enter into derivative financial instruments for speculative purposes .", "principal maturities at december 31 , 2006 ( and at december 31 , 2006 after giving effect to the debt refinancing completed on january 18 , 2007 ) for the next five years and thereafter are as follows ( in thousands ) : december 31 , january 18 , 2007 refinancing ." ]

[ "the estimated fair value of the cash flow hedges results in an asset to the company of $ 4.9 million and $ 5.2 million , as of december 31 , 2006 and december 31 , 2005 , respectively , which is included in the accompanying consolidated balance sheets in other noncurrent assets and as a component of accumulated other comprehensive earnings , net of deferred taxes ." ]

[ [ "", "december 31 2006", "january 18 2007 refinancing" ], [ "2007", "$ 61661", "$ 96161" ], [ "2008", "257541", "282041" ], [ "2009", "68129", "145129" ], [ "2010", "33586", "215586" ], [ "2011", "941875", "165455" ], [ "thereafter", "1646709", "2105129" ], [ "total", "$ 3009501", "$ 3009501" ] ]

[ "defined contribution plans we maintain a number of defined contribution plans , most with 401 ( k ) features , that cover substantially all of our employees .", "under the provisions of our 401 ( k ) plans , we match most employees 2019 eligible contributions at rates specified in the plan documents .", "our contributions were $ 393 million in 2015 , $ 385 million in 2014 and $ 383 million in 2013 , the majority of which were funded in our common stock .", "our defined contribution plans held approximately 40.0 million and 41.7 million shares of our common stock as of december 31 , 2015 and 2014 .", "note 12 2013 stockholders 2019 equity at december 31 , 2015 and 2014 , our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock .", "of the 305 million shares of common stock issued and outstanding as of december 31 , 2015 , 303 million shares were considered outstanding for balance sheet presentation purposes ; the remaining shares were held in a separate trust .", "of the 316 million shares of common stock issued and outstanding as of december 31 , 2014 , 314 million shares were considered outstanding for balance sheet presentation purposes ; the remaining shares were held in a separate trust .", "no shares of preferred stock were issued and outstanding at december 31 , 2015 or 2014 .", "repurchases of common stock during 2015 , we repurchased 15.2 million shares of our common stock for $ 3.1 billion .", "during 2014 and 2013 , we paid $ 1.9 billion and $ 1.8 billion to repurchase 11.5 million and 16.2 million shares of our common stock .", "on september 24 , 2015 , our board of directors approved a $ 3.0 billion increase to our share repurchase program .", "inclusive of this increase , the total remaining authorization for future common share repurchases under our program was $ 3.6 billion as of december 31 , 2015 .", "as we repurchase our common shares , we reduce common stock for the $ 1 of par value of the shares repurchased , with the excess purchase price over par value recorded as a reduction of additional paid-in capital .", "due to the volume of repurchases made under our share repurchase program , additional paid-in capital was reduced to zero , with the remainder of the excess purchase price over par value of $ 2.4 billion and $ 1.1 billion recorded as a reduction of retained earnings in 2015 and 2014 .", "we paid dividends totaling $ 1.9 billion ( $ 6.15 per share ) in 2015 , $ 1.8 billion ( $ 5.49 per share ) in 2014 and $ 1.5 billion ( $ 4.78 per share ) in 2013 .", "we have increased our quarterly dividend rate in each of the last three years , including a 10% ( 10 % ) increase in the quarterly dividend rate in the fourth quarter of 2015 .", "we declared quarterly dividends of $ 1.50 per share during each of the first three quarters of 2015 and $ 1.65 per share during the fourth quarter of 2015 ; $ 1.33 per share during each of the first three quarters of 2014 and $ 1.50 per share during the fourth quarter of 2014 ; and $ 1.15 per share during each of the first three quarters of 2013 and $ 1.33 per share during the fourth quarter of 2013. ." ]

[ "contributions and expected benefit payments the funding of our qualified defined benefit pension plans is determined in accordance with erisa , as amended by the ppa , and in a manner consistent with cas and internal revenue code rules .", "in 2015 , we made $ 5 million in contributions to our new sikorsky bargained qualified defined benefit pension plan and we plan to make approximately $ 25 million in contributions to this plan in 2016 .", "the following table presents estimated future benefit payments , which reflect expected future employee service , as of december 31 , 2015 ( in millions ) : ." ]

[ "the qualified defined benefit pension plans of 2016 is $ 2160 ; the qualified defined benefit pension plans of 2017 is $ 2240 ; the qualified defined benefit pension plans of 2018 is $ 2320 ; the qualified defined benefit pension plans of 2019 is $ 2410 ; the qualified defined benefit pension plans of 2020 is $ 2500 ; the qualified defined benefit pension plans of 2021 - 2025 is $ 13670 ;" ]

[ [ "", "2016", "2017", "2018", "2019", "2020", "2021 - 2025" ], [ "qualified defined benefit pension plans", "$ 2160", "$ 2240", "$ 2320", "$ 2410", "$ 2500", "$ 13670" ], [ "retiree medical and life insurance plans", "190", "190", "200", "200", "200", "940" ] ]

[ "liquidity outlook we expect our cash flow from operations , cash and cash equivalents to be sufficient to meet our anticipated operating requirements at a minimum for the next twelve months .", "we also have a committed corporate credit facility as well as uncommitted facilities available to support our operating needs .", "we continue to maintain a disciplined approach to managing liquidity , with flexibility over significant uses of cash , including our capital expenditures , cash used for new acquisitions , our common stock repurchase program and our common stock dividends .", "from time to time , we evaluate market conditions and financing alternatives for opportunities to raise additional funds or otherwise improve our liquidity profile , enhance our financial flexibility and manage market risk .", "our ability to access the capital markets depends on a number of factors , which include those specific to us , such as our credit rating , and those related to the financial markets , such as the amount or terms of available credit .", "there can be no guarantee that we would be able to access new sources of liquidity on commercially reasonable terms , or at all. ." ]

[ "management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) net cash used in investing activities during 2013 primarily related to payments for capital expenditures and acquisitions .", "capital expenditures of $ 173.0 related primarily to computer hardware and software and leasehold improvements .", "we made payments of $ 61.5 related to acquisitions completed during 2013 , net of cash acquired .", "financing activities net cash used in financing activities during 2014 primarily related to the purchase of long-term debt , the repurchase of our common stock and payment of dividends .", "during 2014 , we redeemed all $ 350.0 in aggregate principal amount of the 6.25% ( 6.25 % ) notes , repurchased 14.9 shares of our common stock for an aggregate cost of $ 275.1 , including fees , and made dividend payments of $ 159.0 on our common stock .", "this was offset by the issuance of $ 500.0 in aggregate principal amount of our 4.20% ( 4.20 % ) notes .", "net cash used in financing activities during 2013 primarily related to the purchase of long-term debt , the repurchase of our common stock and payment of dividends .", "we redeemed all $ 600.0 in aggregate principal amount of our 10.00% ( 10.00 % ) notes .", "in addition , we repurchased 31.8 shares of our common stock for an aggregate cost of $ 481.8 , including fees , and made dividend payments of $ 126.0 on our common stock .", "foreign exchange rate changes the effect of foreign exchange rate changes on cash and cash equivalents included in the consolidated statements of cash flows resulted in a decrease of $ 101.0 in 2014 .", "the decrease was primarily a result of the u.s .", "dollar being stronger than several foreign currencies , including the canadian dollar , brazilian real , australian dollar and the euro as of december 31 , 2014 compared to december 31 , 2013 .", "the effect of foreign exchange rate changes on cash and cash equivalents included in the consolidated statements of cash flows resulted in a decrease of $ 94.1 in 2013 .", "the decrease was primarily a result of the u.s .", "dollar being stronger than several foreign currencies , including the australian dollar , brazilian real , canadian dollar , japanese yen , and south african rand as of december 31 , 2013 compared to december 31 , 2012. ." ]

[ "balance sheet data the total debt of december 31 , 2014 is $ 1732.8 ; the total debt of december 31 , 2013 is $ 1662.5 ;" ]

[ [ "balance sheet data", "december 31 , 2014", "december 31 , 2013" ], [ "cash cash equivalents and marketable securities", "$ 1667.2", "$ 1642.1" ], [ "short-term borrowings", "$ 107.2", "$ 179.1" ], [ "current portion of long-term debt", "2.1", "353.6" ], [ "long-term debt", "1623.5", "1129.8" ], [ "total debt", "$ 1732.8", "$ 1662.5" ] ]

[ "( 1 ) amounts represent $ 366 million of aum acquired in the futureadvisor acquisition in october 2015 .", "the futureadvisor acquisition amount does not include aum that was held in ishares holdings .", "multi-asset class net inflows reflected ongoing institutional demand for our solutions-based advice with $ 17.4 billion of net inflows coming from institutional clients .", "defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 7.3 billion to institutional multi-asset class net new business in 2015 , primarily into target date and target risk product offerings .", "retail net outflows of $ 1.3 billion were primarily due to a large single-client transition out of mutual funds into a series of ishares across asset classes .", "notwithstanding this transition , retail flows reflected demand for our multi-asset income fund family , which raised $ 4.6 billion in 2015 .", "the company 2019s multi-asset class strategies include the following : 2022 asset allocation and balanced products represented 49% ( 49 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 12.9 billion .", "these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget .", "in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions .", "flagship products in this category include our global allocation andmulti-asset income suites. ." ]

[ "long-term product offerings include active and index strategies .", "our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile .", "we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction .", "in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index .", "index strategies include both our non-etf index products and ishares etfs .", "althoughmany clients use both active and index strategies , the application of these strategies may differ .", "for example , clients may use index products to gain exposure to a market or asset class .", "in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates .", "this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings .", "equity year-end 2015 equity aum totaled $ 2.424 trillion , reflecting net inflows of $ 52.8 billion .", "net inflows included $ 78.4 billion and $ 4.2 billion into ishares and active products , respectively .", "ishares net inflows were driven by the core series and flows into broad developed market equity exposures , and active net inflows reflected demand for international equities .", "ishares and active net inflows were partially offset by non-etf index net outflows of $ 29.8 billion .", "blackrock 2019s effective fee rates fluctuate due to changes in aummix .", "approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s .", "equity strategies .", "accordingly , fluctuations in international equity markets , which do not consistently move in tandemwith u.s .", "markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues .", "fixed income fixed income aum ended 2015 at $ 1.422 trillion , increasing $ 28.7 billion , or 2% ( 2 % ) , from december 31 , 2014 .", "the increase in aum reflected $ 76.9 billion in net inflows , partially offset by $ 48.2 billion in net market depreciation and foreign exchange movements .", "in 2015 , active net inflows of $ 35.9 billion were diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield strategies .", "flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income strategies funds , with net inflows of $ 7.0 billion and $ 3.7 billion , respectively ; our total return fund with net inflows of $ 2.7 billion ; and our high yield bond fund with net inflows of $ 3.5 billion .", "fixed income ishares net inflows of $ 50.3 billion were led by flows into core , corporate and high yield bond funds .", "active and ishares net inflows were partially offset by non-etf index net outflows of $ 9.3 billion .", "multi-asset class blackrock 2019s multi-asset class teammanages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities .", "investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays .", "component changes in multi-asset class aum for 2015 are presented below .", "( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation and balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836 ." ]

[ "( in millions ) the asset allocation and balanced of december 312014 is $ 183032 ; the asset allocation and balanced of net inflows ( outflows ) is $ 12926 ; the asset allocation and balanced of acquisition ( 1 ) is $ 2014 ; the asset allocation and balanced of market change is $ -6731 ( 6731 ) ; the asset allocation and balanced of fx impact is $ -3391 ( 3391 ) ; the asset allocation and balanced of december 312015 is $ 185836 ;", "( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation and balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836 ." ]

[ [ "( in millions )", "december 312014", "net inflows ( outflows )", "acquisition ( 1 )", "market change", "fx impact", "december 312015" ], [ "asset allocation and balanced", "$ 183032", "$ 12926", "$ 2014", "$ -6731 ( 6731 )", "$ -3391 ( 3391 )", "$ 185836" ], [ "target date/risk", "128611", "218", "2014", "-1308 ( 1308 )", "-1857 ( 1857 )", "125664" ], [ "fiduciary", "66194", "3985", "2014", "627", "-6373 ( 6373 )", "64433" ], [ "futureadvisor", "2014", "38", "366", "-1 ( 1 )", "2014", "403" ], [ "multi-asset", "$ 377837", "$ 17167", "$ 366", "$ -7413 ( 7413 )", "$ -11621 ( 11621 )", "$ 376336" ] ]

[ "[1] the following points are significant to understanding the 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 ) .", "while payments due on claim reserves are considered contractual obligations because they relate to insurance policies issued by the company , the ultimate amount to be paid to settle both case reserves and ibnr is an estimate , subject to significant uncertainty .", "the actual amount to be paid is not determined until the company reaches a settlement with the claimant .", "final claim settlements may vary significantly from the present estimates , particularly since many claims will not be settled until well into the future .", "in estimating the timing of future payments by year , the company has assumed that its historical payment patterns will continue .", "however , the actual timing of future payments will likely vary materially from these estimates due to , among other things , changes in claim reporting and payment patterns and large unanticipated settlements .", "in particular , there is significant uncertainty over the claim payment patterns of asbestos and environmental claims .", "also , estimated payments in 2005 do not include payments that will be made on claims incurred in 2005 on policies that were in force as of december 31 , 2004 .", "in addition , the table does not include future cash flows related to the receipt of premiums that will be used , in part , to fund loss payments .", "under generally accepted accounting principles , the company is only permitted to discount reserves for claim and claim adjustment expenses in cases where the payment pattern and ultimate loss costs are fixed and reliably determinable on an individual claim basis .", "for the company , these include claim settlements with permanently disabled claimants and certain structured settlement contracts that fund loss runoffs for unrelated parties .", "as of december 31 , 2004 , the total property and casualty reserves in the above table of $ 21885 are gross of the reserve discount of $ 556 .", "[2] estimated life , annuity and disability obligations include death and disability claims , policy surrenders , policyholder dividends and trail commissions offset by expected future deposits and premiums on in-force contracts .", "estimated contractual policyholder obligations are based on mortality , morbidity and lapse assumptions comparable with life 2019s historical experience , modified for recent observed trends .", "life has also assumed market growth and interest crediting consistent with assumptions used in amortizing deferred acquisition costs .", "in contrast to this table , the majority of life 2019s obligations are recorded on the balance sheet at the current account value , as described in critical accounting estimates , and do not incorporate an expectation of future market growth , interest crediting , or future deposits .", "therefore , the estimated contractual policyholder obligations presented in this table significantly exceed the liabilities recorded in reserve for future policy benefits and unpaid claims and claim adjustment expenses , other policyholder funds and benefits payable and separate account liabilities .", "due to the significance of the assumptions used , the amounts presented could materially differ from actual results .", "as separate account obligations are legally insulated from general account obligations , the separate account obligations will be fully funded by cash flows from separate account assets .", "life expects to fully fund the general account obligations from cash flows from general account investments and future deposits and premiums .", "[3] includes contractual principal and interest payments .", "payments exclude amounts associated with fair-value hedges of certain of the company 2019s long-term debt .", "all long-term debt obligations have fixed rates of interest .", "long-term debt obligations also includes principal and interest payments of $ 700 and $ 2.4 billion , respectively , related to junior subordinated debentures which are callable beginning in 2006 .", "see note 14 of notes to consolidated financial statements for additional discussion of long-term debt obligations .", "[4] includes $ 1.4 billion in commitments to purchase investments including $ 330 of limited partnerships and $ 299 of mortgage loans .", "outstanding commitments under these limited partnerships and mortgage loans are included in payments due in less than 1 year since the timing of funding these commitments cannot be estimated .", "the remaining $ 759 relates to payables for securities purchased which are reflected on the company 2019s consolidated balance sheet .", "[5] includes estimated contribution of $ 200 to the company 2019s pension plan in 2005 .", "[6] as of december 31 , 2004 , the company has accepted cash collateral of $ 1.6 billion in connection with the company 2019s securities lending program and derivative instruments .", "since the timing of the return of the collateral is uncertain , the return of the collateral has been included in the payments due in less than 1 year .", "[7] includes $ 52 in collateralized loan obligations ( 201cclos 201d ) issued to third-party investors by a consolidated investment management entity sponsored by the company in connection with synthetic clo transactions .", "the clo investors have no recourse to the company 2019s assets other than the dedicated assets collateralizing the clos .", "refer to note 4 of notes to consolidated financial statements for additional discussion of ." ]

[ "the following table identifies the company 2019s aggregate contractual obligations due by payment period : payments due by period ." ]

[ "the property and casualty obligations [1] of total is $ 21885 ; the property and casualty obligations [1] of less than 1 year is $ 5777 ; the property and casualty obligations [1] of 1-3 years is $ 6150 ; the property and casualty obligations [1] of 3-5 years is $ 3016 ; the property and casualty obligations [1] of more than 5 years is $ 6942 ;" ]

[ [ "", "total", "less than 1 year", "1-3 years", "3-5 years", "more than 5 years" ], [ "property and casualty obligations [1]", "$ 21885", "$ 5777", "$ 6150", "$ 3016", "$ 6942" ], [ "life annuity and disability obligations [2]", "281998", "18037", "37318", "40255", "186388" ], [ "long-term debt obligations [3]", "9093", "536", "1288", "1613", "5656" ], [ "operating lease obligations", "723", "175", "285", "162", "101" ], [ "purchase obligations [4] [5]", "1764", "1614", "120", "14", "16" ], [ "other long-term liabilities reflected onthe balance sheet [6] [7]", "1642", "1590", "2014", "52", "2014" ], [ "total", "$ 317105", "$ 27729", "$ 45161", "$ 45112", "$ 199103" ] ]

[ "." ]

[ "royal caribbean cruises ltd .", "notes to the consolidated financial statements 2014 ( continued ) note 9 .", "stock-based employee compensation we have four stock-based compensation plans , which provide for awards to our officers , directors and key employees .", "the plans consist of a 1990 employee stock option plan , a 1995 incentive stock option plan , a 2000 stock award plan , and a 2008 equity plan .", "the 1990 stock option plan and the 1995 incentive stock option plan terminated by their terms in march 2000 and february 2005 , respectively .", "the 2000 stock award plan , as amended , and the 2008 equity plan provide for the issuance of ( i ) incentive and non-qualified stock options , ( ii ) stock appreciation rights , ( iii ) restricted stock , ( iv ) restricted stock units and ( v ) up to 13000000 performance shares of our common stock for the 2000 stock award plan and up to 5000000 performance shares of our common stock for the 2008 equity plan .", "during any calendar year , no one individual shall be granted awards of more than 500000 shares .", "options and restricted stock units outstanding as of december 31 , 2009 vest in equal installments over four to five years from the date of grant .", "generally , options and restricted stock units are forfeited if the recipient ceases to be a director or employee before the shares vest .", "options are granted at a price not less than the fair value of the shares on the date of grant and expire not later than ten years after the date of grant .", "we also provide an employee stock purchase plan to facilitate the purchase by employees of up to 800000 shares of common stock in the aggregate .", "offerings to employees are made on a quarterly basis .", "subject to certain limitations , the purchase price for each share of common stock is equal to 90% ( 90 % ) of the average of the market prices of the common stock as reported on the new york stock exchange on the first business day of the purchase period and the last business day of each month of the purchase period .", "shares of common stock of 65005 , 36836 and 20759 were issued under the espp at a weighted-average price of $ 12.78 , $ 20.97 and $ 37.25 during 2009 , 2008 and 2007 , respectively .", "under the chief executive officer 2019s employment agreement we contributed 10086 shares of our common stock quarterly , to a maximum of 806880 shares , to a trust on his behalf .", "in january 2009 , the employment agreement and related trust agreement were amended .", "consequently , 768018 shares were distributed from the trust and future quarterly share distributions are issued directly to the chief executive officer .", "total compensation expenses recognized for employee stock-based compensation for the year ended december 31 , 2009 was $ 16.8 million .", "of this amount , $ 16.2 million was included within marketing , selling and administrative expenses and $ 0.6 million was included within payroll and related expenses .", "total compensation expense recognized for employee stock-based compensation for the year ended december 31 , 2008 was $ 5.7 million .", "of this amount , $ 6.4 million , which included a benefit of approximately $ 8.2 million due to a change in the employee forfeiture rate assumption was included within marketing , selling and administrative expenses and income of $ 0.7 million was included within payroll and related expenses which also included a benefit of approximately $ 1.0 million due to the change in the forfeiture rate .", "total compensation expenses recognized for employee stock-based compensation for the year ended december 31 , 2007 was $ 19.0 million .", "of this amount , $ 16.3 million was included within marketing , selling and administrative expenses and $ 2.7 million was included within payroll and related expenses .", "the fair value of each stock option grant is estimated on the date of grant using the black-scholes option pricing model .", "the estimated fair value of stock options , less estimated forfeitures , is amortized over the vesting period using the graded-vesting method .", "the assumptions used in the black-scholes option-pricing model are as follows : expected volatility was based on a combination of historical and implied volatilities .", "the risk-free interest rate is based on united states treasury zero coupon issues with a remaining term equal to the expected option life assumed at the date of grant .", "the expected term was calculated based on historical experience and represents the time period options actually remain outstanding .", "we estimate forfeitures based on historical pre-vesting forfeiture rates and revise those estimates as appropriate to reflect actual experience .", "in 2008 , we increased our estimated forfeiture rate from 4% ( 4 % ) for options and 8.5% ( 8.5 % ) for restricted stock units to 20% ( 20 % ) to reflect changes in employee retention rates. ." ]

[ "shares of common stock of 65005 , 36836 and 20759 were issued under the espp at a weighted-average price of $ 12.78 , $ 20.97 and $ 37.25 during 2009 , 2008 and 2007 , respectively ." ]

[ [ "", "2009", "2008", "2007" ], [ "dividend yield", "0.0% ( 0.0 % )", "1.9% ( 1.9 % )", "1.3% ( 1.3 % )" ], [ "expected stock price volatility", "55.0% ( 55.0 % )", "31.4% ( 31.4 % )", "28.0% ( 28.0 % )" ], [ "risk-free interest rate", "1.8% ( 1.8 % )", "2.8% ( 2.8 % )", "4.8% ( 4.8 % )" ], [ "expected option life", "5 years", "5 years", "5 years" ] ]

[ "long-term debt payments due in 2016 and 2017 include floating rate notes totaling $ 126 million ( classified as current portion of long-term debt ) , and $ 96 million ( included as a separate floating rate note in the long-term debt table ) , respectively , as a result of put provisions associated with these debt instruments .", "interest projections on both floating and fixed rate long-term debt , including the effects of interest rate swaps , are based on effective interest rates as of december 31 , 2015 .", "unconditional purchase obligations are defined as an agreement to purchase goods or services that is enforceable and legally binding on the company .", "included in the unconditional purchase obligations category above are certain obligations related to take or pay contracts , capital commitments , service agreements and utilities .", "these estimates include both unconditional purchase obligations with terms in excess of one year and normal ongoing purchase obligations with terms of less than one year .", "many of these commitments relate to take or pay contracts , in which 3m guarantees payment to ensure availability of products or services that are sold to customers .", "the company expects to receive consideration ( products or services ) for these unconditional purchase obligations .", "contractual capital commitments are included in the preceding table , but these commitments represent a small part of the company 2019s expected capital spending in 2016 and beyond .", "the purchase obligation amounts do not represent the entire anticipated purchases in the future , but represent only those items for which the company is contractually obligated .", "the majority of 3m 2019s products and services are purchased as needed , with no unconditional commitment .", "for this reason , these amounts will not provide a reliable indicator of the company 2019s expected future cash outflows on a stand-alone basis .", "other obligations , included in the preceding table within the caption entitled 201cunconditional purchase obligations and other , 201d include the current portion of the liability for uncertain tax positions under asc 740 , which is expected to be paid out in cash in the next 12 months .", "the company is not able to reasonably estimate the timing of the long-term payments or the amount by which the liability will increase or decrease over time ; therefore , the long-term portion of the net tax liability of $ 208 million is excluded from the preceding table .", "refer to note 8 for further details .", "as discussed in note 11 , the company does not have a required minimum cash pension contribution obligation for its u.s .", "plans in 2016 and company contributions to its u.s .", "and international pension plans are expected to be largely discretionary in future years ; therefore , amounts related to these plans are not included in the preceding table .", "financial instruments the company enters into foreign exchange forward contracts , options and swaps to hedge against the effect of exchange rate fluctuations on cash flows denominated in foreign currencies and certain intercompany financing transactions .", "the company manages interest rate risks using a mix of fixed and floating rate debt .", "to help manage borrowing costs , the company may enter into interest rate swaps .", "under these arrangements , the company agrees to exchange , at specified intervals , the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount .", "the company manages commodity price risks through negotiated supply contracts , price protection agreements and forward contracts. ." ]

[ "a summary of the company 2019s significant contractual obligations as of december 31 , 2015 , follows : contractual obligations ." ]

[ "long-term debt payments due in 2016 and 2017 include floating rate notes totaling $ 126 million ( classified as current portion of long-term debt ) , and $ 96 million ( included as a separate floating rate note in the long-term debt table ) , respectively , as a result of put provisions associated with these debt instruments ." ]

[ [ "( 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" ], [ "long-term debt including current portion ( note 10 )", "$ 9878", "$ 1125", "$ 744", "$ 993", "$ 622", "$ 1203", "$ 5191" ], [ "interest on long-term debt", "2244", "174", "157", "153", "149", "146", "1465" ], [ "operating leases ( note 14 )", "943", "234", "191", "134", "86", "72", "226" ], [ "capital leases ( note 14 )", "59", "11", "6", "4", "3", "3", "32" ], [ "unconditional purchase obligations and other", "1631", "1228", "160", "102", "54", "56", "31" ], [ "total contractual cash obligations", "$ 14755", "$ 2772", "$ 1258", "$ 1386", "$ 914", "$ 1480", "$ 6945" ] ]

[ "see accompanying notes to consolidated financial statements .", "147 comcast 2015 annual report on form 10-k ." ]

[ "nbcuniversal media , llc consolidated statement of comprehensive income ." ]

[ "year ended december 31 ( in millions ) the comprehensive income attributable to nbcuniversal of 2015 is $ 3361 ; the comprehensive income attributable to nbcuniversal of 2014 is $ 2972 ; the comprehensive income attributable to nbcuniversal of 2013 is $ 2017 ;" ]

[ [ "year ended december 31 ( in millions )", "2015", "2014", "2013" ], [ "net income", "$ 3624", "$ 3297", "$ 2122" ], [ "deferred gains ( losses ) on cash flow hedges net", "-21 ( 21 )", "25", "-5 ( 5 )" ], [ "employee benefit obligations net", "60", "-106 ( 106 )", "95" ], [ "currency translation adjustments net", "-121 ( 121 )", "-62 ( 62 )", "-41 ( 41 )" ], [ "comprehensive income", "3542", "3154", "2171" ], [ "net ( income ) loss attributable to noncontrolling interests", "-210 ( 210 )", "-182 ( 182 )", "-154 ( 154 )" ], [ "other comprehensive ( income ) loss attributable to noncontrolling interests", "29", "2014", "2014" ], [ "comprehensive income attributable to nbcuniversal", "$ 3361", "$ 2972", "$ 2017" ] ]

[ "net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 32.1 $ 13.9 $ 62.8 as of may 27 , 2018 , the net notional value of commodity derivatives was $ 238.8 million , of which $ 147.9 million related to agricultural inputs and $ 90.9 million related to energy inputs .", "these contracts relate to inputs that generally will be utilized within the next 12 months .", "interest rate risk we are exposed to interest rate volatility with regard to future issuances of fixed-rate debt , and existing and future issuances of floating-rate debt .", "primary exposures include u.s .", "treasury rates , libor , euribor , and commercial paper rates in the united states and europe .", "we use interest rate swaps , forward-starting interest rate swaps , and treasury locks to hedge our exposure to interest rate changes , to reduce the volatility of our financing costs , and to achieve a desired proportion of fixed rate versus floating-rate debt , based on current and projected market conditions .", "generally under these swaps , we agree with a counterparty to exchange the difference between fixed-rate and floating-rate interest amounts based on an agreed upon notional principal amount .", "floating interest rate exposures 2014 floating-to-fixed interest rate swaps are accounted for as cash flow hedges , as are all hedges of forecasted issuances of debt .", "effectiveness is assessed based on either the perfectly effective hypothetical derivative method or changes in the present value of interest payments on the underlying debt .", "effective gains and losses deferred to aoci are reclassified into earnings over the life of the associated debt .", "ineffective gains and losses are recorded as net interest .", "the amount of hedge ineffectiveness was a $ 2.6 million loss in fiscal 2018 , and less than $ 1 million in fiscal 2017 and 2016 .", "fixed interest rate exposures 2014 fixed-to-floating interest rate swaps are accounted for as fair value hedges with effectiveness assessed based on changes in the fair value of the underlying debt and derivatives , using incremental borrowing rates currently available on loans with similar terms and maturities .", "ineffective gains and losses on these derivatives and the underlying hedged items are recorded as net interest .", "the amount of hedge ineffectiveness was a $ 3.4 million loss in fiscal 2018 , a $ 4.3 million gain in fiscal 2017 , and less than $ 1 million in fiscal 2016 .", "in advance of planned debt financing related to the acquisition of blue buffalo , we entered into $ 3800.0 million of treasury locks due april 19 , 2018 , with an average fixed rate of 2.9 percent , of which $ 2300.0 million were entered into in the third quarter of fiscal 2018 and $ 1500.0 million were entered into in the fourth quarter of fiscal 2018 .", "all of these treasury locks were cash settled for $ 43.9 million during the fourth quarter of fiscal 2018 , concurrent with the issuance of our $ 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 , and $ 650.0 million 30-year fixed-rate notes .", "in advance of planned debt financing , in fiscal 2018 , we entered into $ 500.0 million of treasury locks due october 15 , 2017 with an average fixed rate of 1.8 percent .", "all of these treasury locks were cash settled for $ 3.7 million during the second quarter of fiscal 2018 , concurrent with the issuance of our $ 500.0 million 5-year fixed-rate notes. ." ]

[ "unallocated corporate items for fiscal 2018 , 2017 and 2016 included: ." ]

[ "net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 32.1 $ 13.9 $ 62.8 as of may 27 , 2018 , the net notional value of commodity derivatives was $ 238.8 million , of which $ 147.9 million related to agricultural inputs and $ 90.9 million related to energy inputs ." ]

[ [ "in millions", "fiscal year 2018", "fiscal year 2017", "fiscal year 2016" ], [ "net gain ( loss ) onmark-to-marketvaluation of commodity positions", "$ 14.3", "$ -22.0 ( 22.0 )", "$ -69.1 ( 69.1 )" ], [ "net loss on commodity positions reclassified from unallocated corporate items to segmentoperating profit", "11.3", "32.0", "127.9" ], [ "netmark-to-marketrevaluation of certain grain inventories", "6.5", "3.9", "4.0" ], [ "netmark-to-marketvaluation of certain commodity positions recognized in unallocated corporate items", "$ 32.1", "$ 13.9", "$ 62.8" ] ]

[ "the $ 368200 charge for acquired in-process research and development that was a direct result of the transaction is excluded from the unaudited pro forma information above .", "the unaudited pro forma results are not necessarily indicative of the results that the company would have attained had the acquisitions of cytyc occurred at the beginning of the periods presented .", "prior to the close of the merger the board of directors of both hologic and cytyc approved a modification to certain outstanding equity awards for cytyc employees .", "the modification provided for the acceleration of vesting upon the close of merger for those awards that did not provide for acceleration upon a change of control as part of the original terms of the award .", "this modification was made so that the company will not incur stock based compensation charges that it otherwise would have if the awards had continued to vest under their original terms .", "credit agreement on october 22 , 2007 , company and certain of its domestic subsidiaries , entered into a senior secured credit agreement with goldman sachs credit partners l.p .", "and certain other lenders , ( collectively , the 201clenders 201d ) .", "pursuant to the terms and conditions of the credit agreement , the lenders have committed to provide senior secured financing in an aggregate amount of up to $ 2550000 .", "as of the closing of the cytyc merger , the company borrowed $ 2350000 under the credit facilities. ." ]

[ "hologic , inc .", "notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) failure of the company to develop new products and product enhancements on a timely basis or within budget could harm the company 2019s results of operations and financial condition .", "for additional risks that may affect the company 2019s business and prospects following completion of the merger , see 201crisk factors 201d in item 1a of the company 2019s form 10-k for the year ended september 29 , 2007 .", "goodwill the preliminary purchase price allocation has resulted in goodwill of approximately $ 3895100 .", "the factors contributing to the recognition of this amount of goodwill are based upon several strategic and synergistic benefits that are expected to be realized from the combination .", "these benefits include the expectation that the company 2019s complementary products and technologies will create a leading women 2019s healthcare company with an enhanced presence in hospitals , private practices and healthcare organizations .", "the company also expects to realize substantial synergies through the use of cytyc 2019s ob/gyn and breast surgeon sales channel to cross-sell the company 2019s existing and future products .", "the merger provides the company broader channel coverage within the united states and expanded geographic reach internationally , as well as increased scale and scope for further expanding operations through product development and complementary strategic transactions .", "supplemental unaudited pro-forma information the following unaudited pro forma information presents the consolidated results of operations of the company and cytyc as if the acquisitions had occurred at the beginning of fiscal 2007 , with pro forma adjustments to give effect to amortization of intangible assets , an increase in interest expense on acquisition financing and certain other adjustments together with related tax effects: ." ]

[ "( approximate amounts in thousands except per share data ) the net income of 2007 is $ 62600 ;", "( approximate amounts in thousands except per share data ) the net income per share 2014basic of 2007 is $ 0.52 ;" ]

[ [ "( approximate amounts in thousands except per share data )", "2007" ], [ "net revenue", "$ 1472400" ], [ "net income", "$ 62600" ], [ "net income per share 2014basic", "$ 0.52" ], [ "net income per share 2014assuming dilution", "$ 0.50" ] ]

[ "4 .", "acquisitions during the years ended december 31 , 2007 , 2006 and 2005 , the company used cash to acquire a total of ( i ) 293 towers and the assets of a structural analysis firm for approximately $ 44.0 million in cash ( ii ) 84 towers and 6 in-building distributed antenna systems for approximately $ 14.3 million and ( iii ) 30 towers for approximately $ 6.0 million in cash , respectively .", "the tower asset acquisitions were primarily in mexico and brazil under ongoing agreements .", "during the year ended december 31 , 2005 , the company also completed its merger with spectrasite , inc .", "pursuant to which the company acquired approximately 7800 towers and 100 in-building distributed antenna systems .", "under the terms of the merger agreement , in august 2005 , spectrasite , inc .", "merged with a wholly- owned subsidiary of the company , and each share of spectrasite , inc .", "common stock converted into the right to receive 3.575 shares of the company 2019s class a common stock .", "the company issued approximately 169.5 million shares of its class a common stock and reserved for issuance approximately 9.9 million and 6.8 million of class a common stock pursuant to spectrasite , inc .", "options and warrants , respectively , assumed in the merger .", "the final allocation of the $ 3.1 billion purchase price is summarized in the company 2019s annual report on form 10-k for the year ended december 31 , 2006 .", "the acquisitions consummated by the company during 2007 , 2006 and 2005 , have been accounted for under the purchase method of accounting in accordance with sfas no .", "141 201cbusiness combinations 201d ( sfas no .", "141 ) .", "the purchase prices have been allocated to the net assets acquired and the liabilities assumed based on their estimated fair values at the date of acquisition .", "the company primarily acquired its tower assets from third parties in one of two types of transactions : the purchase of a business or the purchase of assets .", "the structure of each transaction affects the way the company allocates purchase price within the consolidated financial statements .", "in the case of tower assets acquired through the purchase of a business , such as the company 2019s merger with spectrasite , inc. , the company allocates the purchase price to the assets acquired and liabilities assumed at their estimated fair values as of the date of acquisition .", "the excess of the purchase price paid by the company over the estimated fair value of net assets acquired has been recorded as goodwill .", "in the case of an asset purchase , the company first allocates the purchase price to property and equipment for the appraised value of the towers and to identifiable intangible assets ( primarily acquired customer base ) .", "the company then records any remaining purchase price within intangible assets as a 201cnetwork location intangible . 201d ." ]

[ "american tower corporation and 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 the next five years and thereafter are estimated to be ( in thousands ) : year ending december 31 ." ]

[ "2008 the 2009 of $ 1817 is 1241 ;" ]

[ [ "2008", "$ 1817" ], [ "2009", "1241" ], [ "2010", "78828" ], [ "2011", "13714" ], [ "2012", "1894998" ], [ "thereafter", "2292895" ], [ "total cash obligations", "$ 4283493" ], [ "accreted value of the discount and premium of 3.00% ( 3.00 % ) notes and 7.125% ( 7.125 % ) notes", "1791" ], [ "balance as of december 31 2007", "$ 4285284" ] ]

[ "as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 73 million in 2017 primarily due to the absence of net revenue from the fitzpatrick plant after it was sold to exelon in march 2017 and lower volume in the entergy wholesale commodities nuclear fleet resulting from more outage days in 2017 as compared to 2016 .", "the decrease was partially offset by an increase resulting from the reimbursement agreement with exelon pursuant to which exelon reimbursed entergy for specified out-of-pocket costs associated with preparing for the refueling and operation of fitzpatrick that otherwise would have been avoided had entergy shut down fitzpatrick in january 2017 and a decrease in nuclear fuel expenses primarily related to the impairments of the indian point 2 , indian point 3 , and palisades plants and related assets .", "revenues received from exelon in 2017 under the reimbursement agreement are offset by other operation and maintenance expenses and taxes other than income taxes and had no effect on net income .", "see note 14 to the financial statements for discussion of the sale of fitzpatrick , the reimbursement agreement with exelon , and the impairments and related charges .", "entergy corporation and subsidiaries management 2019s financial discussion and analysis ." ]

[ "the regulatory credit resulting from reduction of the federal corporate income tax rate variance is due to the reduction of the vidalia purchased power agreement regulatory liability by $ 30.5 million and the reduction of the louisiana act 55 financing savings obligation regulatory liabilities by $ 25 million as a result of the enactment of the tax cuts and jobs act , in december 2017 , which lowered the federal corporate income tax rate from 35% ( 35 % ) to 21% ( 21 % ) .", "the effects of the tax cuts and jobs act are discussed further in note 3 to the financial statements .", "the grand gulf recovery variance is primarily due to increased recovery of higher operating costs .", "the louisiana act 55 financing savings obligation variance results from a regulatory charge in 2016 for tax savings to be shared with customers per an agreement approved by the lpsc .", "the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike .", "see note 3 to the financial statements for additional discussion of the settlement and benefit sharing .", "the volume/weather variance is primarily due to the effect of less favorable weather on residential and commercial sales , partially offset by an increase in industrial usage .", "the increase in industrial usage is primarily due to new customers in the primary metals industry and expansion projects and an increase in demand for existing customers in the chlor-alkali industry .", "entergy wholesale commodities following is an analysis of the change in net revenue comparing 2017 to 2016 .", "amount ( in millions ) ." ]

[ "the nuclear fuel expenses of amount ( in millions ) is 108 ;", "the 2017 net revenue of amount ( in millions ) is $ 1469 ;" ]

[ [ "", "amount ( in millions )" ], [ "2016 net revenue", "$ 1542" ], [ "fitzpatrick sale", "-158 ( 158 )" ], [ "nuclear volume", "-89 ( 89 )" ], [ "fitzpatrick reimbursement agreement", "57" ], [ "nuclear fuel expenses", "108" ], [ "other", "9" ], [ "2017 net revenue", "$ 1469" ] ]

[ "[a] excludes capital lease obligations of $ 1874 million and unamortized discount of $ 364 million .", "includes an interest component of $ 5120 million .", "[b] includes leases for locomotives , freight cars , other equipment , and real estate .", "[c] represents total obligations , including interest component of $ 685 million .", "[d] purchase obligations include locomotive maintenance contracts ; purchase commitments for fuel purchases , locomotives , ties , ballast , and rail ; and agreements to purchase other goods and services .", "for amounts where we cannot reasonably estimate the year of settlement , they are reflected in the other column .", "[e] includes estimated other post retirement , medical , and life insurance payments and payments made under the unfunded pension plan for the next ten years .", "no amounts are included for funded pension obligations as no contributions are currently required .", "[f] future cash flows for income tax contingencies reflect the recorded liability for unrecognized tax benefits , including interest and penalties , as of december 31 , 2011 .", "where we can reasonably estimate the years in which these liabilities may be settled , this is shown in the table .", "for amounts where we cannot reasonably estimate the year of settlement , they are reflected in the other column. ." ]

[ "the railroad collected approximately $ 18.8 billion and $ 16.3 billion of receivables during the years ended december 31 , 2011 and 2010 , respectively .", "upri used certain of these proceeds to purchase new receivables under the facility .", "the costs of the receivables securitization facility include interest , which will vary based on prevailing commercial paper rates , program fees paid to banks , commercial paper issuing costs , and fees for unused commitment availability .", "the costs of the receivables securitization facility are included in interest expense and were $ 4 million and $ 6 million for 2011 and 2010 , respectively .", "prior to adoption of the new accounting standard , the costs of the receivables securitization facility were included in other income and were $ 9 million for 2009 .", "the investors have no recourse to the railroad 2019s other assets , except for customary warranty and indemnity claims .", "creditors of the railroad do not have recourse to the assets of upri .", "in august 2011 , the receivables securitization facility was renewed for an additional 364-day period at comparable terms and conditions .", "contractual obligations and commercial commitments as described in the notes to the consolidated financial statements and as referenced in the tables below , we have contractual obligations and commercial commitments that may affect our financial condition .", "based on our assessment of the underlying provisions and circumstances of our contractual obligations and commercial commitments , including material sources of off-balance sheet and structured finance arrangements , other than the risks that we and other similarly situated companies face with respect to the condition of the capital markets ( as described in item 1a of part ii of this report ) , there is no known trend , demand , commitment , event , or uncertainty that is reasonably likely to occur that would have a material adverse effect on our consolidated results of operations , financial condition , or liquidity .", "in addition , our commercial obligations , financings , and commitments are customary transactions that are similar to those of other comparable corporations , particularly within the transportation industry .", "the following tables identify material obligations and commitments as of december 31 , 2011 : payments due by december 31 , contractual obligations after millions total 2012 2013 2014 2015 2016 2016 other ." ]

[ "the railroad collected approximately $ 18.8 billion and $ 16.3 billion of receivables during the years ended december 31 , 2011 and 2010 , respectively .", "the costs of the receivables securitization facility are included in interest expense and were $ 4 million and $ 6 million for 2011 and 2010 , respectively ." ]

[ [ "contractual 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" ], [ "debt [a]", "$ 12516", "$ 538", "$ 852", "$ 887", "$ 615", "$ 652", "$ 8972", "$ -" ], [ "operating leases [b]", "4528", "525", "489", "415", "372", "347", "2380", "-" ], [ "capital lease obligations [c]", "2559", "297", "269", "276", "276", "262", "1179", "-" ], [ "purchase obligations [d]", "5137", "2598", "568", "560", "276", "245", "858", "32" ], [ "other post retirement benefits [e]", "249", "26", "26", "26", "26", "26", "119", "-" ], [ "income tax contingencies [f]", "107", "31", "-", "-", "-", "-", "-", "76" ], [ "total contractualobligations", "$ 25096", "$ 4015", "$ 2204", "$ 2164", "$ 1565", "$ 1532", "$ 13508", "$ 108" ] ]

[ "( a ) reflects reimbursements earned from the governments of canada and alberta related to funds previously expended for quest ccs capital equipment .", "quest ccs was successfully completed and commissioned in the fourth quarter of 2015 .", "during 2014 , we acquired 29 million shares at a cost of $ 1 billion and in 2013 acquired 14 million shares at a cost of $ 500 million .", "there were no share repurchases in 2015 .", "see item 8 .", "financial statements and supplementary data 2013 note 23 to the consolidated financial statements for discussion of purchases of common stock .", "liquidity and capital resources on june 10 , 2015 , we issued $ 2 billion aggregate principal amount of unsecured senior notes which consist of the following 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 of senior notes is payable semi-annually beginning december 1 , 2015 .", "we used the aggregate net proceeds to repay our $ 1 billion 0.90% ( 0.90 % ) senior notes on november 2 , 2015 , and the remainder for general corporate purposes .", "in may 2015 , we amended our $ 2.5 billion credit facility to increase the facility size by $ 500 million to a total of $ 3.0 billion and extend the maturity date by an additional year such that the credit facility now matures in may 2020 .", "the amendment additionally provides us the ability to request two one-year extensions to the maturity date and an option to increase the commitment amount by up to an additional $ 500 million , subject to the consent of any increasing lenders .", "the sub-facilities for swing-line loans and letters of credit remain unchanged allowing up to an aggregate amount of $ 100 million and $ 500 million , respectively .", "fees on the unused commitment of each lender , as well as the borrowing options under the credit facility , remain unchanged .", "our main sources of liquidity are cash and cash equivalents , internally generated cash flow from operations , capital market transactions , our committed revolving credit facility and sales of non-core assets .", "our working capital requirements are supported by these sources and we may issue either commercial paper backed by our $ 3.0 billion revolving credit facility or draw on our $ 3.0 billion revolving credit facility to meet short-term cash requirements or issue debt or equity securities through the shelf registration statement discussed below as part of our longer-term liquidity and capital management .", "because of the alternatives available to us as discussed above , we believe that our short-term and long-term liquidity is adequate to fund not only our current operations , but also our near-term and long-term funding requirements including our capital spending programs , dividend payments , defined benefit plan contributions , repayment of debt maturities and other amounts that may ultimately be paid in connection with contingencies .", "general economic conditions , commodity prices , and financial , business and other factors could affect our operations and our ability to access the capital markets .", "a downgrade in our credit ratings could negatively impact our cost of capital and our ability to access the capital markets , increase the interest rate and fees we pay on our unsecured revolving credit facility , restrict our access to the commercial paper market , or require us to post letters of credit or other forms of collateral for certain ." ]

[ "borrowings reflect net proceeds received from the issuance of senior notes in june 2015 .", "see liquidity and capital resources below for additional information .", "in november 2015 , we repaid our $ 1 billion 0.90% ( 0.90 % ) senior notes upon maturity .", "in october 2015 , we announced an adjustment to our quarterly dividend .", "see capital requirements below for additional information .", "additions to property , plant and equipment are our most significant use of cash and cash equivalents .", "the following table shows capital expenditures related to continuing operations by segment and reconciles to additions to property , plant and equipment as presented in the consolidated statements of cash flows for 2015 , 2014 and 2013: ." ]

[ "( in millions ) the corporate of year ended december 31 , 2015 is 25 ; the corporate of year ended december 31 , 2014 is 51 ; the corporate of year ended december 31 , 2013 is 58 ;" ]

[ [ "( in millions )", "year ended december 31 , 2015", "year ended december 31 , 2014", "year ended december 31 , 2013" ], [ "north america e&p", "$ 2553", "$ 4698", "$ 3649" ], [ "international e&p", "368", "534", "456" ], [ "oil sands mining ( a )", "-10 ( 10 )", "212", "286" ], [ "corporate", "25", "51", "58" ], [ "total capital expenditures", "2936", "5495", "4449" ], [ "change in capital expenditure accrual", "540", "-335 ( 335 )", "-6 ( 6 )" ], [ "additions to property plant and equipment", "$ 3476", "$ 5160", "$ 4443" ] ]

[ "the company has a series of agreements with various public entities ( the 201cpartners 201d ) to establish certain joint ventures , commonly referred to as 201cpublic-private partnerships . 201d under the public-private partnerships , the company constructed utility plant , financed by the company and the partners constructed utility plant ( connected to the company 2019s property ) , financed by the partners .", "the company agreed to transfer and convey some of its real and personal property to the partners in exchange for an equal principal amount of industrial development bonds ( 201cidbs 201d ) , issued by the partners under a state industrial development bond and commercial development act .", "the company leased back the total facilities , including portions funded by both the company and the partners , under leases for a period of 40 years .", "the leases related to the portion of the facilities funded by the company have required payments from the company to the partners that approximate the payments required by the terms of the idbs from the partners to the company ( as the holder of the idbs ) .", "as the ownership of the portion of the facilities constructed by the company will revert back to the company at the end of the lease , the company has recorded these as capital leases .", "the lease obligation and the receivable for the principal amount of the idbs are presented by the company on a net basis .", "the gross cost of the facilities funded by the company recognized as a capital lease asset was $ 156 and $ 157 as of december 31 , 2015 and 2014 , respectively , which is presented in property , plant and equipment in the accompanying consolidated balance sheets .", "the future payments under the lease obligations are equal to and offset by the payments receivable under the idbs. ." ]

[ "long-term liabilities .", "the value of the company 2019s deferred compensation obligations is based on the market value of the participants 2019 notional investment accounts .", "the notional investments are comprised primarily of mutual funds , which are based on observable market prices .", "mark-to-market derivative asset and liability 2014the company utilizes fixed-to-floating interest-rate swaps , typically designated as fair-value hedges , to achieve a targeted level of variable-rate debt as a percentage of total debt .", "the company also employs derivative financial instruments in the form of variable-to-fixed interest rate swaps , classified as economic hedges , in order to fix the interest cost on some of its variable-rate debt .", "the company uses a calculation of future cash inflows and estimated future outflows , which are discounted , to determine the current fair value .", "additional inputs to the present value calculation include the contract terms , counterparty credit risk , interest rates and market volatility .", "other investments 2014other investments primarily represent money market funds used for active employee benefits .", "the company includes other investments in other current assets .", "note 18 : leases the company has entered into operating leases involving certain facilities and equipment .", "rental expenses under operating leases were $ 21 for 2015 , $ 22 for 2014 and $ 23 for 2013 .", "the operating leases for facilities will expire over the next 25 years and the operating leases for equipment will expire over the next five years .", "certain operating leases have renewal options ranging from one to five years .", "the minimum annual future rental commitment under operating leases that have initial or remaining non- cancelable lease terms over the next five years and thereafter are as follows: ." ]

[ "rental expenses under operating leases were $ 21 for 2015 , $ 22 for 2014 and $ 23 for 2013 .", "the gross cost of the facilities funded by the company recognized as a capital lease asset was $ 156 and $ 157 as of december 31 , 2015 and 2014 , respectively , which is presented in property , plant and equipment in the accompanying consolidated balance sheets ." ]

[ [ "year", "amount" ], [ "2016", "$ 13" ], [ "2017", "12" ], [ "2018", "11" ], [ "2019", "10" ], [ "2020", "8" ], [ "thereafter", "74" ] ]

[ "notes to the consolidated financial statements the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement .", "additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum .", "the applicable interest rate and the commitment fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc .", "for the company 2019s non-credit enhanced , long- term , senior , unsecured debt .", "the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the 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 substantially all of its assets .", "the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of sixty percent or less .", "the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency .", "there were no amounts outstanding under the credit agreement at december 31 , on november 12 , 2010 , ppg completed a public offering of $ 250 million in aggregate principal amount of its 1.900% ( 1.900 % ) notes due 2016 ( the 201c2016 notes 201d ) , $ 500 million in aggregate principal amount of its 3.600% ( 3.600 % ) notes due 2020 ( the 201c2020 notes 201d ) and $ 250 million in aggregate principal amount of its 5.500% ( 5.500 % ) notes due 2040 ( the 201c2040 notes 201d ) .", "these notes were issued pursuant to an indenture dated as of march 18 , 2008 ( the 201coriginal indenture 201d ) between the company and the bank of new york mellon trust company , n.a. , as trustee ( the 201ctrustee 201d ) , as supplemented by a first supplemental indenture dated as of march 18 , 2008 between the company and the trustee ( the 201cfirst supplemental indenture 201d ) and a second supplemental indenture dated as of november 12 , 2010 between the company and the trustee ( the 201csecond supplemental indenture 201d and , together with the original indenture and the first supplemental indenture , the 201cindenture 201d ) .", "the company may issue additional debt from time to time pursuant to the original indenture .", "the indenture governing these notes contains covenants that limit the company 2019s ability to , among other things , incur certain liens securing indebtedness , engage in certain sale-leaseback transactions , and enter into certain consolidations , mergers , conveyances , transfers or leases of all or substantially all the company 2019s assets .", "the terms of these notes also require the company to make an offer to repurchase notes upon a change of control triggering event ( as defined in the second supplemental indenture ) at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest .", "cash proceeds from this notes offering was $ 983 million ( net of discount and issuance costs ) .", "the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .", "ppg 2019s non-u.s .", "operations have uncommitted lines of credit totaling $ 791 million of which $ 31 million was used as of december 31 , 2010 .", "these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .", "short-term debt outstanding as of december 31 , 2010 and 2009 , was as follows : ( millions ) 2010 2009 20ac650 million revolving credit facility , 0.8% ( 0.8 % ) as of dec .", "31 , 2009 $ 2014 $ 110 other , weighted average 3.39% ( 3.39 % ) as of dec .", "31 , 2010 and 2.2% ( 2.2 % ) as of december 31 , 2009 24 158 total $ 24 $ 268 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .", "the company 2019s revolving credit agreements include a financial ratio covenant .", "the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .", "as of december 31 , 2010 , total indebtedness was 45% ( 45 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .", "additionally , substantially all of the company 2019s debt agreements contain customary cross- default provisions .", "those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .", "none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .", "interest payments in 2010 , 2009 and 2008 totaled $ 189 million , $ 201 million and $ 228 million , respectively .", "2010 ppg annual report and form 10-k 43 ." ]

[ "notes to the consolidated financial statements the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement .", "additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum .", "the applicable interest rate and the commitment fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc .", "for the company 2019s non-credit enhanced , long- term , senior , unsecured debt .", "the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the 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 substantially all of its assets .", "the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of sixty percent or less .", "the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency .", "there were no amounts outstanding under the credit agreement at december 31 , on november 12 , 2010 , ppg completed a public offering of $ 250 million in aggregate principal amount of its 1.900% ( 1.900 % ) notes due 2016 ( the 201c2016 notes 201d ) , $ 500 million in aggregate principal amount of its 3.600% ( 3.600 % ) notes due 2020 ( the 201c2020 notes 201d ) and $ 250 million in aggregate principal amount of its 5.500% ( 5.500 % ) notes due 2040 ( the 201c2040 notes 201d ) .", "these notes were issued pursuant to an indenture dated as of march 18 , 2008 ( the 201coriginal indenture 201d ) between the company and the bank of new york mellon trust company , n.a. , as trustee ( the 201ctrustee 201d ) , as supplemented by a first supplemental indenture dated as of march 18 , 2008 between the company and the trustee ( the 201cfirst supplemental indenture 201d ) and a second supplemental indenture dated as of november 12 , 2010 between the company and the trustee ( the 201csecond supplemental indenture 201d and , together with the original indenture and the first supplemental indenture , the 201cindenture 201d ) .", "the company may issue additional debt from time to time pursuant to the original indenture .", "the indenture governing these notes contains covenants that limit the company 2019s ability to , among other things , incur certain liens securing indebtedness , engage in certain sale-leaseback transactions , and enter into certain consolidations , mergers , conveyances , transfers or leases of all or substantially all the company 2019s assets .", "the terms of these notes also require the company to make an offer to repurchase notes upon a change of control triggering event ( as defined in the second supplemental indenture ) at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest .", "cash proceeds from this notes offering was $ 983 million ( net of discount and issuance costs ) .", "the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .", "ppg 2019s non-u.s .", "operations have uncommitted lines of credit totaling $ 791 million of which $ 31 million was used as of december 31 , 2010 .", "these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .", "short-term debt outstanding as of december 31 , 2010 and 2009 , was as follows : ( millions ) 2010 2009 20ac650 million revolving credit facility , 0.8% ( 0.8 % ) as of dec .", "31 , 2009 $ 2014 $ 110 other , weighted average 3.39% ( 3.39 % ) as of dec .", "31 , 2010 and 2.2% ( 2.2 % ) as of december 31 , 2009 24 158 total $ 24 $ 268 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .", "the company 2019s revolving credit agreements include a financial ratio covenant .", "the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .", "as of december 31 , 2010 , total indebtedness was 45% ( 45 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .", "additionally , substantially all of the company 2019s debt agreements contain customary cross- default provisions .", "those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .", "none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .", "interest payments in 2010 , 2009 and 2008 totaled $ 189 million , $ 201 million and $ 228 million , respectively .", "2010 ppg annual report and form 10-k 43 ." ]

[ "interest payments in 2010 , 2009 and 2008 totaled $ 189 million , $ 201 million and $ 228 million , respectively ." ]

[ [ "( millions )", "2010", "2009" ], [ "20ac650 million revolving credit facility 0.8% ( 0.8 % ) as of dec . 31 2009", "$ 2014", "$ 110" ], [ "other weighted average 3.39% ( 3.39 % ) as of dec . 31 2010 and 2.2% ( 2.2 % ) as of december 31 2009", "24", "158" ], [ "total", "$ 24", "$ 268" ] ]

[ "( a ) the weighted-average remaining contractual life was approximately 4.2 years .", "at december 31 , 2007 , there were approximately 13788000 options in total that were vested and are expected to vest .", "the weighted-average exercise price of such options was $ 62.07 per share , the weighted-average remaining contractual life was approximately 5.2 years , and the aggregate intrinsic value at december 31 , 2007 was approximately $ 92 million .", "stock options granted in 2005 include options for 30000 shares that were granted to non-employee directors that year .", "no such options were granted in 2006 or 2007 .", "awards granted to non-employee directors in 2007 include 20944 deferred stock units awarded under the outside directors deferred stock unit plan .", "a deferred stock unit is a phantom share of our common stock , which requires liability accounting treatment under sfas 123r until such awards are paid to the participants as cash .", "as there are no vestings or service requirements on these awards , total compensation expense is recognized in full on all awarded units on the date of grant .", "the weighted-average grant-date fair value of options granted in 2007 , 2006 and 2005 was $ 11.37 , $ 10.75 and $ 9.83 per option , respectively .", "to determine stock-based compensation expense under sfas 123r , the grant-date fair value is applied to the options granted with a reduction made for estimated forfeitures .", "at december 31 , 2006 and 2005 options for 10743000 and 13582000 shares of common stock , respectively , were exercisable at a weighted-average price of $ 58.38 and $ 56.58 , respectively .", "the total intrinsic value of options exercised during 2007 , 2006 and 2005 was $ 52 million , $ 111 million and $ 31 million , respectively .", "at december 31 , 2007 the aggregate intrinsic value of all options outstanding and exercisable was $ 94 million and $ 87 million , respectively .", "cash received from option exercises under all incentive plans for 2007 , 2006 and 2005 was approximately $ 111 million , $ 233 million and $ 98 million , respectively .", "the actual tax benefit realized for tax deduction purposes from option exercises under all incentive plans for 2007 , 2006 and 2005 was approximately $ 39 million , $ 82 million and $ 34 million , respectively .", "there were no options granted in excess of market value in 2007 , 2006 or 2005 .", "shares of common stock available during the next year for the granting of options and other awards under the incentive plans were 40116726 at december 31 , 2007 .", "total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 41787400 shares at december 31 , 2007 , which includes shares available for issuance under the incentive plans , the employee stock purchase plan as described below , and a director plan .", "during 2007 , we issued approximately 2.1 million shares from treasury stock in connection with stock option exercise activity .", "as with past exercise activity , we intend to utilize treasury stock for future stock option exercises .", "as discussed in note 1 accounting policies , we adopted the fair value recognition provisions of sfas 123 prospectively to all employee awards including stock options granted , modified or settled after january 1 , 2003 .", "as permitted under sfas 123 , we recognized compensation expense for stock options on a straight-line basis over the pro rata vesting period .", "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 .", "pro forma effects a table is included in note 1 accounting policies that sets forth pro forma net income and basic and diluted earnings per share as if compensation expense had been recognized under sfas 123 and 123r , as amended , for stock options for 2005 .", "for purposes of computing stock option expense and 2005 pro forma results , we estimated the fair value of stock options using the black-scholes option pricing model .", "the model requires the use of numerous assumptions , many of which are very subjective .", "therefore , the 2005 pro forma results are estimates of results of operations as if compensation expense had been recognized for all stock-based compensation awards and are not indicative of the impact on future periods. ." ]

[ "information about stock options at december 31 , 2007 follows: ." ]

[ "at december 31 , 2006 and 2005 options for 10743000 and 13582000 shares of common stock , respectively , were exercisable at a weighted-average price of $ 58.38 and $ 56.58 , respectively ." ]

[ [ "december 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" ], [ "$ 37.43 2013 $ 46.99", "1444", "$ 43.05", "4.0", "1444", "$ 43.05" ], [ "47.00 2013 56.99", "3634", "53.43", "5.4", "3022", "53.40" ], [ "57.00 2013 66.99", "3255", "60.32", "5.2", "2569", "58.96" ], [ "67.00 2013 76.23", "5993", "73.03", "5.5", "3461", "73.45" ], [ "total", "14326", "$ 62.15", "5.3", "10496", "$ 59.95" ] ]

[ "the weighted average grant date fair value per share during the years ended december 31 , 2010 , 2009 and 2008 was $ 15.03 , $ 8.90 and $ 9.55 , respectively .", "the intrinsic value of stock options exercised during the years ended december 31 , 2010 , 2009 and 2008 was $ 62.7 million , $ 40.1 million and $ 99.1 million , respectively .", "as of december 31 , 2010 , total unrecognized compensation expense related to unvested stock options was approximately $ 27.7 million and is expected to be recognized over a weighted average period of approximately two years .", "the amount of cash received from the exercise of stock options was approximately $ 129.1 million during the year ended december 31 , 2010 .", "during the year ended december 31 , 2010 , the company realized approximately $ 0.3 million of state tax benefits from the exercise of stock options. ." ]

[ "american tower corporation and subsidiaries notes to consolidated financial statements assessments in each of the tax jurisdictions resulting from these examinations .", "the company believes that adequate provisions have been made for income taxes for all periods through december 31 , 2010 .", "12 .", "stock-based compensation the company recognized stock-based compensation of $ 52.6 million , $ 60.7 million and $ 54.8 million for the years ended december 31 , 2010 , 2009 and 2008 , respectively .", "stock-based compensation for the year ended december 31 , 2009 included $ 6.9 million related to the modification of the vesting and exercise terms for certain employee 2019s equity awards .", "the company did not capitalize any stock-based compensation during the years ended december 31 , 2010 and 2009 .", "summary of stock-based compensation plans 2014the company maintains equity incentive plans that provide for the grant of stock-based awards to its directors , officers and employees .", "under the 2007 equity incentive plan ( 201c2007 plan 201d ) , which provides for the grant of non-qualified and incentive stock options , as well as restricted stock units , restricted stock and other stock-based awards , exercise prices in the case of non-qualified and incentive stock options are not less than the fair market value of the underlying common stock on the date of grant .", "equity awards typically vest ratably over various periods , generally four years , and generally expire ten years from the date of grant .", "stock options 2014as of december 31 , 2010 , the company had the ability to grant stock-based awards with respect to an aggregate of 22.0 million shares of common stock under the 2007 plan .", "the fair value of each option grant is estimated on the date of grant using the black-scholes option pricing model based on the assumptions noted in the table below .", "the risk-free treasury rate is based on the u.s .", "treasury yield in effect at the accounting measurement date .", "the expected life ( estimated period of time outstanding ) was estimated using the vesting term and historical exercise behavior of company employees .", "the expected volatility was based on historical volatility for a period equal to the expected life of the stock options .", "key assumptions used to apply this pricing model are as follows: ." ]

[ "the intrinsic value of stock options exercised during the years ended december 31 , 2010 , 2009 and 2008 was $ 62.7 million , $ 40.1 million and $ 99.1 million , respectively ." ]

[ [ "", "2010", "2009", "2008" ], [ "range 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 % )" ], [ "weighted average risk-free interest rate", "2.35% ( 2.35 % )", "1.71% ( 1.71 % )", "1.89% ( 1.89 % )" ], [ "expected life of option grants", "4.60 years", "4.00 years", "4.00 years" ], [ "range 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 % )" ], [ "weighted average expected volatility of underlying stock price", "37.14% ( 37.14 % )", "36.23% ( 36.23 % )", "29.10% ( 29.10 % )" ], [ "expected annual dividends", "n/a", "n/a", "n/a" ] ]

[ "of the $ 6.8 million , $ 11.0 million and $ 11.1 million of unrecognized tax benefits as of 2012 , 2011 and 2010 year end , respectively , approximately $ 4.1 million , $ 9.1 million and $ 11.1 million , respectively , would impact the effective income tax rate if recognized .", "interest and penalties related to unrecognized tax benefits are recorded in income tax expense .", "during 2012 and 2011 , the company reversed a net $ 0.5 million and $ 1.4 million , respectively , of interest and penalties to income associated with unrecognized tax benefits .", "as of 2012 , 2011 and 2010 year end , the company has provided for $ 1.6 million , $ 1.6 million and $ 2.8 million , respectively , of accrued interest and penalties related to unrecognized tax benefits .", "the unrecognized tax benefits and related accrued interest and penalties are included in 201cother long-term liabilities 201d on the accompanying consolidated balance sheets .", "snap-on and its subsidiaries file income tax returns in the united states and in various state , local and foreign jurisdictions .", "it is reasonably possible that certain unrecognized tax benefits may either be settled with taxing authorities or the statutes of limitations for such items may lapse within the next 12 months , causing snap-on 2019s gross unrecognized tax benefits to decrease by a range of zero to $ 2.4 million .", "over the next 12 months , snap-on anticipates taking uncertain tax positions on various tax returns for which the related tax benefit does not meet the recognition threshold .", "accordingly , snap-on 2019s gross unrecognized tax benefits may increase by a range of zero to $ 1.6 million over the next 12 months for uncertain tax positions expected to be taken in future tax filings .", "with few exceptions , snap-on is no longer subject to u.s .", "federal and state/local income tax examinations by tax authorities for years prior to 2008 , and snap-on is no longer subject to non-u.s .", "income tax examinations by tax authorities for years prior to 2006 .", "the undistributed earnings of all non-u.s .", "subsidiaries totaled $ 492.2 million , $ 416.4 million and $ 386.5 million as of 2012 , 2011 and 2010 year end , respectively .", "snap-on has not provided any deferred taxes on these undistributed earnings as it considers the undistributed earnings to be permanently invested .", "determination of the amount of unrecognized deferred income tax liability related to these earnings is not practicable .", "2012 annual report 83 ." ]

[ "a valuation allowance totaling $ 43.9 million , $ 40.4 million and $ 40.1 million as of 2012 , 2011 and 2010 year end , respectively , has been established for deferred income tax assets primarily related to certain subsidiary loss carryforwards that may not be realized .", "realization of the net deferred income tax assets is dependent on generating sufficient taxable income prior to their expiration .", "although realization is not assured , management believes it is more- likely-than-not that the net deferred income tax assets will be realized .", "the amount of the net deferred income tax assets considered realizable , however , could change in the near term if estimates of future taxable income during the carryforward period fluctuate .", "the following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for 2012 , 2011 and ( amounts in millions ) 2012 2011 2010 ." ]

[ "the undistributed earnings of all non-u.s .", "subsidiaries totaled $ 492.2 million , $ 416.4 million and $ 386.5 million as of 2012 , 2011 and 2010 year end , respectively ." ]

[ [ "( amounts in millions )", "2012", "2011", "2010" ], [ "unrecognized tax benefits at beginning of year", "$ 11.0", "$ 11.1", "$ 17.5" ], [ "gross increases 2013 tax positions in prior periods", "0.7", "0.5", "0.6" ], [ "gross decreases 2013 tax positions in prior periods", "-4.9 ( 4.9 )", "-0.4 ( 0.4 )", "-0.4 ( 0.4 )" ], [ "gross increases 2013 tax positions in the current period", "1.2", "2.8", "3.1" ], [ "settlements with taxing authorities", "2013", "-1.2 ( 1.2 )", "-9.5 ( 9.5 )" ], [ "increase related to acquired business", "2013", "2013", "0.4" ], [ "lapsing of statutes of limitations", "-1.2 ( 1.2 )", "-1.8 ( 1.8 )", "-0.6 ( 0.6 )" ], [ "unrecognized tax benefits at end of year", "$ 6.8", "$ 11.0", "$ 11.1" ] ]

[ "( a ) the impact is the effect of changing the specified assumption while holding all other assumptions constant .", "we currently estimate a pretax pension expense of $ 41 million in 2010 compared with pretax expense of $ 117 million in 2009 .", "this year-over-year reduction was primarily due to the amortization impact of the favorable 2009 investment returns as compared with the expected long-term return assumption .", "our pension plan contribution requirements are not particularly sensitive to actuarial assumptions .", "investment performance has the most impact on contribution requirements and will drive the amount of permitted contributions in future years .", "also , current law , including the provisions of the pension protection act of 2006 , sets limits as to both minimum and maximum contributions to the plan .", "we expect that the minimum required contributions under the law will be zero for 2010 .", "we maintain other defined benefit plans that have a less significant effect on financial results , including various ." ]

[ "investment policy , which is described more fully in note 15 employee benefit plans in the notes to consolidated financial statements in item 8 of this report .", "we calculate the expense associated with the pension plan and the assumptions and methods that we use include a policy of reflecting trust assets at their fair market value .", "on an annual basis , we review the actuarial assumptions related to the pension plan , including the discount rate , the rate of compensation increase and the expected return on plan assets .", "the discount rate and compensation increase assumptions do not significantly affect pension expense .", "however , the expected long-term return on assets assumption does significantly affect pension expense .", "our expected long- term return on plan assets for determining net periodic pension expense has been 8.25% ( 8.25 % ) for the past three years .", "the expected return on plan assets is a long-term assumption established by considering historical and anticipated returns of the asset classes invested in by the pension plan and the allocation strategy currently in place among those classes .", "while this analysis gives appropriate consideration to recent asset performance and historical returns , the assumption represents a long-term prospective return .", "we review this assumption at each measurement date and adjust it if warranted .", "for purposes of setting and reviewing this assumption , 201clong- term 201d refers to the period over which the plan 2019s projected benefit obligation will be disbursed .", "while year-to-year annual returns can vary significantly ( rates of return for the reporting years of 2009 , 2008 , and 2007 were +20.61% ( +20.61 % ) , -32.91% ( -32.91 % ) , and +7.57% ( +7.57 % ) , respectively ) , the assumption represents our estimate of long-term average prospective returns .", "our selection process references certain historical data and the current environment , but primarily utilizes qualitative judgment regarding future return expectations .", "recent annual returns may differ but , recognizing the volatility and unpredictability of investment returns , we generally do not change the assumption unless we modify our investment strategy or identify events that would alter our expectations of future returns .", "to evaluate the continued reasonableness of our assumption , we examine a variety of viewpoints and data .", "various studies have shown that portfolios comprised primarily of us equity securities have returned approximately 10% ( 10 % ) over long periods of time , while us debt securities have returned approximately 6% ( 6 % ) annually over long periods .", "application of these historical returns to the plan 2019s allocation of equities and bonds produces a result between 8% ( 8 % ) and 8.5% ( 8.5 % ) and is one point of reference , among many other factors , that is taken into consideration .", "we also examine the plan 2019s actual historical returns over various periods .", "recent experience is considered in our evaluation with appropriate consideration that , especially for short time periods , recent returns are not reliable indicators of future returns , and in many cases low returns in recent time periods are followed by higher returns in future periods ( and vice versa ) .", "acknowledging the potentially wide range for this assumption , we also annually examine the assumption used by other companies with similar pension investment strategies , so that we can ascertain whether our determinations markedly differ from other observers .", "in all cases , however , this data simply informs our process , which places the greatest emphasis on our qualitative judgment of future investment returns , given the conditions existing at each annual measurement date .", "the expected long-term return on plan assets for determining net periodic pension cost for 2009 was 8.25% ( 8.25 % ) , unchanged from 2008 .", "during 2010 , we intend to decrease the midpoint of the plan 2019s target allocation range for equities by approximately five percentage points .", "as a result of this change and taking into account all other factors described above , pnc will change the expected long-term return on plan assets to 8.00% ( 8.00 % ) for determining net periodic pension cost for 2010 .", "under current accounting rules , the difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods .", "each one percentage point difference in actual return compared with our expected return causes expense in subsequent years to change by up to $ 8 million as the impact is amortized into results of operations .", "the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2010 estimated expense as a baseline .", "change in assumption ( a ) estimated increase to 2010 pension expense ( in millions ) ." ]

[ "we currently estimate a pretax pension expense of $ 41 million in 2010 compared with pretax expense of $ 117 million in 2009 .", "this year-over-year reduction was primarily due to the amortization impact of the favorable 2009 investment returns as compared with the expected long-term return assumption ." ]

[ [ "change in assumption ( a )", "estimatedincrease to 2010pensionexpense ( inmillions )" ], [ ".5% ( .5 % ) decrease in discount rate", "$ 10" ], [ ".5% ( .5 % ) decrease in expected long-term return on assets", "$ 18" ], [ ".5% ( .5 % ) increase in compensation rate", "$ 3" ] ]

[ "although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products transported by us are outside the u.s .", "each of our commodity groups includes revenue from shipments to and from mexico .", "included in the above table are revenues from our mexico business which amounted to $ 2.3 billion in 2014 , $ 2.1 billion in 2013 , and $ 1.9 billion in 2012 .", "basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s .", "( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) .", "2 .", "significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries .", "investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting .", "all intercompany transactions are eliminated .", "we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements .", "cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less .", "accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts .", "the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions .", "receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position. ." ]

[ "notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201ccompany 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .", "1 .", "nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s .", "our network includes 31974 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s .", "gateways and providing several corridors to key mexican gateways .", "we own 26012 miles and operate on the remainder pursuant to trackage rights or leases .", "we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .", "export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .", "the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .", "although we provide and review revenue by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network .", "the following table provides freight revenue by commodity group : millions 2014 2013 2012 ." ]

[ "millions the total operatingrevenues of 2014 is $ 23988 ; the total operatingrevenues of 2013 is $ 21963 ; the total operatingrevenues of 2012 is $ 20926 ;" ]

[ [ "millions", "2014", "2013", "2012" ], [ "agricultural products", "$ 3777", "$ 3276", "$ 3280" ], [ "automotive", "2103", "2077", "1807" ], [ "chemicals", "3664", "3501", "3238" ], [ "coal", "4127", "3978", "3912" ], [ "industrial products", "4400", "3822", "3494" ], [ "intermodal", "4489", "4030", "3955" ], [ "total freight revenues", "$ 22560", "$ 20684", "$ 19686" ], [ "other revenues", "1428", "1279", "1240" ], [ "total operatingrevenues", "$ 23988", "$ 21963", "$ 20926" ] ]

[ "transportation and storage costs incurred under these agreements totaled $ 140.5 million , $ 135.1 million and $ 137.7 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .", "these amounts do not include contractual commitments under our long-term transportation agreements with hep , as all transactions with hep are eliminated in these consolidated financial statements .", "we have a crude oil supply contract that requires the supplier to deliver a specified volume of crude oil or pay a shortfall fee for the difference in the actual barrels delivered to us less the specified barrels per the supply contract .", "for the contract year ended august 31 , 2017 , the actual number of barrels delivered to us was substantially less than the specified barrels , and we recorded a reduction to cost of goods sold and accumulated a shortfall fee receivable of $ 26.0 million during this period .", "in september 2017 , the supplier notified us they are disputing the shortfall fee owed and in october 2017 notified us of their demand for arbitration .", "we offset the receivable with payments of invoices for deliveries of crude oil received subsequent to august 31 , 2017 , which is permitted under the supply contract .", "we believe the disputes and claims made by the supplier are without merit .", "in march , 2006 , a subsidiary of ours sold the assets of montana refining company under an asset purchase agreement ( 201capa 201d ) .", "calumet montana refining llc , the current owner of the assets , has submitted requests for reimbursement of approximately $ 20.0 million pursuant to contractual indemnity provisions under the apa for various costs incurred , as well as additional claims related to environmental matters .", "we have rejected most of the claims for payment , and this matter is scheduled for arbitration beginning in july 2018 .", "we have accrued the costs we believe are owed pursuant to the apa , and we estimate that any reasonably possible losses beyond the amounts accrued are not material .", "note 20 : segment information effective fourth quarter of 2017 , we revised our reportable segments to align with certain changes in how our chief operating decision maker manages and allocates resources to our business .", "accordingly , our tulsa refineries 2019 lubricants operations , previously reported in the refining segment , are now combined with the operations of our petro-canada lubricants business ( acquired february 1 , 2017 ) and reported in the lubricants and specialty products segment .", "our prior period segment information has been retrospectively adjusted to reflect our current segment presentation .", "our operations are organized into three reportable segments , refining , lubricants and specialty products and hep .", "our operations that are not included in the refining , lubricants and specialty products and hep segments are included in corporate and other .", "intersegment transactions are eliminated in our consolidated financial statements and are included in eliminations .", "corporate and other and eliminations are aggregated and presented under corporate , other and eliminations column .", "the refining segment represents the operations of the el dorado , tulsa , navajo , cheyenne and woods cross refineries and hfc asphalt ( aggregated as a reportable segment ) .", "refining activities involve the purchase and refining of crude oil and wholesale and branded marketing of refined products , such as gasoline , diesel fuel and jet fuel .", "these petroleum products are primarily marketed in the mid-continent , southwest and rocky mountain regions of the united states .", "hfc asphalt operates various asphalt terminals in arizona , new mexico and oklahoma. ." ]

[ "hollyfrontier corporation notes to consolidated financial statements continued ." ]

[ "transportation and storage costs incurred under these agreements totaled $ 140.5 million , $ 135.1 million and $ 137.7 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively ." ]

[ [ "", "( in thousands )" ], [ "2018", "$ 148716" ], [ "2019", "132547" ], [ "2020", "119639" ], [ "2021", "107400" ], [ "2022", "102884" ], [ "thereafter", "857454" ], [ "total", "$ 1468640" ] ]

[ "total ( 5 ) $ 51.5 100% ( 100 % ) 0.7% ( 0.7 % ) 1% ( 1 % ) 738 $ 60.1 100% ( 100 % ) 2.1% ( 2.1 % ) 4% ( 4 % ) 715 note : totals may not sum due to rounding .", "( 1 ) certain of the states are included as part of a region based on citi 2019s view of similar hpi within the region .", "( 2 ) ending net receivables .", "excludes loans in canada and puerto rico , loans guaranteed by u.s .", "government agencies , loans recorded at fair value and loans subject to long term standby commitments ( ltscs ) .", "excludes balances for which fico or ltv data are unavailable .", "( 3 ) ltv ratios ( loan balance divided by appraised value ) are calculated at origination and updated by applying market price data .", "( 4 ) new york , new jersey , connecticut , florida and illinois are judicial states .", "( 5 ) improvement in state trends during 2015 was primarily due to the sale or transfer to held-for-sale of residential first mortgages , including the transfer of citifinancial residential first mortgages to held-for-sale in the fourth quarter of 2015 .", "foreclosures a substantial majority of citi 2019s foreclosure inventory consists of residential first mortgages .", "at december 31 , 2015 , citi 2019s foreclosure inventory included approximately $ 0.1 billion , or 0.2% ( 0.2 % ) , of the total residential first mortgage portfolio , compared to $ 0.6 billion , or 0.9% ( 0.9 % ) , at december 31 , 2014 , based on the dollar amount of ending net receivables of loans in foreclosure inventory , excluding loans that are guaranteed by u.s .", "government agencies and loans subject to ltscs .", "north america consumer mortgage quarterly credit trends 2014net credit losses and delinquencies 2014home equity citi 2019s home equity loan portfolio consists of both fixed-rate home equity loans and loans extended under home equity lines of credit .", "fixed-rate home equity loans are fully amortizing .", "home equity lines of credit allow for amounts to be drawn for a period of time with the payment of interest only and then , at the end of the draw period , the then-outstanding amount is converted to an amortizing loan ( the interest-only payment feature during the revolving period is standard for this product across the industry ) .", "after conversion , the home equity loans typically have a 20-year amortization period .", "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 ( revolving helocs ) . ." ]

[ "during 2015 , continued management actions , primarily the sale or transfer to held-for-sale of approximately $ 1.5 billion of delinquent residential first mortgages , including $ 0.9 billion in the fourth quarter largely associated with the transfer of citifinancial loans to held-for-sale referenced above , were the primary driver of the overall improvement in delinquencies within citi holdings 2019 residential first mortgage portfolio .", "credit performance from quarter to quarter could continue to be impacted by the amount of delinquent loan sales or transfers to held-for-sale , as well as overall trends in hpi and interest rates .", "north america residential first mortgages 2014state delinquency trends the following tables set forth the six u.s .", "states and/or regions with the highest concentration of citi 2019s residential first mortgages. ." ]

[ "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 ( revolving helocs ) . ." ]

[ [ "in 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" ], [ "ca", "$ 19.2", "37% ( 37 % )", "0.2% ( 0.2 % )", "1% ( 1 % )", "754", "$ 18.9", "31% ( 31 % )", "0.6% ( 0.6 % )", "2% ( 2 % )", "745" ], [ "ny/nj/ct ( 4 )", "12.7", "25", "0.8", "1", "751", "12.2", "20", "1.9", "2", "740" ], [ "va/md", "2.2", "4", "1.2", "2", "719", "3.0", "5", "3.0", "8", "695" ], [ "il ( 4 )", "2.2", "4", "1.0", "3", "735", "2.5", "4", "2.5", "9", "713" ], [ "fl ( 4 )", "2.2", "4", "1.1", "4", "723", "2.8", "5", "3.0", "14", "700" ], [ "tx", "1.9", "4", "1.0", "2014", "711", "2.5", "4", "2.7", "2014", "680" ], [ "other", "11.0", "21", "1.3", "2", "710", "18.2", "30", "3.3", "7", "677" ], [ "total ( 5 )", "$ 51.5", "100% ( 100 % )", "0.7% ( 0.7 % )", "1% ( 1 % )", "738", "$ 60.1", "100% ( 100 % )", "2.1% ( 2.1 % )", "4% ( 4 % )", "715" ] ]

[ "this comparison assumes $ 100 was invested on june 30 , 2010 , and assumes reinvestments of dividends .", "total returns are calculated according to market capitalization of peer group members at the beginning of each period .", "peer companies selected are in the business of providing specialized computer software , hardware and related services to financial institutions and other businesses .", "companies in the 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. , and wex , inc. .", "micros systems , inc .", "was removed from the peer group as it was acquired in september 2014. ." ]

[ "18 2015 annual report performance graph the following chart presents a comparison for the five-year period ended june 30 , 2015 , of the market performance of the company 2019s common stock with the s&p 500 index and an index of peer companies selected by the company : comparison of 5 year cumulative total return among jack henry & associates , inc. , the s&p 500 index , and a peer group the following information depicts a line graph with the following values: ." ]

[ "the peer group of 2010 is 100.00 ; the peer group of 2011 is 136.78 ; the peer group of 2012 is 148.10 ; the peer group of 2013 is 174.79 ; the peer group of 2014 is 239.10 ; the peer group of 2015 is 301.34 ;" ]

[ [ "", "2010", "2011", "2012", "2013", "2014", "2015" ], [ "jkhy", "100.00", "127.44", "148.62", "205.60", "263.21", "290.88" ], [ "peer group", "100.00", "136.78", "148.10", "174.79", "239.10", "301.34" ], [ "s&p 500", "100.00", "130.69", "137.81", "166.20", "207.10", "222.47" ] ]

[ "( 1 ) see non-gaap financial measures for further information on and reconciliation of as adjusted items .", "( 2 ) net of net income ( loss ) attributable to nci .", "the company 2019s tax rate is affected by tax rates in foreign jurisdictions and the relative amount of income earned in those jurisdictions , which the company expects to be fairly consistent in the near term .", "the significant foreign jurisdictions that have lower statutory tax rates than the u.s .", "federal statutory rate of 35% ( 35 % ) include the united kingdom , channel islands , ireland and canada .", "u.s .", "income taxes were not provided for certain undistributed foreign earnings intended to be indefinitely reinvested outside the united states .", "2016 .", "income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 30 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 65 million of nonrecurring items , including the resolution of certain outstanding tax matters .", "the as adjusted effective tax rate of 29.6% ( 29.6 % ) for 2016 excluded the net noncash benefit of $ 30 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .", "2015 .", "income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 54 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 75 million of nonrecurring items , primarily due to the realization of losses from changes in the company 2019s organizational tax structure and the resolution of certain outstanding tax matters .", "the as adjusted effective tax rate of 28.4% ( 28.4 % ) for 2015 excluded the net noncash benefit of $ 54 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .", "2014 .", "income tax expense ( gaap ) reflected : 2022 a $ 94 million tax benefit , primarily due to the resolution of certain outstanding tax matters related to the acquisition of bgi , including the previously mentioned $ 50 million tax benefit ( see executive summary for more information ) ; 2022 a $ 73 million net tax benefit related to several favorable nonrecurring items ; and 2022 a net noncash benefit of $ 9 million associated with the revaluation of deferred income tax liabilities .", "the as adjusted effective tax rate of 26.6% ( 26.6 % ) for 2014 excluded the $ 9 million net noncash benefit as it will not have a cash flow impact and to ensure comparability among periods presented and the $ 50 million tax benefit mentioned above .", "the $ 50 million general and administrative expense and $ 50 million tax benefit have been excluded from as adjusted results as there is no impact on blackrock 2019s book value .", "balance sheet overview as adjusted balance sheet the following table presents a reconciliation of the consolidated statement of financial condition presented on a gaap basis to the consolidated statement of financial condition , excluding the impact of separate account assets and separate account collateral held under securities lending agreements ( directly related to lending separate account securities ) and separate account liabilities and separate account collateral liabilities under securities lending agreements and consolidated sponsored investment funds , including consolidated vies .", "the company presents the as adjusted balance sheet as additional information to enable investors to exclude certain ." ]

[ "2016 compared with 2015 net gains on investments of $ 57 million in 2016 decreased $ 52 million from 2015 due to lower net gains in 2016 .", "net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment .", "interest and dividend income increased $ 14 million from 2015 primarily due to higher dividend income in 2016 .", "2015 compared with 2014 net gains on investments of $ 109 million in 2015 decreased $ 45 million from 2014 due to lower net gains in 2015 .", "net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment .", "net gains on investments in 2014 included the positive impact of the monetization of a nonstrategic , opportunistic private equity investment .", "interest expense decreased $ 28 million from 2014 primarily due to repayments of long-term borrowings in the fourth quarter of 2014 .", "income tax expense ." ]

[ "( in millions ) the operating income ( 1 ) of gaap 2016 is $ 4570 ; the operating income ( 1 ) of gaap 2015 is $ 4664 ; the operating income ( 1 ) of gaap 2014 is $ 4474 ; the operating income ( 1 ) of gaap 2016 is $ 4674 ; the operating income ( 1 ) of gaap 2015 is $ 4695 ; the operating income ( 1 ) of 2014 is $ 4563 ;", "( in millions ) the income tax expense of gaap 2016 is $ 1290 ; the income tax expense of gaap 2015 is $ 1250 ; the income tax expense of gaap 2014 is $ 1131 ; the income tax expense of gaap 2016 is $ 1352 ; the income tax expense of gaap 2015 is $ 1312 ; the income tax expense of 2014 is $ 1197 ;", "income tax expense ." ]

[ [ "( in millions )", "gaap 2016", "gaap 2015", "gaap 2014", "gaap 2016", "gaap 2015", "2014" ], [ "operating income ( 1 )", "$ 4570", "$ 4664", "$ 4474", "$ 4674", "$ 4695", "$ 4563" ], [ "total nonoperating income ( expense ) ( 1 ) ( 2 )", "-108 ( 108 )", "-69 ( 69 )", "-49 ( 49 )", "-108 ( 108 )", "-70 ( 70 )", "-56 ( 56 )" ], [ "income before income taxes ( 2 )", "$ 4462", "$ 4595", "$ 4425", "$ 4566", "$ 4625", "$ 4507" ], [ "income tax expense", "$ 1290", "$ 1250", "$ 1131", "$ 1352", "$ 1312", "$ 1197" ], [ "effective 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 % )" ] ]

[ "( a ) capital lease obligations include $ 164 million related to assets under construction as of december 31 , 2009 .", "these leases are currently reported in long-term debt based on percentage of construction completed at $ 36 million .", "in connection with past sales of various plants and operations , we assigned and the purchasers assumed certain leases of major equipment used in the divested plants and operations of united states steel .", "in the event of a default by any of the purchasers , united states steel has assumed these obligations ; however , we remain primarily obligated for payments under these leases .", "minimum lease payments under these operating lease obligations of $ 16 million have been included above and an equal amount has been reported as sublease rentals. ." ]

[ "marathon oil corporation notes to consolidated financial statements equivalent to the exchangeable shares at the acquisition date as discussed below .", "additional shares of voting preferred stock will be issued as necessary to adjust the number of votes to account for changes in the exchange ratio .", "preferred shares 2013 in connection with the acquisition of western discussed in note 6 , the board of directors authorized a class of voting preferred stock consisting of 6 million shares .", "upon completion of the acquisition , we issued 5 million shares of this voting preferred stock to a trustee , who holds the shares for the benefit of the holders of the exchangeable shares discussed above .", "each share of voting preferred stock is entitled to one vote on all matters submitted to the holders of marathon common stock .", "each holder of exchangeable shares may direct the trustee to vote the number of shares of voting preferred stock equal to the number of shares of marathon common stock issuable upon the exchange of the exchangeable shares held by that holder .", "in no event will the aggregate number of votes entitled to be cast by the trustee with respect to the outstanding shares of voting preferred stock exceed the number of votes entitled to be cast with respect to the outstanding exchangeable shares .", "except as otherwise provided in our restated certificate of incorporation or by applicable law , the common stock and the voting preferred stock will vote together as a single class in the election of directors of marathon and on all other matters submitted to a vote of stockholders of marathon generally .", "the voting preferred stock will have no other voting rights except as required by law .", "other than dividends payable solely in shares of voting preferred stock , no dividend or other distribution , will be paid or payable to the holder of the voting preferred stock .", "in the event of any liquidation , dissolution or winding up of marathon , the holder of shares of the voting preferred stock will not be entitled to receive any assets of marathon available for distribution to its stockholders .", "the voting preferred stock is not convertible into any other class or series of the capital stock of marathon or into cash , property or other rights , and may not be redeemed .", "25 .", "leases we lease a wide variety of facilities and equipment under operating leases , including land and building space , office equipment , production facilities and transportation equipment .", "most long-term leases include renewal options and , in certain leases , purchase options .", "future minimum commitments for capital lease obligations ( including sale-leasebacks accounted for as financings ) and for operating lease obligations having initial or remaining noncancelable lease terms in excess of one year are as follows : ( in millions ) capital lease obligations ( a ) operating obligations ." ]

[ "( in millions ) the 2010 of capital lease obligations ( a ) is $ 46 ; the 2010 of operating lease obligations is $ 165 ;", "( in millions ) the total minimum lease payments of capital lease obligations ( a ) is $ 703 ; the total minimum lease payments of operating lease obligations is $ 909 ;" ]

[ [ "( in millions )", "capital lease obligations ( a )", "operating lease obligations" ], [ "2010", "$ 46", "$ 165" ], [ "2011", "45", "140" ], [ "2012", "58", "121" ], [ "2013", "44", "102" ], [ "2014", "44", "84" ], [ "later years", "466", "313" ], [ "sublease rentals", "-", "-16 ( 16 )" ], [ "total minimum lease payments", "$ 703", "$ 909" ], [ "less imputed interest costs", "-257 ( 257 )", "" ], [ "present value of net minimum lease payments", "$ 446", "" ] ]

[ "( 1 ) interest payments on our debt are based on the interest rates in effect on december 31 , 2018 .", "( 2 ) purchase obligations are defined as agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms , including fixed or minimum quantities to be purchased , fixed , minimum or variable pricing provisions and the approximate timing of the transactions .", "( 3 ) we are currently committed to invest $ 120 million in private equity funds .", "as of december 31 , 2018 , we have funded approximately $ 78 million of these commitments and we have approximately $ 42 million remaining to be funded which has not been included in the above table as we are unable to predict when these commitments will be paid .", "( 4 ) amounts represent expected future benefit payments for our pension and postretirement benefit plans , as well as expected contributions for 2019 for our funded pension benefit plans .", "we made cash contributions totaling approximately $ 31 million to our defined benefit plans in 2018 , and we estimate that we will make contributions totaling approximately $ 25 million to our defined benefit plans in 2019 .", "due to the potential impact of future plan investment performance , changes in interest rates , changes in other economic and demographic assumptions and changes in legislation in foreign jurisdictions , we are not able to reasonably estimate the timing and amount of contributions that may be required to fund our defined benefit plans for periods beyond 2019 .", "( 5 ) as of december 31 , 2018 , our liability related to uncertain income tax positions was approximately $ 106 million , $ 89 million of which has not been included in the above table as we are unable to predict when these liabilities will be paid due to the uncertainties in the timing of the settlement of the income tax positions. ." ]

[ "contingencies we are exposed to certain known contingencies that are material to our investors .", "the facts and circumstances surrounding these contingencies and a discussion of their effect on us are in note 12 to our audited consolidated financial statements included elsewhere in this annual report on form 10-k .", "these contingencies may have a material effect on our liquidity , capital resources or results of operations .", "in addition , even where our reserves are adequate , the incurrence of any of these liabilities may have a material effect on our liquidity and the amount of cash available to us for other purposes .", "we believe that we have made appropriate arrangements in respect of the future effect on us of these known contingencies .", "we also believe that the amount of cash available to us from our operations , together with cash from financing , will be sufficient for us to pay any known contingencies as they become due without materially affecting our ability to conduct our operations and invest in the growth of our business .", "off-balance sheet arrangements we do not have any off-balance sheet arrangements except for operating leases entered into in the normal course of business .", "contractual obligations and commitments below is a summary of our future payment commitments by year under contractual obligations as of december 31 , 2018: ." ]

[ "( in millions ) the total of 2019 is $ 1023 ; the total of 2020 - 2021 is $ 2047 ; the total of 2022 - 2023 is $ 3595 ; the total of thereafter is $ 8379 ; the total of total is $ 15044 ;", "( 1 ) interest payments on our debt are based on the interest rates in effect on december 31 , 2018 .", "as of december 31 , 2018 , we have funded approximately $ 78 million of these commitments and we have approximately $ 42 million remaining to be funded which has not been included in the above table as we are unable to predict when these commitments will be paid ." ]

[ [ "( in millions )", "2019", "2020 - 2021", "2022 - 2023", "thereafter", "total" ], [ "long-term debt including interest ( 1 )", "$ 508", "$ 1287", "$ 3257", "$ 8167", "$ 13219" ], [ "operating leases", "167", "244", "159", "119", "689" ], [ "data acquisition", "289", "467", "135", "4", "895" ], [ "purchase obligations ( 2 )", "17", "22", "15", "8", "62" ], [ "commitments to unconsolidated affiliates ( 3 )", "2014", "2014", "2014", "2014", "2014" ], [ "benefit obligations ( 4 )", "25", "27", "29", "81", "162" ], [ "uncertain income tax positions ( 5 )", "17", "2014", "2014", "2014", "17" ], [ "total", "$ 1023", "$ 2047", "$ 3595", "$ 8379", "$ 15044" ] ]

[ "* weighted-average as of 2013 year end there was approximately $ 12.9 million of unrecognized compensation cost related to non-vested performance awards that is expected to be recognized as a charge to earnings over a weighted-average period of 1.6 years .", "stock appreciation rights ( 201csars 201d ) the company also issues cash-settled and stock-settled sars to certain key non-u.s .", "employees .", "sars have a contractual term of ten years and vest ratably on the first , second and third anniversaries of the date of grant .", "sars are granted with an exercise price equal to the market value of a share of snap-on 2019s common stock on the date of grant .", "cash-settled sars provide for the cash payment of the excess of the fair market value of snap-on 2019s common stock price on the date of exercise over the grant price .", "cash-settled sars have no effect on dilutive shares or shares outstanding as any appreciation of snap-on 2019s common stock value over the grant price is paid in cash and not in common stock .", "in 2013 , the company began issuing stock-settled sars that are accounted for as equity instruments and provide for the issuance of snap-on common stock equal to the amount by which the company 2019s stock has appreciated over the exercise price .", "stock-settled sars have an effect on dilutive shares and shares outstanding as any appreciation of snap-on 2019s common stock value over the exercise price will be settled in shares of common stock .", "2013 annual report 101 ." ]

[ "the fair value of performance awards is calculated using the market value of a share of snap-on 2019s common stock on the date of grant .", "the weighted-average grant date fair value of performance awards granted during 2013 , 2012 and 2011 was $ 77.33 , $ 60.00 and $ 55.97 , respectively .", "vested performance share units approximated 148000 shares as of 2013 year end , 213000 shares as of 2012 year end and 54208 shares as of 2011 year end .", "performance share units of 213459 shares were paid out in 2013 and 53990 shares were paid out in 2012 ; no performance share units were paid out in 2011 .", "earned performance share units are generally paid out following the conclusion of the applicable performance period upon approval by the organization and executive compensation committee of the company 2019s board of directors ( the 201cboard 201d ) .", "based on the company 2019s 2013 performance , 84413 rsus granted in 2013 were earned ; assuming continued employment , these rsus will vest at the end of fiscal 2015 .", "based on the company 2019s 2012 performance , 95047 rsus granted in 2012 were earned ; assuming continued employment , these rsus will vest at the end of fiscal 2014 .", "based on the company 2019s 2011 performance , 159970 rsus granted in 2011 were earned ; these rsus vested as of fiscal 2013 year end and were paid out shortly thereafter .", "as a result of employee retirements , a total of 1614 of the rsus earned in 2012 and 2011 vested pursuant to the terms of the related award agreements and the underlying shares were paid out in the third quarter of 2013 .", "the changes to the company 2019s non-vested performance awards in 2013 are as follows : shares ( in thousands ) fair value price per share* ." ]

[ "vested performance share units approximated 148000 shares as of 2013 year end , 213000 shares as of 2012 year end and 54208 shares as of 2011 year end ." ]

[ [ "", "shares ( in thousands )", "fair valueprice pershare*" ], [ "non-vested performance awards at beginning of year", "509", "$ 59.36" ], [ "granted", "180", "77.33" ], [ "vested", "-306 ( 306 )", "58.94" ], [ "cancellations", "-2 ( 2 )", "69.23" ], [ "non-vested performance awards at end of year", "381", "68.13" ] ]

[ "all of the goodwill associated with the acquisition is non-deductible for tax purposes .", "the customer-related intangible assets have amortization periods of 11 years .", "the contract-based intangible assets have amortization periods of 7 years .", "the trademark has an amortization period of 5 years .", "money transfer branch locations during 2009 , we completed the second and final series of money transfer branch location acquisitions in the united states as part of an assignment and asset purchase agreement with a privately held company .", "the purpose of this acquisition was to increase the market presence of our dolex-branded money transfer offering .", "the purchase price of these acquisitions was $ 787 thousand with $ 739 thousand allocated to goodwill and $ 48 thousand allocated to intangibles .", "pursuant to our annual impairment test in fiscal 2009 , goodwill and other intangibles related to our money transfer business were deemed impaired .", "please see note 3 2014impairment charges for further information .", "this business acquisition was not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to this acquisition .", "fiscal 2008 discover during the year ended may 31 , 2008 , we acquired a portfolio of merchants that process discover transactions and the rights to process discover transactions for our existing and new merchants for $ 6.0 million .", "the purchase of the portfolio was structured to occur in tranches .", "during fiscal 2009 , additional tranches were purchased for $ 1.4 million .", "as a result of this acquisition , we now process discover transactions similarly to how we currently process visa and mastercard transactions .", "the purpose of this acquisition was to offer merchants a single point of contact for discover , visa and mastercard card processing .", "the operating results of the acquired portfolio have been included in our consolidated financial statements from the dates of acquisition .", "the customer-related intangible assets have amortization periods of 10 years .", "these business acquisitions were not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to these acquisitions. ." ]

[ "notes to consolidated financial statements 2014 ( continued ) owns the remaining 44% ( 44 % ) .", "we purchased our share of gpap philippines for $ 10.9 million .", "the purpose of this acquisition was to expand our presence in the asia-pacific market .", "this business acquisition was not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to this acquisition .", "the following table summarizes the preliminary purchase price allocation ( in thousands ) : ." ]

[ "goodwill the customer-related intangible assets of $ 6286 is 3248 ;", "goodwill the contract-based intangible assets of $ 6286 is 952 ;", "money transfer branch locations during 2009 , we completed the second and final series of money transfer branch location acquisitions in the united states as part of an assignment and asset purchase agreement with a privately held company .", "goodwill the property and equipment of $ 6286 is 300 ;", "goodwill the total assets acquired of $ 6286 is 11010 ;" ]

[ [ "goodwill", "$ 6286" ], [ "customer-related intangible assets", "3248" ], [ "contract-based intangible assets", "952" ], [ "trademark", "224" ], [ "property and equipment", "300" ], [ "total assets acquired", "11010" ], [ "minority interest in equity of subsidiary ( at historical cost )", "-132 ( 132 )" ], [ "net assets acquired", "$ 10878" ] ]

[ "( 1 ) all issuer repurchases were made pursuant to the stock repurchase program publicly announced in november 2005 .", "pursuant to the program , we intend to repurchase up to $ 750.0 million of our class a common stock during the period november 2005 through december 2006 .", "under the program , our management is authorized to purchase shares from time to time in open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements , and subject to market conditions and other factors .", "to facilitate repurchases , we entered into a trading plan under rule 10b5-1 of the securities exchange act of 1934 , which allows us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self- imposed trading blackout periods .", "the program may be discontinued at any time .", "since december 31 , 2005 , we have continued to repurchase shares of our class a common stock pursuant to our stock repurchase program .", "between january 1 , 2006 and march 9 , 2006 , we repurchased 3.9 million shares of class a common stock for an aggregate of $ 117.4 million pursuant to the stock repurchase program. ." ]

[ "discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014 factors affecting sources of liquidity . 201d recent sales of unregistered securities during the year ended december 31 , 2005 , we issued an aggregate of 4670335 shares of our class a common stock upon conversion of $ 57.1 million principal amount of our 3.25% ( 3.25 % ) notes .", "pursuant to the terms of the indenture , the holders of the 3.25% ( 3.25 % ) notes received 81.808 shares of class a common stock for every $ 1000 principal amount of notes converted .", "the shares were issued to the noteholders in reliance on the exemption from registration set forth in section 3 ( a ) ( 9 ) of the securities act of 1933 , as amended .", "no underwriters were engaged in connection with such issuances .", "in connection with the conversion , we paid such holders an aggregate of $ 4.9 million , calculated based on the accrued and unpaid interest on the notes and the discounted value of the future interest payments on the notes .", "subsequent to december 31 , 2005 , we issued shares of class a common stock upon conversions of additional 3.25% ( 3.25 % ) notes , as set forth in item 9b of this annual report under the caption 201cother information . 201d during the year ended december 31 , 2005 , we issued an aggregate of 398412 shares of our class a common stock upon exercises of 55729 warrants assumed in our merger with spectrasite , inc .", "in august 2005 , in connection with our merger with spectrasite , inc. , we assumed approximately 1.0 million warrants to purchase shares of spectrasite , inc .", "common stock .", "upon completion of the merger , each warrant to purchase shares of spectrasite , inc .", "common stock automatically converted into a warrant to purchase 7.15 shares of class a common stock at an exercise price of $ 32 per warrant .", "net proceeds from these warrant exercises were approximately $ 1.8 million .", "the shares of class a common stock issued to the warrantholders upon exercise of the warrants were issued in reliance on the exemption from registration set forth in section 3 ( a ) ( 9 ) of the securities act of 1933 , as amended .", "no underwriters were engaged in connection with such issuances .", "subsequent to december 31 , 2005 , we issued shares of class a common stock upon exercises of additional warrants , as set forth in item 9b of this annual report under the caption 201cother information . 201d issuer purchases of equity securities in november 2005 , we announced that our board of directors had approved a stock repurchase program pursuant to which we intend to repurchase up to $ 750.0 million of our class a common stock through december 2006 .", "during the fourth quarter of 2005 , we repurchased 2836519 shares of our class a common stock for an aggregate of $ 76.6 million pursuant to our stock repurchase program , as follows : 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 that may yet be purchased under the plans or programs ( in millions ) ." ]

[ "period the 12/1/05 2013 12/31/05 of total number of shares purchased ( 1 ) is 1962213 ; the 12/1/05 2013 12/31/05 of average price paid per share is $ 27.29 ; the 12/1/05 2013 12/31/05 of total number of shares purchased as part of publicly announced plans or programs ( 1 ) is 1962213 ; the 12/1/05 2013 12/31/05 of approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions ) is $ 673.4 ;", "period the 11/17/05 2013 11/30/05 of total number of shares purchased ( 1 ) is 874306 ; the 11/17/05 2013 11/30/05 of average price paid per share is $ 26.25 ; the 11/17/05 2013 11/30/05 of total number of shares purchased as part of publicly announced plans or programs ( 1 ) is 874306 ; the 11/17/05 2013 11/30/05 of approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions ) is $ 727.0 ;" ]

[ [ "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 that may yet be purchased under the plans or programs ( in millions )" ], [ "11/17/05 2013 11/30/05", "874306", "$ 26.25", "874306", "$ 727.0" ], [ "12/1/05 2013 12/31/05", "1962213", "$ 27.29", "1962213", "$ 673.4" ], [ "total fourth quarter", "2836519", "$ 26.97", "2836519", "$ 673.4" ] ]

[ "part iii item 10 .", "directors , executive officers and corporate governance the information required by this item is incorporated by reference to the 201celection of directors 201d section , the 201cdirector selection process 201d section , the 201ccode of conduct 201d section , the 201cprincipal committees of the board of directors 201d section , the 201caudit committee 201d section and the 201csection 16 ( a ) beneficial ownership reporting compliance 201d section of the proxy statement for the annual meeting of stockholders to be held on may 21 , 2015 ( the 201cproxy statement 201d ) , except for the description of our executive officers , which appears in part i of this report on form 10-k under the heading 201cexecutive officers of ipg . 201d new york stock exchange certification in 2014 , our chief executive officer provided the annual ceo certification to the new york stock exchange , as required under section 303a.12 ( a ) of the new york stock exchange listed company manual .", "item 11 .", "executive compensation the information required by this item is incorporated by reference to the 201cexecutive compensation 201d section , the 201cnon- management director compensation 201d section , the 201ccompensation discussion and analysis 201d section and the 201ccompensation and leadership talent committee report 201d section of the proxy statement .", "item 12 .", "security ownership of certain beneficial owners and management and related stockholder matters the information required by this item is incorporated by reference to the 201coutstanding shares and ownership of common stock 201d section of the proxy statement , except for information regarding the shares of common stock to be issued or which may be issued under our equity compensation plans as of december 31 , 2014 , which is provided in the following table .", "equity compensation plan information plan 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 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 .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "15563666 9.70 41661517 equity compensation plans not approved by security holders .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "none 1 included a total of 5866475 performance-based share awards made under the 2009 and 2014 performance incentive plans representing the target number of shares of common stock to be issued to employees following the completion of the 2012-2014 performance period ( the 201c2014 ltip share awards 201d ) , the 2013-2015 performance period ( the 201c2015 ltip share awards 201d ) and the 2014-2016 performance period ( the 201c2016 ltip share awards 201d ) , respectively .", "the computation of the weighted-average exercise price in column ( b ) of this table does not take the 2014 ltip share awards , the 2015 ltip share awards or the 2016 ltip share awards into account .", "2 included a total of 98877 restricted share units and performance-based awards ( 201cshare unit awards 201d ) which may be settled in shares of common stock or cash .", "the computation of the weighted-average exercise price in column ( b ) of this table does not take the share unit awards into account .", "each share unit award actually settled in cash will increase the number of shares of common stock available for issuance shown in column ( c ) .", "3 ipg has issued restricted cash awards ( 201cperformance cash awards 201d ) , half of which shall be settled in shares of common stock and half of which shall be settled in cash .", "using the 2014 closing stock price of $ 20.77 , the awards which shall be settled in shares of common stock represent rights to an additional 2721405 shares .", "these shares are not included in the table above .", "4 included ( i ) 29045044 shares of common stock available for issuance under the 2014 performance incentive plan , ( ii ) 12181214 shares of common stock available for issuance under the employee stock purchase plan ( 2006 ) and ( iii ) 435259 shares of common stock available for issuance under the 2009 non-management directors 2019 stock incentive plan. ." ]

[ "part iii item 10 .", "directors , executive officers and corporate governance the information required by this item is incorporated by reference to the 201celection of directors 201d section , the 201cdirector selection process 201d section , the 201ccode of conduct 201d section , the 201cprincipal committees of the board of directors 201d section , the 201caudit committee 201d section and the 201csection 16 ( a ) beneficial ownership reporting compliance 201d section of the proxy statement for the annual meeting of stockholders to be held on may 21 , 2015 ( the 201cproxy statement 201d ) , except for the description of our executive officers , which appears in part i of this report on form 10-k under the heading 201cexecutive officers of ipg . 201d new york stock exchange certification in 2014 , our chief executive officer provided the annual ceo certification to the new york stock exchange , as required under section 303a.12 ( a ) of the new york stock exchange listed company manual .", "item 11 .", "executive compensation the information required by this item is incorporated by reference to the 201cexecutive compensation 201d section , the 201cnon- management director compensation 201d section , the 201ccompensation discussion and analysis 201d section and the 201ccompensation and leadership talent committee report 201d section of the proxy statement .", "item 12 .", "security ownership of certain beneficial owners and management and related stockholder matters the information required by this item is incorporated by reference to the 201coutstanding shares and ownership of common stock 201d section of the proxy statement , except for information regarding the shares of common stock to be issued or which may be issued under our equity compensation plans as of december 31 , 2014 , which is provided in the following table .", "equity compensation plan information plan 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 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 .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "15563666 9.70 41661517 equity compensation plans not approved by security holders .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "none 1 included a total of 5866475 performance-based share awards made under the 2009 and 2014 performance incentive plans representing the target number of shares of common stock to be issued to employees following the completion of the 2012-2014 performance period ( the 201c2014 ltip share awards 201d ) , the 2013-2015 performance period ( the 201c2015 ltip share awards 201d ) and the 2014-2016 performance period ( the 201c2016 ltip share awards 201d ) , respectively .", "the computation of the weighted-average exercise price in column ( b ) of this table does not take the 2014 ltip share awards , the 2015 ltip share awards or the 2016 ltip share awards into account .", "2 included a total of 98877 restricted share units and performance-based awards ( 201cshare unit awards 201d ) which may be settled in shares of common stock or cash .", "the computation of the weighted-average exercise price in column ( b ) of this table does not take the share unit awards into account .", "each share unit award actually settled in cash will increase the number of shares of common stock available for issuance shown in column ( c ) .", "3 ipg has issued restricted cash awards ( 201cperformance cash awards 201d ) , half of which shall be settled in shares of common stock and half of which shall be settled in cash .", "using the 2014 closing stock price of $ 20.77 , the awards which shall be settled in shares of common stock represent rights to an additional 2721405 shares .", "these shares are not included in the table above .", "4 included ( i ) 29045044 shares of common stock available for issuance under the 2014 performance incentive plan , ( ii ) 12181214 shares of common stock available for issuance under the employee stock purchase plan ( 2006 ) and ( iii ) 435259 shares of common stock available for issuance under the 2009 non-management directors 2019 stock incentive plan. ." ]

[ "plan category the equity compensation plans approved by security holders of number of shares of common stock to be issued upon exercise of outstanding options warrants and rights ( a ) 123 is 15563666 ; the equity compensation plans approved by security holders of weighted-average exercise price of outstanding stock options ( b ) is 9.70 ; the equity compensation plans approved by security holders of number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c ) 4 is 41661517 ;" ]

[ [ "plan 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" ], [ "equity compensation plans approved by security holders", "15563666", "9.70", "41661517" ], [ "equity compensation plans not approved by security holders", "none", "", "" ] ]

[ "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 .", "substantially all resale and repurchase agreements are carried at fair value under the fair value option .", "see note 8 for further information about the valuation techniques and significant inputs used to determine fair value .", "2 .", "as of december 2012 and december 2011 , $ 38.40 billion and $ 47.62 billion of securities borrowed , and $ 1.56 billion and $ 107 million of securities loaned were at fair value , respectively .", "resale and repurchase agreements a resale agreement is a transaction in which the firm purchases financial instruments from a seller , typically in exchange for cash , and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest at a future date .", "a repurchase agreement is a transaction in which the firm sells financial instruments to a buyer , typically in exchange for cash , and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date .", "the financial instruments purchased or sold in resale and repurchase agreements typically include u.s .", "government and federal agency , and investment-grade sovereign obligations .", "the firm receives financial instruments purchased under resale agreements , makes delivery of financial instruments sold under repurchase agreements , monitors the market value of these financial instruments on a daily basis , and delivers or obtains additional collateral due to changes in the market value of the financial instruments , as appropriate .", "for resale agreements , the firm typically requires delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the consolidated statements of financial condition .", "even though repurchase and resale agreements involve the legal transfer of ownership of financial instruments , they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold at the maturity of the agreement .", "however , 201crepos to maturity 201d are accounted for as sales .", "a repo to maturity is a transaction in which the firm transfers a security under an agreement to repurchase the security where the maturity date of the repurchase agreement matches the maturity date of the underlying security .", "therefore , the firm effectively no longer has a repurchase obligation and has relinquished control over the underlying security and , accordingly , accounts for the transaction as a sale .", "the firm had no repos to maturity outstanding as of december 2012 or december 2011 .", "152 goldman sachs 2012 annual report ." ]

[ "notes to consolidated financial statements note 9 .", "collateralized agreements and financings collateralized agreements are securities purchased under agreements to resell ( resale agreements or reverse repurchase agreements ) and securities borrowed .", "collateralized financings are securities sold under agreements to repurchase ( repurchase agreements ) , securities loaned and other secured financings .", "the firm enters into these transactions in order to , among other things , facilitate client activities , invest excess cash , acquire securities to cover short positions and finance certain firm activities .", "collateralized agreements and financings are presented on a net-by-counterparty basis when a legal right of setoff exists .", "interest on collateralized agreements and collateralized financings is recognized over the life of the transaction and included in 201cinterest income 201d and 201cinterest expense , 201d respectively .", "see note 23 for further information about interest income and interest expense .", "the table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions. ." ]

[ "in millions the securities purchased under agreements toresell1 of as of december 2012 is $ 141334 ; the securities purchased under agreements toresell1 of as of december 2011 is $ 187789 ;" ]

[ [ "in millions", "as of december 2012", "as of december 2011" ], [ "securities purchased under agreements toresell1", "$ 141334", "$ 187789" ], [ "securities borrowed2", "136893", "153341" ], [ "securities sold under agreements torepurchase1", "171807", "164502" ], [ "securitiesloaned2", "13765", "7182" ] ]

[ "in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction .", "entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing .", "these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) .", "in accordance with the purchase agreement with nypa , the purchase of indian point 2 in 2001 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 .", "this liability was recorded upon the purchase of indian point 2 in september 2001 , and is included in the note payable to nypa balance above .", "in july 2003 , a payment of $ 102 million was made prior to maturity on the note payable to nypa .", "under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit .", "covenants in the entergy corporation notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization .", "if entergy's debt ratio exceeds this limit , or if entergy or certain of the utility operating companies default on other indebtedness or are in bankruptcy or insolvency proceedings , an acceleration of the notes' maturity dates may occur .", "entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy texas , and system energy have received ferc long-term financing orders authorizing long-term securities issuances .", "entergy arkansas has ." ]

[ "entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds .", "( b ) the bonds are secured by a series of collateral first mortgage bonds .", "( c ) in december 2005 , entergy corporation sold 10 million equity units with a stated amount of $ 50 each .", "an equity unit consisted of ( 1 ) a note , initially due february 2011 and initially bearing interest at an annual rate of 5.75% ( 5.75 % ) , and ( 2 ) a purchase contract that obligated the holder of the equity unit to purchase for $ 50 between 0.5705 and 0.7074 shares of entergy corporation common stock on or before february 17 , 2009 .", "entergy paid the holders quarterly contract adjustment payments of 1.875% ( 1.875 % ) per year on the stated amount of $ 50 per equity unit .", "under the terms of the purchase contracts , entergy attempted to remarket the notes in february 2009 but was unsuccessful , the note holders put the notes to entergy , entergy retired the notes , and entergy issued 6598000 shares of common stock in the settlement of the purchase contracts .", "( d ) pursuant to the nuclear waste policy act of 1982 , entergy's nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service .", "the contracts include a one-time fee for generation prior to april 7 , 1983 .", "entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( e ) the fair value excludes lease obligations , long-term doe obligations , and the note payable to nypa , and includes debt due within one year .", "it is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms .", "( f ) entergy gulf states louisiana remains primarily liable for all of the long-term debt issued by entergy gulf states , inc .", "that was outstanding on december 31 , 2008 and 2007 .", "under a debt assumption agreement with entergy gulf states louisiana , entergy texas assumed approximately 46% ( 46 % ) of this long-term debt .", "the annual long-term debt maturities ( excluding lease obligations ) for debt outstanding as of december 31 , 2008 , for the next five years are as follows : amount ( in thousands ) ." ]

[ "the 2009 of amount ( in thousands ) is $ 516019 ;", "the 2010 of amount ( in thousands ) is $ 763036 ;", "the 2011 of amount ( in thousands ) is $ 897367 ;", "( d ) pursuant to the nuclear waste policy act of 1982 , entergy's nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service ." ]

[ [ "", "amount ( in thousands )" ], [ "2009", "$ 516019" ], [ "2010", "$ 763036" ], [ "2011", "$ 897367" ], [ "2012", "$ 3625459" ], [ "2013", "$ 579461" ] ]

[ "( a ) prior period amounts have been revised to conform with the current period presentation .", "as previously noted , the firm uses collateral agreements to mitigate counterparty credit risk .", "the percentage of the firm 2019s derivatives transactions subject to collateral agreements 2014 excluding foreign exchange spot trades , which are not typically covered by collateral agreements due to their short maturity 2014 was 90% ( 90 % ) as of december 31 , 2016 , largely unchanged compared with 87% ( 87 % ) as of december 31 , 2015 .", "credit derivatives the firm uses credit derivatives for two primary purposes : first , in its capacity as a market-maker , and second , as an end-user to manage the firm 2019s own credit risk associated with various exposures .", "for a detailed description of credit derivatives , see credit derivatives in note 6 .", "credit portfolio management activities included in the firm 2019s end-user activities are credit derivatives used to mitigate the credit risk associated with traditional lending activities ( loans and unfunded commitments ) and derivatives counterparty exposure in the firm 2019s wholesale businesses ( collectively , 201ccredit portfolio management 201d activities ) .", "information on credit portfolio management activities is provided in the table below .", "for further information on derivatives used in credit portfolio management activities , see credit derivatives in note 6 .", "the firm also uses credit derivatives as an end-user to manage other exposures , including credit risk arising from certain securities held in the firm 2019s market-making businesses .", "these credit derivatives are not included in credit portfolio management activities ; for further information on these credit derivatives as well as credit derivatives used in the firm 2019s capacity as a market-maker in credit derivatives , see credit derivatives in note 6. ." ]

[ "jpmorgan chase & co./2016 annual report 103 risk in the derivatives portfolio .", "in addition , the firm 2019s risk management process takes into consideration the potential impact of wrong-way risk , which is broadly defined as the potential for increased correlation between the firm 2019s exposure to a counterparty ( avg ) and the counterparty 2019s credit quality .", "many factors may influence the nature and magnitude of these correlations over time .", "to the extent that these correlations are identified , the firm may adjust the cva associated with that counterparty 2019s avg .", "the firm risk manages exposure to changes in cva by entering into credit derivative transactions , as well as interest rate , foreign exchange , equity and commodity derivative transactions .", "the accompanying graph shows exposure profiles to the firm 2019s current derivatives portfolio over the next 10 years as calculated by the peak , dre and avg metrics .", "the three measures generally show that exposure will decline after the first year , if no new trades are added to the portfolio .", "exposure profile of derivatives measures december 31 , 2016 ( in billions ) the following table summarizes the ratings profile by derivative counterparty of the firm 2019s derivative receivables , including credit derivatives , net of all collateral , at the dates indicated .", "the ratings scale is based on the firm 2019s internal ratings , which generally correspond to the ratings as defined by s&p and moody 2019s .", "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 % ( % ) of exposure net of all collateral ." ]

[ "rating equivalent december 31 ( in millions except ratios ) the aaa/aaa to aa-/aa3 of rating equivalent exposure net of all collateral is $ 11449 ; the aaa/aaa to aa-/aa3 of rating equivalent % ( % ) of exposure netof all collateral is 28% ( 28 % ) ; the aaa/aaa to aa-/aa3 of exposure net of all collateral is $ 10371 ; the aaa/aaa to aa-/aa3 of % ( % ) of exposure netof all collateral is 24% ( 24 % ) ;", "rating equivalent december 31 ( in millions except ratios ) the a+/a1 to a-/a3 of rating equivalent exposure net of all collateral is 8505 ; the a+/a1 to a-/a3 of rating equivalent % ( % ) of exposure netof all collateral is 20 ; the a+/a1 to a-/a3 of exposure net of all collateral is 10595 ; the a+/a1 to a-/a3 of % ( % ) of exposure netof all collateral is 25 ;" ]

[ [ "rating 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" ], [ "aaa/aaa to aa-/aa3", "$ 11449", "28% ( 28 % )", "$ 10371", "24% ( 24 % )" ], [ "a+/a1 to a-/a3", "8505", "20", "10595", "25" ], [ "bbb+/baa1 to bbb-/baa3", "13127", "32", "13807", "32" ], [ "bb+/ba1 to b-/b3", "7308", "18", "7500", "17" ], [ "ccc+/caa1 and below", "984", "2", "824", "2" ], [ "total", "$ 41373", "100% ( 100 % )", "$ 43097", "100% ( 100 % )" ] ]

[ "during the years ended december 31 , 2008 and 2007 , the company recorded an aggregate net unrealized loss of approximately $ 15.8 million and $ 3.2 million , respectively ( net of a tax provision of approximately $ 10.2 million and $ 2.0 million , respectively ) in other comprehensive loss for the change in fair value of interest rate swaps designated as cash flow hedges and reclassified an aggregate of $ 0.1 million and $ 6.2 million , respectively ( net of an income tax provision of $ 2.0 million and an income tax benefit of $ 3.3 million , respectively ) into results of operations .", "9 .", "fair valuemeasurements the company determines the fair market values of its financial instruments based on the fair value hierarchy established in sfas no .", "157 , which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value .", "the standard describes three levels of inputs that may be used to measure fair value .", "level 1 quoted prices in active markets for identical assets or liabilities that the company has the ability to access at the measurement date .", "the company 2019s level 1 assets consist of available-for-sale securities traded on active markets as well as certain brazilian treasury securities that are highly liquid and are actively traded in over-the-counter markets .", "level 2 observable inputs other than level 1 prices , such as quoted prices for similar assets or liabilities ; quoted prices in markets that are not active ; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ." ]

[ "american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) of certain of its assets and liabilities under its interest rate swap agreements held as of december 31 , 2006 and entered into during the first half of 2007 .", "in addition , the company paid $ 8.0 million related to a treasury rate lock agreement entered into and settled during the year ended december 31 , 2008 .", "the cost of the treasury rate lock is being recognized as additional interest expense over the 10-year term of the 7.00% ( 7.00 % ) notes .", "during the year ended december 31 , 2007 , the company also received $ 3.1 million in cash upon settlement of the assets and liabilities under ten forward starting interest rate swap agreements with an aggregate notional amount of $ 1.4 billion , which were designated as cash flow hedges to manage exposure to variability in cash flows relating to forecasted interest payments in connection with the certificates issued in the securitization in may 2007 .", "the settlement is being recognized as a reduction in interest expense over the five-year period for which the interest rate swaps were designated as hedges .", "the company also received $ 17.0 million in cash upon settlement of the assets and liabilities under thirteen additional interest rate swap agreements with an aggregate notional amount of $ 850.0 million that managed exposure to variability of interest rates under the credit facilities but were not considered cash flow hedges for accounting purposes .", "this gain is included in other income in the accompanying consolidated statement of operations for the year ended december 31 , 2007 .", "as of december 31 , 2008 and 2007 , other comprehensive ( loss ) income included the following items related to derivative financial instruments ( in thousands ) : ." ]

[ "during the years ended december 31 , 2008 and 2007 , the company recorded an aggregate net unrealized loss of approximately $ 15.8 million and $ 3.2 million , respectively ( net of a tax provision of approximately $ 10.2 million and $ 2.0 million , respectively ) in other comprehensive loss for the change in fair value of interest rate swaps designated as cash flow hedges and reclassified an aggregate of $ 0.1 million and $ 6.2 million , respectively ( net of an income tax provision of $ 2.0 million and an income tax benefit of $ 3.3 million , respectively ) into results of operations ." ]

[ [ "", "2008", "2007" ], [ "deferred loss on the settlement of the treasury rate lock net of tax", "$ -4332 ( 4332 )", "$ -4901 ( 4901 )" ], [ "deferred gain on the settlement of interest rate swap agreements entered into in connection with the securitization net oftax", "1238", "1636" ], [ "unrealized losses related to interest rate swap agreements net of tax", "-16349 ( 16349 )", "-486 ( 486 )" ] ]

[ "goldman sachs 2013 annual report 165 ." ]

[ "notes to consolidated financial statements note 10 .", "securitization activities the firm securitizes residential and commercial mortgages , corporate bonds , loans and other types of financial assets by selling these assets to securitization vehicles ( e.g. , trusts , corporate entities and limited liability companies ) or through a resecuritization .", "the firm acts as underwriter of the beneficial interests that are sold to investors .", "the firm 2019s residential mortgage securitizations are substantially all in connection with government agency securitizations .", "beneficial interests issued by securitization entities are debt or equity securities that give the investors rights to receive all or portions of specified cash inflows to a securitization vehicle and include senior and subordinated interests in principal , interest and/or other cash inflows .", "the proceeds from the sale of beneficial interests are used to pay the transferor for the financial assets sold to the securitization vehicle or to purchase securities which serve as collateral .", "the firm accounts for a securitization as a sale when it has relinquished control over the transferred assets .", "prior to securitization , the firm accounts for assets pending transfer at fair value and therefore does not typically recognize significant gains or losses upon the transfer of assets .", "net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors .", "for transfers of assets that are not accounted for as sales , the assets remain in 201cfinancial instruments owned , at fair value 201d and the transfer is accounted for as a collateralized financing , with the related interest expense recognized over the life of the transaction .", "see notes 9 and 23 for further information about collateralized financings and interest expense , respectively .", "the firm generally receives cash in exchange for the transferred assets but may also have continuing involvement with transferred assets , including ownership of beneficial interests in securitized financial assets , primarily in the form of senior or subordinated securities .", "the firm may also purchase senior or subordinated securities issued by securitization vehicles ( which are typically vies ) in connection with secondary market-making activities .", "the primary risks included in beneficial interests and other interests from the firm 2019s continuing involvement with securitization vehicles are the performance of the underlying collateral , the position of the firm 2019s investment in the capital structure of the securitization vehicle and the market yield for the security .", "these interests are accounted for at fair value and are included in 201cfinancial instruments owned , at fair value 201d and are generally classified in level 2 of the fair value hierarchy .", "see notes 5 through 8 for further information about fair value measurements .", "the table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement. ." ]

[ "in millions the cash flows on retained interests of year ended december 2013 is $ 249 ; the cash flows on retained interests of year ended december 2012 is $ 389 ; the cash flows on retained interests of year ended december 2011 is $ 569 ;" ]

[ [ "in millions", "year ended december 2013", "year ended december 2012", "year ended december 2011" ], [ "residential mortgages", "$ 29772", "$ 33755", "$ 40131" ], [ "commercial mortgages", "6086", "300", "2014" ], [ "other financial assets", "2014", "2014", "269" ], [ "total", "$ 35858", "$ 34055", "$ 40400" ], [ "cash flows on retained interests", "$ 249", "$ 389", "$ 569" ] ]

[ "rent expense for all operating leases amounted to $ 9.4 million , $ 8.1 million and $ 5.4 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .", "financing obligation 2014build-to-suit lease in august 2012 , we executed a lease for a building then under construction in santa clara , california to serve as our headquarters .", "the lease term is 120 months and commenced in august 2013 .", "based on the terms of the lease agreement and due to our involvement in certain aspects of the construction , we were deemed the owner of the building ( for accounting purposes only ) during the construction period .", "upon completion of construction in 2013 , we concluded that we had forms of continued economic involvement in the facility , and therefore did not meet with the provisions for sale-leaseback accounting .", "we continue to maintain involvement in the property post construction and lack transferability of the risks and rewards of ownership , due to our required maintenance of a $ 4.0 million letter of credit , in addition to our ability and option to sublease our portion of the leased building for fees substantially higher than our base rate .", "therefore , the lease is accounted for as a financing obligation and lease payments will be attributed to ( 1 ) a reduction of the principal financing obligation ; ( 2 ) imputed interest expense ; and ( 3 ) land lease expense , representing an imputed cost to lease the underlying land of the building .", "at the conclusion of the initial lease term , we will de-recognize both the net book values of the asset and the remaining financing obligation .", "as of december 31 , 2017 and 2016 , we have recorded assets of $ 53.4 million , representing the total costs of the building and improvements incurred , including the costs paid by the lessor ( the legal owner of the building ) and additional improvement costs paid by us , and a corresponding financing obligation of $ 39.6 million and $ 41.2 million , respectively .", "as of december 31 , 2017 , $ 1.9 million and $ 37.7 million were recorded as short-term and long-term financing obligations , respectively .", "land lease expense under our lease financing obligation amounted to $ 1.3 million for each of the years ended december 31 , 2017 , 2016 and 2015 respectively. ." ]

[ "as of december 31 , 2017 , the aggregate future minimum payments under non-cancelable operating leases consist of the following ( in thousands ) : years ending december 31 ." ]

[ "as of december 31 , 2017 , $ 1.9 million and $ 37.7 million were recorded as short-term and long-term financing obligations , respectively ." ]

[ [ "2018", "$ 9127" ], [ "2019", "8336" ], [ "2020", "8350" ], [ "2021", "7741" ], [ "2022", "7577" ], [ "thereafter", "9873" ], [ "total minimum future lease payments", "$ 51004" ] ]

[ "." ]

[ "edwards lifesciences corporation notes to consolidated financial statements ( continued ) 2 .", "summary of significant accounting policies ( continued ) in may 2014 , the fasb issued an update to the accounting guidance on revenue recognition .", "the new guidance provides a comprehensive , principles-based approach to revenue recognition , and supersedes most previous revenue recognition guidance .", "the core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services .", "the guidance also requires improved disclosures on the nature , amount , timing , and uncertainty of revenue that is recognized .", "in august 2015 , the fasb issued an update to the guidance to defer the effective date by one year , such that the new standard will be effective for annual reporting periods beginning after december 15 , 2017 and interim periods therein .", "the new guidance can be applied retrospectively to each prior reporting period presented , or retrospectively with the cumulative effect of the change recognized at the date of the initial application .", "the company is assessing all of the potential impacts of the revenue recognition guidance and has not yet selected an adoption method .", "the company will adopt the new guidance effective january 1 , although the company has not yet completed its assessment of the new revenue recognition guidance , the company 2019s analysis of contracts related to the sale of its heart valve therapy products under the new revenue recognition guidance supports the recognition of revenue at a point-in-time , which is consistent with its current revenue recognition model .", "heart valve therapy sales accounted for approximately 80% ( 80 % ) of the company 2019s sales for the year ended december 31 , 2016 .", "the company is currently assessing the potential impact of the guidance on contracts related to the sale of its critical care products , specifically sales outside of the united states .", "3 .", "intellectual property litigation expenses ( income ) , net in may 2014 , the company entered into an agreement with medtronic , inc .", "and its affiliates ( 2018 2018medtronic 2019 2019 ) to settle all outstanding patent litigation between the companies , including all cases related to transcatheter heart valves .", "pursuant to the agreement , all pending cases or appeals in courts and patent offices worldwide have been dismissed , and the parties will not litigate patent disputes with each other in the field of transcatheter valves for the eight-year term of the agreement .", "under the terms of a patent cross-license that is part of the agreement , medtronic made a one-time , upfront payment to the company for past damages in the amount of $ 750.0 million .", "in addition , medtronic will pay the company quarterly license royalty payments through april 2022 .", "for sales in the united states , subject to certain conditions , the royalty payments will be based on a percentage of medtronic 2019s sales of transcatheter aortic valves , with a minimum annual payment of $ 40.0 million and a maximum annual payment of $ 60.0 million .", "a separate royalty payment will be calculated based on sales of medtronic transcatheter aortic valves manufactured in the united states but sold elsewhere .", "the company accounted for the settlement agreement as a multiple-element arrangement and allocated the total consideration to the identifiable elements based upon their relative fair value .", "the consideration assigned to each element was as follows ( in millions ) : ." ]

[ "past damages the license agreement of $ 754.3 is 238.0 ;", "past damages the total of $ 754.3 is $ 1070.0 ;" ]

[ [ "past damages", "$ 754.3" ], [ "license agreement", "238.0" ], [ "covenant not to sue", "77.7" ], [ "total", "$ 1070.0" ] ]

[ "note 13 .", "financing arrangements we routinely enter into accounts receivable securitization and factoring programs .", "we account for transfers of receivables pursuant to these programs as a sale and remove them from our consolidated balance sheet .", "at december 31 , 2016 , our most significant program in place was the u.s .", "securitization program , which was amended in may 2016 and originally entered into in october of 2015 .", "under the program , we are entitled to receive cash consideration of up to $ 800 million ( which we elected to reduce to $ 500 million , effective february 21 , 2017 ) and a receivable for the remainder of the purchase price ( the 201cdeferred purchase price 201d ) .", "this securitization program utilizes a bankruptcy- remote special-purpose entity ( 201cspe 201d ) .", "the spe is wholly-owned by a subsidiary of kraft heinz and its sole business consists of the purchase or acceptance , through capital contributions of receivables and related assets , from a kraft heinz subsidiary and subsequent transfer of such receivables and related assets to a bank .", "although the spe is included in our consolidated financial statements , it is a separate legal entity with separate creditors who will be entitled , upon its liquidation , to be satisfied out of the spe's assets prior to any assets or value in the spe becoming available to kraft heinz or its subsidiaries .", "the assets of the spe are not available to pay creditors of kraft heinz or its subsidiaries .", "this program expires in may 2017 .", "in addition to the u.s .", "securitization program , we have accounts receivable factoring programs denominated in australian dollars , new zealand dollars , british pound sterling , euros , and japanese yen .", "under these programs , we generally receive cash consideration up to a certain limit and a receivable for the deferred purchase price .", "there is no deferred purchase price associated with the japanese yen contract .", "related to these programs , our aggregate cash consideration limit , after applying applicable hold-backs , was $ 245 million u.s .", "dollars at december 31 , 2016 .", "generally , each of these programs automatically renews annually until terminated by either party .", "the cash consideration and carrying amount of receivables removed from the consolidated balance sheets in connection with the above programs were $ 904 million at december 31 , 2016 and $ 267 million at january 3 , 2016 .", "the fair value of the deferred purchase price for the programs was $ 129 million at december 31 , 2016 and $ 583 million at january 3 , 2016 .", "the deferred purchase price is included in sold receivables on the consolidated balance sheets and had a carrying value which approximated its fair value at december 31 , 2016 and january 3 , 2016 .", "the proceeds from these sales are recognized on the consolidated statements of cash flows as a component of operating activities .", "we act as servicer for these arrangements and have not recorded any servicing assets or liabilities for these arrangements as of december 31 , 2016 and january 3 , 2016 because they were not material to the financial statements. ." ]

[ "shares of common stock issued , in treasury , and outstanding were ( in thousands of shares ) : ." ]

[ "the balance at december 29 2013 of shares issued is 376832 ; the balance at december 29 2013 of treasury shares is 2014 ; the balance at december 29 2013 of shares outstanding is 376832 ;", "the balance at december 31 2016 of shares issued is 1218947 ; the balance at december 31 2016 of treasury shares is -2471 ( 2471 ) ; the balance at december 31 2016 of shares outstanding is 1216476 ;" ]

[ [ "", "shares issued", "treasury shares", "shares outstanding" ], [ "balance at december 29 2013", "376832", "2014", "376832" ], [ "exercise of stock options issuance of other stock awards and other", "178", "2014", "178" ], [ "balance at december 28 2014", "377010", "2014", "377010" ], [ "exercise of warrants", "20480", "2014", "20480" ], [ "issuance of common stock to sponsors", "221666", "2014", "221666" ], [ "acquisition of kraft foods group inc .", "592898", "2014", "592898" ], [ "exercise of stock options issuance of other stock awards and other", "2338", "-413 ( 413 )", "1925" ], [ "balance at january 3 2016", "1214392", "-413 ( 413 )", "1213979" ], [ "exercise of stock options issuance of other stock awards and other", "4555", "-2058 ( 2058 )", "2497" ], [ "balance at december 31 2016", "1218947", "-2471 ( 2471 )", "1216476" ] ]

[ "." ]

[ "table of contents research and development expense ( 201cr&d 201d ) r&d expense increased 34% ( 34 % ) or $ 449 million to $ 1.8 billion in 2010 compared to 2009 .", "this increase was due primarily to an increase in headcount and related expenses in the current year to support expanded r&d activities .", "also contributing to this increase in r&d expense in 2010 was the capitalization in 2009 of software development costs of $ 71 million related to mac os x snow leopard .", "although total r&d expense increased 34% ( 34 % ) during 2010 , it declined as a percentage of net sales given the 52% ( 52 % ) year-over-year increase in net sales in 2010 .", "the company continues to believe that focused investments in r&d are critical to its future growth and competitive position in the marketplace and are directly related to timely development of new and enhanced products that are central to the company 2019s core business strategy .", "as such , the company expects to make further investments in r&d to remain competitive .", "r&d expense increased 20% ( 20 % ) or $ 224 million to $ 1.3 billion in 2009 compared to 2008 .", "this increase was due primarily to an increase in headcount in 2009 to support expanded r&d activities and higher stock-based compensation expenses .", "additionally , $ 71 million of software development costs were capitalized related to mac os x snow leopard and excluded from r&d expense during 2009 , compared to $ 11 million of software development costs capitalized during 2008 .", "although total r&d expense increased 20% ( 20 % ) during 2009 , it remained relatively flat as a percentage of net sales given the 14% ( 14 % ) increase in revenue in 2009 .", "selling , general and administrative expense ( 201csg&a 201d ) sg&a expense increased $ 1.4 billion or 33% ( 33 % ) to $ 5.5 billion in 2010 compared to 2009 .", "this increase was due primarily to the company 2019s continued expansion of its retail segment , higher spending on marketing and advertising programs , increased stock-based compensation expenses and variable costs associated with the overall growth of the company 2019s net sales .", "sg&a expenses increased $ 388 million or 10% ( 10 % ) to $ 4.1 billion in 2009 compared to 2008 .", "this increase was due primarily to the company 2019s continued expansion of its retail segment in both domestic and international markets , higher stock-based compensation expense and higher spending on marketing and advertising .", "other income and expense other income and expense for the three years ended september 25 , 2010 , are as follows ( 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 , respectively .", "the overall decrease in other income and expense is attributable to the significant declines in interest rates on a year- over-year basis , partially offset by the company 2019s higher cash , cash equivalents and marketable securities balances .", "the weighted average interest rate earned by the company on its cash , cash equivalents and marketable securities was 0.75% ( 0.75 % ) , 1.43% ( 1.43 % ) and 3.44% ( 3.44 % ) during 2010 , 2009 and 2008 , respectively .", "additionally the company incurred higher premium expenses on its foreign exchange option contracts , which further reduced the total other income and expense .", "during 2010 , 2009 and 2008 , the company had no debt outstanding and accordingly did not incur any related interest expense .", "provision for income taxes the company 2019s effective tax rates were 24% ( 24 % ) , 32% ( 32 % ) and 32% ( 32 % ) for 2010 , 2009 and 2008 , respectively .", "the company 2019s effective rates for these periods differ from the statutory federal income tax rate of 35% ( 35 % ) due ." ]

[ "provision for income taxes the company 2019s effective tax rates were 24% ( 24 % ) , 32% ( 32 % ) and 32% ( 32 % ) for 2010 , 2009 and 2008 , respectively ." ]

[ [ "", "2010", "2009", "2008" ], [ "interest income", "$ 311", "$ 407", "$ 653" ], [ "other income ( expense ) net", "-156 ( 156 )", "-81 ( 81 )", "-33 ( 33 )" ], [ "total other income and expense", "$ 155", "$ 326", "$ 620" ] ]

[ "a valuation allowance has been established for certain deferred tax assets related to the impairment of investments .", "accounting for uncertainty in income taxes during fiscal 2011 and 2010 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( 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 , the combined amount of accrued interest and penalties related to tax positions taken on our tax returns and included in non-current income taxes payable was approximately $ 12.3 million .", "we file income tax returns in the u.s .", "on a federal basis and in many u.s .", "state and foreign jurisdictions .", "we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .", "our major tax jurisdictions are the u.s. , ireland and california .", "for california , ireland and the u.s. , the earliest fiscal years open for examination are 2005 , 2006 and 2008 , respectively .", "we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examination .", "we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .", "in august 2011 , a canadian income tax examination covering our fiscal years 2005 through 2008 was completed .", "our accrued tax and interest related to these years was approximately $ 35 million and was previously reported in long-term income taxes payable .", "we reclassified approximately $ 17 million to short-term income taxes payable and decreased deferred tax assets by approximately $ 18 million in conjunction with the aforementioned resolution .", "the $ 17 million balance in short-term income taxes payable is partially secured by a letter of credit and is expected to be paid by the first quarter of fiscal 2012 .", "in october 2010 , a u.s .", "income tax examination covering our fiscal years 2005 through 2007 was completed .", "our accrued tax and interest related to these years was $ 59 million and was previously reported in long-term income taxes payable .", "we paid $ 20 million in conjunction with the aforementioned resolution .", "a net income statement tax benefit in the fourth quarter of fiscal 2010 of $ 39 million resulted .", "the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .", "these events could cause large fluctuations in the balance sheet classification of current and non-current assets and liabilities .", "the company believes that before the end of fiscal 2012 , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .", "given the uncertainties described above , we can only determine a range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 40 million .", "these amounts would decrease income tax expense under current gaap related to income taxes .", "note 11 .", "restructuring fiscal 2011 restructuring plan in the fourth quarter of fiscal 2011 , in order to better align our resources around our digital media and digital marketing strategies , we initiated a restructuring plan consisting of reductions of approximately 700 full-time positions worldwide and we recorded restructuring charges of approximately $ 78.6 million related to ongoing termination benefits for the position eliminated .", "table of contents adobe systems incorporated notes to consolidated financial statements ( continued ) ." ]

[ "a valuation allowance has been established for certain deferred tax assets related to the impairment of investments .", "accounting for uncertainty in income taxes during fiscal 2011 and 2010 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( 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 , the combined amount of accrued interest and penalties related to tax positions taken on our tax returns and included in non-current income taxes payable was approximately $ 12.3 million .", "we file income tax returns in the u.s .", "on a federal basis and in many u.s .", "state and foreign jurisdictions .", "we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .", "our major tax jurisdictions are the u.s. , ireland and california .", "for california , ireland and the u.s. , the earliest fiscal years open for examination are 2005 , 2006 and 2008 , respectively .", "we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examination .", "we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .", "in august 2011 , a canadian income tax examination covering our fiscal years 2005 through 2008 was completed .", "our accrued tax and interest related to these years was approximately $ 35 million and was previously reported in long-term income taxes payable .", "we reclassified approximately $ 17 million to short-term income taxes payable and decreased deferred tax assets by approximately $ 18 million in conjunction with the aforementioned resolution .", "the $ 17 million balance in short-term income taxes payable is partially secured by a letter of credit and is expected to be paid by the first quarter of fiscal 2012 .", "in october 2010 , a u.s .", "income tax examination covering our fiscal years 2005 through 2007 was completed .", "our accrued tax and interest related to these years was $ 59 million and was previously reported in long-term income taxes payable .", "we paid $ 20 million in conjunction with the aforementioned resolution .", "a net income statement tax benefit in the fourth quarter of fiscal 2010 of $ 39 million resulted .", "the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .", "these events could cause large fluctuations in the balance sheet classification of current and non-current assets and liabilities .", "the company believes that before the end of fiscal 2012 , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .", "given the uncertainties described above , we can only determine a range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 40 million .", "these amounts would decrease income tax expense under current gaap related to income taxes .", "note 11 .", "restructuring fiscal 2011 restructuring plan in the fourth quarter of fiscal 2011 , in order to better align our resources around our digital media and digital marketing strategies , we initiated a restructuring plan consisting of reductions of approximately 700 full-time positions worldwide and we recorded restructuring charges of approximately $ 78.6 million related to ongoing termination benefits for the position eliminated .", "table of contents adobe systems incorporated notes to consolidated financial statements ( continued ) ." ]

[ "the beginning balance of 2011 is $ 156925 ; the beginning balance of 2010 is $ 218040 ;", "the ending balance of 2011 is $ 163607 ; the ending balance of 2010 is $ 156925 ;" ]

[ [ "", "2011", "2010" ], [ "beginning balance", "$ 156925", "$ 218040" ], [ "gross increases in unrecognized tax benefits 2013 prior year tax positions", "11901", "9580" ], [ "gross decreases in unrecognized tax benefits 2013 prior year tax positions", "-4154 ( 4154 )", "-7104 ( 7104 )" ], [ "gross increases in unrecognized tax benefits 2013 current year tax positions", "32420", "15108" ], [ "settlements with taxing authorities", "-29101 ( 29101 )", "-70484 ( 70484 )" ], [ "lapse of statute of limitations", "-3825 ( 3825 )", "-7896 ( 7896 )" ], [ "foreign exchange gains and losses", "-559 ( 559 )", "-319 ( 319 )" ], [ "ending balance", "$ 163607", "$ 156925" ] ]

[ "( a ) includes collateral related to derivative instruments where an appropriate legal opinion has not been either sought or obtained .", "derivative receivables reported on the consolidated balance sheets were $ 56.5 billion and $ 64.1 billion at december 31 , 2017 and 2016 , respectively .", "derivative receivables decreased predominantly as a result of client- driven market-making activities in cib markets , which reduced foreign exchange and interest rate derivative receivables , and increased equity derivative receivables , driven by market movements .", "derivative receivables amounts represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and cash collateral held by the firm .", "however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s .", "government and agency securities and other group of seven nations ( 201cg7 201d ) government bonds ) and other cash collateral held by the firm aggregating $ 16.1 billion and $ 22.7 billion at december 31 , 2017 and 2016 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor .", "in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily cash , g7 government securities , other liquid government-agency and guaranteed securities , and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date .", "although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative transactions move in the firm 2019s favor .", "the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit .", "for additional information on the firm 2019s use of collateral agreements , see note 5 .", "while useful as a current view of credit exposure , the net fair value of the derivative receivables does not capture the potential future variability of that credit exposure .", "to capture the potential future variability of credit exposure , the firm calculates , on a client-by-client basis , three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) , and average exposure ( 201cavg 201d ) .", "these measures all incorporate netting and collateral benefits , where applicable .", "peak represents a conservative measure of potential exposure to a counterparty calculated in a manner that is broadly equivalent to a 97.5% ( 97.5 % ) confidence level over the life of the transaction .", "peak is the primary measure used by the firm for setting of credit limits for derivative transactions , senior management reporting and derivatives exposure management .", "dre exposure is a measure that expresses the risk of derivative exposure on a basis intended to be equivalent to the risk of loan exposures .", "dre is a less extreme measure of potential credit loss than peak and is used for aggregating derivative credit risk exposures with loans and other credit risk .", "finally , avg is a measure of the expected fair value of the firm 2019s derivative receivables at future time periods , including the benefit of collateral .", "avg exposure over the total life of the derivative contract is used as the primary metric for pricing purposes and is used to calculate credit risk capital and the cva , as further described below .", "the 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 .", "the fair value of the firm 2019s derivative receivables incorporates cva to reflect the credit quality of counterparties .", "cva is based on the firm 2019s avg to a counterparty and the counterparty 2019s credit spread in the credit derivatives market .", "the firm believes that active risk management is essential to controlling the dynamic credit risk in the derivatives portfolio .", "in addition , the firm 2019s risk management process takes into consideration the potential ." ]

[ "management 2019s discussion and analysis 114 jpmorgan chase & co./2017 annual report derivative contracts in the normal course of business , the firm uses derivative instruments predominantly for market-making activities .", "derivatives enable counterparties to manage exposures to fluctuations in interest rates , currencies and other markets .", "the firm also uses derivative instruments to manage its own credit and other market risk exposure .", "the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed .", "for otc derivatives the firm is exposed to the credit risk of the derivative counterparty .", "for exchange- traded derivatives ( 201cetd 201d ) , such as futures and options , and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp .", "where possible , the firm seeks to mitigate its credit risk exposures arising from derivative transactions through the use of legally enforceable master netting arrangements and collateral agreements .", "for further discussion of derivative contracts , counterparties and settlement types , see note 5 .", "the following table summarizes the net derivative receivables for the periods presented .", "derivative receivables ." ]

[ "the 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 ." ]

[ [ "december 31 ( in millions )", "2017", "2016" ], [ "interest rate", "$ 24673", "$ 28302" ], [ "credit derivatives", "869", "1294" ], [ "foreign exchange", "16151", "23271" ], [ "equity", "7882", "4939" ], [ "commodity", "6948", "6272" ], [ "total net of cash collateral", "56523", "64078" ], [ "liquid securities and other cash collateral held against derivative receivables ( a )", "-16108 ( 16108 )", "-22705 ( 22705 )" ], [ "total net of all collateral", "$ 40415", "$ 41373" ] ]

[ "net income attributable to noncontrolling interests , net of tax noncontrolling interest , net of tax increased $ 28.9 million from $ 8.1 million fiscal 2008 .", "the increase was primarily related to our acquisition of a 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 we reported net income of $ 37.2 million ( $ 0.46 diluted earnings per share ) .", "liquidity and capital resources a significant portion of our liquidity comes from operating cash flows , which are generally sufficient to fund operations , planned capital expenditures , debt service and various strategic investments in our business .", "cash flow from operations is used to make planned capital investments in our business , to pursue acquisitions that meet our corporate objectives , to pay dividends , and to pay off debt and repurchase our shares at the discretion of our board of directors .", "accumulated cash balances are invested in high-quality and marketable short term instruments .", "our capital plan objectives are to support the company 2019s operational needs and strategic plan for long term growth while maintaining a low cost of capital .", "lines of credit are used in certain of our markets to fund settlement and as a source of working capital and , along with other bank financing , to fund acquisitions .", "we regularly evaluate our liquidity and capital position relative to cash requirements , and we may elect to raise additional funds in the future , either through the issuance of debt , equity or otherwise .", "at may 31 , 2010 , we had cash and cash equivalents totaling $ 769.9 million .", "of this amount , we consider $ 268.1 million to be available cash , which generally excludes settlement related and merchant reserve cash balances .", "settlement related cash balances represent surplus funds that we hold on behalf of our member sponsors when the incoming amount from the card networks precedes the member sponsors 2019 funding obligation to the merchant .", "merchant reserve cash balances represent funds collected from our merchants that serve as collateral ( 201cmerchant reserves 201d ) to minimize contingent liabilities associated with any losses that may occur under the merchant agreement .", "at may 31 , 2010 , our cash and cash equivalents included $ 199.4 million related to merchant reserves .", "while this cash is not restricted in its use , we believe that designating this cash to collateralize merchant reserves strengthens our fiduciary standing with our member sponsors and is in accordance with the guidelines set by the card networks .", "see cash and cash equivalents and settlement processing assets and obligations under note 1 in the notes to the consolidated financial statements for additional details .", "net cash provided by operating activities increased $ 82.8 million to $ 465.8 million for fiscal 2010 from the prior year .", "income from continuing operations increased $ 16.0 million and we had cash provided by changes in working capital of $ 60.2 million .", "the working capital change was primarily due to the change in net settlement processing assets and obligations of $ 80.3 million and the change in accounts receivable of $ 13.4 million , partially offset by the change ." ]

[ "the following details the impairment charge resulting from our review ( in thousands ) : ." ]

[ "net income attributable to noncontrolling interests , net of tax noncontrolling interest , net of tax increased $ 28.9 million from $ 8.1 million fiscal 2008 ." ]

[ [ "", "year ended may 31 2009" ], [ "goodwill", "$ 136800" ], [ "trademark", "10000" ], [ "other long-lived assets", "864" ], [ "total", "$ 147664" ] ]

[ "the mark-to-market tax settlement sharing variance results from a regulatory charge because a portion of the benefits of a settlement with the irs related to the mark-to-market income tax treatment of power purchase contracts will be shared with customers , slightly offset by the amortization of a portion of that charge beginning in october 2011 .", "see notes 3 and 8 to the financial statements for additional discussion of the settlement and benefit sharing .", "the retail electric price variance is primarily due to a formula rate plan increase effective may 2011 .", "see note 2 to the financial statements for discussion of the formula rate plan increase. ." ]

[ "entergy louisiana , llc and subsidiaries management 2019s financial discussion and analysis plan to spin off the utility 2019s transmission business see the 201cplan to spin off the utility 2019s transmission business 201d section of entergy corporation and subsidiaries management 2019s financial discussion and analysis for a discussion of this matter , including the planned retirement of debt and preferred securities .", "results of operations net income 2011 compared to 2010 net income increased $ 242.5 million primarily due to a settlement with the irs related to the mark-to-market income tax treatment of power purchase contracts , which resulted in a $ 422 million income tax benefit .", "the net income effect was partially offset by a $ 199 million regulatory charge , which reduced net revenue , because a portion of the benefit will be shared with customers .", "see note 3 to the financial statements for additional discussion of the settlement and benefit sharing .", "2010 compared to 2009 net income decreased slightly by $ 1.4 million primarily due to higher other operation and maintenance expenses , a higher effective income tax rate , and higher interest expense , almost entirely offset by higher net revenue .", "net revenue 2011 compared to 2010 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .", "following is an analysis of the change in net revenue comparing 2011 to 2010 .", "amount ( in millions ) ." ]

[ "the 2011 net revenue of amount ( in millions ) is $ 886.2 ;", "results of operations net income 2011 compared to 2010 net income increased $ 242.5 million primarily due to a settlement with the irs related to the mark-to-market income tax treatment of power purchase contracts , which resulted in a $ 422 million income tax benefit ." ]

[ [ "", "amount ( in millions )" ], [ "2010 net revenue", "$ 1043.7" ], [ "mark-to-market tax settlement sharing", "-195.9 ( 195.9 )" ], [ "retail electric price", "32.5" ], [ "volume/weather", "11.6" ], [ "other", "-5.7 ( 5.7 )" ], [ "2011 net revenue", "$ 886.2" ] ]

[ "( a ) includes collateral related to derivative instruments where appropriate legal opinions have not been either sought or obtained with respect to master netting agreements .", "the fair value of derivative receivables reported on the consolidated balance sheets were $ 54.2 billion and $ 56.5 billion at december 31 , 2018 and 2017 , respectively .", "derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and cash collateral held by the firm .", "however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s .", "government and agency securities and other group of seven nations ( 201cg7 201d ) government securities ) and other cash collateral held by the firm aggregating $ 15.3 billion and $ 16.1 billion at december 31 , 2018 and 2017 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor .", "in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily cash , g7 government securities , other liquid government-agency and guaranteed securities , and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date .", "although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative contracts move in the firm 2019s favor .", "the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit .", "for additional information on the firm 2019s use of collateral agreements , refer to note 5 .", "while useful as a current view of credit exposure , the net fair value of the derivative receivables does not capture the potential future variability of that credit exposure .", "to capture the potential future variability of credit exposure , the firm calculates , on a client-by-client basis , three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) , and average exposure ( 201cavg 201d ) .", "these measures all incorporate netting and collateral benefits , where applicable .", "peak represents a conservative measure of potential exposure to a counterparty calculated in a manner that is broadly equivalent to a 97.5% ( 97.5 % ) confidence level over the life of the transaction .", "peak is the primary measure used by the firm for setting of credit limits for derivative contracts , senior management reporting and derivatives exposure management .", "dre exposure is a measure that expresses the risk of derivative exposure on a basis intended to be ." ]

[ "jpmorgan chase & co./2018 form 10-k 117 lending-related commitments the firm uses lending-related financial instruments , such as commitments ( including revolving credit facilities ) and guarantees , to address the financing needs of its clients .", "the contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or the firm fulfill its obligations under these guarantees , and the clients subsequently fail to perform according to the terms of these contracts .", "most of these commitments and guarantees are refinanced , extended , cancelled , or expire without being drawn upon or a default occurring .", "in the firm 2019s view , the total contractual amount of these wholesale lending-related commitments is not representative of the firm 2019s expected future credit exposure or funding requirements .", "for further information on wholesale lending-related commitments , refer to note 27 .", "clearing services the firm provides clearing services for clients entering into certain securities and derivative contracts .", "through the provision of these services the firm is exposed to the risk of non-performance by its clients and may be required to share in losses incurred by ccps .", "where possible , the firm seeks to mitigate its credit risk to its clients through the collection of adequate margin at inception and throughout the life of the transactions and can also cease provision of clearing services if clients do not adhere to their obligations under the clearing agreement .", "for further discussion of clearing services , refer to note 27 .", "derivative contracts derivatives enable clients and counterparties to manage risks including credit risk and risks arising from fluctuations in interest rates , foreign exchange , equities , and commodities .", "the firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities , including the counterparty credit risk arising from derivative receivables .", "the firm also uses derivative instruments to manage its own credit and other market risk exposure .", "the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed .", "for otc derivatives the firm is exposed to the credit risk of the derivative counterparty .", "for exchange-traded derivatives ( 201cetd 201d ) , such as futures and options , and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp .", "where possible , the firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements .", "for a further discussion of derivative contracts , counterparties and settlement types , refer to note 5 .", "the following table summarizes the net derivative receivables for the periods presented .", "derivative receivables ." ]

[ "the fair value of derivative receivables reported on the consolidated balance sheets were $ 54.2 billion and $ 56.5 billion at december 31 , 2018 and 2017 , respectively ." ]

[ [ "december 31 ( in millions )", "2018", "2017" ], [ "total net of cash collateral", "$ 54213", "$ 56523" ], [ "liquid securities and other cash collateral held against derivative receivables ( a )", "-15322 ( 15322 )", "-16108 ( 16108 )" ], [ "total net of all collateral", "$ 38891", "$ 40415" ] ]

[ "asset retirement obligations as of december 31 ( b ) $ 965 $ 1134 ( a ) see note 7 for information related to our assets held for sale .", "( b ) includes asset retirement obligation of $ 2 and $ 3 million classified as short-term at december 31 , 2008 , and 2007. ." ]

[ "marathon oil corporation notes to consolidated financial statements ( f ) this sale-leaseback financing arrangement relates to a lease of a slab caster at united states steel 2019s fairfield works facility in alabama .", "we are the primary obligor under this lease .", "under the financial matters agreement , united states steel has assumed responsibility for all obligations under this lease .", "this lease is an amortizing financing with a final maturity of 2012 , subject to additional extensions .", "( g ) this obligation relates to a lease of equipment at united states steel 2019s clairton works cokemaking facility in pennsylvania .", "we are the primary obligor under this lease .", "under the financial matters agreement , united states steel has assumed responsibility for all obligations under this lease .", "this lease is an amortizing financing with a final maturity of 2012 .", "( h ) marathon oil canada corporation had an 805 million canadian dollar revolving term credit facility which was secured by substantially all of marathon oil canada corporation 2019s assets and included certain financial covenants , including leverage and interest coverage ratios .", "in february 2008 , the outstanding balance was repaid and the facility was terminated .", "( i ) these notes are senior secured notes of marathon oil canada corporation .", "the notes were secured by substantially all of marathon oil canada corporation 2019s assets .", "in january 2008 , we provided a full and unconditional guarantee covering the payment of all principal and interest due under the senior notes .", "( j ) these obligations as of december 31 , 2008 include $ 126 million related to assets under construction at that date for which capital leases or sale-leaseback financings will commence upon completion of construction .", "the amounts currently reported are based upon the percent of construction completed as of december 31 , 2008 and therefore do not reflect future minimum lease obligations of $ 209 million .", "( k ) payments of long-term debt for the years 2009 2013 2013 are $ 99 million , $ 98 million , $ 257 million , $ 1487 million and $ 279 million .", "of these amounts , payments assumed by united states steel are $ 15 million , $ 17 million , $ 161 million , $ 19 million and zero .", "( l ) in the event of a change in control , as defined in the related agreements , debt obligations totaling $ 669 million at december 31 , 2008 , may be declared immediately due and payable .", "( m ) see note 17 for information on interest rate swaps .", "on february 17 , 2009 , we issued $ 700 million aggregate principal amount of senior notes bearing interest at 6.5 percent with a maturity date of february 15 , 2014 and $ 800 million aggregate principal amount of senior notes bearing interest at 7.5 percent with a maturity date of february 15 , 2019 .", "interest on both issues is payable semi- annually beginning august 15 , 2009 .", "21 .", "asset retirement obligations the following summarizes the changes in asset retirement obligations : ( in millions ) 2008 2007 ." ]

[ "( in millions ) the asset retirement obligations as of january 1 of 2008 is $ 1134 ; the asset retirement obligations as of january 1 of 2007 is $ 1044 ;", "( in millions ) the asset retirement obligations as of december 31 ( b ) of 2008 is $ 965 ; the asset retirement obligations as of december 31 ( b ) of 2007 is $ 1134 ;" ]

[ [ "( in millions )", "2008", "2007" ], [ "asset retirement obligations as of january 1", "$ 1134", "$ 1044" ], [ "liabilities incurred including acquisitions", "30", "60" ], [ "liabilities settled", "-94 ( 94 )", "-10 ( 10 )" ], [ "accretion expense ( included in depreciation depletion and amortization )", "66", "61" ], [ "revisions to previous estimates", "24", "-17 ( 17 )" ], [ "held for sale ( a )", "-195 ( 195 )", "2013" ], [ "deconsolidation of egholdings", "2013", "-4 ( 4 )" ], [ "asset retirement obligations as of december 31 ( b )", "$ 965", "$ 1134" ] ]

[ "as of december 31 , 2017 , $ 6 million of total unrecognized compensation cost related to the nonvested rsus , with and without performance conditions , is expected to be recognized over the weighted-average remaining life of 1.5 years .", "the total fair value of rsus , with and without performance conditions , vested was $ 16 million , $ 14 million and $ 12 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .", "if dividends are paid with respect to shares of the company 2019s common stock before the rsus are distributed , the company credits a liability for the value of the dividends that would have been paid if the rsus were shares of company common stock .", "when the rsus are distributed , the company pays the participant a lump sum cash payment equal to the value of the dividend equivalents accrued .", "the company accrued dividend equivalents totaling less than $ 1 million , $ 1 million and $ 1 million to accumulated deficit in the accompanying consolidated statements of changes in stockholders 2019 equity for the years ended december 31 , 2017 , 2016 and 2015 , respectively .", "employee stock purchase plan the company maintains a nonqualified employee stock purchase plan ( the 201cespp 201d ) through which employee participants may use payroll deductions to acquire company common stock at the lesser of 90% ( 90 % ) of the fair market value of the common stock at either the beginning or the end of a three-month purchase period .", "on february 15 , 2017 , the board adopted the american water works company , inc .", "and its designated subsidiaries 2017 nonqualified employee stock purchase plan , which was approved by stockholders on may 12 , 2017 and took effect on august 5 , 2017 .", "the prior plan was terminated as to new purchases of company stock effective august 31 , 2017 .", "as of december 31 , 2017 , there were 2.0 million shares of common stock reserved for issuance under the espp .", "the espp is considered compensatory .", "during the years ended december 31 , 2017 , 2016 and 2015 , the company issued 93 thousand , 93 thousand and 98 thousand shares , respectively , under the espp. ." ]

[ "the table below summarizes activity of rsus with performance conditions for the year ended december 31 , shares ( in thousands ) weighted average grant date fair value ( per share ) ." ]

[ "as of december 31 , 2017 , $ 6 million of total unrecognized compensation cost related to the nonvested rsus , with and without performance conditions , is expected to be recognized over the weighted-average remaining life of 1.5 years ." ]

[ [ "", "shares ( in thousands )", "weightedaverage grantdate fair value ( per share )" ], [ "non-vested total as of december 31 2016", "309", "$ 55.94" ], [ "granted", "186", "63.10" ], [ "vested", "-204 ( 204 )", "46.10" ], [ "forfeited", "-10 ( 10 )", "70.50" ], [ "non-vested total as of december 31 2017", "281", "$ 67.33" ] ]

[ "." ]

[ "korea engineering plastics co. , ltd .", "founded in 1987 , kepco is the leading producer of pom in south korea .", "kepco is a venture between celanese's ticona business ( 50% ( 50 % ) ) , mitsubishi gas chemical company , inc .", "( 40% ( 40 % ) ) and mitsubishi corporation ( 10% ( 10 % ) ) .", "kepco has polyacetal production facilities in ulsan , south korea , compounding facilities for pbt and nylon in pyongtaek , south korea , and participates with polyplastics and mitsubishi gas chemical company , inc .", "in a world-scale pom facility in nantong , china .", "polyplastics co. , ltd .", "polyplastics is a leading supplier of engineered plastics in the asia-pacific region and is a venture between daicel chemical industries ltd. , japan ( 55% ( 55 % ) ) , and celanese's ticona business ( 45% ( 45 % ) ) .", "established in 1964 , polyplastics is a producer and marketer of pom and lcp in the asia-pacific region , with principal production facilities located in japan , taiwan , malaysia and china .", "fortron industries llc .", "fortron is a leading global producer of polyphenylene sulfide ( 201cpps 201d ) , sold under the fortron ae brand , which is used in a wide variety of automotive and other applications , especially those requiring heat and/or chemical resistance .", "established in 1992 , fortron is a limited liability company whose members are ticona fortron inc .", "( 50% ( 50 % ) ownership and a wholly-owned subsidiary of cna holdings , llc ) and kureha corporation ( 50% ( 50 % ) ownership and a wholly-owned subsidiary of kureha chemical industry co. , ltd .", "of japan ) .", "fortron's facility is located in wilmington , north carolina .", "this venture combines the sales , marketing , distribution , compounding and manufacturing expertise of celanese with the pps polymer technology expertise of kureha .", "china acetate strategic ventures .", "we hold an approximate 30% ( 30 % ) ownership interest in three separate acetate production ventures in china .", "these include the nantong cellulose fibers co .", "ltd. , kunming cellulose fibers co .", "ltd .", "and zhuhai cellulose fibers co .", "ltd .", "the china national tobacco corporation , the chinese state-owned tobacco entity , controls the remaining ownership interest in each of these ventures .", "with an estimated 30% ( 30 % ) share of the world's cigarette production and consumption , china is the world's largest and fastest growing area for acetate tow products according to the 2009 stanford research institute international chemical economics handbook .", "combined , these ventures are a leader in chinese domestic acetate production and are well positioned to supply chinese cigarette producers .", "in december 2009 , we announced plans with china national tobacco to expand our acetate flake and tow capacity at our venture's nantong facility and we received formal approval for the expansions , each by 30000 tons , during 2010 .", "since their inception in 1986 , the china acetate ventures have completed 12 expansions , leading to earnings growth and increased dividends .", "our chinese acetate ventures fund their operations using operating cash flow .", "during 2011 , we made contributions of $ 8 million related to the capacity expansions in nantong and have committed contributions of $ 9 million in 2012 .", "in 2010 , we made contributions of $ 12 million .", "our chinese acetate ventures pay a dividend in the second quarter of each fiscal year , based on the ventures' performance for the preceding year .", "in 2011 , 2010 and 2009 , we received cash dividends of $ 78 million , $ 71 million and $ 56 million , respectively .", "although our ownership interest in each of our china acetate ventures exceeds 20% ( 20 % ) , we account for these investments using the cost method of accounting because we determined that we cannot exercise significant influence over these entities due to local government investment in and influence over these entities , limitations on our involvement in the day-to-day operations and the present inability of the entities to provide timely financial information prepared in accordance with generally accepted accounting principles in the united states ( 201cus gaap 201d ) .", "2022 other equity method investments infraservs .", "we hold indirect ownership interests in several infraserv groups in germany that own and develop industrial parks and provide on-site general and administrative support to tenants .", "the table below represents our equity investments in infraserv ventures as of december 31 , 2011: ." ]

[ "in 2011 , 2010 and 2009 , we received cash dividends of $ 78 million , $ 71 million and $ 56 million , respectively ." ]

[ [ "", "ownership % ( % )" ], [ "infraserv gmbh & co . gendorf kg", "39" ], [ "infraserv gmbh & co . knapsack kg", "27" ], [ "infraserv gmbh & co . hoechst kg", "32" ] ]

[ "( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a com- bination of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider , cruise industry news and cruise line international association ( 201cclia 201d ) .", "in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base .", "( 2 ) source : cruise line international association based on cruise guests carried for at least two consecutive nights for years 2009 through 2012 .", "year 2013 amounts represent our estimates ( see number 1 above ) .", "includes the united states of america and canada .", "( 3 ) source : clia europe , formerly european cruise council , for years 2009 through 2012 .", "year 2013 amounts represent our estimates ( see number 1 above ) .", "north america the majority of cruise guests are sourced from north america , which represented approximately 56% ( 56 % ) of global cruise guests in 2013 .", "the compound annual growth rate in cruise guests sourced from this market was approximately 3.2% ( 3.2 % ) from 2009 to 2013 .", "europe cruise guests sourced from europe represented approximately 30% ( 30 % ) of global cruise guests in 2013 .", "the compound annual growth rate in cruise guests sourced from this market was approximately 6.0% ( 6.0 % ) from 2009 to 2013 .", "other markets in addition to expected industry growth in north america and europe , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe .", "based on industry data , cruise guests sourced from the asia/pacific region represented approximately 4.5% ( 4.5 % ) of global cruise guests in 2013 .", "the compound annual growth rate in cruise guests sourced from this market was approximately 15% ( 15 % ) from 2011 to 2013 .", "competition we compete with a number of cruise lines .", "our princi- pal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise lines , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line and oceania cruises .", "cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consumers 2019 leisure time .", "demand for such activities is influenced by political and general economic conditions .", "com- panies within the vacation market are dependent on consumer discretionary spending .", "operating strategies our principal operating strategies are to : and employees and protect the environment in which our vessels and organization operate , to better serve our global guest base and grow our business , order to enhance our revenues , our brands globally , expenditures and ensure adequate cash and liquid- ity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , ization and maintenance of existing ships and the transfer of key innovations across each brand , while prudently expanding our fleet with new state-of- the-art cruise ships , ships by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , service customer preferences and expectations in an innovative manner , while supporting our strategic focus on profitability , and ." ]

[ "part i the following table details the growth in global weighted average berths and the global , north american and european cruise guests over the past five years : weighted-average supply of berths marketed globally ( 1 ) royal caribbean cruises ltd .", "total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ) ." ]

[ "year the 2013 of weighted-averagesupply ofberthsmarketedglobally ( 1 ) is 432000 ; the 2013 of royal caribbean cruises ltd . total berths is 98750 ; the 2013 of globalcruiseguests ( 1 ) is 21300000 ; the 2013 of north americancruiseguests ( 2 ) is 11816000 ; the 2013 of europeancruiseguests ( 3 ) is 6399000 ;", "total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ) ." ]

[ [ "year", "weighted-averagesupply ofberthsmarketedglobally ( 1 )", "royal caribbean cruises ltd . total berths", "globalcruiseguests ( 1 )", "north americancruiseguests ( 2 )", "europeancruiseguests ( 3 )" ], [ "2009", "363000", "84050", "17340000", "10198000", "5000000" ], [ "2010", "391000", "92300", "18800000", "10781000", "5540000" ], [ "2011", "412000", "92650", "20227000", "11625000", "5894000" ], [ "2012", "425000", "98650", "20898000", "11640000", "6139000" ], [ "2013", "432000", "98750", "21300000", "11816000", "6399000" ] ]

[ "nuclear retention plan mr . a0bakken participates in the nuclear retention plan , a retention plan for officers and other leaders with expertise in the nuclear industry .", "the personnel committee authorized this plan to attract and retain key management and employee talent in the nuclear power field , a field that requires unique technical and other expertise that is in great demand in the utility industry .", "the plan provides for bonuses to be paid annually over a three-year employment period with the bonus opportunity dependent on the participant 2019s management level and continued employment .", "each annual payment is equal to an amount ranging from 15% ( 15 % ) to 30% ( 30 % ) of the employee 2019s base salary as of their date of enrollment in the plan .", "mr . a0bakken 2019s participation in the plan commenced in may 2016 and in accordance with the terms and conditions of the plan , in may 2017 , 2018 , and 2019 , subject to his continued employment , mr . a0bakken will receive a cash bonus equal to 30% ( 30 % ) of his base salary as of may a01 , 2016 .", "this plan does not allow for accelerated or prorated payout upon termination of any kind .", "the three-year coverage period and percentage of base salary payable under the plan are consistent with the terms of participation of other senior nuclear officers who participate in this plan .", "in may 2017 , mr .", "bakken received a cash bonus of $ 181500 which equaled 30% ( 30 % ) of his may a01 , 2016 , base salary of $ 605000 .", "long-term incentive compensation entergy corporation 2019s goal for its long-term incentive compensation is to focus the executive officers on building shareholder value and to increase the executive officers 2019 ownership of entergy corporation 2019s common stock in order to more closely align their interest with those of entergy corporation 2019s shareholders .", "in its long-term incentive compensation programs , entergy corporation uses a mix of performance units , restricted stock , and stock options .", "performance units are used to deliver more than a majority of the total target long-term incentive awards .", "for periods through the end of 2017 , performance units reward the named executive officers on the basis of total shareholder return , which is a measure of stock price appreciation and dividend payments , in relation to the companies in the philadelphia utility index .", "beginning with the 2018-2020 performance period , a cumulative utility earnings metric has been added to the long-term performance unit program to supplement the relative total shareholder return measure that historically has been used in this program with each measure equally weighted .", "restricted stock ties the executive officers 2019 long-term financial interest to the long-term financial interests of entergy corporation 2019s shareholders .", "stock options provide a direct incentive to increase the value of entergy corporation 2019s common stock .", "in general , entergy corporation seeks to allocate the total value of long-term incentive compensation 60% ( 60 % ) to performance units and 40% ( 40 % ) to a combination of stock options and restricted stock , equally divided in value , based on the value the compensation model seeks to deliver .", "awards for individual named executive officers may vary from this target as a result of individual performance , promotions , and internal pay equity .", "the performance units for the 2015-2017 performance period were awarded under the 2011 equity ownership plan and long-term cash incentive plan ( the 201c2011 equity ownership plan 201d ) and the performance units for the ." ]

[ "based on the foregoing evaluation of management performance , the personnel committee approved the following 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 ." ]

[ "named executive officer the leo p . denault of base salary is $ 1230000 ; the leo p . denault of target as percentage of base salary is 135% ( 135 % ) ; the leo p . denault of payout as percentage of target is 129% ( 129 % ) ; the leo p . denault of 2017 annualincentive award is $ 2142045 ;", "named executive officer the roderick k . west of base salary is $ 675598 ; the roderick k . west of target as percentage of base salary is 70% ( 70 % ) ; the roderick k . west of payout as percentage of target is 129% ( 129 % ) ; the roderick k . west of 2017 annualincentive award is $ 610065 ;" ]

[ [ "named executive officer", "base salary", "target as percentage of base salary", "payout as percentage of target", "2017 annualincentive award" ], [ "a . christopher bakken iii", "$ 620125", "70% ( 70 % )", "129% ( 129 % )", "$ 559973" ], [ "marcus v . brown", "$ 630000", "70% ( 70 % )", "129% ( 129 % )", "$ 568890" ], [ "leo p . denault", "$ 1230000", "135% ( 135 % )", "129% ( 129 % )", "$ 2142045" ], [ "haley r . fisackerly", "$ 355300", "40% ( 40 % )", "119% ( 119 % )", "$ 169123" ], [ "andrew s . marsh", "$ 600000", "70% ( 70 % )", "129% ( 129 % )", "$ 541800" ], [ "phillip r . may jr .", "$ 366150", "60% ( 60 % )", "137% ( 137 % )", "$ 300000" ], [ "sallie t . rainer", "$ 328275", "40% ( 40 % )", "119% ( 119 % )", "$ 156259" ], [ "charles l . rice jr .", "$ 286424", "40% ( 40 % )", "79% ( 79 % )", "$ 91000" ], [ "richard c . riley", "$ 344200", "40% ( 40 % )", "204% ( 204 % )", "$ 280661" ], [ "roderick k . west", "$ 675598", "70% ( 70 % )", "129% ( 129 % )", "$ 610065" ] ]

[ "." ]

[ "acquire operations and facilities from municipalities and other local governments , as they increasingly seek to raise capital and reduce risk .", "we realize synergies from consolidating businesses into our existing operations , whether through acquisitions or public-private partnerships , which allows us to reduce capital expenditures and expenses associated with truck routing , personnel , fleet maintenance , inventories and back-office administration .", "operating model the goal of our operating model pillar is to deliver a consistent , high-quality service to all of our customers through the republic way : one way .", "everywhere .", "every day .", "this approach of developing standardized processes with rigorous controls and tracking allows us to leverage our scale and deliver durable operational excellence .", "the republic way is the key to harnessing the best of what we do as operators and translating that across all facets of our business .", "a key enabler of the republic way is our organizational structure that fosters a high performance culture by maintaining 360-degree accountability and full profit and loss responsibility with local management , supported by a functional structure to provide subject matter expertise .", "this structure allows us to take advantage of our scale by coordinating functionally across all of our markets , while empowering local management to respond to unique market dynamics .", "we have rolled out several productivity and cost control initiatives designed to deliver the best service possible to our customers in the most efficient and environmentally sound way .", "fleet automation approximately 75% ( 75 % ) of our residential routes have been converted to automated single-driver trucks .", "by converting our residential routes to automated service , we reduce labor costs , improve driver productivity , decrease emissions and create a safer work environment for our employees .", "additionally , communities using automated vehicles have higher participation rates in recycling programs , thereby complementing our initiative to expand our recycling capabilities .", "fleet conversion to compressed natural gas ( cng ) approximately 19% ( 19 % ) of our fleet operates on natural gas .", "we expect to continue our gradual fleet conversion to cng as part of our ordinary annual fleet replacement process .", "we believe a gradual fleet conversion is the most prudent approach to realizing the full value of our previous fleet investments .", "approximately 30% ( 30 % ) of our replacement vehicle purchases during 2017 were cng vehicles .", "we believe using cng vehicles provides us a competitive advantage in communities with strict clean emission initiatives that focus on protecting the environment .", "although upfront capital costs are higher , using cng reduces our overall fleet operating costs through lower fuel expenses .", "as of december 31 , 2017 , we operated 37 cng fueling stations .", "standardized maintenance based on an industry trade publication , we operate the seventh largest vocational fleet in the united states .", "as of december 31 , 2017 , our average fleet age in years , by line of business , was as follows : approximate number of vehicles approximate average age ." ]

[ "the residential of approximate number of vehicles is 7200 ; the residential of approximate average age is 7.5 ;", "the large-container of approximate number of vehicles is 4100 ; the large-container of approximate average age is 8.8 ;" ]

[ [ "", "approximate number of vehicles", "approximate average age" ], [ "residential", "7200", "7.5" ], [ "small-container", "4600", "7.1" ], [ "large-container", "4100", "8.8" ], [ "total", "15900", "7.7" ] ]

[ "( 1 ) local consumer lending 2014other is excluded from the table as there is no goodwill allocated to it .", "while no impairment was noted in step one of citigroup 2019s local consumer lending 2014cards reporting unit impairment test at july 1 , 2010 , goodwill present in the reporting unit may be sensitive to further deterioration as the valuation of the reporting unit is particularly dependent upon economic conditions that affect consumer credit risk and behavior .", "citigroup engaged the services of an independent valuation specialist to assist in the valuation of the reporting unit at july 1 , 2010 , using a combination of the market approach and income approach consistent with the valuation model used in past practice , which considered the impact of the penalty fee provisions associated with the credit card accountability responsibility and disclosure act of 2009 ( card act ) that were implemented during 2010 .", "under the market approach for valuing this reporting unit , the key assumption is the selected price multiple .", "the selection of the multiple considers the operating performance and financial condition of the local consumer lending 2014cards operations as compared with those of a group of selected publicly traded guideline companies and a group of selected acquired companies .", "among other factors , the level and expected growth in return on tangible equity relative to those of the guideline companies and guideline transactions is considered .", "since the guideline company prices used are on a minority interest basis , the selection of the multiple considers the guideline acquisition prices , which reflect control rights and privileges , in arriving at a multiple that reflects an appropriate control premium .", "for the local consumer lending 2014cards valuation under the income approach , the assumptions used as the basis for the model include cash flows for the forecasted period , the assumptions embedded in arriving at an estimation of the terminal value and the discount rate .", "the cash flows for the forecasted period are estimated based on management 2019s most recent projections available as of the testing date , giving consideration to targeted equity capital requirements based on selected public guideline companies for the reporting unit .", "in arriving at the terminal value for local consumer lending 2014cards , using 2013 as the terminal year , the assumptions used include a long-term growth rate and a price-to-tangible book multiple based on selected public guideline companies for the reporting unit .", "the discount rate is based on the reporting unit 2019s estimated cost of equity capital computed under the capital asset pricing model .", "embedded in the key assumptions underlying the valuation model , described above , is the inherent uncertainty regarding the possibility that economic conditions may deteriorate or other events will occur that will impact the business model for local consumer lending 2014cards .", "while there is inherent uncertainty embedded in the assumptions used in developing management 2019s forecasts , the company utilized a discount rate at july 1 , 2010 that it believes reflects the risk characteristics and uncertainty specific to management 2019s forecasts and assumptions for the local consumer lending 2014cards reporting unit .", "two primary categories of events exist 2014economic conditions in the u.s .", "and regulatory actions 2014which , if they were to occur , could negatively affect key assumptions used in the valuation of local consumer lending 2014cards .", "small deterioration in the assumptions used in the valuations , in particular the discount-rate and growth-rate assumptions used in the net income projections , could significantly affect citigroup 2019s impairment evaluation and , hence , results .", "if the future were to differ adversely from management 2019s best estimate of key economic assumptions , and associated cash flows were to decrease by a small margin , citi could potentially experience future material impairment charges with respect to $ 4560 million of goodwill remaining in the local consumer lending 2014 cards reporting unit .", "any such charges , by themselves , would not negatively affect citi 2019s tier 1 and total capital regulatory ratios , tier 1 common ratio , its tangible common equity or citi 2019s liquidity position. ." ]

[ "the following table shows reporting units with goodwill balances as of december 31 , 2010 , and the excess of fair value as a percentage over allocated book value as of the annual impairment test .", "in millions of dollars reporting unit ( 1 ) fair value as a % ( % ) of allocated book value goodwill ." ]

[ "reporting unit ( 1 ) the emea regional consumer banking of fair value as a % ( % ) of allocated book value is 168 ; the emea regional consumer banking of goodwill is 338 ;" ]

[ [ "reporting unit ( 1 )", "fair value as a % ( % ) of allocated book value", "goodwill" ], [ "north america regional consumer banking", "170% ( 170 % )", "$ 2518" ], [ "emea regional consumer banking", "168", "338" ], [ "asia regional consumer banking", "344", "6045" ], [ "latin america regional consumer banking", "230", "1800" ], [ "securities and banking", "223", "9259" ], [ "transaction services", "1716", "1567" ], [ "brokerage and asset management", "151", "65" ], [ "local consumer lending 2014cards", "121", "4560" ] ]

[ "2016 compared to 2015 space systems 2019 net sales in 2016 increased $ 304 million , or 3% ( 3 % ) , compared to 2015 .", "the increase was attributable to net sales of approximately $ 410 million from awe following the consolidation of this business in the third quarter of 2016 ; and approximately $ 150 million for commercial space transportation programs due to increased launch-related activities ; and approximately $ 70 million of higher net sales for various programs ( primarily fleet ballistic missiles ) due to increased volume .", "these increases were partially offset by a decrease in net sales of approximately $ 340 million for government satellite programs due to decreased volume ( primarily sbirs and muos ) and the wind-down or completion of mission solutions programs .", "space systems 2019 operating profit in 2016 increased $ 118 million , or 10% ( 10 % ) , compared to 2015 .", "the increase was primarily attributable to a non-cash , pre-tax gain of approximately $ 127 million related to the consolidation of awe ; and approximately $ 80 million of increased equity earnings from joint ventures ( primarily ula ) .", "these increases were partially offset by a decrease of approximately $ 105 million for government satellite programs due to lower risk retirements ( primarily sbirs , muos and mission solutions programs ) and decreased volume .", "adjustments not related to volume , including net profit booking rate adjustments , were approximately $ 185 million lower in 2016 compared to 2015 .", "2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 .", "the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume .", "these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume .", "space systems 2019 operating profit in 2015 decreased $ 16 million , or 1% ( 1 % ) , compared to 2014 .", "operating profit increased approximately $ 85 million for government satellite programs due primarily to increased risk retirements .", "this increase was offset by lower operating profit of approximately $ 65 million for commercial satellite programs due to performance matters on certain programs ; and approximately $ 35 million due to decreased equity earnings in joint ventures .", "adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 105 million higher in 2015 compared to 2014 .", "equity earnings total equity earnings recognized by space systems ( primarily ula ) represented approximately $ 325 million , $ 245 million and $ 280 million , or 25% ( 25 % ) , 21% ( 21 % ) and 24% ( 24 % ) of this business segment 2019s operating profit during 2016 , 2015 and backlog backlog increased in 2016 compared to 2015 primarily due to the addition of awe 2019s backlog .", "backlog decreased in 2015 compared to 2014 primarily due to lower orders for government satellite programs and the orion program and higher sales on the orion program .", "trends we expect space systems 2019 2017 net sales to decrease in the mid-single digit percentage range as compared to 2016 , driven by program lifecycles on government satellite programs , partially offset by the recognition of awe net sales for a full year in 2017 versus a partial year in 2016 following the consolidation of awe in the third quarter of 2016 .", "operating profit ." ]

[ "segment includes awe and our share of earnings for our investment in ula , which provides expendable launch services to the u.s .", "government .", "space systems 2019 operating results included the following ( in millions ) : ." ]

[ "the operating profit of 2016 is 1289 ; the operating profit of 2015 is 1171 ; the operating profit of 2014 is 1187 ;" ]

[ [ "", "2016", "2015", "2014" ], [ "net sales", "$ 9409", "$ 9105", "$ 9202" ], [ "operating profit", "1289", "1171", "1187" ], [ "operating margin", "13.7% ( 13.7 % )", "12.9% ( 12.9 % )", "12.9% ( 12.9 % )" ], [ "backlog atyear-end", "$ 18900", "$ 17400", "$ 20300" ] ]

[ "in july 2007 , our board of directors authorized the purchase of up to 50 million shares of our common stock in open-market transactions or otherwise .", "at december 31 , 2010 , we had remaining authorization to repurchase up to 27 million shares .", "during 2010 , we repurchased and retired three million shares of our common stock , for cash aggregating $ 45 million to offset the dilutive impact of the 2010 grant of three million shares of long-term stock awards .", "we did not purchase any shares during the three months ended december 31 , 2010. ." ]

[ "performance graph the table below compares the cumulative total shareholder return on our common stock with the cumulative total return of ( i ) the standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) , ( ii ) the standard & poor 2019s industrials index ( 201cs&p industrials index 201d ) and ( iii ) the standard & poor 2019s consumer durables & apparel index ( 201cs&p consumer durables & apparel index 201d ) , from december 31 , 2005 through december 31 , 2010 , when the closing price of our common stock was $ 12.66 .", "the graph assumes investments of $ 100 on december 31 , 2005 in our common stock and in each of the three indices and the reinvestment of dividends .", "performance graph 201020092008200720062005 s&p 500 index s&p industrials index s&p consumer durables & apparel index the table below sets forth the value , as of december 31 for each of the years indicated , of a $ 100 investment made on december 31 , 2005 in each of our common stock , the s&p 500 index , the s&p industrials index and the s&p consumer durables & apparel index and includes the reinvestment of dividends. ." ]

[ "the masco of 2006 is $ 101.79 ; the masco of 2007 is $ 76.74 ; the masco of 2008 is $ 42.81 ; the masco of 2009 is $ 54.89 ; the masco of 2010 is $ 51.51 ;", "the graph assumes investments of $ 100 on december 31 , 2005 in our common stock and in each of the three indices and the reinvestment of dividends ." ]

[ [ "", "2006", "2007", "2008", "2009", "2010" ], [ "masco", "$ 101.79", "$ 76.74", "$ 42.81", "$ 54.89", "$ 51.51" ], [ "s&p 500 index", "$ 115.61", "$ 121.95", "$ 77.38", "$ 97.44", "$ 111.89" ], [ "s&p industrials index", "$ 113.16", "$ 126.72", "$ 76.79", "$ 92.30", "$ 116.64" ], [ "s&p consumer durables & apparel index", "$ 106.16", "$ 84.50", "$ 56.13", "$ 76.51", "$ 99.87" ] ]

[ "5 .", "goodwill and other intangible assets the company 2019s net carrying amount of goodwill was approximately $ 2.1 billion as of december 312005 and $ 592.7 million as of december 31 , 2004 , all of which related to its rental and management segment .", "the increase in the carrying value was as a result of the goodwill of $ 1.5 billion acquired in the merger with spectrasite , inc .", "( see note 2. ) ." ]

[ "american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) operations , net , in the accompanying consolidated statements of operations for the year ended december 31 , 2003 .", "( see note 9. ) other transactions 2014in august 2003 , the company consummated the sale of galaxy engineering ( galaxy ) , a radio frequency engineering , network design and tower-related consulting business ( previously included in the company 2019s network development services segment ) .", "the purchase price of approximately $ 3.5 million included $ 2.0 million in cash , which the company received at closing , and an additional $ 1.5 million payable on january 15 , 2008 , or at an earlier date based on the future revenues of galaxy .", "the company received $ 0.5 million of this amount in january 2005 .", "pursuant to this transaction , the company recorded a net loss on disposal of approximately $ 2.4 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .", "in may 2003 , the company consummated the sale of an office building in westwood , massachusetts ( previously held primarily as rental property and included in the company 2019s rental and management segment ) for a purchase price of approximately $ 18.5 million , including $ 2.4 million of cash proceeds and the buyer 2019s assumption of $ 16.1 million of related mortgage notes .", "pursuant to this transaction , the company recorded a net loss on disposal of approximately $ 3.6 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .", "in january 2003 , the company consummated the sale of flash technologies , its remaining components business ( previously included in the company 2019s network development services segment ) for approximately $ 35.5 million in cash and has recorded a net gain on disposal of approximately $ 0.1 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .", "in march 2003 , the company consummated the sale of an office building in schaumburg , illinois ( previously held primarily as rental property and included in the company 2019s rental and management segment ) for net proceeds of approximately $ 10.3 million in cash and recorded a net loss on disposal of $ 0.1 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .", "4 .", "property and equipment property and equipment ( including assets held under capital leases ) consist of the following as of december 31 , ( in thousands ) : ." ]

[ "the less accumulated depreciation and amortization of 2005 is -1279049 ( 1279049 ) ; the less accumulated depreciation and amortization of 2004 is -996973 ( 996973 ) ;" ]

[ [ "", "2005", "2004" ], [ "towers", "$ 4134155", "$ 2788162" ], [ "equipment", "167504", "115244" ], [ "buildings and improvements", "184951", "162120" ], [ "land and improvements", "215974", "176937" ], [ "construction-in-progress", "36991", "27866" ], [ "total", "4739575", "3270329" ], [ "less accumulated depreciation and amortization", "-1279049 ( 1279049 )", "-996973 ( 996973 )" ], [ "property and equipment net", "$ 3460526", "$ 2273356" ] ]

[ "2013 vs .", "2012 the increase in pension expense , excluding special items , was primarily attributable to the 100 bp decrease in weighted average discount rate , resulting in higher amortization of actuarial losses .", "the increase was partially offset by a higher expected return on plan assets and contributions in 2013 .", "special items of $ 19.8 primarily included $ 12.4 for pension settlement losses and $ 6.9 for special termination benefits relating to the 2013 business restructuring and cost reduction plan .", "2012 vs .", "2011 pension expense in 2012 , excluding special items , was comparable to 2011 expense as a result of no change in the weighted average discount rate from year to year .", "2014 outlook pension expense is estimated to be approximately $ 140 to $ 145 , excluding special items , in 2014 , a decrease of $ 5 to $ 10 from 2013 , resulting primarily from an increase in discount rates , partially offset by unfavorable impacts associated with changes in mortality and inflation assumptions .", "pension settlement losses of $ 10 to $ 25 are expected , dependent on the timing of retirements .", "in 2014 , pension expense will include approximately $ 118 for amortization of actuarial losses compared to $ 143 in 2013 .", "net actuarial gains of $ 370.4 were recognized in 2013 , resulting primarily from an approximately 65 bp increase in the weighted average discount rate as well as actual asset returns above expected returns .", "actuarial gains/losses are amortized into pension expense over prospective periods to the extent they are not offset by future gains or losses .", "future changes in the discount rate and actual returns on plan assets , different from expected returns , would impact the actuarial gains/losses and resulting amortization in years beyond 2014 .", "pension funding pension funding includes both contributions to funded plans and benefit payments for unfunded plans , which are primarily non-qualified plans .", "with respect to funded plans , our funding policy is that contributions , combined with appreciation and earnings , will be sufficient to pay benefits without creating unnecessary surpluses .", "in addition , we make contributions to satisfy all legal funding requirements while managing our capacity to benefit from tax deductions attributable to plan contributions .", "with the assistance of third party actuaries , we analyze the liabilities and demographics of each plan , which help guide the level of contributions .", "during 2013 and 2012 , our cash contributions to funded plans and benefit payments for unfunded plans were $ 300.8 and $ 76.4 , respectively .", "contributions for 2013 include voluntary contributions for u.s .", "plans of $ 220.0. ." ]

[ "put options we currently have outstanding put option agreements with other shareholders of our air products san fu company , ltd .", "and indura s.a .", "subsidiaries .", "the put options give the shareholders the right to sell stock in the subsidiaries based on pricing terms in the agreements .", "refer to note 17 , commitments and contingencies , to the consolidated financial statements for additional information .", "due to the uncertainty of whether these options would be exercised and the related timing , we excluded the potential payments from the contractual obligations table .", "pension benefits we sponsor defined benefit pension plans that cover a substantial portion of our worldwide employees .", "the principal defined benefit pension plans 2014the u.s .", "salaried pension plan and the u.k .", "pension plan 2014were closed to new participants in 2005 and were replaced with defined contribution plans .", "over the long run , the shift to defined contribution plans is expected to reduce volatility of both plan expense and contributions .", "for 2013 , the fair market value of pension plan assets for our defined benefit plans as of the measurement date increased to $ 3800.8 from $ 3239.1 in 2012 .", "the projected benefit obligation for these plans as of the measurement date was $ 4394.0 and $ 4486.5 in 2013 and 2012 , respectively .", "refer to note 16 , retirement benefits , to the consolidated financial statements for comprehensive and detailed disclosures on our postretirement benefits .", "pension expense ." ]

[ "during 2013 and 2012 , our cash contributions to funded plans and benefit payments for unfunded plans were $ 300.8 and $ 76.4 , respectively ." ]

[ [ "", "2013", "2012", "2011" ], [ "pension expense", "$ 169.7", "$ 120.4", "$ 114.1" ], [ "special terminations settlements and curtailments ( included above )", "19.8", "8.2", "1.3" ], [ "weighted average discount rate", "4.0% ( 4.0 % )", "5.0% ( 5.0 % )", "5.0% ( 5.0 % )" ], [ "weighted average expected rate of return on plan assets", "7.7% ( 7.7 % )", "8.0% ( 8.0 % )", "8.0% ( 8.0 % )" ], [ "weighted average expected rate of compensation increase", "3.8% ( 3.8 % )", "3.9% ( 3.9 % )", "4.0% ( 4.0 % )" ] ]

[ "rental expense for operating leases was approximately $ 300 million , $ 247 million , and $ 212 million during the years ended december 31 , 2018 , 2017 and 2016 , respectively .", "we guarantee the residual values of the majority of our truck and equipment operating leases .", "the residual values decline over the lease terms to a defined percentage of original cost .", "in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall .", "similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value .", "had we terminated all of our operating leases subject to these guarantees at december 31 , 2018 , our portion of the guaranteed residual value would have totaled approximately $ 76 million .", "we have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value .", "litigation and related contingencies we have certain contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business .", "we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows. ." ]

[ "business subsequent to the acquisition .", "the liabilities for these payments are classified as level 3 liabilities because the related fair value measurement , which is determined using an income approach , includes significant inputs not observable in the market .", "financial assets and liabilities not measured at fair value our debt is reflected on the consolidated balance sheets at cost .", "based on market conditions as of december 31 , 2018 and 2017 , the fair value of our credit agreement borrowings reasonably approximated the carrying values of $ 1.7 billion and $ 2.0 billion , respectively .", "in addition , based on market conditions , the fair values of the outstanding borrowings under the receivables facility reasonably approximated the carrying values of $ 110 million and $ 100 million at december 31 , 2018 and december 31 , 2017 , respectively .", "as of december 31 , 2018 and december 31 , 2017 , the fair values of the u.s .", "notes ( 2023 ) were approximately $ 574 million and $ 615 million , respectively , compared to a carrying value of $ 600 million at each date .", "as of december 31 , 2018 and december 31 , 2017 , the fair values of the euro notes ( 2024 ) were approximately $ 586 million and $ 658 million compared to carrying values of $ 573 million and $ 600 million , respectively .", "as of december 31 , 2018 , the fair value of the euro notes ( 2026/28 ) approximated the carrying value of $ 1.1 billion .", "the fair value measurements of the borrowings under our credit agreement and receivables facility are classified as level 2 within the fair value hierarchy since they are determined based upon significant inputs observable in the market , including interest rates on recent financing transactions with similar terms and maturities .", "we estimated the fair value by calculating the upfront cash payment a market participant would require at december 31 , 2018 to assume these obligations .", "the fair value of our u.s .", "notes ( 2023 ) is classified as level 1 within the fair value hierarchy since it is determined based upon observable market inputs including quoted market prices in an active market .", "the fair values of our euro notes ( 2024 ) and euro notes ( 2026/28 ) are determined based upon observable market inputs including quoted market prices in markets that are not active , and therefore are classified as level 2 within the fair value hierarchy .", "note 13 .", "commitments and contingencies operating leases we are obligated under noncancelable operating leases for corporate office space , warehouse and distribution facilities , trucks and certain equipment .", "the future minimum lease commitments under these leases at december 31 , 2018 are as follows ( in thousands ) : years ending december 31: ." ]

[ "rental expense for operating leases was approximately $ 300 million , $ 247 million , and $ 212 million during the years ended december 31 , 2018 , 2017 and 2016 , respectively ." ]

[ [ "2019", "$ 294269" ], [ "2020", "256172" ], [ "2021", "210632" ], [ "2022", "158763" ], [ "2023", "131518" ], [ "thereafter", "777165" ], [ "future minimum lease payments", "$ 1828519" ] ]

[ "copyright a9 2012 standard & poor fffds , a division of the mcgraw-hill companies inc .", "all rights reserved .", "( www.researchdatagroup.com/s&p.htm ) copyright a9 2012 dow jones & company .", "all rights reserved. ." ]

[ "shareholder return performance the line graph below compares the annual percentage change in ball corporation fffds cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2011 .", "it assumes $ 100 was invested on december 31 , 2006 , and that all dividends were reinvested .", "the dow jones containers & packaging index total return has been weighted by market capitalization .", "total return to stockholders ( assumes $ 100 investment on 12/31/06 ) total return analysis ." ]

[ "the ball corporation of 12/31/2006 is $ 100.00 ; the ball corporation of 12/31/2007 is $ 104.05 ; the ball corporation of 12/31/2008 is $ 97.04 ; the ball corporation of 12/31/2009 is $ 121.73 ; the ball corporation of 12/31/2010 is $ 161.39 ; the ball corporation of 12/31/2011 is $ 170.70 ;" ]

[ [ "", "12/31/2006", "12/31/2007", "12/31/2008", "12/31/2009", "12/31/2010", "12/31/2011" ], [ "ball corporation", "$ 100.00", "$ 104.05", "$ 97.04", "$ 121.73", "$ 161.39", "$ 170.70" ], [ "dj us containers & packaging", "$ 100.00", "$ 106.73", "$ 66.91", "$ 93.98", "$ 110.23", "$ 110.39" ], [ "s&p 500", "$ 100.00", "$ 105.49", "$ 66.46", "$ 84.05", "$ 96.71", "$ 98.75" ] ]

[ "due to the recent timing of the transaction , the allocation of the purchase price is preliminary .", "all of the goodwill associated with the acquisition is expected to be deductible for tax purposes .", "the customer-related intangible assets have amortization periods of up to 13 years .", "the contract-based intangible assets have amortization periods of 7 years .", "the trademark has an amortization period of 5 years. ." ]

[ "notes to consolidated financial statements 2014 ( continued ) merchant acquiring business in the united kingdom to the partnership .", "in addition , hsbc uk entered into a ten-year marketing alliance with the partnership in which hsbc uk will refer customers to the partnership for payment processing services in the united kingdom .", "on june 23 , 2008 , we entered into a new five year , $ 200 million term loan to fund a portion of the acquisition .", "we funded the remaining purchase price with excess cash and our existing credit facilities .", "the term loan bears interest , at our election , at the prime rate or london interbank offered rate plus a margin based on our leverage position .", "as of july 1 , 2008 , the interest rate on the term loan was 3.605% ( 3.605 % ) .", "the term loan calls for quarterly principal payments of $ 5 million beginning with the quarter ending august 31 , 2008 and increasing to $ 10 million beginning with the quarter ending august 31 , 2010 and $ 15 million beginning with the quarter ending august 31 , 2011 .", "the partnership agreement includes provisions pursuant to which hsbc uk may compel us to purchase , at fair value , additional membership units from hsbc uk ( the 201cput option 201d ) .", "hsbc uk may exercise the put option on the fifth anniversary of the closing of the acquisition and on each anniversary thereafter .", "by exercising the put option , hsbc uk can require us to purchase , on an annual basis , up to 15% ( 15 % ) of the total membership units .", "additionally , on the tenth anniversary of closing and each tenth anniversary thereafter , hsbc uk may compel us to purchase all of their membership units at fair value .", "while not redeemable until june 2013 , we estimate the maximum total redemption amount of the minority interest under the put option would be $ 421.4 million , as of may 31 , 2008 .", "the purpose of this acquisition was to establish a presence in the united kingdom .", "the key factors that contributed to the decision to make this acquisition include historical and prospective financial statement analysis and hsbc uk 2019s market share and retail presence in the united kingdom .", "the purchase price was determined by analyzing the historical and prospective financial statements and applying relevant purchase price multiples .", "the purchase price totaled $ 441.1 million , consisting of $ 438.6 million cash consideration plus $ 2.5 million of direct out of pocket costs .", "the acquisition has been recorded using the purchase method of accounting , and , accordingly , the purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition .", "the following table summarizes the preliminary purchase price allocation: ." ]

[ "the term loan calls for quarterly principal payments of $ 5 million beginning with the quarter ending august 31 , 2008 and increasing to $ 10 million beginning with the quarter ending august 31 , 2010 and $ 15 million beginning with the quarter ending august 31 , 2011 ." ]

[ [ "", "total" ], [ "goodwill", "$ 294741" ], [ "customer-related intangible assets", "116920" ], [ "contract-based intangible assets", "13437" ], [ "trademark", "2204" ], [ "property and equipment", "26955" ], [ "other current assets", "100" ], [ "total assets acquired", "454357" ], [ "minority interest in equity of subsidiary ( at historical cost )", "-13257 ( 13257 )" ], [ "net assets acquired", "$ 441100" ] ]

[ "defined contribution plans wemaintain a number of defined contribution plans , most with 401 ( k ) features , that cover substantially all of our employees .", "under the provisions of our 401 ( k ) plans , wematchmost employees 2019 eligible contributions at rates specified in the plan documents .", "our contributions were $ 613 million in 2017 , $ 617 million in 2016 and $ 393 million in 2015 , the majority of which were funded using our common stock .", "our defined contribution plans held approximately 35.5 million and 36.9 million shares of our common stock as of december 31 , 2017 and 2016. ." ]

[ "u.s .", "equity securities and international equity securities categorized as level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year .", "for u.s .", "equity securities and international equity securities not traded on an active exchange , or if the closing price is not available , the trustee obtains indicative quotes from a pricing vendor , broker or investment manager .", "these securities are categorized as level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager .", "commingled equity funds categorized as level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year .", "for commingled equity funds not traded on an active exchange , or if the closing price is not available , the trustee obtains indicative quotes from a pricing vendor , broker or investment manager .", "these securities are categorized as level 2 if the custodian obtains corroborated quotes from a pricing vendor .", "fixed income investments categorized as level 2 are valued by the trustee using pricing models that use verifiable observable market data ( e.g. , interest rates and yield curves observable at commonly quoted intervals and credit spreads ) , bids provided by brokers or dealers or quoted prices of securities with similar characteristics .", "fixed income investments are categorized at level 3 when valuations using observable inputs are unavailable .", "the trustee obtains pricing based on indicative quotes or bid evaluations from vendors , brokers or the investment manager .", "commodities are traded on an active commodity exchange and are valued at their closing prices on the last trading day of the certain commingled equity funds , consisting of equity mutual funds , are valued using the nav.aa thenavaa valuations are based on the underlying investments and typically redeemable within 90 days .", "private equity funds consist of partnership and co-investment funds .", "the navaa is based on valuation models of the underlying securities , which includes unobservable inputs that cannot be corroborated using verifiable observable market data .", "these funds typically have redemption periods between eight and 12 years .", "real estate funds consist of partnerships , most of which are closed-end funds , for which the navaa is based on valuationmodels and periodic appraisals .", "these funds typically have redemption periods between eight and 10 years .", "hedge funds consist of direct hedge funds forwhich thenavaa is generally based on the valuation of the underlying investments .", "redemptions in hedge funds are based on the specific terms of each fund , and generally range from a minimum of one month to several months .", "contributions and expected benefit payments the funding of our qualified defined benefit pension plans is determined in accordance with erisa , as amended by the ppa , and in a manner consistent with cas and internal revenue code rules .", "there were no material contributions to our qualified defined benefit pension plans during 2017 .", "we will make contributions of $ 5.0 billion to our qualified defined benefit pension plans in 2018 , including required and discretionary contributions.as a result of these contributions , we do not expect any material qualified defined benefit cash funding will be required until 2021.we plan to fund these contributions using a mix of cash on hand and commercial paper .", "while we do not anticipate a need to do so , our capital structure and resources would allow us to issue new debt if circumstances change .", "the following table presents estimated future benefit payments , which reflect expected future employee service , as of december 31 , 2017 ( in millions ) : ." ]

[ "the qualified defined benefit pension plans of 2018 is $ 2450 ; the qualified defined benefit pension plans of 2019 is $ 2480 ; the qualified defined benefit pension plans of 2020 is $ 2560 ; the qualified defined benefit pension plans of 2021 is $ 2630 ; the qualified defined benefit pension plans of 2022 is $ 2700 ; the qualified defined benefit pension plans of 2023 2013 2027 is $ 14200 ;" ]

[ [ "", "2018", "2019", "2020", "2021", "2022", "2023 2013 2027" ], [ "qualified defined benefit pension plans", "$ 2450", "$ 2480", "$ 2560", "$ 2630", "$ 2700", "$ 14200" ], [ "retiree medical and life insurance plans", "180", "180", "180", "180", "180", "820" ] ]

[ "in the table above : 2030 investment banking consists of revenues ( excluding net interest ) from financial advisory and underwriting assignments , as well as derivative transactions directly related to these assignments .", "these activities are included in our investment banking segment .", "2030 investment management consists of revenues ( excluding net interest ) from providing investment management services to a diverse set of clients , as well as wealth advisory services and certain transaction services to high-net-worth individuals and families .", "these activities are included in our investment management segment .", "2030 commissions and fees consists of revenues from executing and clearing client transactions on major stock , options and futures exchanges worldwide , as well as over-the-counter ( otc ) transactions .", "these activities are included in our institutional client services and investment management segments .", "2030 market making consists of revenues ( excluding net interest ) from client execution activities related to making markets in interest rate products , credit products , mortgages , currencies , commodities and equity products .", "these activities are included in our institutional client services segment .", "2030 other principal transactions consists of revenues ( excluding net interest ) from our investing activities and the origination of loans to provide financing to clients .", "in addition , other principal transactions includes revenues related to our consolidated investments .", "these activities are included in our investing & lending segment .", "provision for credit losses , previously reported in other principal transactions revenues , is now reported as a separate line item in the consolidated statements of earnings .", "previously reported amounts have been conformed to the current presentation .", "operating environment .", "during 2018 , our market- making activities reflected generally higher levels of volatility and improved client activity , compared with a low volatility environment in 2017 .", "in investment banking , industry-wide mergers and acquisitions volumes increased compared with 2017 , while industry-wide underwriting transactions decreased .", "our other principal transactions revenues benefited from company-specific events , including sales , and strong corporate performance , while investments in public equities reflected losses , as global equity prices generally decreased in 2018 , particularly towards the end of the year .", "in investment management , our assets under supervision increased reflecting net inflows in liquidity products , fixed income assets and equity assets , partially offset by depreciation in client assets , primarily in equity assets .", "if market-making or investment banking activity levels decline , or assets under supervision decline , or asset prices continue to decline , net revenues would likely be negatively impacted .", "see 201csegment operating results 201d for further information about the operating environment and material trends and uncertainties that may impact our results of operations .", "during 2017 , generally higher asset prices and tighter credit spreads were supportive of industry-wide underwriting activities , investment management performance and other principal transactions .", "however , low levels of volatility in equity , fixed income , currency and commodity markets continued to negatively affect our market-making activities .", "2018 versus 2017 net revenues in the consolidated statements of earnings were $ 36.62 billion for 2018 , 12% ( 12 % ) higher than 2017 , primarily due to significantly higher market making revenues and net interest income , as well as higher investment management revenues and investment banking revenues .", "non-interest revenues .", "investment banking revenues in the consolidated statements of earnings were $ 7.86 billion for 2018 , 7% ( 7 % ) higher than 2017 .", "revenues in financial advisory were higher , reflecting an increase in industry-wide completed mergers and acquisitions volumes .", "revenues in underwriting were slightly higher , due to significantly higher revenues in equity underwriting , driven by initial public offerings , partially offset by lower revenues in debt underwriting , reflecting a decline in leveraged finance activity .", "investment management revenues in the consolidated statements of earnings were $ 6.51 billion for 2018 , 12% ( 12 % ) higher than 2017 , primarily due to significantly higher incentive fees , as a result of harvesting .", "management and other fees were also higher , reflecting higher average assets under supervision and the impact of the recently adopted revenue recognition standard , partially offset by shifts in the mix of client assets and strategies .", "see note 3 to the consolidated financial statements for further information about asu no .", "2014-09 , 201crevenue from contracts with customers ( topic 606 ) . 201d 52 goldman sachs 2018 form 10-k ." ]

[ "the goldman sachs group , inc .", "and subsidiaries management 2019s discussion and analysis net revenues the table below presents net revenues by line item. ." ]

[ "$ in millions the total net revenues of year ended december 2018 is $ 36616 ; the total net revenues of year ended december 2017 is $ 32730 ; the total net revenues of year ended december 2016 is $ 30790 ;" ]

[ [ "$ in millions", "year ended december 2018", "year ended december 2017", "year ended december 2016" ], [ "investment banking", "$ 7862", "$ 7371", "$ 6273" ], [ "investment management", "6514", "5803", "5407" ], [ "commissions and fees", "3199", "3051", "3208" ], [ "market making", "9451", "7660", "9933" ], [ "other principal transactions", "5823", "5913", "3382" ], [ "totalnon-interestrevenues", "32849", "29798", "28203" ], [ "interest income", "19679", "13113", "9691" ], [ "interest expense", "15912", "10181", "7104" ], [ "net interest income", "3767", "2932", "2587" ], [ "total net revenues", "$ 36616", "$ 32730", "$ 30790" ] ]

[ "the general objectives of the company's pension asset strategy are to earn a rate of return over time to satisfy the benefit obligations of the plans , meet minimum erisa funding requirements , and maintain sufficient liquidity to pay benefits and address other cash requirements within the master trust .", "specific investment objectives include reducing the volatility of pension assets relative to benefit obligations , achieving a competitive , total investment return , achieving diversification between and within asset classes , and managing other risks .", "investment objectives for each asset class are determined based on specific risks and investment opportunities identified .", "decisions regarding investment policies and asset allocation are made with the understanding of the historical and prospective return and risk characteristics of various asset classes , the effect of asset allocations on funded status , future company contributions , and projected expenditures , including benefits .", "the company updates its asset allocations periodically .", "the company uses various analytics to determine the optimal asset mix and considers plan obligation characteristics , duration , liquidity characteristics , funding requirements , expected rates of return , regular rebalancing , and the distribution of returns .", "actual allocations to each asset class could vary from target allocations due to periodic investment strategy changes , short-term market value fluctuations , the length of time it takes to fully implement investment allocation positions , such as real estate and other alternative investments , and the timing of benefit payments and company contributions .", "taking into account the asset allocation ranges , the company determines the specific allocation of the master trust's investments within various asset classes .", "the master trust utilizes select investment strategies , which are executed through separate account or fund structures with external investment managers who demonstrate experience and expertise in the appropriate asset classes and styles .", "the selection of investment managers is done with careful evaluation of all aspects of performance and risk , demonstrated fiduciary responsibility , investment management experience , and a review of the investment managers' policies and processes .", "investment performance is monitored frequently against appropriate benchmarks and tracked to compliance guidelines with the assistance of third party consultants and performance evaluation tools and metrics .", "plan assets are stated at fair value .", "the company employs a variety of pricing sources to estimate the fair value of its pension plan assets , including independent pricing vendors , dealer or counterparty-supplied valuations , third- party appraisals , and appraisals prepared by the company's investment managers or other experts .", "investments in equity securities , common and preferred , are valued at the last reported sales price when an active market exists .", "securities for which official or last trade pricing on an active exchange is available are classified as level 1 .", "if closing prices are not available , securities are valued at the last trade price , if deemed reasonable , or a broker's quote in a non-active market , and are typically categorized as level 2 .", "investments in fixed-income securities are generally valued by independent pricing services or dealers who make markets in such securities .", "pricing methods are based upon market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders , and fixed-income securities typically are categorized as level 2. ." ]

[ "pension plan assets pension assets include public equities , government and corporate bonds , cash and cash equivalents , private real estate funds , private partnerships , hedge funds , and other assets .", "plan assets are held in a master trust and overseen by the company's investment committee .", "all assets are externally managed through a combination of active and passive strategies .", "managers may only invest in the asset classes for which they have been appointed .", "the investment committee is responsible for setting the policy that provides the framework for management of the plan assets .", "the investment committee has set the minimum and maximum permitted values for each asset class in the company's pension plan master trust for the year ended december 31 , 2018 , as follows: ." ]

[ "u.s . equities the u.s . equities of range 15 is range 15 ; the u.s . equities of range - is range - ; the u.s . equities of range 36% ( 36 % ) is range 36% ( 36 % ) ;" ]

[ [ "u.s . equities", "range 15", "range -", "range 36% ( 36 % )" ], [ "international equities", "10", "-", "29% ( 29 % )" ], [ "fixed income securities", "25", "-", "50% ( 50 % )" ], [ "alternative investments", "10", "-", "25% ( 25 % )" ] ]

[ "henry hub natural gas ( dollars per mmbtu ) ( a ) $ 2.79 $ 4.04 $ 4.39 ( a ) settlement date average .", "liquid hydrocarbon 2013 prices of crude oil have been volatile in recent years , but less so when comparing annual averages for 2012 and 2011 .", "in 2011 , crude prices increased over 2010 levels , with increases in brent averages outstripping those in wti .", "the quality , location and composition of our liquid hydrocarbon production mix will cause our u.s .", "liquid hydrocarbon realizations to differ from the wti benchmark .", "in 2012 , 2011 and 2010 , the percentage of our u.s .", "crude oil and condensate production that was sour averaged 37 percent , 58 percent and 68 percent .", "sour crude contains more sulfur and tends to be heavier than light sweet crude oil so that refining it is more costly and produces lower value products ; therefore , sour crude is considered of lower quality and typically sells at a discount to wti .", "the percentage of our u.s .", "crude and condensate production that is sour has been decreasing as onshore production from the eagle ford and bakken shale plays increases and production from the gulf of mexico declines .", "in recent years , crude oil sold along the u.s .", "gulf coast has been priced at a premium to wti because the louisiana light sweet benchmark has been tracking brent , while production from inland areas farther from large refineries has been at a discount to wti .", "ngls were 10 percent , 7 percent and 6 percent of our u.s .", "liquid hydrocarbon sales in 2012 , 2011 and 2010 .", "in 2012 , our sales of ngls increased due to our development of u.s .", "unconventional liquids-rich plays. ." ]

[ "item 7 .", "management 2019s discussion and analysis of financial condition and results of operations we are an international energy company with operations in the u.s. , canada , africa , the middle east and europe .", "our operations are organized into three reportable segments : 2022 e&p which explores for , produces and markets liquid hydrocarbons and natural gas on a worldwide basis .", "2022 osm which mines , extracts and transports bitumen from oil sands deposits in alberta , canada , and upgrades the bitumen to produce and market synthetic crude oil and vacuum gas oil .", "2022 ig which produces and markets products manufactured from natural gas , such as lng and methanol , in e.g .", "certain sections of management 2019s discussion and analysis of financial condition and results of operations include forward- looking statements concerning trends or events potentially affecting our business .", "these statements typically contain words such as \"anticipates\" \"believes\" \"estimates\" \"expects\" \"targets\" \"plans\" \"projects\" \"could\" \"may\" \"should\" \"would\" or similar words indicating that future outcomes are uncertain .", "in accordance with \"safe harbor\" provisions of the private securities litigation reform act of 1995 , these statements are accompanied by cautionary language identifying important factors , though not necessarily all such factors , which could cause future outcomes to differ materially from those set forth in forward-looking statements .", "for additional risk factors affecting our business , see item 1a .", "risk factors in this annual report on form 10-k .", "management 2019s discussion and analysis of financial condition and results of operations should be read in conjunction with the information under item 1 .", "business , item 1a .", "risk factors and item 8 .", "financial statements and supplementary data found in this annual report on form 10-k .", "spin-off downstream business on june 30 , 2011 , the spin-off of marathon 2019s downstream business was completed , creating two independent energy companies : marathon oil and mpc .", "marathon stockholders at the close of business on the record date of june 27 , 2011 received one share of mpc common stock for every two shares of marathon common stock held .", "a private letter tax ruling received in june 2011 from the irs affirmed the tax-free nature of the spin-off .", "activities related to the downstream business have been treated as discontinued operations in 2011 and 2010 ( see item 8 .", "financial statements and supplementary data 2013 note 3 to the consolidated financial statements for additional information ) .", "overview 2013 market conditions exploration and production prevailing prices for the various grades of crude oil and natural gas that we produce significantly impact our revenues and cash flows .", "the following table lists benchmark crude oil and natural gas price annual averages for the past three years. ." ]

[ "crude oil and condensate production that was sour averaged 37 percent , 58 percent and 68 percent ." ]

[ [ "benchmark", "2012", "2011", "2010" ], [ "wti crude oil ( dollars per bbl )", "$ 94.15", "$ 95.11", "$ 79.61" ], [ "brent ( europe ) crude oil ( dollars per bbl )", "$ 111.65", "$ 111.26", "$ 79.51" ], [ "henry hub natural gas ( dollars per mmbtu ) ( a )", "$ 2.79", "$ 4.04", "$ 4.39" ] ]

[ "self-insurance reserves we self-insure a portion of employee medical benefits under the terms of our employee health insurance program .", "we purchase certain stop-loss insurance to limit our liability exposure .", "we also self-insure a portion of ." ]

[ "on either a straight-line or accelerated basis .", "amortization expense for intangibles was approximately $ 4.2 million , $ 4.1 million and $ 4.1 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively .", "estimated annual amortization expense of the december 31 , 2010 balance for the years ended december 31 , 2011 through 2015 is approximately $ 4.8 million .", "impairment of long-lived assets long-lived assets are reviewed for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable .", "if such review indicates that the carrying amount of long- lived assets is not recoverable , the carrying amount of such assets is reduced to fair value .", "during the year ended december 31 , 2010 , we recognized impairment charges on certain long-lived assets during the normal course of business of $ 1.3 million .", "there were no adjustments to the carrying value of long-lived assets of continuing operations during the years ended december 31 , 2009 or 2008 .", "fair value of financial instruments our debt is reflected on the balance sheet at cost .", "based on market conditions as of december 31 , 2010 , the fair value of our term loans ( see note 5 , 201clong-term obligations 201d ) reasonably approximated the carrying value of $ 590 million .", "at december 31 , 2009 , the fair value of our term loans at $ 570 million was below the carrying value of $ 596 million because our interest rate margins were below the rate available in the market .", "we estimated the fair value of our term loans by calculating the upfront cash payment a market participant would require to assume our obligations .", "the upfront cash payment , excluding any issuance costs , is the amount that a market participant would be able to lend at december 31 , 2010 and 2009 to an entity with a credit rating similar to ours and achieve sufficient cash inflows to cover the scheduled cash outflows under our term loans .", "the carrying amounts of our cash and equivalents , net trade receivables and accounts payable approximate fair value .", "we apply the market and income approaches to value our financial assets and liabilities , which include the cash surrender value of life insurance , deferred compensation liabilities and interest rate swaps .", "required fair value disclosures are included in note 7 , 201cfair value measurements . 201d product warranties some of our salvage mechanical products are sold with a standard six-month warranty against defects .", "additionally , some of our remanufactured engines are sold with a standard three-year warranty against defects .", "we record the estimated warranty costs at the time of sale using historical warranty claim information to project future warranty claims activity and related expenses .", "the changes in the warranty reserve are as follows ( in thousands ) : ." ]

[ "balance as of january 1 2009 the balance as of december 31 2009 of $ 540 is 604 ;", "balance as of january 1 2009 the balance as of december 31 2010 of $ 540 is $ 2063 ;" ]

[ [ "balance as of january 1 2009", "$ 540" ], [ "warranty expense", "5033" ], [ "warranty claims", "-4969 ( 4969 )" ], [ "balance as of december 31 2009", "604" ], [ "warranty expense", "9351" ], [ "warranty claims", "-8882 ( 8882 )" ], [ "business acquisitions", "990" ], [ "balance as of december 31 2010", "$ 2063" ] ]

[ "illumina , inc .", "notes to consolidated financial statements 2014 ( continued ) ." ]

[ "in accordance with sfas no .", "142 , goodwill and other intangible assets , the goodwill is not amortized , but will be subject to a periodic assessment for impairment by applying a fair-value-based test .", "none of this goodwill is expected to be deductible for tax purposes .", "the company performs its annual test for impairment of goodwill in may of each year .", "the company is required to perform a periodic assessment between annual tests in certain circumstances .", "the company has performed its annual test of goodwill as of may 1 , 2006 and has determined there was no impairment of goodwill during 2006 .", "the company allocated $ 15.8 million of the purchase price to in-process research and development projects .", "in-process research and development ( ipr&d ) represents the valuation of acquired , to-be- completed research projects .", "at the acquisition date , cyvera 2019s ongoing research and development initiatives were primarily involved with the development of its veracode technology and the beadxpress reader .", "these two projects were approximately 50% ( 50 % ) and 25% ( 25 % ) complete at the date of acquisition , respectively .", "as of december 31 , 2006 , these two projects were approximately 90% ( 90 % ) and 80% ( 80 % ) complete , respectively .", "the value assigned to purchased ipr&d was determined by estimating the costs to develop the acquired technology into commercially viable products , estimating the resulting net cash flows from the projects , and discounting the net cash flows to their present value .", "the revenue projections used to value the ipr&d were , in some cases , reduced based on the probability of developing a new technology , and considered the relevant market sizes and growth factors , expected trends in technology , and the nature and expected timing of new product introductions by the company and its competitors .", "the resulting net cash flows from such projects are based on the company 2019s estimates of cost of sales , operating expenses , and income taxes from such projects .", "the rates utilized to discount the net cash flows to their present value were based on estimated cost of capital calculations .", "due to the nature of the forecast and the risks associated with the projected growth and profitability of the developmental projects , discount rates of 30% ( 30 % ) were considered appropriate for the ipr&d .", "the company believes that these discount rates were commensurate with the projects 2019stage of development and the uncertainties in the economic estimates described above .", "if these projects are not successfully developed , the sales and profitability of the combined company may be adversely affected in future periods .", "the company believes that the foregoing assumptions used in the ipr&d analysis were reasonable at the time of the acquisition .", "no assurance can be given , however , that the underlying assumptions used to estimate expected project sales , development costs or profitability , or the events associated with such projects , will transpire as estimated .", "at the date of acquisition , the development of these projects had not yet reached technological feasibility , and the research and development in progress had no alternative future uses .", "accordingly , these costs were charged to expense in the second quarter of 2005 .", "the following unaudited pro forma information shows the results of the company 2019s operations for the years ended january 1 , 2006 and january 2 , 2005 as though the acquisition had occurred as of the beginning of the periods presented ( in thousands , except per share data ) : year ended january 1 , year ended january 2 ." ]

[ "the revenue of year ended january 1 2006 is $ 73501 ; the revenue of year ended january 2 2005 is $ 50583 ;" ]

[ [ "", "year ended january 1 2006", "year ended january 2 2005" ], [ "revenue", "$ 73501", "$ 50583" ], [ "net loss", "-6234 ( 6234 )", "-9965 ( 9965 )" ], [ "net loss per share basic and diluted", "-0.15 ( 0.15 )", "-0.27 ( 0.27 )" ] ]

[ "1 .", "the aggregate amounts include losses of approximately $ 1.29 billion and $ 324 million reported in 201cmarket making 201d and 201cother principal transactions , 201d respectively .", "the net unrealized loss on level 3 derivatives of $ 1.37 billion for 2013 principally resulted from changes in level 2 inputs and was primarily attributable to losses on certain credit derivatives , principally due to the impact of tighter credit spreads , and losses on certain currency derivatives , primarily due to changes in foreign exchange rates .", "transfers into level 3 derivatives during 2013 primarily reflected transfers of credit derivative assets from level 2 , principally due to reduced transparency of upfront credit points and correlation inputs used to value these derivatives .", "transfers out of level 3 derivatives during 2013 primarily reflected transfers of certain credit derivatives to level 2 , principally due to unobservable credit spread and correlation inputs no longer being significant to the valuation of these derivatives and unobservable inputs not being significant to the net risk of certain portfolios .", "goldman sachs 2013 annual report 143 ." ]

[ "notes to consolidated financial statements level 3 rollforward if a derivative was transferred to level 3 during a reporting period , its entire gain or loss for the period is included in level 3 .", "transfers between levels are reported at the beginning of the reporting period in which they occur .", "in the tables below , negative amounts for transfers into level 3 and positive amounts for transfers out of level 3 represent net transfers of derivative liabilities .", "gains and losses on level 3 derivatives should be considered in the context of the following : 2030 a derivative with level 1 and/or level 2 inputs is classified in level 3 in its entirety if it has at least one significant level 3 input .", "2030 if there is one significant level 3 input , the entire gain or loss from adjusting only observable inputs ( i.e. , level 1 and level 2 inputs ) is classified as level 3 .", "2030 gains or losses that have been reported in level 3 resulting from changes in level 1 or level 2 inputs are 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 .", "as a result , gains/ ( losses ) included in the level 3 rollforward below do not necessarily represent the overall impact on the firm 2019s results of operations , liquidity or capital resources .", "the tables below present changes in fair value for all derivatives categorized as level 3 as of the end of the year. ." ]

[ "in millions the total derivatives 2014 net of level 3 derivative assets and liabilities at fair value for the year ended december 2013 asset/ ( liability ) balance beginning of year is $ 4356 ; the total derivatives 2014 net of level 3 derivative assets and liabilities at fair value for the year ended december 2013 net realized gains/ ( losses ) is $ ( 245 ) 1 ; the total derivatives 2014 net of 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 is $ ( 1372 ) 1 ; the total derivatives 2014 net of level 3 derivative assets and liabilities at fair value for the year ended december 2013 purchases is $ 322 ; the total derivatives 2014 net of level 3 derivative assets and liabilities at fair value for the year ended december 2013 sales is $ -849 ( 849 ) ; the total derivatives 2014 net of level 3 derivative assets and liabilities at fair value for the year ended december 2013 settlements is $ 158 ; the total derivatives 2014 net of level 3 derivative assets and liabilities at fair value for the year ended december 2013 transfers into level 3 is $ 860 ; the total derivatives 2014 net of level 3 derivative assets and liabilities at fair value for the year ended december 2013 transfers out of level 3 is $ -239 ( 239 ) ; the total derivatives 2014 net of level 3 derivative assets and liabilities at fair value for the year ended december 2013 asset/ ( liability ) balance endof year is $ 2991 ;" ]

[ [ "in 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" ], [ "interest rates 2014 net", "$ -355 ( 355 )", "$ -78 ( 78 )", "$ 168", "$ 1", "$ -8 ( 8 )", "$ 196", "$ -9 ( 9 )", "$ -1 ( 1 )", "$ -86 ( 86 )" ], [ "credit 2014 net", "6228", "-1 ( 1 )", "-977 ( 977 )", "201", "-315 ( 315 )", "-1508 ( 1508 )", "695", "-147 ( 147 )", "4176" ], [ "currencies 2014 net", "35", "-93 ( 93 )", "-419 ( 419 )", "22", "-6 ( 6 )", "169", "139", "-47 ( 47 )", "-200 ( 200 )" ], [ "commodities 2014 net", "-304 ( 304 )", "-6 ( 6 )", "58", "21", "-48 ( 48 )", "281", "50", "8", "60" ], [ "equities 2014 net", "-1248 ( 1248 )", "-67 ( 67 )", "-202 ( 202 )", "77", "-472 ( 472 )", "1020", "-15 ( 15 )", "-52 ( 52 )", "-959 ( 959 )" ], [ "total derivatives 2014 net", "$ 4356", "$ ( 245 ) 1", "$ ( 1372 ) 1", "$ 322", "$ -849 ( 849 )", "$ 158", "$ 860", "$ -239 ( 239 )", "$ 2991" ] ]

[ "the tables that follow show our annual production capacity by mill at september 30 , 2019 in thousands of tons , except for the north charleston , sc mill which reflects our capacity after the previously announced machine closure expected to occur in fiscal 2020 .", "our mill system production levels and operating rates may vary from year to year due to changes in market and other factors , including the impact of hurricanes and other weather-related events .", "our simple average mill system operating rates for the last three years averaged 94% ( 94 % ) .", "we own all of our mills. ." ]

[ "consume significant amounts of energy , and we may in the future incur additional or increased capital , operating and other expenditures from changes due to new or increased climate-related and other environmental regulations .", "we could also incur substantial liabilities , including fines or sanctions , enforcement actions , natural resource damages claims , cleanup and closure costs , and third-party claims for property damage and personal injury under environmental and common laws .", "the foreign corrupt practices act of 1977 and local anti-bribery laws , including those in brazil , china , mexico , india and the united kingdom ( where we maintain operations directly or through a joint venture ) , prohibit companies and their intermediaries from making improper payments to government officials for the purpose of influencing official decisions .", "our internal control policies and procedures , or those of our vendors , may not adequately protect us from reckless or criminal acts committed or alleged to have been committed by our employees , agents or vendors .", "any such violations could lead to civil or criminal monetary and non-monetary penalties and/or could damage our reputation .", "we are subject to a number of labor and employment laws and regulations that could significantly increase our operating costs and reduce our operational flexibility .", "additionally , changing privacy laws in the united states ( including the california consumer privacy act , which will become effective in january 2020 ) , europe ( where the general data protection regulation became effective in 2018 ) and elsewhere have created new individual privacy rights , imposed increased obligations on companies handling personal data and increased potential exposure to fines and penalties .", "item 1b .", "unresolved staff comments there are no unresolved sec staff comments .", "item 2 .", "properties we operate locations in north america , including the majority of u.s .", "states , south america , europe , asia and australia .", "we lease our principal offices in atlanta , ga .", "we believe that our existing production capacity is adequate to serve existing demand for our products and consider our plants and equipment to be in good condition .", "our corporate and operating facilities as of september 30 , 2019 are summarized below: ." ]

[ "states , south america , europe , asia and australia .", "segment the total of number of facilities owned is 196 ; the total of number of facilities leased is 126 ; the total of number of facilities total is 322 ;" ]

[ [ "segment", "number of facilities owned", "number of facilities leased", "number of facilities total" ], [ "corrugated packaging", "112", "61", "173" ], [ "consumer packaging", "84", "55", "139" ], [ "corporate and significant regional offices", "2014", "10", "10" ], [ "total", "196", "126", "322" ] ]

[ "see the notes to consolidated financial statements 39 / slb 2003 form 10-k ." ]

[ "table of contents part ii , item 8 schlumberger limited ( schlumberger n.v. , incorporated in the netherlands antilles ) and subsidiary companies shares of common stock issued treasury shares outstanding ." ]

[ "the acquisition of technoguide of issued is 2013 ; the acquisition of technoguide of in treasury is 1347485 ; the acquisition of technoguide of shares outstanding is 1347485 ;", "the balance december 31 2002 of issued is 667104668 ; the balance december 31 2002 of in treasury is -84931553 ( 84931553 ) ; the balance december 31 2002 of shares outstanding is 582173115 ;" ]

[ [ "", "issued", "in treasury", "shares outstanding" ], [ "balance january 1 2001", "667085793", "-94361099 ( 94361099 )", "572724694" ], [ "employee stock purchase plan", "2013", "1752833", "1752833" ], [ "shares granted to directors", "2013", "4800", "4800" ], [ "shares sold to optionees", "8385", "1399686", "1408071" ], [ "balance december 31 2001", "667094178", "-91203780 ( 91203780 )", "575890398" ], [ "employee stock purchase plan", "2013", "2677842", "2677842" ], [ "shares granted to directors", "2013", "3500", "3500" ], [ "shares sold to optionees", "10490", "2243400", "2253890" ], [ "acquisition of technoguide", "2013", "1347485", "1347485" ], [ "balance december 31 2002", "667104668", "-84931553 ( 84931553 )", "582173115" ], [ "employee stock purchase plan", "2013", "2464088", "2464088" ], [ "shares granted to directors", "2013", "3500", "3500" ], [ "shares sold to optionees", "1320", "1306305", "1307625" ], [ "balance december 31 2003", "667105988", "-81157660 ( 81157660 )", "585948328" ] ]

[ "operating activities cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities .", "for 2017 compared to 2016 , the $ 302 million increase in cash provided by operating activities was due to changes to working capital partially offset by adjustments for non-cash items and lower net income .", "tax reform did not have an impact on our 2017 cash provided by operating activities .", "the increase in cash provided by operating activities was driven by increased income before taxes and $ 1.0 billion receipts of customer deposits .", "these increases were partially offset by increased inventory and accounts receivable .", "income taxes paid , net of refunds , in 2017 compared to 2016 were $ 2.9 billion higher due to higher income before taxes , taxable gains on sales of asml , and taxes on the isecg divestiture .", "we expect approximately $ 2.0 billion of additional customer deposits in 2018 .", "for 2016 compared to 2015 , the $ 2.8 billion increase in cash provided by operating activities was due to adjustments for non-cash items and changes in working capital , partially offset by lower net income .", "the adjustments for non-cash items were higher in 2016 primarily due to restructuring and other charges and the change in deferred taxes , partially offset by lower depreciation .", "investing activities investing cash flows consist primarily of capital expenditures ; investment purchases , sales , maturities , and disposals ; and proceeds from divestitures and cash used for acquisitions .", "our capital expenditures were $ 11.8 billion in 2017 ( $ 9.6 billion in 2016 and $ 7.3 billion in 2015 ) .", "the decrease in cash used for investing activities in 2017 compared to 2016 was primarily due to higher net activity of available-for sale-investments in 2017 , proceeds from our divestiture of isecg in 2017 , and higher maturities and sales of trading assets in 2017 .", "this activity was partially offset by higher capital expenditures in 2017 .", "the increase in cash used for investing activities in 2016 compared to 2015 was primarily due to our completed acquisition of altera , net purchases of trading assets in 2016 compared to net sales of trading assets in 2015 , and higher capital expenditures in 2016 .", "this increase was partially offset by lower investments in non-marketable equity investments .", "financing activities financing cash flows consist primarily of repurchases of common stock , payment of dividends to stockholders , issuance and repayment of short-term and long-term debt , and proceeds from the sale of shares of common stock through employee equity incentive plans .", "the increase in cash used for financing activities in 2017 compared to 2016 was primarily due to net long-term debt activity , which was a use of cash in 2017 compared to a source of cash in 2016 .", "during 2017 , we repurchased $ 3.6 billion of common stock under our authorized common stock repurchase program , compared to $ 2.6 billion in 2016 .", "as of december 30 , 2017 , $ 13.2 billion remained available for repurchasing common stock under the existing repurchase authorization limit .", "we base our level of common stock repurchases on internal cash management decisions , and this level may fluctuate .", "proceeds from the sale of common stock through employee equity incentive plans totaled $ 770 million in 2017 compared to $ 1.1 billion in 2016 .", "our total dividend payments were $ 5.1 billion in 2017 compared to $ 4.9 billion in 2016 .", "we have paid a cash dividend in each of the past 101 quarters .", "in january 2018 , our board of directors approved an increase to our cash dividend to $ 1.20 per share on an annual basis .", "the board has declared a quarterly cash dividend of $ 0.30 per share of common stock for q1 2018 .", "the dividend is payable on march 1 , 2018 to stockholders of record on february 7 , 2018 .", "cash was used for financing activities in 2016 compared to cash provided by financing activities in 2015 , primarily due to fewer debt issuances and the repayment of debt in 2016 .", "this activity was partially offset by repayment of commercial paper in 2015 and fewer common stock repurchases in 2016 .", "md&a - results of operations consolidated results and analysis 37 ." ]

[ "in summary , our cash flows for each period were as follows : years ended ( in millions ) dec 30 , dec 31 , dec 26 ." ]

[ "years ended ( in millions ) the net cash provided by operating activities of dec 302017 is $ 22110 ; the net cash provided by operating activities of dec 312016 is $ 21808 ; the net cash provided by operating activities of dec 262015 is $ 19018 ;", "years ended ( in millions ) the net cash used for investing activities of dec 302017 is -15762 ( 15762 ) ; the net cash used for investing activities of dec 312016 is -25817 ( 25817 ) ; the net cash used for investing activities of dec 262015 is -8183 ( 8183 ) ;" ]

[ [ "years ended ( in millions )", "dec 302017", "dec 312016", "dec 262015" ], [ "net cash provided by operating activities", "$ 22110", "$ 21808", "$ 19018" ], [ "net cash used for investing activities", "-15762 ( 15762 )", "-25817 ( 25817 )", "-8183 ( 8183 )" ], [ "net cash provided by ( used for ) financing activities", "-8475 ( 8475 )", "-5739 ( 5739 )", "1912" ], [ "net increase ( decrease ) in cash and cash equivalents", "$ -2127 ( 2127 )", "$ -9748 ( 9748 )", "$ 12747" ] ]

[ "note 7 : regulatory assets and liabilities regulatory assets regulatory assets represent costs that are probable of recovery from customers in future rates .", "the majority of the regulatory assets earn a return .", "the following table provides the composition of regulatory assets as of december 31 : 2018 2017 deferred pension expense .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "$ 362 $ 285 removal costs recoverable through rates .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "292 269 regulatory balancing accounts .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "110 113 san clemente dam project costs .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "85 89 debt expense .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "70 67 purchase premium recoverable through rates .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "56 57 deferred tank painting costs .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "42 42 make-whole premium on early extinguishment of debt .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "33 27 other .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "106 112 total regulatory assets .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "$ 1156 $ 1061 the company 2019s deferred pension expense includes a portion of the underfunded status that is probable of recovery through rates in future periods of $ 352 million and $ 270 million as of december 31 , 2018 and 2017 , respectively .", "the remaining portion is the pension expense in excess of the amount contributed to the pension plans which is deferred by certain subsidiaries and will be recovered in future service rates as contributions are made to the pension plan .", "removal costs recoverable through rates represent costs incurred for removal of property , plant and equipment or other retirement costs .", "regulatory balancing accounts accumulate differences between revenues recognized and authorized revenue requirements until they are collected from customers or are refunded .", "regulatory balancing accounts include low income programs and purchased power and water accounts .", "san clemente dam project costs represent costs incurred and deferred by the company 2019s utility subsidiary in california pursuant to its efforts to investigate alternatives and remove the dam due to potential earthquake and flood safety concerns .", "in june 2012 , the california public utilities commission ( 201ccpuc 201d ) issued a decision authorizing implementation of a project to reroute the carmel river and remove the san clemente dam .", "the project includes the company 2019s utility subsidiary in california , the california state conservancy and the national marine fisheries services .", "under the order 2019s terms , the cpuc has authorized recovery for ." ]

[ "note 6 : allowance for uncollectible accounts the following table provides the changes in the allowances for uncollectible accounts for the years ended december 31: ." ]

[ "the balance as of december 31 of 2018 is $ -45 ( 45 ) ; the balance as of december 31 of 2017 is $ -42 ( 42 ) ; the balance as of december 31 of 2016 is $ -40 ( 40 ) ;" ]

[ [ "", "2018", "2017", "2016" ], [ "balance as of january 1", "$ -42 ( 42 )", "$ -40 ( 40 )", "$ -39 ( 39 )" ], [ "amounts charged to expense", "-33 ( 33 )", "-29 ( 29 )", "-27 ( 27 )" ], [ "amounts written off", "34", "30", "29" ], [ "recoveries of amounts written off", "-4 ( 4 )", "-3 ( 3 )", "-3 ( 3 )" ], [ "balance as of december 31", "$ -45 ( 45 )", "$ -42 ( 42 )", "$ -40 ( 40 )" ] ]

[ "included in selling , general and administrative expense was rent expense of $ 26.7 million , $ 21.3 million and $ 14.1 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively , under non-cancelable ." ]

[ "the company monitors the financial health and stability of its lenders under the revolving credit and long term debt facilities , however during any period of significant instability in the credit markets lenders could be negatively impacted in their ability to perform under these facilities .", "in july 2011 , in connection with the company 2019s acquisition of its corporate headquarters , the company assumed a $ 38.6 million nonrecourse loan secured by a mortgage on the acquired property .", "the acquisition of the company 2019s corporate headquarters was accounted for as a business combination , and the carrying value of the loan secured by the acquired property approximates fair value .", "the assumed loan had an original term of approximately ten years with a scheduled maturity date of march 1 , 2013 .", "the loan includes a balloon payment of $ 37.3 million due at maturity , and may not be prepaid .", "the assumed loan is nonrecourse with the lender 2019s remedies for non-performance limited to action against the acquired property and certain required reserves and a cash collateral account , except for nonrecourse carve outs related to fraud , breaches of certain representations , warranties or covenants , including those related to environmental matters , and other standard carve outs for a loan of this type .", "the loan requires certain minimum cash flows and financial results from the property , and if those requirements are not met , additional reserves may be required .", "the assumed loan requires prior approval of the lender for certain matters related to the property , including material leases , changes to property management , transfers of any part of the property and material alterations to the property .", "the loan has an interest rate of 6.73% ( 6.73 % ) .", "in connection with the assumed loan , the company incurred and capitalized $ 0.8 million in deferred financing costs .", "as of december 31 , 2011 , the outstanding balance on the loan was $ 38.2 million .", "in addition , in connection with the assumed loan for the acquisition of its corporate headquarters , the company was required to set aside amounts in reserve and cash collateral accounts .", "as of december 31 , 2011 , $ 2.0 million of restricted cash was included in prepaid expenses and other current assets , and the remaining $ 3.0 million of restricted cash was included in other long term assets .", "interest expense was $ 3.9 million , $ 2.3 million and $ 2.4 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively .", "interest expense includes the amortization of deferred financing costs and interest expense under the credit and long term debt facilities , as well as the assumed loan discussed above .", "8 .", "commitments and contingencies obligations under operating leases the company leases warehouse space , office facilities , space for its retail stores and certain equipment under non-cancelable operating leases .", "the leases expire at various dates through 2023 , excluding extensions at the company 2019s option , and include provisions for rental adjustments .", "the table below includes executed lease agreements for factory house stores that the company did not yet occupy as of december 31 , 2011 and does not include contingent rent the company may incur at its retail stores based on future sales above a specified limit .", "the following is a schedule of future minimum lease payments for non-cancelable real property operating leases as of december 31 , 2011 : ( in thousands ) operating ." ]

[ "( in thousands ) the 2012 of operating is $ 22926 ;", "( in thousands ) the total future minimum lease payments of operating is $ 185178 ;" ]

[ [ "( in thousands )", "operating" ], [ "2012", "$ 22926" ], [ "2013", "23470" ], [ "2014", "26041" ], [ "2015", "24963" ], [ "2016", "18734" ], [ "2017 and thereafter", "69044" ], [ "total future minimum lease payments", "$ 185178" ] ]

[ "[a] total number of shares purchased during the 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 , and pay withholding obligations for vesting of retention shares .", "[b] effective january 1 , 2017 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2020 .", "these repurchases may be made on the open market or through other transactions .", "our management has sole discretion with respect to determining the timing and amount of these transactions. ." ]

[ "purchases of equity securities 2013 during 2018 , we repurchased 57669746 shares of our common stock at an average price of $ 143.70 .", "the following table presents common stock repurchases during each month for the fourth quarter of 2018 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares remaining under the plan or program [b] ." ]

[ "period the total of total number of shares purchased [a] is 12508023 ; the total of average price paid per share is $ 153.04 ; the total of total number of shares purchased as part of a publicly announcedplan or program [b] is 12490632 ; the total of maximum number of shares remaining under the plan or program [b] is n/a ;", "purchases of equity securities 2013 during 2018 , we repurchased 57669746 shares of our common stock at an average price of $ 143.70 ." ]

[ [ "period", "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]" ], [ "oct . 1 through oct . 31", "6091605", "$ 158.20", "6087727", "32831024" ], [ "nov . 1 through nov . 30", "3408467", "147.91", "3402190", "29428834" ], [ "dec . 1 through dec . 31", "3007951", "148.40", "3000715", "26428119" ], [ "total", "12508023", "$ 153.04", "12490632", "n/a" ] ]

[ "predetermined intervals , usually every 7 ." ]

[ "28 , 35 , or 90 days .", "the funds associated with failed auctions will not be accessible until a successful auction occurs or a buyer is found outside of the auction process .", "based on broker- dealer valuation models and an analysis of other-than-temporary impairment factors , auction rate securities with an original par value of approximately $ 34 million were written-down to an estimated fair value of $ 16 million as of december 31 , 2007 .", "this write-down resulted in an 201cother-than-temporary 201d impairment charge of approximately $ 8 million ( pre-tax ) included in net income and a temporary impairment charge of $ 10 million ( pre-tax ) reflected as an unrealized loss within other comprehensive income for 2007 .", "as of december 31 , 2007 , these investments in auction rate securities have been in a loss position for less than six months .", "these auction rate securities are classified as non-current marketable securities as of december 31 , 2007 as indicated in the preceding table .", "3m reviews impairments associated with the above in accordance with emerging issues task force ( eitf ) 03-1 and fsp sfas 115-1 and 124-1 , 201cthe meaning of other-than-temporary-impairment and its application to certain investments , 201d to determine the classification of the impairment as 201ctemporary 201d or 201cother-than-temporary . 201d a temporary impairment charge results in an unrealized loss being recorded in the other comprehensive income component of stockholders 2019 equity .", "such an unrealized loss does not reduce net income for the applicable accounting period because the loss is not viewed as other-than-temporary .", "the company believes that a portion of the impairment of its auction rate securities investments is temporary and a portion is other-than-temporary .", "the factors evaluated to differentiate between temporary and other-than-temporary include the projected future cash flows , credit ratings actions , and assessment of the credit quality of the underlying collateral .", "the balance at december 31 , 2007 for marketable securities and short-term investments by contractual maturity are shown below .", "actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties .", "dec .", "31 , ( millions ) 2007 ." ]

[ "( millions ) the due in one year or less of dec . 31 2007 is $ 231 ;", "( millions ) the total marketable securities of dec . 31 2007 is $ 1059 ;" ]

[ [ "( millions )", "dec . 31 2007" ], [ "due in one year or less", "$ 231" ], [ "due after one year through three years", "545" ], [ "due after three years through five years", "221" ], [ "due after five years", "62" ], [ "total marketable securities", "$ 1059" ] ]

[ "( 1 ) includes $ 2 million purchase accounting adjustment to assumed debt .", "17 .", "benefit obligations pension obligations .", "pension obligations are established for benefits payable in the form of retirement , disability and surviving dependent pensions .", "the benefits offered vary according to the legal , fiscal and economic conditions of each country .", "the commitments result from participation in defined contribution and defined benefit plans , primarily in the u.s .", "benefits are dependent on years of service and the employee 2019s compensation .", "supplemental retirement benefits provided to certain employees are non-qualified for u.s .", "tax purposes .", "separate trusts have been established for some non-qualified plans .", "defined benefit pension plans exist at certain locations in north america and europe .", "as of december 31 , 2005 , the company 2019s u.s .", "qualified pension plan represented greater than 85% ( 85 % ) and 75% ( 75 % ) of celanese 2019s pension plan assets and liabilities , respectively .", "independent trusts or insurance companies administer the majority of these plans .", "actuarial valuations for these plans are prepared annually .", "the company sponsors various defined contribution plans in europe and north america covering certain employees .", "employees may contribute to these plans and the company will match these contributions in varying amounts .", "contributions to the defined contribution plans are based on specified percentages of employee contributions and they aggregated $ 12 million for the year ended decem- ber 31 , 2005 , $ 8 million for the nine months ended december 31 , 2004 , $ 3 million for the three months ended march 31 , 2004 and $ 11 million for the year ended december 31 , 2003 .", "in connection with the acquisition of cag , the purchaser agreed to pre-fund $ 463 million of certain pension obligations .", "during the nine months ended december 31 , 2004 , $ 409 million was pre-funded to the company 2019s pension plans .", "the company contributed an additional $ 54 million to the non-qualified pension plan 2019s rabbi trusts in february 2005 .", "in connection with the company 2019s acquisition of vinamul and acetex , the company assumed certain assets and obligations related to the acquired pension plans .", "the company recorded liabilities of $ 128 million for these pension plans .", "total pension assets acquired amounted to $ 85 million. ." ]

[ "celanese corporation and subsidiaries notes to consolidated financial statements ( continued ) 2022 amend certain material agreements governing bcp crystal 2019s indebtedness ; 2022 change the business conducted by celanese holdings and its subsidiaries ; and 2022 enter into hedging agreements that restrict dividends from subsidiaries .", "in addition , the senior credit facilities require bcp crystal to maintain the following financial covenants : a maximum total leverage ratio , a maximum bank debt leverage ratio , a minimum interest coverage ratio and maximum capital expenditures limitation .", "the maximum consolidated net bank debt to adjusted ebitda ratio , as defined , previously required under the senior credit facilities , was eliminated when the company amended the facilities in january 2005 .", "as of december 31 , 2005 , the company was in compliance with all of the financial covenants related to its debt agreements .", "the maturation of the company 2019s debt , including short term borrowings , is as follows : ( in $ millions ) ." ]

[ "the 2006 of total ( in$ millions ) is 155 ;", "the total of total ( in$ millions ) is 3437 ;" ]

[ [ "", "total ( in$ millions )" ], [ "2006", "155" ], [ "2007", "29" ], [ "2008", "22" ], [ "2009", "40" ], [ "2010", "28" ], [ "thereafter ( 1 )", "3163" ], [ "total", "3437" ] ]

[ "southland 2014in september 2010 , a new environmental policy on the use of ocean water to cool generation facilities was issued in california that requires generation plants to comply with the policy by december 31 , 2020 and would require significant capital expenditure or plants 2019 shutdown .", "the company 2019s huntington beach gas-fired generation facility in california , which is part of aes 2019 southland business , was impacted by the new policy .", "the company performed an asset impairment test and determined the fair value of the asset group using a discounted cash flow analysis .", "the carrying value of the asset group of $ 288 million exceeded the fair value of $ 88 million resulting in the recognition of asset impairment expense of $ 200 million for the year ended december 31 , 2010 .", "southland is reported in the north america generation reportable segment .", "tisza ii 2014during the third quarter of 2010 , the company entered into annual negotiations with the offtaker of tisza ii .", "as a result of these preliminary negotiations , as well as the further deterioration of the economic environment in hungary , the company determined that an indicator of impairment existed at september 30 , 2010 .", "thus , the company performed an asset impairment test and determined that based on the undiscounted cash flow analysis , the carrying amount of the tisza ii asset group was not recoverable .", "the fair value of the asset group was then determined using a discounted cash flow analysis .", "the carrying value of the tisza ii asset group of $ 160 million exceeded the fair value of $ 75 million resulting in the recognition of asset impairment expense of $ 85 million during the year ended december 31 , 2010 .", "deepwater 2014in 2010 , deepwater , our 160 mw petcoke-fired merchant power plant located in texas , experienced deteriorating market conditions due to increasing petcoke prices and diminishing power prices .", "as a result , deepwater incurred operating losses and was shut down from time to time to avoid negative operating margin .", "in the fourth quarter of 2010 , management concluded that , on an undiscounted cash flow basis , the carrying amount of the asset group was no longer recoverable .", "the fair value of deepwater was determined using a discounted cash flow analysis and $ 79 million of impairment expense was recognized .", "deepwater is reported in the north america generation reportable segment. ." ]

[ "the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2011 , 2010 , and 2009 may require the government to acquire an ownership interest and the current expectation of future losses .", "our evaluation indicated that the long-lived assets were no longer recoverable and , accordingly , they were written down to their estimated fair value of $ 24 million based on a discounted cash flow analysis .", "the long-lived assets had a carrying amount of $ 66 million prior to the recognition of asset impairment expense .", "kelanitissa is a build- operate-transfer ( bot ) generation facility and payments under its ppa are scheduled to decline over the ppa term .", "it is possible that further impairment charges may be required in the future as kelanitissa gets closer to the bot date .", "kelanitissa is reported in the asia generation reportable segment .", "asset impairment expense for the year ended december 31 , 2010 consisted of : ( in millions ) ." ]

[ "the southland ( huntington beach ) of 2010 ( in millions ) is $ 200 ;", "the carrying value of the asset group of $ 288 million exceeded the fair value of $ 88 million resulting in the recognition of asset impairment expense of $ 200 million for the year ended december 31 , 2010 ." ]

[ [ "", "2010 ( in millions )" ], [ "southland ( huntington beach )", "$ 200" ], [ "tisza ii", "85" ], [ "deepwater", "79" ], [ "other", "25" ], [ "total", "$ 389" ] ]

[ "the 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 and other liabilities , accretion of capping , closure and post-closure obligations and amortization of the related assets , and provision for income taxes .", "restructuring charges as a result of the 2008 allied acquisition , we committed to a restructuring plan related to our corporate overhead and other administrative and operating functions .", "the plan included closing our corporate office in florida , consolidating administrative functions to arizona , the former headquarters of allied , and reducing staffing levels .", "the plan also included closing and consolidating certain operating locations and terminating certain leases .", "during the years ended december 31 , 2010 and 2009 , we incurred $ 11.4 million , net of adjustments , and $ 63.2 million , respectively , of restructuring and integration charges related to our integration of allied .", "these charges and adjustments primarily related to severance and other employee termination and relocation benefits and consulting and professional fees .", "substantially all the charges are recorded in our corporate segment .", "we do not expect to incur additional charges to complete our plan .", "we expect that the remaining charges will be paid during 2011 .", "republic services , inc .", "notes to consolidated financial statements , continued ." ]

[ "acquired is represented by allied 2019s infrastructure of market-based collection routes and its related integrated waste transfer and disposal channels , whose value has been included in goodwill .", "all of the goodwill and other intangible assets resulting from the allied acquisition are not deductible for income tax purposes .", "pro forma information the consolidated financial statements presented for republic include the operating results of allied from december 5 , 2008 , the date of the acquisition .", "the following pro forma information is presented assuming the acquisition had been completed as of january 1 , 2008 .", "the unaudited pro forma information presented has been prepared for illustrative purposes and is not intended to be indicative of the results of operations that would have actually occurred had the acquisition been consummated at the beginning of the periods presented or of future results of the combined operations .", "furthermore , the pro forma results do not give effect to all cost savings or incremental costs that occur as a result of the integration and consolidation of the acquisition ( in millions , except share and per share amounts ) .", "year ended december 31 , ( unaudited ) ." ]

[ "the plan also included closing and consolidating certain operating locations and terminating certain leases .", "during the years ended december 31 , 2010 and 2009 , we incurred $ 11.4 million , net of adjustments , and $ 63.2 million , respectively , of restructuring and integration charges related to our integration of allied ." ]

[ [ "", "year ended december 31 2008 ( unaudited )" ], [ "revenue", "$ 9362.2" ], [ "net income", "285.7" ], [ "basic earnings per share", "0.76" ], [ "diluted earnings per share", "0.75" ] ]

[ "although the fully phased-in capital ratios are not applicable until 2019 , we believe that the estimated ratios in the table above are meaningful because they are measures that we , our regulators and investors use to assess our ability to meet future regulatory capital requirements .", "the estimated fully phased-in basel iii advanced and standardized cet1 ratios are non-gaap measures as of both december 2014 and december 2013 and may not be comparable to similar non-gaap measures used by other companies ( as of those dates ) .", "these estimated ratios are based on our current interpretation , expectations and understanding of the revised capital framework and may evolve as we discuss its interpretation and application with our regulators .", "see note 20 to the consolidated financial statements for information about our transitional capital ratios , which represent our binding ratios as of december 2014 .", "in the table above : 2030 the 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 , respectively , and identifiable intangible assets of $ 515 million and $ 671 million as of december 2014 and december 2013 , respectively , net of associated deferred tax liabilities of $ 964 million and $ 908 million as of december 2014 and december 2013 , respectively .", "2030 the deduction for investments in nonconsolidated financial institutions represents the amount by which our investments in the capital of nonconsolidated financial institutions exceed certain prescribed thresholds .", "the decrease from december 2013 to december 2014 primarily reflects reductions in our fund investments .", "2030 other adjustments primarily include the overfunded portion of our defined benefit pension plan obligation , net of associated deferred tax liabilities , and disallowed deferred tax assets , credit valuation adjustments on derivative liabilities and debt valuation adjustments , as well as other required credit risk-based deductions .", "supplementary leverage ratio the revised capital framework introduces a new supplementary leverage ratio for advanced approach banking organizations .", "under amendments to the revised capital framework , the u.s .", "federal bank regulatory agencies approved a final rule that implements the supplementary leverage ratio aligned with the definition of leverage established by the basel committee .", "the supplementary leverage ratio compares tier 1 capital to a measure of leverage exposure , defined as the sum of our quarterly average assets less certain deductions plus certain off-balance-sheet exposures , including a measure of derivatives exposures and commitments .", "the revised capital framework requires a minimum supplementary leverage ratio of 5.0% ( 5.0 % ) ( comprised of the minimum requirement of 3.0% ( 3.0 % ) and a 2.0% ( 2.0 % ) buffer ) for u.s .", "banks deemed to be g-sibs , effective on january 1 , 2018 .", "certain disclosures regarding the supplementary leverage ratio are required beginning in the first quarter of 2015 .", "as of december 2014 , our estimated supplementary leverage ratio was 5.0% ( 5.0 % ) , including tier 1 capital on a fully phased-in basis of $ 73.17 billion ( cet1 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 comprised of off-balance-sheet exposure related to derivatives and commitments ) .", "we believe that the estimated supplementary leverage ratio is meaningful because it is a measure that we , our regulators and investors use to assess our ability to meet future regulatory capital requirements .", "the supplementary leverage ratio is a non-gaap measure and may not be comparable to similar non-gaap measures used by other companies .", "this estimated supplementary leverage ratio is based on our current interpretation and understanding of the u.s .", "federal bank regulatory agencies 2019 final rule and may evolve as we discuss its interpretation and application with our regulators .", "60 goldman sachs 2014 annual report ." ]

[ "management 2019s discussion and analysis fully phased-in capital ratios the table below presents our estimated ratio of cet1 to rwas calculated under the basel iii advanced rules and the standardized capital rules on a fully phased-in basis. ." ]

[ "$ in millions the common shareholders 2019 equity of as of december 2014 is $ 73597 ; the common shareholders 2019 equity of as of december 2013 is $ 71267 ;" ]

[ [ "$ in millions", "as of december 2014", "as of december 2013" ], [ "common shareholders 2019 equity", "$ 73597", "$ 71267" ], [ "deductions for goodwill and identifiable intangible assets net of deferred tax liabilities", "-3196 ( 3196 )", "-3468 ( 3468 )" ], [ "deductions for investments in nonconsolidated financial institutions", "-4928 ( 4928 )", "-9091 ( 9091 )" ], [ "other adjustments", "-1213 ( 1213 )", "-489 ( 489 )" ], [ "cet1", "$ 64260", "$ 58219" ], [ "basel iii advanced rwas", "$ 577869", "$ 594662" ], [ "basel iii advanced cet1 ratio", "11.1% ( 11.1 % )", "9.8% ( 9.8 % )" ], [ "standardized rwas", "$ 627444", "$ 635092" ], [ "standardized cet1 ratio", "10.2% ( 10.2 % )", "9.2% ( 9.2 % )" ] ]

[ "we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .", "we did not have any interest rate swaps outstanding as of december 31 , 2018 .", "we had $ 673.5 of cash , cash equivalents and marketable securities as of december 31 , 2018 that we generally invest in conservative , short-term bank deposits or securities .", "the interest income generated from these investments is subject to both domestic and foreign interest rate movements .", "during 2018 and 2017 , we had interest income of $ 21.8 and $ 19.4 , respectively .", "based on our 2018 results , a 100 basis-point increase or decrease in interest rates would affect our interest income by approximately $ 6.7 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2018 levels .", "foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .", "since we report revenues and expenses in u.s .", "dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .", "dollars ) from foreign operations .", "the foreign currencies that most favorably impacted our results during the year ended december 31 , 2018 were the euro and british pound sterling .", "the foreign currencies that most adversely impacted our results during the year ended december 31 , of 2018 were the argentine peso and brazilian real .", "based on 2018 exchange rates and operating results , if the u.s .", "dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2018 levels .", "the functional currency of our foreign operations is generally their respective local currency .", "assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .", "the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .", "our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .", "however , certain subsidiaries may enter into transactions in currencies other than their functional currency .", "assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .", "currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .", "we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other ." ]

[ "item 7a .", "quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .", "from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .", "derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .", "interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .", "the majority of our debt ( approximately 86% ( 86 % ) and 94% ( 94 % ) as of december 31 , 2018 and 2017 , respectively ) bears interest at fixed rates .", "we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .", "the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .", "increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates ." ]

[ "as of december 31 , the 2018 of increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates is $ -91.3 ( 91.3 ) ; the 2018 of increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates is $ 82.5 ;" ]

[ [ "as 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" ], [ "2018", "$ -91.3 ( 91.3 )", "$ 82.5" ], [ "2017", "-20.2 ( 20.2 )", "20.6" ] ]

[ "purchase price , net of assumed liabilities $ 713202 in december 2006 , we contributed 23 of these in-service properties acquired from the mark winkler portfolio with a basis of $ 381.6 million representing real estate investments and acquired lease related intangible assets to two new unconsolidated subsidiaries .", "of the remaining nine in-service properties , eight were contributed to these two unconsolidated subsidiaries in 2007 and one remains in continuing operations as of december 31 , 2008 .", "the eight properties contributed in 2007 had a basis of $ 298.4 million representing real estate investments and acquired lease related intangible assets , and debt secured by these properties of $ 146.4 million was also assumed by the unconsolidated subsidiaries .", "in the third quarter of 2006 , we finalized the purchase of a portfolio of industrial real estate properties in savannah , georgia .", "we completed a majority of the purchase in january 2006 .", "the assets acquired for a purchase price of approximately $ 196.2 million were comprised of 18 buildings with approximately 5.1 million square feet for rental as well as over 60 acres of undeveloped land .", "the acquisition was financed in part through assumed mortgage loans .", "the results of operations for the acquired properties since the date of acquisition have been included in continuing rental operations in our consolidated financial statements. ." ]

[ "as approximately 161 acres of undeveloped land and a 12-acre container storage facility in houston .", "the total price was $ 89.7 million and was financed in part through assumption of secured debt that had a fair value of $ 34.3 million .", "of the total purchase price , $ 64.1 million was allocated to in-service real estate assets , $ 20.0 million was allocated to undeveloped land and the container storage facility , $ 5.4 million was allocated to lease related intangible assets , and the remaining amount was allocated to acquired working capital related assets and liabilities .", "the results of operations for the acquired properties since the date of acquisition have been included in continuing rental operations in our consolidated financial statements .", "in february 2007 , we completed the acquisition of bremner healthcare real estate ( 201cbremner 201d ) , a national health care development and management firm .", "the primary reason for the acquisition was to expand our development capabilities within the health care real estate market .", "the initial consideration paid to the sellers totaled $ 47.1 million , and the sellers may be eligible for further contingent payments over a three-year period following the acquisition .", "approximately $ 39.0 million of the total purchase price was allocated to goodwill , which is attributable to the value of bremner 2019s overall development capabilities and its in-place workforce .", "the results of operations for bremner since the date of acquisition have been included in continuing operations in our consolidated financial statements .", "in february 2006 , we acquired the majority of a washington , d.c .", "metropolitan area portfolio of suburban office and light industrial properties ( the 201cmark winkler portfolio 201d ) .", "the assets acquired for a purchase price of approximately $ 867.6 million were comprised of 32 in-service properties with approximately 2.9 million square feet for rental , 166 acres of undeveloped land , as well as certain related assets of the mark winkler company , a real estate management company .", "the acquisition was financed primarily through assumed mortgage loans and new borrowings .", "the assets acquired and liabilities assumed were recorded at their estimated fair value at the date of acquisition , as summarized below ( in thousands ) : ." ]

[ "as approximately 161 acres of undeveloped land and a 12-acre container storage facility in houston .", "the total price was $ 89.7 million and was financed in part through assumption of secured debt that had a fair value of $ 34.3 million .", "of the total purchase price , $ 64.1 million was allocated to in-service real estate assets , $ 20.0 million was allocated to undeveloped land and the container storage facility , $ 5.4 million was allocated to lease related intangible assets , and the remaining amount was allocated to acquired working capital related assets and liabilities ." ]

[ [ "operating rental properties", "$ 602011" ], [ "undeveloped land", "154300" ], [ "total real estate investments", "756311" ], [ "other assets", "10478" ], [ "lease related intangible assets", "86047" ], [ "goodwill", "14722" ], [ "total assets acquired", "867558" ], [ "debt assumed", "-148527 ( 148527 )" ], [ "other liabilities assumed", "-5829 ( 5829 )" ], [ "purchase price net of assumed liabilities", "$ 713202" ] ]

[ "the risk free rate was based on a zero coupon risk-free rate .", "the minimum risk free rate was based on a period of 0.25 years for the years ended december 31 , 2018 , 2017 and 2016 .", "the maximum risk free rate was based on a period of 3 years for the years ended december 31 , 2018 , 2017 and 2016 .", "the dividend yield was based on the closing stock price of maa stock on the ." ]

[ "5 .", "stock based compensation overview maa accounts for its stock based employee compensation plans in accordance with accounting standards governing stock based compensation .", "these standards require an entity to measure the cost of employee services received in exchange for an award of an equity instrument based on the award's fair value on the grant date and recognize the cost over the period during which the employee is required to provide service in exchange for the award , which is generally the vesting period .", "any liability awards issued are remeasured at each reporting period .", "maa 2019s stock compensation plans consist of a number of incentives provided to attract and retain independent directors , executive officers and key employees .", "incentives are currently granted under the second amended and restated 2013 stock incentive plan , or the stock plan , which was approved at the 2018 annual meeting of maa shareholders .", "the stock plan allows for the grant of restricted stock and stock options up to 2000000 shares .", "maa believes that such awards better align the interests of its employees with those of its shareholders .", "compensation expense is generally recognized for service based restricted stock awards using the straight-line method over the vesting period of the shares regardless of cliff or ratable vesting distinctions .", "compensation expense for market and performance based restricted stock awards is generally recognized using the accelerated amortization method with each vesting tranche valued as a separate award , with a separate vesting date , consistent with the estimated value of the award at each period end .", "additionally , compensation expense is adjusted for actual forfeitures for all awards in the period that the award was forfeited .", "compensation expense for stock options is generally recognized on a straight-line basis over the requisite service period .", "maa presents stock compensation expense in the consolidated statements of operations in \"general and administrative expenses\" .", "total compensation expense under the stock plan was $ 12.9 million , $ 10.8 million and $ 12.2 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively .", "of these amounts , total compensation expense capitalized was $ 0.5 million , $ 0.2 million and $ 0.7 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively .", "as of december 31 , 2018 , the total unrecognized compensation expense was $ 13.5 million .", "this cost is expected to be recognized over the remaining weighted average period of 1.1 years .", "total cash paid for the settlement of plan shares totaled $ 2.9 million , $ 4.8 million and $ 2.0 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively .", "information concerning grants under the stock plan is provided below .", "restricted stock in general , restricted stock is earned based on either a service condition , performance condition , or market condition , or a combination thereof , and generally vests ratably over a period from 1 year to 5 years .", "service based awards are earned when the employee remains employed over the requisite service period and are valued on the grant date based upon the market price of maa common stock on the date of grant .", "market based awards are earned when maa reaches a specified stock price or specified return on the stock price ( price appreciation plus dividends ) and are valued on the grant date using a monte carlo simulation .", "performance based awards are earned when maa reaches certain operational goals such as funds from operations , or ffo , targets and are valued based upon the market price of maa common stock on the date of grant as well as the probability of reaching the stated targets .", "maa remeasures the fair value of the performance based awards each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known .", "the weighted average grant date fair value per share of restricted stock awards granted during the years ended december 31 , 2018 , 2017 and 2016 , was $ 71.85 , $ 84.53 and $ 73.20 , respectively .", "the following is a summary of the key assumptions used in the valuation calculations for market based awards granted during the years ended december 31 , 2018 , 2017 and 2016: ." ]

[ "the risk free rate of 2018 is 1.61% ( 1.61 % ) - 2.14% ( 2.14 % ) ; the risk free rate of 2017 is 0.65% ( 0.65 % ) - 1.57% ( 1.57 % ) ; the risk free rate of 2016 is 0.49% ( 0.49 % ) - 1.27% ( 1.27 % ) ;" ]

[ [ "", "2018", "2017", "2016" ], [ "risk 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 % )" ], [ "dividend yield", "3.884% ( 3.884 % )", "3.573% ( 3.573 % )", "3.634% ( 3.634 % )" ], [ "volatility", "15.05% ( 15.05 % ) - 17.18% ( 17.18 % )", "20.43% ( 20.43 % ) - 21.85% ( 21.85 % )", "18.41% ( 18.41 % ) - 19.45% ( 19.45 % )" ], [ "requisite service period", "3 years", "3 years", "3 years" ] ]

[ "( a ) other amounts are primarily the effects of changes in currency translations and the impact of allowance for returns and credits .", "inventory valuations inventories are valued at the lower of cost or market .", "certain u.s .", "inventory costs are determined on a last-in , first-out ( 201clifo 201d ) basis .", "lifo inventories represented 40% ( 40 % ) and 39% ( 39 % ) of consolidated inventories as of december 31 , 2016 and 2015 , respectively .", "lifo inventories include certain legacy nalco u.s .", "inventory acquired at fair value as part of the nalco merger .", "all other inventory costs are determined using either the average cost or first-in , first-out ( 201cfifo 201d ) methods .", "inventory values at fifo , as shown in note 5 , approximate replacement cost .", "during 2015 , the company improved and standardized estimates related to its inventory reserves and product costing , resulting in a net pre-tax charge of approximately $ 6 million .", "separately , the actions resulted in a charge of $ 20.6 million related to inventory reserve calculations , partially offset by a gain of $ 14.5 million related to the capitalization of certain cost components into inventory .", "during 2016 , the company took additional actions to improve and standardize estimates related to the capitalization of certain cost components into inventory , which resulted in a gain of $ 6.2 million .", "these items are reflected within special ( gains ) and charges , as discussed in note 3 .", "property , plant and equipment property , plant and equipment assets are stated at cost .", "merchandising and customer equipment consists principally of various dispensing systems for the company 2019s cleaning and sanitizing products , dishwashing machines and process control and monitoring equipment .", "certain dispensing systems capitalized by the company are accounted for on a mass asset basis , whereby equipment is capitalized and depreciated as a group and written off when fully depreciated .", "the company capitalizes both internal and external costs of development or purchase of computer software for internal use .", "costs incurred for data conversion , training and maintenance associated with capitalized software are expensed as incurred .", "expenditures for major renewals and improvements , which significantly extend the useful lives of existing plant and equipment , are capitalized and depreciated .", "expenditures for repairs and maintenance are charged to expense as incurred .", "upon retirement or disposition of plant and equipment , the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income .", "depreciation is charged to operations using the straight-line method over the assets 2019 estimated useful lives ranging from 5 to 40 years for buildings and leasehold improvements , 3 to 20 years for machinery and equipment , 3 to 15 years for merchandising and customer equipment and 3 to 7 years for capitalized software .", "the straight-line method of depreciation reflects an appropriate allocation of the cost of the assets to earnings in proportion to the amount of economic benefits obtained by the company in each reporting period .", "depreciation expense was $ 561 million , $ 560 million and $ 558 million for 2016 , 2015 and 2014 , respectively. ." ]

[ "cash and cash equivalents cash equivalents include highly-liquid investments with a maturity of three months or less when purchased .", "accounts receivable and allowance for doubtful accounts accounts receivable are carried at the invoiced amounts , less an allowance for doubtful accounts , and generally do not bear interest .", "the company estimates the balance of allowance for doubtful accounts by analyzing accounts receivable balances by age and applying historical write-off and collection trend rates .", "the company 2019s estimates include separately providing for customer receivables based on specific circumstances and credit conditions , and when it is deemed probable that the balance is uncollectible .", "account balances are charged off against the allowance when it is determined the receivable will not be recovered .", "the company 2019s allowance for doubtful accounts balance also includes an allowance for the expected return of products shipped and credits related to pricing or quantities shipped of $ 14 million , $ 15 million and $ 14 million as of december 31 , 2016 , 2015 , and 2014 , respectively .", "returns and credit activity is recorded directly to sales as a reduction .", "the following table summarizes the activity in the allowance for doubtful accounts: ." ]

[ "( millions ) the beginning balance of 2016 is $ 75 ; the beginning balance of 2015 is $ 77 ; the beginning balance of 2014 is $ 81 ;", "( millions ) the ending balance of 2016 is $ 68 ; the ending balance of 2015 is $ 75 ; the ending balance of 2014 is $ 77 ;" ]

[ [ "( millions )", "2016", "2015", "2014" ], [ "beginning balance", "$ 75", "$ 77", "$ 81" ], [ "bad debt expense", "20", "26", "23" ], [ "write-offs", "-25 ( 25 )", "-22 ( 22 )", "-20 ( 20 )" ], [ "other ( a )", "-2 ( 2 )", "-6 ( 6 )", "-7 ( 7 )" ], [ "ending balance", "$ 68", "$ 75", "$ 77" ] ]

[ "( a ) includes a portion of the $ 41 million gain on sale of a nonstrategic business in 2003 : $ 1 million in institutional trust services and $ 40 million in other .", "( b ) includes the elimination of revenues related to shared activities with chase middle market , and a $ 50 million gain on sale of a non-u.s .", "securities clearing firm in 2002. ." ]

[ "j.p .", "morgan chase & co .", "/ 2003 annual report 33 corporate credit allocation in 2003 , tss was assigned a corporate credit allocation of pre- tax earnings and the associated capital related to certain credit exposures managed within ib 2019s credit portfolio on behalf of clients shared with tss .", "prior periods have been revised to reflect this allocation .", "for 2003 , the impact to tss of this change increased pre-tax operating results by $ 36 million and average allocated capital by $ 712 million , and it decreased sva by $ 65 million .", "pre-tax operating results were $ 46 million lower than in 2002 , reflecting lower loan volumes and higher related expenses , slightly offset by a decrease in credit costs .", "business outlook tss revenue in 2004 is expected to benefit from improved global equity markets and from two recent acquisitions : the november 2003 acquisition of the bank one corporate trust portfolio , and the january 2004 acquisition of citigroup 2019s electronic funds services business .", "tss also expects higher costs as it integrates these acquisitions and continues strategic investments to sup- port business expansion .", "by client segment tss dimensions of 2003 revenue diversification by business revenue by 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 % ) the americas 64% ( 64 % ) ( a ) includes the elimination of revenue related to shared activities with chase middle market in the amount of $ 347 million .", "year ended december 31 , operating revenue ." ]

[ "year ended december 31 , ( in millions ) the treasury services of year ended december 31 , 2003 is $ 1927 ; the treasury services of year ended december 31 , 2002 is $ 1818 ; the treasury services of change is 6% ( 6 % ) ;", "year ended december 31 , ( in millions ) the total treasury & securities services of year ended december 31 , 2003 is $ 3992 ; the total treasury & securities services of year ended december 31 , 2002 is $ 3892 ; the total treasury & securities services of change is 3% ( 3 % ) ;" ]

[ [ "year ended december 31 , ( in millions )", "year ended december 31 , 2003", "year ended december 31 , 2002", "change" ], [ "treasury services", "$ 1927", "$ 1818", "6% ( 6 % )" ], [ "investor services", "1449", "1513", "-4 ( 4 )" ], [ "institutional trust services ( a )", "928", "864", "7" ], [ "other ( a ) ( b )", "-312 ( 312 )", "-303 ( 303 )", "-3 ( 3 )" ], [ "total treasury & securities services", "$ 3992", "$ 3892", "3% ( 3 % )" ] ]

[ "of the $ 18.7 million of unrecognized tax benefits at the end of 2007 , approximately $ 16.2 million would impact the effective income tax rate if recognized .", "interest and penalties related to unrecognized tax benefits are recorded in income tax expense .", "during the years ended december 29 , 2007 , december 30 , 2006 , and december 31 , 2005 , the company recognized approximately $ 1.2 million , $ 0.5 million and ( $ 0.5 ) million in net interest expense ( benefit ) , respectively .", "the company has provided for approximately $ 3.4 million , $ 2.2 million , and $ 1.7 million of accrued interest related to unrecognized tax benefits at the end of fiscal year 2007 , 2006 and 2005 , respectively .", "during the next 12 months , the company does not anticipate any significant changes to the total amount of unrecognized tax benefits , other than the accrual of additional interest expense in an amount similar to the prior year 2019s expense .", "with few exceptions , snap-on is no longer subject to u.s .", "federal and state/local income tax examinations by tax authorities for years prior to 2003 , and snap-on is no longer subject to non-u.s .", "income tax examinations by tax authorities for years prior to 2001 .", "the undistributed earnings of all non-u.s .", "subsidiaries totaled $ 338.5 million , $ 247.4 million and $ 173.6 million at the end of fiscal 2007 , 2006 and 2005 , respectively .", "snap-on has not provided any deferred taxes on these undistributed earnings as it considers the undistributed earnings to be permanently invested .", "determination of the amount of unrecognized deferred income tax liability related to these earnings is not practicable .", "the american jobs creation act of 2004 ( the 201cajca 201d ) created a one-time tax incentive for u.s .", "corporations to repatriate accumulated foreign earnings by providing a tax deduction of 85% ( 85 % ) of qualifying dividends received from foreign affiliates .", "under the provisions of the ajca , snap-on repatriated approximately $ 93 million of qualifying dividends in 2005 that resulted in additional income tax expense of $ 3.3 million for the year .", "note 9 : short-term and long-term debt notes payable and long-term debt as of december 29 , 2007 , was $ 517.9 million ; no commercial paper was outstanding at december 29 , 2007 .", "as of december 30 , 2006 , notes payable and long-term debt was $ 549.2 million , including $ 314.9 million of commercial paper .", "snap-on presented $ 300 million of the december 30 , 2006 , outstanding commercial paper as 201clong-term debt 201d on the accompanying december 30 , 2006 , consolidated balance sheet .", "on january 12 , 2007 , snap-on sold $ 300 million of unsecured notes consisting of $ 150 million of floating rate notes that mature on january 12 , 2010 , and $ 150 million of fixed rate notes that mature on january 15 , 2017 .", "interest on the floating rate notes accrues at a rate equal to the three-month london interbank offer rate plus 0.13% ( 0.13 % ) per year and is payable quarterly .", "interest on the fixed rate notes accrues at a rate of 5.50% ( 5.50 % ) per year and is payable semi-annually .", "snap-on used the proceeds from the sale of the notes , net of $ 1.5 million of transaction costs , to repay commercial paper obligations issued to finance the acquisition of business solutions .", "on january 12 , 2007 , the company also terminated a $ 250 million bridge credit agreement that snap-on established prior to its acquisition of business solutions. ." ]

[ "notes to consolidated financial statements ( continued ) | 72 snap-on incorporated following is a reconciliation of the beginning and ending amount of unrecognized tax benefits : ( amounts in millions ) amount ." ]

[ "the undistributed earnings of all non-u.s .", "subsidiaries totaled $ 338.5 million , $ 247.4 million and $ 173.6 million at the end of fiscal 2007 , 2006 and 2005 , respectively ." ]

[ [ "( amounts in millions )", "amount" ], [ "unrecognized tax benefits as of december 31 2006", "$ 21.3" ], [ "gross increases 2013 tax positions in prior periods", "0.5" ], [ "gross decreases 2013 tax positions in prior periods", "-0.4 ( 0.4 )" ], [ "gross increases 2013 tax positions in the current period", "0.5" ], [ "settlements with taxing authorities", "-3.0 ( 3.0 )" ], [ "lapsing of statutes of limitations", "-0.2 ( 0.2 )" ], [ "unrecognized tax benefits as of december 29 2007", "$ 18.7" ] ]

[ "commitments to extend credit are agreements to lend , typically having fixed expiration dates or other termination clauses that may require payment of a fee .", "since many of the commitments to extend credit may expire without being drawn upon , the total commitment amounts do not necessarily represent future cash flow requirements .", "the bancorp is exposed to credit risk in the event of nonperformance for the amount of the contract .", "fixed-rate commitments are also subject to market risk resulting from fluctuations in interest rates and the bancorp 2019s exposure is limited to the replacement value of those commitments .", "as of december 31 , 2008 and 2007 , the bancorp had a reserve for unfunded commitments totaling $ 195 million and $ 95 million , respectively , included in other liabilities in the consolidated balance sheets .", "standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party .", "at december 31 , 2008 , approximately $ 3.3 billion of letters of credit expire within one year ( including $ 57 million issued on behalf of commercial customers to facilitate trade payments in dollars and foreign currencies ) , $ 5.3 billion expire between one to five years and $ 0.4 billion expire thereafter .", "standby letters of credit are considered guarantees in accordance with fasb interpretation no .", "45 , 201cguarantor 2019s accounting and disclosure requirements for guarantees , including indirect guarantees of indebtedness of others 201d ( fin 45 ) .", "at december 31 , 2008 , the reserve related to these standby letters of credit was $ 3 million .", "approximately 66% ( 66 % ) and 70% ( 70 % ) of the total standby letters of credit were secured as of december 31 , 2008 and 2007 , respectively .", "in the event of nonperformance by the customers , the bancorp has rights to the underlying collateral , which can include commercial real estate , physical plant and property , inventory , receivables , cash and marketable securities .", "the bancorp monitors the credit risk associated with the standby letters of credit using the same dual risk rating system utilized for ." ]

[ "notes to consolidated financial statements fifth third bancorp 81 vii held by the trust vii bear a fixed rate of interest of 8.875% ( 8.875 % ) until may 15 , 2058 .", "thereafter , the notes pay a floating rate at three-month libor plus 500 bp .", "the bancorp entered into an interest rate swap to convert $ 275 million of the fixed-rate debt into floating .", "at december 31 , 2008 , the rate paid on the swap was 6.05% ( 6.05 % ) .", "the jsn vii may be redeemed at the option of the bancorp on or after may 15 , 2013 , or in certain other limited circumstances , at a redemption price of 100% ( 100 % ) of the principal amount plus accrued but unpaid interest .", "all redemptions are subject to certain conditions and generally require approval by the federal reserve board .", "subsidiary long-term borrowings the senior fixed-rate bank notes due from 2009 to 2019 are the obligations of a subsidiary bank .", "the maturities of the face value of the senior fixed-rate bank notes are as follows : $ 36 million in 2009 , $ 800 million in 2010 and $ 275 million in 2019 .", "the bancorp entered into interest rate swaps to convert $ 1.1 billion of the fixed-rate debt into floating rates .", "at december 31 , 2008 , the rates paid on these swaps were 2.19% ( 2.19 % ) on $ 800 million and 2.20% ( 2.20 % ) on $ 275 million .", "in august 2008 , $ 500 million of senior fixed-rate bank notes issued in july of 2003 matured and were paid .", "these long-term bank notes were issued to third-party investors at a fixed rate of 3.375% ( 3.375 % ) .", "the senior floating-rate bank notes due in 2013 are the obligations of a subsidiary bank .", "the notes pay a floating rate at three-month libor plus 11 bp .", "the senior extendable notes consist of $ 797 million that currently pay interest at three-month libor plus 4 bp and $ 400 million that pay at the federal funds open rate plus 12 bp .", "the subordinated fixed-rate bank notes due in 2015 are the obligations of a subsidiary bank .", "the bancorp entered into interest rate swaps to convert the fixed-rate debt into floating rate .", "at december 31 , 2008 , the weighted-average rate paid on the swaps was 3.29% ( 3.29 % ) .", "the junior subordinated floating-rate bank notes due in 2032 and 2033 were assumed by a bancorp subsidiary as part of the acquisition of crown in november 2007 .", "two of the notes pay floating at three-month libor plus 310 and 325 bp .", "the third note pays floating at six-month libor plus 370 bp .", "the three-month libor plus 290 bp and the three-month libor plus 279 bp junior subordinated debentures due in 2033 and 2034 , respectively , were assumed by a subsidiary of the bancorp in connection with the acquisition of first national bank .", "the obligations were issued to fnb statutory trusts i and ii , respectively .", "the junior subordinated floating-rate bank notes due in 2035 were assumed by a bancorp subsidiary as part of the acquisition of first charter in may 2008 .", "the obligations were issued to first charter capital trust i and ii , respectively .", "the notes of first charter capital trust i and ii pay floating at three-month libor plus 169 bp and 142 bp , respectively .", "the bancorp has fully and unconditionally guaranteed all obligations under the acquired trust preferred securities .", "at december 31 , 2008 , fhlb advances have rates ranging from 0% ( 0 % ) to 8.34% ( 8.34 % ) , with interest payable monthly .", "the advances are secured by certain residential mortgage loans and securities totaling $ 8.6 billion .", "at december 31 , 2008 , $ 2.5 billion of fhlb advances are floating rate .", "the bancorp has interest rate caps , with a notional of $ 1.5 billion , held against its fhlb advance borrowings .", "the $ 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 and $ 1.1 billion in 2013 and thereafter .", "medium-term senior notes and subordinated bank notes with maturities ranging from one year to 30 years can be issued by two subsidiary banks , of which $ 3.8 billion was outstanding at december 31 , 2008 with $ 16.2 billion available for future issuance .", "there were no other medium-term senior notes outstanding on either of the two subsidiary banks as of december 31 , 2008 .", "15 .", "commitments , contingent liabilities and guarantees the bancorp , in the normal course of business , enters into financial instruments and various agreements to meet the financing needs of its customers .", "the bancorp also enters into certain transactions and agreements to manage its interest rate and prepayment risks , provide funding , equipment and locations for its operations and invest in its communities .", "these instruments and agreements involve , to varying degrees , elements of credit risk , counterparty risk and market risk in excess of the amounts recognized in the bancorp 2019s consolidated balance sheets .", "creditworthiness for all instruments and agreements is evaluated on a case-by-case basis in accordance with the bancorp 2019s credit policies .", "the bancorp 2019s significant commitments , contingent liabilities and guarantees in excess of the amounts recognized in the consolidated balance sheets are summarized as follows : commitments the bancorp has certain commitments to make future payments under contracts .", "a summary of significant commitments at december 31: ." ]

[ "as of december 31 , 2008 and 2007 , the bancorp had a reserve for unfunded commitments totaling $ 195 million and $ 95 million , respectively , included in other liabilities in the consolidated balance sheets ." ]

[ [ "( $ in millions )", "2008", "2007" ], [ "commitments to extend credit", "$ 49470", "49788" ], [ "letters of credit ( including standby letters of credit )", "8951", "8522" ], [ "forward contracts to sell mortgage loans", "3235", "1511" ], [ "noncancelable lease obligations", "937", "734" ], [ "purchase obligations", "81", "52" ], [ "capital expenditures", "68", "94" ] ]

[ "we own a 19.9% ( 19.9 % ) interest in a company that , among other activities , issues financial surety bonds to secure capping , closure and post-closure obligations for companies operating in the solid waste industry .", "we account for this investment under the cost method of accounting .", "there have been no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment .", "this investee company and the parent company of the investee had written surety bonds for us relating to our landfill operations for capping , closure and post-closure , of which $ 855.0 million and $ 775.2 million were outstanding as of december 31 , 2010 and 2009 , respectively .", "our reimbursement obligations under these bonds are secured by an indemnity agreement with the investee and letters of credit totaling $ 45.0 million and $ 67.4 million as of december 31 , 2010 and 2009 , respectively .", "off-balance sheet arrangements we have no off-balance sheet debt or similar obligations , other than operating leases and the financial assurances discussed above , which are not classified as debt .", "we have no transactions or obligations with related parties that are not disclosed , consolidated into or reflected in our reported financial position or results of operations .", "we have not guaranteed any third-party debt .", "guarantees we enter into contracts in the normal course of business that include indemnification clauses .", "indemnifications relating to known liabilities are recorded in the consolidated financial statements based on our best estimate of required future payments .", "certain of these indemnifications relate to contingent events or occurrences , such as the imposition of additional taxes due to a change in the tax law or adverse interpretation of the tax law , and indemnifications made in divestiture agreements where we indemnify the buyer for liabilities that relate to our activities prior to the divestiture and that may become known in the future .", "we do not believe that these contingent obligations will have a material effect on our consolidated financial position , results of operations or cash flows .", "we have entered into agreements with property owners to guarantee the value of property that is adjacent to certain of our landfills .", "these agreements have varying terms .", "we do not believe that these contingent obligations will have a material effect on our consolidated financial position , results of operations or cash flows .", "other matters our business activities are conducted in the context of a developing and changing statutory and regulatory framework .", "governmental regulation of the waste management industry requires us to obtain and retain numerous governmental permits to conduct various aspects of our operations .", "these permits are subject to revocation , modification or denial .", "the costs and other capital expenditures which may be required to obtain or retain the applicable permits or comply with applicable regulations could be significant .", "any revocation , modification or denial of permits could have a material adverse effect on us .", "republic services , inc .", "notes to consolidated financial statements , continued ." ]

[ "at december 31 .", "the following table summarizes our restricted cash and marketable securities as of december ." ]

[ "this investee company and the parent company of the investee had written surety bonds for us relating to our landfill operations for capping , closure and post-closure , of which $ 855.0 million and $ 775.2 million were outstanding as of december 31 , 2010 and 2009 , respectively ." ]

[ [ "", "2010", "2009" ], [ "financing proceeds", "$ 39.8", "$ 93.1" ], [ "capping closure and post-closure obligations", "61.8", "62.4" ], [ "self-insurance", "63.8", "65.1" ], [ "other", "7.4", "19.9" ], [ "total restricted cash and marketable securities", "$ 172.8", "$ 240.5" ] ]

[ "utilization of the nols is dependent on generating sufficient taxable income from our operations in each of the respective jurisdictions to which the nols relate , while taking into account limitations and/or restrictions on our ability to use them .", "certain of our u.s .", "federal nols were acquired as part of the acquisitions of move and harlequin and are subject to limitations as promulgated under section 382 of the code .", "section 382 of the code limits the amount of acquired nols that we can use on an annual basis to offset future u.s .", "consolidated taxable income .", "the nols are also subject to review by relevant tax authorities in the jurisdictions to which they relate .", "the company recorded a deferred tax asset of $ 580 million and $ 540 million ( net of approximately $ 53 million and $ 95 million , respectively , of unrecognized tax benefits ) associated with its nols as of june 30 , 2016 and 2015 , respectively .", "significant judgment is applied in assessing our ability to realize our nols and other tax assets .", "management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize existing deferred tax assets within the applicable expiration period .", "on the basis of this evaluation , valuation allowances of $ 97 million and $ 304 million have been established to reduce the deferred tax asset associated with the company 2019s nols to an amount that will more likely than not be realized as of june 30 , 2016 and 2015 , respectively .", "the amount of the nol deferred tax asset considered realizable , however , could be adjusted if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses occurs .", "as of june 30 , 2016 , the company had approximately $ 1.6 billion and $ 1.7 billion of capital loss carryforwards in australia and the u.k. , respectively , which may be carried forward indefinitely and which are subject to tax authority review .", "realization of our capital losses is dependent on generating capital gain taxable income and satisfying certain continuity of business requirements .", "the company recorded a deferred tax asset of $ 803 million and $ 892 million as of june 30 , 2016 and 2015 , respectively for these capital loss carryforwards , however , it is more likely than not that the company will not generate capital gain income in the normal course of business in these jurisdictions .", "accordingly , valuation allowances of $ 803 million and $ 892 million have been established to reduce the capital loss carryforward deferred tax asset to an amount that will more likely than not be realized as of june 30 , 2016 and 2015 , respectively .", "as of june 30 , 2016 , the company had approximately $ 26 million of u.s .", "federal tax credit carryforward which includes $ 22 million of foreign tax credits and $ 4 million of research & development credits which begin to expire in 2025 and 2036 , respectively .", "as of june 30 , 2016 , the company had approximately $ 5 million of non-u.s .", "tax credit carryforwards which expire in various amounts beginning in 2025 and $ 8 million of state tax credit carryforwards ( net of u.s .", "federal benefit ) , of which the balance can be carried forward indefinitely .", "in accordance with the company 2019s accounting policy , a valuation allowance of $ 5 million has been established to reduce the deferred tax asset associated with the company 2019s non-u.s .", "and state credit carryforwards to an amount that will more likely than not be realized as of june 30 , 2016. ." ]

[ "news corporation notes to the consolidated financial statements as of june 30 , 2016 , the company had income tax net operating loss carryforwards ( nols ) ( gross , net of uncertain tax benefits ) , in various jurisdictions as follows : jurisdiction expiration amount ( in millions ) ." ]

[ "jurisdiction the u.s . federal of expiration is 2021 to 2036 ; the u.s . federal of amount ( in millions ) is $ 858 ;", "jurisdiction the u.s . states of expiration is various ; the u.s . states of amount ( in millions ) is 581 ;" ]

[ [ "jurisdiction", "expiration", "amount ( in millions )" ], [ "u.s . federal", "2021 to 2036", "$ 858" ], [ "u.s . states", "various", "581" ], [ "australia", "indefinite", "452" ], [ "u.k .", "indefinite", "134" ], [ "other foreign", "various", "346" ] ]

[ "2004 compared to 2003 2014 cash from operating activities primarily reflects premium cash flows in excess of claim payments .", "the decrease in cash provided by operating activities was due primarily to the $ 1.15 billion settlement of the macarthur litigation in 2004 .", "cash provided by financing activities decreased primarily due to lower proceeds from investment and universal life-type contracts as a result of the adoption of sop 03-1 , decreased capital raising activities , repayment of commercial paper and early retirement of junior subordinated debentures in 2004 .", "the decrease in cash from financing activities and operating cash flows invested long-term accounted for the majority of the change in cash used for investing activities .", "2003 compared to 2002 2014 the increase in cash provided by operating activities was primarily the result of strong premium cash flows .", "financing activities increased primarily due to capital raising activities related to the 2003 asbestos reserve addition and decreased due to repayments on long-term debt and lower proceeds from investment and universal life-type contracts .", "the increase in cash from financing activities accounted for the majority of the change in cash used for investing activities .", "operating cash flows in each of the last three years have been adequate to meet liquidity requirements .", "equity markets for a discussion of the potential impact of the equity markets on capital and liquidity , see the capital markets risk management section under 201cmarket risk 201d .", "ratings ratings are an important factor in establishing the competitive position in the insurance and financial services marketplace .", "there can be no assurance that the company's ratings will continue for any given period of time or that they will not be changed .", "in the event the company's ratings are downgraded , the level of revenues or the persistency of the company's business may be adversely impacted .", "on august 4 , 2004 , moody 2019s affirmed the company 2019s and hartford life , inc . 2019s a3 senior debt ratings as well as the aa3 insurance financial strength ratings of both its property-casualty and life insurance operating subsidiaries .", "in addition , moody 2019s changed the outlook for all of these ratings from negative to stable .", "since the announcement of the suit filed by the new york attorney general 2019s office against marsh & mclennan companies , inc. , and marsh , inc .", "on october 14 , 2004 , the major independent ratings agencies have indicated that they continue to monitor developments relating to the suit .", "on october 22 , 2004 , standard & poor 2019s revised its outlook on the u.s .", "property/casualty commercial lines sector to negative from stable .", "on november 23 , 2004 , standard & poor 2019s revised its outlook on the financial strength and credit ratings of the property-casualty insurance subsidiaries to negative from stable .", "the outlook on the life insurance subsidiaries and corporate debt was unaffected. ." ]

[ "on october 21 , 2004 , the hartford declared a dividend on its common stock of $ 0.29 per share payable on january 3 , 2005 to shareholders of record as of december 1 , 2004 .", "the hartford declared $ 331 and paid $ 325 in dividends to shareholders in 2004 , declared $ 300 and paid $ 291 in dividends to shareholders in 2003 , declared $ 262 and paid $ 257 in 2002 .", "aoci - aoci increased by $ 179 as of december 31 , 2004 compared with december 31 , 2003 .", "the increase in aoci is primarily the result of life 2019s adoption of sop 03-1 , which resulted in a $ 292 cumulative effect for unrealized gains on securities in the first quarter of 2004 related to the reclassification of investments from separate account assets to general account assets , partially offset by net unrealized losses on cash-flow hedging instruments .", "the funded status of the company 2019s pension and postretirement plans is dependent upon many factors , including returns on invested assets and the level of market interest rates .", "declines in the value of securities traded in equity markets coupled with declines in long- term interest rates have had a negative impact on the funded status of the plans .", "as a result , the company recorded a minimum pension liability as of december 31 , 2004 , and 2003 , which resulted in an after-tax reduction of stockholders 2019 equity of $ 480 and $ 375 respectively .", "this minimum pension liability did not affect the company 2019s results of operations .", "for additional information on stockholders 2019 equity and aoci see notes 15 and 16 , respectively , of notes to consolidated financial statements .", "cash flow 2004 2003 2002 ." ]

[ "the hartford declared $ 331 and paid $ 325 in dividends to shareholders in 2004 , declared $ 300 and paid $ 291 in dividends to shareholders in 2003 , declared $ 262 and paid $ 257 in 2002 ." ]

[ [ "cash flow", "2004", "2003", "2002" ], [ "net cash provided by operating activities", "$ 2634", "$ 3896", "$ 2577" ], [ "net cash used for investing activities", "$ -2401 ( 2401 )", "$ -8387 ( 8387 )", "$ -6600 ( 6600 )" ], [ "net cash provided by financing activities", "$ 477", "$ 4608", "$ 4037" ], [ "cash 2014 end of year", "$ 1148", "$ 462", "$ 377" ] ]

[ "we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .", "we do not have any interest rate swaps outstanding as of december 31 , 2016 .", "we had $ 1100.6 of cash , cash equivalents and marketable securities as of december 31 , 2016 that we generally invest in conservative , short-term bank deposits or securities .", "the interest income generated from these investments is subject to both domestic and foreign interest rate movements .", "during 2016 and 2015 , we had interest income of $ 20.1 and $ 22.8 , respectively .", "based on our 2016 results , a 100 basis-point increase or decrease in interest rates would affect our interest income by approximately $ 11.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2016 levels .", "foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .", "since we report revenues and expenses in u.s .", "dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .", "dollars ) from foreign operations .", "the foreign currencies that most impacted our results during 2016 included the british pound sterling and , to a lesser extent , the argentine peso , brazilian real and japanese yen .", "based on 2016 exchange rates and operating results , if the u.s .", "dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2016 levels .", "the functional currency of our foreign operations is generally their respective local currency .", "assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .", "the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .", "our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .", "however , certain subsidiaries may enter into transactions in currencies other than their functional currency .", "assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .", "currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .", "we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures .", "we do not enter into foreign exchange contracts or other derivatives for speculative purposes. ." ]

[ "item 7a .", "quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .", "from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .", "derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .", "interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .", "the majority of our debt ( approximately 93% ( 93 % ) and 89% ( 89 % ) as of december 31 , 2016 and 2015 , respectively ) bears interest at fixed rates .", "we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .", "the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .", "increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates ." ]

[ "we had $ 1100.6 of cash , cash equivalents and marketable securities as of december 31 , 2016 that we generally invest in conservative , short-term bank deposits or securities .", "the interest income generated from these investments is subject to both domestic and foreign interest rate movements .", "during 2016 and 2015 , we had interest income of $ 20.1 and $ 22.8 , respectively ." ]

[ [ "as 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" ], [ "2016", "$ -26.3 ( 26.3 )", "$ 26.9" ], [ "2015", "-33.7 ( 33.7 )", "34.7" ] ]

[ "total $ 214 $ 178 $ 165 21 .", "stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return .", "all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc .", "omnibus incentive plan ( 201cppg omnibus plan 201d ) .", "shares available for future grants under the ppg omnibus plan were 4.1 million as of december 31 , 2010 .", "total stock-based compensation cost was $ 52 million , $ 34 million and $ 33 million in 2010 , 2009 and 2008 , respectively .", "the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 18 million , $ 12 million and $ 12 million in 2010 , 2009 and 2008 , respectively .", "stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc .", "stock plan ( 201cppg stock plan 201d ) and the ppg omnibus plan .", "under the ppg omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted .", "the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years .", "upon exercise of a stock option , shares of company stock are issued from treasury stock .", "the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that allows an optionee to exercise options and satisfy the option price by certifying ownership of mature shares of ppg common stock with equivalent market value .", "the fair value of stock options issued to employees is measured on the date of grant and is recognized as expense over the requisite service period .", "ppg estimates the fair value of stock options using the black-scholes option pricing model .", "the risk-free interest rate is determined by using the u.s .", "treasury yield curve at the date of the grant and using a maturity equal to the expected life of the option .", "the expected life of options is calculated using the average of the vesting term and the maximum term , as prescribed by accounting guidance on the use of the simplified method for determining the expected term of an employee share option .", "this method is used as the vesting term of stock options was changed to three years in 2004 and , as a result , the historical exercise data does not provide a reasonable basis upon which to estimate the expected life of options .", "the expected dividend yield and volatility are based on historical stock prices and dividend amounts over past time periods equal in length to the expected life of the options .", "66 2010 ppg annual report and form 10-k ." ]

[ "notes to the consolidated financial statements related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2010 , 2009 and 2008 was $ 1 million , $ ( 16 ) million and $ 30 million , respectively .", "19 .", "employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s .", "employees .", "the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations .", "for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation .", "for those participants whose employment is covered by a collective bargaining agreement , the level of company- matching contribution , if any , is determined by the collective bargaining agreement .", "the company-matching contribution was 100% ( 100 % ) for 2008 and for the first two months of 2009 .", "the company- matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession .", "effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) contributed for most employees eligible for the company-matching contribution feature .", "this would have included the bargained employees in accordance with their collective bargaining agreements .", "on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) contributed by these eligible employees .", "compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2010 , 2009 and 2008 totaled $ 9 million , $ 7 million and $ 42 million , respectively .", "a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan .", "as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 24 million , $ 28 million and $ 29 million for 2010 , 2009 and 2008 , respectively .", "20 .", "other earnings ( millions ) 2010 2009 2008 ." ]

[ "( millions ) the interest income of 2010 is $ 34 ; the interest income of 2009 is $ 28 ; the interest income of 2008 is $ 26 ;", "( millions ) the total of 2010 is $ 214 ; the total of 2009 is $ 178 ; the total of 2008 is $ 165 ;" ]

[ [ "( millions )", "2010", "2009", "2008" ], [ "interest income", "$ 34", "$ 28", "$ 26" ], [ "royalty income", "58", "45", "52" ], [ "share of net earnings ( loss ) of equity affiliates ( see note 6 )", "45", "-5 ( 5 )", "3" ], [ "gain on sale of assets", "8", "36", "23" ], [ "other", "69", "74", "61" ], [ "total", "$ 214", "$ 178", "$ 165" ] ]

[ "under the terms of the merger agreement , we agreed with aetna that our quarterly dividend would not exceed $ 0.29 per share prior to the closing or termination of the merger .", "on october 26 , 2016 , the board declared a cash dividend of $ 0.29 per share that was paid on january 27 , 2017 to stockholders of record on january 12 , 2017 , for an aggregate amount of $ 43 million .", "on february 14 , 2017 , following the termination of the merger agreement , the board declared a cash dividend of $ 0.40 per share , to be paid on april 28 , 2017 , to the stockholders of record on march 31 , 2017 .", "declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change .", "stock repurchases in september 2014 , our board of directors replaced a previous share repurchase authorization of up to $ 1 billion ( of which $ 816 million remained unused ) with an authorization for repurchases of up to $ 2 billion of our common shares exclusive of shares repurchased in connection with employee stock plans , which expired on december 31 , 2016 .", "under the share repurchase authorization , shares may have been purchased from time to time at prevailing prices in the open market , by block purchases , through plans designed to comply with rule 10b5-1 under the securities exchange act of 1934 , as amended , or in privately-negotiated transactions ( including pursuant to accelerated share repurchase agreements with investment banks ) , subject to certain regulatory restrictions on volume , pricing , and timing .", "pursuant to the merger agreement , after july 2 , 2015 , we were prohibited from repurchasing any of our outstanding securities without the prior written consent of aetna , other than repurchases of shares of our common stock in connection with the exercise of outstanding stock options or the vesting or settlement of outstanding restricted stock awards .", "accordingly , as announced on july 3 , 2015 , we suspended our share repurchase program. ." ]

[ "humana inc .", "notes to consolidated financial statements 2014 ( continued ) 15 .", "stockholders 2019 equity as discussed in note 2 , we elected to early adopt new guidance related to accounting for employee share-based payments prospectively effective january 1 , 2016 .", "the adoption of this new guidance resulted in the recognition of approximately $ 20 million of tax benefits in net income in our consolidated statement of income for the three months ended march 31 , 2016 that had previously been recorded as additional paid-in capital in our consolidated balance sheet .", "dividends the following table provides details of dividend payments , excluding dividend equivalent rights , in 2014 , 2015 , and 2016 under our board approved quarterly cash dividend policy : payment amount per share amount ( in millions ) ." ]

[ "on october 26 , 2016 , the board declared a cash dividend of $ 0.29 per share that was paid on january 27 , 2017 to stockholders of record on january 12 , 2017 , for an aggregate amount of $ 43 million ." ]

[ [ "paymentdate", "amountper share", "totalamount ( in millions )" ], [ "2014", "$ 1.10", "$ 170" ], [ "2015", "$ 1.14", "$ 170" ], [ "2016", "$ 1.16", "$ 172" ] ]

[ "( 1 ) amounts in fiscal 2018 and 2017 relate to the mps acquisition .", "adjustments in fiscal 2016 relate to the combination and the sp fiber acquisition .", "consistent with prior years , we consider a portion of our earnings from certain foreign subsidiaries as subject to repatriation and we provide for taxes accordingly .", "however , we consider the unremitted earnings and all other outside basis differences from all other foreign subsidiaries to be indefinitely reinvested .", "accordingly , we have not provided for any taxes that would be due .", "as of september 30 , 2018 , we estimate our outside basis difference in foreign subsidiaries that are considered indefinitely reinvested to be approximately $ 1.5 billion .", "the components of the outside basis difference are comprised of purchase accounting adjustments , undistributed earnings , and equity components .", "except for the portion of our earnings from certain foreign subsidiaries where we provided for taxes , we have not provided for any taxes that would be due upon the reversal of the outside basis differences .", "however , in the event of a distribution in the form of dividends or dispositions of the subsidiaries , we may be subject to incremental u.s .", "income taxes , subject to an adjustment for foreign tax credits , and withholding taxes or income taxes payable to the foreign jurisdictions .", "as of september 30 , 2018 , the determination of the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis differences is not practicable. ." ]

[ "westrock company notes to consolidated financial statements fffd ( continued ) 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 , respectively , were available for carryforward .", "a majority of these loss carryforwards generally expire between fiscal 2020 and 2038 , while a portion have an indefinite carryforward .", "the tax effected values of these net operating losses are $ 185.8 million and $ 182.6 million at september 30 , 2018 and 2017 , respectively , exclusive of valuation allowances of $ 161.5 million and $ 149.6 million at september 30 , 2018 and 2017 , respectively .", "at september 30 , 2018 and 2017 , we had state tax credit carryforwards of $ 64.8 million and $ 54.4 million , respectively .", "these state tax credit carryforwards generally expire within 5 to 10 years ; however , certain state credits can be carried forward indefinitely .", "valuation allowances of $ 56.1 million and $ 47.3 million at september 30 , 2018 and 2017 , respectively , have been provided on these assets .", "these valuation allowances have been recorded due to uncertainty regarding our ability to generate sufficient taxable income in the appropriate taxing jurisdiction .", "the following table represents a summary of the valuation allowances against deferred tax assets for fiscal 2018 , 2017 and 2016 ( in millions ) : ." ]

[ "these valuation allowances have been recorded due to uncertainty regarding our ability to generate sufficient taxable income in the appropriate taxing jurisdiction .", "the reductions of 2018 is -40.6 ( 40.6 ) ; the reductions of 2017 is -24.8 ( 24.8 ) ; the reductions of 2016 is -10.8 ( 10.8 ) ;" ]

[ [ "", "2018", "2017", "2016" ], [ "balance at beginning of fiscal year", "$ 219.1", "$ 177.2", "$ 100.2" ], [ "increases", "50.8", "54.3", "24.8" ], [ "allowances related to purchase accounting ( 1 )", "0.1", "12.4", "63.0" ], [ "reductions", "-40.6 ( 40.6 )", "-24.8 ( 24.8 )", "-10.8 ( 10.8 )" ], [ "balance at end of fiscal year", "$ 229.4", "$ 219.1", "$ 177.2" ] ]

[ "indefinite-lived acquired management contracts on september 29 , 2006 , in conjunction with the mlim transaction , the company acquired indefinite-lived man- agement contracts valued at $ 4477 million consisting of $ 4271 million for all retail mutual funds and $ 206 million for alternative investment products .", "on october 1 , 2007 , in conjunction with the quellos transaction , the company acquired $ 631 million in indefinite-lived management contracts associated with alternative investment products .", "on october 1 , 2007 , the company purchased the remain- ing 20% ( 20 % ) of an investment manager of a fund of hedge funds .", "in conjunction with this transaction , the company recorded $ 8 million in additional indefinite-lived management contracts associated with alternative investment products .", "on december 1 , 2009 , in conjunction with the bgi transaction , the company acquired $ 9785 million in indefinite-lived management contracts valued consisting primarily for exchange traded funds and common and collective trusts .", "indefinite-lived acquired trade names/trademarks on december 1 , 2009 , in conjunction with the bgi transaction , the company acquired trade names/ trademarks primarily related to ishares valued at $ 1402.5 million .", "the fair value was determined using a royalty rate based primarily on normalized marketing and promotion expenditures to develop and support the brands globally .", "13 .", "borrowings short-term borrowings 2007 facility in august 2007 , the company entered into a five-year $ 2.5 billion unsecured revolving credit facility ( the 201c2007 facility 201d ) , which permits the company to request an additional $ 500 million of borrowing capacity , subject to lender credit approval , up to a maximum of $ 3.0 billion .", "the 2007 facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortiza- tion , where net debt equals total debt less domestic unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2009 .", "the 2007 facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities .", "at december 31 , 2009 , the company had $ 200 million outstanding under the 2007 facility with an interest rate of 0.44% ( 0.44 % ) and a maturity date during february 2010 .", "during february 2010 , the company rolled over $ 100 million in borrowings with an interest rate of 0.43% ( 0.43 % ) and a maturity date in may 2010 .", "lehman commercial paper inc .", "has a $ 140 million participation under the 2007 facility ; however blackrock does not expect that lehman commercial paper inc .", "will honor its commitment to fund additional amounts .", "bank of america , a related party , has a $ 140 million participation under the 2007 facility .", "in december 2007 , in order to support two enhanced cash funds that blackrock manages , blackrock elected to procure two letters of credit under the existing 2007 facility in an aggregate amount of $ 100 million .", "in decem- ber 2008 , the letters of credit were terminated .", "commercial paper program on october 14 , 2009 , blackrock established a com- mercial paper program ( the 201ccp program 201d ) under which the company may issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3 billion .", "the proceeds of the commercial paper issuances were used for the financing of a portion of the bgi transaction .", "subsidiaries of bank of america and barclays , as well as other third parties , act as dealers under the cp program .", "the cp program is supported by the 2007 facility .", "the company began issuance of cp notes under the cp program on november 4 , 2009 .", "as of december 31 , 2009 , blackrock had approximately $ 2 billion of out- standing cp notes with a weighted average interest rate of 0.20% ( 0.20 % ) and a weighted average maturity of 23 days .", "since december 31 , 2009 , the company repaid approxi- mately $ 1.4 billion of cp notes with proceeds from the long-term notes issued in december 2009 .", "as of march 5 , 2010 , blackrock had $ 596 million of outstanding cp notes with a weighted average interest rate of 0.18% ( 0.18 % ) and a weighted average maturity of 38 days .", "japan commitment-line in june 2008 , blackrock japan co. , ltd. , a wholly owned subsidiary of the company , entered into a five billion japanese yen commitment-line agreement with a bank- ing institution ( the 201cjapan commitment-line 201d ) .", "the term of the japan commitment-line was one year and interest accrued at the applicable japanese short-term prime rate .", "in june 2009 , blackrock japan co. , ltd .", "renewed the japan commitment-line for a term of one year .", "the japan commitment-line is intended to provide liquid- ity and flexibility for operating requirements in japan .", "at december 31 , 2009 , the company had no borrowings outstanding on the japan commitment-line .", "convertible debentures in february 2005 , the company issued $ 250 million aggregate principal amount of convertible debentures ( the 201cdebentures 201d ) , due in 2035 and bearing interest at a rate of 2.625% ( 2.625 % ) per annum .", "interest is payable semi- annually in arrears on february 15 and august 15 of each year , and commenced august 15 , 2005 .", "prior to february 15 , 2009 , the debentures could have been convertible at the option of the holder at a decem- ber 31 , 2008 conversion rate of 9.9639 shares of common stock per one dollar principal amount of debentures under certain circumstances .", "the debentures would have been convertible into cash and , in some situations as described below , additional shares of the company 2019s common stock , if during the five business day period after any five consecutive trading day period the trading price per debenture for each day of such period is less than 103% ( 103 % ) of the product of the last reported sales price of blackrock 2019s common stock and the conversion rate of the debentures on each such day or upon the occurrence of certain other corporate events , such as a distribution to the holders of blackrock common stock of certain rights , assets or debt securities , if the company becomes party to a merger , consolidation or transfer of all or substantially all of its assets or a change of control of the company .", "on february 15 , 2009 , the debentures became convertible into cash at any time prior to maturity at the option of the holder and , in some situations as described below , additional shares of the company 2019s common stock at the current conversion rate .", "at the time the debentures are tendered for conver- sion , for each one dollar principal amount of debentures converted , a holder shall be entitled to receive cash and shares of blackrock common stock , if any , the aggregate value of which ( the 201cconversion value 201d ) will be deter- mined by multiplying the applicable conversion rate by the average of the daily volume weighted average price of blackrock common stock for each of the ten consecutive trading days beginning on the second trading day imme- diately following the day the debentures are tendered for conversion ( the 201cten-day weighted average price 201d ) .", "the company will deliver the conversion value to holders as follows : ( 1 ) an amount in cash ( the 201cprincipal return 201d ) equal to the lesser of ( a ) the aggregate conversion value of the debentures to be converted and ( b ) the aggregate principal amount of the debentures to be converted , and ( 2 ) if the aggregate conversion value of the debentures to be converted is greater than the principal return , an amount in shares ( the 201cnet shares 201d ) , determined as set forth below , equal to such aggregate conversion value less the principal return ( the 201cnet share amount 201d ) .", "the number of net shares to be paid will be determined by dividing the net share amount by the ten-day weighted average price .", "in lieu of delivering fractional shares , the company will deliver cash based on the ten-day weighted average price .", "the conversion rate for the debentures is subject to adjustments upon the occurrence of certain corporate events , such as a change of control of the company , 193253ti_txt.indd 96 4/2/10 1:18 pm ." ]

[ "blackrock n 96 n notes in april 2009 , the company acquired $ 2 million of finite- lived management contracts with a five-year estimated useful life associated with the acquisition of the r3 capital partners funds .", "in december 2009 , in conjunction with the bgi trans- action , the company acquired $ 163 million of finite- lived management contracts with a weighted-average estimated useful life of approximately 10 years .", "estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows : ( dollar amounts in millions ) ." ]

[ "estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows : ( dollar amounts in millions ) .", "borrowings short-term borrowings 2007 facility in august 2007 , the company entered into a five-year $ 2.5 billion unsecured revolving credit facility ( the 201c2007 facility 201d ) , which permits the company to request an additional $ 500 million of borrowing capacity , subject to lender credit approval , up to a maximum of $ 3.0 billion ." ]

[ [ "2010", "$ 160" ], [ "2011", "157" ], [ "2012", "156" ], [ "2013", "155" ], [ "2014", "149" ] ]

[ "2014 compared to 2013 is&gs 2019 net sales decreased $ 579 million , or 7% ( 7 % ) , for 2014 compared to 2013 .", "the decrease was primarily attributable to lower net sales of about $ 645 million for 2014 due to the wind-down or completion of certain programs , driven by reductions in direct warfighter support ( including jieddo and ptds ) and defense budgets tied to command and control programs ; and approximately $ 490 million for 2014 due to a decline in volume for various ongoing programs , which reflects lower funding levels and programs impacted by in-theater force reductions .", "the decreases were partially offset by higher net sales of about $ 550 million for 2014 due to the start-up of new programs , growth in recently awarded programs and integration of recently acquired companies. ." ]

[ "decreased production volume as final aircraft deliveries were completed during the second quarter of 2012 and $ 50 million from the favorable resolution of a contractual matter during the second quarter of 2012 ; and about $ 270 million for various other programs ( primarily sustainment activities ) due to decreased volume .", "the decreases were partially offset by higher net sales of about $ 295 million for f-35 production contracts due to increased production volume and risk retirements ; approximately $ 245 million for the c-5 program due to increased aircraft deliveries ( six aircraft delivered in 2013 compared to four in 2012 ) and other modernization activities ; and about $ 70 million for the f-35 development contract due to increased volume .", "aeronautics 2019 operating profit for 2013 decreased $ 87 million , or 5% ( 5 % ) , compared to 2012 .", "the decrease was primarily attributable to lower operating profit of about $ 85 million for the f-22 program , which includes approximately $ 50 million from the favorable resolution of a contractual matter in the second quarter of 2012 and about $ 35 million due to decreased risk retirements and production volume ; approximately $ 70 million for the c-130 program due to lower risk retirements and fewer deliveries partially offset by increased sustainment activities ; about $ 65 million for the c-5 program due to the inception-to-date effect of reducing the profit booking rate in the third quarter of 2013 and lower risk retirements ; approximately $ 35 million for the f-16 program due to fewer aircraft deliveries partially offset by increased sustainment activity and aircraft configuration mix .", "the decreases were partially offset by higher operating profit of approximately $ 180 million for f-35 production contracts due to increased risk retirements and volume .", "operating profit was comparable for the f-35 development contract and included adjustments of approximately $ 85 million to reflect the inception-to-date impacts of the downward revisions to the profit booking rate in both 2013 and 2012 .", "adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 75 million lower for 2013 compared to backlog backlog decreased slightly in 2014 compared to 2013 primarily due to lower orders on f-16 and f-22 programs .", "backlog decreased in 2013 compared to 2012 mainly due to lower orders on f-16 , c-5 and c-130 programs , partially offset by higher orders on the f-35 program .", "trends we expect aeronautics 2019 2015 net sales to be comparable or slightly behind 2014 due to a decline in f-16 deliveries as well as a decline in f-35 development activity , partially offset by an increase in production contracts .", "operating profit is also expected to decrease in the low single digit range , due primarily to contract mix , resulting in a slight decrease in operating margins between years .", "information systems & global solutions our is&gs business segment provides advanced technology systems and expertise , integrated information technology solutions and management services across a broad spectrum of applications for civil , defense , intelligence and other government customers .", "is&gs has a portfolio of many smaller contracts as compared to our other business segments .", "is&gs has been impacted by the continued downturn in certain federal agencies 2019 information technology budgets and increased re-competition on existing contracts coupled with the fragmentation of large contracts into multiple smaller contracts that are awarded primarily on the basis of price .", "is&gs 2019 operating results included the following ( in millions ) : ." ]

[ "the net sales of 2014 is $ 7788 ; the net sales of 2013 is $ 8367 ; the net sales of 2012 is $ 8846 ;" ]

[ [ "", "2014", "2013", "2012" ], [ "net sales", "$ 7788", "$ 8367", "$ 8846" ], [ "operating profit", "699", "759", "808" ], [ "operating margins", "9.0% ( 9.0 % )", "9.1% ( 9.1 % )", "9.1% ( 9.1 % )" ], [ "backlog at year-end", "$ 8700", "$ 8300", "$ 8700" ] ]

[ "operating expenses increased $ 718 million in 2014 versus 2013 .", "volume-related expenses , incremental costs associated with operating a slower network , depreciation , wage and benefit inflation , and locomotive and freight car materials contributed to the higher costs .", "lower fuel price partially offset these increases .", "in addition , there were approximately $ 35 million of weather related costs in the first quarter of operating expenses increased $ 336 million in 2013 versus 2012 .", "wage and benefit inflation , new logistics management fees and container costs for our automotive business , locomotive overhauls , property taxes and repairs on jointly owned property contributed to higher expenses during the year .", "lower fuel prices partially offset the cost increases .", "compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs .", "volume-related expenses , including training , and a slower network increased our train and engine work force , which , along with general wage and benefit inflation , drove increased wages .", "weather-related costs in the first quarter of 2014 also increased costs .", "general wages and benefits inflation , including increased pension and other postretirement benefits , and higher work force levels drove the increases in 2013 versus 2012 .", "the impact of ongoing productivity initiatives partially offset these increases .", "fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment .", "volume growth of 7% ( 7 % ) , as measured by gross ton-miles , drove the increase in fuel expense .", "this was essentially offset by lower locomotive diesel fuel prices , which averaged $ 2.97 per gallon ( including taxes and transportation costs ) in 2014 , compared to $ 3.15 in 2013 , along with a slight improvement in fuel consumption rate , computed as gallons of fuel consumed divided by gross ton-miles .", "lower locomotive diesel fuel prices , which averaged $ 3.15 per gallon ( including taxes and transportation costs ) in 2013 , compared to $ 3.22 in 2012 , decreased expenses by $ 75 million .", "volume , as measured by gross ton-miles , decreased 1% ( 1 % ) while the fuel consumption rate , computed as gallons of fuel consumed divided by gross ton-miles , increased 2% ( 2 % ) compared to 2012 .", "declines in heavier , more fuel-efficient coal shipments drove the variances in gross-ton-miles and the fuel consumption rate .", "purchased services and materials 2013 expense for purchased services and materials includes the costs of services purchased from outside contractors and other service providers ( including equipment maintenance and contract expenses incurred by our subsidiaries for external transportation services ) ; materials used to maintain the railroad 2019s lines , structures , and equipment ; costs of operating facilities jointly used by uprr and other railroads ; transportation and lodging for train crew employees ; trucking and contracting costs for intermodal containers ; leased automobile maintenance expenses ; and tools and supplies .", "expenses for purchased services increased 8% ( 8 % ) compared to 2013 primarily due to volume- 2014 operating expenses ." ]

[ "operating expenses millions 2014 2013 2012 % ( % ) change 2014 v 2013 % ( % ) change 2013 v 2012 ." ]

[ "millions the depreciation of 2014 is 1904 ; the depreciation of 2013 is 1777 ; the depreciation of 2012 is 1760 ; the depreciation of % ( % ) change 2014 v 2013 is 7 ; the depreciation of % ( % ) change 2013 v 2012 is 1 ;", "millions the total of 2014 is $ 15235 ; the total of 2013 is $ 14517 ; the total of 2012 is $ 14181 ; the total of % ( % ) change 2014 v 2013 is 5% ( 5 % ) ; the total of % ( % ) change 2013 v 2012 is 2% ( 2 % ) ;" ]

[ [ "millions", "2014", "2013", "2012", "% ( % ) change 2014 v 2013", "% ( % ) change 2013 v 2012" ], [ "compensation and benefits", "$ 5076", "$ 4807", "$ 4685", "6% ( 6 % )", "3% ( 3 % )" ], [ "fuel", "3539", "3534", "3608", "-", "-2 ( 2 )" ], [ "purchased services and materials", "2558", "2315", "2143", "10", "8" ], [ "depreciation", "1904", "1777", "1760", "7", "1" ], [ "equipment and other rents", "1234", "1235", "1197", "-", "3" ], [ "other", "924", "849", "788", "9", "8" ], [ "total", "$ 15235", "$ 14517", "$ 14181", "5% ( 5 % )", "2% ( 2 % )" ] ]