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[ "26 | 2009 annual report in fiscal 2008 , revenues in the credit union systems and services business segment increased 14% ( 14 % ) from fiscal 2007 .", "all revenue components within the segment experienced growth during fiscal 2008 .", "license revenue generated the largest dollar growth in revenue as episys ae , our flagship core processing system aimed at larger credit unions , experienced strong sales throughout the year .", "support and service revenue , which is the largest component of total revenues for the credit union segment , experienced 34 percent growth in eft support and 10 percent growth in in-house support .", "gross profit in this business segment increased $ 9344 in fiscal 2008 compared to fiscal 2007 , due primarily to the increase in license revenue , which carries the highest margins .", "liquidity and capital resources we have historically generated positive cash flow from operations and have generally used funds generated from operations and short-term borrowings on our revolving credit facility to meet capital requirements .", "we expect this trend to continue in the future .", "the company 2019s cash and cash equivalents increased to $ 118251 at june 30 , 2009 from $ 65565 at june 30 , 2008 .", "the following table summarizes net cash from operating activities in the statement of cash flows : 2009 2008 2007 ." ]

[ "year ended june 30 , cash provided by operations increased $ 25587 to $ 206588 for the fiscal year ended june 30 , 2009 as compared to $ 181001 for the fiscal year ended june 30 , 2008 .", "this increase is primarily attributable to a decrease in receivables compared to the same period a year ago of $ 21214 .", "this decrease is largely the result of fiscal 2010 annual software maintenance billings being provided to customers earlier than in the prior year , which allowed more cash to be collected before the end of the fiscal year than in previous years .", "further , we collected more cash overall related to revenues that will be recognized in subsequent periods in the current year than in fiscal 2008 .", "cash used in investing activities for the fiscal year ended june 2009 was $ 59227 and includes $ 3027 in contingent consideration paid on prior years 2019 acquisitions .", "cash used in investing activities for the fiscal year ended june 2008 was $ 102148 and includes payments for acquisitions of $ 48109 , plus $ 1215 in contingent consideration paid on prior years 2019 acquisitions .", "capital expenditures for fiscal 2009 were $ 31562 compared to $ 31105 for fiscal 2008 .", "cash used for software development in fiscal 2009 was $ 24684 compared to $ 23736 during the prior year .", "net cash used in financing activities for the current fiscal year was $ 94675 and includes the repurchase of 3106 shares of our common stock for $ 58405 , the payment of dividends of $ 26903 and $ 13489 net repayment on our revolving credit facilities .", "cash used in financing activities was partially offset by proceeds of $ 3773 from the exercise of stock options and the sale of common stock ( through the employee stock purchase plan ) and $ 348 excess tax benefits from stock option exercises .", "during fiscal 2008 , net cash used in financing activities for the fiscal year was $ 101905 and includes the repurchase of 4200 shares of our common stock for $ 100996 , the payment of dividends of $ 24683 and $ 429 net repayment on our revolving credit facilities .", "cash used in financing activities was partially offset by proceeds of $ 20394 from the exercise of stock options and the sale of common stock and $ 3809 excess tax benefits from stock option exercises .", "beginning during fiscal 2008 , us financial markets and many of the largest us financial institutions have been shaken by negative developments in the home mortgage industry and the mortgage markets , and particularly the markets for subprime mortgage-backed securities .", "since that time , these and other such developments have resulted in a broad , global economic downturn .", "while we , as is the case with most companies , have experienced the effects of this downturn , we have not experienced any significant issues with our current collection efforts , and we believe that any future impact to our liquidity will be minimized by cash generated by recurring sources of revenue and due to our access to available lines of credit. ." ]

[ [ "", "Year ended June 30, 2009" ], [ "2008", "2007" ], [ "Net income", "$103,102", "$104,222", "$104,681" ], [ "Non-cash expenses", "74,397", "70,420", "56,348" ], [ "Change in receivables", "21,214", "(2,913)", "(28,853)" ], [ "Change in deferred revenue", "21,943", "5,100", "24,576" ], [ "Change in other assets and liabilities", "(14,068)", "4,172", "17,495" ], [ "Net cash from operating activities", "$206,588", "$181,001", "$174,247" ] ]

[ [ "2008", "year ended june 30 2009 2008", "year ended june 30 2009 2008", "year ended june 30 2009" ], [ "net income", "$ 103102", "$ 104222", "$ 104681" ], [ "non-cash expenses", "74397", "70420", "56348" ], [ "change in receivables", "21214", "-2913 ( 2913 )", "-28853 ( 28853 )" ], [ "change in deferred revenue", "21943", "5100", "24576" ], [ "change in other assets and liabilities", "-14068 ( 14068 )", "4172", "17495" ], [ "net cash from operating activities", "$ 206588", "$ 181001", "$ 174247" ] ]

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[ "substantially all of the goodwill and other intangible assets recorded related to the acquisition of allied are not deductible for tax purposes .", "pro forma information the consolidated financial statements presented for republic include the operating results of allied from the date of the acquisition .", "the following pro forma information is presented assuming the merger had been completed as of january 1 , 2007 .", "the unaudited pro forma information presented below 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 ( in millions , except share and per share amounts ) .", "year ended december 31 , year ended december 31 , ( unaudited ) ( unaudited ) ." ]

[ "the above unaudited pro forma financial information includes adjustments for amortization of identifiable intangible assets , accretion of discounts to fair value associated with debt , environmental , self-insurance and other liabilities , accretion of capping , closure and post-closure obligations and amortization of the related assets , and provision for income taxes .", "assets held for sale as a condition of the merger with allied in december 2008 , we reached a settlement with the doj requiring us to divest of certain operations serving fifteen metropolitan areas including los angeles , ca ; san francisco , ca ; denver , co ; atlanta , ga ; northwestern indiana ; lexington , ky ; flint , mi ; cape girardeau , mo ; charlotte , nc ; cleveland , oh ; philadelphia , pa ; greenville-spartanburg , sc ; and fort worth , houston and lubbock , tx .", "the settlement requires us to divest 87 commercial waste collection routes , nine landfills and ten transfer stations , together with ancillary assets and , in three cases , access to landfill disposal capacity .", "we have classified the assets and liabilities we expect to divest ( including accounts receivable , property and equipment , goodwill , and accrued landfill and environmental costs ) as assets held for sale in our consolidated balance sheet at december 31 , 2008 .", "the assets held for sale related to operations that were republic 2019s prior to the merger with allied have been adjusted to the lower of their carrying amounts or estimated fair values less costs to sell , which resulted in us recognizing an asset impairment loss of $ 6.1 million in our consolidated statement of income for the year ended december 31 , 2008 .", "the assets held for sale related to operations that were allied 2019s prior to the merger are recorded at their estimated fair values in our consolidated balance sheet as of december 31 , 2008 in accordance with the purchase method of accounting .", "in february 2009 , we entered into an agreement to divest certain assets to waste connections , inc .", "the assets covered by the agreement include six municipal solid waste landfills , six collection operations and three transfer stations across the following seven markets : los angeles , ca ; denver , co ; houston , tx ; lubbock , tx ; greenville-spartanburg , sc ; charlotte , nc ; and flint , mi .", "the transaction with waste connections is subject to closing conditions regarding due diligence , regulatory approval and other customary matters .", "closing is expected to occur in the second quarter of 2009 .", "republic services , inc .", "and subsidiaries notes to consolidated financial statements %%transmsg*** transmitting job : p14076 pcn : 106000000 ***%%pcmsg|104 |00046|yes|no|02/28/2009 21:07|0|0|page is valid , no graphics -- color : d| ." ]

[ [ "", "Year Ended December 31, 2008 (Unaudited)", "Year Ended December 31, 2007 (Unaudited)" ], [ "Revenue", "$9,362.2", "$9,244.9" ], [ "Income from continuing operations available to common stockholders", "285.7", "423.2" ], [ "Basic earnings per share", ".76", "1.10" ], [ "Diluted earnings per share", ".75", "1.09" ] ]

[ [ "", "year ended december 31 2008 ( unaudited )", "year ended december 31 2007 ( unaudited )" ], [ "revenue", "$ 9362.2", "$ 9244.9" ], [ "income from continuing operations available to common stockholders", "285.7", "423.2" ], [ "basic earnings per share", ".76", "1.10" ], [ "diluted earnings per share", ".75", "1.09" ] ]

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[ "in a new business model such as the retail segment is inherently risky , particularly in light of the significant investment involved , the current economic climate , and the fixed nature of a substantial portion of the retail segment's operating expenses .", "results for this segment are dependent upon a number of risks and uncertainties , some of which are discussed below under the heading \"factors that may affect future results and financial condition.\" backlog in the company's experience , the actual amount of product backlog at any particular time is not a meaningful indication of its future business prospects .", "in particular , backlog often increases in anticipation of or immediately following new product introductions because of over- ordering by dealers anticipating shortages .", "backlog often is reduced once dealers and customers believe they can obtain sufficient supply .", "because of the foregoing , backlog cannot be considered a reliable indicator of the company's ability to achieve any particular level of revenue or financial performance .", "further information regarding the company's backlog may be found below under the heading \"factors that may affect future results and financial condition.\" gross margin gross margin for the three fiscal years ended september 28 , 2002 are as follows ( in millions , except gross margin percentages ) : gross margin increased to 28% ( 28 % ) of net sales in 2002 from 23% ( 23 % ) in 2001 .", "as discussed below , gross margin in 2001 was unusually low resulting from negative gross margin of 2% ( 2 % ) experienced in the first quarter of 2001 .", "as a percentage of net sales , the company's quarterly gross margins declined during fiscal 2002 from 31% ( 31 % ) in the first quarter down to 26% ( 26 % ) in the fourth quarter .", "this decline resulted from several factors including a rise in component costs as the year progressed and aggressive pricing by the company across its products lines instituted as a result of continued pricing pressures in the personal computer industry .", "the company anticipates that its gross margin and the gross margin of the overall personal computer industry will remain under pressure throughout fiscal 2003 in light of weak economic conditions , flat demand for personal computers in general , and the resulting pressure on prices .", "the foregoing statements regarding anticipated gross margin in 2003 and the general demand for personal computers during 2003 are forward- looking .", "gross margin could differ from anticipated levels because of several factors , including certain of those set forth below in the subsection entitled \"factors that may affect future results and financial condition.\" there can be no assurance that current gross margins will be maintained , targeted gross margin levels will be achieved , or current margins on existing individual products will be maintained .", "in general , gross margins and margins on individual products will remain under significant downward pressure due to a variety of factors , including continued industry wide global pricing pressures , increased competition , compressed product life cycles , potential increases in the cost and availability of raw material and outside manufacturing services , and potential changes to the company's product mix , including higher unit sales of consumer products with lower average selling prices and lower gross margins .", "in response to these downward pressures , the company expects it will continue to take pricing actions with respect to its products .", "gross margins could also be affected by the company's ability to effectively manage quality problems and warranty costs and to stimulate demand for certain of its products .", "the company's operating strategy and pricing take into account anticipated changes in foreign currency exchange rates over time ; however , the company's results of operations can be significantly affected in the short-term by fluctuations in exchange rates .", "the company orders components for its products and builds inventory in advance of product shipments .", "because the company's markets are volatile and subject to rapid technology and price changes , there is a risk the company will forecast incorrectly and produce or order from third parties excess or insufficient inventories of particular products or components .", "the company's operating results and financial condition have been in the past and may in the future be materially adversely affected by the company's ability to manage its inventory levels and outstanding purchase commitments and to respond to short-term shifts in customer demand patterns .", "gross margin declined to 23% ( 23 % ) of net sales in 2001 from 27% ( 27 % ) in 2000 .", "this decline resulted primarily from gross margin of negative 2% ( 2 % ) experienced during the first quarter of 2001 compared to 26% ( 26 % ) gross margin for the same quarter in 2000 .", "in addition to lower than normal net ." ]

[ "." ]

[ [ "", "2002", "2001", "2000" ], [ "Net sales", "$5,742", "$5,363", "$7,983" ], [ "Cost of sales", "4,139", "4,128", "5,817" ], [ "Gross margin", "$1,603", "$1,235", "$2,166" ], [ "Gross margin percentage", "28%", "23%", "27%" ] ]

[ [ "", "2002", "2001", "2000" ], [ "net sales", "$ 5742", "$ 5363", "$ 7983" ], [ "cost of sales", "4139", "4128", "5817" ], [ "gross margin", "$ 1603", "$ 1235", "$ 2166" ], [ "gross margin percentage", "28% ( 28 % )", "23% ( 23 % )", "27% ( 27 % )" ] ]

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[ "( 1 ) includes shares repurchased through our publicly announced share repurchase program and shares tendered to pay the exercise price and tax withholding on employee stock options .", "shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing .", "the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , the s&p 500 index , and the dow jones transportation average .", "the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2004 in the s&p 500 index , the dow jones transportation average , and our class b common stock .", "comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 2004 20092008200720062005 s&p 500 ups dj transport ." ]

[ "." ]

[ [ "", "12/31/04", "12/31/05", "12/31/06", "12/31/07", "12/31/08", "12/31/09" ], [ "United Parcel Service, Inc.", "$100.00", "$89.49", "$91.06", "$87.88", "$70.48", "$75.95" ], [ "S&P 500 Index", "$100.00", "$104.91", "$121.48", "$128.15", "$80.74", "$102.11" ], [ "Dow Jones Transportation Average", "$100.00", "$111.65", "$122.61", "$124.35", "$97.72", "$115.88" ] ]

[ [ "", "12/31/04", "12/31/05", "12/31/06", "12/31/07", "12/31/08", "12/31/09" ], [ "united parcel service inc .", "$ 100.00", "$ 89.49", "$ 91.06", "$ 87.88", "$ 70.48", "$ 75.95" ], [ "s&p 500 index", "$ 100.00", "$ 104.91", "$ 121.48", "$ 128.15", "$ 80.74", "$ 102.11" ], [ "dow jones transportation average", "$ 100.00", "$ 111.65", "$ 122.61", "$ 124.35", "$ 97.72", "$ 115.88" ] ]

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[ "( 1 ) includes shares repurchased through our publicly announced share repurchase program and shares tendered to pay the exercise price and tax withholding on employee stock options .", "shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing .", "the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , the s&p 500 index , and the dow jones transportation average .", "the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2004 in the s&p 500 index , the dow jones transportation average , and our class b common stock .", "comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 2004 20092008200720062005 s&p 500 ups dj transport ." ]

[ "." ]

[ [ "", "12/31/04", "12/31/05", "12/31/06", "12/31/07", "12/31/08", "12/31/09" ], [ "United Parcel Service, Inc.", "$100.00", "$89.49", "$91.06", "$87.88", "$70.48", "$75.95" ], [ "S&P 500 Index", "$100.00", "$104.91", "$121.48", "$128.15", "$80.74", "$102.11" ], [ "Dow Jones Transportation Average", "$100.00", "$111.65", "$122.61", "$124.35", "$97.72", "$115.88" ] ]

[ [ "", "12/31/04", "12/31/05", "12/31/06", "12/31/07", "12/31/08", "12/31/09" ], [ "united parcel service inc .", "$ 100.00", "$ 89.49", "$ 91.06", "$ 87.88", "$ 70.48", "$ 75.95" ], [ "s&p 500 index", "$ 100.00", "$ 104.91", "$ 121.48", "$ 128.15", "$ 80.74", "$ 102.11" ], [ "dow jones transportation average", "$ 100.00", "$ 111.65", "$ 122.61", "$ 124.35", "$ 97.72", "$ 115.88" ] ]

[]

[ "tax returns for 2001 and beyond are open for examination under statute .", "currently , unrecognized tax benefits are not expected to change significantly over the next 12 months .", "19 .", "stock-based and other management compensation plans in april 2009 , the company approved a global incentive plan which replaces the company 2019s 2004 stock incentive plan .", "the 2009 global incentive plan ( 201cgip 201d ) enables the compensation committee of the board of directors to award incentive and nonqualified stock options , stock appreciation rights , shares of series a common stock , restricted stock , restricted stock units ( 201crsus 201d ) and incentive bonuses ( which may be paid in cash or stock or a combination thereof ) , any of which may be performance-based , with vesting and other award provisions that provide effective incentive to company employees ( including officers ) , non-management directors and other service providers .", "under the 2009 gip , the company no longer can grant rsus with the right to participate in dividends or dividend equivalents .", "the maximum number of shares that may be issued under the 2009 gip is equal to 5350000 shares plus ( a ) any shares of series a common stock that remain available for issuance under the 2004 stock incentive plan ( 201csip 201d ) ( not including any shares of series a common stock that are subject to outstanding awards under the 2004 sip or any shares of series a common stock that were issued pursuant to awards under the 2004 sip ) and ( b ) any awards under the 2004 stock incentive plan that remain outstanding that cease for any reason to be subject to such awards ( other than by reason of exercise or settlement of the award to the extent that such award is exercised for or settled in vested and non-forfeitable shares ) .", "as of december 31 , 2010 , total shares available for awards and total shares subject to outstanding awards are as follows : shares available for awards shares subject to outstanding awards ." ]

[ "upon the termination of a participant 2019s employment with the company by reason of death or disability or by the company without cause ( as defined in the respective award agreements ) , an award in amount equal to ( i ) the value of the award granted multiplied by ( ii ) a fraction , ( x ) the numerator of which is the number of full months between grant date and the date of such termination , and ( y ) the denominator of which is the term of the award , such product to be rounded down to the nearest whole number , and reduced by ( iii ) the value of any award that previously vested , shall immediately vest and become payable to the participant .", "upon the termination of a participant 2019s employment with the company for any other reason , any unvested portion of the award shall be forfeited and cancelled without consideration .", "there was $ 19 million and $ 0 million of tax benefit realized from stock option exercises and vesting of rsus during the years ended december 31 , 2010 and 2009 , respectively .", "during the year ended december 31 , 2008 the company reversed $ 8 million of the $ 19 million tax benefit that was realized during the year ended december 31 , 2007 .", "deferred compensation in april 2007 , certain participants in the company 2019s 2004 deferred compensation plan elected to participate in a revised program , which includes both cash awards and restricted stock units ( see restricted stock units below ) .", "based on participation in the revised program , the company expensed $ 9 million , $ 10 million and $ 8 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively , related to the revised program and made payments of $ 4 million during the year ended december 31 , 2010 to participants who left the company and $ 28 million to active employees during december 2010 .", "as of december 31 , 2010 , $ 1 million remains to be paid during 2011 under the revised program .", "as of december 31 , 2009 , there was no deferred compensation payable remaining associated with the 2004 deferred compensation plan .", "the company recorded expense related to participants continuing in the 2004 deferred %%transmsg*** transmitting job : d77691 pcn : 132000000 ***%%pcmsg|132 |00011|yes|no|02/09/2011 18:22|0|0|page is valid , no graphics -- color : n| ." ]

[ [ "", "Shares Available for Awards", "Shares Subject to Outstanding Awards" ], [ "2009 Global Incentive Plan", "2,322,450", "2,530,454" ], [ "2004 Stock Incentive Plan", "-", "5,923,147" ] ]

[ [ "", "shares available for awards", "shares subject to outstanding awards" ], [ "2009 global incentive plan", "2322450", "2530454" ], [ "2004 stock incentive plan", "-", "5923147" ] ]

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[ "management 2019s discussion and analysis 110 jpmorgan chase & co./2013 annual report 2012 compared with 2011 net loss was $ 2.0 billion , compared with a net income of $ 919 million in the prior year .", "private equity reported net income of $ 292 million , compared with net income of $ 391 million in the prior year .", "net revenue was $ 601 million , compared with $ 836 million in the prior year , due to lower unrealized and realized gains on private investments , partially offset by higher unrealized gains on public securities .", "noninterest expense was $ 145 million , down from $ 238 million in the prior year .", "treasury and cio reported a net loss of $ 2.1 billion , compared with net income of $ 1.3 billion in the prior year .", "net revenue was a loss of $ 3.1 billion , compared with net revenue of $ 3.2 billion in the prior year .", "the current year loss reflected $ 5.8 billion of losses incurred by cio from the synthetic credit portfolio for the six months ended june 30 , 2012 , and $ 449 million of losses from the retained index credit derivative positions for the three months ended september 30 , 2012 .", "these losses were partially offset by securities gains of $ 2.0 billion .", "the current year revenue reflected $ 888 million of extinguishment gains related to the redemption of trust preferred securities , which are included in all other income in the above table .", "the extinguishment gains were related to adjustments applied to the cost basis of the trust preferred securities during the period they were in a qualified hedge accounting relationship .", "net interest income was negative $ 683 million , compared with $ 1.4 billion in the prior year , primarily reflecting the impact of lower portfolio yields and higher deposit balances across the firm .", "other corporate reported a net loss of $ 221 million , compared with a net loss of $ 821 million in the prior year .", "noninterest revenue of $ 1.8 billion was driven by a $ 1.1 billion benefit for the washington mutual bankruptcy settlement , which is included in all other income in the above table , and a $ 665 million gain from the recovery on a bear stearns-related subordinated loan .", "noninterest expense of $ 3.8 billion was up $ 1.0 billion compared with the prior year .", "the current year included expense of $ 3.7 billion for additional litigation reserves , largely for mortgage-related matters .", "the prior year included expense of $ 3.2 billion for additional litigation reserves .", "treasury and cio overview treasury and cio are predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding and structural interest rate and foreign exchange risks , as well as executing the firm 2019s capital plan .", "the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off-balance sheet assets and liabilities .", "cio achieves the firm 2019s asset-liability management objectives generally by investing in high-quality securities that are managed for the longer-term as part of the firm 2019s afs and htm investment securities portfolios ( the 201cinvestment securities portfolio 201d ) .", "cio also uses derivatives , as well as securities that are not classified as afs or htm , to meet the firm 2019s asset-liability management objectives .", "for further information on derivatives , see note 6 on pages 220 2013233 of this annual report .", "for further information about securities not classified within the afs or htm portfolio , see note 3 on pages 195 2013215 of this annual report .", "the treasury and cio investment securities portfolio primarily consists of u.s .", "and non-u.s .", "government securities , agency and non-agency mortgage-backed securities , other asset-backed securities , corporate debt securities and obligations of u.s .", "states and municipalities .", "at december 31 , 2013 , the total treasury and cio investment securities portfolio was $ 347.6 billion ; the average credit rating of the securities comprising the treasury and cio investment securities portfolio was aa+ ( based upon external ratings where available and where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) .", "see note 12 on pages 249 2013254 of this annual report for further information on the details of the firm 2019s investment securities portfolio .", "for further information on liquidity and funding risk , see liquidity risk management on pages 168 2013173 of this annual report .", "for information on interest rate , foreign exchange and other risks , treasury and cio value-at-risk ( 201cvar 201d ) and the firm 2019s structural interest rate-sensitive revenue at risk , see market risk management on pages 142 2013148 of this annual report .", "selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2013 2012 2011 ." ]

[ "( a ) period-end investment securities included held-to-maturity balance of $ 24.0 billion at december 31 , 2013 .", "held-to-maturity balances for the other periods were not material. ." ]

[ [ "As of or for the year ended December 31, (in millions)", "2013", "2012", "2011" ], [ "Securities gains", "$659", "$2,028", "$1,385" ], [ "Investment securities portfolio (average)", "353,712", "358,029", "330,885" ], [ "Investment securities portfolio (period–end)^(a)", "347,562", "365,421", "355,605" ], [ "Mortgage loans (average)", "5,145", "10,241", "13,006" ], [ "Mortgage loans (period-end)", "3,779", "7,037", "13,375" ] ]

[ [ "as of or for the year ended december 31 ( in millions )", "2013", "2012", "2011" ], [ "securities gains", "$ 659", "$ 2028", "$ 1385" ], [ "investment securities portfolio ( average )", "353712", "358029", "330885" ], [ "investment securities portfolio ( period 2013end ) ( a )", "347562", "365421", "355605" ], [ "mortgage loans ( average )", "5145", "10241", "13006" ], [ "mortgage loans ( period-end )", "3779", "7037", "13375" ] ]

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[ "masco corporation notes to consolidated financial statements ( continued ) t .", "other commitments and contingencies litigation .", "we are subject to claims , charges , litigation and other proceedings in the ordinary course of our business , including those arising from or related to contractual matters , intellectual property , personal injury , environmental matters , product liability , construction defect , insurance coverage , personnel and employment disputes and other matters , including class actions .", "we believe we have adequate defenses in these matters and that the outcome of these matters is not likely to have a material adverse effect on us .", "however , there is no assurance that we will prevail in these matters , and we could in the future incur judgments , enter into settlements of claims or revise our expectations regarding the outcome of these matters , which could materially impact our results of operations .", "in july 2012 , the company reached a settlement agreement related to the columbus drywall litigation .", "the company and its insulation installation companies named in the suit agreed to pay $ 75 million in return for dismissal with prejudice and full release of all claims .", "the company and its insulation installation companies continue to deny that the challenged conduct was unlawful and admit no wrongdoing as part of the settlement .", "a settlement was reached to eliminate the considerable expense and uncertainty of this lawsuit .", "the company recorded the settlement expense in the second quarter of 2012 and the amount was paid in the fourth quarter of 2012 .", "warranty .", "at the time of sale , the company accrues a warranty liability for the estimated cost to provide products , parts or services to repair or replace products in satisfaction of warranty obligations .", "during the third quarter of 2012 , a business in the other specialty products segment recorded a $ 12 million increase in expected future warranty claims resulting from the completion of an analysis prepared by the company based upon its periodic assessment of recent business unit specific operating trends including , among others , home ownership demographics , sales volumes , manufacturing quality , an analysis of recent warranty claim activity and an estimate of current costs to service anticipated claims .", "changes in the company 2019s warranty liability were as follows , in millions: ." ]

[ "investments .", "with respect to the company 2019s investments in private equity funds , the company had , at december 31 , 2012 , commitments to contribute up to $ 19 million of additional capital to such funds representing the company 2019s aggregate capital commitment to such funds less capital contributions made to date .", "the company is contractually obligated to make additional capital contributions to certain of its private equity funds upon receipt of a capital call from the private equity fund .", "the company has no control over when or if the capital calls will occur .", "capital calls are funded in cash and generally result in an increase in the carrying value of the company 2019s investment in the private equity fund when paid. ." ]

[ [ "", "2012", "2011" ], [ "Balance at January 1", "$102", "$107" ], [ "Accruals for warranties issued during the year", "42", "28" ], [ "Accruals related to pre-existing warranties", "16", "8" ], [ "Settlements made (in cash or kind) during the year", "(38)", "(38)" ], [ "Other, net (including currency translation)", "(4)", "(3)" ], [ "Balance at December 31", "$118", "$102" ] ]

[ [ "", "2012", "2011" ], [ "balance at january 1", "$ 102", "$ 107" ], [ "accruals for warranties issued during the year", "42", "28" ], [ "accruals related to pre-existing warranties", "16", "8" ], [ "settlements made ( in cash or kind ) during the year", "-38 ( 38 )", "-38 ( 38 )" ], [ "other net ( including currency translation )", "-4 ( 4 )", "-3 ( 3 )" ], [ "balance at december 31", "$ 118", "$ 102" ] ]

[]

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

[ "[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 ." ]

[ [ "", "Total", "Less than 1 year", "1-3 years", "3-5 years", "More than 5 years" ], [ "Property and casualty obligations [1]", "$21,885", "$5,777", "$6,150", "$3,016", "$6,942" ], [ "Life, annuity and disability obligations [2]", "281,998", "18,037", "37,318", "40,255", "186,388" ], [ "Long-term debt obligations [3]", "9,093", "536", "1,288", "1,613", "5,656" ], [ "Operating lease obligations", "723", "175", "285", "162", "101" ], [ "Purchase obligations [4] [5]", "1,764", "1,614", "120", "14", "16" ], [ "Other long-term liabilities reflected onthe balance sheet [6] [7]", "1,642", "1,590", "—", "52", "—" ], [ "Total", "$317,105", "$27,729", "$45,161", "$45,112", "$199,103" ] ]

[ [ "", "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" ] ]

[ { "arg1": "27729", "arg2": "45161", "op": "add2-1", "res": "72890" }, { "arg1": "#0", "arg2": "317105", "op": "divide2-2", "res": "22.99%" } ]

[ "during the years ended december 31 , 2013 , 2012 , and 2011 , we recognized approximately $ 6.5 million , $ 5.1 million and $ 4.7 million of compensation expense , respectively , for these options .", "as of december 31 , 2013 , there was approximately $ 20.3 million of total unrecognized compensation cost related to unvested stock options , which is expected to be recognized over a weighted average period of three years .", "stock-based compensation effective january 1 , 1999 , we implemented a deferred compensation plan , or the deferred plan , covering certain of our employees , including our executives .", "the shares issued under the deferred plan were granted to certain employees , including our executives and vesting will occur annually upon the completion of a service period or our meeting established financial performance criteria .", "annual vesting occurs at rates ranging from 15% ( 15 % ) to 35% ( 35 % ) once performance criteria are reached .", "a summary of our restricted stock as of december 31 , 2013 , 2012 and 2011 and charges during the years then ended are presented below: ." ]

[ "weighted average fair value of restricted stock granted during the year $ 17386949 $ 7023942 $ 21768084 the fair value of restricted stock that vested during the years ended december 31 , 2013 , 2012 and 2011 was $ 1.6 million , $ 22.4 million and $ 4.3 million , respectively .", "as of december 31 , 2013 , there was $ 17.8 million of total unrecognized compensation cost related to unvested restricted stock , which is expected to be recognized over a weighted average period of approximately 2.7 years .", "for the years ended december 31 , 2013 , 2012 and 2011 , approximately $ 4.5 million , $ 4.1 million and $ 3.4 million , respectively , was capitalized to assets associated with compensation expense related to our long-term compensation plans , restricted stock and stock options .", "we granted ltip units , which include bonus , time-based and performance based awards , with a fair value of $ 27.1 million , zero and $ 8.5 million as of 2013 , 2012 and 2011 , respectively .", "the grant date fair value of the ltip unit awards was calculated in accordance with asc 718 .", "a third party consultant determined the fair value of the ltip units to have a discount from sl green's common stock price .", "the discount was calculated by considering the inherent uncertainty that the ltip units will reach parity with other common partnership units and the illiquidity due to transfer restrictions .", "as of december 31 , 2013 , there was $ 5.0 million of total unrecognized compensation expense related to the time-based and performance based awards , which is expected to be recognized over a weighted average period of approximately 1.5 years .", "during the years ended december 31 , 2013 , 2012 and 2011 , we recorded compensation expense related to bonus , time-based and performance based awards of approximately $ 27.3 million , $ 12.6 million and $ 8.5 million , respectively .", "2010 notional unit long-term compensation plan in december 2009 , the compensation committee of the company's board of directors approved the general terms of the sl green realty corp .", "2010 notional unit long-term compensation program , or the 2010 long-term compensation plan .", "the 2010 long-term compensation plan is a long-term incentive compensation plan pursuant to which award recipients could earn , in the aggregate , from approximately $ 15.0 million up to approximately $ 75.0 million of ltip units in the operating partnership based on our stock price appreciation over three years beginning on december 1 , 2009 ; provided that , if maximum performance had been achieved , approximately $ 25.0 million of awards could be earned at any time after the beginning of the second year and an additional approximately $ 25.0 million of awards could be earned at any time after the beginning of the third year .", "in order to achieve maximum performance under the 2010 long-term compensation plan , our aggregate stock price appreciation during the performance period had to equal or exceed 50% ( 50 % ) .", "the compensation committee determined that maximum performance had been achieved at or shortly after the beginning of each of the second and third years of the performance period and for the full performance period and , accordingly , 366815 ltip units , 385583 ltip units and 327416 ltip units were earned under the 2010 long-term compensation plan in december 2010 , 2011 and 2012 , respectively .", "substantially in accordance with the original terms of the program , 50% ( 50 % ) of these ltip units vested on december 17 , 2012 ( accelerated from the original january 1 , 2013 vesting date ) , 25% ( 25 % ) of these ltip units vested on december 11 , 2013 ( accelerated from the original january 1 , 2014 vesting date ) and the remainder is scheduled to vest on january 1 , 2015 based on ." ]

[ [ "", "2013", "2012", "2011" ], [ "Balance at beginning of year", "2,804,901", "2,912,456", "2,728,290" ], [ "Granted", "192,563", "92,729", "185,333" ], [ "Cancelled", "(3,267)", "(200,284)", "(1,167)" ], [ "Balance at end of year", "2,994,197", "2,804,901", "2,912,456" ], [ "Vested during the year", "21,074", "408,800", "66,299" ], [ "Compensation expense recorded", "$6,713,155", "$6,930,381", "$17,365,401" ], [ "Weighted average fair value of restricted stock granted during the year", "$17,386,949", "$7,023,942", "$21,768,084" ] ]

[ [ "", "2013", "2012", "2011" ], [ "balance at beginning of year", "2804901", "2912456", "2728290" ], [ "granted", "192563", "92729", "185333" ], [ "cancelled", "-3267 ( 3267 )", "-200284 ( 200284 )", "-1167 ( 1167 )" ], [ "balance at end of year", "2994197", "2804901", "2912456" ], [ "vested during the year", "21074", "408800", "66299" ], [ "compensation expense recorded", "$ 6713155", "$ 6930381", "$ 17365401" ], [ "weighted average fair value of restricted stock granted during the year", "$ 17386949", "$ 7023942", "$ 21768084" ] ]

[ { "arg1": "4.5", "arg2": "4.1", "op": "add1-1", "res": "8.6" }, { "arg1": "#0", "arg2": "3.4", "op": "add1-2", "res": "12" } ]

[ "the net decrease in the 2016 effective tax rate was due , in part , to the 2016 asset impairments in the u.s .", "and to the current year benefit related to a restructuring of one of our brazilian businesses that increases tax basis in long-term assets .", "further , the 2015 rate was impacted by the items described below .", "see note 20 2014asset impairment expense for additional information regarding the 2016 u.s .", "asset impairments .", "income tax expense increased $ 101 million , or 27% ( 27 % ) , to $ 472 million in 2015 .", "the company's effective tax rates were 41% ( 41 % ) and 26% ( 26 % ) for the years ended december 31 , 2015 and 2014 , respectively .", "the net increase in the 2015 effective tax rate was due , in part , to the nondeductible 2015 impairment of goodwill at our u.s .", "utility , dp&l and chilean withholding taxes offset by the release of valuation allowance at certain of our businesses in brazil , vietnam and the u.s .", "further , the 2014 rate was impacted by the sale of approximately 45% ( 45 % ) of the company 2019s interest in masin aes pte ltd. , which owns the company 2019s business interests in the philippines and the 2014 sale of the company 2019s interests in four u.k .", "wind operating projects .", "neither of these transactions gave rise to income tax expense .", "see note 15 2014equity for additional information regarding the sale of approximately 45% ( 45 % ) of the company 2019s interest in masin-aes pte ltd .", "see note 23 2014dispositions for additional information regarding the sale of the company 2019s interests in four u.k .", "wind operating projects .", "our effective tax rate reflects the tax effect of significant operations outside the u.s. , which are generally taxed at rates lower than the u.s .", "statutory rate of 35% ( 35 % ) .", "a future proportionate change in the composition of income before income taxes from foreign and domestic tax jurisdictions could impact our periodic effective tax rate .", "the company also benefits from reduced tax rates in certain countries as a result of satisfying specific commitments regarding employment and capital investment .", "see note 21 2014income taxes for additional information regarding these reduced rates .", "foreign currency transaction gains ( losses ) foreign currency transaction gains ( losses ) in millions were as follows: ." ]

[ "total ( 1 ) $ ( 15 ) $ 107 $ 11 _____________________________ ( 1 ) includes gains of $ 17 million , $ 247 million and $ 172 million on foreign currency derivative contracts for the years ended december 31 , 2016 , 2015 and 2014 , respectively .", "the company recognized a net foreign currency transaction loss of $ 15 million for the year ended december 31 , 2016 primarily due to losses of $ 50 million at the aes corporation mainly due to remeasurement losses on intercompany notes , and losses on swaps and options .", "this loss was partially offset by gains of $ 37 million in argentina , mainly due to the favorable impact of foreign currency derivatives related to government receivables .", "the company recognized a net foreign currency transaction gain of $ 107 million for the year ended december 31 , 2015 primarily due to gains of : 2022 $ 124 million in argentina , due to the favorable impact from foreign currency derivatives related to government receivables , partially offset by losses from the devaluation of the argentine peso associated with u.s .", "dollar denominated debt , and losses at termoandes ( a u.s .", "dollar functional currency subsidiary ) primarily associated with cash and accounts receivable balances in local currency , 2022 $ 29 million in colombia , mainly due to the depreciation of the colombian peso , positively impacting chivor ( a u.s .", "dollar functional currency subsidiary ) due to liabilities denominated in colombian pesos , 2022 $ 11 million in the united kingdom , mainly due to the depreciation of the pound sterling , resulting in gains at ballylumford holdings ( a u.s .", "dollar functional currency subsidiary ) associated with intercompany notes payable denominated in pound sterling , and ." ]

[ [ "Years Ended December 31,", "2016", "2015", "2014" ], [ "AES Corporation", "$(50)", "$(31)", "$(34)" ], [ "Chile", "(9)", "(18)", "(30)" ], [ "Colombia", "(8)", "29", "17" ], [ "Mexico", "(8)", "(6)", "(14)" ], [ "Philippines", "12", "8", "11" ], [ "United Kingdom", "13", "11", "12" ], [ "Argentina", "37", "124", "66" ], [ "Other", "(2)", "(10)", "(17)" ], [ "Total⁽¹⁾", "$(15)", "$107", "$11" ] ]

[ [ "years ended december 31,", "2016", "2015", "2014" ], [ "aes corporation", "$ -50 ( 50 )", "$ -31 ( 31 )", "$ -34 ( 34 )" ], [ "chile", "-9 ( 9 )", "-18 ( 18 )", "-30 ( 30 )" ], [ "colombia", "-8 ( 8 )", "29", "17" ], [ "mexico", "-8 ( 8 )", "-6 ( 6 )", "-14 ( 14 )" ], [ "philippines", "12", "8", "11" ], [ "united kingdom", "13", "11", "12" ], [ "argentina", "37", "124", "66" ], [ "other", "-2 ( 2 )", "-10 ( 10 )", "-17 ( 17 )" ], [ "total ( 1 )", "$ -15 ( 15 )", "$ 107", "$ 11" ] ]

[]

[ "entergy mississippi , inc .", "management's financial discussion and analysis results of operations net income 2008 compared to 2007 net income decreased $ 12.4 million primarily due to higher other operation and maintenance expenses , lower other income , and higher depreciation and amortization expenses , partially offset by higher net revenue .", "2007 compared to 2006 net income increased $ 19.8 million primarily due to higher net revenue , lower other operation and maintenance expenses , higher other income , and lower interest expense , partially offset by higher depreciation and amortization expenses .", "net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .", "following is an analysis of the change in net revenue comparing 2008 to 2007 .", "amount ( in millions ) ." ]

[ "the attala costs variance is primarily due to an increase in the attala power plant costs that are recovered through the power management rider .", "the net income effect of this recovery in limited to a portion representing an allowed return on equity with the remainder offset by attala power plant costs in other operation and maintenance expenses , depreciation expenses , and taxes other than income taxes .", "the recovery of attala power plant costs is discussed further in \"liquidity and capital resources - uses of capital\" below .", "the rider revenue variance is the result of a storm damage rider that became effective in october 2007 .", "the establishment of this rider results in an increase in rider revenue and a corresponding increase in other operation and maintenance expense for the storm reserve with no effect on net income .", "the base revenue variance is primarily due to a formula rate plan increase effective july 2007 .", "the formula rate plan filing is discussed further in \"state and local rate regulation\" below .", "the reserve equalization variance is primarily due to changes in the entergy system generation mix compared to the same period in 2007. ." ]

[ [ "", "Amount (In Millions)" ], [ "2007 net revenue", "$486.9" ], [ "Attala costs", "9.9" ], [ "Rider revenue", "6.0" ], [ "Base revenue", "5.1" ], [ "Reserve equalization", "(2.4)" ], [ "Net wholesale revenue", "(4.0)" ], [ "Other", "(2.7)" ], [ "2008 net revenue", "$498.8" ] ]

[ [ "", "amount ( in millions )" ], [ "2007 net revenue", "$ 486.9" ], [ "attala costs", "9.9" ], [ "rider revenue", "6.0" ], [ "base revenue", "5.1" ], [ "reserve equalization", "-2.4 ( 2.4 )" ], [ "net wholesale revenue", "-4.0 ( 4.0 )" ], [ "other", "-2.7 ( 2.7 )" ], [ "2008 net revenue", "$ 498.8" ] ]

[ { "arg1": "498.8", "arg2": "486.9", "op": "minus2-1", "res": "11.9" }, { "arg1": "#0", "arg2": "486.9", "op": "divide2-2", "res": "2.4%" } ]

[ "baker hughes , a ge company notes to consolidated and combined financial statements bhge 2017 form 10-k | 85 the total intrinsic value of rsus ( defined as the value of the shares awarded at the current market price ) vested and outstanding in 2017 was $ 17 million and $ 38 million , respectively .", "the total fair value of rsus vested in 2017 was $ 19 million .", "as of december 31 , 2017 , there was $ 98 million of total unrecognized compensation cost related to unvested rsus , which is expected to be recognized over a weighted average period of 2.5 years .", "note 12 .", "equity common stock we are authorized to issue 2 billion shares of class a common stock , 1.25 billion shares of class b common stock and 50 million shares of preferred stock each of which have a par value of $ 0.0001 per share .", "on july 3 , 2017 , each share of baker hughes common stock was converted into one share of class a common stock in the company .", "the number of class a common stock and class b common stock shares outstanding at december 31 , 2017 is 422 million and 707 million , respectively .", "we have not issued any preferred stock .", "ge owns all the issued and outstanding class b common stock .", "each share of class a and class b common stock and the associated membership interest in bhge llc form a paired interest .", "while each share of class b common stock has equal voting rights to a share of class a common stock , it has no economic rights , meaning holders of class b common stock have no right to dividends and any assets in the event of liquidation of the company .", "former baker hughes stockholders immediately after the completion of the transactions received a special one-time cash dividend of $ 17.50 per share paid by the company to holders of record of the company's class a common stock .", "in addition , during 2017 the company declared and paid regular dividends of $ 0.17 per share and $ 0.18 per share to holders of record of the company's class a common stock during the quarters ended september 30 , 2017 and december 31 , 2017 , respectively .", "the following table presents the changes in number of shares outstanding ( in thousands ) : class a common class b common ." ]

[ "( 1 ) share amounts reflected above are net of shares withheld to satisfy the employee's tax withholding obligation .", "( 2 ) on november 2 , 2017 , our board of directors authorized bhge llc to repurchase up to $ 3 billion of its common units from the company and ge .", "the proceeds of this repurchase are to be used by bhge to repurchase class a common stock of the company on the open market , which if fully implemented would result in the repurchase of approximately $ 1.1 billion of class a common stock .", "the class b common stock of the company , that is paired with repurchased common units , was repurchased by the company at par value .", "the $ 3 billion repurchase authorization is the aggregate authorization for repurchases of class a and class b common stock together with its paired unit .", "bhge llc had authorization remaining to repurchase up to approximately $ 2.5 billion of its common units from bhge and ge at december 31 , 2017 .", "( 3 ) during 2017 , we repurchased and canceled 6046735 shares of class a common stock for a total of $ 187 million .", "we also repurchased and canceled 10126467 shares of class b common stock from ge which is paired together with common units of bhge llc for $ 314 million. ." ]

[ [ "", "Class A Common Stock", "Class B Common Stock" ], [ "Balance at December 31, 2016", "—", "—" ], [ "Issue of shares on business combination at July 3, 2017", "427,709", "717,111" ], [ "Issue of shares upon vesting of restricted stock units⁽¹⁾", "290", "—" ], [ "Issue of shares on exercises of stock options⁽¹⁾", "256", "—" ], [ "Stock repurchase program^{(2) (3)}", "(6,047)", "(10,126)" ], [ "Balance at December 31, 2017", "422,208", "706,985" ] ]

[ [ "", "class a common stock", "class b common stock" ], [ "balance at december 31 2016", "2014", "2014" ], [ "issue of shares on business combination at july 3 2017", "427709", "717111" ], [ "issue of shares upon vesting of restricted stock units ( 1 )", "290", "2014" ], [ "issue of shares on exercises of stock options ( 1 )", "256", "2014" ], [ "stock repurchase program ( 2 ) ( 3 )", "-6047 ( 6047 )", "-10126 ( 10126 )" ], [ "balance at december 31 2017", "422208", "706985" ] ]

[ { "arg1": "1.25", "arg2": "const_1000", "op": "multiply2-1", "res": "1250" }, { "arg1": "707", "arg2": "#0", "op": "divide2-2", "res": "56.6%" } ]

[ "the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2011 , 2010 , and 2009 ( 1 ) weighted average interest rate at december 31 , 2011 .", "( 2 ) the company has interest rate swaps and interest rate option agreements in an aggregate notional principal amount of approximately $ 3.6 billion on non-recourse debt outstanding at december 31 , 2011 .", "the swap agreements economically change the variable interest rates on the portion of the debt covered by the notional amounts to fixed rates ranging from approximately 1.44% ( 1.44 % ) to 6.98% ( 6.98 % ) .", "the option agreements fix interest rates within a range from 1.00% ( 1.00 % ) to 7.00% ( 7.00 % ) .", "the agreements expire at various dates from 2016 through 2028 .", "( 3 ) multilateral loans include loans funded and guaranteed by bilaterals , multilaterals , development banks and other similar institutions .", "( 4 ) non-recourse debt of $ 704 million and $ 945 million as of december 31 , 2011 and 2010 , respectively , was excluded from non-recourse debt and included in current and long-term liabilities of held for sale and discontinued businesses in the accompanying consolidated balance sheets .", "non-recourse debt as of december 31 , 2011 is scheduled to reach maturity as set forth in the table below : december 31 , annual maturities ( in millions ) ." ]

[ "as of december 31 , 2011 , aes subsidiaries with facilities under construction had a total of approximately $ 1.4 billion of committed but unused credit facilities available to fund construction and other related costs .", "excluding these facilities under construction , aes subsidiaries had approximately $ 1.2 billion in a number of available but unused committed revolving credit lines to support their working capital , debt service reserves and other business needs .", "these credit lines can be used in one or more of the following ways : solely for borrowings ; solely for letters of credit ; or a combination of these uses .", "the weighted average interest rate on borrowings from these facilities was 14.75% ( 14.75 % ) at december 31 , 2011 .", "on october 3 , 2011 , dolphin subsidiary ii , inc .", "( 201cdolphin ii 201d ) , a newly formed , wholly-owned special purpose indirect subsidiary of aes , entered into an indenture ( the 201cindenture 201d ) with wells fargo bank , n.a .", "( the 201ctrustee 201d ) as part of its issuance of $ 450 million aggregate principal amount of 6.50% ( 6.50 % ) senior notes due 2016 ( the 201c2016 notes 201d ) and $ 800 million aggregate principal amount of 7.25% ( 7.25 % ) senior notes due 2021 ( the 201c7.25% ( 201c7.25 % ) 2021 notes 201d , together with the 2016 notes , the 201cnotes 201d ) to finance the acquisition ( the 201cacquisition 201d ) of dpl .", "upon closing of the acquisition on november 28 , 2011 , dolphin ii was merged into dpl with dpl being the surviving entity and obligor .", "the 2016 notes and the 7.25% ( 7.25 % ) 2021 notes are included under 201cnotes and bonds 201d in the non-recourse detail table above .", "see note 23 2014acquisitions and dispositions for further information .", "interest on the 2016 notes and the 7.25% ( 7.25 % ) 2021 notes accrues at a rate of 6.50% ( 6.50 % ) and 7.25% ( 7.25 % ) per year , respectively , and is payable on april 15 and october 15 of each year , beginning april 15 , 2012 .", "prior to september 15 , 2016 with respect to the 2016 notes and july 15 , 2021 with respect to the 7.25% ( 7.25 % ) 2021 notes , dpl may redeem some or all of the 2016 notes or 7.25% ( 7.25 % ) 2021 notes at par , plus a 201cmake-whole 201d amount set forth in ." ]

[ [ "December 31,", "Annual Maturities (in millions)" ], [ "2012", "$2,152" ], [ "2013", "1,389" ], [ "2014", "1,697" ], [ "2015", "851" ], [ "2016", "2,301" ], [ "Thereafter", "7,698" ], [ "Total non-recourse debt", "$16,088" ] ]

[ [ "december 31,", "annual maturities ( in millions )" ], [ "2012", "$ 2152" ], [ "2013", "1389" ], [ "2014", "1697" ], [ "2015", "851" ], [ "2016", "2301" ], [ "thereafter", "7698" ], [ "total non-recourse debt", "$ 16088" ] ]

[]

[ "jpmorgan chase & co./2016 annual report 35 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co .", "( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index .", "the s&p 500 index is a commonly referenced united states of america ( 201cu.s . 201d ) equity benchmark consisting of leading companies from different economic sectors .", "the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s .", "and is composed of leading national money center and regional banks and thrifts .", "the s&p financial index is an index of financial companies , all of which are components of the s&p 500 .", "the firm is a component of all three industry indices .", "the following table and graph assume simultaneous investments of $ 100 on december 31 , 2011 , in jpmorgan chase common stock and in each of the above indices .", "the comparison assumes that all dividends are reinvested .", "december 31 , ( in dollars ) 2011 2012 2013 2014 2015 2016 ." ]

[ "december 31 , ( in dollars ) ." ]

[ [ "December 31,(in dollars)", "2011", "2012", "2013", "2014", "2015", "2016" ], [ "JPMorgan Chase", "$100.00", "$136.18", "$186.17", "$204.57", "$221.68", "$298.31" ], [ "KBW Bank Index", "100.00", "133.03", "183.26", "200.42", "201.40", "258.82" ], [ "S&P Financial Index", "100.00", "128.75", "174.57", "201.06", "197.92", "242.94" ], [ "S&P 500 Index", "100.00", "115.99", "153.55", "174.55", "176.95", "198.10" ] ]

[ [ "december 31 ( in dollars )", "2011", "2012", "2013", "2014", "2015", "2016" ], [ "jpmorgan chase", "$ 100.00", "$ 136.18", "$ 186.17", "$ 204.57", "$ 221.68", "$ 298.31" ], [ "kbw bank index", "100.00", "133.03", "183.26", "200.42", "201.40", "258.82" ], [ "s&p financial index", "100.00", "128.75", "174.57", "201.06", "197.92", "242.94" ], [ "s&p 500 index", "100.00", "115.99", "153.55", "174.55", "176.95", "198.10" ] ]

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[ "table of contents adobe inc .", "notes to consolidated financial statements ( continued ) goodwill , purchased intangibles and other long-lived assets goodwill is assigned to one or more reporting segments on the date of acquisition .", "we review our goodwill for impairment annually during our second quarter of each fiscal year and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of any one of our reporting units below its respective carrying amount .", "in performing our goodwill impairment test , we first perform a qualitative assessment , which requires that we consider events or circumstances including macroeconomic conditions , industry and market considerations , cost factors , overall financial performance , changes in management or key personnel , changes in strategy , changes in customers , changes in the composition or carrying amount of a reporting segment 2019s net assets and changes in our stock price .", "if , after assessing the totality of events or circumstances , we determine that it is more likely than not that the fair values of our reporting segments are greater than the carrying amounts , then the quantitative goodwill impairment test is not performed .", "if the qualitative assessment indicates that the quantitative analysis should be performed , we then evaluate goodwill for impairment by comparing the fair value of each of our reporting segments to its carrying value , including the associated goodwill .", "to determine the fair values , we use the equal weighting of the market approach based on comparable publicly traded companies in similar lines of businesses and the income approach based on estimated discounted future cash flows .", "our cash flow assumptions consider historical and forecasted revenue , operating costs and other relevant factors .", "we completed our annual goodwill impairment test in the second quarter of fiscal 2018 .", "we determined , after performing a qualitative review of each reporting segment , that it is more likely than not that the fair value of each of our reporting segments substantially exceeds the respective carrying amounts .", "accordingly , there was no indication of impairment and the quantitative goodwill impairment test was not performed .", "we did not identify any events or changes in circumstances since the performance of our annual goodwill impairment test that would require us to perform another goodwill impairment test during the fiscal year .", "we amortize intangible assets with finite lives over their estimated useful lives and review them for impairment whenever an impairment indicator exists .", "we continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets , including our intangible assets may not be recoverable .", "when such events or changes in circumstances occur , we assess recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows .", "if the future undiscounted cash flows are less than the carrying amount of these assets , we recognize an impairment loss based on any excess of the carrying amount over the fair value of the assets .", "we did not recognize any intangible asset impairment charges in fiscal 2018 , 2017 or 2016 .", "during fiscal 2018 , our intangible assets were amortized over their estimated useful lives ranging from 1 to 14 years .", "amortization is based on the pattern in which the economic benefits of the intangible asset will be consumed or on a straight-line basis when the consumption pattern is not apparent .", "the weighted average useful lives of our intangible assets were as follows : weighted average useful life ( years ) ." ]

[ "income taxes we use the asset and liability method of accounting for income taxes .", "under this method , income tax expense is recognized for the amount of taxes payable or refundable for the current year .", "in addition , deferred tax assets and liabilities are recognized for expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities , and for operating losses and tax credit carryforwards .", "we record a valuation allowance to reduce deferred tax assets to an amount for which realization is more likely than not. ." ]

[ [ "", "Weighted AverageUseful Life (years)" ], [ "Purchased technology", "6" ], [ "Customer contracts and relationships", "9" ], [ "Trademarks", "9" ], [ "Acquired rights to use technology", "10" ], [ "Backlog", "2" ], [ "Other intangibles", "4" ] ]

[ [ "", "weighted averageuseful life ( years )" ], [ "purchased technology", "6" ], [ "customer contracts and relationships", "9" ], [ "trademarks", "9" ], [ "acquired rights to use technology", "10" ], [ "backlog", "2" ], [ "other intangibles", "4" ] ]

[]

[ "2022 timing of available information , including the performance of first lien positions , and 2022 limitations of available historical data .", "pnc 2019s determination of the alll for non-impaired loans is sensitive to the risk grades assigned to commercial loans and loss rates for consumer loans .", "there are several other qualitative and quantitative factors considered in determining the alll .", "this sensitivity analysis does not necessarily reflect the nature and extent of future changes in the alll .", "it is intended to provide insight into the impact of adverse changes to risk grades and loss rates only and does not imply any expectation of future deterioration in the risk ratings or loss rates .", "given the current processes used , we believe the risk grades and loss rates currently assigned are appropriate .", "in the hypothetical event that the aggregate weighted average commercial loan risk grades would experience a 1% ( 1 % ) deterioration , assuming all other variables remain constant , the allowance for commercial loans would increase by approximately $ 35 million as of december 31 , 2014 .", "in the hypothetical event that consumer loss rates would increase by 10% ( 10 % ) , assuming all other variables remain constant , the allowance for consumer loans would increase by approximately $ 37 million at december 31 , 2014 .", "purchased impaired loans are initially recorded at fair value and applicable accounting guidance prohibits the carry over or creation of valuation allowances at acquisition .", "because the initial fair values of these loans already reflect a credit component , additional reserves are established when performance is expected to be worse than our expectations as of the acquisition date .", "at december 31 , 2014 , we had established reserves of $ .9 billion for purchased impaired loans .", "in addition , loans ( purchased impaired and non- impaired ) acquired after january 1 , 2009 were recorded at fair value .", "no allowance for loan losses was carried over and no allowance was created at the date of acquisition .", "see note 4 purchased loans in the notes to consolidated financial statements in item 8 of this report for additional information .", "in determining the appropriateness of the alll , we make specific allocations to impaired loans and allocations to portfolios of commercial and consumer loans .", "we also allocate reserves to provide coverage for probable losses incurred in the portfolio at the balance sheet date based upon current market conditions , which may not be reflected in historical loss data .", "commercial lending is the largest category of credits and is sensitive to changes in assumptions and judgments underlying the determination of the alll .", "we have allocated approximately $ 1.6 billion , or 47% ( 47 % ) , of the alll at december 31 , 2014 to the commercial lending category .", "consumer lending allocations are made based on historical loss experience adjusted for recent activity .", "approximately $ 1.7 billion , or 53% ( 53 % ) , of the alll at december 31 , 2014 has been allocated to these consumer lending categories .", "in addition to the alll , we maintain an allowance for unfunded loan commitments and letters of credit .", "we report this allowance as a liability on our consolidated balance sheet .", "we maintain the allowance for unfunded loan commitments and letters of credit at a level we believe is appropriate to absorb estimated probable losses on these unfunded credit facilities .", "we determine this amount using estimates of the probability of the ultimate funding and losses related to those credit exposures .", "other than the estimation of the probability of funding , this methodology is very similar to the one we use for determining our alll .", "we refer you to note 1 accounting policies and note 3 asset quality in the notes to consolidated financial statements in item 8 of this report for further information on certain key asset quality indicators that we use to evaluate our portfolios and establish the allowances .", "table 41 : allowance for loan and lease losses ." ]

[ "( a ) includes charge-offs of $ 134 million taken pursuant to alignment with interagency guidance on practices for loans and lines of credit related to consumer lending in the first quarter of 2013 .", "the provision for credit losses totaled $ 273 million for 2014 compared to $ 643 million for 2013 .", "the primary drivers of the decrease to the provision were improved overall credit quality , including lower consumer loan delinquencies , and the increasing value of residential real estate which resulted in greater expected cash flows from our purchased impaired loans .", "for 2014 , the provision for commercial lending credit losses increased by $ 64 million , or 178% ( 178 % ) , from 2013 primarily due to continued growth in the commercial book , paired with slowing of the reserve releases related to credit quality improvement .", "the provision for consumer lending credit losses decreased $ 434 million , or 71% ( 71 % ) , from 2013 .", "the pnc financial services group , inc .", "2013 form 10-k 81 ." ]

[ [ "Dollars in millions", "2014", "2013" ], [ "January 1", "$3,609", "$4,036" ], [ "Total net charge-offs (a)", "(531)", "(1,077)" ], [ "Provision for credit losses", "273", "643" ], [ "Net change in allowance for unfunded loan commitments and letters of credit", "(17)", "8" ], [ "Other", "(3)", "(1)" ], [ "December 31", "$3,331", "$3,609" ], [ "Net charge-offs to average loans (for the year ended) (a)", ".27%", ".57%" ], [ "Allowance for loan and lease losses to total loans", "1.63", "1.84" ], [ "Commercial lending net charge-offs", "$(55)", "$(249)" ], [ "Consumer lending net charge-offs (a)", "(476)", "(828)" ], [ "Total net charge-offs", "$(531)", "$(1,077)" ], [ "Net charge-offs to average loans (for the year ended)", "", "" ], [ "Commercial lending", ".04%", ".22%" ], [ "Consumer lending (a)", "0.62", "1.07" ] ]

[ [ "dollars in millions", "2014", "2013" ], [ "january 1", "$ 3609", "$ 4036" ], [ "total net charge-offs ( a )", "-531 ( 531 )", "-1077 ( 1077 )" ], [ "provision for credit losses", "273", "643" ], [ "net change in allowance for unfunded loan commitments and letters of credit", "-17 ( 17 )", "8" ], [ "other", "-3 ( 3 )", "-1 ( 1 )" ], [ "december 31", "$ 3331", "$ 3609" ], [ "net charge-offs to average loans ( for the year ended ) ( a )", ".27% ( .27 % )", ".57% ( .57 % )" ], [ "allowance for loan and lease losses to total loans", "1.63", "1.84" ], [ "commercial lending net charge-offs", "$ -55 ( 55 )", "$ -249 ( 249 )" ], [ "consumer lending net charge-offs ( a )", "-476 ( 476 )", "-828 ( 828 )" ], [ "total net charge-offs", "$ -531 ( 531 )", "$ -1077 ( 1077 )" ], [ "net charge-offs to average loans ( for the year ended )", "", "" ], [ "commercial lending", ".04% ( .04 % )", ".22% ( .22 % )" ], [ "consumer lending ( a )", "0.62", "1.07" ] ]

[]

[ "long-term product offerings include alpha-seeking active and index strategies .", "our alpha-seeking active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile , and leverage fundamental research and 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 .", "although many clients use both alpha-seeking 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 , or may use a combination of index strategies to target active returns .", "in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates .", "net flows in institutional index products generally have a small impact on blackrock 2019s revenues and earnings .", "equity year-end 2017 equity aum totaled $ 3.372 trillion , reflecting net inflows of $ 130.1 billion .", "net inflows included $ 174.4 billion into ishares etfs , driven by net inflows into core funds and broad developed and emerging market equities , partially offset by non-etf index and active net outflows of $ 25.7 billion and $ 18.5 billion , respectively .", "blackrock 2019s effective fee rates fluctuate due to changes in aum mix .", "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 may not consistently move in tandem with u.s .", "markets , have a greater impact on blackrock 2019s equity revenues and effective fee rate .", "fixed income fixed income aum ended 2017 at $ 1.855 trillion , reflecting net inflows of $ 178.8 billion .", "in 2017 , active net inflows of $ 21.5 billion were diversified across fixed income offerings , and included strong inflows into municipal , unconstrained and total return bond funds .", "ishares etfs net inflows of $ 67.5 billion were led by flows into core , corporate and treasury bond funds .", "non-etf index net inflows of $ 89.8 billion were driven by demand for liability-driven investment solutions .", "multi-asset blackrock 2019s multi-asset team manages 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 aum for 2017 are presented below .", "( in millions ) december 31 , net inflows ( outflows ) market change impact december 31 ." ]

[ "( 1 ) futureadvisor amounts do not include aum held in ishares etfs .", "multi-asset net inflows reflected ongoing institutional demand for our solutions-based advice with $ 18.9 billion of net inflows coming from institutional clients .", "defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 20.8 billion to institutional multi-asset net inflows in 2017 , primarily into target date and target risk product offerings .", "retail net inflows of $ 1.1 billion reflected demand for our multi-asset income fund family , which raised $ 5.8 billion in 2017 .", "the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 41% ( 41 % ) of multi-asset aum at year-end .", "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 and multi-asset income fund families .", "2022 target date and target risk products grew 16% ( 16 % ) organically in 2017 , with net inflows of $ 23.9 billion .", "institutional investors represented 93% ( 93 % ) of target date and target risk aum , with defined contribution plans accounting for 87% ( 87 % ) of aum .", "flows were driven by defined contribution investments in our lifepath offerings .", "lifepath products utilize a proprietary active asset allocation overlay model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing .", "underlying investments are primarily index products .", "2022 fiduciary management services are complex mandates in which pension plan sponsors or endowments and foundations retain blackrock to assume responsibility for some or all aspects of investment management .", "these customized services require strong partnership with the clients 2019 investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives. ." ]

[ [ "(in millions)", "December 31,2016", "Net inflows (outflows)", "Marketchange", "FXimpact", "December 31,2017" ], [ "Asset allocation and balanced", "$176,675", "$(2,502)", "$17,387", "$4,985", "$196,545" ], [ "Target date/risk", "149,432", "23,925", "24,532", "1,577", "199,466" ], [ "Fiduciary", "68,395", "(1,047)", "7,522", "8,819", "83,689" ], [ "FutureAdvisor⁽¹⁾", "505", "(46)", "119", "—", "578" ], [ "Total", "$395,007", "$20,330", "$49,560", "$15,381", "$480,278" ] ]

[ [ "( in millions )", "december 312016", "net inflows ( outflows )", "marketchange", "fximpact", "december 312017" ], [ "asset allocation and balanced", "$ 176675", "$ -2502 ( 2502 )", "$ 17387", "$ 4985", "$ 196545" ], [ "target date/risk", "149432", "23925", "24532", "1577", "199466" ], [ "fiduciary", "68395", "-1047 ( 1047 )", "7522", "8819", "83689" ], [ "futureadvisor ( 1 )", "505", "-46 ( 46 )", "119", "2014", "578" ], [ "total", "$ 395007", "$ 20330", "$ 49560", "$ 15381", "$ 480278" ] ]

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[ "of exercise for stock options exercised or at period end for outstanding stock options , less the applicable exercise price .", "the company issued new shares to satisfy exercised stock options .", "compensation expense the company recorded $ 43 million , $ 34 million , and $ 44 million of expense related to stock awards for the years ended december 31 , 2015 , 2014 , and 2013 , respectively .", "the company recorded $ 17 million , $ 13 million , and $ 17 million as a tax benefit related to stock awards and stock options for the years ended december 31 , 2015 , 2014 , and 2013 , respectively .", "the company recognized tax benefits for the years ended december 31 , 2015 , 2014 , and 2013 , of $ 41 million , $ 53 million , and $ 32 million , respectively , from the issuance of stock in settlement of stock awards , and $ 4 million , $ 5 million , and $ 4 million for the years ended december 31 , 2015 , 2014 , and 2013 , respectively , from the exercise of stock options .", "unrecognized compensation expense as of december 31 , 2015 , the company had less than $ 1 million of unrecognized compensation expense associated with rsrs granted in 2015 and 2014 , which will be recognized over a weighted average period of 1.0 year , and $ 25 million of unrecognized expense associated with rpsrs granted in 2015 , 2014 , and 2013 , which will be recognized over a weighted average period of 0.6 years .", "as of december 31 , 2015 , the company had no unrecognized compensation expense related to stock options .", "compensation expense for stock options was fully recognized as of december 31 , 2013 .", "20 .", "unaudited selected quarterly data unaudited quarterly financial results for the years ended december 31 , 2015 and 2014 , are set forth in the following tables: ." ]

[ "( 1 ) in the second quarter of 2015 , the company recorded a $ 59 million goodwill impairment charge .", "during the same period , the company recorded $ 136 million of operating income as a result of the aon settlement .", "( 2 ) in the fourth quarter of 2015 , the company recorded $ 16 million goodwill impairment and $ 27 million intangible asset impairment charges. ." ]

[ [ "", "Year Ended December 31, 2015" ], [ "($ in millions, except per share amounts)", "1st Qtr", "2nd Qtr⁽¹⁾", "3rd Qtr", "4th Qtr⁽²⁾" ], [ "Sales and service revenues", "$1,570", "$1,745", "$1,800", "$1,905" ], [ "Operating income (loss)", "156", "269", "200", "144" ], [ "Earnings (loss) before income taxes", "133", "244", "175", "80" ], [ "Net earnings (loss)", "87", "156", "111", "50" ], [ "Dividends declared per share", "$0.40", "$0.40", "$0.40", "$0.50" ], [ "Basic earnings (loss) per share", "$1.80", "$3.22", "$2.31", "$1.07" ], [ "Diluted earnings (loss) per share", "$1.79", "$3.20", "$2.29", "$1.06" ] ]

[ [ "( $ in millions except per share amounts )", "year ended december 31 2015 1st qtr", "year ended december 31 2015 2nd qtr ( 1 )", "year ended december 31 2015 3rd qtr", "year ended december 31 2015 4th qtr ( 2 )" ], [ "sales and service revenues", "$ 1570", "$ 1745", "$ 1800", "$ 1905" ], [ "operating income ( loss )", "156", "269", "200", "144" ], [ "earnings ( loss ) before income taxes", "133", "244", "175", "80" ], [ "net earnings ( loss )", "87", "156", "111", "50" ], [ "dividends declared per share", "$ 0.40", "$ 0.40", "$ 0.40", "$ 0.50" ], [ "basic earnings ( loss ) per share", "$ 1.80", "$ 3.22", "$ 2.31", "$ 1.07" ], [ "diluted earnings ( loss ) per share", "$ 1.79", "$ 3.20", "$ 2.29", "$ 1.06" ] ]

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[ "american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) 19 .", "subsequent events 12.25% ( 12.25 % ) senior subordinated discount notes and warrants offering 2014in january 2003 , the company issued 808000 units , each consisting of ( 1 ) $ 1000 principal amount at maturity of the 12.25% ( 12.25 % ) senior subordinated discount notes due 2008 of a wholly owned subsidiary of the company ( ati notes ) and ( 2 ) a warrant to purchase 14.0953 shares of class a common stock of the company , for gross proceeds of $ 420.0 million .", "the gross offering proceeds were allocated between the ati notes ( $ 367.4 million ) and the fair value of the warrants ( $ 52.6 million ) .", "net proceeds from the offering aggregated approximately $ 397.0 million and were or will be used for the purposes described below under amended and restated loan agreement .", "the ati notes accrue no cash interest .", "instead , the accreted value of each ati note will increase between the date of original issuance and maturity ( august 1 , 2008 ) at a rate of 12.25% ( 12.25 % ) per annum .", "the 808000 warrants that were issued together with the ati notes each represent the right to purchase 14.0953 shares of class a common stock at $ 0.01 per share .", "the warrants are exercisable at any time on or after january 29 , 2006 and will expire on august 1 , 2008 .", "as of the issuance date , the warrants represented approximately 5.5% ( 5.5 % ) of the company 2019s outstanding common stock ( assuming exercise of all warrants ) .", "the indenture governing the ati notes contains covenants that , among other things , limit the ability of the issuer subsidiary and its guarantors to incur or guarantee additional indebtedness , create liens , pay dividends or make other equity distributions , enter into agreements restricting the restricted subsidiaries 2019 ability to pay dividends , purchase or redeem capital stock , make investments and sell assets or consolidate or merge with or into other companies .", "the ati notes rank junior in right of payment to all existing and future senior indebtedness , including all indebtedness outstanding under the credit facilities , and are structurally senior in right of payment to all existing and future indebtedness of the company .", "amended and restated loan agreement 2014on february 21 , 2003 , the company completed an amendment to its credit facilities .", "the amendment provides for the following : 2022 prepayment of a portion of outstanding term loans .", "the company agreed to prepay an aggregate of $ 200.0 million of the term loans outstanding under the credit facilities from a portion of the net proceeds of the ati notes offering completed in january 2003 .", "this prepayment consisted of a $ 125.0 million prepayment of the term loan a and a $ 75.0 million prepayment of the term loan b , each to be applied to reduce future scheduled principal payments .", "giving effect to the prepayment of $ 200.0 million of term loans under the credit facility and the issuance of the ati notes as discussed above as well as the paydown of debt from net proceeds of the sale of mtn ( $ 24.5 million in february 2003 ) , the company 2019s aggregate principal payments of long- term debt , including capital leases , for the next five years and thereafter are as follows ( in thousands ) : year ending december 31 ." ]

[ "." ]

[ [ "2003", "$268,496" ], [ "2004", "131,262" ], [ "2005", "195,082" ], [ "2006", "538,479" ], [ "2007", "1,065,437" ], [ "Thereafter", "1,408,783" ], [ "Total", "$3,607,539" ] ]

[ [ "2003", "$ 268496" ], [ "2004", "131262" ], [ "2005", "195082" ], [ "2006", "538479" ], [ "2007", "1065437" ], [ "thereafter", "1408783" ], [ "total", "$ 3607539" ] ]

[ { "arg1": "268496", "arg2": "131262", "op": "add2-1", "res": "399758" }, { "arg1": "#0", "arg2": "195082", "op": "add2-2", "res": "594840" } ]

[ "value , which may be maturity , the company does not consider these investments to be other-than-temporarily impaired as of december 31 , 2005 and 2004 .", "gross realized gains and losses for 2005 were $ 15000 and $ 75000 , respectively .", "gross realized gains and losses for 2004 were $ 628000 and $ 205000 , respectively .", "gross realized gains for 2003 were $ 1249000 .", "there were no gross realized losses for 2003 .", "maturities stated are effective maturities .", "f .", "restricted cash at december 31 , 2005 and 2004 , the company held $ 41482000 and $ 49847000 , respectively , in restricted cash .", "at december 31 , 2005 and 2004 the balance was held in deposit with certain banks predominantly to collateralize conditional stand-by letters of credit in the names of the company's landlords pursuant to certain operating lease agreements .", "g .", "property and equipment property and equipment consist of the following at december 31 ( in thousands ) : depreciation expense for the years ended december 31 , 2005 , 2004 and 2003 was $ 26307000 , $ 28353000 and $ 27988000 respectively .", "in 2005 and 2004 , the company wrote off certain assets that were fully depreciated and no longer utilized .", "there was no effect on the company's net property and equipment .", "additionally , the company wrote off or sold certain assets that were not fully depreciated .", "the net loss on disposal of those assets was $ 344000 for 2005 and $ 43000 for 2004 .", "h .", "investments in accordance with the company's policy , as outlined in note b , \"accounting policies\" the company assessed its investment in altus pharmaceuticals , inc .", "( \"altus\" ) , which it accounts for using the cost method , and determined that there had not been any adjustments to the fair values of that investment which would indicate a decrease in its fair value below the carrying value that would require the company to write down the investment basis of the asset , as of december 31 , 2005 and december 31 , 2004 .", "the company's cost basis carrying value in its outstanding equity and warrants of altus was $ 18863000 at december 31 , 2005 and 2004. ." ]

[ "." ]

[ [ "", "2005", "2004" ], [ "Furniture and equipment", "$98,387", "$90,893" ], [ "Leasehold improvements", "66,318", "65,294" ], [ "Computers", "18,971", "18,421" ], [ "Software", "18,683", "16,411" ], [ "Total property and equipment, gross", "202,359", "191,019" ], [ "Less accumulated depreciation and amortization", "147,826", "126,794" ], [ "Total property and equipment, net", "$54,533", "$64,225" ] ]

[ [ "", "2005", "2004" ], [ "furniture and equipment", "$ 98387", "$ 90893" ], [ "leasehold improvements", "66318", "65294" ], [ "computers", "18971", "18421" ], [ "software", "18683", "16411" ], [ "total property and equipment gross", "202359", "191019" ], [ "less accumulated depreciation and amortization", "147826", "126794" ], [ "total property and equipment net", "$ 54533", "$ 64225" ] ]

[ { "arg1": "344000", "arg2": "43000", "op": "minus1-1", "res": "301000" }, { "arg1": "#0", "arg2": "43000", "op": "divide1-2", "res": "700%" } ]

[ "shareholder return performance presentation the graph presented below compares the cumulative total shareholder return on state street's common stock to the cumulative total return of the s&p 500 index , the s&p financial index and the kbw bank index over a five- year period .", "the cumulative total shareholder return assumes the investment of $ 100 in state street common stock and in each index on december 31 , 2008 at the closing price on the last trading day of 2008 , and also assumes reinvestment of common stock dividends .", "the s&p financial index is a publicly available measure of 81 of the standard & poor's 500 companies , representing 17 diversified financial services companies , 22 insurance companies , 19 real estate companies and 23 banking companies .", "the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s. , and is composed of 24 leading national money center and regional banks and thrifts. ." ]

[ "." ]

[ [ "", "2008", "2009", "2010", "2011", "2012", "2013" ], [ "State Street Corporation", "$100", "$111", "$118", "$105", "$125", "$198" ], [ "S&P 500 Index", "100", "126", "146", "149", "172", "228" ], [ "S&P Financial Index", "100", "117", "132", "109", "141", "191" ], [ "KBW Bank Index", "100", "98", "121", "93", "122", "168" ] ]

[ [ "", "2008", "2009", "2010", "2011", "2012", "2013" ], [ "state street corporation", "$ 100", "$ 111", "$ 118", "$ 105", "$ 125", "$ 198" ], [ "s&p 500 index", "100", "126", "146", "149", "172", "228" ], [ "s&p financial index", "100", "117", "132", "109", "141", "191" ], [ "kbw bank index", "100", "98", "121", "93", "122", "168" ] ]

[ { "arg1": "228", "arg2": "100", "op": "divide2-1", "res": "128" }, { "arg1": "#0", "arg2": "100", "op": "divide2-2", "res": "1.28" } ]

[ "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. ." ]

[ "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 ." ]

[ [ "", "As of December" ], [ "<i>$ in millions</i>", "2014", "2013" ], [ "Common shareholders’ equity", "$ 73,597", "$ 71,267" ], [ "Deductions for goodwill and identifiable intangible assets, net of deferred tax liabilities", "(3,196)", "(3,468)" ], [ "Deductions for investments in nonconsolidated financial institutions", "(4,928)", "(9,091)" ], [ "Other adjustments", "(1,213)", "(489)" ], [ "CET1", "$ 64,260", "$ 58,219" ], [ "Basel III Advanced RWAs", "$577,869", "$594,662" ], [ "Basel III Advanced CET1 ratio", "11.1%", "9.8%" ], [ "Standardized RWAs", "$627,444", "$635,092" ], [ "Standardized CET1 ratio", "10.2%", "9.2%" ] ]

[ [ "$ 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 % )" ] ]

[ { "arg1": "627444", "arg2": "635092", "op": "minus2-1", "res": "-7648" }, { "arg1": "#0", "arg2": "635092", "op": "divide2-2", "res": "-1.2%" } ]

[ "maturity requirements on long-term debt as of december 31 , 2018 by year are as follows ( in thousands ) : years ending december 31 ." ]

[ "credit facility we are party to a credit facility agreement with bank of america , n.a. , as administrative agent , and a syndicate of financial institutions as lenders and other agents ( as amended from time to time , the 201ccredit facility 201d ) .", "as of december 31 , 2018 , the credit facility provided for secured financing comprised of ( i ) a $ 1.5 billion revolving credit facility ( the 201crevolving credit facility 201d ) ; ( ii ) a $ 1.5 billion term loan ( the 201cterm a loan 201d ) , ( iii ) a $ 1.37 billion term loan ( the 201cterm a-2 loan 201d ) , ( iv ) a $ 1.14 billion term loan facility ( the 201cterm b-2 loan 201d ) and ( v ) a $ 500 million term loan ( the 201cterm b-4 loan 201d ) .", "substantially all of the assets of our domestic subsidiaries are pledged as collateral under the credit facility .", "the borrowings outstanding under our credit facility as of december 31 , 2018 reflect amounts borrowed for acquisitions and other activities we completed in 2018 , including a reduction to the interest rate margins applicable to our term a loan , term a-2 loan , term b-2 loan and the revolving credit facility , an extension of the maturity dates of the term a loan , term a-2 loan and the revolving credit facility , and an increase in the total financing capacity under the credit facility to approximately $ 5.5 billion in june 2018 .", "in october 2018 , we entered into an additional term loan under the credit facility in the amount of $ 500 million ( the 201cterm b-4 loan 201d ) .", "we used the proceeds from the term b-4 loan to pay down a portion of the balance outstanding under our revolving credit facility .", "the credit facility provides for an interest rate , at our election , of either libor or a base rate , in each case plus a margin .", "as of december 31 , 2018 , the interest rates on the term a loan , the term a-2 loan , the term b-2 loan and the term b-4 loan were 4.02% ( 4.02 % ) , 4.01% ( 4.01 % ) , 4.27% ( 4.27 % ) and 4.27% ( 4.27 % ) , respectively , and the interest rate on the revolving credit facility was 3.92% ( 3.92 % ) .", "in addition , we are required to pay a quarterly commitment fee with respect to the unused portion of the revolving credit facility at an applicable rate per annum ranging from 0.20% ( 0.20 % ) to 0.30% ( 0.30 % ) depending on our leverage ratio .", "the term a loan and the term a-2 loan mature , and the revolving credit facility expires , on january 20 , 2023 .", "the term b-2 loan matures on april 22 , 2023 .", "the term b-4 loan matures on october 18 , 2025 .", "the term a loan and term a-2 loan principal amounts must each be repaid in quarterly installments in the amount of 0.625% ( 0.625 % ) of principal through june 2019 , increasing to 1.25% ( 1.25 % ) of principal through june 2021 , increasing to 1.875% ( 1.875 % ) of principal through june 2022 and increasing to 2.50% ( 2.50 % ) of principal through december 2022 , with the remaining principal balance due upon maturity in january 2023 .", "the term b-2 loan principal must be repaid in quarterly installments in the amount of 0.25% ( 0.25 % ) of principal through march 2023 , with the remaining principal balance due upon maturity in april 2023 .", "the term b-4 loan principal must be repaid in quarterly installments in the amount of 0.25% ( 0.25 % ) of principal through september 2025 , with the remaining principal balance due upon maturity in october 2025 .", "we may issue standby letters of credit of up to $ 100 million in the aggregate under the revolving credit facility .", "outstanding letters of credit under the revolving credit facility reduce the amount of borrowings available to us .", "borrowings available to us under the revolving credit facility are further limited by the covenants described below under 201ccompliance with covenants . 201d the total available commitments under the revolving credit facility at december 31 , 2018 were $ 783.6 million .", "global payments inc .", "| 2018 form 10-k annual report 2013 85 ." ]

[ [ "2019", "$124,176" ], [ "2020", "159,979" ], [ "2021", "195,848" ], [ "2022", "267,587" ], [ "2023", "3,945,053" ], [ "2024 and thereafter", "475,000" ], [ "Total", "$5,167,643" ] ]

[ [ "2019", "$ 124176" ], [ "2020", "159979" ], [ "2021", "195848" ], [ "2022", "267587" ], [ "2023", "3945053" ], [ "2024 and thereafter", "475000" ], [ "total", "$ 5167643" ] ]

[]

[ "2mar201707015999 ( c ) in october 2016 , our accelerated share repurchase ( 2018 2018asr 2019 2019 ) agreement concluded and we received an additional 44 thousand shares of our common stock .", "shares purchased pursuant to the asr agreement are presented in the table above in the periods in which they were received .", "performance graph the following graph compares the performance of our common stock with that of the s&p 500 index and the s&p 500 healthcare equipment index .", "the cumulative total return listed below assumes an initial investment of $ 100 at the market close on december 30 , 2011 and reinvestment of dividends .", "comparison of 5 year cumulative total return 2011 2012 2016201520142013 edwards lifesciences corporation s&p 500 s&p 500 healthcare equipment index december 31 ." ]

[ "." ]

[ [ "Total Cumulative Return", "2012", "2013", "2014", "2015", "2016" ], [ "Edwards Lifesciences", "$127.54", "$93.01", "$180.17", "$223.42", "$265.06" ], [ "S&P 500", "116.00", "153.58", "174.60", "177.01", "198.18" ], [ "S&P 500 Healthcare Equipment Index", "117.42", "150.28", "181.96", "194.37", "207.46" ] ]

[ [ "total cumulative return", "2012", "2013", "2014", "2015", "2016" ], [ "edwards lifesciences", "$ 127.54", "$ 93.01", "$ 180.17", "$ 223.42", "$ 265.06" ], [ "s&p 500", "116.00", "153.58", "174.60", "177.01", "198.18" ], [ "s&p 500 healthcare equipment index", "117.42", "150.28", "181.96", "194.37", "207.46" ] ]

[]

[ "included in other non-current liabilities , because the company believes that the ultimate payment or settlement of these liabilities will not occur within the next twelve months .", "prior to the adoption of these provisions , these amounts were included in current income tax payable .", "the company includes interest and penalties related to unrecognized tax benefits within the provision for taxes in the condensed consolidated statements of income , and as a result , no change in classification was made upon adopting these provisions .", "the condensed consolidated statements of income for fiscal year 2009 and fiscal year 2008 include $ 1.7 million and $ 1.3 million , respectively , of interest and penalties related to these uncertain tax positions .", "due to the complexity associated with its tax uncertainties , the company cannot make a reasonably reliable estimate as to the period in which it expects to settle the liabilities associated with these uncertain tax positions .", "the following table summarizes the changes in the total amounts of uncertain tax positions for fiscal 2008 and fiscal 2009. ." ]

[ "fiscal year 2004 and 2005 irs examination during the fourth quarter of fiscal 2007 , the irs completed its field examination of the company 2019s fiscal years 2004 and 2005 .", "on january 2 , 2008 , the irs issued its report for fiscal 2004 and 2005 , which included proposed adjustments related to these two fiscal years .", "the company has recorded taxes and penalties related to certain of these proposed adjustments .", "there are four items with an additional potential total tax liability of $ 46 million .", "the company has concluded , based on discussions with its tax advisors , that these four items are not likely to result in any additional tax liability .", "therefore , the company has not recorded any additional tax liability for these items and is appealing these proposed adjustments through the normal processes for the resolution of differences between the irs and taxpayers .", "the company 2019s initial meetings with the appellate division of the irs were held during fiscal year 2009 .", "two of the unresolved matters are one-time issues and pertain to section 965 of the internal revenue code related to the beneficial tax treatment of dividends from foreign owned companies under the american jobs creation act .", "the other matters pertain to the computation of research and development ( r&d ) tax credits and the profits earned from manufacturing activities carried on outside the united states .", "these latter two matters could impact taxes payable for fiscal 2004 and 2005 as well as for subsequent years .", "fiscal year 2006 and 2007 irs examination during the third quarter of fiscal 2009 , the irs completed its field examination of the company 2019s fiscal years 2006 and 2007 .", "the irs and the company have agreed on the treatment of a number of issues that have been included in an issue resolutions agreement related to the 2006 and 2007 tax returns .", "however , no agreement was reached on the tax treatment of a number of issues , including the same r&d credit and foreign manufacturing issues mentioned above related to fiscal 2004 and 2005 , the pricing of intercompany sales ( transfer pricing ) , and the deductibility of certain stock option compensation expenses .", "during the third quarter of fiscal 2009 , the irs issued its report for fiscal 2006 and fiscal 2007 , which included proposed adjustments related to these two fiscal years .", "the company has recorded taxes and penalties related to certain of these proposed adjustments .", "there are four items with an additional potential total tax liability of $ 195 million .", "the company concluded , based on discussions with its tax advisors , that these four items are not likely to result in any additional tax liability .", "therefore , the company has not recorded any additional tax liability for these items and is appealing these proposed adjustments through the normal processes for the resolution of differences between the irs and taxpayers .", "with the exception of the analog devices , inc .", "notes to consolidated financial statements 2014 ( continued ) ." ]

[ [ "Balance, November 3, 2007", "$9,889" ], [ "Additions for tax positions of current year", "3,861" ], [ "Balance, November 1, 2008", "13,750" ], [ "Additions for tax positions of current year", "4,411" ], [ "Balance, October 31, 2009", "$18,161" ] ]

[ [ "balance november 3 2007", "$ 9889" ], [ "additions for tax positions of current year", "3861" ], [ "balance november 1 2008", "13750" ], [ "additions for tax positions of current year", "4411" ], [ "balance october 31 2009", "$ 18161" ] ]

[ { "arg1": "18161", "arg2": "9889", "op": "minus1-1", "res": "8272" }, { "arg1": "#0", "arg2": "9889", "op": "divide1-2", "res": "83.6%" } ]

[ "notes to consolidated financial statements at december 31 , 2007 , future minimum rental payments required under operating leases for continuing operations that have initial or remaining noncancelable lease terms in excess of one year , net of sublease rental income , most of which pertain to real estate leases , are as follows : ( millions ) ." ]

[ "aon corporation ." ]

[ [ "2008", "$317" ], [ "2009", "275" ], [ "2010", "236" ], [ "2011", "214" ], [ "2012", "191" ], [ "Later years", "597" ], [ "Total minimum payments required", "$1,830" ] ]

[ [ "2008", "$ 317" ], [ "2009", "275" ], [ "2010", "236" ], [ "2011", "214" ], [ "2012", "191" ], [ "later years", "597" ], [ "total minimum payments required", "$ 1830" ] ]

[ { "arg1": "275", "arg2": "317", "op": "minus2-1", "res": "-42" }, { "arg1": "#0", "arg2": "317", "op": "divide2-2", "res": "-13.25%" } ]

[ "z i m m e r h o l d i n g s , i n c .", "a n d s u b s i d i a r i e s 2 0 0 2 f o r m 1 0 - k notes to consolidated financial statements ( continued ) rating as of december 31 , 2002 met such requirement .", "fair value commitments under the credit facility are subject to certain the carrying value of the company 2019s borrowings approxi- fees , including a facility and a utilization fee .", "mates fair value due to their short-term maturities and uncommitted credit facilities variable interest rates .", "the company has a $ 26 million uncommitted unsecured 8 .", "derivative financial instruments revolving line of credit .", "the purpose of this credit line is to support the working capital needs , letters of credit and the company is exposed to market risk due to changes overdraft needs for the company .", "the uncommitted credit in currency exchange rates .", "as a result , the company utilizes agreement contains customary affirmative and negative cove- foreign exchange forward contracts to offset the effect of nants and events of default , none of which are considered exchange rate fluctuations on anticipated foreign currency restrictive to the operation of the business .", "in addition , this transactions , primarily intercompany sales and purchases uncommitted credit agreement provides for unconditional expected to occur within the next twelve to twenty-four and irrevocable guarantees by the company .", "in the event the months .", "the company does not hold financial instruments company 2019s long-term debt ratings by both standard and for trading or speculative purposes .", "for derivatives which poor 2019s ratings services and moody 2019s investor 2019s service , inc. , qualify as hedges of future cash flows , the effective portion fall below bb- and ba3 , then the company may be required of changes in fair value is temporarily recorded in other to repay all outstanding and contingent obligations .", "the comprehensive income , then recognized in earnings when company 2019s credit rating as of december 31 , 2002 met such the hedged item affects earnings .", "the ineffective portion of requirement .", "this uncommitted credit line matures on a derivative 2019s change in fair value , if any , is reported in july 31 , 2003 .", "outstanding borrowings under this uncommit- earnings .", "the net amount recognized in earnings during the ted line of credit as of december 31 , 2002 were $ 0.5 million years ended december 31 , 2002 and 2001 , due to ineffective- with a weighted average interest rate of 6.35 percent .", "ness and amounts excluded from the assessment of hedge the company also has a $ 15 million uncommitted effectiveness , was not significant .", "revolving unsecured line of credit .", "the purpose of this line of the notional amounts of outstanding foreign exchange credit is to support short-term working capital needs of the forward contracts , principally japanese yen and the euro , company .", "the agreement for this uncommitted unsecured entered into with third parties , at december 31 , 2002 , was line of credit contains customary covenants , none of which $ 252 million .", "the fair value of derivative instruments recorded are considered restrictive to the operation of the business .", "in accrued liabilities at december 31 , 2002 , was $ 13.8 million , this uncommitted line matures on july 31 , 2003 .", "there were or $ 8.5 million net of taxes , which is deferred in other no borrowings under this uncommitted line of credit as of comprehensive income and is expected to be reclassified to december 31 , 2002 .", "earnings over the next two years , of which , $ 7.7 million , or the company has a $ 20 million uncommitted revolving $ 4.8 million , net of taxes , is expected to be reclassified to unsecured line of credit .", "the purpose of this line of credit is earnings over the next twelve months .", "to support short-term working capital needs of the company .", "the pricing is based upon money market rates .", "the agree- 9 .", "capital stock and earnings per share ment for this uncommitted unsecured line of credit contains as discussed in note 14 , all of the shares of company customary covenants , none of which are considered restrictive common stock were distributed at the distribution by the to the operation of the business .", "this uncommitted line former parent to its stockholders in the form of a dividend matures on july 31 , 2003 .", "there were no borrowings under of one share of company common stock , and the associated this uncommitted line of credit as of december 31 , 2002 .", "preferred stock purchase right , for every ten shares of the company was in compliance with all covenants common stock of the former parent .", "in july 2001 the board under all three of the uncommitted credit facilities as of of directors of the company adopted a rights agreement december 31 , 2002 .", "the company had no long-term debt intended to have anti-takeover effects .", "under this agreement as of december 31 , 2002 .", "one right attaches to each share of company common stock .", "outstanding debt as of december 31 , 2002 and 2001 , the rights will not become exercisable until the earlier of : consist of the following ( in millions ) : a ) the company learns that a person or group acquired , or 2002 2001 obtained the right to acquire , beneficial ownership of securi- credit facility $ 156.2 $ 358.2 ties representing more than 20 percent of the shares of uncommitted credit facilities 0.5 5.7 company common stock then outstanding , or b ) such date , if any , as may be designated by the board of directorstotal debt $ 156.7 $ 363.9 following the commencement of , or first public disclosure of the company paid $ 13.0 million and $ 4.6 million in an intention to commence , a tender offer or exchange offer interest charges during 2002 and 2001 , respectively. ." ]

[ "z i m m e r h o l d i n g s , i n c .", "a n d s u b s i d i a r i e s 2 0 0 2 f o r m 1 0 - k notes to consolidated financial statements ( continued ) rating as of december 31 , 2002 met such requirement .", "fair value commitments under the credit facility are subject to certain the carrying value of the company 2019s borrowings approxi- fees , including a facility and a utilization fee .", "mates fair value due to their short-term maturities and uncommitted credit facilities variable interest rates .", "the company has a $ 26 million uncommitted unsecured 8 .", "derivative financial instruments revolving line of credit .", "the purpose of this credit line is to support the working capital needs , letters of credit and the company is exposed to market risk due to changes overdraft needs for the company .", "the uncommitted credit in currency exchange rates .", "as a result , the company utilizes agreement contains customary affirmative and negative cove- foreign exchange forward contracts to offset the effect of nants and events of default , none of which are considered exchange rate fluctuations on anticipated foreign currency restrictive to the operation of the business .", "in addition , this transactions , primarily intercompany sales and purchases uncommitted credit agreement provides for unconditional expected to occur within the next twelve to twenty-four and irrevocable guarantees by the company .", "in the event the months .", "the company does not hold financial instruments company 2019s long-term debt ratings by both standard and for trading or speculative purposes .", "for derivatives which poor 2019s ratings services and moody 2019s investor 2019s service , inc. , qualify as hedges of future cash flows , the effective portion fall below bb- and ba3 , then the company may be required of changes in fair value is temporarily recorded in other to repay all outstanding and contingent obligations .", "the comprehensive income , then recognized in earnings when company 2019s credit rating as of december 31 , 2002 met such the hedged item affects earnings .", "the ineffective portion of requirement .", "this uncommitted credit line matures on a derivative 2019s change in fair value , if any , is reported in july 31 , 2003 .", "outstanding borrowings under this uncommit- earnings .", "the net amount recognized in earnings during the ted line of credit as of december 31 , 2002 were $ 0.5 million years ended december 31 , 2002 and 2001 , due to ineffective- with a weighted average interest rate of 6.35 percent .", "ness and amounts excluded from the assessment of hedge the company also has a $ 15 million uncommitted effectiveness , was not significant .", "revolving unsecured line of credit .", "the purpose of this line of the notional amounts of outstanding foreign exchange credit is to support short-term working capital needs of the forward contracts , principally japanese yen and the euro , company .", "the agreement for this uncommitted unsecured entered into with third parties , at december 31 , 2002 , was line of credit contains customary covenants , none of which $ 252 million .", "the fair value of derivative instruments recorded are considered restrictive to the operation of the business .", "in accrued liabilities at december 31 , 2002 , was $ 13.8 million , this uncommitted line matures on july 31 , 2003 .", "there were or $ 8.5 million net of taxes , which is deferred in other no borrowings under this uncommitted line of credit as of comprehensive income and is expected to be reclassified to december 31 , 2002 .", "earnings over the next two years , of which , $ 7.7 million , or the company has a $ 20 million uncommitted revolving $ 4.8 million , net of taxes , is expected to be reclassified to unsecured line of credit .", "the purpose of this line of credit is earnings over the next twelve months .", "to support short-term working capital needs of the company .", "the pricing is based upon money market rates .", "the agree- 9 .", "capital stock and earnings per share ment for this uncommitted unsecured line of credit contains as discussed in note 14 , all of the shares of company customary covenants , none of which are considered restrictive common stock were distributed at the distribution by the to the operation of the business .", "this uncommitted line former parent to its stockholders in the form of a dividend matures on july 31 , 2003 .", "there were no borrowings under of one share of company common stock , and the associated this uncommitted line of credit as of december 31 , 2002 .", "preferred stock purchase right , for every ten shares of the company was in compliance with all covenants common stock of the former parent .", "in july 2001 the board under all three of the uncommitted credit facilities as of of directors of the company adopted a rights agreement december 31 , 2002 .", "the company had no long-term debt intended to have anti-takeover effects .", "under this agreement as of december 31 , 2002 .", "one right attaches to each share of company common stock .", "outstanding debt as of december 31 , 2002 and 2001 , the rights will not become exercisable until the earlier of : consist of the following ( in millions ) : a ) the company learns that a person or group acquired , or 2002 2001 obtained the right to acquire , beneficial ownership of securi- credit facility $ 156.2 $ 358.2 ties representing more than 20 percent of the shares of uncommitted credit facilities 0.5 5.7 company common stock then outstanding , or b ) such date , if any , as may be designated by the board of directorstotal debt $ 156.7 $ 363.9 following the commencement of , or first public disclosure of the company paid $ 13.0 million and $ 4.6 million in an intention to commence , a tender offer or exchange offer interest charges during 2002 and 2001 , respectively. ." ]

[ [ "", "2002", "2001" ], [ "Credit Facility", "$156.2", "$358.2" ], [ "Uncommitted credit facilities", "0.5", "5.7" ], [ "Total debt", "$156.7", "$363.9" ] ]

[ [ "", "2002", "2001" ], [ "credit facility", "$ 156.2", "$ 358.2" ], [ "uncommitted credit facilities", "0.5", "5.7" ], [ "total debt", "$ 156.7", "$ 363.9" ] ]

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[ "of exercise for stock options exercised or at period end for outstanding stock options , less the applicable exercise price .", "the company issued new shares to satisfy exercised stock options .", "compensation expense the company recorded $ 43 million , $ 34 million , and $ 44 million of expense related to stock awards for the years ended december 31 , 2015 , 2014 , and 2013 , respectively .", "the company recorded $ 17 million , $ 13 million , and $ 17 million as a tax benefit related to stock awards and stock options for the years ended december 31 , 2015 , 2014 , and 2013 , respectively .", "the company recognized tax benefits for the years ended december 31 , 2015 , 2014 , and 2013 , of $ 41 million , $ 53 million , and $ 32 million , respectively , from the issuance of stock in settlement of stock awards , and $ 4 million , $ 5 million , and $ 4 million for the years ended december 31 , 2015 , 2014 , and 2013 , respectively , from the exercise of stock options .", "unrecognized compensation expense as of december 31 , 2015 , the company had less than $ 1 million of unrecognized compensation expense associated with rsrs granted in 2015 and 2014 , which will be recognized over a weighted average period of 1.0 year , and $ 25 million of unrecognized expense associated with rpsrs granted in 2015 , 2014 , and 2013 , which will be recognized over a weighted average period of 0.6 years .", "as of december 31 , 2015 , the company had no unrecognized compensation expense related to stock options .", "compensation expense for stock options was fully recognized as of december 31 , 2013 .", "20 .", "unaudited selected quarterly data unaudited quarterly financial results for the years ended december 31 , 2015 and 2014 , are set forth in the following tables: ." ]

[ "( 1 ) in the second quarter of 2015 , the company recorded a $ 59 million goodwill impairment charge .", "during the same period , the company recorded $ 136 million of operating income as a result of the aon settlement .", "( 2 ) in the fourth quarter of 2015 , the company recorded $ 16 million goodwill impairment and $ 27 million intangible asset impairment charges. ." ]

[ [ "", "Year Ended December 31, 2015" ], [ "($ in millions, except per share amounts)", "1st Qtr", "2nd Qtr⁽¹⁾", "3rd Qtr", "4th Qtr⁽²⁾" ], [ "Sales and service revenues", "$1,570", "$1,745", "$1,800", "$1,905" ], [ "Operating income (loss)", "156", "269", "200", "144" ], [ "Earnings (loss) before income taxes", "133", "244", "175", "80" ], [ "Net earnings (loss)", "87", "156", "111", "50" ], [ "Dividends declared per share", "$0.40", "$0.40", "$0.40", "$0.50" ], [ "Basic earnings (loss) per share", "$1.80", "$3.22", "$2.31", "$1.07" ], [ "Diluted earnings (loss) per share", "$1.79", "$3.20", "$2.29", "$1.06" ] ]

[ [ "( $ in millions except per share amounts )", "year ended december 31 2015 1st qtr", "year ended december 31 2015 2nd qtr ( 1 )", "year ended december 31 2015 3rd qtr", "year ended december 31 2015 4th qtr ( 2 )" ], [ "sales and service revenues", "$ 1570", "$ 1745", "$ 1800", "$ 1905" ], [ "operating income ( loss )", "156", "269", "200", "144" ], [ "earnings ( loss ) before income taxes", "133", "244", "175", "80" ], [ "net earnings ( loss )", "87", "156", "111", "50" ], [ "dividends declared per share", "$ 0.40", "$ 0.40", "$ 0.40", "$ 0.50" ], [ "basic earnings ( loss ) per share", "$ 1.80", "$ 3.22", "$ 2.31", "$ 1.07" ], [ "diluted earnings ( loss ) per share", "$ 1.79", "$ 3.20", "$ 2.29", "$ 1.06" ] ]

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[ "affiliated company .", "the loss recorded on the sale was approximately $ 14 million and is recorded as a loss on sale of assets and asset impairment expenses in the accompanying consolidated statements of operations .", "in the second quarter of 2002 , the company recorded an impairment charge of approximately $ 40 million , after income taxes , on an equity method investment in a telecommunications company in latin america held by edc .", "the impairment charge resulted from sustained poor operating performance coupled with recent funding problems at the invested company .", "during 2001 , the company lost operational control of central electricity supply corporation ( 2018 2018cesco 2019 2019 ) , a distribution company located in the state of orissa , india .", "cesco is accounted for as a cost method investment .", "in may 2000 , the company completed the acquisition of 100% ( 100 % ) of tractebel power ltd ( 2018 2018tpl 2019 2019 ) for approximately $ 67 million and assumed liabilities of approximately $ 200 million .", "tpl owned 46% ( 46 % ) of nigen .", "the company also acquired an additional 6% ( 6 % ) interest in nigen from minority stockholders during the year ended december 31 , 2000 through the issuance of approximately 99000 common shares of aes stock valued at approximately $ 4.9 million .", "with the completion of these transactions , the company owns approximately 98% ( 98 % ) of nigen 2019s common stock and began consolidating its financial results beginning may 12 , 2000 .", "approximately $ 100 million of the purchase price was allocated to excess of costs over net assets acquired and was amortized through january 1 , 2002 at which time the company adopted sfas no .", "142 and ceased amortization of goodwill .", "in august 2000 , a subsidiary of the company acquired a 49% ( 49 % ) interest in songas limited ( 2018 2018songas 2019 2019 ) for approximately $ 40 million .", "the company acquired an additional 16.79% ( 16.79 % ) of songas for approximately $ 12.5 million , and the company began consolidating this entity in 2002 .", "songas owns the songo songo gas-to-electricity project in tanzania .", "in december 2002 , the company signed a sales purchase agreement to sell songas .", "the sale is expected to close in early 2003 .", "see note 4 for further discussion of the transaction .", "the following table presents summarized comparative financial information ( in millions ) for the company 2019s investments in 50% ( 50 % ) or less owned investments accounted for using the equity method. ." ]

[ "in 2002 , 2001 and 2000 , the results of operations and the financial position of cemig were negatively impacted by the devaluation of the brazilian real and the impairment charge recorded in 2002 .", "the brazilian real devalued 32% ( 32 % ) , 19% ( 19 % ) and 8% ( 8 % ) for the years ended december 31 , 2002 , 2001 and 2000 , respectively .", "the company recorded $ 83 million , $ 210 million , and $ 64 million of pre-tax non-cash foreign currency transaction losses on its investments in brazilian equity method affiliates during 2002 , 2001 and 2000 , respectively. ." ]

[ [ "AS OF AND FOR THE YEARS ENDED DECEMBER 31,", "2002", "2001", "2000" ], [ "Revenues", "$2,832", "$6,147", "$6,241" ], [ "Operating Income", "695", "1,717", "1,989" ], [ "Net Income", "229", "650", "859" ], [ "Current Assets", "1,097", "3,700", "2,423" ], [ "Noncurrent Assets", "6,751", "14,942", "13,080" ], [ "Current Liabilities", "1,418", "3,510", "3,370" ], [ "Noncurrent Liabilities", "3,349", "8,297", "5,927" ], [ "Stockholder's Equity", "3,081", "6,835", "6,206" ] ]

[ [ "as of and for the years ended december 31,", "2002", "2001", "2000" ], [ "revenues", "$ 2832", "$ 6147", "$ 6241" ], [ "operating income", "695", "1717", "1989" ], [ "net income", "229", "650", "859" ], [ "current assets", "1097", "3700", "2423" ], [ "noncurrent assets", "6751", "14942", "13080" ], [ "current liabilities", "1418", "3510", "3370" ], [ "noncurrent liabilities", "3349", "8297", "5927" ], [ "stockholder's equity", "3081", "6835", "6206" ] ]

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[ "risks related to our common stock our stock price is extremely volatile .", "the trading price of our common stock has been extremely volatile and may continue to be volatile in the future .", "many factors could have an impact on our stock price , including fluctuations in our or our competitors 2019 operating results , clinical trial results or adverse events associated with our products , product development by us or our competitors , changes in laws , including healthcare , tax or intellectual property laws , intellectual property developments , changes in reimbursement or drug pricing , the existence or outcome of litigation or government proceedings , including the sec/doj investigation , failure to resolve , delays in resolving or other developments with respect to the issues raised in the warning letter , acquisitions or other strategic transactions , and the perceptions of our investors that we are not performing or meeting expectations .", "the trading price of the common stock of many biopharmaceutical companies , including ours , has experienced extreme price and volume fluctuations , which have at times been unrelated to the operating performance of the companies whose stocks were affected .", "anti-takeover provisions in our charter and bylaws and under delaware law could make a third-party acquisition of us difficult and may frustrate any attempt to remove or replace our current management .", "our corporate charter and by-law provisions may discourage certain types of transactions involving an actual or potential change of control that might be beneficial to us or our stockholders .", "our bylaws provide that special meetings of our stockholders may be called only by the chairman of the board , the president , the secretary , or a majority of the board of directors , or upon the written request of stockholders who together own of record 25% ( 25 % ) of the outstanding stock of all classes entitled to vote at such meeting .", "our bylaws also specify that the authorized number of directors may be changed only by resolution of the board of directors .", "our charter does not include a provision for cumulative voting for directors , which may have enabled a minority stockholder holding a sufficient percentage of a class of shares to elect one or more directors .", "under our charter , our board of directors has the authority , without further action by stockholders , to designate up to 5 shares of preferred stock in one or more series .", "the rights of the holders of common stock will be subject to , and may be adversely affected by , the rights of the holders of any class or series of preferred stock that may be issued in the future .", "because we are a delaware corporation , the anti-takeover provisions of delaware law could make it more difficult for a third party to acquire control of us , even if the change in control would be beneficial to stockholders .", "we are subject to the provisions of section 203 of the delaware general laws , which prohibits a person who owns in excess of 15% ( 15 % ) of our outstanding voting stock from merging or combining with us for a period of three years after the date of the transaction in which the person acquired in excess of 15% ( 15 % ) of our outstanding voting stock , unless the merger or combination is approved in a prescribed manner .", "item 1b .", "unresolved staff comments .", "item 2 .", "properties .", "we conduct our primary operations at the owned and leased facilities described below .", "location operations conducted approximate square feet expiration new haven , connecticut corporate headquarters and executive , sales , research and development offices 514000 2030 dublin , ireland global supply chain , distribution , and administration offices 160000 owned ." ]

[ "we believe that our administrative office space is adequate to meet our needs for the foreseeable future .", "we also believe that our research and development facilities and our manufacturing facilities , together with third party manufacturing facilities , will be adequate for our on-going activities .", "in addition to the locations above , we also lease space in other u.s .", "locations and in foreign countries to support our operations as a global organization. ." ]

[ [ "Location", "Operations Conducted", "ApproximateSquare Feet", "LeaseExpirationDates" ], [ "New Haven, Connecticut", "Corporate headquarters and executive, sales, research and development offices", "514,000", "2030" ], [ "Dublin, Ireland", "Global supply chain, distribution, and administration offices", "160,000", "Owned" ], [ "Athlone, Ireland", "Commercial, research and development manufacturing", "80,000", "Owned" ], [ "Lexington, Massachusetts", "Research and development offices", "81,000", "2019" ], [ "Bogart, Georgia", "Commercial, research and development manufacturing", "70,000", "Owned" ], [ "Smithfield, Rhode Island", "Commercial, research and development manufacturing", "67,000", "Owned" ], [ "Zurich, Switzerland", "Regional executive and sales offices", "69,000", "2025" ] ]

[ [ "location", "operations conducted", "approximatesquare feet", "leaseexpirationdates" ], [ "new haven connecticut", "corporate headquarters and executive sales research and development offices", "514000", "2030" ], [ "dublin ireland", "global supply chain distribution and administration offices", "160000", "owned" ], [ "athlone ireland", "commercial research and development manufacturing", "80000", "owned" ], [ "lexington massachusetts", "research and development offices", "81000", "2019" ], [ "bogart georgia", "commercial research and development manufacturing", "70000", "owned" ], [ "smithfield rhode island", "commercial research and development manufacturing", "67000", "owned" ], [ "zurich switzerland", "regional executive and sales offices", "69000", "2025" ] ]

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[ "( 1 ) adjusted other income ( expense ) excludes pension settlement charges of $ 37 million , $ 128 million , and $ 220 million , for the years ended 2018 , 2017 , and 2016 , respectively .", "( 2 ) adjusted items are generally taxed at the estimated annual effective tax rate , except for the applicable tax impact associated with estimated restructuring plan expenses , legacy litigation , accelerated tradename amortization , impairment charges and non-cash pension settlement charges , which are adjusted at the related jurisdictional rates .", "in addition , tax expense excludes the tax impacts from the sale of certain assets and liabilities previously classified as held for sale as well as the tax adjustments recorded to finalize the 2017 accounting for the enactment date impact of the tax reform act recorded pursuant torr sab 118 .", "( 3 ) adjusted net income from discontinued operations excludes the gain on sale of discontinued operations of $ 82 million , $ 779 million , and $ 0 million for the years ended 2018 , 2017 , and 2016 , respectively .", "adjusted net income from discontinued operations excludes intangible asset amortization of $ 0 million , $ 11rr million , and $ 120 million for the twelve months ended december 31 , 2018 , 2017 , and 2016 , respectively .", "the effective tax rate was further adjusted for the applicable tax impact associated with the gain on sale and intangible asset amortization , as applicable .", "free cash flow we use free cash flow , defined as cash flow provided by operations minus capital expenditures , as a non-gaap measure of our core operating performance and cash generating capabilities of our business operations .", "this supplemental information related to free cash flow represents a measure not in accordance with u.s .", "gaap and should be viewed in addition to , not instead of , our financial statements .", "the use of this non-gaap measure does not imply or represent the residual cash flow for discretionary expenditures .", "a reconciliation of this non-gaap measure to cash flow provided by operations is as follows ( in millions ) : ." ]

[ "impact of foreign currency exchange rate fluctuations we conduct business in more than 120 countries and sovereignties and , because of this , foreign currency exchange rate fluctuations have a significant impact on our business .", "foreign currency exchange rate movements may be significant and may distort true period-to-period comparisons of changes in revenue or pretax income .", "therefore , to give financial statement users meaningful information about our operations , we have provided an illustration of the impact of foreign currency exchange rate fluctuations on our financial results .", "the methodology used to calculate this impact isolates the impact of the change in currencies between periods by translating the prior year 2019s revenue , expenses , and net income using the current year 2019s foreign currency exchange rates .", "translating prior year results at current year foreign currency exchange rates , currency fluctuations had a $ 0.08 favorable impact on net income per diluted share during the year ended december 31 , 2018 .", "currency fluctuations had a $ 0.12 favorable impact on net income per diluted share during the year ended december 31 , 2017 , when 2016 results were translated at 2017 rates .", "currency fluctuations had no impact on net income per diluted share during the year ended december 31 , 2016 , when 2015 results were translated at 2016 rates .", "translating prior year results at current year foreign currency exchange rates , currency fluctuations had a $ 0.09 favorable impact on adjusted net income per diluted share during the year ended december 31 , 2018 .", "currency fluctuations had a $ 0.08 favorable impact on adjusted net income per diluted share during the year ended december 31 , 2017 , when 2016 results were translated at 2017 rates .", "currency fluctuations had a $ 0.04 unfavorable impact on adjusted net income per diluted share during the year ended december 31 , 2016 , when 2015 results were translated at 2016 rates .", "these translations are performed for comparative purposes only and do not impact the accounting policies or practices for amounts included in the financial statements .", "competition and markets authority the u.k . 2019s competition regulator , the competition and markets authority ( the 201ccma 201d ) , conducted a market investigation into the supply and acquisition of investment consulting and fiduciary management services , including those offered by aon and its competitors in the u.k. , to assess whether any feature or combination of features in the target market prevents , restricts , or distorts competition .", "the cma issued a final report on december 12 , 2018 .", "the cma will draft a series of orders that will set out the detailed remedies , expected in first quarter of 2019 , when they will be subject to further public consultation .", "we do not anticipate the remedies to have a significant impact on the company 2019s consolidated financial position or business .", "financial conduct authority the fca is conducting a market study to assess how effectively competition is working in the wholesale insurance broker sector in the u.k .", "in which aon , through its subsidiaries , participates .", "the fca has indicated that the purpose of a market study is to assess the extent to which the market is working well in the interests of customers and to identify features of the market that may impact competition .", "depending on the study 2019s findings , the fca may require remedies in order to correct any features found ." ]

[ [ "Years Ended December 31", "2018", "2017", "2016" ], [ "Cash Provided by Continuing Operating Activities", "$1,686", "$669", "$1,829" ], [ "Capital Expenditures Used for Continuing Operations", "(240)", "(183)", "(156)" ], [ "Free Cash Flow Provided By Continuing Operations", "$1,446", "$486", "$1,673" ] ]

[ [ "years ended december 31", "2018", "2017", "2016" ], [ "cash provided by continuing operating activities", "$ 1686", "$ 669", "$ 1829" ], [ "capital expenditures used for continuing operations", "-240 ( 240 )", "-183 ( 183 )", "-156 ( 156 )" ], [ "free cash flow provided by continuing operations", "$ 1446", "$ 486", "$ 1673" ] ]

[ { "arg1": "240", "arg2": "183", "op": "divide2-1", "res": "1.3114" }, { "arg1": "#0", "arg2": "const_1", "op": "minus2-2", "res": "31.14%" } ]

[ "republic services , inc .", "notes to consolidated financial statements 2014 ( continued ) the letters of credit use $ 909.4 million and $ 950.2 million as of december 31 , 2012 and 2011 , respectively , of availability under our credit facilities .", "surety bonds expire on various dates through 2026 .", "these financial instruments are issued in the normal course of business and are not debt .", "because we currently have no liability for this financial assurance , it is not reflected in our consolidated balance sheets .", "however , we have recorded capping , closure and post-closure obligations and self-insurance reserves as they are incurred .", "the underlying financial assurance obligations , in excess of those already reflected in our consolidated balance sheets , would be recorded if it is probable that we would be unable to fulfill our related obligations .", "we do not expect this to occur .", "our restricted cash and marketable securities deposits include , among other things , restricted cash and marketable securities held for capital expenditures under certain debt facilities , and restricted cash and marketable securities pledged to regulatory agencies and governmental entities as financial guarantees of our performance related to our final capping , closure and post-closure obligations at our landfills .", "the following table summarizes our restricted cash and marketable securities as of december 31: ." ]

[ "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 recoverability of the investment .", "this investee company and the parent company of the investee had written surety bonds for us relating primarily to our landfill operations for capping , closure and post-closure , of which $ 1152.1 million was outstanding as of december 31 , 2012 .", "our reimbursement obligations under these bonds are secured by an indemnity agreement with the investee and letters of credit totaling $ 23.4 million and $ 45.0 million as of december 31 , 2012 and 2011 .", "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. ." ]

[ [ "", "2012", "2011" ], [ "Financing proceeds", "$24.7", "$22.5" ], [ "Capping, closure and post-closure obligations", "54.8", "54.9" ], [ "Self-insurance", "81.3", "75.2" ], [ "Other", "3.4", "37.0" ], [ "Total restricted cash and marketable securities", "$164.2", "$189.6" ] ]

[ [ "", "2012", "2011" ], [ "financing proceeds", "$ 24.7", "$ 22.5" ], [ "capping closure and post-closure obligations", "54.8", "54.9" ], [ "self-insurance", "81.3", "75.2" ], [ "other", "3.4", "37.0" ], [ "total restricted cash and marketable securities", "$ 164.2", "$ 189.6" ] ]

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[ "foreign currency exchange rate risk many of our non-u.s .", "companies maintain both assets and liabilities in local currencies .", "therefore , foreign exchange rate risk is generally limited to net assets denominated in those foreign currencies .", "foreign exchange rate risk is reviewed as part of our risk management process .", "locally required capital levels are invested in home currencies in order to satisfy regulatory require- ments and to support local insurance operations regardless of currency fluctuations .", "the principal currencies creating foreign exchange risk for us are the british pound sterling , the euro , and the canadian dollar .", "the following table provides more information on our exposure to foreign exchange rate risk at december 31 , 2008 and 2007. ." ]

[ "reinsurance of gmdb and gmib guarantees our net income is directly impacted by changes in the reserves calculated in connection with the reinsurance of variable annuity guarantees , primarily gmdb and gmib .", "these reserves are calculated in accordance with sop 03-1 ( sop reserves ) and changes in these reserves are reflected as life and annuity benefit expense , which is included in life underwriting income .", "in addition , our net income is directly impacted by the change in the fair value of the gmib liability ( fvl ) , which is classified as a derivative according to fas 133 .", "the fair value liability established for a gmib reinsurance contract represents the differ- ence between the fair value of the contract and the sop 03-1 reserves .", "changes in the fair value of the gmib liability , net of associated changes in the calculated sop 03-1 reserve , are reflected as realized gains or losses .", "ace views our variable annuity reinsurance business as having a similar risk profile to that of catastrophe reinsurance , with the probability of long-term economic loss relatively small at the time of pricing .", "adverse changes in market factors and policyholder behavior will have an impact on both life underwriting income and net income .", "when evaluating these risks , we expect to be compensated for taking both the risk of a cumulative long-term economic net loss , as well as the short-term accounting variations caused by these market movements .", "therefore , we evaluate this business in terms of its long-term eco- nomic risk and reward .", "the ultimate risk to the variable annuity guaranty reinsurance business is a long-term underperformance of investment returns , which can be exacerbated by a long-term reduction in interest rates .", "following a market downturn , continued market underperformance over a period of five to seven years would eventually result in a higher level of paid claims as policyholders accessed their guarantees through death or annuitization .", "however , if market conditions improved following a downturn , sop 03-1 reserves and fair value liability would fall reflecting a decreased likelihood of future claims , which would result in an increase in both life underwriting income and net income .", "as of december 31 , 2008 , management established the sop 03-1 reserve based on the benefit ratio calculated using actual market values at december 31 , 2008 .", "management exercises judgment in determining the extent to which short-term market movements impact the sop 03-1 reserve .", "the sop 03-1 reserve is based on the calculation of a long-term benefit ratio ( or loss ratio ) for the variable annuity guarantee reinsurance .", "despite the long-term nature of the risk the benefit ratio calculation is impacted by short-term market movements that may be judged by management to be temporary or transient .", "management will , in keeping with the language in sop 03-1 , regularly examine both quantitative and qualitative analysis and management will determine if , in its judgment , the change in the calculated benefit ratio is of sufficient magnitude and has persisted for a sufficient duration to warrant a change in the benefit ratio used to establish the sop 03-1 reserve .", "this has no impact on either premium received or claims paid nor does it impact the long-term profit or loss of the variable annuity guaran- tee reinsurance .", "the sop 03-1 reserve and fair value liability calculations are directly affected by market factors , including equity levels , interest rate levels , credit risk and implied volatilities , as well as policyholder behaviors , such as annuitization and lapse rates .", "the table below shows the sensitivity , as of december 31 , 2008 , of the sop 03-1 reserves and fair value liability associated with the variable annuity guarantee reinsurance portfolio .", "in addition , the tables below show the sensitivity of the fair value of specific derivative instruments held ( hedge value ) , which includes instruments purchased in january 2009 , to partially offset the risk in the variable annuity guarantee reinsurance portfolio .", "although these derivatives do not receive hedge accounting treatment , some portion of the change in value may be used to offset changes in the sop 03-1 reserve. ." ]

[ [ "(in millions of U.S. dollars)", "2008", "2007" ], [ "Fair value of net assets denominated in foreign currencies", "$1,127", "$1,651" ], [ "Percentage of fair value of total net assets", "7.8%", "9.9%" ], [ "Pre-tax impact on equity of hypothetical 10 percent strengthening of the U.S. dollar", "$84", "$150" ] ]

[ [ "( in millions of u.s . dollars )", "2008", "2007" ], [ "fair value of net assets denominated in foreign currencies", "$ 1127", "$ 1651" ], [ "percentage of fair value of total net assets", "7.8% ( 7.8 % )", "9.9% ( 9.9 % )" ], [ "pre-tax impact on equity of hypothetical 10 percent strengthening of the u.s . dollar", "$ 84", "$ 150" ] ]

[]

[ "we maintain an effective universal shelf registration that allows for the public offering and sale of debt securities , capital securities , common stock , depositary shares and preferred stock , and warrants to purchase such securities , including any shares into which the preferred stock and depositary shares may be convertible , or any combination thereof .", "we have , as discussed previously , issued in the past , and we may issue in the future , securities pursuant to the shelf registration .", "the issuance of debt or equity securities will depend on future market conditions , funding needs and other factors .", "additional information about debt and equity securities issued pursuant to this shelf registration is provided in notes 9 and 12 to the consolidated financial statements included under item 8 .", "we currently maintain a corporate commercial paper program , under which we can issue up to $ 3 billion with original maturities of up to 270 days from the date of issue .", "at december 31 , 2011 , we had $ 2.38 billion of commercial paper outstanding , compared to $ 2.80 billion at december 31 , 2010 .", "additional information about our corporate commercial paper program is provided in note 8 to the consolidated financial statements included under item 8 .", "state street bank had initial board authority to issue bank notes up to an aggregate of $ 5 billion , including up to $ 1 billion of subordinated bank notes .", "approximately $ 2.05 billion was available under this board authority as of december 31 , 2011 .", "in 2011 , $ 2.45 billion of senior notes , which were outstanding at december 31 , 2010 , matured .", "state street bank currently maintains a line of credit with a financial institution of cad $ 800 million , or approximately $ 787 million as of december 31 , 2011 , to support its canadian securities processing operations .", "the line of credit has no stated termination date and is cancelable by either party with prior notice .", "as of december 31 , 2011 , no balance was outstanding on this line of credit .", "contractual cash obligations ." ]

[ "( 1 ) long-term debt excludes capital lease obligations ( presented as a separate line item ) and the effect of interest-rate swaps .", "interest payments were calculated at the stated rate with the exception of floating-rate debt , for which payments were calculated using the indexed rate in effect as of december 31 , 2011 .", "the obligations presented in the table above are recorded in our consolidated statement of condition at december 31 , 2011 , except for interest on long-term debt and capital lease obligations .", "the table does not include obligations which will be settled in cash , primarily in less than one year , such as deposits , federal funds purchased , securities sold under repurchase agreements and other short-term borrowings .", "additional information about deposits , federal funds purchased , securities sold under repurchase agreements and other short-term borrowings is provided in notes 7 and 8 to the consolidated financial statements included under item 8 .", "the table does not include obligations related to derivative instruments , because the amounts included in our consolidated statement of condition at december 31 , 2011 related to derivatives do not represent the amounts that may ultimately be paid under the contracts upon settlement .", "additional information about derivative contracts is provided in note 16 to the consolidated financial statements included under item 8 .", "we have obligations under pension and other post-retirement benefit plans , more fully described in note 18 to the consolidated financial statements included under item 8 , which are not included in the above table .", "additional information about contractual cash obligations related to long-term debt and operating and capital leases is provided in notes 9 and 19 to the consolidated financial statements included under item 8 .", "the consolidated statement of cash flows , also included under item 8 , provides additional liquidity information. ." ]

[ [ "", "PAYMENTS DUE BY PERIOD" ], [ "As of December 31, 2011 (In millions)", "Total", "Less than 1 year", "1-3 years", "4-5 years", "Over 5 years" ], [ "Long-term debt⁽¹⁾", "$9,276", "$1,973", "$1,169", "$1,944", "$4,190" ], [ "Operating leases", "1,129", "237", "389", "228", "275" ], [ "Capital lease obligations", "989", "68", "136", "138", "647" ], [ "Total contractual cash obligations", "$11,394", "$2,278", "$1,694", "$2,310", "$5,112" ] ]

[ [ "as of december 31 2011 ( in millions )", "payments due by period total", "payments due by period less than 1 year", "payments due by period 1-3 years", "payments due by period 4-5 years", "payments due by period over 5 years" ], [ "long-term debt ( 1 )", "$ 9276", "$ 1973", "$ 1169", "$ 1944", "$ 4190" ], [ "operating leases", "1129", "237", "389", "228", "275" ], [ "capital lease obligations", "989", "68", "136", "138", "647" ], [ "total contractual cash obligations", "$ 11394", "$ 2278", "$ 1694", "$ 2310", "$ 5112" ] ]

[ { "arg1": "2.80", "arg2": "2.38", "op": "minus1-1", "res": "0.42" }, { "arg1": "#0", "arg2": "2.38", "op": "divide1-2", "res": "18%" } ]

[ "item 5 .", "market for the registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following graph compares annual total return of our common stock , the standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) and our peer group ( 201cloews peer group 201d ) for the five years ended december 31 , 2016 .", "the graph assumes that the value of the investment in our common stock , the s&p 500 index and the loews peer group was $ 100 on december 31 , 2011 and that all dividends were reinvested. ." ]

[ "( a ) the loews peer group consists of the following companies that are industry competitors of our principal operating subsidiaries : chubb limited ( name change from ace limited after it acquired the chubb corporation on january 15 , 2016 ) , w.r .", "berkley corporation , the chubb corporation ( included through january 15 , 2016 when it was acquired by ace limited ) , energy transfer partners l.p. , ensco plc , the hartford financial services group , inc. , kinder morgan energy partners , l.p .", "( included through november 26 , 2014 when it was acquired by kinder morgan inc. ) , noble corporation , spectra energy corp , transocean ltd .", "and the travelers companies , inc .", "dividend information we have paid quarterly cash dividends in each year since 1967 .", "regular dividends of $ 0.0625 per share of loews common stock were paid in each calendar quarter of 2016 and 2015. ." ]

[ [ "", "2011", "2012", "2013", "2014", "2015", "2016" ], [ "Loews Common Stock", "100.0", "108.91", "129.64", "113.59", "104.47", "128.19" ], [ "S&P 500 Index", "100.0", "116.00", "153.57", "174.60", "177.01", "198.18" ], [ "Loews Peer Group (a)", "100.0", "113.39", "142.85", "150.44", "142.44", "165.34" ] ]

[ [ "", "2011", "2012", "2013", "2014", "2015", "2016" ], [ "loews common stock", "100.0", "108.91", "129.64", "113.59", "104.47", "128.19" ], [ "s&p 500 index", "100.0", "116.00", "153.57", "174.60", "177.01", "198.18" ], [ "loews peer group ( a )", "100.0", "113.39", "142.85", "150.44", "142.44", "165.34" ] ]

[ { "arg1": "198.18", "arg2": "100.0", "op": "minus1-1", "res": "98.18" }, { "arg1": "#0", "arg2": "const_100", "op": "divide1-2", "res": "98.2%" } ]

[ "notes to consolidated financial statements jpmorgan chase & co./2009 annual report 204 on the amount of interest income recognized in the firm 2019s consolidated statements of income since that date .", "( b ) other changes in expected cash flows include the net impact of changes in esti- mated prepayments and reclassifications to the nonaccretable difference .", "on a quarterly basis , the firm updates the amount of loan principal and interest cash flows expected to be collected , incorporating assumptions regarding default rates , loss severities , the amounts and timing of prepayments and other factors that are reflective of current market conditions .", "probable decreases in expected loan principal cash flows trigger the recognition of impairment , which is then measured as the present value of the expected principal loss plus any related foregone interest cash flows discounted at the pool 2019s effective interest rate .", "impairments that occur after the acquisition date are recognized through the provision and allow- ance for loan losses .", "probable and significant increases in expected principal cash flows would first reverse any previously recorded allowance for loan losses ; any remaining increases are recognized prospectively as interest income .", "the impacts of ( i ) prepayments , ( ii ) changes in variable interest rates , and ( iii ) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income .", "disposals of loans , which may include sales of loans , receipt of payments in full by the borrower , or foreclosure , result in removal of the loan from the purchased credit-impaired portfolio .", "if the timing and/or amounts of expected cash flows on these purchased credit-impaired loans were determined not to be rea- sonably estimable , no interest would be accreted and the loans would be reported as nonperforming loans ; however , since the timing and amounts of expected cash flows for these purchased credit-impaired loans are reasonably estimable , interest is being accreted and the loans are being reported as performing loans .", "charge-offs are not recorded on purchased credit-impaired loans until actual losses exceed the estimated losses that were recorded as purchase accounting adjustments at acquisition date .", "to date , no charge-offs have been recorded for these loans .", "purchased credit-impaired loans acquired in the washington mu- tual transaction are reported in loans on the firm 2019s consolidated balance sheets .", "in 2009 , an allowance for loan losses of $ 1.6 billion was recorded for the prime mortgage and option arm pools of loans .", "the net aggregate carrying amount of the pools that have an allowance for loan losses was $ 47.2 billion at december 31 , 2009 .", "this allowance for loan losses is reported as a reduction of the carrying amount of the loans in the table below .", "the table below provides additional information about these pur- chased credit-impaired consumer loans. ." ]

[ "( a ) represents the sum of contractual principal , interest and fees earned at the reporting date .", "purchased credit-impaired loans are also being modified under the mha programs and the firm 2019s other loss mitigation programs .", "for these loans , the impact of the modification is incorporated into the firm 2019s quarterly assessment of whether a probable and/or signifi- cant change in estimated future cash flows has occurred , and the loans continue to be accounted for as and reported as purchased credit-impaired loans .", "foreclosed property the firm acquires property from borrowers through loan restructur- ings , workouts , and foreclosures , which is recorded in other assets on the consolidated balance sheets .", "property acquired may include real property ( e.g. , land , buildings , and fixtures ) and commercial and personal property ( e.g. , aircraft , railcars , and ships ) .", "acquired property is valued at fair value less costs to sell at acquisition .", "each quarter the fair value of the acquired property is reviewed and adjusted , if necessary .", "any adjustments to fair value in the first 90 days are charged to the allowance for loan losses and thereafter adjustments are charged/credited to noninterest revenue 2013other .", "operating expense , such as real estate taxes and maintenance , are charged to other expense .", "note 14 2013 allowance for credit losses the allowance for loan losses includes an asset-specific component , a formula-based component and a component related to purchased credit-impaired loans .", "the asset-specific component relates to loans considered to be impaired , which includes any loans that have been modified in a troubled debt restructuring as well as risk-rated loans that have been placed on nonaccrual status .", "an asset-specific allowance for impaired loans is established when the loan 2019s discounted cash flows ( or , when available , the loan 2019s observable market price ) is lower than the recorded investment in the loan .", "to compute the asset-specific component of the allowance , larger loans are evaluated individually , while smaller loans are evaluated as pools using historical loss experience for the respective class of assets .", "risk-rated loans ( primarily wholesale loans ) are pooled by risk rating , while scored loans ( i.e. , consumer loans ) are pooled by product type .", "the firm generally measures the asset-specific allowance as the difference between the recorded investment in the loan and the present value of the cash flows expected to be collected , dis- counted at the loan 2019s original effective interest rate .", "subsequent changes in measured impairment due to the impact of discounting are reported as an adjustment to the provision for loan losses , not as an adjustment to interest income .", "an asset-specific allowance for an impaired loan with an observable market price is measured as the difference between the recorded investment in the loan and the loan 2019s fair value .", "certain impaired loans that are determined to be collateral- dependent are charged-off to the fair value of the collateral less costs to sell .", "when collateral-dependent commercial real-estate loans are determined to be impaired , updated appraisals are typi- cally obtained and updated every six to twelve months .", "the firm also considers both borrower- and market-specific factors , which ." ]

[ [ "December 31, (in millions)", "2009", "2008" ], [ "Outstanding balance^(a)", "$103,369", "$118,180" ], [ "Carrying amount", "79,664", "88,813" ] ]

[ [ "december 31 ( in millions )", "2009", "2008" ], [ "outstanding balance ( a )", "$ 103369", "$ 118180" ], [ "carrying amount", "79664", "88813" ] ]

[ { "arg1": "103369", "arg2": "118180", "op": "add2-1", "res": "221549" }, { "arg1": "#0", "arg2": "const_2", "op": "divide2-2", "res": "110774.5" } ]

[ "management 2019s discussion and analysis net interest income 2013 versus 2012 .", "net interest income on the consolidated statements of earnings was $ 3.39 billion for 2013 , 13% ( 13 % ) lower than 2012 .", "the decrease compared with 2012 was primarily due to lower average yields on financial instruments owned , at fair value , partially offset by lower interest expense on financial instruments sold , but not yet purchased , at fair value and collateralized financings .", "2012 versus 2011 .", "net interest income on the consolidated statements of earnings was $ 3.88 billion for 2012 , 25% ( 25 % ) lower than 2011 .", "the decrease compared with 2011 was primarily due to lower average yields on financial instruments owned , at fair value and collateralized agreements .", "see 201cstatistical disclosures 2014 distribution of assets , liabilities and shareholders 2019 equity 201d for further information about our sources of net interest income .", "operating expenses our operating expenses are primarily influenced by compensation , headcount and levels of business activity .", "compensation and benefits includes salaries , discretionary compensation , amortization of equity awards and other items such as benefits .", "discretionary compensation is significantly impacted by , among other factors , the level of net revenues , overall financial performance , prevailing labor markets , business mix , the structure of our share-based compensation programs and the external environment .", "the table below presents our operating expenses and total staff ( which includes employees , consultants and temporary staff ) . ." ]

[ "1 .", "related revenues are included in 201cmarket making 201d in the consolidated statements of earnings .", "goldman sachs 2013 annual report 45 ." ]

[ [ "", "Year Ended December" ], [ "<i>$ in millions</i>", "2013", "2012", "2011" ], [ "Compensation and benefits", "$12,613", "$12,944", "$12,223" ], [ "Brokerage, clearing, exchange anddistribution fees", "2,341", "2,208", "2,463" ], [ "Market development", "541", "509", "640" ], [ "Communications and technology", "776", "782", "828" ], [ "Depreciation and amortization", "1,322", "1,738", "1,865" ], [ "Occupancy", "839", "875", "1,030" ], [ "Professional fees", "930", "867", "992" ], [ "Insurance reserves¹", "176", "598", "529" ], [ "Other expenses", "2,931", "2,435", "2,072" ], [ "Total non-compensation expenses", "9,856", "10,012", "10,419" ], [ "Total operating expenses", "$22,469", "$22,956", "$22,642" ], [ "Total staff at period-end", "32,900", "32,400", "33,300" ] ]

[ [ "$ in millions", "year ended december 2013", "year ended december 2012", "year ended december 2011" ], [ "compensation and benefits", "$ 12613", "$ 12944", "$ 12223" ], [ "brokerage clearing exchange anddistribution fees", "2341", "2208", "2463" ], [ "market development", "541", "509", "640" ], [ "communications and technology", "776", "782", "828" ], [ "depreciation and amortization", "1322", "1738", "1865" ], [ "occupancy", "839", "875", "1030" ], [ "professional fees", "930", "867", "992" ], [ "insurance reserves1", "176", "598", "529" ], [ "other expenses", "2931", "2435", "2072" ], [ "total non-compensation expenses", "9856", "10012", "10419" ], [ "total operating expenses", "$ 22469", "$ 22956", "$ 22642" ], [ "total staff at period-end", "32900", "32400", "33300" ] ]

[ { "arg1": "32900", "arg2": "32400", "op": "minus2-1", "res": "500" }, { "arg1": "#0", "arg2": "32400", "op": "divide2-2", "res": "1.5%" } ]

[ "credit facilities .", "as such , our foreign cash and cash equivalents are not expected to be a key source of liquidity to our domestic operations .", "at september 30 , 2019 , we had approximately $ 2.9 billion of availability under our committed credit facilities , primarily under our revolving credit facility , the majority of which matures on july 1 , 2022 .", "this liquidity may be used to provide for ongoing working capital needs and for other general corporate purposes , including acquisitions , dividends and stock repurchases .", "certain restrictive covenants govern our maximum availability under the credit facilities .", "we test and report our compliance with these covenants as required and we were in compliance with all of these covenants at september 30 , 2019 .", "at september 30 , 2019 , we had $ 129.8 million of outstanding letters of credit not drawn cash and cash equivalents were $ 151.6 million at september 30 , 2019 and $ 636.8 million at september 30 , 2018 .", "we used a significant portion of the cash and cash equivalents on hand at september 30 , 2018 in connection with the closing of the kapstone acquisition .", "primarily all of the cash and cash equivalents at september 30 , 2019 were held outside of the u.s .", "at september 30 , 2019 , total debt was $ 10063.4 million , $ 561.1 million of which was current .", "at september 30 , 2018 , total debt was $ 6415.2 million , $ 740.7 million of which was current .", "the increase in debt was primarily related to the kapstone acquisition .", "cash flow activity ." ]

[ "net cash provided by operating activities during fiscal 2019 increased $ 379.0 million from fiscal 2018 primarily due to higher cash earnings and a $ 340.3 million net decrease in the use of working capital compared to the prior year .", "as a result of the retrospective adoption of asu 2016-15 and asu 2016-18 ( each as hereinafter defined ) as discussed in 201cnote 1 .", "description of business and summary of significant accounting policies 201d of the notes to consolidated financial statements , net cash provided by operating activities for fiscal 2018 was reduced by $ 489.7 million and cash provided by investing activities increased $ 483.8 million , primarily for the change in classification of proceeds received for beneficial interests obtained for transferring trade receivables in securitization transactions .", "net cash used for investing activities of $ 4579.6 million in fiscal 2019 consisted primarily of $ 3374.2 million for cash paid for the purchase of businesses , net of cash acquired ( excluding the assumption of debt ) , primarily related to the kapstone acquisition , and $ 1369.1 million for capital expenditures that were partially offset by $ 119.1 million of proceeds from the sale of property , plant and equipment primarily related to the sale of our atlanta beverage facility , $ 33.2 million of proceeds from corporate owned life insurance benefits and $ 25.5 million of proceeds from property , plant and equipment insurance proceeds related to the panama city , fl mill .", "net cash used for investing activities of $ 815.1 million in fiscal 2018 consisted primarily of $ 999.9 million for capital expenditures , $ 239.9 million for cash paid for the purchase of businesses , net of cash acquired primarily related to the plymouth acquisition and the schl fcter acquisition , and $ 108.0 million for an investment in grupo gondi .", "these investments were partially offset by $ 461.6 million of cash receipts on sold trade receivables as a result of the adoption of asu 2016-15 , $ 24.0 million of proceeds from the sale of certain affiliates as well as our solid waste management brokerage services business and $ 23.3 million of proceeds from the sale of property , plant and equipment .", "in fiscal 2019 , net cash provided by financing activities of $ 1780.2 million consisted primarily of a net increase in debt of $ 2314.6 million , primarily related to the kapstone acquisition and partially offset by cash dividends paid to stockholders of $ 467.9 million and purchases of common stock of $ 88.6 million .", "in fiscal 2018 , net cash used for financing activities of $ 755.1 million consisted primarily of cash dividends paid to stockholders of $ 440.9 million and purchases of common stock of $ 195.1 million and net repayments of debt of $ 120.1 million. ." ]

[ [ "", "Year Ended September 30," ], [ "(In millions)", "2019", "2018" ], [ "Net cash provided by operating activities", "$2,310.2", "$1,931.2" ], [ "Net cash used for investing activities", "$(4,579.6)", "$(815.1)" ], [ "Net cash provided by (used for) financing activities", "$1,780.2", "$(755.1)" ] ]

[ [ "( in millions )", "year ended september 30 , 2019", "year ended september 30 , 2018" ], [ "net cash provided by operating activities", "$ 2310.2", "$ 1931.2" ], [ "net cash used for investing activities", "$ -4579.6 ( 4579.6 )", "$ -815.1 ( 815.1 )" ], [ "net cash provided by ( used for ) financing activities", "$ 1780.2", "$ -755.1 ( 755.1 )" ] ]

[ { "arg1": "2310.2", "arg2": "-4579.6", "op": "add1-1", "res": "-2269.4" }, { "arg1": "#0", "arg2": "1780.2", "op": "add1-2", "res": "-489.2" } ]

[ "purchases of equity securities the following table provides information about our repurchases of our common stock registered pursuant to section 12 of the securities exchange act of 1934 during the quarter ended december 31 , 2014 .", "period ( a ) number of shares purchased average price paid per share total number of shares purchased as part of publicly announced plans or programs ( b ) amount available for future share repurchases under the plans or programs ( b ) ( in millions ) ." ]

[ "total 1269242 ( c ) $ 185.23 1212228 $ 3671 ( a ) we close our books and records on the last sunday of each month to align our financial closing with our business processes , except for the month of december , as our fiscal year ends on december 31 .", "as a result , our fiscal months often differ from the calendar months .", "for example , september 29 , 2014 was the first day of our october 2014 fiscal month .", "( b ) in october 2010 , our board of directors approved a share repurchase program pursuant to which we are authorized to repurchase our common stock in privately negotiated transactions or in the open market at prices per share not exceeding the then-current market prices .", "on september 25 , 2014 , our board of directors authorized a $ 2.0 billion increase to the program .", "under the program , management has discretion to determine the dollar amount of shares to be repurchased and the timing of any repurchases in compliance with applicable law and regulation .", "we also may make purchases under the program pursuant to rule 10b5-1 plans .", "the program does not have an expiration date .", "( c ) during the quarter ended december 31 , 2014 , the total number of shares purchased included 57014 shares that were transferred to us by employees in satisfaction of minimum tax withholding obligations associated with the vesting of restricted stock units .", "these purchases were made pursuant to a separate authorization by our board of directors and are not included within the program. ." ]

[ [ "Period^(a)", "Total Number of Shares Purchased", "Average Price Paid Per Share", "Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs^(b)", "Amount Available for Future Share Repurchases Under the Plans or Programs^(b) (in millions)" ], [ "September 29, 2014 – October 26, 2014", "399,259", "$176.96", "397,911", "$3,825" ], [ "October 27, 2014 – November 30, 2014", "504,300", "$187.74", "456,904", "$3,739" ], [ "December 1, 2014 – December 31, 2014", "365,683", "$190.81", "357,413", "$3,671" ], [ "Total", "1,269,242^(c)", "$185.23", "1,212,228", "$3,671" ] ]

[ [ "period ( a )", "total number of shares purchased", "average price paid per share", "total number of shares purchased as part of publicly announced plans or programs ( b )", "amount available for future share repurchases under the plans or programs ( b ) ( in millions )" ], [ "september 29 2014 2013 october 26 2014", "399259", "$ 176.96", "397911", "$ 3825" ], [ "october 27 2014 2013 november 30 2014", "504300", "$ 187.74", "456904", "$ 3739" ], [ "december 1 2014 2013 december 31 2014", "365683", "$ 190.81", "357413", "$ 3671" ], [ "total", "1269242 ( c )", "$ 185.23", "1212228", "$ 3671" ] ]

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[ "off-balance sheet transactions contractual obligations as of december 31 , 2017 , our contractual obligations with initial or remaining terms in excess of one year , including interest payments on long-term debt obligations , were as follows ( in thousands ) : the table above does not include $ 0.5 million of unrecognized tax benefits ( we refer you to the notes to the consolidated financial statements note 201410 201cincome tax 201d ) .", "certain service providers may require collateral in the normal course of our business .", "the amount of collateral may change based on certain terms and conditions .", "as a routine part of our business , depending on market conditions , exchange rates , pricing and our strategy for growth , we regularly consider opportunities to enter into contracts for the building of additional ships .", "we may also consider the sale of ships , potential acquisitions and strategic alliances .", "if any of these transactions were to occur , they may be financed through the incurrence of additional permitted indebtedness , through cash flows from operations , or through the issuance of debt , equity or equity-related securities .", "funding sources certain of our debt agreements contain covenants that , among other things , require us to maintain a minimum level of liquidity , as well as limit our net funded debt-to-capital ratio , maintain certain other ratios and restrict our ability to pay dividends .", "substantially all of our ships and other property and equipment are pledged as collateral for certain of our debt .", "we believe we were in compliance with these covenants as of december 31 , 2017 .", "the impact of changes in world economies and especially the global credit markets can create a challenging environment and may reduce future consumer demand for cruises and adversely affect our counterparty credit risks .", "in the event this environment deteriorates , our business , financial condition and results of operations could be adversely impacted .", "we believe our cash on hand , expected future operating cash inflows , additional available borrowings under our new revolving loan facility and our ability to issue debt securities or additional equity securities , will be sufficient to fund operations , debt payment requirements , capital expenditures and maintain compliance with covenants under our debt agreements over the next twelve-month period .", "there is no assurance that cash flows from operations and additional financings will be available in the future to fund our future obligations .", "less than 1 year 1-3 years 3-5 years more than 5 years long-term debt ( 1 ) $ 6424582 $ 619373 $ 1248463 $ 3002931 $ 1553815 operating leases ( 2 ) 131791 15204 28973 26504 61110 ship construction contracts ( 3 ) 6138219 1016892 1363215 1141212 2616900 port facilities ( 4 ) 138308 30509 43388 23316 41095 interest ( 5 ) 947967 218150 376566 203099 150152 other ( 6 ) 168678 54800 73653 23870 16355 ." ]

[ "( 1 ) includes discount and premiums aggregating $ 0.5 million .", "also includes capital leases .", "the amount excludes deferred financing fees which are included in the consolidated balance sheets as an offset to long-term debt .", "( 2 ) primarily for offices , motor vehicles and office equipment .", "( 3 ) for our newbuild ships based on the euro/u.s .", "dollar exchange rate as of december 31 , 2017 .", "export credit financing is in place from syndicates of banks .", "( 4 ) primarily for our usage of certain port facilities .", "( 5 ) includes fixed and variable rates with libor held constant as of december 31 , 2017 .", "( 6 ) future commitments for service , maintenance and other business enhancement capital expenditure contracts. ." ]

[ [ "", "Total", "Less than1 year", "1-3 years", "3-5 years", "More than5 years" ], [ "Long-term debt⁽¹⁾", "$6,424,582", "$619,373", "$1,248,463", "$3,002,931", "$1,553,815" ], [ "Operating leases⁽²⁾", "131,791", "15,204", "28,973", "26,504", "61,110" ], [ "Ship construction contracts⁽³⁾", "6,138,219", "1,016,892", "1,363,215", "1,141,212", "2,616,900" ], [ "Port facilities⁽⁴⁾", "138,308", "30,509", "43,388", "23,316", "41,095" ], [ "Interest⁽⁵⁾", "947,967", "218,150", "376,566", "203,099", "150,152" ], [ "Other⁽⁶⁾", "168,678", "54,800", "73,653", "23,870", "16,355" ], [ "Total", "$13,949,545", "$1,954,928", "$3,134,258", "$4,420,932", "$4,439,427" ] ]

[ [ "", "total", "less than1 year", "1-3 years", "3-5 years", "more than5 years" ], [ "long-term debt ( 1 )", "$ 6424582", "$ 619373", "$ 1248463", "$ 3002931", "$ 1553815" ], [ "operating leases ( 2 )", "131791", "15204", "28973", "26504", "61110" ], [ "ship construction contracts ( 3 )", "6138219", "1016892", "1363215", "1141212", "2616900" ], [ "port facilities ( 4 )", "138308", "30509", "43388", "23316", "41095" ], [ "interest ( 5 )", "947967", "218150", "376566", "203099", "150152" ], [ "other ( 6 )", "168678", "54800", "73653", "23870", "16355" ], [ "total", "$ 13949545", "$ 1954928", "$ 3134258", "$ 4420932", "$ 4439427" ] ]

[]

[ "compared to earlier levels .", "the pre-tax non-cash impairments of certain mineral rights and real estate discussed above under the caption fffdland and development impairments fffd are not included in segment income .", "liquidity and capital resources on january 29 , 2018 , we announced that a definitive agreement had been signed for us to acquire all of the outstanding shares of kapstone for $ 35.00 per share and the assumption of approximately $ 1.36 billion in net debt , for a total enterprise value of approximately $ 4.9 billion .", "in contemplation of the transaction , on march 6 , 2018 , we issued $ 600.0 million aggregate principal amount of 3.75% ( 3.75 % ) senior notes due 2025 and $ 600.0 million aggregate principal amount of 4.0% ( 4.0 % ) senior notes due 2028 in an unregistered offering pursuant to rule 144a and regulation s under the securities act of 1933 , as amended ( the fffdsecurities act fffd ) .", "in addition , on march 7 , 2018 , we entered into the delayed draw credit facilities ( as hereinafter defined ) that provide for $ 3.8 billion of senior unsecured term loans .", "on november 2 , 2018 , in connection with the closing of the kapstone acquisition , we drew upon the facility in full .", "the proceeds of the delayed draw credit facilities ( as hereinafter defined ) and other sources of cash were used to pay the consideration for the kapstone acquisition , to repay certain existing indebtedness of kapstone and to pay fees and expenses incurred in connection with the kapstone acquisition .", "we fund our working capital requirements , capital expenditures , mergers , acquisitions and investments , restructuring activities , dividends and stock repurchases from net cash provided by operating activities , borrowings under our credit facilities , proceeds from our new a/r sales agreement ( as hereinafter defined ) , proceeds from the sale of property , plant and equipment removed from service and proceeds received in connection with the issuance of debt and equity securities .", "see fffdnote 13 .", "debt fffdtt of the notes to consolidated financial statements for additional information .", "funding for our domestic operations in the foreseeable future is expected to come from sources of liquidity within our domestic operations , including cash and cash equivalents , and available borrowings under our credit facilities .", "as such , our foreign cash and cash equivalents are not expected to be a key source of liquidity to our domestic operations .", "at september 30 , 2018 , excluding the delayed draw credit facilities , we had approximately $ 3.2 billion of availability under our committed credit facilities , primarily under our revolving credit facility , the majority of which matures on july 1 , 2022 .", "this liquidity may be used to provide for ongoing working capital needs and for other general corporate purposes , including acquisitions , dividends and stock repurchases .", "certain restrictive covenants govern our maximum availability under the credit facilities .", "we test and report our compliance with these covenants as required and we were in compliance with all of these covenants at september 30 , 2018 .", "at september 30 , 2018 , we had $ 104.9 million of outstanding letters of credit not drawn cash and cash equivalents were $ 636.8 million at september 30 , 2018 and $ 298.1 million at september 30 , 2017 .", "we used a significant portion of the cash and cash equivalents on hand at september 30 , 2018 in connection with the closing of the kapstone acquisition .", "approximately 20% ( 20 % ) of the cash and cash equivalents at september 30 , 2018 were held outside of the u.s .", "at september 30 , 2018 , total debt was $ 6415.2 million , $ 740.7 million of which was current .", "at september 30 , 2017 , total debt was $ 6554.8 million , $ 608.7 million of which was current .", "cash flow activityy ." ]

[ "net cash provided by operating activities during fiscal 2018 increased $ 520.4 million from fiscal 2017 primarily due to higher cash earnings and lower cash taxes due to the impact of the tax act .", "net cash provided by operating activities during fiscal 2017 increased $ 212.1 million from fiscal 2016 primarily due to a $ 111.6 million net increase in cash flow from working capital changes plus higher after-tax cash proceeds from our land and development segment fffds accelerated monetization .", "the changes in working capital in fiscal 2018 , 2017 and 2016 included a ." ]

[ [ "", "Year Ended September 30," ], [ "(In millions)", "2018", "2017", "2016" ], [ "Net cash provided by operating activities", "$2,420.9", "$1,900.5", "$1,688.4" ], [ "Net cash used for investing activities", "$(1,298.9)", "$(1,285.8)", "$(1,351.4)" ], [ "Net cash used for financing activities", "$(755.1)", "$(655.4)", "$(231.0)" ] ]

[ [ "( in millions )", "year ended september 30 , 2018", "year ended september 30 , 2017", "year ended september 30 , 2016" ], [ "net cash provided by operating activities", "$ 2420.9", "$ 1900.5", "$ 1688.4" ], [ "net cash used for investing activities", "$ -1298.9 ( 1298.9 )", "$ -1285.8 ( 1285.8 )", "$ -1351.4 ( 1351.4 )" ], [ "net cash used for financing activities", "$ -755.1 ( 755.1 )", "$ -655.4 ( 655.4 )", "$ -231.0 ( 231.0 )" ] ]

[]

[ "stock performance graph : the graph below shows the cumulative total shareholder return assuming the investment of $ 100 , on december 31 , 2010 , and the reinvestment of dividends thereafter , if any , in the company's common stock versus the standard and poor's s&p 500 retail index ( \"s&p 500 retail index\" ) and the standard and poor's s&p 500 index ( \"s&p 500\" ) . ." ]

[ "." ]

[ [ "", "December 31," ], [ "Company/Index", "2010", "2011", "2012", "2013", "2014", "2015" ], [ "O'Reilly Automotive, Inc.", "$100", "$132", "$148", "$213", "$319", "$419" ], [ "S&P 500 Retail Index", "100", "103", "128", "185", "203", "252" ], [ "S&P 500", "$100", "$100", "$113", "$147", "$164", "$163" ] ]

[ [ "company/index", "december 31 , 2010", "december 31 , 2011", "december 31 , 2012", "december 31 , 2013", "december 31 , 2014", "december 31 , 2015" ], [ "o'reilly automotive inc .", "$ 100", "$ 132", "$ 148", "$ 213", "$ 319", "$ 419" ], [ "s&p 500 retail index", "100", "103", "128", "185", "203", "252" ], [ "s&p 500", "$ 100", "$ 100", "$ 113", "$ 147", "$ 164", "$ 163" ] ]

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[ "31mar201122064257 positions which were required to be capitalized .", "there are no positions which we anticipate could change materially within the next twelve months .", "liquidity and capital resources ." ]

[ "( 1 ) does not include restricted cash balances cash flow from operating activities : cash provided from operating activities is net income adjusted for certain non-cash items and changes in certain assets and liabilities .", "for fiscal year 2010 we generated $ 223.0 million in cash flow from operations , an increase of $ 4.2 million when compared to the $ 218.8 million generated in fiscal year 2009 .", "during fiscal year 2010 , net income increased by $ 42.3 million to $ 137.3 million when compared to fiscal year 2009 .", "despite the increase in net income , net cash provided by operating activities remained relatively consistent .", "this was primarily due to : 2022 fiscal year 2010 net income included a deferred tax expense of $ 38.5 million compared to a $ 24.9 million deferred tax benefit included in 2009 net income due to the release of the tax valuation allowance in fiscal year 2009 .", "2022 during fiscal year 2010 , the company invested in working capital as result of higher business activity .", "compared to fiscal year 2009 , accounts receivable , inventory and accounts payable increased by $ 60.9 million , $ 38.8 million and $ 42.9 million , respectively .", "cash flow from investing activities : cash flow from investing activities consists primarily of capital expenditures and acquisitions .", "we had net cash outflows of $ 95.3 million in fiscal year 2010 , compared to $ 49.5 million in fiscal year 2009 .", "the increase is primarily due to an increase of $ 49.8 million in capital expenditures .", "we anticipate our capital spending to be consistent in fiscal year 2011 to maintain our projected growth rate .", "cash flow from financing activities : cash flows from financing activities consist primarily of cash transactions related to debt and equity .", "during fiscal year 2010 , we had net cash outflows of $ 38.6 million , compared to $ 30.2 million in fiscal year 2009 .", "during the year we had the following significant transactions : 2022 we retired $ 53.0 million in aggregate principal amount ( carrying value of $ 51.1 million ) of 2007 convertible notes for $ 80.7 million , which included a $ 29.6 million premium paid for the equity component of the instrument .", "2022 we received net proceeds from employee stock option exercises of $ 40.5 million in fiscal year 2010 , compared to $ 38.7 million in fiscal year 2009 .", "skyworks / 2010 annual report 103 ." ]

[ [ "", "Fiscal Years Ended" ], [ "(dollars in thousands)", "October 1, 2010", "October 2, 2009", "October 3, 2008" ], [ "Cash and cash equivalents at beginning of period", "$364,221", "$225,104", "$241,577" ], [ "Net cash provided by operating activities", "222,962", "218,805", "182,673" ], [ "Net cash used in investing activities", "(95,329)", "(49,528)", "(94,959)" ], [ "Net cash used in financing activities", "(38,597)", "(30,160)", "(104,187)" ], [ "Cash and cash equivalents at end of period (1)", "$453,257", "$364,221", "$225,104" ] ]

[ [ "( dollars in thousands )", "fiscal years ended october 1 2010", "fiscal years ended october 2 2009", "fiscal years ended october 3 2008" ], [ "cash and cash equivalents at beginning of period", "$ 364221", "$ 225104", "$ 241577" ], [ "net cash provided by operating activities", "222962", "218805", "182673" ], [ "net cash used in investing activities", "-95329 ( 95329 )", "-49528 ( 49528 )", "-94959 ( 94959 )" ], [ "net cash used in financing activities", "-38597 ( 38597 )", "-30160 ( 30160 )", "-104187 ( 104187 )" ], [ "cash and cash equivalents at end of period ( 1 )", "$ 453257", "$ 364221", "$ 225104" ] ]

[ { "arg1": "453257", "arg2": "364221", "op": "minus1-1", "res": "89036" }, { "arg1": "#0", "arg2": "364221", "op": "divide1-2", "res": "24.4%" } ]

[ "gain or loss on ownership change in map results from contributions to map of certain environmental capital expenditures and leased property acquisitions funded by marathon and ashland .", "in accordance with map 2019s limited liability company agreement , in certain instances , environmental capital expenditures and acquisitions of leased properties are funded by the original contributor of the assets , but no change in ownership interest may result from these contributions .", "an excess of ashland funded improvements over marathon funded improvements results in a net gain and an excess of marathon funded improvements over ashland funded improvements results in a net loss .", "cost of revenues increased by $ 5.822 billion in 2004 from 2003 and by $ 6.040 billion in 2003 from 2002 .", "the increases are primarily in the rm&t segment and result from higher acquisition costs for crude oil , refined products , refinery charge and blend feedstocks and increased manufacturing expenses .", "selling , general and administrative expenses increased by $ 105 million in 2004 from 2003 and by $ 97 million in 2003 from 2002 .", "the increase in 2004 was primarily due to increased stock-based compensation and higher costs associated with business transformation and outsourcing .", "our 2004 results were also impacted by start-up costs associated with the lng project in equatorial guinea and the increased cost of complying with governmental regulations .", "the increase in 2003 was primarily due to increased employee benefit expenses ( caused by increased pension expense resulting from changes in actuarial assumptions and a decrease in realized returns on plan assets ) and other employee related costs .", "additionally , during 2003 , we recorded a charge of $ 24 million related to organizational and business process changes .", "inventory market valuation reserve ( 2018 2018imv 2019 2019 ) is established to reduce the cost basis of inventories to current market value .", "generally , we will establish an imv reserve when crude oil prices fall below $ 22 per barrel .", "the 2002 results of operations include credits to income from operations of $ 71 million , reversing the imv reserve at december 31 , 2001 .", "net interest and other financial costs decreased by $ 25 million in 2004 from 2003 and by $ 82 million in 2003 from 2002 .", "the decrease in 2004 is primarily due to an increase in interest income .", "the decrease in 2003 is primarily due to an increase in capitalized interest related to increased long-term construction projects , the favorable effect of interest rate swaps , the favorable effect of a reduction in interest on tax deficiencies and increased interest income on investments .", "additionally , included in net interest and other financing costs are foreign currency gains of $ 9 million , $ 13 million and $ 8 million for 2004 , 2003 and 2002 .", "loss from early extinguishment of debt in 2002 was attributable to the retirement of $ 337 million aggregate principal amount of debt , resulting in a loss of $ 53 million .", "minority interest in income of map , which represents ashland 2019s 38 percent ownership interest , increased by $ 230 million in 2004 from 2003 and by $ 129 million in 2003 from 2002 .", "map income was higher in 2004 compared to 2003 and in 2003 compared to 2002 as discussed below in the rm&t segment .", "minority interest in loss of equatorial guinea lng holdings limited , which represents gepetrol 2019s 25 percent ownership interest , was $ 7 million in 2004 , primarily resulting from gepetrol 2019s share of start-up costs associated with the lng project in equatorial guinea .", "provision for income taxes increased by $ 143 million in 2004 from 2003 and by $ 215 million in 2003 from 2002 , primarily due to $ 388 million and $ 720 million increases in income before income taxes .", "the effective tax rate for 2004 was 36.6 percent compared to 36.6 percent and 42.1 percent for 2003 and 2002 .", "the higher rate in 2002 was due to the united kingdom enactment of a supplementary 10 percent tax on profits from the north sea oil and gas production , retroactively effective to april 17 , 2002 .", "in 2002 , we recognized a one-time noncash deferred tax adjustment of $ 61 million as a result of the rate increase .", "the following is an analysis of the effective tax rate for the periods presented: ." ]

[ "( a ) the deferred tax effect related to the enactment of a supplemental tax in the u.k .", "increased the effective tax rate 7.0 percent in ." ]

[ [ "", "2004", "2003", "2002" ], [ "Statutory tax rate", "35.0%", "35.0%", "35.0%" ], [ "Effects of foreign operations^(a)", "1.3", "(0.4)", "5.6" ], [ "State and local income taxes after federal income tax effects", "1.6", "2.2", "3.9" ], [ "Other federal tax effects", "(1.3)", "(0.2)", "(2.4)" ], [ "Effective tax rate", "36.6%", "36.6%", "42.1%" ] ]

[ [ "", "2004", "2003", "2002" ], [ "statutory tax rate", "35.0% ( 35.0 % )", "35.0% ( 35.0 % )", "35.0% ( 35.0 % )" ], [ "effects of foreign operations ( a )", "1.3", "-0.4 ( 0.4 )", "5.6" ], [ "state and local income taxes after federal income tax effects", "1.6", "2.2", "3.9" ], [ "other federal tax effects", "-1.3 ( 1.3 )", "-0.2 ( 0.2 )", "-2.4 ( 2.4 )" ], [ "effective tax rate", "36.6% ( 36.6 % )", "36.6% ( 36.6 % )", "42.1% ( 42.1 % )" ] ]

[ { "arg1": "1.3", "arg2": "5.6", "op": "minus2-1", "res": "-4.3" }, { "arg1": "#0", "arg2": "5.6", "op": "divide2-2", "res": "-76.8%" } ]

[ "entergy corporation and subsidiaries management's financial discussion and analysis refer to 201cselected financial data - five-year comparison of entergy corporation and subsidiaries 201d which accompanies entergy corporation 2019s financial statements in this report for further information with respect to operating statistics .", "in november 2007 the board approved a plan to pursue a separation of entergy 2019s non-utility nuclear business from entergy through a spin-off of the business to entergy shareholders .", "in april 2010 , entergy announced that it planned to unwind the business infrastructure associated with the proposed spin-off transaction .", "as a result of the plan to unwind the business infrastructure , entergy recorded expenses in 2010 for the write-off of certain capitalized costs incurred in connection with the planned spin-off transaction .", "these costs are discussed in more detail below and throughout this section .", "net revenue utility following is an analysis of the change in net revenue comparing 2010 to 2009 .", "amount ( in millions ) ." ]

[ "the volume/weather variance is primarily due to an increase of 8362 gwh , or 8% ( 8 % ) , in billed electricity usage in all retail sectors , including the effect on the residential sector of colder weather in the first quarter 2010 compared to 2009 and warmer weather in the second and third quarters 2010 compared to 2009 .", "the industrial sector reflected strong sales growth on continuing signs of economic recovery .", "the improvement in this sector was primarily driven by inventory restocking and strong exports with the chemicals , refining , and miscellaneous manufacturing sectors leading the improvement .", "the retail electric price variance is primarily due to : increases in the formula rate plan riders at entergy gulf states louisiana effective november 2009 , january 2010 , and september 2010 , at entergy louisiana effective november 2009 , and at entergy mississippi effective july 2009 ; a base rate increase at entergy arkansas effective july 2010 ; rate actions at entergy texas , including base rate increases effective in may and august 2010 ; a formula rate plan provision of $ 16.6 million recorded in the third quarter 2009 for refunds that were made to customers in accordance with settlements approved by the lpsc ; and the recovery in 2009 by entergy arkansas of 2008 extraordinary storm costs , as approved by the apsc , which ceased in january 2010 .", "the recovery of storm costs is offset in other operation and maintenance expenses .", "see note 2 to the financial statements for further discussion of the proceedings referred to above. ." ]

[ [ "", "Amount (In Millions)" ], [ "2009 net revenue", "$4,694" ], [ "Volume/weather", "231" ], [ "Retail electric price", "137" ], [ "Provision for regulatory proceedings", "26" ], [ "Rough production cost equalization", "19" ], [ "ANO decommissioning trust", "(24)" ], [ "Fuel recovery", "(44)" ], [ "Other", "12" ], [ "2010 net revenue", "$5,051" ] ]

[ [ "", "amount ( in millions )" ], [ "2009 net revenue", "$ 4694" ], [ "volume/weather", "231" ], [ "retail electric price", "137" ], [ "provision for regulatory proceedings", "26" ], [ "rough production cost equalization", "19" ], [ "ano decommissioning trust", "-24 ( 24 )" ], [ "fuel recovery", "-44 ( 44 )" ], [ "other", "12" ], [ "2010 net revenue", "$ 5051" ] ]

[ { "arg1": "5051", "arg2": "4694", "op": "minus1-1", "res": "357" }, { "arg1": "#0", "arg2": "4694", "op": "divide1-2", "res": "7.61%" } ]

[ "item 7 .", "management 2019s discussion and analysis of financial condition and results of operations executive summary international paper 2019s operating results in 2007 bene- fited from significantly higher paper and packaging price realizations .", "sales volumes were slightly high- er , with growth in overseas markets partially offset by lower volumes in north america as we continued to balance our production with our customers 2019 demand .", "operationally , our pulp and paper and containerboard mills ran very well in 2007 .", "however , input costs for wood , energy and transportation costs were all well above 2006 levels .", "in our forest products business , earnings decreased 31% ( 31 % ) reflect- ing a sharp decline in harvest income and a smaller drop in forestland and real estate sales , both reflect- ing our forestland divestitures in 2006 .", "interest expense decreased over 40% ( 40 % ) , principally due to lower debt balances and interest rates from debt repayments and refinancings .", "looking forward to the first quarter of 2008 , we expect demand for north american printing papers and packaging to remain steady .", "however , if the economic downturn in 2008 is greater than expected , this could have a negative impact on sales volumes and earnings .", "some slight increases in paper and packaging price realizations are expected as we implement our announced price increases .", "however , first quarter earnings will reflect increased planned maintenance expenses and continued escalation of wood , energy and transportation costs .", "as a result , excluding the impact of projected reduced earnings from land sales and the addition of equity earnings contributions from our recent investment in ilim holding s.a .", "in russia , we expect 2008 first-quarter earnings to be lower than in the 2007 fourth quarter .", "results of operations industry segment operating profits are used by inter- national paper 2019s management to measure the earn- ings performance of its businesses .", "management believes that this measure allows a better under- standing of trends in costs , operating efficiencies , prices and volumes .", "industry segment operating profits are defined as earnings before taxes and minority interest , interest expense , corporate items and corporate special items .", "industry segment oper- ating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net earn- ings or any other operating measure prescribed by accounting principles generally accepted in the united states .", "international paper operates in six segments : print- ing papers , industrial packaging , consumer pack- aging , distribution , forest products , and specialty businesses and other .", "the following table shows the components of net earnings for each of the last three years : in millions 2007 2006 2005 ." ]

[ "* corporate special items include restructuring and other charg- es , net ( gains ) losses on sales and impairments of businesses , gains on transformation plan forestland sales , goodwill impairment charges , insurance recoveries and reversals of reserves no longer required .", "industry segment operating profits of $ 2.4 billion were $ 349 million higher in 2007 than in 2006 due principally to the benefits from higher average price realizations ( $ 461 million ) , the net impact of cost reduction initiatives , improved operating perform- ance and a more favorable mix of products sold ( $ 304 million ) , higher sales volumes ( $ 17 million ) , lower special item costs ( $ 115 million ) and other items ( $ 4 million ) .", "these benefits more than offset the impacts of higher energy , raw material and freight costs ( $ 205 million ) , higher costs for planned mill maintenance outages ( $ 48 million ) , lower earn- ings from land sales ( $ 101 million ) , costs at the pensacola mill associated with the conversion of a machine to the production of linerboard ( $ 52 million ) and reduced earnings due to net acquisitions and divestitures ( $ 146 million ) .", "segment operating profit ( in millions ) $ 2074 ( $ 205 ) ( $ 48 ) $ 17 ( $ 244 ) $ 2423$ 4 ( $ 52 ) ( $ 101 ) $ 461 $ 1000 $ 1500 $ 2000 $ 2500 $ 3000 ." ]

[ [ "<i>In millions</i>", "2007", "2006", "2005" ], [ "Industry segment operating profits", "$2,423", "$2,074", "$1,622" ], [ "Corporate items, net", "(732)", "(746)", "(607)" ], [ "Corporate special items*", "241", "2,373", "(134)" ], [ "Interest expense, net", "(297)", "(521)", "(595)" ], [ "Minority interest", "(5)", "(9)", "(9)" ], [ "Income tax benefit (provision)", "(415)", "(1,889)", "407" ], [ "Discontinued operations", "(47)", "(232)", "416" ], [ "Net earnings", "$1,168", "$1,050", "$1,100" ] ]

[ [ "in millions", "2007", "2006", "2005" ], [ "industry segment operating profits", "$ 2423", "$ 2074", "$ 1622" ], [ "corporate items net", "-732 ( 732 )", "-746 ( 746 )", "-607 ( 607 )" ], [ "corporate special items*", "241", "2373", "-134 ( 134 )" ], [ "interest expense net", "-297 ( 297 )", "-521 ( 521 )", "-595 ( 595 )" ], [ "minority interest", "-5 ( 5 )", "-9 ( 9 )", "-9 ( 9 )" ], [ "income tax benefit ( provision )", "-415 ( 415 )", "-1889 ( 1889 )", "407" ], [ "discontinued operations", "-47 ( 47 )", "-232 ( 232 )", "416" ], [ "net earnings", "$ 1168", "$ 1050", "$ 1100" ] ]

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[ "note 9 .", "retirement plan we maintain a defined contribution pension plan covering full-time shoreside employees who have completed the minimum period of continuous service .", "annual contributions to the plan are based on fixed percentages of participants 2019 salaries and years of service , not to exceed certain maximums .", "pension cost was $ 13.9 million , $ 12.8 million and $ 12.2 million for the years ended december 31 , 2006 , 2005 and 2004 , respectively .", "note 10 .", "income taxes we and the majority of our subsidiaries are currently exempt from united states corporate tax on income from the international opera- tion of ships pursuant to section 883 of the internal revenue code .", "income tax expense related to our remaining subsidiaries was not significant for the years ended december 31 , 2006 , 2005 and 2004 .", "final regulations under section 883 were published on august 26 , 2003 , and were effective for the year ended december 31 , 2005 .", "these regulations confirmed that we qualify for the exemption provid- ed by section 883 , but also narrowed the scope of activities which are considered by the internal revenue service to be incidental to the international operation of ships .", "the activities listed in the regula- tions as not being incidental to the international operation of ships include income from the sale of air and other transportation such as transfers , shore excursions and pre and post cruise tours .", "to the extent the income from such activities is earned from sources within the united states , such income will be subject to united states taxa- tion .", "the application of these new regulations reduced our net income for the years ended december 31 , 2006 and december 31 , 2005 by approximately $ 6.3 million and $ 14.0 million , respectively .", "note 11 .", "financial instruments the estimated fair values of our financial instruments are as follows ( in thousands ) : ." ]

[ "long-term debt ( including current portion of long-term debt ) ( 5474988 ) ( 4368874 ) foreign currency forward contracts in a net ( loss ) gain position 104159 ( 115415 ) interest rate swap agreements in a net receivable position 5856 8456 fuel swap agreements in a net payable position ( 20456 ) ( 78 ) the reported fair values are based on a variety of factors and assumptions .", "accordingly , the fair values may not represent actual values of the financial instruments that could have been realized as of december 31 , 2006 or 2005 , or that will be realized in the future and do not include expenses that could be incurred in an actual sale or settlement .", "our financial instruments are not held for trading or speculative purposes .", "our exposure under foreign currency contracts , interest rate and fuel swap agreements is limited to the cost of replacing the contracts in the event of non-performance by the counterparties to the contracts , all of which are currently our lending banks .", "to minimize this risk , we select counterparties with credit risks acceptable to us and we limit our exposure to an individual counterparty .", "furthermore , all foreign currency forward contracts are denominated in primary currencies .", "cash and cash equivalents the carrying amounts of cash and cash equivalents approximate their fair values due to the short maturity of these instruments .", "long-term debt the fair values of our senior notes and senior debentures were esti- mated by obtaining quoted market prices .", "the fair values of all other debt were estimated using discounted cash flow analyses based on market rates available to us for similar debt with the same remaining maturities .", "foreign currency contracts the fair values of our foreign currency forward contracts were esti- mated using current market prices for similar instruments .", "our expo- sure to market risk for fluctuations in foreign currency exchange rates relates to six ship construction contracts and forecasted transactions .", "we use foreign currency forward contracts to mitigate the impact of fluctuations in foreign currency exchange rates .", "as of december 31 , 2006 , we had foreign currency forward contracts in a notional amount of $ 3.8 billion maturing through 2009 .", "as of december 31 , 2006 , the fair value of our foreign currency forward contracts related to the six ship construction contracts , which are designated as fair value hedges , was a net unrealized gain of approximately $ 106.3 mil- lion .", "at december 31 , 2005 , the fair value of our foreign currency for- ward contracts related to three ship construction contracts , designated as fair value hedges , was a net unrealized loss of approx- imately $ 103.4 million .", "the fair value of our foreign currency forward contracts related to the other ship construction contract at december 31 , 2005 , which was designated as a cash flow hedge , was an unre- alized loss , of approximately $ 7.8 million .", "at december 31 , 2006 , approximately 11% ( 11 % ) of the aggregate cost of the ships was exposed to fluctuations in the euro exchange rate .", "r o y a l c a r i b b e a n c r u i s e s l t d .", "3 5 notes to the consolidated financial statements ( continued ) 51392_financials-v9.qxp 6/7/07 3:40 pm page 35 ." ]

[ [ "", "2006", "2005" ], [ "Cash and cash equivalents", "$ 104,520", "$ 125,385" ], [ "Long-term debt (including current portion of long-term debt)", "(5,474,988)", "(4,368,874)" ], [ "Foreign currency forward contracts in a net (loss) gain position", "104,159", "(115,415)" ], [ "Interest rate swap agreements in a net receivable position", "5,856", "8,456" ], [ "Fuel swap agreements in a net payable position", "(20,456)", "(78)" ] ]

[ [ "", "2006", "2005" ], [ "cash and cash equivalents", "$ 104520", "$ 125385" ], [ "long-term debt ( including current portion of long-term debt )", "-5474988 ( 5474988 )", "-4368874 ( 4368874 )" ], [ "foreign currency forward contracts in a net ( loss ) gain position", "104159", "-115415 ( 115415 )" ], [ "interest rate swap agreements in a net receivable position", "5856", "8456" ], [ "fuel swap agreements in a net payable position", "-20456 ( 20456 )", "-78 ( 78 )" ] ]

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[ "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 ." ]

[ "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. ." ]

[ [ "<i>(In millions)</i>", "2008", "2007" ], [ "Asset retirement obligations as of January 1", "$1,134", "$1,044" ], [ "Liabilities incurred, including acquisitions", "30", "60" ], [ "Liabilities settled", "(94)", "(10)" ], [ "Accretion expense (included in depreciation, depletion and amortization)", "66", "61" ], [ "Revisions to previous estimates", "24", "(17)" ], [ "Held for sale^(a)", "(195)", "–" ], [ "Deconsolidation of EGHoldings", "–", "(4)" ], [ "Asset retirement obligations as of December 31^(b)", "$965", "$1,134" ] ]

[ [ "( 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" ] ]

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[ "mill in the fourth quarter of 2008 .", "this compares with 635000 tons of total downtime in 2008 of which 305000 tons were lack-of-order downtime .", "printing papers in millions 2009 2008 2007 ." ]

[ "north american printing papers net sales in 2009 were $ 2.8 billion compared with $ 3.4 billion in 2008 and $ 3.5 billion in 2007 .", "operating earnings in 2009 were $ 746 million ( $ 307 million excluding alter- native fuel mixture credits and plant closure costs ) compared with $ 405 million ( $ 435 million excluding shutdown costs for a paper machine ) in 2008 and $ 415 million in 2007 .", "sales volumes decreased sig- nificantly in 2009 compared with 2008 reflecting weak customer demand and reduced production capacity resulting from the shutdown of a paper machine at the franklin mill in december 2008 and the conversion of the bastrop mill to pulp production in june 2008 .", "average sales price realizations were lower reflecting slight declines for uncoated freesheet paper in domestic markets and significant declines in export markets .", "margins were also unfavorably affected by a higher proportion of shipments to lower-margin export markets .", "input costs , however , were favorable due to lower wood and chemical costs and sig- nificantly lower energy costs .", "freight costs were also lower .", "planned maintenance downtime costs in 2009 were comparable with 2008 .", "operating costs were favorable , reflecting cost control efforts and strong machine performance .", "lack-of-order downtime increased to 525000 tons in 2009 , including 120000 tons related to the shutdown of a paper machine at our franklin mill in the 2008 fourth quarter , from 135000 tons in 2008 .", "operating earnings in 2009 included $ 671 million of alternative fuel mixture cred- its , $ 223 million of costs associated with the shutdown of our franklin mill and $ 9 million of other shutdown costs , while operating earnings in 2008 included $ 30 million of costs for the shutdown of a paper machine at our franklin mill .", "looking ahead to 2010 , first-quarter sales volumes are expected to increase slightly from fourth-quarter 2009 levels .", "average sales price realizations should be higher , reflecting the full-quarter impact of sales price increases announced in the fourth quarter for converting and envelope grades of uncoated free- sheet paper and an increase in prices to export markets .", "however , input costs for wood , energy and chemicals are expected to continue to increase .", "planned maintenance downtime costs should be lower and operating costs should be favorable .", "brazil ian papers net sales for 2009 of $ 960 mil- lion increased from $ 950 million in 2008 and $ 850 million in 2007 .", "operating profits for 2009 were $ 112 million compared with $ 186 million in 2008 and $ 174 million in 2007 .", "sales volumes increased in 2009 compared with 2008 for both paper and pulp reflect- ing higher export shipments .", "average sales price realizations were lower due to strong competitive pressures in the brazilian domestic market in the second half of the year , lower export prices and unfavorable foreign exchange rates .", "margins were unfavorably affected by a higher proportion of lower margin export sales .", "input costs for wood and chem- icals were favorable , but these benefits were partially offset by higher energy costs .", "planned maintenance downtime costs were lower , and operating costs were also favorable .", "earnings in 2009 were adversely impacted by unfavorable foreign exchange effects .", "entering 2010 , sales volumes are expected to be seasonally lower compared with the fourth quarter of 2009 .", "profit margins are expected to be slightly higher reflecting a more favorable geographic sales mix and improving sales price realizations in export markets , partially offset by higher planned main- tenance outage costs .", "european papers net sales in 2009 were $ 1.3 bil- lion compared with $ 1.7 billion in 2008 and $ 1.5 bil- lion in 2007 .", "operating profits in 2009 of $ 92 million ( $ 115 million excluding expenses associated with the closure of the inverurie mill ) compared with $ 39 mil- lion ( $ 146 million excluding a charge to reduce the carrying value of the fixed assets at the inverurie , scotland mill to their estimated realizable value ) in 2008 and $ 171 million in 2007 .", "sales volumes in 2009 were lower than in 2008 primarily due to reduced sales of uncoated freesheet paper following the closure of the inverurie mill in 2009 .", "average sales price realizations decreased significantly in 2009 across most of western europe , but margins increased in poland and russia reflecting the effect of local currency devaluations .", "input costs were favorable as lower wood costs , particularly in russia , were only partially offset by higher energy costs in poland and higher chemical costs .", "planned main- tenance downtime costs were higher in 2009 than in 2008 , while manufacturing operating costs were lower .", "operating profits in 2009 also reflect favorable foreign exchange impacts .", "looking ahead to 2010 , sales volumes are expected to decline from strong 2009 fourth-quarter levels despite solid customer demand .", "average sales price realizations are expected to increase over the quar- ter , primarily in eastern europe , as price increases ." ]

[ [ "<i>In millions</i>", "2009", "2008", "2007" ], [ "Sales", "$5,680", "$6,810", "$6,530" ], [ "Operating Profit", "1,091", "474", "839" ] ]

[ [ "in millions", "2009", "2008", "2007" ], [ "sales", "$ 5680", "$ 6810", "$ 6530" ], [ "operating profit", "1091", "474", "839" ] ]

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[ "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 ) ." ]

[ "( 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 ." ]

[ [ "Year", "Weighted-AverageSupply ofBerthsMarketedGlobally(1)", "Royal Caribbean Cruises Ltd. Total Berths", "GlobalCruiseGuests(1)", "North AmericanCruiseGuests(2)", "EuropeanCruiseGuests (3)" ], [ "2009", "363,000", "84,050", "17,340,000", "10,198,000", "5,000,000" ], [ "2010", "391,000", "92,300", "18,800,000", "10,781,000", "5,540,000" ], [ "2011", "412,000", "92,650", "20,227,000", "11,625,000", "5,894,000" ], [ "2012", "425,000", "98,650", "20,898,000", "11,640,000", "6,139,000" ], [ "2013", "432,000", "98,750", "21,300,000", "11,816,000", "6,399,000" ] ]

[ [ "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" ] ]

[]

[ "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 ." ]

[ "." ]

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

[ [ "", "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" ] ]

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[ "adobe systems incorporated notes to consolidated financial statements ( continued ) note 8 .", "other assets other assets as of november 27 , 2009 and november 28 , 2008 consisted of the following ( in thousands ) : ." ]

[ "acquired rights to use technology purchased during fiscal 2009 and fiscal 2008 was $ 6.0 million and $ 100.4 million , respectively .", "of the cost for fiscal 2008 , an estimated $ 56.4 million was related to future licensing rights and has been capitalized and is being amortized on a straight-line basis over the estimated useful lives up to fifteen years .", "of the remaining costs for fiscal 2008 , we estimated that $ 27.2 million was related to historical use of licensing rights which was expensed as cost of sales and the residual of $ 16.8 million for fiscal 2008 was expensed as general and administrative costs .", "in connection with these licensing arrangements , we have the ability to acquire additional rights to use technology in the future .", "see note 17 for further information regarding our contractual commitments .", "in general , acquired rights to use technology are amortized over their estimated useful lives of 3 to 15 years .", "included in investments are our indirect investments through our limited partnership interest in adobe ventures of approximately $ 37.1 million and $ 39.0 million as of november 27 , 2009 and november 28 , 2008 , respectively , which is consolidated in accordance with the provisions for consolidating variable interest entities .", "the partnership is controlled by granite ventures , an independent venture capital firm and sole general partner of adobe ventures .", "we are the primary beneficiary of adobe ventures and bear virtually all of the risks and rewards related to our ownership .", "our investment in adobe ventures does not have a significant impact on our consolidated financial position , results of operations or cash flows .", "adobe ventures carries its investments in equity securities at estimated fair value and investment gains and losses are included in our consolidated statements of income .", "substantially all of the investments held by adobe ventures at november 27 , 2009 and november 28 , 2008 are not publicly traded and , therefore , there is no established market for these securities .", "in order to determine the fair value of these investments , we use the most recent round of financing involving new non-strategic investors or estimates of current market value made by granite ventures .", "it is our policy to evaluate the fair value of these investments held by adobe ventures , as well as our direct investments , on a regular basis .", "this evaluation includes , but is not limited to , reviewing each company 2019s cash position , financing needs , earnings and revenue outlook , operational performance , management and ownership changes and competition .", "in the case of privately-held companies , this evaluation is based on information that we request from these companies .", "this information is not subject to the same disclosure regulations as u.s .", "publicly traded companies and as such , the basis for these evaluations is subject to the timing and the accuracy of the data received from these companies .", "see note 4 for further information regarding adobe ventures .", "also included in investments are our direct investments in privately-held companies of approximately $ 26.4 million and $ 37.6 million as of november 27 , 2009 and november 28 , 2008 , respectively , which are accounted for based on the cost method .", "we assess these investments for impairment in value as circumstances dictate .", "see note 4 for further information regarding our cost method investments .", "we entered into a purchase and sale agreement , effective may 12 , 2008 , for the acquisition of real property located in waltham , massachusetts .", "we purchased the property upon completion of construction of an office building shell and core , parking structure , and site improvements .", "the purchase price for the property was $ 44.7 million and closed on june 16 , 2009 .", "we made an initial deposit of $ 7.0 million which was included in security and other deposits as of november 28 , 2008 and the remaining balance was paid at closing .", "this deposit was held in escrow until closing and then applied to the purchase price. ." ]

[ [ "", "2009", "2008" ], [ "Acquired rights to use technology", "$84,313", "$90,643" ], [ "Investments", "63,526", "76,589" ], [ "Security and other deposits", "11,692", "16,087" ], [ "Prepaid royalties", "12,059", "9,026" ], [ "Deferred compensation plan assets", "9,045", "7,560" ], [ "Restricted cash", "4,650", "7,361" ], [ "Prepaid land lease", "3,209", "3,185" ], [ "Prepaid rent", "1,377", "2,658" ], [ "Other", "1,394", "3,420" ], [ "Other assets", "$191,265", "$216,529" ] ]

[ [ "", "2009", "2008" ], [ "acquired rights to use technology", "$ 84313", "$ 90643" ], [ "investments", "63526", "76589" ], [ "security and other deposits", "11692", "16087" ], [ "prepaid royalties", "12059", "9026" ], [ "deferred compensation plan assets", "9045", "7560" ], [ "restricted cash", "4650", "7361" ], [ "prepaid land lease", "3209", "3185" ], [ "prepaid rent", "1377", "2658" ], [ "other", "1394", "3420" ], [ "other assets", "$ 191265", "$ 216529" ] ]

[]

[ "leveraged performance units during the year ended may 31 , 2015 , certain executives were granted performance units that we refer to as 201cleveraged performance units , 201d or 201clpus . 201d lpus contain a market condition based on our relative stock price growth over a three-year performance period .", "the lpus contain a minimum threshold performance which , if not met , would result in no payout .", "the lpus also contain a maximum award opportunity set as a fixed dollar and fixed number of shares .", "after the three-year performance period , which concluded in october 2017 , one-third of the earned units converted to unrestricted common stock .", "the remaining two-thirds converted to restricted stock that will vest in equal installments on each of the first two anniversaries of the conversion date .", "we recognize share-based compensation expense based on the grant date fair value of the lpus , as determined by use of a monte carlo model , on a straight-line basis over the requisite service period for each separately vesting portion of the lpu award .", "the following table summarizes the changes in unvested restricted stock and performance awards for the year ended december 31 , 2017 , the 2016 fiscal transition period and for the years ended may 31 , 2016 and 2015 : shares weighted-average grant-date fair value ( in thousands ) ." ]

[ "the total fair value of restricted stock and performance awards vested was $ 33.7 million for the year ended december 31 , 2017 , $ 20.0 million for the 2016 fiscal transition period and $ 17.4 million and $ 15.0 million , respectively , for the years ended may 31 , 2016 and 2015 .", "for restricted stock and performance awards , we recognized compensation expense of $ 35.2 million for the year ended december 31 , 2017 , $ 17.2 million for the 2016 fiscal transition period and $ 28.8 million and $ 19.8 million , respectively , for the years ended may 31 , 2016 and 2015 .", "as of december 31 , 2017 , there was $ 46.1 million of unrecognized compensation expense related to unvested restricted stock and performance awards that we expect to recognize over a weighted-average period of 1.8 years .", "our restricted stock and performance award plans provide for accelerated vesting under certain conditions .", "stock options stock options are granted with an exercise price equal to 100% ( 100 % ) of fair market value of our common stock on the date of grant and have a term of ten years .", "stock options granted before the year ended may 31 , 2015 vest in equal installments on each of the first four anniversaries of the grant date .", "stock options granted during the year ended may 31 , 2015 and thereafter vest in equal installments on each of the first three anniversaries of the grant date .", "our stock option plans provide for accelerated vesting under certain conditions .", "global payments inc .", "| 2017 form 10-k annual report 2013 91 ." ]

[ [ "", "Shares (in thousands)", "Weighted-AverageGrant-DateFair Value" ], [ "Unvested at May 31, 2014", "1,754", "$22.72" ], [ "Granted", "954", "36.21" ], [ "Vested", "(648)", "23.17" ], [ "Forfeited", "(212)", "27.03" ], [ "Unvested at May 31, 2015", "1,848", "28.97" ], [ "Granted", "461", "57.04" ], [ "Vested", "(633)", "27.55" ], [ "Forfeited", "(70)", "34.69" ], [ "Unvested at May 31, 2016", "1,606", "37.25" ], [ "Granted", "348", "74.26" ], [ "Vested", "(639)", "31.38" ], [ "Forfeited", "(52)", "45.27" ], [ "Unvested at December 31, 2016", "1,263", "49.55" ], [ "Granted", "899", "79.79" ], [ "Vested", "(858)", "39.26" ], [ "Forfeited", "(78)", "59.56" ], [ "Unvested at December 31, 2017", "1,226", "$78.29" ] ]

[ [ "", "shares ( in thousands )", "weighted-averagegrant-datefair value" ], [ "unvested at may 31 2014", "1754", "$ 22.72" ], [ "granted", "954", "36.21" ], [ "vested", "-648 ( 648 )", "23.17" ], [ "forfeited", "-212 ( 212 )", "27.03" ], [ "unvested at may 31 2015", "1848", "28.97" ], [ "granted", "461", "57.04" ], [ "vested", "-633 ( 633 )", "27.55" ], [ "forfeited", "-70 ( 70 )", "34.69" ], [ "unvested at may 31 2016", "1606", "37.25" ], [ "granted", "348", "74.26" ], [ "vested", "-639 ( 639 )", "31.38" ], [ "forfeited", "-52 ( 52 )", "45.27" ], [ "unvested at december 31 2016", "1263", "49.55" ], [ "granted", "899", "79.79" ], [ "vested", "-858 ( 858 )", "39.26" ], [ "forfeited", "-78 ( 78 )", "59.56" ], [ "unvested at december 31 2017", "1226", "$ 78.29" ] ]

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[ "corporate income taxes other than withholding taxes on certain investment income and premium excise taxes .", "if group or its bermuda subsidiaries were to become subject to u.s .", "income tax , there could be a material adverse effect on the company 2019s financial condition , results of operations and cash flows .", "united kingdom .", "bermuda re 2019s uk branch conducts business in the uk and is subject to taxation in the uk .", "bermuda re believes that it has operated and will continue to operate its bermuda operation in a manner which will not cause them to be subject to uk taxation .", "if bermuda re 2019s bermuda operations were to become subject to uk income tax , there could be a material adverse impact on the company 2019s financial condition , results of operations and cash flow .", "ireland .", "holdings ireland and ireland re conduct business in ireland and are subject to taxation in ireland .", "available information .", "the company 2019s annual reports on form 10-k , quarterly reports on form 10-q , current reports on form 8- k , proxy statements and amendments to those reports are available free of charge through the company 2019s internet website at http://www.everestregroup.com as soon as reasonably practicable after such reports are electronically filed with the securities and exchange commission ( the 201csec 201d ) .", "item 1a .", "risk factors in addition to the other information provided in this report , the following risk factors should be considered when evaluating an investment in our securities .", "if the circumstances contemplated by the individual risk factors materialize , our business , financial condition and results of operations could be materially and adversely affected and the trading price of our common shares could decline significantly .", "risks relating to our business fluctuations in the financial markets could result in investment losses .", "prolonged and severe disruptions in the public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio .", "although financial markets have significantly improved since 2008 , they could deteriorate in the future .", "such declines in the financial markets could result in significant realized and unrealized losses on investments and could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings .", "our results could be adversely affected by catastrophic events .", "we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism .", "any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations .", "subsequent to april 1 , 2010 , we define a catastrophe as an event that causes a loss on property exposures before reinsurance of at least $ 10.0 million , before corporate level reinsurance and taxes .", "prior to april 1 , 2010 , we used a threshold of $ 5.0 million .", "by way of illustration , during the past five calendar years , pre-tax catastrophe losses , net of contract specific reinsurance but before cessions under corporate reinsurance programs , were as follows: ." ]

[ "." ]

[ [ "Calendar year:", "Pre-tax catastrophe losses" ], [ "(Dollars in millions)", "" ], [ "2013", "$195.0" ], [ "2012", "410.0" ], [ "2011", "1,300.4" ], [ "2010", "571.1" ], [ "2009", "67.4" ] ]

[ [ "calendar year:", "pre-tax catastrophe losses" ], [ "( dollars in millions )", "" ], [ "2013", "$ 195.0" ], [ "2012", "410.0" ], [ "2011", "1300.4" ], [ "2010", "571.1" ], [ "2009", "67.4" ] ]

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[ "freesheet paper were higher in russia , but lower in europe reflecting weak economic conditions and market demand .", "average sales price realizations for pulp decreased .", "lower input costs for wood and purchased fiber were partially offset by higher costs for energy , chemicals and packaging .", "freight costs were also higher .", "planned maintenance downtime costs were higher due to executing a significant once-every-ten-years maintenance outage plus the regularly scheduled 18-month outage at the saillat mill while outage costs in russia and poland were lower .", "manufacturing operating costs were favor- entering 2013 , sales volumes in the first quarter are expected to be seasonally weaker in russia , but about flat in europe .", "average sales price realizations for uncoated freesheet paper are expected to decrease in europe , but increase in russia .", "input costs should be higher in russia , especially for wood and energy , but be slightly lower in europe .", "no maintenance outages are scheduled for the first quarter .", "ind ian papers includes the results of andhra pradesh paper mills ( appm ) of which a 75% ( 75 % ) interest was acquired on october 14 , 2011 .", "net sales were $ 185 million in 2012 and $ 35 million in 2011 .", "operat- ing profits were a loss of $ 16 million in 2012 and a loss of $ 3 million in 2011 .", "asian pr int ing papers net sales were $ 85 mil- lion in 2012 , $ 75 million in 2011 and $ 80 million in 2010 .", "operating profits were improved from break- even in past years to $ 1 million in 2012 .", "u.s .", "pulp net sales were $ 725 million in 2012 compared with $ 725 million in 2011 and $ 715 million in 2010 .", "operating profits were a loss of $ 59 million in 2012 compared with gains of $ 87 million in 2011 and $ 107 million in 2010 .", "sales volumes in 2012 increased from 2011 primarily due to the start-up of pulp production at the franklin mill in the third quarter of 2012 .", "average sales price realizations were significantly lower for both fluff pulp and market pulp .", "input costs were lower , primarily for wood and energy .", "freight costs were slightly lower .", "mill operating costs were unfavorable primarily due to costs associated with the start-up of the franklin mill .", "planned maintenance downtime costs were lower .", "in the first quarter of 2013 , sales volumes are expected to be flat with the fourth quarter of 2012 .", "average sales price realizations are expected to improve reflecting the realization of sales price increases for paper and tissue pulp that were announced in the fourth quarter of 2012 .", "input costs should be flat .", "planned maintenance downtime costs should be about $ 9 million higher than in the fourth quarter of 2012 .", "manufacturing costs related to the franklin mill should be lower as we continue to improve operations .", "consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and general economic activity .", "in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix .", "consumer packaging net sales in 2012 decreased 15% ( 15 % ) from 2011 and 7% ( 7 % ) from 2010 .", "operating profits increased 64% ( 64 % ) from 2011 and 29% ( 29 % ) from 2010 .", "net sales and operating profits include the shorewood business in 2011 and 2010 .", "exclud- ing asset impairment and other charges associated with the sale of the shorewood business , and facility closure costs , 2012 operating profits were 27% ( 27 % ) lower than in 2011 , but 23% ( 23 % ) higher than in 2010 .", "benefits from lower raw material costs ( $ 22 million ) , lower maintenance outage costs ( $ 5 million ) and other items ( $ 2 million ) were more than offset by lower sales price realizations and an unfavorable product mix ( $ 66 million ) , lower sales volumes and increased market-related downtime ( $ 22 million ) , and higher operating costs ( $ 40 million ) .", "in addition , operating profits in 2012 included a gain of $ 3 million related to the sale of the shorewood business while operating profits in 2011 included a $ 129 million fixed asset impairment charge for the north ameri- can shorewood business and $ 72 million for other charges associated with the sale of the shorewood business .", "consumer packaging ." ]

[ "north american consumer packaging net sales were $ 2.0 billion in 2012 compared with $ 2.5 billion in 2011 and $ 2.4 billion in 2010 .", "operating profits were $ 165 million ( $ 162 million excluding a gain related to the sale of the shorewood business ) in 2012 compared with $ 35 million ( $ 236 million excluding asset impairment and other charges asso- ciated with the sale of the shorewood business ) in 2011 and $ 97 million ( $ 105 million excluding facility closure costs ) in 2010 .", "coated paperboard sales volumes in 2012 were lower than in 2011 reflecting weaker market demand .", "average sales price realizations were lower , primar- ily for folding carton board .", "input costs for wood increased , but were partially offset by lower costs for chemicals and energy .", "planned maintenance down- time costs were slightly lower .", "market-related down- time was about 113000 tons in 2012 compared with about 38000 tons in 2011. ." ]

[ [ "In millions", "2012", "2011", "2010" ], [ "Sales", "$3,170", "$3,710", "$3,400" ], [ "Operating Profit", "268", "163", "207" ] ]

[ [ "in millions", "2012", "2011", "2010" ], [ "sales", "$ 3170", "$ 3710", "$ 3400" ], [ "operating profit", "268", "163", "207" ] ]

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[ "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 ." ]

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

[ [ "", "Year Ended January 1, 2006", "Year Ended January 2, 2005" ], [ "Revenue", "$73,501", "$50,583" ], [ "Net loss", "(6,234)", "(9,965)" ], [ "Net loss per share, basic and diluted", "(0.15)", "(0.27)" ] ]

[ [ "", "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 )" ] ]

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[ "part ii were issued in an initial aggregate principal amount of $ 500 million at a 2.25% ( 2.25 % ) fixed , annual interest rate and will mature on may 1 , 2023 .", "the 2043 senior notes were issued in an initial aggregate principal amount of $ 500 million at a 3.625% ( 3.625 % ) fixed , annual interest rate and will mature on may 1 , 2043 .", "interest on the senior notes is payable semi-annually on may 1 and november 1 of each year .", "the issuance resulted in gross proceeds before expenses of $ 998 million .", "on november 1 , 2011 , we entered into a committed credit facility agreement with a syndicate of banks which provides for up to $ 1 billion of borrowings with the option to increase borrowings to $ 1.5 billion with lender approval .", "the facility matures november 1 , 2017 .", "as of and for the periods ended may 31 , 2015 and 2014 , we had no amounts outstanding under our committed credit facility .", "we currently have long-term debt ratings of aa- and a1 from standard and poor 2019s corporation and moody 2019s investor services , respectively .", "if our long- term debt ratings were to decline , the facility fee and interest rate under our committed credit facility would increase .", "conversely , if our long-term debt rating were to improve , the facility fee and interest rate would decrease .", "changes in our long-term debt rating would not trigger acceleration of maturity of any then-outstanding borrowings or any future borrowings under the committed credit facility .", "under this committed revolving credit facility , we have agreed to various covenants .", "these covenants include limits on our disposal of fixed assets , the amount of debt secured by liens we may incur , as well as a minimum capitalization ratio .", "in the event we were to have any borrowings outstanding under this facility and failed to meet any covenant , and were unable to obtain a waiver from a majority of the banks in the syndicate , any borrowings would become immediately due and payable .", "as of may 31 , 2015 , we were in full compliance with each of these covenants and believe it is unlikely we will fail to meet any of these covenants in the foreseeable future .", "liquidity is also provided by our $ 1 billion commercial paper program .", "during the year ended may 31 , 2015 , we did not issue commercial paper , and as of may 31 , 2015 , there were no outstanding borrowings under this program .", "we may issue commercial paper or other debt securities during fiscal 2016 depending on general corporate needs .", "we currently have short-term debt ratings of a1+ and p1 from standard and poor 2019s corporation and moody 2019s investor services , respectively .", "as of may 31 , 2015 , we had cash , cash equivalents and short-term investments totaling $ 5.9 billion , of which $ 4.2 billion was held by our foreign subsidiaries .", "included in cash and equivalents as of may 31 , 2015 was $ 968 million of cash collateral received from counterparties as a result of hedging activity .", "cash equivalents and short-term investments consist primarily of deposits held at major banks , money market funds , commercial paper , corporate notes , u.s .", "treasury obligations , u.s .", "government sponsored enterprise obligations and other investment grade fixed income securities .", "our fixed income investments are exposed to both credit and interest rate risk .", "all of our investments are investment grade to minimize our credit risk .", "while individual securities have varying durations , as of may 31 , 2015 the weighted average remaining duration of our short-term investments and cash equivalents portfolio was 79 days .", "to date we have not experienced difficulty accessing the credit markets or incurred higher interest costs .", "future volatility in the capital markets , however , may increase costs associated with issuing commercial paper or other debt instruments or affect our ability to access those markets .", "we believe that existing cash , cash equivalents , short-term investments and cash generated by operations , together with access to external sources of funds as described above , will be sufficient to meet our domestic and foreign capital needs in the foreseeable future .", "we utilize a variety of tax planning and financing strategies to manage our worldwide cash and deploy funds to locations where they are needed .", "we routinely repatriate a portion of our foreign earnings for which u.s .", "taxes have previously been provided .", "we also indefinitely reinvest a significant portion of our foreign earnings , and our current plans do not demonstrate a need to repatriate these earnings .", "should we require additional capital in the united states , we may elect to repatriate indefinitely reinvested foreign funds or raise capital in the united states through debt .", "if we were to repatriate indefinitely reinvested foreign funds , we would be required to accrue and pay additional u.s .", "taxes less applicable foreign tax credits .", "if we elect to raise capital in the united states through debt , we would incur additional interest expense .", "off-balance sheet arrangements in connection with various contracts and agreements , we routinely provide indemnification relating to the enforceability of intellectual property rights , coverage for legal issues that arise and other items where we are acting as the guarantor .", "currently , we have several such agreements in place .", "however , based on our historical experience and the estimated probability of future loss , we have determined that the fair value of such indemnification is not material to our financial position or results of operations .", "contractual obligations our significant long-term contractual obligations as of may 31 , 2015 and significant endorsement contracts , including related marketing commitments , entered into through the date of this report are as follows: ." ]

[ "( 1 ) the cash payments due for long-term debt include estimated interest payments .", "estimates of interest payments are based on outstanding principal amounts , applicable fixed interest rates or currently effective interest rates as of may 31 , 2015 ( if variable ) , timing of scheduled payments and the term of the debt obligations .", "( 2 ) the amounts listed for endorsement contracts represent approximate amounts of base compensation and minimum guaranteed royalty fees we are obligated to pay athlete , sport team and league endorsers of our products .", "actual payments under some contracts may be higher than the amounts listed as these contracts provide for bonuses to be paid to the endorsers based upon athletic achievements and/or royalties on product sales in future periods .", "actual payments under some contracts may also be lower as these contracts include provisions for reduced payments if athletic performance declines in future periods .", "in addition to the cash payments , we are obligated to furnish our endorsers with nike product for their use .", "it is not possible to determine how much we will spend on this product on an annual basis as the contracts generally do not stipulate a specific amount of cash to be spent on the product .", "the amount of product provided to the endorsers will depend on many factors , including general playing conditions , the number of sporting events in which they participate and our own decisions regarding product and marketing initiatives .", "in addition , the costs to design , develop , source and purchase the products furnished to the endorsers are incurred over a period of time and are not necessarily tracked separately from similar costs incurred for products sold to customers. ." ]

[ [ "Description of Commitment", "Cash Payments Due During the Year Ending May 31," ], [ "(In millions)", "2016", "2017", "2018", "2019", "2020", "Thereafter", "Total" ], [ "Operating Leases", "$447", "$423", "$371", "$311", "$268", "$1,154", "$2,974" ], [ "Capital Leases", "2", "2", "1", "—", "—", "—", "5" ], [ "Long-term Debt⁽¹⁾", "142", "77", "55", "36", "36", "1,451", "1,797" ], [ "Endorsement Contracts⁽²⁾", "1,009", "919", "882", "706", "533", "2,143", "6,192" ], [ "Product Purchase Obligations⁽³⁾", "3,735", "—", "—", "—", "—", "—", "3,735" ], [ "Other⁽⁴⁾", "343", "152", "75", "72", "36", "92", "770" ], [ "TOTAL", "$5,678", "$1,573", "$1,384", "$1,125", "$873", "$4,840", "$15,473" ] ]

[ [ "description of commitment ( in millions )", "description of commitment 2016", "description of commitment 2017", "description of commitment 2018", "description of commitment 2019", "description of commitment 2020", "description of commitment thereafter", "total" ], [ "operating leases", "$ 447", "$ 423", "$ 371", "$ 311", "$ 268", "$ 1154", "$ 2974" ], [ "capital leases", "2", "2", "1", "2014", "2014", "2014", "5" ], [ "long-term debt ( 1 )", "142", "77", "55", "36", "36", "1451", "1797" ], [ "endorsement contracts ( 2 )", "1009", "919", "882", "706", "533", "2143", "6192" ], [ "product purchase obligations ( 3 )", "3735", "2014", "2014", "2014", "2014", "2014", "3735" ], [ "other ( 4 )", "343", "152", "75", "72", "36", "92", "770" ], [ "total", "$ 5678", "$ 1573", "$ 1384", "$ 1125", "$ 873", "$ 4840", "$ 15473" ] ]

[]

[ "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 .", "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. ." ]

[ [ "2019", "$294,269" ], [ "2020", "256,172" ], [ "2021", "210,632" ], [ "2022", "158,763" ], [ "2023", "131,518" ], [ "Thereafter", "777,165" ], [ "Future Minimum Lease Payments", "$1,828,519" ] ]

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

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[ "in february 2008 , we issued $ 300.0 million of 8.375% ( 8.375 % ) series o cumulative redeemable preferred shares .", "the indentures ( and related supplemental indentures ) governing our outstanding series of notes also require us to comply with financial ratios and other covenants regarding our operations .", "we were in compliance with all such covenants as of december 31 , 2007 .", "sale of real estate assets we utilize sales of real estate assets as an additional source of liquidity .", "we pursue opportunities to sell real estate assets at favorable prices to capture value created by us as well as to improve the overall quality of our portfolio by recycling sale proceeds into new properties with greater value creation opportunities .", "uses of liquidity our principal uses of liquidity include the following : 2022 property investments ; 2022 recurring leasing/capital costs ; 2022 dividends and distributions to shareholders and unitholders ; 2022 long-term debt maturities ; and 2022 other contractual obligations property investments we evaluate development and acquisition opportunities based upon market outlook , supply and long-term growth potential .", "recurring expenditures one of our principal uses of our liquidity is to fund the recurring leasing/capital expenditures of our real estate investments .", "the following is a summary of our recurring capital expenditures for the years ended december 31 , 2007 , 2006 and 2005 , respectively ( in thousands ) : ." ]

[ "dividends and distributions in order to qualify as a reit for federal income tax purposes , we must currently distribute at least 90% ( 90 % ) of our taxable income to shareholders .", "we paid dividends per share of $ 1.91 , $ 1.89 and $ 1.87 for the years ended december 31 , 2007 , 2006 and 2005 , respectively .", "we also paid a one-time special dividend of $ 1.05 per share in 2005 as a result of the significant gain realized from an industrial portfolio sale .", "we expect to continue to distribute taxable earnings to meet the requirements to maintain our reit status .", "however , distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution , our financial condition , capital requirements and such other factors as our board of directors deems relevant .", "debt maturities debt outstanding at december 31 , 2007 totaled $ 4.3 billion with a weighted average interest rate of 5.74% ( 5.74 % ) maturing at various dates through 2028 .", "we had $ 3.2 billion of unsecured notes , $ 546.1 million outstanding on our unsecured lines of credit and $ 524.4 million of secured debt outstanding at december 31 , 2007 .", "scheduled principal amortization and maturities of such debt totaled $ 249.8 million for the year ended december 31 , 2007 and $ 146.4 million of secured debt was transferred to unconsolidated subsidiaries in connection with the contribution of properties in 2007. ." ]

[ [ "", "2007", "2006", "2005" ], [ "Recurring tenant improvements", "$45,296", "$41,895", "$60,633" ], [ "Recurring leasing costs", "32,238", "32,983", "33,175" ], [ "Building improvements", "8,402", "8,122", "15,232" ], [ "Totals", "$85,936", "$83,000", "$109,040" ] ]

[ [ "", "2007", "2006", "2005" ], [ "recurring tenant improvements", "$ 45296", "$ 41895", "$ 60633" ], [ "recurring leasing costs", "32238", "32983", "33175" ], [ "building improvements", "8402", "8122", "15232" ], [ "totals", "$ 85936", "$ 83000", "$ 109040" ] ]

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[ "stock performance graph the following graph sets forth the cumulative total shareholder return on our series a common stock , series b common stock and series c common stock as compared with the cumulative total return of the companies listed in the standard and poor 2019s 500 stock index ( 201cs&p 500 index 201d ) and a peer group of companies comprised of cbs corporation class b common stock , news corporation class a common stock , scripps network interactive , inc. , time warner , inc. , viacom , inc .", "class b common stock and the walt disney company .", "the graph assumes $ 100 originally invested on september 18 , 2008 , the date upon which our common stock began trading , in each of our series a common stock , series b common stock and series c common stock , the s&p 500 index , and the stock of our peer group companies , including reinvestment of dividends , for the period september 18 , 2008 through december 31 , 2008 and the years ended december 31 , 2009 , 2010 , 2011 , and 2012 .", "december 31 , december 31 , december 31 , december 31 , december 31 ." ]

[ "equity compensation plan information information regarding securities authorized for issuance under equity compensation plans will be set forth in our definitive proxy statement for our 2013 annual meeting of stockholders under the caption 201csecurities authorized for issuance under equity compensation plans , 201d which is incorporated herein by reference. ." ]

[ [ "", "December 31,2008", "December 31,2009", "December 31,2010", "December 31,2011", "December 31,2012" ], [ "DISCA", "$102.53", "$222.09", "$301.96", "$296.67", "$459.67" ], [ "DISCB", "$78.53", "$162.82", "$225.95", "$217.56", "$327.11" ], [ "DISCK", "$83.69", "$165.75", "$229.31", "$235.63", "$365.63" ], [ "S&P 500", "$74.86", "$92.42", "$104.24", "$104.23", "$118.21" ], [ "Peer Group", "$68.79", "$100.70", "$121.35", "$138.19", "$190.58" ] ]

[ [ "", "december 312008", "december 312009", "december 312010", "december 312011", "december 312012" ], [ "disca", "$ 102.53", "$ 222.09", "$ 301.96", "$ 296.67", "$ 459.67" ], [ "discb", "$ 78.53", "$ 162.82", "$ 225.95", "$ 217.56", "$ 327.11" ], [ "disck", "$ 83.69", "$ 165.75", "$ 229.31", "$ 235.63", "$ 365.63" ], [ "s&p 500", "$ 74.86", "$ 92.42", "$ 104.24", "$ 104.23", "$ 118.21" ], [ "peer group", "$ 68.79", "$ 100.70", "$ 121.35", "$ 138.19", "$ 190.58" ] ]

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[ "cash flows from operating activities can fluctuate significantly from period to period , as pension funding decisions , tax timing differences and other items can significantly impact cash flows .", "in both 2007 and 2006 , the company made discretionary contributions of $ 200 million to its u.s .", "qualified pension plan , and in 2005 made discretionary contributions totaling $ 500 million .", "in 2007 , cash flows provided by operating activities increased $ 436 million , including an increase in net income of $ 245 million .", "since the gain from sale of businesses is included in and increases net income , the pre-tax gain from the sale of the businesses must be subtracted , as shown above , to properly reflect operating cash flows .", "the cash proceeds from the sale of the pharmaceuticals business are shown as part of cash from investing activities ; however , when the related taxes are paid they are required to be shown as part of cash provided by operating activities .", "thus , operating cash flows for 2007 were penalized due to cash income tax payments of approximately $ 630 million in 2007 that related to the sale of the global branded pharmaceuticals business .", "non-pharmaceutical related cash income tax payments were approximately $ 475 million lower than 2006 due to normal timing differences in tax payments , which benefited cash flows .", "accounts receivable and inventory increases reduced cash flows in 2007 , but decreased cash flow less than in 2006 , resulting in a year-on-year benefit to cash flows of $ 323 million .", "the category 201cother-net 201d in the preceding table reflects changes in other asset and liability accounts , including the impact of cash payments made in connection with 3m 2019s restructuring actions ( note 4 ) .", "in 2006 , cash flows provided by operating activities decreased $ 365 million .", "this decrease was due in large part to an increase of approximately $ 600 million in tax payments in 2006 compared with 2005 .", "the higher tax payments in 2006 primarily related to the company 2019s repatriation of $ 1.7 billion of foreign earnings in the united states pursuant to the provisions of the american jobs creation act of 2004 .", "the category 201cother-net 201d in the preceding table reflects changes in other asset and liability accounts , including outstanding liabilities at december 31 , 2006 , related to 3m 2019s restructuring actions ( note 4 ) .", "cash flows from investing activities : years ended december 31 ." ]

[ "investments in property , plant and equipment enable growth in diverse markets , helping to meet product demand and increasing manufacturing efficiency .", "in 2007 , numerous plants were opened or expanded internationally .", "this included two facilities in korea ( respirator manufacturing facility and optical plant ) , an optical plant in poland , industrial adhesives/tapes facilities in both brazil and the philippines , a plant in russia ( corrosion protection , industrial adhesive and tapes , and respirators ) , a plant in china ( optical systems , industrial adhesives and tapes , and personal care ) , an expansion in canada ( construction and home improvement business ) , in addition to investments in india , mexico and other countries .", "in addition , 3m expanded manufacturing capabilities in the u.s. , including investments in industrial adhesives/tapes and optical .", "3m also exited several high-cost underutilized manufacturing facilities and streamlined several supply chains by relocating equipment from one facility to another .", "the streamlining work has primarily occurred inside the u.s .", "and is in addition to the streamlining achieved through plant construction .", "as a result of this increased activity , capital expenditures were $ 1.422 billion in 2007 , an increase of $ 254 million when compared to 2006 .", "the company expects capital expenditures to total approximately $ 1.3 billion to $ 1.4 billion in 2008 .", "refer to the preceding 201ccapital spending/net property , plant and equipment 201d section for more detail .", "refer to note 2 for information on 2007 , 2006 and 2005 acquisitions .", "note 2 also provides information on the proceeds from the sale of businesses .", "the company is actively considering additional acquisitions , investments and strategic alliances , and from time to time may also divest certain businesses .", "purchases of marketable securities and investments and proceeds from sale ( or maturities ) of marketable securities and investments are primarily attributable to asset-backed securities , agency securities , corporate medium-term note securities , auction rate securities and other securities , which are classified as available-for-sale .", "refer to note 9 for more details about 3m 2019s diversified marketable securities portfolio , which totaled $ 1.059 billion as of december 31 , 2007 .", "purchases of marketable securities , net of sales and maturities , totaled $ 429 million for 2007 and $ 637 million for 2006 .", "purchases of investments in 2005 include the purchase of 19% ( 19 % ) of ti&m beteiligungsgesellschaft mbh for ." ]

[ [ "(Millions)", "2007", "2006", "2005" ], [ "Purchases of property, plant and equipment (PP&E)", "$(1,422)", "$(1,168)", "$(943)" ], [ "Proceeds from sale of PP&E and other assets", "103", "49", "41" ], [ "Acquisitions, net of cash acquired", "(539)", "(888)", "(1,293)" ], [ "Proceeds from sale of businesses", "897", "1,209", "—" ], [ "Purchases and proceeds from sale or maturities of marketable securities and investments — net", "(406)", "(662)", "(46)" ], [ "Net cash used in investing activities", "$(1,367)", "$(1,460)", "$(2,241)" ] ]

[ [ "( millions )", "2007", "2006", "2005" ], [ "purchases of property plant and equipment ( pp&e )", "$ -1422 ( 1422 )", "$ -1168 ( 1168 )", "$ -943 ( 943 )" ], [ "proceeds from sale of pp&e and other assets", "103", "49", "41" ], [ "acquisitions net of cash acquired", "-539 ( 539 )", "-888 ( 888 )", "-1293 ( 1293 )" ], [ "proceeds from sale of businesses", "897", "1209", "2014" ], [ "purchases and proceeds from sale or maturities of marketable securities and investments 2014 net", "-406 ( 406 )", "-662 ( 662 )", "-46 ( 46 )" ], [ "net cash used in investing activities", "$ -1367 ( 1367 )", "$ -1460 ( 1460 )", "$ -2241 ( 2241 )" ] ]

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[ "other taxes decreased in 2001 because its utility operations in virginia became subject to state income taxes in lieu of gross receipts taxes effective january 2001 .", "in addition , dominion recognized higher effective rates for foreign earnings and higher pretax income in relation to non-conventional fuel tax credits realized .", "dominion energy 2002 2001 2000 ( millions , except per share amounts ) ." ]

[ "* amounts presented are for electricity supplied by utility and merchant generation operations .", "operating results 2014 2002 dominion energy contributed $ 2.72 per diluted share on net income of $ 770 million for 2002 , a net income increase of $ 47 million and an earnings per share decrease of $ 0.14 over 2001 .", "net income for 2002 reflected lower operating revenue ( $ 204 million ) , operating expenses ( $ 229 million ) and other income ( $ 27 million ) .", "interest expense and income taxes , which are discussed on a consolidated basis , decreased $ 50 million over 2001 .", "the earnings per share decrease reflected share dilution .", "regulated electric sales revenue increased $ 179 million .", "favorable weather conditions , reflecting increased cooling and heating degree-days , as well as customer growth , are estimated to have contributed $ 133 million and $ 41 million , respectively .", "fuel rate recoveries increased approximately $ 65 million for 2002 .", "these recoveries are generally offset by increases in elec- tric fuel expense and do not materially affect income .", "partially offsetting these increases was a net decrease of $ 60 million due to other factors not separately measurable , such as the impact of economic conditions on customer usage , as well as variations in seasonal rate premiums and discounts .", "nonregulated electric sales revenue increased $ 9 million .", "sales revenue from dominion 2019s merchant generation fleet decreased $ 21 million , reflecting a $ 201 million decline due to lower prices partially offset by sales from assets acquired and constructed in 2002 and the inclusion of millstone operations for all of 2002 .", "revenue from the wholesale marketing of utility generation decreased $ 74 million .", "due to the higher demand of utility service territory customers during 2002 , less production from utility plant generation was available for profitable sale in the wholesale market .", "revenue from retail energy sales increased $ 71 million , reflecting primarily customer growth over the prior year .", "net revenue from dominion 2019s electric trading activities increased $ 33 million , reflecting the effect of favorable price changes on unsettled contracts and higher trading margins .", "nonregulated gas sales revenue decreased $ 351 million .", "the decrease included a $ 239 million decrease in sales by dominion 2019s field services and retail energy marketing opera- tions , reflecting to a large extent declining prices .", "revenue associated with gas trading operations , net of related cost of sales , decreased $ 112 million .", "the decrease included $ 70 mil- lion of realized and unrealized losses on the economic hedges of natural gas production by the dominion exploration & pro- duction segment .", "as described below under selected information 2014 energy trading activities , sales of natural gas by the dominion exploration & production segment at market prices offset these financial losses , resulting in a range of prices contemplated by dominion 2019s overall risk management strategy .", "the remaining $ 42 million decrease was due to unfavorable price changes on unsettled contracts and lower overall trading margins .", "those losses were partially offset by contributions from higher trading volumes in gas and oil markets .", "gas transportation and storage revenue decreased $ 44 million , primarily reflecting lower rates .", "electric fuel and energy purchases expense increased $ 94 million which included an increase of $ 66 million associated with dominion 2019s energy marketing operations that are not sub- ject to cost-based rate regulation and an increase of $ 28 million associated with utility operations .", "substantially all of the increase associated with non-regulated energy marketing opera- tions related to higher volumes purchased during the year .", "for utility operations , energy costs increased $ 66 million for pur- chases subject to rate recovery , partially offset by a $ 38 million decrease in fuel expenses associated with lower wholesale mar- keting of utility plant generation .", "purchased gas expense decreased $ 245 million associated with dominion 2019s field services and retail energy marketing oper- ations .", "this decrease reflected approximately $ 162 million asso- ciated with declining prices and $ 83 million associated with lower purchased volumes .", "liquids , pipeline capacity and other purchases decreased $ 64 million , primarily reflecting comparably lower levels of rate recoveries of certain costs of transmission operations in the cur- rent year period .", "the difference between actual expenses and amounts recovered in the period are deferred pending future rate adjustments .", "other operations and maintenance expense decreased $ 14 million , primarily reflecting an $ 18 million decrease in outage costs due to fewer generation unit outages in the current year .", "depreciation expense decreased $ 11 million , reflecting decreases in depreciation associated with changes in the esti- mated useful lives of certain electric generation property , par- tially offset by increased depreciation associated with state line and millstone operations .", "other income decreased $ 27 million , including a $ 14 mil- lion decrease in net realized investment gains in the millstone 37d o m i n i o n 2019 0 2 a n n u a l r e p o r t ." ]

[ [ "(millions, except pershare amounts)", "2002", "2001", "2000" ], [ "Operating revenue", "$5,940", "$6,144", "$4,894" ], [ "Operating expenses", "4,520", "4,749", "3,939" ], [ "Net income contribution", "770", "723", "489" ], [ "Earnings per share contribution", "$2.72", "$2.86", "$2.07" ], [ "Electricity supplied* (million mwhrs)", "101", "95", "83" ], [ "Gas transmission throughput (bcf)", "597", "553", "567" ] ]

[ [ "( millions except pershare amounts )", "2002", "2001", "2000" ], [ "operating revenue", "$ 5940", "$ 6144", "$ 4894" ], [ "operating expenses", "4520", "4749", "3939" ], [ "net income contribution", "770", "723", "489" ], [ "earnings per share contribution", "$ 2.72", "$ 2.86", "$ 2.07" ], [ "electricity supplied* ( million mwhrs )", "101", "95", "83" ], [ "gas transmission throughput ( bcf )", "597", "553", "567" ] ]

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[ "note 4 - goodwill and other intangible assets : goodwill the company had approximately $ 93.2 million and $ 94.4 million of goodwill at december 30 , 2017 and december 31 , 2016 , respectively .", "the changes in the carrying amount of goodwill for the years ended december 30 , 2017 and december 31 , 2016 are as follows ( in thousands ) : ." ]

[ "goodwill is allocated to each identified reporting unit , which is defined as an operating segment or one level below the operating segment .", "goodwill is not amortized , but is evaluated for impairment annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable .", "the company completes its impairment evaluation by performing valuation analyses and considering other publicly available market information , as appropriate .", "the test used to identify the potential for goodwill impairment compares the fair value of a reporting unit with its carrying value .", "an impairment charge would be recorded to the company 2019s operations for the amount , if any , in which the carrying value exceeds the fair value .", "in the fourth quarter of fiscal 2017 , the company completed its annual impairment testing of goodwill and no impairment was identified .", "the company determined that the fair value of each reporting unit ( including goodwill ) was in excess of the carrying value of the respective reporting unit .", "in reaching this conclusion , the fair value of each reporting unit was determined based on either a market or an income approach .", "under the market approach , the fair value is based on observed market data .", "other intangible assets the company had approximately $ 31.3 million of intangible assets other than goodwill at december 30 , 2017 and december 31 , 2016 .", "the intangible asset balance represents the estimated fair value of the petsense tradename , which is not subject to amortization as it has an indefinite useful life on the basis that it is expected to contribute cash flows beyond the foreseeable horizon .", "with respect to intangible assets , we evaluate for impairment annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable .", "we recognize an impairment loss only if the carrying amount is not recoverable through its discounted cash flows and measure the impairment loss based on the difference between the carrying value and fair value .", "in the fourth quarter of fiscal 2017 , the company completed its annual impairment testing of intangible assets and no impairment was identified. ." ]

[ [ "", "2017", "2016" ], [ "Balance, beginning of year", "$94,417", "$10,258" ], [ "Goodwill acquired as part of acquisition", "—", "84,159" ], [ "Working capital settlement", "(1,225)", "—" ], [ "Impairment loss", "—", "—" ], [ "Balance, end of year", "$93,192", "$94,417" ] ]

[ [ "", "2017", "2016" ], [ "balance beginning of year", "$ 94417", "$ 10258" ], [ "goodwill acquired as part of acquisition", "2014", "84159" ], [ "working capital settlement", "-1225 ( 1225 )", "2014" ], [ "impairment loss", "2014", "2014" ], [ "balance end of year", "$ 93192", "$ 94417" ] ]

[]

[ "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 ." ]

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

[ [ "", "Year Ended January 1, 2006", "Year Ended January 2, 2005" ], [ "Revenue", "$73,501", "$50,583" ], [ "Net loss", "(6,234)", "(9,965)" ], [ "Net loss per share, basic and diluted", "(0.15)", "(0.27)" ] ]

[ [ "", "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 )" ] ]

[ { "arg1": "73501", "arg2": "50583", "op": "minus1-1", "res": "22918" }, { "arg1": "#0", "arg2": "50583", "op": "divide1-2", "res": "45%" } ]

[ "2022 increased proved liquid hydrocarbon , including synthetic crude oil , reserves to 78 percent from 75 percent of proved reserves 2022 increased e&p net sales volumes , excluding libya , by 7 percent 2022 recorded 96 percent average operational availability for all major company-operated e&p assets , compared to 94 percent in 2010 2022 completed debottlenecking work that increased crude oil production capacity at the alvheim fpso in norway to 150000 gross bbld from the previous capacity of 142000 gross bbld and the original 2008 capacity of 120000 gross bbld 2022 announced two non-operated discoveries in the iraqi kurdistan region and began drilling in poland 2022 completed aosp expansion 1 , including the start-up of the expanded scotford upgrader , realizing an increase in net synthetic crude oil sales volumes of 48 percent 2022 completed dispositions of non-core assets and interests in acreage positions for net proceeds of $ 518 million 2022 repurchased 12 million shares of our common stock at a cost of $ 300 million 2022 retired $ 2498 million principal of our long-term debt 2022 resumed limited production in libya in the fourth quarter of 2011 following the february 2011 temporary suspension of operations consolidated results of operations : 2011 compared to 2010 due to the spin-off of our downstream business on june 30 , 2011 , which is reported as discontinued operations , income from continuing operations is more representative of marathon oil as an independent energy company .", "consolidated income from continuing operations before income taxes was 9 percent higher in 2011 than in 2010 , largely due to higher liquid hydrocarbon prices .", "this improvement was offset by increased income taxes primarily the result of excess foreign tax credits generated during 2011 that we do not expect to utilize in the future .", "the effective income tax rate for continuing operations was 61 percent in 2011 compared to 54 percent in 2010 .", "revenues are summarized in the following table : ( in millions ) 2011 2010 ." ]

[ "e&p segment revenues increased $ 2247 million from 2010 to 2011 , primarily due to higher average liquid hydrocarbon realizations , which were $ 99.37 per bbl in 2011 , a 31 percent increase over 2010 .", "revenues in 2010 included net pre-tax gains of $ 95 million on derivative instruments intended to mitigate price risk on future sales of liquid hydrocarbons and natural gas .", "included in our e&p segment are supply optimization activities which include the purchase of commodities from third parties for resale .", "supply optimization serves to aggregate volumes in order to satisfy transportation commitments and to achieve flexibility within product types and delivery points .", "see the cost of revenues discussion as revenues from supply optimization approximate the related costs .", "higher average crude oil prices in 2011 compared to 2010 increased revenues related to supply optimization .", "revenues from the sale of our u.s .", "production are higher in 2011 primarily as a result of higher liquid hydrocarbon and natural gas price realizations , but sales volumes declined. ." ]

[ [ "<i>(In millions)</i>", "2011", "2010" ], [ "E&P", "$13,029", "$10,782" ], [ "OSM", "1,588", "833" ], [ "IG", "93", "150" ], [ "Segment revenues", "14,710", "11,765" ], [ "Elimination of intersegment revenues", "(47)", "(75)" ], [ "Total revenues", "$14,663", "$11,690" ] ]

[ [ "( in millions )", "2011", "2010" ], [ "e&p", "$ 13029", "$ 10782" ], [ "osm", "1588", "833" ], [ "ig", "93", "150" ], [ "segment revenues", "14710", "11765" ], [ "elimination of intersegment revenues", "-47 ( 47 )", "-75 ( 75 )" ], [ "total revenues", "$ 14663", "$ 11690" ] ]

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[ "part ii item 5 .", "market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities at january 25 , 2019 , we had 26812 holders of record of our common stock , par value $ 1 per share .", "our common stock is traded on the new york stock exchange ( nyse ) under the symbol lmt .", "information concerning dividends paid on lockheed martin common stock during the past two years is as follows : common stock - dividends paid per share ." ]

[ "stockholder return performance graph the following graph compares the total return on a cumulative basis of $ 100 invested in lockheed martin common stock on december 31 , 2013 to the standard and poor 2019s ( s&p ) 500 index and the s&p aerospace & defense index .", "the s&p aerospace & defense index comprises arconic inc. , general dynamics corporation , harris corporation , huntington ingalls industries , l3 technologies , inc. , lockheed martin corporation , northrop grumman corporation , raytheon company , textron inc. , the boeing company , transdigm group inc. , and united technologies corporation .", "the stockholder return performance indicated on the graph is not a guarantee of future performance. ." ]

[ [ "", "Dividends Paid Per Share" ], [ "Quarter", "2018", "2017" ], [ "First", "$2.00", "$1.82" ], [ "Second", "2.00", "1.82" ], [ "Third", "2.00", "1.82" ], [ "Fourth", "2.20", "2.00" ], [ "Year", "$8.20", "$7.46" ] ]

[ [ "quarter", "dividends paid per share 2018", "dividends paid per share 2017" ], [ "first", "$ 2.00", "$ 1.82" ], [ "second", "2.00", "1.82" ], [ "third", "2.00", "1.82" ], [ "fourth", "2.20", "2.00" ], [ "year", "$ 8.20", "$ 7.46" ] ]

[ { "arg1": "8.20", "arg2": "7.46", "op": "minus1-1", "res": "0.74" }, { "arg1": "#0", "arg2": "7.46", "op": "divide1-2", "res": "9.9%" } ]

[ "item 11 2014executive compensation we incorporate by reference in this item 11 the information relating to executive and director compensation contained under the headings 201cother information about the board and its committees , 201d 201ccompensation and other benefits 201d and 201creport of the compensation committee 201d from our proxy statement to be delivered in connection with our 2007 annual meeting of shareholders to be held on september 26 , 2007 .", "item 12 2014security ownership of certain beneficial owners andmanagement and related stockholdermatters we incorporate by reference in this item 12 the information relating to ownership of our common stock by certain persons contained under the headings 201ccommon stock ownership of management 201d and 201ccommon stock ownership by certain other persons 201d from our proxy statement to be delivered in connection with our 2007 annual meeting of shareholders to be held on september 26 , 2007 .", "we have four compensation plans under which our equity securities are authorized for issuance .", "the global payments inc .", "amended and restated 2000 long-term incentive plan , global payments inc .", "amended and restated 2005 incentive plan , the non-employee director stock option plan , and employee stock purchase plan have been approved by security holders .", "the information in the table below is as of may 31 , 2007 .", "for more information on these plans , see note 8 to notes to consolidated financial statements .", "plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted- average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders: .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "5171000 $ 25 7779000 ( 1 ) equity compensation plans not approved by security holders: .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "2014 2014 2014 total .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "5171000 $ 25 7779000 ( 1 ) ( 1 ) also includes shares of common stock available for issuance other than upon the exercise of an option , warrant or right under the amended and restated 2000 non-employee director stock option plan , the amended and restated 2005 incentive plan and the amended and restated 2000 employee stock purchase item 13 2014certain relationships and related transactions , and director independence we incorporate by reference in this item 13 the information regarding certain relationships and related transactions between us and some of our affiliates and the independence of our board of directors contained under the headings 201ccertain relationships and related transactions 201d and 201cother information about the board and its committees 2014director independence 201d from our proxy statement to be delivered in connection with our 2007 annual meeting of shareholders to be held on september 26 , 2007 .", "item 14 2014principal accounting fees and services we incorporate by reference in this item 14 the information regarding principal accounting fees and services contained under the heading 201cauditor information 201d from our proxy statement to be delivered in connection with our 2007 annual meeting of shareholders to be held on september 26 , 2007. ." ]

[ "item 11 2014executive compensation we incorporate by reference in this item 11 the information relating to executive and director compensation contained under the headings 201cother information about the board and its committees , 201d 201ccompensation and other benefits 201d and 201creport of the compensation committee 201d from our proxy statement to be delivered in connection with our 2007 annual meeting of shareholders to be held on september 26 , 2007 .", "item 12 2014security ownership of certain beneficial owners andmanagement and related stockholdermatters we incorporate by reference in this item 12 the information relating to ownership of our common stock by certain persons contained under the headings 201ccommon stock ownership of management 201d and 201ccommon stock ownership by certain other persons 201d from our proxy statement to be delivered in connection with our 2007 annual meeting of shareholders to be held on september 26 , 2007 .", "we have four compensation plans under which our equity securities are authorized for issuance .", "the global payments inc .", "amended and restated 2000 long-term incentive plan , global payments inc .", "amended and restated 2005 incentive plan , the non-employee director stock option plan , and employee stock purchase plan have been approved by security holders .", "the information in the table below is as of may 31 , 2007 .", "for more information on these plans , see note 8 to notes to consolidated financial statements .", "plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted- average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders: .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "5171000 $ 25 7779000 ( 1 ) equity compensation plans not approved by security holders: .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "2014 2014 2014 total .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "5171000 $ 25 7779000 ( 1 ) ( 1 ) also includes shares of common stock available for issuance other than upon the exercise of an option , warrant or right under the amended and restated 2000 non-employee director stock option plan , the amended and restated 2005 incentive plan and the amended and restated 2000 employee stock purchase item 13 2014certain relationships and related transactions , and director independence we incorporate by reference in this item 13 the information regarding certain relationships and related transactions between us and some of our affiliates and the independence of our board of directors contained under the headings 201ccertain relationships and related transactions 201d and 201cother information about the board and its committees 2014director independence 201d from our proxy statement to be delivered in connection with our 2007 annual meeting of shareholders to be held on september 26 , 2007 .", "item 14 2014principal accounting fees and services we incorporate by reference in this item 14 the information regarding principal accounting fees and services contained under the heading 201cauditor information 201d from our proxy statement to be delivered in connection with our 2007 annual meeting of shareholders to be held on september 26 , 2007. ." ]

[ [ "Plan category", "Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)", "Weighted- average exercise price of outstanding options, warrants and rights (b)", "Number of securities remaining available for futureissuance under equity compensation plans (excluding securities reflected in column (a)) (c)", "" ], [ "Equity compensation plans approved by security holders:", "5,171,000", "$25", "7,779,000", "⁽¹⁾" ], [ "Equity compensation plans not approved by security holders:", "—", "—", "—", "" ], [ "Total", "5,171,000", "$25", "7,779,000", "⁽¹⁾" ] ]

[ [ "plan category", "number of securities to be issued upon exercise of outstanding options warrants and rights ( a )", "weighted- average exercise price of outstanding options warrants and rights ( b )", "number of securities remaining available for futureissuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c )", "" ], [ "equity compensation plans approved by security holders:", "5171000", "$ 25", "7779000", "-1 ( 1 )" ], [ "equity compensation plans not approved by security holders:", "2014", "2014", "2014", "" ], [ "total", "5171000", "$ 25", "7779000", "-1 ( 1 )" ] ]

[]

[ "table of contents other equity method investments infraservs .", "we hold indirect ownership interests in several german infraserv groups that own and develop industrial parks and provide on-site general and administrative support to tenants .", "our ownership interest in the equity investments in infraserv affiliates are as follows : as of december 31 , 2017 ( in percentages ) infraserv gmbh & co .", "gendorf kg ( 1 ) ................................................................................................... .", "39 ." ]

[ "infraserv gmbh & co .", "knapsack kg ( 1 ) ................................................................................................ .", "27 ______________________________ ( 1 ) see note 29 - subsequent events in the accompanying consolidated financial statements for further information .", "research and development our business models leverage innovation and conduct research and development activities to develop new , and optimize existing , production technologies , as well as to develop commercially viable new products and applications .", "research and development expense was $ 72 million , $ 78 million and $ 119 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .", "we consider the amounts spent during each of the last three fiscal years on research and development activities to be sufficient to execute our current strategic initiatives .", "intellectual property we attach importance to protecting our intellectual property , including safeguarding our confidential information and through our patents , trademarks and copyrights , in order to preserve our investment in research and development , manufacturing and marketing .", "patents may cover processes , equipment , products , intermediate products and product uses .", "we also seek to register trademarks as a means of protecting the brand names of our company and products .", "patents .", "in most industrial countries , patent protection exists for new substances and formulations , as well as for certain unique applications and production processes .", "however , we do business in regions of the world where intellectual property protection may be limited and difficult to enforce .", "confidential information .", "we maintain stringent information security policies and procedures wherever we do business .", "such information security policies and procedures include data encryption , controls over the disclosure and safekeeping of confidential information and trade secrets , as well as employee awareness training .", "trademarks .", "amcel ae , aoplus ae , ateva ae , avicor ae , celanese ae , celanex ae , celcon ae , celfx ae , celstran ae , celvolit ae , clarifoil ae , dur- o-set ae , ecomid ae , ecovae ae , forflex ae , forprene ae , frianyl ae , fortron ae , ghr ae , gumfit ae , gur ae , hostaform ae , laprene ae , metalx ae , mowilith ae , mt ae , nilamid ae , nivionplast ae , nutrinova ae , nylfor ae , pibiflex ae , pibifor ae , pibiter ae , polifor ae , resyn ae , riteflex ae , slidex ae , sofprene ae , sofpur ae , sunett ae , talcoprene ae , tecnoprene ae , thermx ae , tufcor ae , vantage ae , vectra ae , vinac ae , vinamul ae , vitaldose ae , zenite ae and certain other branded products and services named in this document are registered or reserved trademarks or service marks owned or licensed by celanese .", "the foregoing is not intended to be an exhaustive or comprehensive list of all registered or reserved trademarks and service marks owned or licensed by celanese .", "fortron ae is a registered trademark of fortron industries llc .", "hostaform ae is a registered trademark of hoechst gmbh .", "mowilith ae and nilamid ae are registered trademarks of celanese in most european countries .", "we monitor competitive developments and defend against infringements on our intellectual property rights .", "neither celanese nor any particular business segment is materially dependent upon any one patent , trademark , copyright or trade secret .", "environmental and other regulation matters pertaining to environmental and other regulations are discussed in item 1a .", "risk factors , as well as note 2 - summary of accounting policies , note 16 - environmental and note 24 - commitments and contingencies in the accompanying consolidated financial statements. ." ]

[ [ "", "As of December 31, 2017 (In percentages)" ], [ "InfraServ GmbH & Co. Gendorf KG⁽¹⁾", "39" ], [ "InfraServ GmbH & Co. Hoechst KG", "32" ], [ "InfraServ GmbH & Co. Knapsack KG⁽¹⁾", "27" ] ]

[ [ "", "as of december 31 2017 ( in percentages )" ], [ "infraserv gmbh & co . gendorf kg ( 1 )", "39" ], [ "infraserv gmbh & co . hoechst kg", "32" ], [ "infraserv gmbh & co . knapsack kg ( 1 )", "27" ] ]

[ { "arg1": "78", "arg2": "119", "op": "minus2-1", "res": "-41" }, { "arg1": "#0", "arg2": "119", "op": "divide2-2", "res": "-34.4%" } ]

[ "the company endeavors to actively engage with every insured account posing significant potential asbestos exposure to mt .", "mckinley .", "such engagement can take the form of pursuing a final settlement , negotiation , litigation , or the monitoring of claim activity under settlement in place ( 201csip 201d ) agreements .", "sip agreements generally condition an insurer 2019s payment upon the actual claim experience of the insured and may have annual payment caps or other measures to control the insurer 2019s payments .", "the company 2019s mt .", "mckinley operation is currently managing four sip agreements , one of which was executed prior to the acquisition of mt .", "mckinley in 2000 .", "the company 2019s preference with respect to coverage settlements is to execute settlements that call for a fixed schedule of payments , because such settlements eliminate future uncertainty .", "the company has significantly enhanced its classification of insureds by exposure characteristics over time , as well as its analysis by insured for those it considers to be more exposed or active .", "those insureds identified as relatively less exposed or active are subject to less rigorous , but still active management , with an emphasis on monitoring those characteristics , which may indicate an increasing exposure or levels of activity .", "the company continually focuses on further enhancement of the detailed estimation processes used to evaluate potential exposure of policyholders .", "everest re 2019s book of assumed a&e reinsurance is relatively concentrated within a limited number of contracts and for a limited period , from 1974 to 1984 .", "because the book of business is relatively concentrated and the company has been managing the a&e exposures for many years , its claim staff is familiar with the ceding companies that have generated most of these liabilities in the past and which are therefore most likely to generate future liabilities .", "the company 2019s claim staff has developed familiarity both with the nature of the business written by its ceding companies and the claims handling and reserving practices of those companies .", "this level of familiarity enhances the quality of the company 2019s analysis of its exposure through those companies .", "as a result , the company believes that it can identify those claims on which it has unusual exposure , such as non-products asbestos claims , for concentrated attention .", "however , in setting reserves for its reinsurance liabilities , the company relies on claims data supplied , both formally and informally by its ceding companies and brokers .", "this furnished information is not always timely or accurate and can impact the accuracy and timeliness of the company 2019s ultimate loss projections .", "the following table summarizes the composition of the company 2019s total reserves for a&e losses , gross and net of reinsurance , for the periods indicated: ." ]

[ "( 1 ) additional reserves are case specific reserves established by the company in excess of those reported by the ceding company , based on the company 2019s assessment of the covered loss .", "( some amounts may not reconcile due to rounding. ) additional losses , including those relating to latent injuries and other exposures , which are as yet unrecognized , the type or magnitude of which cannot be foreseen by either the company or the industry , may emerge in the future .", "such future emergence could have material adverse effects on the company 2019s future financial condition , results of operations and cash flows. ." ]

[ [ "", "Years Ended December 31," ], [ "(Dollars in millions)", "2012", "2011", "2010" ], [ "Case reserves reported by ceding companies", "$138.4", "$145.6", "$135.4" ], [ "Additional case reserves established by the Company (assumed reinsurance)(1)", "90.6", "102.9", "116.1" ], [ "Case reserves established by the Company (direct insurance)", "36.7", "40.6", "38.9" ], [ "Incurred but not reported reserves", "177.1", "210.9", "264.4" ], [ "Gross reserves", "442.8", "499.9", "554.8" ], [ "Reinsurance receivable", "(17.1)", "(19.8)", "(21.9)" ], [ "Net reserves", "$425.7", "$480.2", "$532.9" ] ]

[ [ "( dollars in millions )", "years ended december 31 , 2012", "years ended december 31 , 2011", "years ended december 31 , 2010" ], [ "case reserves reported by ceding companies", "$ 138.4", "$ 145.6", "$ 135.4" ], [ "additional case reserves established by the company ( assumed reinsurance ) ( 1 )", "90.6", "102.9", "116.1" ], [ "case reserves established by the company ( direct insurance )", "36.7", "40.6", "38.9" ], [ "incurred but not reported reserves", "177.1", "210.9", "264.4" ], [ "gross reserves", "442.8", "499.9", "554.8" ], [ "reinsurance receivable", "-17.1 ( 17.1 )", "-19.8 ( 19.8 )", "-21.9 ( 21.9 )" ], [ "net reserves", "$ 425.7", "$ 480.2", "$ 532.9" ] ]

[ { "arg1": "425.7", "arg2": "480.2", "op": "minus2-1", "res": "-54.5" }, { "arg1": "#0", "arg2": "480.2", "op": "divide2-2", "res": "-11.3%" } ]

[ "united parcel service , inc .", "and subsidiaries management's discussion and analysis of financial condition and results of operations liquidity and capital resources operating activities the following is a summary of the significant sources ( uses ) of cash from operating activities ( amounts in millions ) : ." ]

[ "( a ) represents depreciation and amortization , gains and losses on derivative and foreign exchange transactions , deferred income taxes , provisions for uncollectible accounts , pension and postretirement benefit expense , stock compensation expense , impairment charges and other non-cash items .", "cash from operating activities remained strong throughout the 2010 to 2012 time period .", "operating cash flow was favorably impacted in 2012 , compared with 2011 , by lower contributions into our defined benefit pension and postretirement benefit plans ; however , this was partially offset by changes in our working capital position , which was impacted by overall growth in the business .", "the change in the cash flows for income tax receivables and payables in 2011 and 2010 was primarily related to the timing of discretionary pension contributions during 2010 , as discussed further in the following paragraph .", "except for discretionary or accelerated fundings of our plans , contributions to our company-sponsored pension plans have largely varied based on whether any minimum funding requirements are present for individual pension plans .", "2022 in 2012 , we made a $ 355 million required contribution to the ups ibt pension plan .", "2022 in 2011 , we made a $ 1.2 billion contribution to the ups ibt pension plan , which satisfied our 2011 contribution requirements and also approximately $ 440 million in contributions that would not have been required until after 2011 .", "2022 in 2010 , we made $ 2.0 billion in discretionary contributions to our ups retirement and ups pension plans , and $ 980 million in required contributions to our ups ibt pension plan .", "2022 the remaining contributions in the 2010 through 2012 period were largely due to contributions to our international pension plans and u.s .", "postretirement medical benefit plans .", "as discussed further in the 201ccontractual commitments 201d section , we have minimum funding requirements in the next several years , primarily related to the ups ibt pension , ups retirement and ups pension plans .", "as of december 31 , 2012 , the total of our worldwide holdings of cash and cash equivalents was $ 7.327 billion .", "approximately $ 4.211 billion of this amount was held in european subsidiaries with the intended purpose of completing the acquisition of tnt express n.v .", "( see note 16 to the consolidated financial statements ) .", "excluding this portion of cash held outside the u.s .", "for acquisition-related purposes , approximately 50%-60% ( 50%-60 % ) of the remaining cash and cash equivalents are held by foreign subsidiaries throughout the year .", "the amount of cash held by our u.s .", "and foreign subsidiaries fluctuates throughout the year due to a variety of factors , including the timing of cash receipts and disbursements in the normal course of business .", "cash provided by operating activities in the united states continues to be our primary source of funds to finance domestic operating needs , capital expenditures , share repurchases and dividend payments to shareowners .", "to the extent that such amounts represent previously untaxed earnings , the cash held by foreign subsidiaries would be subject to tax if such amounts were repatriated in the form of dividends ; however , not all international cash balances would have to be repatriated in the form of a dividend if returned to the u.s .", "when amounts earned by foreign subsidiaries are expected to be indefinitely reinvested , no accrual for taxes is provided. ." ]

[ [ "", "2012", "2011", "2010" ], [ "Net income", "$807", "$3,804", "$3,338" ], [ "Non-cash operating activities(a)", "7,301", "4,505", "4,398" ], [ "Pension and postretirement plan contributions (UPS-sponsored plans)", "(917)", "(1,436)", "(3,240)" ], [ "Income tax receivables and payables", "280", "236", "(319)" ], [ "Changes in working capital and other noncurrent assets and liabilities", "(148)", "(12)", "(340)" ], [ "Other operating activities", "(107)", "(24)", "(2)" ], [ "Net cash from operating activities", "$7,216", "$7,073", "$3,835" ] ]

[ [ "", "2012", "2011", "2010" ], [ "net income", "$ 807", "$ 3804", "$ 3338" ], [ "non-cash operating activities ( a )", "7301", "4505", "4398" ], [ "pension and postretirement plan contributions ( ups-sponsored plans )", "-917 ( 917 )", "-1436 ( 1436 )", "-3240 ( 3240 )" ], [ "income tax receivables and payables", "280", "236", "-319 ( 319 )" ], [ "changes in working capital and other noncurrent assets and liabilities", "-148 ( 148 )", "-12 ( 12 )", "-340 ( 340 )" ], [ "other operating activities", "-107 ( 107 )", "-24 ( 24 )", "-2 ( 2 )" ], [ "net cash from operating activities", "$ 7216", "$ 7073", "$ 3835" ] ]

[ { "arg1": "807", "arg2": "3804", "op": "minus1-1", "res": "-2997" }, { "arg1": "#0", "arg2": "3804", "op": "divide1-2", "res": "-78.8%" } ]

[ "10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: ." ]

[ "for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 15 .", "narrative description of business portions of the information called for by this item are included in operating results by business segment in item 7 .", "management 2019s discussion and analysis of financial condition and results of operations of this annual report on form 10-k ( 201citem 7 201d ) .", "tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton , nu mark and nat sherman .", "altria group distribution company provides sales and distribution services to altria group , inc . 2019s tobacco operating companies .", "the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products , consisting of cigarettes manufactured and sold by pm usa and nat sherman , machine- made large cigars and pipe tobacco manufactured and sold by middleton and premium cigars sold by nat sherman ; smokeless tobacco products manufactured and sold by usstc ; and innovative tobacco products , including e-vapor products manufactured and sold by nu mark .", "cigarettes : pm usa is the largest cigarette company in the united states .", "marlboro , the principal cigarette brand of pm usa , has been the largest-selling cigarette brand in the united states for over 40 years .", "nat sherman sells substantially all of its super premium cigarettes in the united states .", "total smokeable products segment 2019s cigarettes shipment volume in the united states was 116.6 billion units in 2017 , a decrease of 5.1% ( 5.1 % ) from cigars : middleton is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco .", "middleton contracts with a third-party importer to supply a majority of its cigars and sells substantially all of its cigars to customers in the united states .", "black & mild is the principal cigar brand of middleton .", "nat sherman sources all of its cigars from third-party suppliers and sells substantially all of its cigars to customers in the united states .", "total smokeable products segment 2019s cigars shipment volume was approximately 1.5 billion units in 2017 , an increase of 9.9% ( 9.9 % ) from 2016 .", "smokeless tobacco products : usstc is the leading producer and marketer of moist smokeless tobacco ( 201cmst 201d ) products .", "the smokeless products segment includes the premium brands , copenhagen and skoal , and value brands , red seal and husky .", "substantially all of the smokeless tobacco products are manufactured and sold to customers in the united states .", "total smokeless products segment 2019s shipment volume was 841.3 million units in 2017 , a decrease of 1.4% ( 1.4 % ) from 2016 .", "innovative tobacco products : nu mark participates in the e-vapor category and has developed and commercialized other innovative tobacco products .", "in addition , nu mark sources the production of its e-vapor products through overseas contract manufacturing arrangements .", "in 2013 , nu mark introduced markten e-vapor products .", "in april 2014 , nu mark acquired the e-vapor business of green smoke , inc .", "and its affiliates ( 201cgreen smoke 201d ) , which began selling e-vapor products in 2009 .", "in 2017 , altria group , inc . 2019s subsidiaries purchased certain intellectual property related to innovative tobacco products .", "in december 2013 , altria group , inc . 2019s subsidiaries entered into a series of agreements with philip morris international inc .", "( 201cpmi 201d ) pursuant to which altria group , inc . 2019s subsidiaries provide an exclusive license to pmi to sell nu mark 2019s e-vapor products outside the united states , and pmi 2019s subsidiaries provide an exclusive license to altria group , inc . 2019s subsidiaries to sell two of pmi 2019s heated tobacco product platforms in the united states .", "further , in july 2015 , altria group , inc .", "announced the expansion of its strategic framework with pmi to include a joint research , development and technology-sharing agreement .", "under this agreement , altria group , inc . 2019s subsidiaries and pmi will collaborate to develop e-vapor products for commercialization in the united states by altria group , inc . 2019s subsidiaries and in markets outside the united states by pmi .", "this agreement also provides for exclusive technology cross licenses , technical information sharing and cooperation on scientific assessment , regulatory engagement and approval related to e-vapor products .", "in the fourth quarter of 2016 , pmi submitted a modified risk tobacco product ( 201cmrtp 201d ) application for an electronically heated tobacco product with the united states food and drug administration 2019s ( 201cfda 201d ) center for tobacco products and filed its corresponding pre-market tobacco product application in the first quarter of 2017 .", "upon regulatory authorization by the fda , altria group , inc . 2019s subsidiaries will have an exclusive license to sell this heated tobacco product in the united states .", "distribution , competition and raw materials : altria group , inc . 2019s tobacco subsidiaries sell their tobacco products principally to wholesalers ( including distributors ) , large retail organizations , including chain stores , and the armed services .", "the market for tobacco products is highly competitive , characterized by brand recognition and loyalty , with product quality , taste , price , product innovation , marketing , packaging and distribution constituting the significant methods of competition .", "promotional activities include , in certain instances and where permitted by law , allowances , the distribution of incentive items , price promotions , product promotions , coupons and other discounts. ." ]

[ [ "", "2017", "2016", "2015" ], [ "Smokeable products", "85.8%", "86.2%", "87.4%" ], [ "Smokeless products", "13.2", "13.1", "12.8" ], [ "Wine", "1.5", "1.8", "1.8" ], [ "All other", "(0.5)", "(1.1)", "(2.0)" ], [ "Total", "100.0%", "100.0%", "100.0%" ] ]

[ [ "", "2017", "2016", "2015" ], [ "smokeable products", "85.8% ( 85.8 % )", "86.2% ( 86.2 % )", "87.4% ( 87.4 % )" ], [ "smokeless products", "13.2", "13.1", "12.8" ], [ "wine", "1.5", "1.8", "1.8" ], [ "all other", "-0.5 ( 0.5 )", "-1.1 ( 1.1 )", "-2.0 ( 2.0 )" ], [ "total", "100.0% ( 100.0 % )", "100.0% ( 100.0 % )", "100.0% ( 100.0 % )" ] ]

[ { "arg1": "13.1", "arg2": "12.8", "op": "minus2-1", "res": "0.3" }, { "arg1": "#0", "arg2": "12.8", "op": "divide2-2", "res": "2.3%" } ]

[ "management 2019s discussion and analysis of financial condition and results of operations comcast corporation and subsidiaries28 comcast corporation and subsidiaries the exchangeable notes varies based upon the fair market value of the security to which it is indexed .", "the exchangeable notes are collateralized by our investments in cablevision , microsoft and vodafone , respectively .", "the comcast exchangeable notes are collateralized by our class a special common stock held in treasury .", "we have settled and intend in the future to settle all of the comcast exchangeable notes using cash .", "during 2004 and 2003 , we settled an aggregate of $ 847 million face amount and $ 638 million face amount , respectively , of our obligations relating to our notes exchangeable into comcast stock by delivering cash to the counterparty upon maturity of the instruments , and the equity collar agreements related to the underlying shares expired or were settled .", "during 2004 and 2003 , we settled $ 2.359 billion face amount and $ 1.213 billion face amount , respectively , of our obligations relating to our exchangeable notes by delivering the underlying shares of common stock to the counterparty upon maturity of the investments .", "as of december 31 , 2004 , our debt includes an aggregate of $ 1.699 billion of exchangeable notes , including $ 1.645 billion within current portion of long-term debt .", "as of december 31 , 2004 , the securities we hold collateralizing the exchangeable notes were sufficient to substantially satisfy the debt obligations associated with the outstanding exchangeable notes .", "stock repurchases .", "during 2004 , under our board-authorized , $ 2 billion share repurchase program , we repurchased 46.9 million shares of our class a special common stock for $ 1.328 billion .", "we expect such repurchases to continue from time to time in the open market or in private transactions , subject to market conditions .", "refer to notes 8 and 10 to our consolidated financial statements for a discussion of our financing activities .", "investing activities net cash used in investing activities from continuing operations was $ 4.512 billion for the year ended december 31 , 2004 , and consists primarily of capital expenditures of $ 3.660 billion , additions to intangible and other noncurrent assets of $ 628 million and the acquisition of techtv for approximately $ 300 million .", "capital expenditures .", "our most significant recurring investing activity has been and is expected to continue to be capital expendi- tures .", "the following table illustrates the capital expenditures we incurred in our cable segment during 2004 and expect to incur in 2005 ( dollars in millions ) : ." ]

[ "the amount of our capital expenditures for 2005 and for subsequent years will depend on numerous factors , some of which are beyond our control , including competition , changes in technology and the timing and rate of deployment of new services .", "additions to intangibles .", "additions to intangibles during 2004 primarily relate to our investment in a $ 250 million long-term strategic license agreement with gemstar , multiple dwelling unit contracts of approximately $ 133 million and other licenses and software intangibles of approximately $ 168 million .", "investments .", "proceeds from sales , settlements and restructurings of investments totaled $ 228 million during 2004 , related to the sales of our non-strategic investments , including our 20% ( 20 % ) interest in dhc ventures , llc ( discovery health channel ) for approximately $ 149 million .", "we consider investments that we determine to be non-strategic , highly-valued , or both to be a source of liquidity .", "we consider our investment in $ 1.5 billion in time warner common-equivalent preferred stock to be an anticipated source of liquidity .", "we do not have any significant contractual funding commitments with respect to any of our investments .", "refer to notes 6 and 7 to our consolidated financial statements for a discussion of our investments and our intangible assets , respectively .", "off-balance sheet arrangements we do not have any significant off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition , results of operations , liquidity , capital expenditures or capital resources. ." ]

[ [ "", "2004", "2005" ], [ "Deployment of cable modems, digital converters, and new service offerings", "$2,106", "$2,300" ], [ "Upgrading of cable systems", "902", "200" ], [ "Recurring capital projects", "614", "500" ], [ "Total cable segment capital expenditures", "$3,622", "$3,000" ] ]

[ [ "", "2004", "2005" ], [ "deployment of cable modems digital converters and new service offerings", "$ 2106", "$ 2300" ], [ "upgrading of cable systems", "902", "200" ], [ "recurring capital projects", "614", "500" ], [ "total cable segment capital expenditures", "$ 3622", "$ 3000" ] ]

[]

[ "management 2019s discussion and analysis of financial condition and results of operations ( continued ) detail with respect to our investment portfolio as of december 31 , 2014 and 2013 is provided in note 3 to the consolidated financial statements included under item 8 of this form 10-k .", "loans and leases averaged $ 15.91 billion for the year ended 2014 , up from $ 13.78 billion in 2013 .", "the increase was mainly related to mutual fund lending and our continued investment in senior secured bank loans .", "mutual fund lending and senior secured bank loans averaged approximately $ 9.12 billion and $ 1.40 billion , respectively , for the year ended december 31 , 2014 compared to $ 8.16 billion and $ 170 million for the year ended december 31 , 2013 , respectively .", "average loans and leases also include short- duration advances .", "table 13 : u.s .", "and non-u.s .", "short-duration advances years ended december 31 ." ]

[ "average u.s .", "short-duration advances $ 2355 $ 2356 $ 1972 average non-u.s .", "short-duration advances 1512 1393 1393 average total short-duration advances $ 3867 $ 3749 $ 3365 average short-durance advances to average loans and leases 24% ( 24 % ) 27% ( 27 % ) 29% ( 29 % ) the decline in proportion of the average daily short-duration advances to average loans and leases is primarily due to growth in the other segments of the loan and lease portfolio .", "short-duration advances provide liquidity to clients in support of their investment activities .", "although average short-duration advances for the year ended december 31 , 2014 increased compared to the year ended december 31 , 2013 , such average advances remained low relative to historical levels , mainly the result of clients continuing to hold higher levels of liquidity .", "average other interest-earning assets increased to $ 15.94 billion for the year ended december 31 , 2014 from $ 11.16 billion for the year ended december 31 , 2013 .", "the increased levels were primarily the result of higher levels of cash collateral provided in connection with our enhanced custody business .", "aggregate average interest-bearing deposits increased to $ 130.30 billion for the year ended december 31 , 2014 from $ 109.25 billion for year ended 2013 .", "the higher levels were primarily the result of increases in both u.s .", "and non-u.s .", "transaction accounts and time deposits .", "future transaction account levels will be influenced by the underlying asset servicing business , as well as market conditions , including the general levels of u.s .", "and non-u.s .", "interest rates .", "average other short-term borrowings increased to $ 4.18 billion for the year ended december 31 , 2014 from $ 3.79 billion for the year ended 2013 .", "the increase was the result of a higher level of client demand for our commercial paper .", "the decline in rates paid from 1.6% ( 1.6 % ) in 2013 to 0.1% ( 0.1 % ) in 2014 resulted from a reclassification of certain derivative contracts that hedge our interest-rate risk on certain assets and liabilities , which reduced interest revenue and interest expense .", "average long-term debt increased to $ 9.31 billion for the year ended december 31 , 2014 from $ 8.42 billion for the year ended december 31 , 2013 .", "the increase primarily reflected the issuance of $ 1.5 billion of senior and subordinated debt in may 2013 , $ 1.0 billion of senior debt issued in november 2013 , and $ 1.0 billion of senior debt issued in december 2014 .", "this is partially offset by the maturities of $ 500 million of senior debt in may 2014 and $ 250 million of senior debt in march 2014 .", "average other interest-bearing liabilities increased to $ 7.35 billion for the year ended december 31 , 2014 from $ 6.46 billion for the year ended december 31 , 2013 , primarily the result of higher levels of cash collateral received from clients in connection with our enhanced custody business .", "several factors could affect future levels of our net interest revenue and margin , including the mix of client liabilities ; actions of various central banks ; changes in u.s .", "and non-u.s .", "interest rates ; changes in the various yield curves around the world ; revised or proposed regulatory capital or liquidity standards , or interpretations of those standards ; the amount of discount accretion generated by the former conduit securities that remain in our investment securities portfolio ; and the yields earned on securities purchased compared to the yields earned on securities sold or matured .", "based on market conditions and other factors , we continue to reinvest the majority of the proceeds from pay-downs and maturities of investment securities in highly-rated securities , such as u.s .", "treasury and agency securities , municipal securities , federal agency mortgage-backed securities and u.s .", "and non-u.s .", "mortgage- and asset-backed securities .", "the pace at which we continue to reinvest and the types of investment securities purchased will depend on the impact of market conditions and other factors over time .", "we expect these factors and the levels of global interest rates to influence what effect our reinvestment program will have on future levels of our net interest revenue and net interest margin. ." ]

[ [ "(In millions)", "2014", "2013", "2012" ], [ "Average U.S. short-duration advances", "$2,355", "$2,356", "$1,972" ], [ "Average non-U.S. short-duration advances", "1,512", "1,393", "1,393" ], [ "Average total short-duration advances", "$3,867", "$3,749", "$3,365" ], [ "Average short-durance advances to average loans and leases", "24%", "27%", "29%" ] ]

[ [ "( in millions )", "2014", "2013", "2012" ], [ "average u.s . short-duration advances", "$ 2355", "$ 2356", "$ 1972" ], [ "average non-u.s . short-duration advances", "1512", "1393", "1393" ], [ "average total short-duration advances", "$ 3867", "$ 3749", "$ 3365" ], [ "average short-durance advances to average loans and leases", "24% ( 24 % )", "27% ( 27 % )", "29% ( 29 % )" ] ]

[ { "arg1": "3867", "arg2": "3749", "op": "minus2-1", "res": "118" }, { "arg1": "#0", "arg2": "3749", "op": "divide2-2", "res": "3.1%" } ]

[ "marathon oil corporation notes to consolidated financial statements ( 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 ) these notes are senior secured notes of marathon oil canada corporation .", "the notes are 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 .", "( i ) these obligations as of december 31 , 2009 include $ 36 million related to assets under construction at that date for which a capital lease will commence upon completion of construction .", "the amounts currently reported are based upon the percent of construction completed as of december 31 , 2009 and therefore do not reflect future minimum lease obligations of $ 164 million related to the asset .", "( j ) payments of long-term debt for the years 2010 - 2014 are $ 102 million , $ 246 million , $ 1492 million , $ 287 million and $ 802 million .", "united steel is due to pay $ 17 million in 2010 , $ 161 million in 2011 , $ 19 million in 2012 , and $ 11 for year 2014 .", "( k ) in the event of a change in control , as defined in the related agreements , debt obligations totaling $ 662 million at december 31 , 2009 , may be declared immediately due and payable .", "( l ) see note 16 for information on interest rate swaps .", "20 .", "asset retirement obligations the following summarizes the changes in asset retirement obligations : ( in millions ) 2009 2008 ." ]

[ "asset retirement obligations as of december 31 ( a ) $ 1102 $ 965 ( a ) includes asset retirement obligation of $ 3 and $ 2 million classified as short-term at december 31 , 2009 , and 2008. ." ]

[ [ "<i>(In millions)</i>", "2009", "2008" ], [ "Asset retirement obligations as of January 1", "$965", "$1,134" ], [ "Liabilities incurred, including acquisitions", "14", "30" ], [ "Liabilities settled", "(65)", "(94)" ], [ "Accretion expense (included in depreciation, depletion and amortization)", "64", "66" ], [ "Revisions to previous estimates", "124", "24" ], [ "Held for sale", "-", "(195)" ], [ "Asset retirement obligations as of December 31^(a)", "$1,102", "$965" ] ]

[ [ "( in millions )", "2009", "2008" ], [ "asset retirement obligations as of january 1", "$ 965", "$ 1134" ], [ "liabilities incurred including acquisitions", "14", "30" ], [ "liabilities settled", "-65 ( 65 )", "-94 ( 94 )" ], [ "accretion expense ( included in depreciation depletion and amortization )", "64", "66" ], [ "revisions to previous estimates", "124", "24" ], [ "held for sale", "-", "-195 ( 195 )" ], [ "asset retirement obligations as of december 31 ( a )", "$ 1102", "$ 965" ] ]

[ { "arg1": "1102", "arg2": "965", "op": "minus1-1", "res": "137" }, { "arg1": "#0", "arg2": "965", "op": "divide1-2", "res": "14.2%" } ]

[ "american tower corporation and subsidiaries notes to consolidated financial statements the valuation allowance increased from $ 47.8 million as of december 31 , 2009 to $ 48.2 million as of december 31 , 2010 .", "the increase was primarily due to valuation allowances on foreign loss carryforwards .", "at december 31 , 2010 , the company has provided a valuation allowance of approximately $ 48.2 million which primarily relates to state net operating loss carryforwards , equity investments and foreign items .", "the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient taxable income to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period .", "valuation allowances may be reversed if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets 2019 recoverability .", "the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing projections based on its current operations .", "the projections show a significant decrease in depreciation in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period .", "accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions .", "based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized .", "the company 2019s deferred tax assets as of december 31 , 2010 and 2009 in the table above do not include $ 122.1 million and $ 113.9 million , respectively , of excess tax benefits from the exercises of employee stock options that are a component of net operating losses .", "total stockholders 2019 equity as of december 31 , 2010 will be increased by $ 122.1 million if and when any such excess tax benefits are ultimately realized .", "at december 31 , 2010 , the company had net federal and state operating loss carryforwards available to reduce future federal and state taxable income of approximately $ 1.2 billion , including losses related to employee stock options of $ 0.3 billion .", "if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : ." ]

[ "in addition , the company has mexican tax credits of $ 5.2 million which if not utilized would expire in 2017. ." ]

[ [ "Years ended December 31,", "Federal", "State", "Foreign" ], [ "2011 to 2015", "$—", "$—", "$503" ], [ "2016 to 2020", "—", "331,315", "5,509" ], [ "2021 to 2025", "774,209", "576,780", "—" ], [ "2026 to 2030", "423,398", "279,908", "92,412" ], [ "Total", "$1,197,607", "$1,188,003", "$98,424" ] ]

[ [ "years ended december 31,", "federal", "state", "foreign" ], [ "2011 to 2015", "$ 2014", "$ 2014", "$ 503" ], [ "2016 to 2020", "2014", "331315", "5509" ], [ "2021 to 2025", "774209", "576780", "2014" ], [ "2026 to 2030", "423398", "279908", "92412" ], [ "total", "$ 1197607", "$ 1188003", "$ 98424" ] ]

[]

[ "operating income ( loss ) by segment is summarized below: ." ]

[ "the increase in total operating income was driven by the following : 2022 operating income in our north america operating segment decreased $ 52.5 million to $ 408.4 million in 2016 from $ 461.0 million in 2015 primarily due to decreases in gross margin discussed above in the consolidated results of operations and $ 17.0 million in expenses related to the liquidation of the sports authority , comprised of $ 15.2 million in bad debt expense and $ 1.8 million of in-store fixture impairment .", "in addition , this decrease reflects the movement of $ 11.1 million in expenses resulting from a strategic shift in headcount supporting our global business from our connected fitness operating segment to north america .", "this decrease is partially offset by the increases in revenue discussed above in the consolidated results of operations .", "2022 operating income in our emea operating segment increased $ 8.3 million to $ 11.4 million in 2016 from $ 3.1 million in 2015 primarily due to sales growth discussed above and reductions in incentive compensation .", "this increase was offset by investments in sports marketing and infrastructure for future growth .", "2022 operating income in our asia-pacific operating segment increased $ 31.9 million to $ 68.3 million in 2016 from $ 36.4 million in 2015 primarily due to sales growth discussed above and reductions in incentive compensation .", "this increase was offset by investments in our direct-to-consumer business and entry into new territories .", "2022 operating loss in our latin america operating segment increased $ 3.3 million to $ 33.9 million in 2016 from $ 30.6 million in 2015 primarily due to increased investments to support growth in the region and the economic challenges in brazil during the period .", "this increase in operating loss was offset by sales growth discussed above and reductions in incentive compensation .", "2022 operating loss in our connected fitness segment decreased $ 24.5 million to $ 36.8 million in 2016 from $ 61.3 million in 2015 primarily driven by sales growth discussed above .", "seasonality historically , we have recognized a majority of our net revenues and a significant portion of our income from operations in the last two quarters of the year , driven primarily by increased sales volume of our products during the fall selling season , including our higher priced cold weather products , along with a larger proportion of higher margin direct to consumer sales .", "the level of our working capital generally reflects the seasonality and growth in our business .", "we generally expect inventory , accounts payable and certain accrued expenses to be higher in the second and third quarters in preparation for the fall selling season. ." ]

[ [ "", "Year Ended December 31," ], [ "(In thousands)", "2016", "2015", "$ Change", "% Change" ], [ "North America", "$408,424", "$460,961", "$(52,537)", "(11.4)%" ], [ "EMEA", "11,420", "3,122", "8,298", "265.8" ], [ "Asia-Pacific", "68,338", "36,358", "31,980", "88.0" ], [ "Latin America", "(33,891)", "(30,593)", "(3,298)", "10.8" ], [ "Connected Fitness", "(36,820)", "(61,301)", "24,481", "39.9" ], [ "Total operating income", "$417,471", "$408,547", "$8,924", "2.2%" ] ]

[ [ "( in thousands )", "year ended december 31 , 2016", "year ended december 31 , 2015", "year ended december 31 , $ change", "year ended december 31 , % ( % ) change" ], [ "north america", "$ 408424", "$ 460961", "$ -52537 ( 52537 )", "( 11.4 ) % ( % )" ], [ "emea", "11420", "3122", "8298", "265.8" ], [ "asia-pacific", "68338", "36358", "31980", "88.0" ], [ "latin america", "-33891 ( 33891 )", "-30593 ( 30593 )", "-3298 ( 3298 )", "10.8" ], [ "connected fitness", "-36820 ( 36820 )", "-61301 ( 61301 )", "24481", "39.9" ], [ "total operating income", "$ 417471", "$ 408547", "$ 8924", "2.2% ( 2.2 % )" ] ]

[]

[ "customer demand .", "this compared with 555000 tons of total downtime in 2006 of which 150000 tons related to lack-of-orders .", "printing papers in millions 2007 2006 2005 ." ]

[ "north american printing papers net sales in 2007 were $ 3.5 billion compared with $ 4.4 billion in 2006 ( $ 3.5 billion excluding the coated and super- calendered papers business ) and $ 4.8 billion in 2005 ( $ 3.2 billion excluding the coated and super- calendered papers business ) .", "sales volumes decreased in 2007 versus 2006 partially due to reduced production capacity resulting from the conversion of the paper machine at the pensacola mill to the production of lightweight linerboard for our industrial packaging segment .", "average sales price realizations increased significantly , reflecting benefits from price increases announced throughout 2007 .", "lack-of-order downtime declined to 27000 tons in 2007 from 40000 tons in 2006 .", "operating earnings of $ 537 million in 2007 increased from $ 482 million in 2006 ( $ 407 million excluding the coated and supercalendered papers business ) and $ 175 million in 2005 ( $ 74 million excluding the coated and supercalendered papers business ) .", "the benefits from improved average sales price realizations more than offset the effects of higher input costs for wood , energy , and freight .", "mill operations were favorable compared with the prior year due to current-year improvements in machine performance and energy conservation efforts .", "sales volumes for the first quarter of 2008 are expected to increase slightly , and the mix of prod- ucts sold to improve .", "demand for printing papers in north america was steady as the quarter began .", "price increases for cut-size paper and roll stock have been announced that are expected to be effective principally late in the first quarter .", "planned mill maintenance outage costs should be about the same as in the fourth quarter ; however , raw material costs are expected to continue to increase , primarily for wood and energy .", "brazil ian papers net sales for 2007 of $ 850 mil- lion were higher than the $ 495 million in 2006 and the $ 465 million in 2005 .", "compared with 2006 , aver- age sales price realizations improved reflecting price increases for uncoated freesheet paper realized dur- ing the second half of 2006 and the first half of 2007 .", "excluding the impact of the luiz antonio acquisition , sales volumes increased primarily for cut size and offset paper .", "operating profits for 2007 of $ 246 mil- lion were up from $ 122 million in 2006 and $ 134 mil- lion in 2005 as the benefits from higher sales prices and favorable manufacturing costs were only parti- ally offset by higher input costs .", "contributions from the luiz antonio acquisition increased net sales by approximately $ 350 million and earnings by approx- imately $ 80 million in 2007 .", "entering 2008 , sales volumes for uncoated freesheet paper and pulp should be seasonally lower .", "average price realizations should be essentially flat , but mar- gins are expected to reflect a less favorable product mix .", "energy costs , primarily for hydroelectric power , are expected to increase significantly reflecting a lack of rainfall in brazil in the latter part of 2007 .", "european papers net sales in 2007 were $ 1.5 bil- lion compared with $ 1.3 billion in 2006 and $ 1.2 bil- lion in 2005 .", "sales volumes in 2007 were higher than in 2006 at our eastern european mills reflecting stronger market demand and improved efficiencies , but lower in western europe reflecting the closure of the marasquel mill in 2006 .", "average sales price real- izations increased significantly in 2007 in both east- ern and western european markets .", "operating profits of $ 214 million in 2007 increased from a loss of $ 16 million in 2006 and earnings of $ 88 million in 2005 .", "the loss in 2006 reflects the impact of a $ 128 million impairment charge to reduce the carrying value of the fixed assets at the saillat , france mill .", "excluding this charge , the improvement in 2007 compared with 2006 reflects the contribution from higher net sales , partially offset by higher input costs for wood , energy and freight .", "looking ahead to the first quarter of 2008 , sales volumes are expected to be stable in western europe , but seasonally weaker in eastern europe and russia .", "average price realizations are expected to remain about flat .", "wood costs are expected to increase , especially in russia due to strong demand ahead of tariff increases , and energy costs are anticipated to be seasonally higher .", "asian printing papers net sales were approx- imately $ 20 million in 2007 , compared with $ 15 mil- lion in 2006 and $ 10 million in 2005 .", "operating earnings increased slightly in 2007 , but were close to breakeven in all periods .", "u.s .", "market pulp sales in 2007 totaled $ 655 mil- lion compared with $ 510 million and $ 525 million in 2006 and 2005 , respectively .", "sales volumes in 2007 were up from 2006 levels , primarily for paper and ." ]

[ [ "<i>In millions</i>", "2007", "2006", "2005" ], [ "Sales", "$6,530", "$6,700", "$6,980" ], [ "Operating Profit", "$1,101", "$636", "$434" ] ]

[ [ "in millions", "2007", "2006", "2005" ], [ "sales", "$ 6530", "$ 6700", "$ 6980" ], [ "operating profit", "$ 1101", "$ 636", "$ 434" ] ]

[ { "arg1": "4.4", "arg2": "const_1000", "op": "multiply2-1", "res": "4400" }, { "arg1": "#0", "arg2": "6700", "op": "divide2-2", "res": "66%" } ]

[ "table of contents capital deployment program will be subject to market and economic conditions , applicable legal requirements and other relevant factors .", "our capital deployment program does not obligate us to continue a dividend for any fixed period , and payment of dividends may be suspended at any time at our discretion .", "stock performance graph the following stock performance graph and related information shall not be deemed 201csoliciting material 201d or 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filings under the securities act of 1933 or the exchange act , each as amended , except to the extent that we specifically incorporate it by reference into such filing .", "the following stock performance graph compares our cumulative total stockholder return on an annual basis on our common stock with the cumulative total return on the standard and poor 2019s 500 stock index and the amex airline index from december 9 , 2013 ( the first trading day of aag common stock ) through december 31 , 2015 .", "the comparison assumes $ 100 was invested on december 9 , 2013 in aag common stock and in each of the foregoing indices and assumes reinvestment of dividends .", "the stock performance shown on the graph below represents historical stock performance and is not necessarily indicative of future stock price performance. ." ]

[ "purchases of equity securities by the issuer and affiliated purchasers since july 2014 , our board of directors has approved several share repurchase programs aggregating $ 7.0 billion of authority of which , as of december 31 , 2015 , $ 2.4 billion remained unused under repurchase programs ." ]

[ [ "", "12/9/2013", "12/31/2013", "12/31/2014", "12/31/2015" ], [ "American Airlines Group Inc.", "$100", "$103", "$219", "$175" ], [ "Amex Airline Index", "100", "102", "152", "127" ], [ "S&P 500", "100", "102", "114", "113" ] ]

[ [ "", "12/9/2013", "12/31/2013", "12/31/2014", "12/31/2015" ], [ "american airlines group inc .", "$ 100", "$ 103", "$ 219", "$ 175" ], [ "amex airline index", "100", "102", "152", "127" ], [ "s&p 500", "100", "102", "114", "113" ] ]

[ { "arg1": "175", "arg2": "100", "op": "minus2-1", "res": "75" }, { "arg1": "#0", "arg2": "100", "op": "divide2-2", "res": "75%" }, { "arg1": "127", "arg2": "100", "op": "minus2-3", "res": "27" }, { "arg1": "#2", "arg2": "100", "op": "divide2-4", "res": "27%" }, { "arg1": "#1", "arg2": "#3", "op": "minus2-5", "res": "48%" } ]

[ "note 9 .", "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 , 2009 are as follows ( in thousands ) : years ending december 31: ." ]

[ "rental expense for operating leases was approximately $ 57.2 million , $ 49.0 million and $ 26.6 million during the years ended december 31 , 2009 , 2008 and 2007 , 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 , 2009 , the guaranteed residual value would have totaled approximately $ 27.8 million .", "litigation and related contingencies in december 2005 and may 2008 , ford global technologies , llc filed complaints with the international trade commission against us and others alleging that certain aftermarket parts imported into the u.s .", "infringed on ford design patents .", "the parties settled these matters in april 2009 pursuant to a settlement arrangement that expires in september 2011 .", "pursuant to the settlement , we ( and our designees ) became the sole distributor in the united states of aftermarket automotive parts that correspond to ford collision parts that are covered by a united states design patent .", "we have paid ford an upfront fee for these rights and will pay a royalty for each such part we sell .", "the amortization of the upfront fee and the royalty expenses are reflected in cost of goods sold on the accompanying consolidated statements of income .", "we also have certain other 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 .", "note 10 .", "business combinations on october 1 , 2009 , we acquired greenleaf auto recyclers , llc ( 201cgreenleaf 201d ) from ssi for $ 38.8 million , net of cash acquired .", "greenleaf is the entity through which ssi operated its late model automotive parts recycling business .", "we recorded a gain on bargain purchase for the greenleaf acquisition totaling $ 4.3 million , which is ." ]

[ [ "2010", "$55,178" ], [ "2011", "45,275" ], [ "2012", "36,841" ], [ "2013", "30,789" ], [ "2014", "22,094" ], [ "Thereafter", "59,263" ], [ "Future Minimum Lease Payments", "$249,440" ] ]

[ [ "2010", "$ 55178" ], [ "2011", "45275" ], [ "2012", "36841" ], [ "2013", "30789" ], [ "2014", "22094" ], [ "thereafter", "59263" ], [ "future minimum lease payments", "$ 249440" ] ]

[]

[ "during the third quarter ended 30 june 2017 , we recognized a goodwill impairment charge of $ 145.3 and an intangible asset impairment charge of $ 16.8 associated with our lasa reporting unit .", "refer to note 11 , goodwill , and note 12 , intangible assets , for more information related to these charges and the associated fair value measurement methods and significant inputs/assumptions , which were classified as level 3 since unobservable inputs were utilized in the fair value measurements .", "16 .", "debt the tables below summarize our outstanding debt at 30 september 2019 and 2018 : total debt ." ]

[ "( a ) fiscal year 2019 includes the current portion of long-term debt owed to a related party of $ 37.8 .", "( b ) refer to note 7 , acquisitions , for additional information regarding related party debt .", "short-term borrowings short-term borrowings consisted of bank obligations of $ 58.2 and $ 54.3 at 30 september 2019 and 2018 , respectively .", "the weighted average interest rate of short-term borrowings outstanding at 30 september 2019 and 2018 was 3.7% ( 3.7 % ) and 5.0% ( 5.0 % ) , respectively. ." ]

[ [ "30 September", "2019", "2018" ], [ "Short-term borrowings", "$58.2", "$54.3" ], [ "Current portion of long-term debt^(A)(B)", "40.4", "406.6" ], [ "Long-term debt", "2,907.3", "2,967.4" ], [ "Long-term debt – related party^(B)", "320.1", "384.3" ], [ "Total Debt", "$3,326.0", "$3,812.6" ] ]

[ [ "30 september", "2019", "2018" ], [ "short-term borrowings", "$ 58.2", "$ 54.3" ], [ "current portion of long-term debt ( a ) ( b )", "40.4", "406.6" ], [ "long-term debt", "2907.3", "2967.4" ], [ "long-term debt 2013 related party ( b )", "320.1", "384.3" ], [ "total debt", "$ 3326.0", "$ 3812.6" ] ]

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[ "table of contents valero energy corporation notes to consolidated financial statements ( continued ) 11 .", "equity share activity activity in the number of shares of common stock and treasury stock was as follows ( in millions ) : common treasury ." ]

[ "preferred stock we have 20 million shares of preferred stock authorized with a par value of $ 0.01 per share .", "no shares of preferred stock were outstanding as of december 31 , 2018 or 2017 .", "treasury stock we purchase shares of our common stock as authorized under our common stock purchase program ( described below ) and to meet our obligations under employee stock-based compensation plans .", "on july 13 , 2015 , our board of directors authorized us to purchase $ 2.5 billion of our outstanding common stock with no expiration date , and we completed that program during 2017 .", "on september 21 , 2016 , our board of directors authorized our purchase of up to an additional $ 2.5 billion with no expiration date , and we completed that program during 2018 .", "on january 23 , 2018 , our board of directors authorized our purchase of up to an additional $ 2.5 billion ( the 2018 program ) with no expiration date .", "during the years ended december 31 , 2018 , 2017 , and 2016 , we purchased $ 1.5 billion , $ 1.3 billion , and $ 1.3 billion , respectively , of our common stock under our programs .", "as of december 31 , 2018 , we have approval under the 2018 program to purchase approximately $ 2.2 billion of our common stock .", "common stock dividends on january 24 , 2019 , our board of directors declared a quarterly cash dividend of $ 0.90 per common share payable on march 5 , 2019 to holders of record at the close of business on february 13 , 2019 .", "valero energy partners lp units on september 16 , 2016 , vlp entered into an equity distribution agreement pursuant to which vlp offered and sold from time to time their common units having an aggregate offering price of up to $ 350 million based on amounts , at prices , and on terms determined by market conditions and other factors at the time of ." ]

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[ [ "", "commonstock", "treasurystock" ], [ "balance as of december 31 2015", "673", "-200 ( 200 )" ], [ "transactions in connection withstock-based compensation plans", "2014", "1" ], [ "stock purchases under purchase program", "2014", "-23 ( 23 )" ], [ "balance as of december 31 2016", "673", "-222 ( 222 )" ], [ "transactions in connection withstock-based compensation plans", "2014", "1" ], [ "stock purchases under purchase programs", "2014", "-19 ( 19 )" ], [ "balance as of december 31 2017", "673", "-240 ( 240 )" ], [ "stock purchases under purchase programs", "2014", "-16 ( 16 )" ], [ "balance as of december 31 2018", "673", "-256 ( 256 )" ] ]

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[ "note 8 .", "acquisitions during fiscal 2017 , cadence completed two business combinations for total cash consideration of $ 142.8 million , after taking into account cash acquired of $ 4.2 million .", "the total purchase consideration was allocated to the assets acquired and liabilities assumed based on their respective estimated fair values on the acquisition dates .", "cadence recorded a total of $ 76.4 million of acquired intangible assets ( of which $ 71.5 million represents in-process technology ) , $ 90.2 million of goodwill and $ 19.6 million of net liabilities consisting primarily of deferred tax liabilities .", "cadence will also make payments to certain employees , subject to continued employment and other performance-based conditions , through the fourth quarter of fiscal 2020 .", "during fiscal 2016 , cadence completed two business combinations for total cash consideration of $ 42.4 million , after taking into account cash acquired of $ 1.8 million .", "the total purchase consideration was allocated to the assets acquired and liabilities assumed based on their respective estimated fair values on the acquisition dates .", "cadence recorded a total of $ 23.6 million of goodwill , $ 23.2 million of acquired intangible assets and $ 2.6 million of net liabilities consisting primarily of deferred revenue .", "cadence will also make payments to certain employees , subject to continued employment and other conditions , through the second quarter of fiscal a trust for the benefit of the children of lip-bu tan , cadence 2019s chief executive officer ( 201cceo 201d ) and director , owned less than 3% ( 3 % ) of nusemi inc , one of the companies acquired in 2017 , and less than 2% ( 2 % ) of rocketick technologies ltd. , one of the companies acquired in 2016 .", "mr .", "tan and his wife serve as co-trustees of the trust and disclaim pecuniary and economic interest in the trust .", "the board of directors of cadence reviewed the transactions and concluded that it was in the best interests of cadence to proceed with the transactions .", "mr .", "tan recused himself from the board of directors 2019 discussion of the valuation of nusemi inc and rocketick technologies ltd .", "and on whether to proceed with the transactions .", "acquisition-related transaction costs there were no direct transaction costs associated with acquisitions during fiscal 2018 .", "transaction costs associated with acquisitions were $ 0.6 million and $ 1.1 million during fiscal 2017 and 2016 , respectively .", "these costs consist of professional fees and administrative costs and were expensed as incurred in cadence 2019s consolidated income statements .", "note 9 .", "goodwill and acquired intangibles goodwill the changes in the carrying amount of goodwill during fiscal 2018 and 2017 were as follows : gross carrying amount ( in thousands ) ." ]

[ "cadence completed its annual goodwill impairment test during the third quarter of fiscal 2018 and determined that the fair value of cadence 2019s single reporting unit substantially exceeded the carrying amount of its net assets and that no impairment existed. ." ]

[ [ "", "Gross CarryingAmount (In thousands)" ], [ "Balance as of December 31, 2016", "$572,764" ], [ "Goodwill resulting from acquisitions", "90,218" ], [ "Effect of foreign currency translation", "3,027" ], [ "Balance as of December 30, 2017", "666,009" ], [ "Effect of foreign currency translation", "(3,737)" ], [ "Balance as of December 29, 2018", "$662,272" ] ]

[ [ "", "gross carryingamount ( in thousands )" ], [ "balance as of december 31 2016", "$ 572764" ], [ "goodwill resulting from acquisitions", "90218" ], [ "effect of foreign currency translation", "3027" ], [ "balance as of december 30 2017", "666009" ], [ "effect of foreign currency translation", "-3737 ( 3737 )" ], [ "balance as of december 29 2018", "$ 662272" ] ]

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[ "the target awards for the other named executive officers were set as follows : joseph f .", "domino , ceo - entergy texas ( 50% ( 50 % ) ) ; hugh t .", "mcdonald , ceo - entergy arkansas ( 50% ( 50 % ) ) ; haley fisackerly , ceo - entergy mississippi ( 40% ( 40 % ) ) ; william m .", "mohl ( 60% ( 60 % ) ) , ceo - entergy gulf states and entergy louisiana ; charles l .", "rice , jr .", "( 40% ( 40 % ) ) , ceo - entergy new orleans and theodore h .", "bunting , jr .", "- principal accounting officer - the subsidiaries ( 60% ( 60 % ) ) .", "the target awards for the named executive officers ( other than entergy named executive officers ) were set by their respective supervisors ( subject to ultimate approval of entergy 2019s chief executive officer ) who allocated a potential incentive pool established by the personnel committee among various of their direct and indirect reports .", "in setting the target awards , the supervisor took into account considerations similar to those used by the personnel committee in setting the target awards for entergy 2019s named executive officers .", "target awards are set based on an executive officer 2019s current position and executive management level within the entergy organization .", "executive management levels at entergy range from level 1 thorough level 4 .", "mr .", "denault and mr .", "taylor hold positions in level 2 whereas mr .", "bunting and mr .", "mohl hold positions in level 3 and mr .", "domino , mr .", "fisackerly , mr .", "mcdonald and mr .", "rice hold positions in level 4 .", "accordingly , their respective incentive targets differ one from another based on the external market data developed by the committee 2019s independent compensation consultant and the other factors noted above .", "in december 2010 , the committee determined the executive incentive plan targets to be used for purposes of establishing annual bonuses for 2011 .", "the committee 2019s determination of the target levels was made after full board review of management 2019s 2011 financial plan for entergy corporation , upon recommendation of the finance committee , and after the committee 2019s determination that the established targets aligned with entergy corporation 2019s anticipated 2011 financial performance as reflected in the financial plan .", "the targets established to measure management performance against as reported results were: ." ]

[ "operating cash flow ( $ in billions ) in january 2012 , after reviewing earnings per share and operating cash flow results against the performance objectives in the above table , the committee determined that entergy corporation had exceeded as reported earnings per share target of $ 6.60 by $ 0.95 in 2011 while falling short of the operating cash flow goal of $ 3.35 billion by $ 221 million in 2011 .", "in accordance with the terms of the annual incentive plan , in january 2012 , the personnel committee certified the 2012 entergy achievement multiplier at 128% ( 128 % ) of target .", "under the terms of the management effectiveness program , the entergy achievement multiplier is automatically increased by 25 percent for the members of the office of the chief executive if the pre- established underlying performance goals established by the personnel committee are satisfied at the end of the performance period , subject to the personnel committee's discretion to adjust the automatic multiplier downward or eliminate it altogether .", "in accordance with section 162 ( m ) of the internal revenue code , the multiplier which entergy refers to as the management effectiveness factor is intended to provide the committee a mechanism to take into consideration specific achievement factors relating to the overall performance of entergy corporation .", "in january 2012 , the committee eliminated the management effectiveness factor with respect to the 2011 incentive awards , reflecting the personnel committee's determination that the entergy achievement multiplier , in and of itself without the management effectiveness factor , was consistent with the performance levels achieved by management .", "the annual incentive awards for the named executive officers ( other than mr .", "leonard , mr .", "denault and mr .", "taylor ) are awarded from an incentive pool approved by the committee .", "from this pool , each named executive officer 2019s supervisor determines the annual incentive payment based on the entergy achievement multiplier .", "the supervisor has the discretion to increase or decrease the multiple used to determine an incentive award based on individual and business unit performance .", "the incentive awards are subject to the ultimate approval of entergy 2019s chief executive officer. ." ]

[ [ "", "Minimum", "Target", "Maximum" ], [ "Earnings Per Share ($)", "$6.10", "$6.60", "$7.10" ], [ "Operating Cash Flow($ in Billions)", "$2.97", "$3.35", "$3.70" ] ]

[ [ "", "minimum", "target", "maximum" ], [ "earnings per share ( $ )", "$ 6.10", "$ 6.60", "$ 7.10" ], [ "operating cash flow ( $ in billions )", "$ 2.97", "$ 3.35", "$ 3.70" ] ]

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[ "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: ." ]

[ "( 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. ." ]

[ [ "(in millions)", "2019", "2020 - 2021", "2022 - 2023", "Thereafter", "Total" ], [ "Long-term debt, including interest⁽¹⁾", "$508", "$1,287", "$3,257", "$8,167", "$13,219" ], [ "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⁾", "—", "—", "—", "—", "—" ], [ "Benefit obligations⁽⁴⁾", "25", "27", "29", "81", "162" ], [ "Uncertain income tax positions⁽⁵⁾", "17", "—", "—", "—", "17" ], [ "Total", "$1,023", "$2,047", "$3,595", "$8,379", "$15,044" ] ]

[ [ "( 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" ] ]

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[ "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 91% ( 91 % ) and 86% ( 86 % ) as of december 31 , 2014 and 2013 , 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 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 , 2014 .", "we had $ 1667.2 of cash , cash equivalents and marketable securities as of december 31 , 2014 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 2014 and 2013 , we had interest income of $ 27.4 and $ 24.7 , respectively .", "based on our 2014 results , a 100-basis-point increase or decrease in interest rates would affect our interest income by approximately $ 16.7 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2014 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 primary foreign currencies that impacted our results during 2014 included the argentine peso , australian dollar , brazilian real and british pound sterling .", "based on 2014 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 2014 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 have not entered into a material amount of foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates. ." ]

[ [ "", "Increase/(Decrease)in Fair Market Value" ], [ "As of December 31,", "10% Increasein Interest Rates", "10% Decreasein Interest Rates" ], [ "2014", "$(35.5)", "$36.6" ], [ "2013", "(26.9)", "27.9" ] ]

[ [ "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" ], [ "2014", "$ -35.5 ( 35.5 )", "$ 36.6" ], [ "2013", "-26.9 ( 26.9 )", "27.9" ] ]

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[ "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 ticona llc ( 45% ( 45 % ) ownership and a wholly-owned subsidiary of cna holdings llc ) .", "polyplastics is a producer and marketer of pom and lcp , with principal production facilities located in japan , taiwan , malaysia and china .", "fortron industries llc .", "fortron is a leading global producer of polyphenylene sulfide ( \"pps\" ) , 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 .", "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 % ) ) .", "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 ownership interest in three separate acetate production ventures in china as follows : nantong cellulose fibers co .", "ltd .", "( 31% ( 31 % ) ) , kunming cellulose fibers co .", "ltd .", "( 30% ( 30 % ) ) and zhuhai cellulose fibers co .", "ltd .", "( 30% ( 30 % ) ) .", "the china national tobacco corporation , the chinese state-owned tobacco entity , controls the remaining ownership interest in each of these ventures .", "our chinese acetate ventures fund their operations using operating cash flow and pay a dividend in the second quarter of each fiscal year based on the ventures' performance for the preceding year .", "in 2012 , 2011 and 2010 , we received cash dividends of $ 83 million , $ 78 million and $ 71 million , respectively .", "during 2012 , our venture's nantong facility completed an expansion of its acetate flake and acetate tow capacity , each by 30000 tons .", "we made contributions of $ 29 million over three years related to the capacity expansion in nantong .", "similar expansions since the ventures were formed have led to earnings growth and increased dividends for the company .", "according to the euromonitor database services , china is estimated to have a 42% ( 42 % ) share of the world's 2011 cigarette consumption and is the fastest growing area for cigarette consumption at an estimated growth rate of 3.5% ( 3.5 % ) per year from 2011 through 2016 .", "combined , these ventures are a leader in chinese domestic acetate production and we believe we are well positioned to supply chinese cigarette producers .", "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 ( \"us gaap\" ) .", "2022 other equity method investments infraservs .", "we hold indirect ownership interests in several german infraserv groups that own and develop industrial parks and provide on-site general and administrative support to tenants .", "our ownership interest in the equity investments in infraserv ventures are as follows : as of december 31 , 2012 ( in percentages ) ." ]

[ "raw materials and energy we purchase a variety of raw materials and energy from sources in many countries for use in our production processes .", "we have a policy of maintaining , when available , multiple sources of supply for materials .", "however , some of our individual plants may have single sources of supply for some of their raw materials , such as carbon monoxide , steam and acetaldehyde .", "although we have been able to obtain sufficient supplies of raw materials , there can be no assurance that unforeseen developments will not affect our raw material supply .", "even if we have multiple sources of supply for a raw material , there can be no assurance that these sources can make up for the loss of a major supplier .", "it is also possible profitability will be adversely affected if we are required to qualify additional sources of supply to our specifications in the event of the loss of a sole supplier .", "in addition , the price of raw materials varies , often substantially , from year to year. ." ]

[ [ "", "As of December 31, 2012 (In percentages)" ], [ "InfraServ GmbH & Co. Gendorf KG", "39" ], [ "InfraServ GmbH & Co. Knapsack KG", "27" ], [ "InfraServ GmbH & Co. Hoechst KG", "32" ] ]

[ [ "", "as of december 31 2012 ( in percentages )" ], [ "infraserv gmbh & co . gendorf kg", "39" ], [ "infraserv gmbh & co . knapsack kg", "27" ], [ "infraserv gmbh & co . hoechst kg", "32" ] ]

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[ "during fiscal 2013 , we entered into an asr with a financial institution to repurchase an aggregate of $ 125 million of our common stock .", "in exchange for an up-front payment of $ 125 million , the financial institution committed to deliver a number of shares during the asr 2019s purchase period , which ended on march 30 , 2013 .", "the total number of shares delivered under this asr was 2.5 million at an average price of $ 49.13 per share .", "during fiscal 2013 , in addition to shares repurchased under the asr , we repurchased and retired 1.1 million shares of our common stock at a cost of $ 50.3 million , or an average of $ 44.55 per share , including commissions .", "note 10 2014share-based awards and options non-qualified stock options and restricted stock have been granted to officers , key employees and directors under the global payments inc .", "2000 long-term incentive plan , as amended and restated ( the 201c2000 plan 201d ) , the global payments inc .", "amended and restated 2005 incentive plan ( the 201c2005 plan 201d ) , the amended and restated 2000 non-employee director stock option plan ( the 201cdirector stock option plan 201d ) , and the global payments inc .", "2011 incentive plan ( the 201c2011 plan 201d ) ( collectively , the 201cplans 201d ) .", "there were no further grants made under the 2000 plan after the 2005 plan was effective , and the director stock option plan expired by its terms on february 1 , 2011 .", "there will be no future grants under the 2000 plan , the 2005 plan or the director stock option the 2011 plan permits grants of equity to employees , officers , directors and consultants .", "a total of 7.0 million shares of our common stock was reserved and made available for issuance pursuant to awards granted under the 2011 plan .", "the following table summarizes share-based compensation expense and the related income tax benefit recognized for stock options , restricted stock , performance units , tsr units , and shares issued under our employee stock purchase plan ( each as described below ) .", "2015 2014 2013 ( in millions ) ." ]

[ "we grant various share-based awards pursuant to the plans under what we refer to as our 201clong-term incentive plan . 201d the awards are held in escrow and released upon the grantee 2019s satisfaction of conditions of the award certificate .", "restricted stock and restricted stock units we grant restricted stock and restricted stock units .", "restricted stock awards vest over a period of time , provided , however , that if the grantee is not employed by us on the vesting date , the shares are forfeited .", "restricted shares cannot be sold or transferred until they have vested .", "restricted stock granted before fiscal 2015 vests in equal installments on each of the first four anniversaries of the grant date .", "restricted stock granted during fiscal 2015 will either vest in equal installments on each of the first three anniversaries of the grant date or cliff vest at the end of a three-year service period .", "the grant date fair value of restricted stock , which is based on the quoted market value of our common stock at the closing of the award date , is recognized as share-based compensation expense on a straight-line basis over the vesting period .", "performance units certain of our executives have been granted up to three types of performance units under our long-term incentive plan .", "performance units are performance-based restricted stock units that , after a performance period , convert into common shares , which may be restricted .", "the number of shares is dependent upon the achievement of certain performance measures during the performance period .", "the target number of performance units and any market-based performance measures ( 201cat threshold , 201d 201ctarget , 201d and 201cmaximum 201d ) are set by the compensation committee of our board of directors .", "performance units are converted only after the compensation committee certifies performance based on pre-established goals .", "80 2013 global payments inc .", "| 2015 form 10-k annual report ." ]

[ [ "", "2015", "2014 (in millions)", "2013" ], [ "Share-based compensation expense", "$21.1", "$29.8", "$18.4" ], [ "Income tax benefit", "$(6.9)", "$(7.1)", "$(5.6)" ] ]

[ [ "", "2015", "2014 ( in millions )", "2013" ], [ "share-based compensation expense", "$ 21.1", "$ 29.8", "$ 18.4" ], [ "income tax benefit", "$ -6.9 ( 6.9 )", "$ -7.1 ( 7.1 )", "$ -5.6 ( 5.6 )" ] ]

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[ "through current cash balances and cash from oper- ations .", "additionally , the company has existing credit facilities totaling $ 2.5 billion .", "the company was in compliance with all its debt covenants at december 31 , 2012 .", "the company 2019s financial covenants require the maintenance of a minimum net worth of $ 9 billion and a total debt-to- capital ratio of less than 60% ( 60 % ) .", "net worth is defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock plus any cumulative goodwill impairment charges .", "the calcu- lation also excludes accumulated other compre- hensive income/loss and nonrecourse financial liabilities of special purpose entities .", "the total debt- to-capital ratio is defined as total debt divided by the sum of total debt plus net worth .", "at december 31 , 2012 , international paper 2019s net worth was $ 13.9 bil- lion , and the total-debt-to-capital ratio was 42% ( 42 % ) .", "the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows .", "funding decisions will be guided by our capi- tal structure planning objectives .", "the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense .", "the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors .", "maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy .", "at december 31 , 2012 , the company held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) by s&p and moody 2019s , respectively .", "contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2012 , were as follows: ." ]

[ "( a ) total debt includes scheduled principal payments only .", "( b ) represents debt obligations borrowed from non-consolidated variable interest entities for which international paper has , and intends to effect , a legal right to offset these obligations with investments held in the entities .", "accordingly , in its con- solidated balance sheet at december 31 , 2012 , international paper has offset approximately $ 5.2 billion of interests in the entities against this $ 5.2 billion of debt obligations held by the entities ( see note 11 variable interest entities and preferred securities of subsidiaries on pages 69 through 72 in item 8 .", "financial statements and supplementary data ) .", "( c ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forest- land sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business .", "( d ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax bene- fits of approximately $ 620 million .", "we consider the undistributed earnings of our for- eign subsidiaries as of december 31 , 2012 , to be indefinitely reinvested and , accordingly , no u.s .", "income taxes have been provided thereon .", "as of december 31 , 2012 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 840 million .", "we do not anticipate the need to repatriate funds to the united states to sat- isfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs asso- ciated with our domestic debt service requirements .", "pension obligations and funding at december 31 , 2012 , the projected benefit obliga- tion for the company 2019s u.s .", "defined benefit plans determined under u.s .", "gaap was approximately $ 4.1 billion higher than the fair value of plan assets .", "approximately $ 3.7 billion of this amount relates to plans that are subject to minimum funding require- ments .", "under current irs funding rules , the calcu- lation of minimum funding requirements differs from the calculation of the present value of plan benefits ( the projected benefit obligation ) for accounting purposes .", "in december 2008 , the worker , retiree and employer recovery act of 2008 ( wera ) was passed by the u.s .", "congress which provided for pension funding relief and technical corrections .", "funding contributions depend on the funding method selected by the company , and the timing of its implementation , as well as on actual demo- graphic data and the targeted funding level .", "the company continually reassesses the amount and timing of any discretionary contributions and elected to make voluntary contributions totaling $ 44 million and $ 300 million for the years ended december 31 , 2012 and 2011 , respectively .", "at this time , we expect that required contributions to its plans in 2013 will be approximately $ 31 million , although the company may elect to make future voluntary contributions .", "the timing and amount of future contributions , which could be material , will depend on a number of factors , including the actual earnings and changes in values of plan assets and changes in interest rates .", "ilim holding s.a .", "shareholder 2019s agreement in october 2007 , in connection with the for- mation of the ilim holding s.a .", "joint venture , international paper entered into a share- holder 2019s agreement that includes provisions relating to the reconciliation of disputes among the partners .", "this agreement provides that at ." ]

[ [ "In millions", "2013", "2014", "2015", "2016", "2017", "Thereafter" ], [ "Maturities of long-term debt (a)", "$444", "$708", "$479", "$571", "$216", "$7,722" ], [ "Debt obligations with right of offset (b)", "—", "—", "—", "5,173", "—", "—" ], [ "Lease obligations", "198", "136", "106", "70", "50", "141" ], [ "Purchase obligations (c)", "3,213", "828", "722", "620", "808", "2,654" ], [ "Total (d)", "$3,855", "$1,672", "$1,307", "$6,434", "$1,074", "$10,517" ] ]

[ [ "in millions", "2013", "2014", "2015", "2016", "2017", "thereafter" ], [ "maturities of long-term debt ( a )", "$ 444", "$ 708", "$ 479", "$ 571", "$ 216", "$ 7722" ], [ "debt obligations with right of offset ( b )", "2014", "2014", "2014", "5173", "2014", "2014" ], [ "lease obligations", "198", "136", "106", "70", "50", "141" ], [ "purchase obligations ( c )", "3213", "828", "722", "620", "808", "2654" ], [ "total ( d )", "$ 3855", "$ 1672", "$ 1307", "$ 6434", "$ 1074", "$ 10517" ] ]

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[ "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 ) : ." ]

[ "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. ." ]

[ [ "Operating rental properties", "$602,011" ], [ "Undeveloped land", "154,300" ], [ "Total real estate investments", "756,311" ], [ "Other assets", "10,478" ], [ "Lease related intangible assets", "86,047" ], [ "Goodwill", "14,722" ], [ "Total assets acquired", "867,558" ], [ "Debt assumed", "(148,527)" ], [ "Other liabilities assumed", "(5,829)" ], [ "Purchase price, net of assumed liabilities", "$713,202" ] ]

[ [ "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" ] ]

[]

[ "table of contents ( 2 ) includes capitalized lease obligations of $ 3.2 million and $ 0.1 million as of december 31 , 2015 and 2014 , respectively , which are included in other liabilities on the consolidated balance sheet .", "( 3 ) ebitda is defined as consolidated net income before interest expense , income tax expense , depreciation and amortization .", "adjusted ebitda , which is a measure defined in our credit agreements , means ebitda adjusted for certain items which are described in the table below .", "we have included a reconciliation of ebitda and adjusted ebitda in the table below .", "both ebitda and adjusted ebitda are considered non-gaap financial measures .", "generally , a non-gaap financial measure is a numerical measure of a company 2019s performance , financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with gaap .", "non-gaap measures used by us may differ from similar measures used by other companies , even when similar terms are used to identify such measures .", "we believe that ebitda and adjusted ebitda provide helpful information with respect to our operating performance and cash flows including our ability to meet our future debt service , capital expenditures and working capital requirements .", "adjusted ebitda is also the primary measure used in certain key covenants and definitions contained in the credit agreement governing our senior secured term loan facility ( 201cterm loan 201d ) , including the excess cash flow payment provision , the restricted payment covenant and the net leverage ratio .", "these covenants and definitions are material components of the term loan as they are used in determining the interest rate applicable to the term loan , our ability to make certain investments , incur additional debt , and make restricted payments , such as dividends and share repurchases , as well as whether we are required to make additional principal prepayments on the term loan beyond the quarterly amortization payments .", "for further details regarding the term loan , see note 8 ( long-term debt ) to the accompanying consolidated financial statements .", "the following unaudited table sets forth reconciliations of net income to ebitda and ebitda to adjusted ebitda for the periods presented: ." ]

[ "net loss on extinguishment of long-term debt ( a ) 24.3 90.7 64.0 17.2 118.9 loss ( income ) from equity investments ( b ) 10.1 ( 2.2 ) ( 0.6 ) ( 0.3 ) ( 0.1 ) acquisition and integration expenses ( c ) 10.2 2014 2014 2014 2014 gain on remeasurement of equity investment ( d ) ( 98.1 ) 2014 2014 2014 2014 other adjustments ( e ) 6.9 9.2 82.7 23.9 21.6 adjusted ebitda ( f ) $ 1018.5 $ 907.0 $ 808.5 $ 766.6 $ 717.3 ( a ) during the years ended december 31 , 2015 , 2014 , 2013 , 2012 , and 2011 , we recorded net losses on extinguishments of long-term debt .", "the losses represented the difference between the amount paid upon extinguishment , including call premiums and expenses paid to the debt holders and agents , and the net carrying amount of the extinguished debt , adjusted for a portion of the unamortized deferred financing costs .", "( b ) represents our share of net income/loss from our equity investments .", "our 35% ( 35 % ) share of kelway 2019s net loss includes our 35% ( 35 % ) share of an expense related to certain equity awards granted by one of the sellers to kelway coworkers in july 2015 prior to the acquisition .", "( c ) primarily includes expenses related to the acquisition of kelway .", "( d ) represents the gain resulting from the remeasurement of our previously held 35% ( 35 % ) equity investment to fair value upon the completion of the acquisition of kelway. ." ]

[ [ "", "Years Ended December 31," ], [ "(in millions)", "2015", "2014", "2013", "2012", "2011" ], [ "Net income", "$403.1", "$244.9", "$132.8", "$119.0", "$17.1" ], [ "Depreciation and amortization", "227.4", "207.9", "208.2", "210.2", "204.9" ], [ "Income tax expense", "243.9", "142.8", "62.7", "67.1", "11.2" ], [ "Interest expense, net", "159.5", "197.3", "250.1", "307.4", "324.2" ], [ "EBITDA", "1,033.9", "792.9", "653.8", "703.7", "557.4" ], [ "Non-cash equity-based compensation", "31.2", "16.4", "8.6", "22.1", "19.5" ], [ "Net loss on extinguishment of long-term debt^(a)", "24.3", "90.7", "64.0", "17.2", "118.9" ], [ "Loss (income) from equity investments^(b)", "10.1", "(2.2)", "(0.6)", "(0.3)", "(0.1)" ], [ "Acquisition and integration expenses^(c)", "10.2", "—", "—", "—", "—" ], [ "Gain on remeasurement of equity investment^(d)", "(98.1)", "—", "—", "—", "—" ], [ "Other adjustments^(e)", "6.9", "9.2", "82.7", "23.9", "21.6" ], [ "Adjusted EBITDA^(f)", "$1,018.5", "$907.0", "$808.5", "$766.6", "$717.3" ] ]

[ [ "( in millions )", "years ended december 31 , 2015", "years ended december 31 , 2014", "years ended december 31 , 2013", "years ended december 31 , 2012", "years ended december 31 , 2011" ], [ "net income", "$ 403.1", "$ 244.9", "$ 132.8", "$ 119.0", "$ 17.1" ], [ "depreciation and amortization", "227.4", "207.9", "208.2", "210.2", "204.9" ], [ "income tax expense", "243.9", "142.8", "62.7", "67.1", "11.2" ], [ "interest expense net", "159.5", "197.3", "250.1", "307.4", "324.2" ], [ "ebitda", "1033.9", "792.9", "653.8", "703.7", "557.4" ], [ "non-cash equity-based compensation", "31.2", "16.4", "8.6", "22.1", "19.5" ], [ "net loss on extinguishment of long-term debt ( a )", "24.3", "90.7", "64.0", "17.2", "118.9" ], [ "loss ( income ) from equity investments ( b )", "10.1", "-2.2 ( 2.2 )", "-0.6 ( 0.6 )", "-0.3 ( 0.3 )", "-0.1 ( 0.1 )" ], [ "acquisition and integration expenses ( c )", "10.2", "2014", "2014", "2014", "2014" ], [ "gain on remeasurement of equity investment ( d )", "-98.1 ( 98.1 )", "2014", "2014", "2014", "2014" ], [ "other adjustments ( e )", "6.9", "9.2", "82.7", "23.9", "21.6" ], [ "adjusted ebitda ( f )", "$ 1018.5", "$ 907.0", "$ 808.5", "$ 766.6", "$ 717.3" ] ]

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[ "aeronautics 2019 operating profit for 2011 increased $ 132 million , or 9% ( 9 % ) , compared to 2010 .", "the increase primarily was attributable to approximately $ 115 million of higher operating profit on c-130 programs due to increased volume and the retirement of risks ; increased volume and risk retirements on f-16 programs of about $ 50 million and c-5 programs of approximately $ 20 million ; and about $ 70 million due to risk retirements on other aeronautics sustainment activities in 2011 .", "these increases partially were offset by a decline in operating profit of approximately $ 75 million on the f-22 program and f-35 development contract primarily due to lower volume and about $ 55 million on other programs , including f-35 lrip , primarily due to lower profit rate adjustments in 2011 compared to 2010 .", "adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 90 million higher in 2011 compared to 2010 .", "backlog backlog decreased in 2012 compared to 2011 mainly due to lower orders on f-35 contracts and c-130 programs , partially offset by higher orders on f-16 programs .", "backlog increased in 2011 compared to 2010 mainly due to higher orders on f-35 contracts , which partially were offset by higher sales volume on the c-130 programs .", "trends we expect aeronautics will experience a mid single digit percentage range decline in net sales for 2013 as compared to 2012 .", "a decrease in net sales from a decline in f-16 and c-130j aircraft deliveries is expected to be partially offset by an increase in net sales volume on f-35 lrip contracts .", "operating profit is projected to decrease at a high single digit percentage range from 2012 levels due to the expected decline in net sales as well as changes in aircraft mix , resulting in a slight decline in operating margins between the years .", "information systems & global solutions our is&gs business segment provides management services , integrated information technology solutions , and advanced technology systems and expertise 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 continuing downturn in the federal information technology budgets and the impact of the continuing resolution that was effective on october 1 , 2012 , the start of the u.s .", "government 2019s fiscal year .", "is&gs 2019 operating results included the following ( in millions ) : ." ]

[ "2012 compared to 2011 is&gs 2019 net sales for 2012 decreased $ 535 million , or 6% ( 6 % ) , compared to 2011 .", "the decrease was attributable to lower net sales of approximately $ 485 million due to the substantial completion of various programs during 2011 ( primarily jtrs ; odin ; and u.k .", "census ) ; and about $ 255 million due to lower volume on numerous other programs ( primarily hanford ; warfighter information network-tactical ( win-t ) ; command , control , battle management and communications ( c2bmc ) ; and transportation worker identification credential ( twic ) ) .", "partially offsetting the decreases were higher net sales of approximately $ 140 million from qtc , which was acquired early in the fourth quarter of 2011 ; and about $ 65 million from increased activity on numerous other programs , primarily federal cyber security programs and persistent threat detection system ( ptds ) operational support .", "is&gs 2019 operating profit for 2012 decreased $ 66 million , or 8% ( 8 % ) , compared to 2011 .", "the decrease was attributable to lower operating profit of approximately $ 50 million due to the favorable impact of the odin contract completion in 2011 ; about $ 25 million due to an increase in reserves for performance issues related to an international airborne surveillance system in 2012 ; and approximately $ 20 million due to lower volume on certain programs ( primarily c2bmc and win-t ) .", "partially offsetting the decreases was an increase in operating profit due to higher risk retirements of approximately $ 15 million from the twic program ; and about $ 10 million due to increased activity on numerous other programs , primarily federal cyber security programs and ptds operational support .", "operating profit for the jtrs program was comparable as a decrease in volume was offset by a decrease in reserves .", "adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 20 million higher for 2012 compared to 2011. ." ]

[ [ "", "2012", "2011", "2010" ], [ "Net sales", "$8,846", "$9,381", "$9,921" ], [ "Operating profit", "808", "874", "814" ], [ "Operating margins", "9.1%", "9.3%", "8.2%" ], [ "Backlog at year-end", "8,700", "9,300", "9,700" ] ]

[ [ "", "2012", "2011", "2010" ], [ "net sales", "$ 8846", "$ 9381", "$ 9921" ], [ "operating profit", "808", "874", "814" ], [ "operating margins", "9.1% ( 9.1 % )", "9.3% ( 9.3 % )", "8.2% ( 8.2 % )" ], [ "backlog at year-end", "8700", "9300", "9700" ] ]

[ { "arg1": "9381", "arg2": "9921", "op": "minus2-1", "res": "-540" }, { "arg1": "#0", "arg2": "9921", "op": "divide2-2", "res": "-5.4%" } ]

[ "the following table summarizes the changes in the company 2019s valuation allowance: ." ]

[ "included in 2013 is a discrete tax benefit totaling $ 2979 associated with an entity re-organization within the company 2019s market-based segment that allowed for the utilization of state net operating loss carryforwards and the release of an associated valuation allowance .", "note 14 : employee benefits pension and other postretirement benefits the company maintains noncontributory defined benefit pension plans covering eligible employees of its regulated utility and shared services operations .", "benefits under the plans are based on the employee 2019s years of service and compensation .", "the pension plans have been closed for all employees .", "the pension plans were closed for most employees hired on or after january 1 , 2006 .", "union employees hired on or after january 1 , 2001 had their accrued benefit frozen and will be able to receive this benefit as a lump sum upon termination or retirement .", "union employees hired on or after january 1 , 2001 and non-union employees hired on or after january 1 , 2006 are provided with a 5.25% ( 5.25 % ) of base pay defined contribution plan .", "the company does not participate in a multiemployer plan .", "the company 2019s pension funding practice is to contribute at least the greater of the minimum amount required by the employee retirement income security act of 1974 or the normal cost .", "further , the company will consider additional contributions if needed to avoid 201cat risk 201d status and benefit restrictions under the pension protection act of 2006 .", "the company may also consider increased contributions , based on other financial requirements and the plans 2019 funded position .", "pension plan assets are invested in a number of actively managed and indexed investments including equity and bond mutual funds , fixed income securities , guaranteed interest contracts with insurance companies and real estate investment trusts ( 201creits 201d ) .", "pension expense in excess of the amount contributed to the pension plans is deferred by certain regulated subsidiaries pending future recovery in rates charged for utility services as contributions are made to the plans .", "( see note 6 ) the company also has unfunded noncontributory supplemental non-qualified pension plans that provide additional retirement benefits to certain employees .", "the company maintains other postretirement benefit plans providing varying levels of medical and life insurance to eligible retirees .", "the retiree welfare plans are closed for union employees hired on or after january 1 , 2006 .", "the plans had previously closed for non-union employees hired on or after january 1 , 2002 .", "the company 2019s policy is to fund other postretirement benefit costs for rate-making purposes .", "assets of the plans are invested in equity mutual funds , bond mutual funds and fixed income securities. ." ]

[ [ "Balance at January 1, 2011", "$23,788" ], [ "Increases in current period tax positions", "1,525" ], [ "Decreases in current period tax positions", "(3,734)" ], [ "Balance at December 31, 2011", "$21,579" ], [ "Increases in current period tax positions", "0" ], [ "Decreases in current period tax positions", "(2,059)" ], [ "Balance at December 31, 2012", "$19,520" ], [ "Increases in current period tax positions", "0" ], [ "Decreases in current period tax positions", "(5,965)" ], [ "Balance at December 31, 2013", "$13,555" ] ]

[ [ "balance at january 1 2011", "$ 23788" ], [ "increases in current period tax positions", "1525" ], [ "decreases in current period tax positions", "-3734 ( 3734 )" ], [ "balance at december 31 2011", "$ 21579" ], [ "increases in current period tax positions", "0" ], [ "decreases in current period tax positions", "-2059 ( 2059 )" ], [ "balance at december 31 2012", "$ 19520" ], [ "increases in current period tax positions", "0" ], [ "decreases in current period tax positions", "-5965 ( 5965 )" ], [ "balance at december 31 2013", "$ 13555" ] ]

[]

[ "notes to consolidated financial statements 161 fifth third bancorp as of december 31 , 2012 ( $ in millions ) significant unobservable ranges of financial instrument fair value valuation technique inputs inputs weighted-average commercial loans held for sale $ 9 appraised value appraised value nm nm cost to sell nm 10.0% ( 10.0 % ) commercial and industrial loans 83 appraised value default rates 100% ( 100 % ) nm collateral value nm nm commercial mortgage loans 46 appraised value default rates 100% ( 100 % ) nm collateral value nm nm commercial construction loans 4 appraised value default rates 100% ( 100 % ) nm collateral value nm nm msrs 697 discounted cash flow prepayment speed 0 - 100% ( 100 % ) ( fixed ) 16.1% ( 16.1 % ) ( adjustable ) 26.9% ( 26.9 % ) discount rates 9.4 - 18.0% ( 18.0 % ) ( fixed ) 10.5% ( 10.5 % ) ( adjustable ) 11.7% ( 11.7 % ) ." ]

[ "commercial loans held for sale during 2013 and 2012 , the bancorp transferred $ 5 million and $ 16 million , respectively , of commercial loans from the portfolio to loans held for sale that upon transfer were measured at fair value using significant unobservable inputs .", "these loans had fair value adjustments in 2013 and 2012 totaling $ 4 million and $ 1 million , respectively , and were generally based on appraisals of the underlying collateral and were therefore , classified within level 3 of the valuation hierarchy .", "additionally , during 2013 and 2012 there were fair value adjustments on existing commercial loans held for sale of $ 3 million and $ 12 million , respectively .", "the fair value adjustments were also based on appraisals of the underlying collateral and were therefore classified within level 3 of the valuation hierarchy .", "an adverse change in the fair value of the underlying collateral would result in a decrease in the fair value measurement .", "the accounting department determines the procedures for valuation of commercial hfs loans which may include a comparison to recently executed transactions of similar type loans .", "a monthly review of the portfolio is performed for reasonableness .", "quarterly , appraisals approaching a year old are updated and the real estate valuation group , which reports to the chief risk and credit officer , in conjunction with the commercial line of business review the third party appraisals for reasonableness .", "additionally , the commercial line of business finance department , which reports to the bancorp chief financial officer , in conjunction with accounting review all loan appraisal values , carrying values and vintages .", "commercial loans held for investment during 2013 and 2012 , the bancorp recorded nonrecurring impairment adjustments to certain commercial and industrial , commercial mortgage and commercial construction loans held for investment .", "larger commercial loans included within aggregate borrower relationship balances exceeding $ 1 million that exhibit probable or observed credit weaknesses are subject to individual review for impairment .", "the bancorp considers the current value of collateral , credit quality of any guarantees , the guarantor 2019s liquidity and willingness to cooperate , the loan structure and other factors when evaluating whether an individual loan is impaired .", "when the loan is collateral dependent , the fair value of the loan is generally based on the fair value of the underlying collateral supporting the loan and therefore these loans were classified within level 3 of the valuation hierarchy .", "in cases where the carrying value exceeds the fair value , an impairment loss is recognized .", "an adverse change in the fair value of the underlying collateral would result in a decrease in the fair value measurement .", "the fair values and recognized impairment losses are reflected in the previous table .", "commercial credit risk , which reports to the chief risk and credit officer , is responsible for preparing and reviewing the fair value estimates for commercial loans held for investment .", "mortgage interest rates increased during the year ended december 31 , 2013 and the bancorp recognized a recovery of temporary impairment on servicing rights .", "the bancorp recognized temporary impairments in certain classes of the msr portfolio during the year ended december 31 , 2012 and the carrying value was adjusted to the fair value .", "msrs do not trade in an active , open market with readily observable prices .", "while sales of msrs do occur , the precise terms and conditions typically are not readily available .", "accordingly , the bancorp estimates the fair value of msrs using internal discounted cash flow models with certain unobservable inputs , primarily prepayment speed assumptions , discount rates and weighted average lives , resulting in a classification within level 3 of the valuation hierarchy .", "refer to note 11 for further information on the assumptions used in the valuation of the bancorp 2019s msrs .", "the secondary marketing department and treasury department are responsible for determining the valuation methodology for msrs .", "representatives from secondary marketing , treasury , accounting and risk management are responsible for reviewing key assumptions used in the internal discounted cash flow model .", "two external valuations of the msr portfolio are obtained from third parties that use valuation models in order to assess the reasonableness of the internal discounted cash flow model .", "additionally , the bancorp participates in peer surveys that provide additional confirmation of the reasonableness of key assumptions utilized in the msr valuation process and the resulting msr prices .", "during 2013 and 2012 , the bancorp recorded nonrecurring adjustments to certain commercial and residential real estate properties classified as oreo and measured at the lower of carrying amount or fair value .", "these nonrecurring losses are primarily due to declines in real estate values of the properties recorded in oreo .", "for the years ended december 31 , 2013 and 2012 , these losses include $ 19 million and $ 17 million , respectively , recorded as charge-offs , on new oreo properties transferred from loans during the respective periods and $ 26 million and $ 57 million , respectively , recorded as negative fair value adjustments on oreo in other noninterest income subsequent to their transfer from loans .", "as discussed in the following paragraphs , the fair value amounts are generally based on appraisals of the property values , resulting in a ." ]

[ [ "Financial Instrument", "Fair Value", "Valuation Technique", "Significant UnobservableInputs", "Ranges ofInputs", "Weighted-Average" ], [ "Commercial loans held for sale", "$ 9", "Appraised value", "Appraised valueCost to sell", "NMNM", "NM10.0%" ], [ "Commercial and industrial loans", "83", "Appraised value", "Default ratesCollateral value", "100%NM", "NMNM" ], [ "Commercial mortgage loans", "46", "Appraised value", "Default ratesCollateral value", "100%NM", "NMNM" ], [ "Commercial construction loans", "4", "Appraised value", "Default ratesCollateral value", "100%NM", "NMNM" ], [ "MSRs", "697", "Discounted cash flow", "Prepayment speedDiscount rates", "0 - 100%9.4 - 18.0%", "(Fixed) 16.1%(Adjustable) 26.9%(Fixed) 10.5%(Adjustable)11.7%" ], [ "OREO", "165", "Appraised value", "Appraised value", "NM", "NM" ] ]

[ [ "financial instrument", "fair value", "valuation technique", "significant unobservableinputs", "ranges ofinputs", "weighted-average" ], [ "commercial loans held for sale", "$ 9", "appraised value", "appraised valuecost to sell", "nmnm", "nm10.0% ( nm10.0 % )" ], [ "commercial and industrial loans", "83", "appraised value", "default ratescollateral value", "100%nm", "nmnm" ], [ "commercial mortgage loans", "46", "appraised value", "default ratescollateral value", "100%nm", "nmnm" ], [ "commercial construction loans", "4", "appraised value", "default ratescollateral value", "100%nm", "nmnm" ], [ "msrs", "697", "discounted cash flow", "prepayment speeddiscount rates", "0 - 100%9.4 - 18.0% ( 18.0 % )", "( fixed ) 16.1% ( 16.1 % ) ( adjustable ) 26.9% ( 26.9 % ) ( fixed ) 10.5% ( 10.5 % ) ( adjustable ) 11.7% ( 11.7 % )" ], [ "oreo", "165", "appraised value", "appraised value", "nm", "nm" ] ]

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[ "entergy corporation and subsidiaries management's financial discussion and analysis 2022 the deferral in august 2004 of $ 7.5 million of fossil plant maintenance and voluntary severance program costs at entergy new orleans as a result of a stipulation approved by the city council .", "2003 compared to 2002 net revenue , which is entergy's measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory credits .", "following is an analysis of the change in net revenue comparing 2003 to 2002. ." ]

[ "base rates increased net revenue due to base rate increases at entergy mississippi and entergy new orleans that became effective in january 2003 and june 2003 , respectively .", "entergy gulf states implemented base rate decreases in its louisiana jurisdiction effective june 2002 and january 2003 .", "the january 2003 base rate decrease of $ 22.1 million had a minimal impact on net income due to a corresponding reduction in nuclear depreciation and decommissioning expenses associated with the change in accounting estimate to reflect an assumed extension of river bend's useful life .", "the deferred fuel cost revisions variance was due to a revised unbilled sales pricing estimate made in december 2002 and further revision of that estimate in the first quarter of 2003 to more closely align the fuel component of that pricing with expected recoverable fuel costs at entergy louisiana .", "the asset retirement obligation variance was due to the implementation of sfas 143 , \"accounting for asset retirement obligations\" adopted in january 2003 .", "see \"critical accounting estimates 2013 nuclear decommissioning costs\" for more details on sfas 143 .", "the increase was offset by increased depreciation and decommissioning expenses and had an insignificant effect on net income .", "the increase in net wholesale revenue was primarily due to an increase in sales volume to municipal and cooperative customers .", "the march 2002 settlement agreement variance reflects the absence in 2003 of the effect of recording the ice storm settlement approved by the apsc in 2002 .", "this settlement resulted in previously deferred revenues at entergy arkansas per the transition cost account mechanism being recorded in net revenue in the second quarter of 2002 .", "the decrease was offset by a corresponding decrease in other operation and maintenance expenses and had a minimal effect on net income .", "gross operating revenues and regulatory credits gross operating revenues include an increase in fuel cost recovery revenues of $ 682 million and $ 53 million in electric and gas sales , respectively , primarily due to higher fuel rates in 2003 resulting from increases in the market prices of purchased power and natural gas .", "as such , this revenue increase was offset by increased fuel and purchased power expenses. ." ]

[ [ "", "(In Millions)" ], [ "2002 net revenue", "$4,209.6" ], [ "Base rate increases", "66.2" ], [ "Base rate decreases", "(23.3)" ], [ "Deferred fuel cost revisions", "56.2" ], [ "Asset retirement obligation", "42.9" ], [ "Net wholesale revenue", "23.2" ], [ "March 2002 Ark. settlement agreement", "(154.0)" ], [ "Other", "(6.3)" ], [ "2003 net revenue", "$4,214.5" ] ]

[ [ "", "( in millions )" ], [ "2002 net revenue", "$ 4209.6" ], [ "base rate increases", "66.2" ], [ "base rate decreases", "-23.3 ( 23.3 )" ], [ "deferred fuel cost revisions", "56.2" ], [ "asset retirement obligation", "42.9" ], [ "net wholesale revenue", "23.2" ], [ "march 2002 ark . settlement agreement", "-154.0 ( 154.0 )" ], [ "other", "-6.3 ( 6.3 )" ], [ "2003 net revenue", "$ 4214.5" ] ]

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[ "table of contents in march 2008 , the fasb issued sfas no .", "161 , disclosures about derivative instruments and hedging activities 2014an amendment of fasb statement no .", "133 , which requires companies to provide additional disclosures about its objectives and strategies for using derivative instruments , how the derivative instruments and related hedged items are accounted for under sfas no .", "133 , accounting for derivative instruments and hedging activities , and related interpretations , and how the derivative instruments and related hedged items affect the company 2019s financial statements .", "sfas no .", "161 also requires companies to disclose information about credit risk-related contingent features in their hedged positions .", "sfas no .", "161 is effective for fiscal years and interim periods beginning after november 15 , 2008 and is required to be adopted by the company beginning in the second quarter of fiscal 2009 .", "although the company will continue to evaluate the application of sfas no .", "161 , management does not currently believe adoption will have a material impact on the company 2019s financial condition or operating results .", "liquidity and capital resources the following table presents selected financial information and statistics as of and for the three fiscal years ended september 27 , 2008 ( in millions ) : as of september 27 , 2008 , the company had $ 24.5 billion in cash , cash equivalents , and short-term investments , an increase of $ 9.1 billion from september 29 , 2007 .", "the principal components of this net increase were cash generated by operating activities of $ 9.6 billion , proceeds from the issuance of common stock under stock plans of $ 483 million and excess tax benefits from stock-based compensation of $ 757 million .", "these increases were partially offset by payments for acquisitions of property , plant , and equipment of $ 1.1 billion , payments made in connection with business acquisitions , net of cash acquired , of $ 220 million and payments for acquisitions of intangible assets of $ 108 million .", "the company 2019s cash generated by operating activities significantly exceeded its net income due primarily to the large increase in deferred revenue , net of deferred costs , associated with subscription accounting for iphone .", "the company 2019s short-term investment portfolio is invested primarily in highly rated securities with a minimum rating of single-a .", "as of september 27 , 2008 and september 29 , 2007 , $ 11.3 billion and $ 6.5 billion , respectively , of the company 2019s cash , cash equivalents , and short- term investments were held by foreign subsidiaries and are generally based in u.s .", "dollar-denominated holdings .", "the company had $ 117 million in net unrealized losses on its investment portfolio , primarily related to investments with stated maturities ranging from one to five years , as of september 27 , 2008 , and net unrealized losses of approximately $ 11 million on its investment portfolio , primarily related to investments with stated maturities from one to five years , as of september 29 , 2007 .", "the company has the intent and ability to hold such investments for a sufficient period of time to allow for recovery of the principal amounts invested .", "accordingly , none of these declines in fair value were recognized in the company 2019s statement of operations .", "the company believes its existing balances of cash , cash equivalents , and short-term investments will be sufficient to satisfy its working capital needs , capital expenditures , outstanding commitments , and other liquidity requirements associated with its existing operations over the next 12 months .", "capital assets the company 2019s cash payments for capital asset purchases were $ 1.1 billion during 2008 , consisting of $ 389 million for retail store facilities and $ 702 million for real estate acquisitions and corporate infrastructure including information systems enhancements .", "the company anticipates utilizing approximately $ 1.5 billion for capital asset purchases during 2009 , including approximately $ 400 million for retail facilities and approximately $ 1.1 billion for corporate facilities and infrastructure. ." ]

[ "." ]

[ [ "", "2008", "2007", "2006" ], [ "Cash, cash equivalents, and short-term investments", "$24,490", "$15,386", "$10,110" ], [ "Accounts receivable, net", "$2,422", "$1,637", "$1,252" ], [ "Inventory", "$509", "$346", "$270" ], [ "Working capital", "$20,598", "$12,676", "$8,066" ], [ "Annual operating cash flow", "$9,596", "$5,470", "$2,220" ] ]

[ [ "", "2008", "2007", "2006" ], [ "cash cash equivalents and short-term investments", "$ 24490", "$ 15386", "$ 10110" ], [ "accounts receivable net", "$ 2422", "$ 1637", "$ 1252" ], [ "inventory", "$ 509", "$ 346", "$ 270" ], [ "working capital", "$ 20598", "$ 12676", "$ 8066" ], [ "annual operating cash flow", "$ 9596", "$ 5470", "$ 2220" ] ]

[]

[ "entergy new orleans , inc .", "management's financial discussion and analysis results of operations net income ( loss ) 2004 compared to 2003 net income increased $ 20.2 million primarily due to higher net revenue .", "2003 compared to 2002 entergy new orleans had net income of $ 7.9 million in 2003 compared to a net loss in 2002 .", "the increase was due to higher net revenue and lower interest expense , partially offset by higher other operation and maintenance expenses and depreciation and amortization expenses .", "net revenue 2004 compared to 2003 net revenue , which is entergy new orleans' measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory credits .", "following is an analysis of the change in net revenue comparing 2004 to 2003. ." ]

[ "the increase in base rates was effective june 2003 .", "the rate increase is discussed in note 2 to the domestic utility companies and system energy financial statements .", "the volume/weather variance is primarily due to increased billed electric usage of 162 gwh in the industrial service sector .", "the increase was partially offset by milder weather in the residential and commercial sectors .", "the 2004 deferrals variance is due to the deferral of voluntary severance plan and fossil plant maintenance expenses in accordance with a stipulation approved by the city council in august 2004 .", "the stipulation allows for the recovery of these costs through amortization of a regulatory asset .", "the voluntary severance plan and fossil plant maintenance expenses are being amortized over a five-year period that became effective january 2004 and january 2003 , respectively .", "the formula rate plan is discussed in note 2 to the domestic utility companies and system energy financial statements .", "the price applied to unbilled electric sales variance is due to an increase in the fuel price applied to unbilled sales. ." ]

[ [ "", "(In Millions)" ], [ "2003 net revenue", "$208.3" ], [ "Base rates", "10.6" ], [ "Volume/weather", "8.3" ], [ "2004 deferrals", "7.5" ], [ "Price applied to unbilled electric sales", "3.7" ], [ "Other", "0.6" ], [ "2004 net revenue", "$239.0" ] ]

[ [ "", "( in millions )" ], [ "2003 net revenue", "$ 208.3" ], [ "base rates", "10.6" ], [ "volume/weather", "8.3" ], [ "2004 deferrals", "7.5" ], [ "price applied to unbilled electric sales", "3.7" ], [ "other", "0.6" ], [ "2004 net revenue", "$ 239.0" ] ]

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[ "nike , inc .", "notes to consolidated financial statements 2014 ( continued ) such agreements in place .", "however , based on the company 2019s historical experience and the estimated probability of future loss , the company has determined that the fair value of such indemnifications is not material to the company 2019s financial position or results of operations .", "in the ordinary course of its business , the company is involved in various legal proceedings involving contractual and employment relationships , product liability claims , trademark rights , and a variety of other matters .", "the company does not believe there are any pending legal proceedings that will have a material impact on the company 2019s financial position or results of operations .", "note 16 2014 restructuring charges during the fourth quarter of fiscal 2009 , the company took necessary steps to streamline its management structure , enhance consumer focus , drive innovation more quickly to market and establish a more scalable , long-term cost structure .", "as a result , the company reduced its global workforce by approximately 5% ( 5 % ) and incurred pre-tax restructuring charges of $ 195 million , primarily consisting of severance costs related to the workforce reduction .", "as nearly all of the restructuring activities were completed in the fourth quarter of fiscal 2009 , the company does not expect to recognize additional costs in future periods relating to these actions .", "the restructuring charge is reflected in the corporate expense line in the segment presentation of pre-tax income in note 19 2014 operating segments and related information .", "the activity in the restructuring accrual for the year ended may 31 , 2009 is as follows ( in millions ) : ." ]

[ "the accrual balance as of may 31 , 2009 will be relieved throughout fiscal year 2010 and early 2011 , as severance payments are completed .", "the restructuring accrual is included in accrued liabilities in the consolidated balance sheet .", "as part of its restructuring activities , the company reorganized its nike brand operations geographic structure .", "in fiscal 2009 , 2008 and 2007 , nike brand operations were organized into the following four geographic regions : u.s. , europe , middle east and africa ( collectively , 201cemea 201d ) , asia pacific , and americas .", "in the fourth quarter of 2009 , the company initiated a reorganization of the nike brand business into a new operating model .", "as a result of this reorganization , beginning in the first quarter of fiscal 2010 , the nike brand operations will consist of the following six geographies : north america , western europe , central/eastern europe , greater china , japan , and emerging markets .", "note 17 2014 divestitures on december 17 , 2007 , the company completed the sale of the starter brand business to iconix brand group , inc .", "for $ 60.0 million in cash .", "this transaction resulted in a gain of $ 28.6 million during the year ended may 31 , 2008. ." ]

[ [ "Restructuring accrual — June 1, 2008", "$—" ], [ "Severance and related costs", "195.0" ], [ "Cash payments", "(29.4)" ], [ "Non-cash stock option and restricted stock expense", "(19.5)" ], [ "Foreign currency translation and other", "3.5" ], [ "Restructuring accrual — May 31, 2009", "$149.6" ] ]

[ [ "restructuring accrual 2014 june 1 2008", "$ 2014" ], [ "severance and related costs", "195.0" ], [ "cash payments", "-29.4 ( 29.4 )" ], [ "non-cash stock option and restricted stock expense", "-19.5 ( 19.5 )" ], [ "foreign currency translation and other", "3.5" ], [ "restructuring accrual 2014 may 31 2009", "$ 149.6" ] ]

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[ "note 17 .", "debt our debt as of december 2 , 2011 and december 3 , 2010 consisted of the following ( in thousands ) : capital lease obligations total debt and capital lease obligations less : current portion debt and capital lease obligations $ 1494627 19681 1514308 $ 1505096 $ 1493969 28492 1522461 $ 1513662 in february 2010 , we issued $ 600.0 million of 3.25% ( 3.25 % ) senior notes due february 1 , 2015 ( the 201c2015 notes 201d ) and $ 900.0 million of 4.75% ( 4.75 % ) senior notes due february 1 , 2020 ( the 201c2020 notes 201d and , together with the 2015 notes , the 201cnotes 201d ) .", "our proceeds were approximately $ 1.5 billion and were net of an issuance discount of $ 6.6 million .", "the notes rank equally with our other unsecured and unsubordinated indebtedness .", "in addition , we incurred issuance costs of approximately $ 10.7 million .", "both the discount and issuance costs are being amortized to interest expense over the respective terms of the notes using the effective interest method .", "the effective interest rate including the discount and issuance costs is 3.45% ( 3.45 % ) for the 2015 notes and 4.92% ( 4.92 % ) for the 2020 notes .", "interest is payable semi-annually , in arrears , on february 1 and august 1 , commencing on august 1 , 2010 .", "during fiscal 2011 interest payments totaled $ 62.3 million .", "the proceeds from the notes are available for general corporate purposes , including repayment of any balance outstanding on our credit facility .", "based on quoted market prices , the fair value of the notes was approximately $ 1.6 billion as of december 2 , 2011 .", "we may redeem the notes at any time , subject to a make whole premium .", "in addition , upon the occurrence of certain change of control triggering events , we may be required to repurchase the notes , at a price equal to 101% ( 101 % ) of their principal amount , plus accrued and unpaid interest to the date of repurchase .", "the notes also include covenants that limit our ability to grant liens on assets and to enter into sale and leaseback transactions , subject to significant allowances .", "as of december 2 , 2011 , we were in compliance with all of the covenants .", "credit agreement in august 2007 , we entered into an amendment to our credit agreement dated february 2007 ( the 201camendment 201d ) , which increased the total senior unsecured revolving facility from $ 500.0 million to $ 1.0 billion .", "the amendment also permits us to request one-year extensions effective on each anniversary of the closing date of the original agreement , subject to the majority consent of the lenders .", "we also retain an option to request an additional $ 500.0 million in commitments , for a maximum aggregate facility of $ 1.5 billion .", "in february 2008 , we entered into a second amendment to the credit agreement dated february 26 , 2008 , which extended the maturity date of the facility by one year to february 16 , 2013 .", "the facility would terminate at this date if no additional extensions have been requested and granted .", "all other terms and conditions remain the same .", "the facility contains a financial covenant requiring us not to exceed a certain maximum leverage ratio .", "at our option , borrowings under the facility accrue interest based on either the london interbank offered rate ( 201clibor 201d ) for one , two , three or six months , or longer periods with bank consent , plus a margin according to a pricing grid tied to this financial covenant , or a base rate .", "the margin is set at rates between 0.20% ( 0.20 % ) and 0.475% ( 0.475 % ) .", "commitment fees are payable on the facility at rates between 0.05% ( 0.05 % ) and 0.15% ( 0.15 % ) per year based on the same pricing grid .", "the facility is available to provide loans to us and certain of our subsidiaries for general corporate purposes .", "on february 1 , 2010 , we paid the outstanding balance on our credit facility and the entire $ 1.0 billion credit line under this facility remains available for borrowing .", "capital lease obligation in june 2010 , we entered into a sale-leaseback agreement to sell equipment totaling $ 32.2 million and leaseback the same equipment over a period of 43 months .", "this transaction was classified as a capital lease obligation and recorded at fair value .", "as of december 2 , 2011 , our capital lease obligations of $ 19.7 million includes $ 9.2 million of current debt .", "table of contents adobe systems incorporated notes to consolidated financial statements ( continued ) ." ]

[ "note 17 .", "debt our debt as of december 2 , 2011 and december 3 , 2010 consisted of the following ( in thousands ) : capital lease obligations total debt and capital lease obligations less : current portion debt and capital lease obligations $ 1494627 19681 1514308 $ 1505096 $ 1493969 28492 1522461 $ 1513662 in february 2010 , we issued $ 600.0 million of 3.25% ( 3.25 % ) senior notes due february 1 , 2015 ( the 201c2015 notes 201d ) and $ 900.0 million of 4.75% ( 4.75 % ) senior notes due february 1 , 2020 ( the 201c2020 notes 201d and , together with the 2015 notes , the 201cnotes 201d ) .", "our proceeds were approximately $ 1.5 billion and were net of an issuance discount of $ 6.6 million .", "the notes rank equally with our other unsecured and unsubordinated indebtedness .", "in addition , we incurred issuance costs of approximately $ 10.7 million .", "both the discount and issuance costs are being amortized to interest expense over the respective terms of the notes using the effective interest method .", "the effective interest rate including the discount and issuance costs is 3.45% ( 3.45 % ) for the 2015 notes and 4.92% ( 4.92 % ) for the 2020 notes .", "interest is payable semi-annually , in arrears , on february 1 and august 1 , commencing on august 1 , 2010 .", "during fiscal 2011 interest payments totaled $ 62.3 million .", "the proceeds from the notes are available for general corporate purposes , including repayment of any balance outstanding on our credit facility .", "based on quoted market prices , the fair value of the notes was approximately $ 1.6 billion as of december 2 , 2011 .", "we may redeem the notes at any time , subject to a make whole premium .", "in addition , upon the occurrence of certain change of control triggering events , we may be required to repurchase the notes , at a price equal to 101% ( 101 % ) of their principal amount , plus accrued and unpaid interest to the date of repurchase .", "the notes also include covenants that limit our ability to grant liens on assets and to enter into sale and leaseback transactions , subject to significant allowances .", "as of december 2 , 2011 , we were in compliance with all of the covenants .", "credit agreement in august 2007 , we entered into an amendment to our credit agreement dated february 2007 ( the 201camendment 201d ) , which increased the total senior unsecured revolving facility from $ 500.0 million to $ 1.0 billion .", "the amendment also permits us to request one-year extensions effective on each anniversary of the closing date of the original agreement , subject to the majority consent of the lenders .", "we also retain an option to request an additional $ 500.0 million in commitments , for a maximum aggregate facility of $ 1.5 billion .", "in february 2008 , we entered into a second amendment to the credit agreement dated february 26 , 2008 , which extended the maturity date of the facility by one year to february 16 , 2013 .", "the facility would terminate at this date if no additional extensions have been requested and granted .", "all other terms and conditions remain the same .", "the facility contains a financial covenant requiring us not to exceed a certain maximum leverage ratio .", "at our option , borrowings under the facility accrue interest based on either the london interbank offered rate ( 201clibor 201d ) for one , two , three or six months , or longer periods with bank consent , plus a margin according to a pricing grid tied to this financial covenant , or a base rate .", "the margin is set at rates between 0.20% ( 0.20 % ) and 0.475% ( 0.475 % ) .", "commitment fees are payable on the facility at rates between 0.05% ( 0.05 % ) and 0.15% ( 0.15 % ) per year based on the same pricing grid .", "the facility is available to provide loans to us and certain of our subsidiaries for general corporate purposes .", "on february 1 , 2010 , we paid the outstanding balance on our credit facility and the entire $ 1.0 billion credit line under this facility remains available for borrowing .", "capital lease obligation in june 2010 , we entered into a sale-leaseback agreement to sell equipment totaling $ 32.2 million and leaseback the same equipment over a period of 43 months .", "this transaction was classified as a capital lease obligation and recorded at fair value .", "as of december 2 , 2011 , our capital lease obligations of $ 19.7 million includes $ 9.2 million of current debt .", "table of contents adobe systems incorporated notes to consolidated financial statements ( continued ) ." ]

[ [ "", "2011", "2010" ], [ "Notes", "$1,494,627", "$1,493,969" ], [ "Capital lease obligations", "19,681", "28,492" ], [ "Total debt and capital lease obligations", "1,514,308", "1,522,461" ], [ "Less: current portion", "9,212", "8,799" ], [ "Debt and capital lease obligations", "$1,505,096", "$1,513,662" ] ]

[ [ "", "2011", "2010" ], [ "notes", "$ 1494627", "$ 1493969" ], [ "capital lease obligations", "19681", "28492" ], [ "total debt and capital lease obligations", "1514308", "1522461" ], [ "less : current portion", "9212", "8799" ], [ "debt and capital lease obligations", "$ 1505096", "$ 1513662" ] ]

[]

[ "shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing .", "the following graph shows a five year comparison of cumulative total shareowners 2019 returns for our class b common stock , the standard & poor 2019s 500 index , and the dow jones transportation average .", "the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2005 in the standard & poor 2019s 500 index , the dow jones transportation average , and our class b common stock .", "comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 201020092008200720062005 s&p 500 ups dj transport ." ]

[ "." ]

[ [ "", "12/31/05", "12/31/06", "12/31/07", "12/31/08", "12/31/09", "12/31/10" ], [ "United Parcel Service, Inc.", "$100.00", "$101.76", "$98.20", "$78.76", "$84.87", "$110.57" ], [ "Standard & Poor’s 500 Index", "$100.00", "$115.79", "$122.16", "$76.96", "$97.33", "$111.99" ], [ "Dow Jones Transportation Average", "$100.00", "$109.82", "$111.38", "$87.52", "$103.79", "$131.59" ] ]

[ [ "", "12/31/05", "12/31/06", "12/31/07", "12/31/08", "12/31/09", "12/31/10" ], [ "united parcel service inc .", "$ 100.00", "$ 101.76", "$ 98.20", "$ 78.76", "$ 84.87", "$ 110.57" ], [ "standard & poor 2019s 500 index", "$ 100.00", "$ 115.79", "$ 122.16", "$ 76.96", "$ 97.33", "$ 111.99" ], [ "dow jones transportation average", "$ 100.00", "$ 109.82", "$ 111.38", "$ 87.52", "$ 103.79", "$ 131.59" ] ]

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