Datasets:

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MehdiHosseiniMoghadam

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ConvFinQA

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[ "aeronautics our aeronautics business segment is engaged in the research , design , development , manufacture , integration , sustainment , support and upgrade of advanced military aircraft , including combat and air mobility aircraft , unmanned air vehicles and related technologies .", "aeronautics 2019 major programs include the f-35 lightning ii joint strike fighter , c-130 hercules , f-16 fighting falcon , c-5m super galaxy and f-22 raptor .", "aeronautics 2019 operating results included the following ( in millions ) : ." ]

[ "2015 compared to 2014 aeronautics 2019 net sales in 2015 increased $ 650 million , or 4% ( 4 % ) , compared to 2014 .", "the increase was attributable to higher net sales of approximately $ 1.4 billion for f-35 production contracts due to increased volume on aircraft production and sustainment activities ; and approximately $ 150 million for the c-5 program due to increased deliveries ( nine aircraft delivered in 2015 compared to seven delivered in 2014 ) .", "the increases were partially offset by lower net sales of approximately $ 350 million for the c-130 program due to fewer aircraft deliveries ( 21 aircraft delivered in 2015 , compared to 24 delivered in 2014 ) , lower sustainment activities and aircraft contract mix ; approximately $ 200 million due to decreased volume and lower risk retirements on various programs ; approximately $ 195 million for the f-16 program due to fewer deliveries ( 11 aircraft delivered in 2015 , compared to 17 delivered in 2014 ) ; and approximately $ 190 million for the f-22 program as a result of decreased sustainment activities .", "aeronautics 2019 operating profit in 2015 increased $ 32 million , or 2% ( 2 % ) , compared to 2014 .", "operating profit increased by approximately $ 240 million for f-35 production contracts due to increased volume and risk retirements ; and approximately $ 40 million for the c-5 program due to increased risk retirements .", "these increases were offset by lower operating profit of approximately $ 90 million for the f-22 program due to lower risk retirements ; approximately $ 70 million for the c-130 program as a result of the reasons stated above for lower net sales ; and approximately $ 80 million due to decreased volume and risk retirements on various programs .", "adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 100 million higher in 2015 compared to 2014 .", "2014 compared to 2013 aeronautics 2019 net sales increased $ 797 million , or 6% ( 6 % ) , in 2014 as compared to 2013 .", "the increase was primarily attributable to higher net sales of approximately $ 790 million for f-35 production contracts due to increased volume and sustainment activities ; about $ 55 million for the f-16 program due to increased deliveries ( 17 aircraft delivered in 2014 compared to 13 delivered in 2013 ) partially offset by contract mix ; and approximately $ 45 million for the f-22 program due to increased risk retirements .", "the increases were partially offset by lower net sales of approximately $ 55 million for the f-35 development contract due to decreased volume , partially offset by the absence in 2014 of the downward revision to the profit booking rate that occurred in 2013 ; and about $ 40 million for the c-130 program due to fewer deliveries ( 24 aircraft delivered in 2014 compared to 25 delivered in 2013 ) and decreased sustainment activities , partially offset by contract mix .", "aeronautics 2019 operating profit increased $ 37 million , or 2% ( 2 % ) , in 2014 as compared to 2013 .", "the increase was primarily attributable to higher operating profit of approximately $ 85 million for the f-35 development contract due to the absence in 2014 of the downward revision to the profit booking rate that occurred in 2013 ; about $ 75 million for the f-22 program due to increased risk retirements ; approximately $ 50 million for the c-130 program due to increased risk retirements and contract mix , partially offset by fewer deliveries ; and about $ 25 million for the c-5 program due to the absence in 2014 of the downward revisions to the profit booking rate that occurred in 2013 .", "the increases were partially offset by lower operating profit of approximately $ 130 million for the f-16 program due to decreased risk retirements , partially offset by increased deliveries ; and about $ 70 million for sustainment activities due to decreased risk retirements and volume .", "operating profit was comparable for f-35 production contracts as higher volume was offset by lower risk retirements .", "adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 105 million lower for 2014 compared to 2013. ." ]

[ [ "", "2015", "2014", "2013" ], [ "Net sales", "$15,570", "$14,920", "$14,123" ], [ "Operating profit", "1,681", "1,649", "1,612" ], [ "Operating margins", "10.8%", "11.1%", "11.4%" ], [ "Backlog at year-end", "$31,800", "$27,600", "$28,000" ] ]

[ [ "", "2015", "2014", "2013" ], [ "net sales", "$ 15570", "$ 14920", "$ 14123" ], [ "operating profit", "1681", "1649", "1612" ], [ "operating margins", "10.8% ( 10.8 % )", "11.1% ( 11.1 % )", "11.4% ( 11.4 % )" ], [ "backlog at year-end", "$ 31800", "$ 27600", "$ 28000" ] ]

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[ "our operating cash flows are significantly impacted by the seasonality of our businesses .", "we typically generate most of our operating cash flow in the third and fourth quarters of each year .", "in june 2015 , we issued $ 900 million of senior notes in a registered public offering .", "the senior notes consist of two tranches : $ 400 million of five-year notes due 2020 with a coupon of 3% ( 3 % ) and $ 500 million of ten-year notes due 2025 with a coupon of 4% ( 4 % ) .", "we used the proceeds from the senior notes offering to pay down our revolving credit facility and for general corporate purposes .", "on december 31 , 2017 , the outstanding amount of the senior notes , net of underwriting commissions and price discounts , was $ 892.6 million .", "cash flows below is a summary of cash flows for the years ended december 31 , 2017 , 2016 and 2015 .", "( in millions ) 2017 2016 2015 ." ]

[ "net cash provided by operating activities was $ 600.3 million in 2017 compared to $ 650.5 million in 2016 and $ 429.2 million in 2015 .", "the $ 50.2 million decrease in cash provided by operating activities from 2017 to 2016 was primarily due to higher build in working capital , primarily driven by higher inventory purchases in 2017 , partially offset by a higher net income .", "the $ 221.3 million increase in cash provided by operating activities from 2015 to 2016 was primarily due to a reduction in working capital in 2016 compared to 2015 and higher net income .", "net cash used in investing activities was $ 287.7 million in 2017 compared to $ 385.1 million in 2016 and $ 766.6 million in 2015 .", "the decrease of $ 97.4 million from 2016 to 2017 was primarily due lower cost of acquisitions of $ 115.1 million , partially offset by $ 15.7 million of higher capital expenditures .", "the decrease of $ 381.5 million from 2015 to 2016 was primarily due the decrease in cost of acquisitions of $ 413.1 million , partially offset by $ 20.8 million of higher capital spending .", "net cash used in financing activities was $ 250.1 million in 2017 compared to net cash used in financing activities of $ 250.4 million in 2016 and net cash provided by in financing activities of $ 398.8 million in 2015 .", "the change of $ 649.2 million in 2016 compared to 2015 was primarily due to $ 372.8 million of higher share repurchases and lower net borrowings of $ 240.8 million .", "pension plans subsidiaries of fortune brands sponsor their respective defined benefit pension plans that are funded by a portfolio of investments maintained within our benefit plan trust .", "in 2017 , 2016 and 2015 , we contributed $ 28.4 million , zero and $ 2.3 million , respectively , to qualified pension plans .", "in 2018 , we expect to make pension contributions of approximately $ 12.8 million .", "as of december 31 , 2017 , the fair value of our total pension plan assets was $ 656.6 million , representing funding of 79% ( 79 % ) of the accumulated benefit obligation liability .", "for the foreseeable future , we believe that we have sufficient liquidity to meet the minimum funding that may be required by the pension protection act of 2006 .", "foreign exchange we have operations in various foreign countries , principally canada , china , mexico , the united kingdom , france , australia and japan .", "therefore , changes in the value of the related currencies affect our financial statements when translated into u.s .", "dollars. ." ]

[ [ "<i>(In millions)</i>", "2017", "2016", "2015" ], [ "Net cash provided by operating activities", "$600.3", "$650.5", "$429.2" ], [ "Net cash used in investing activities", "(287.7)", "(385.1)", "(766.6)" ], [ "Net cash (used in) provided by financing activities", "(250.1)", "(250.4)", "398.8" ], [ "Effect of foreign exchange rate changes on cash", "9.0", "(2.0)", "(14.8)" ], [ "Net increase in cash and cash equivalents", "$71.5", "$13.0", "$46.6" ] ]

[ [ "( in millions )", "2017", "2016", "2015" ], [ "net cash provided by operating activities", "$ 600.3", "$ 650.5", "$ 429.2" ], [ "net cash used in investing activities", "-287.7 ( 287.7 )", "-385.1 ( 385.1 )", "-766.6 ( 766.6 )" ], [ "net cash ( used in ) provided by financing activities", "-250.1 ( 250.1 )", "-250.4 ( 250.4 )", "398.8" ], [ "effect of foreign exchange rate changes on cash", "9.0", "-2.0 ( 2.0 )", "-14.8 ( 14.8 )" ], [ "net increase in cash and cash equivalents", "$ 71.5", "$ 13.0", "$ 46.6" ] ]

[]

[ "federal realty investment trust schedule iii summary of real estate and accumulated depreciation - continued three years ended december 31 , 2011 reconciliation of accumulated depreciation and amortization ( in thousands ) balance , december 31 , 2008................................................................................................................................... .", "additions during period 2014depreciation and amortization expense .................................................................... .", "deductions during period 2014disposition and retirements of property ................................................................. .", "balance , december 31 , 2009................................................................................................................................... .", "additions during period 2014depreciation and amortization expense .................................................................... .", "deductions during period 2014disposition and retirements of property ................................................................. .", "balance , december 31 , 2010................................................................................................................................... .", "additions during period 2014depreciation and amortization expense .................................................................... .", "deductions during period 2014disposition and retirements of property ................................................................. .", "balance , december 31 , 2011................................................................................................................................... .", "$ 846258 103698 ( 11869 ) 938087 108261 ( 11144 ) 1035204 114180 ( 21796 ) $ 1127588 ." ]

[ "federal realty investment trust schedule iii summary of real estate and accumulated depreciation - continued three years ended december 31 , 2011 reconciliation of accumulated depreciation and amortization ( in thousands ) balance , december 31 , 2008................................................................................................................................... .", "additions during period 2014depreciation and amortization expense .................................................................... .", "deductions during period 2014disposition and retirements of property ................................................................. .", "balance , december 31 , 2009................................................................................................................................... .", "additions during period 2014depreciation and amortization expense .................................................................... .", "deductions during period 2014disposition and retirements of property ................................................................. .", "balance , december 31 , 2010................................................................................................................................... .", "additions during period 2014depreciation and amortization expense .................................................................... .", "deductions during period 2014disposition and retirements of property ................................................................. .", "balance , december 31 , 2011................................................................................................................................... .", "$ 846258 103698 ( 11869 ) 938087 108261 ( 11144 ) 1035204 114180 ( 21796 ) $ 1127588 ." ]

[ [ "Balance, December 31, 2008", "$846,258" ], [ "Additions during period—depreciation and amortization expense", "103,698" ], [ "Deductions during period—disposition and retirements of property", "(11,869)" ], [ "Balance, December 31, 2009", "938,087" ], [ "Additions during period—depreciation and amortization expense", "108,261" ], [ "Deductions during period—disposition and retirements of property", "(11,144)" ], [ "Balance, December 31, 2010", "1,035,204" ], [ "Additions during period—depreciation and amortization expense", "114,180" ], [ "Deductions during period—disposition and retirements of property", "(21,796)" ], [ "Balance, December 31, 2011", "$1,127,588" ] ]

[ [ "balance december 31 2008", "$ 846258" ], [ "additions during period 2014depreciation and amortization expense", "103698" ], [ "deductions during period 2014disposition and retirements of property", "-11869 ( 11869 )" ], [ "balance december 31 2009", "938087" ], [ "additions during period 2014depreciation and amortization expense", "108261" ], [ "deductions during period 2014disposition and retirements of property", "-11144 ( 11144 )" ], [ "balance december 31 2010", "1035204" ], [ "additions during period 2014depreciation and amortization expense", "114180" ], [ "deductions during period 2014disposition and retirements of property", "-21796 ( 21796 )" ], [ "balance december 31 2011", "$ 1127588" ] ]

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[ "10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc performance stock units : in january 2017 , altria group , inc .", "granted an aggregate of 187886 performance stock units to eligible employees .", "the payout of the performance stock units requires the achievement of certain performance measures , which were predetermined at the time of grant , over a three-year performance cycle .", "these performance measures consist of altria group , inc . 2019s adjusted diluted earnings per share ( 201ceps 201d ) compounded annual growth rate and altria group , inc . 2019s total shareholder return relative to a predetermined peer group .", "the performance stock units are also subject to forfeiture if certain employment conditions are not met .", "at december 31 , 2017 , altria group , inc .", "had 170755 performance stock units remaining , with a weighted-average grant date fair value of $ 70.39 per performance stock unit .", "the fair value of the performance stock units at the date of grant , net of estimated forfeitures , is amortized to expense over the performance period .", "altria group , inc .", "recorded pre-tax compensation expense related to performance stock units for the year ended december 31 , 2017 of $ 6 million .", "the unamortized compensation expense related to altria group , inc . 2019s performance stock units was $ 7 million at december 31 , 2017 .", "altria group , inc .", "did not grant any performance stock units during 2016 and 2015 .", "note 12 .", "earnings per share basic and diluted eps were calculated using the following: ." ]

[ "net earnings attributable to altria group , inc .", "$ 10222 $ 14239 $ 5241 less : distributed and undistributed earnings attributable to share-based awards ( 14 ) ( 24 ) ( 10 ) earnings for basic and diluted eps $ 10208 $ 14215 $ 5231 weighted-average shares for basic and diluted eps 1921 1952 1961 ." ]

[ [ "", "For the Years Ended December 31," ], [ "(in millions)", "2017", "2016", "2015" ], [ "Net earnings attributable to Altria Group, Inc.", "$10,222", "$14,239", "$5,241" ], [ "Less: Distributed and undistributed earnings attributable to share-based awards", "(14)", "(24)", "(10)" ], [ "Earnings for basic and diluted EPS", "$10,208", "$14,215", "$5,231" ], [ "Weighted-average shares for basic and diluted EPS", "1,921", "1,952", "1,961" ] ]

[ [ "( in millions )", "for the years ended december 31 , 2017", "for the years ended december 31 , 2016", "for the years ended december 31 , 2015" ], [ "net earnings attributable to altria group inc .", "$ 10222", "$ 14239", "$ 5241" ], [ "less : distributed and undistributed earnings attributable to share-based awards", "-14 ( 14 )", "-24 ( 24 )", "-10 ( 10 )" ], [ "earnings for basic and diluted eps", "$ 10208", "$ 14215", "$ 5231" ], [ "weighted-average shares for basic and diluted eps", "1921", "1952", "1961" ] ]

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[ "adobe systems incorporated notes to consolidated financial statements ( continued ) we review our goodwill for impairment annually , or more frequently , if facts and circumstances warrant a review .", "we completed our annual impairment test in the second quarter of fiscal 2013 .", "we elected to use the step 1 quantitative assessment for our three reporting units 2014digital media , digital marketing and print and publishing 2014and determined that there was no impairment of goodwill .", "there is no significant risk of material goodwill impairment in any of our reporting units , based upon the results of our annual goodwill impairment test .", "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 2013 , 2012 or 2011 .", "our intangible assets are amortized over their estimated useful lives of 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 ) ." ]

[ "software development costs capitalization of software development costs for software to be sold , leased , or otherwise marketed begins upon the establishment of technological feasibility , which is generally the completion of a working prototype that has been certified as having no critical bugs and is a release candidate .", "amortization begins once the software is ready for its intended use , generally based on the pattern in which the economic benefits will be consumed .", "to date , software development costs incurred between completion of a working prototype and general availability of the related product have not been material .", "internal use software we capitalize costs associated with customized internal-use software systems that have reached the application development stage .", "such capitalized costs include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related expenses for employees , who are directly associated with the development of the applications .", "capitalization of such costs begins when the preliminary project stage is complete and ceases at the point in which the project is substantially complete and is ready for its intended purpose .", "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", "10" ], [ "Trademarks", "8" ], [ "Acquired rights to use technology", "8" ], [ "Localization", "1" ], [ "Other intangibles", "3" ] ]

[ [ "", "weighted averageuseful life ( years )" ], [ "purchased technology", "6" ], [ "customer contracts and relationships", "10" ], [ "trademarks", "8" ], [ "acquired rights to use technology", "8" ], [ "localization", "1" ], [ "other intangibles", "3" ] ]

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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" ] ]

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[ "abiomed , inc .", "and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 3 .", "acquisitions ( continued ) including the revenues of third-party licensees , or ( ii ) the company 2019s sale of ( a ) ecp , ( b ) all or substantially all of ecp 2019s assets , or ( c ) certain of ecp 2019s patent rights , the company will pay to syscore the lesser of ( x ) one-half of the profits earned from such sale described in the foregoing item ( ii ) , after accounting for the costs of acquiring and operating ecp , or ( y ) $ 15.0 million ( less any previous milestone payment ) .", "ecp 2019s acquisition of ais gmbh aachen innovative solutions in connection with the company 2019s acquisition of ecp , ecp acquired all of the share capital of ais gmbh aachen innovative solutions ( 201cais 201d ) , a limited liability company incorporated in germany , pursuant to a share purchase agreement dated as of june 30 , 2014 , by and among ecp and ais 2019s four individual shareholders .", "ais , based in aachen , germany , holds certain intellectual property useful to ecp 2019s business , and , prior to being acquired by ecp , had licensed such intellectual property to ecp .", "the purchase price for the acquisition of ais 2019s share capital was approximately $ 2.8 million in cash , which was provided by the company , and the acquisition closed immediately prior to abiomed europe 2019s acquisition of ecp .", "the share purchase agreement contains representations , warranties and closing conditions customary for transactions of its size and nature .", "purchase price allocation the acquisition of ecp and ais was accounted for as a business combination .", "the purchase price for the acquisition has been allocated to the assets acquired and liabilities assumed based on their estimated fair values .", "the acquisition-date fair value of the consideration transferred is as follows : acquisition date fair value ( in thousands ) ." ]

[ "." ]

[ [ "", "Total Acquisition Date Fair Value (in thousands)" ], [ "Cash consideration", "$15,750" ], [ "Contingent consideration", "6,000" ], [ "Total consideration transferred", "$21,750" ] ]

[ [ "", "total acquisition date fair value ( in thousands )" ], [ "cash consideration", "$ 15750" ], [ "contingent consideration", "6000" ], [ "total consideration transferred", "$ 21750" ] ]

[]

[ "underlying physical transaction occurs .", "we have not qualified commodity derivative instruments used in our osm or rm&t segments for hedge accounting .", "as a result , we recognize in net income all changes in the fair value of derivative instruments used in those operations .", "open commodity derivative positions as of december 31 , 2008 and sensitivity analysis at december 31 , 2008 , our e&p segment held open derivative contracts to mitigate the price risk on natural gas held in storage or purchased to be marketed with our own natural gas production in amounts that were in line with normal levels of activity .", "at december 31 , 2008 , we had no significant open derivative contracts related to our future sales of liquid hydrocarbons and natural gas and therefore remained substantially exposed to market prices of these commodities .", "the osm segment holds crude oil options which were purchased by western for a three year period ( january 2007 to december 2009 ) .", "the premiums for the purchased put options had been partially offset through the sale of call options for the same three-year period , resulting in a net premium liability .", "payment of the net premium liability is deferred until the settlement of the option contracts .", "as of december 31 , 2008 , the following put and call options were outstanding: ." ]

[ "in the first quarter of 2009 , we sold derivative instruments at an average exercise price of $ 50.50 which effectively offset the open put options for the remainder of 2009 .", "at december 31 , 2008 , the number of open derivative contracts held by our rm&t segment was lower than in previous periods .", "starting in the second quarter of 2008 , we decreased our use of derivatives to mitigate crude oil price risk between the time that domestic spot crude oil purchases are priced and when they are actually refined into salable petroleum products .", "instead , we are addressing this price risk through other means , including changes in contractual terms and crude oil acquisition practices .", "additionally , in previous periods , certain contracts in our rm&t segment for the purchase or sale of commodities were not qualified or designated as normal purchase or normal sales under generally accepted accounting principles and therefore were accounted for as derivative instruments .", "during the second quarter of 2008 , as we decreased our use of derivatives , we began to designate such contracts for the normal purchase and normal sale exclusion. ." ]

[ [ "Option Expiration Date", "2009" ], [ "Option Contract Volumes<i>(Barrels per day)</i>:", "" ], [ "Put options purchased", "20,000" ], [ "Call options sold", "15,000" ], [ "Average Exercise Price<i>(Dollars per barrel</i>):", "" ], [ "Put options", "$50.50" ], [ "Call options", "$90.50" ] ]

[ [ "option expiration date", "2009" ], [ "option contract volumes ( barrels per day ) :", "" ], [ "put options purchased", "20000" ], [ "call options sold", "15000" ], [ "average exercise price ( dollars per barrel ) :", "" ], [ "put options", "$ 50.50" ], [ "call options", "$ 90.50" ] ]

[]

[ "notes to consolidated financial statements minority partner approves the annual budget , receives a detailed monthly reporting package from us , meets with us on a quarterly basis to review the results of the joint venture , reviews and approves the joint venture 2019s tax return before filing , and approves all leases that cover more than a nominal amount of space relative to the total rentable space at each property we do not consolidate the joint venture as we consider these to be substantive participation rights .", "our joint venture agreements also contain certain pro- tective rights such as the requirement of partner approval to sell , finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan .", "the table below provides general information on each joint venture as of december 31 , 2009 ( in thousands ) : property partner ownership interest economic interest square feet acquired acquisition price ( 1 ) 1221 avenue of the americas ( 2 ) rgii 45.00% ( 45.00 % ) 45.00% ( 45.00 % ) 2550 12/03 $ 1000000 1515 broadway ( 3 ) sitq 55.00% ( 55.00 % ) 68.45% ( 68.45 % ) 1750 05/02 $ 483500 ." ]

[ "the meadows ( 10 ) onyx 50.00% ( 50.00 % ) 50.00% ( 50.00 % ) 582 09/07 $ 111500 388 and 390 greenwich street ( 11 ) sitq 50.60% ( 50.60 % ) 50.60% ( 50.60 % ) 2600 12/07 $ 1575000 27 201329 west 34th street ( 12 ) sutton 50.00% ( 50.00 % ) 50.00% ( 50.00 % ) 41 01/06 $ 30000 1551 20131555 broadway ( 13 ) sutton 10.00% ( 10.00 % ) 10.00% ( 10.00 % ) 26 07/05 $ 80100 717 fifth avenue ( 14 ) sutton/nakash 32.75% ( 32.75 % ) 32.75% ( 32.75 % ) 120 09/06 $ 251900 ( 1 ) acquisition price represents the actual or implied purchase price for the joint venture .", "( 2 ) we acquired our interest from the mcgraw-hill companies , or mhc .", "mhc is a tenant at the property and accounted for approximately 14.7% ( 14.7 % ) of the property 2019s annualized rent at december 31 , 2009 .", "we do not manage this joint venture .", "( 3 ) under a tax protection agreement established to protect the limited partners of the partnership that transferred 1515 broadway to the joint venture , the joint venture has agreed not to adversely affect the limited partners 2019 tax positions before december 2011 .", "one tenant , whose leases primarily ends in 2015 , represents approximately 77.4% ( 77.4 % ) of this joint venture 2019s annualized rent at december 31 , 2009 .", "( 4 ) effective november 2006 , we deconsolidated this investment .", "as a result of the recapitalization of the property , we were no longer the primary beneficiary .", "both partners had the same amount of equity at risk and neither partner controlled the joint venture .", "( 5 ) we invested approximately $ 109.5 million in this asset through the origination of a loan secured by up to 47% ( 47 % ) of the interests in the property 2019s ownership , with an option to convert the loan to an equity interest .", "certain existing members have the right to re-acquire approximately 4% ( 4 % ) of the property 2019s equity .", "these interests were re-acquired in december 2008 and reduced our interest to 42.95% ( 42.95 % ) ( 6 ) effective april 2007 , we deconsolidated this investment .", "as a result of the recapitalization of the property , we were no longer the primary beneficiary .", "both partners had the same amount of equity at risk and neither partner controlled the joint venture .", "( 7 ) we have the ability to syndicate our interest down to 14.79% ( 14.79 % ) .", "( 8 ) we , along with gramercy , together as tenants-in-common , acquired a fee interest in 2 herald square .", "the fee interest is subject to a long-term operating lease .", "( 9 ) we , along with gramercy , together as tenants-in-common , acquired a fee and leasehold interest in 885 third avenue .", "the fee and leasehold interests are subject to a long-term operating lease .", "( 10 ) we , along with onyx acquired the remaining 50% ( 50 % ) interest on a pro-rata basis in september 2009 .", "( 11 ) the property is subject to a 13-year triple-net lease arrangement with a single tenant .", "( 12 ) effective may 2008 , we deconsolidated this investment .", "as a result of the recapitalization of the property , we were no longer the primary beneficiary .", "both partners had the same amount of equity at risk and neither partner controlled the joint venture .", "( 13 ) effective august 2008 , we deconsolidated this investment .", "as a result of the sale of 80% ( 80 % ) of our interest , the joint venture was no longer a vie .", "( 14 ) effective september 2008 , we deconsolidated this investment .", "as a result of the recapitalization of the property , we were no longer the primary beneficiary. ." ]

[ [ "Property", "Partner", "Ownership Interest", "Economic Interest", "Square Feet", "Acquired", "Acquisition Price⁽¹⁾" ], [ "1221 Avenue of the Americas⁽²⁾", "RGII", "45.00%", "45.00%", "2,550", "12/03", "$1,000,000" ], [ "1515 Broadway⁽³⁾", "SITQ", "55.00%", "68.45%", "1,750", "05/02", "$483,500" ], [ "100 Park Avenue", "Prudential", "49.90%", "49.90%", "834", "02/00", "$95,800" ], [ "379 West Broadway", "Sutton", "45.00%", "45.00%", "62", "12/05", "$19,750" ], [ "21 West 34^thStreet⁽⁴⁾", "Sutton", "50.00%", "50.00%", "30", "07/05", "$22,400" ], [ "800 Third Avenue⁽⁵⁾", "Private Investors", "42.95%", "42.95%", "526", "12/06", "$285,000" ], [ "521 Fifth Avenue", "CIF", "50.10%", "50.10%", "460", "12/06", "$240,000" ], [ "One Court Square", "JP Morgan", "30.00%", "30.00%", "1,402", "01/07", "$533,500" ], [ "1604-1610 Broadway⁽⁶⁾", "Onyx/Sutton", "45.00%", "63.00%", "30", "11/05", "$4,400" ], [ "1745 Broadway⁽⁷⁾", "Witkoff/SITQ/Lehman Bros.", "32.26%", "32.26%", "674", "04/07", "$520,000" ], [ "1 and 2 Jericho Plaza", "Onyx/Credit Suisse", "20.26%", "20.26%", "640", "04/07", "$210,000" ], [ "2 Herald Square⁽⁸⁾", "Gramercy", "55.00%", "55.00%", "354", "04/07", "$225,000" ], [ "885 Third Avenue⁽⁹⁾", "Gramercy", "55.00%", "55.00%", "607", "07/07", "$317,000" ], [ "16 Court Street", "CIF", "35.00%", "35.00%", "318", "07/07", "$107,500" ], [ "The Meadows⁽¹⁰⁾", "Onyx", "50.00%", "50.00%", "582", "09/07", "$111,500" ], [ "388 and 390 Greenwich Street⁽¹¹⁾", "SITQ", "50.60%", "50.60%", "2,600", "12/07", "$1,575,000" ], [ "27-29 West 34^thStreet⁽¹²⁾", "Sutton", "50.00%", "50.00%", "41", "01/06", "$30,000" ], [ "1551-1555 Broadway⁽¹³⁾", "Sutton", "10.00%", "10.00%", "26", "07/05", "$80,100" ], [ "717 Fifth Avenue⁽¹⁴⁾", "Sutton/Nakash", "32.75%", "32.75%", "120", "09/06", "$251,900" ] ]

[ [ "property", "partner", "ownership interest", "economic interest", "square feet", "acquired", "acquisition price ( 1 )" ], [ "1221 avenue of the americas ( 2 )", "rgii", "45.00% ( 45.00 % )", "45.00% ( 45.00 % )", "2550", "12/03", "$ 1000000" ], [ "1515 broadway ( 3 )", "sitq", "55.00% ( 55.00 % )", "68.45% ( 68.45 % )", "1750", "05/02", "$ 483500" ], [ "100 park avenue", "prudential", "49.90% ( 49.90 % )", "49.90% ( 49.90 % )", "834", "02/00", "$ 95800" ], [ "379 west broadway", "sutton", "45.00% ( 45.00 % )", "45.00% ( 45.00 % )", "62", "12/05", "$ 19750" ], [ "21 west 34thstreet ( 4 )", "sutton", "50.00% ( 50.00 % )", "50.00% ( 50.00 % )", "30", "07/05", "$ 22400" ], [ "800 third avenue ( 5 )", "private investors", "42.95% ( 42.95 % )", "42.95% ( 42.95 % )", "526", "12/06", "$ 285000" ], [ "521 fifth avenue", "cif", "50.10% ( 50.10 % )", "50.10% ( 50.10 % )", "460", "12/06", "$ 240000" ], [ "one court square", "jp morgan", "30.00% ( 30.00 % )", "30.00% ( 30.00 % )", "1402", "01/07", "$ 533500" ], [ "1604-1610 broadway ( 6 )", "onyx/sutton", "45.00% ( 45.00 % )", "63.00% ( 63.00 % )", "30", "11/05", "$ 4400" ], [ "1745 broadway ( 7 )", "witkoff/sitq/lehman bros .", "32.26% ( 32.26 % )", "32.26% ( 32.26 % )", "674", "04/07", "$ 520000" ], [ "1 and 2 jericho plaza", "onyx/credit suisse", "20.26% ( 20.26 % )", "20.26% ( 20.26 % )", "640", "04/07", "$ 210000" ], [ "2 herald square ( 8 )", "gramercy", "55.00% ( 55.00 % )", "55.00% ( 55.00 % )", "354", "04/07", "$ 225000" ], [ "885 third avenue ( 9 )", "gramercy", "55.00% ( 55.00 % )", "55.00% ( 55.00 % )", "607", "07/07", "$ 317000" ], [ "16 court street", "cif", "35.00% ( 35.00 % )", "35.00% ( 35.00 % )", "318", "07/07", "$ 107500" ], [ "the meadows ( 10 )", "onyx", "50.00% ( 50.00 % )", "50.00% ( 50.00 % )", "582", "09/07", "$ 111500" ], [ "388 and 390 greenwich street ( 11 )", "sitq", "50.60% ( 50.60 % )", "50.60% ( 50.60 % )", "2600", "12/07", "$ 1575000" ], [ "27-29 west 34thstreet ( 12 )", "sutton", "50.00% ( 50.00 % )", "50.00% ( 50.00 % )", "41", "01/06", "$ 30000" ], [ "1551-1555 broadway ( 13 )", "sutton", "10.00% ( 10.00 % )", "10.00% ( 10.00 % )", "26", "07/05", "$ 80100" ], [ "717 fifth avenue ( 14 )", "sutton/nakash", "32.75% ( 32.75 % )", "32.75% ( 32.75 % )", "120", "09/06", "$ 251900" ] ]

[ { "arg1": "520000", "arg2": "const_1000", "op": "multiply2-1", "res": "520000000" }, { "arg1": "#0", "arg2": "32.26%", "op": "divide2-2", "res": "1611908200" } ]

[ "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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[ "hologic , inc .", "notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) the company has considered the provision of eitf issue no .", "95-8 , accounting for contingent consideration paid to the shareholders of and acquired enterprise in a purchase business combination , and concluded that this contingent consideration represents additional purchase price .", "during the fourth quarter of fiscal 2007 the company paid approximately $ 19000 to former suros shareholders for the first annual earn-out period resulting in an increase to goodwill for the same amount .", "goodwill will be increased by the amount of the additional consideration , if any , when it becomes due and payable for the second annual earn-out .", "in addition to the earn-out discussed above , the company increased goodwill related to the suros acquisition in the amount of $ 210 during the year ended september 29 , 2007 .", "the increase was primarily related to recording a liability of approximately $ 550 in accordance with eitf 95-3 related to the termination of certain employees who have ceased all services for the company .", "approximately $ 400 of this liability was paid during the year ended september 29 , 2007 and the balance is expected to be paid by the end of the second quarter of fiscal 2008 .", "this increase was partially offset by a decrease to goodwill as a result of a change in the valuation of certain assets and liabilities acquired based on information received during the year ended september 29 , 2007 .", "there have been no other material changes to purchase price allocations as disclosed in the company 2019s form 10-k for the year ended september 30 , 2006 .", "as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued .", "it was determined that only customer relationship , trade name , developed technology and know how and in-process research and development had separately identifiable values .", "customer relationship represents suros large installed base that are expected to purchase disposable products on a regular basis .", "trade name represent the suros product names that the company intends to continue to use .", "developed technology and know how represents currently marketable purchased products that the company continues to resell as well as utilize to enhance and incorporate into the company 2019s existing products .", "the estimated $ 4900 of purchase price allocated to in-process research and development projects primarily related to suros 2019 disposable products .", "the projects were at various stages of completion and include next generation handpiece and site marker technologies .", "the company has continued to work on these projects and expects they will be completed during fiscal 2008 .", "the deferred income tax liability relates to the tax effect of acquired identifiable intangible assets , and fair value adjustments to acquired inventory as such amounts are not deductible for tax purposes , partially offset by acquired net operating loss carry forwards that the company believes are realizable .", "for all of the acquisitions discussed above , goodwill represents the excess of the purchase price over the net identifiable tangible and intangible assets acquired .", "the company determined that the acquisition of each aeg , biolucent , r2 and suros resulted in the recognition of goodwill primarily because of synergies unique to the company and the strength of its acquired workforce .", "supplemental unaudited pro-forma information the following unaudited pro forma information presents the consolidated results of operations of the company , r2 and suros as if the acquisitions had occurred at the beginning of fiscal 2006 , with pro forma adjustments to give effect to amortization of intangible assets , an increase in interest expense on acquisition financing and certain other adjustments together with related tax effects: ." ]

[ "." ]

[ [ "", "2006" ], [ "Net revenue", "$524,340" ], [ "Net income", "28,649" ], [ "Net income per share—basic", "$0.55" ], [ "Net income per share—assuming dilution", "$0.33" ] ]

[ [ "", "2006" ], [ "net revenue", "$ 524340" ], [ "net income", "28649" ], [ "net income per share 2014basic", "$ 0.55" ], [ "net income per share 2014assuming dilution", "$ 0.33" ] ]

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[ "in addition , the company has reclassified the following amounts from 201cdistributions from other invested assets 201d included in cash flows from investing activities to 201cdistribution of limited partnership income 201d included in cash flows from operations for interim reporting periods of 2013 : $ 33686 thousand for the three months ended march 31 , 2013 ; $ 9409 thousand and $ 43095 thousand for the three months and six months ended june 30 , 2013 , respectively ; and $ 5638 thousand and $ 48733 thousand for the three months and nine months ended september 30 , 2013 , respectively .", "b .", "investments .", "fixed maturity and equity security investments available for sale , at market value , reflect unrealized appreciation and depreciation , as a result of temporary changes in market value during the period , in shareholders 2019 equity , net of income taxes in 201caccumulated other comprehensive income ( loss ) 201d in the consolidated balance sheets .", "fixed maturity and equity securities carried at fair value reflect fair value re- measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income ( loss ) .", "the company records changes in fair value for its fixed maturities available for sale , at market value through shareholders 2019 equity , net of taxes in accumulated other comprehensive income ( loss ) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities .", "the company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities .", "fixed maturities carried at fair value represent a portfolio of convertible bond securities , which have characteristics similar to equity securities and at times , designated foreign denominated fixed maturity securities , which will be used to settle loss and loss adjustment reserves in the same currency .", "the company carries all of its equity securities at fair value except for mutual fund investments whose underlying investments are comprised of fixed maturity securities .", "for equity securities , available for sale , at fair value , the company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions .", "interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income ( loss ) .", "unrealized losses on fixed maturities , which are deemed other-than-temporary and related to the credit quality of a security , are charged to net income ( loss ) as net realized capital losses .", "short-term investments are stated at cost , which approximates market value .", "realized gains or losses on sales of investments are determined on the basis of identified cost .", "for non- publicly traded securities , market prices are determined through the use of pricing models that evaluate securities relative to the u.s .", "treasury yield curve , taking into account the issue type , credit quality , and cash flow characteristics of each security .", "for publicly traded securities , market value is based on quoted market prices or valuation models that use observable market inputs .", "when a sector of the financial markets is inactive or illiquid , the company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value .", "retrospective adjustments are employed to recalculate the values of asset-backed securities .", "each acquisition lot is reviewed to recalculate the effective yield .", "the recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition .", "outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities .", "conditional prepayment rates , computed with life to date factor histories and weighted average maturities , are used to effect the calculation of projected and prepayments for pass-through security types .", "other invested assets include limited partnerships , rabbi trusts and an affiliated entity .", "limited partnerships and the affiliated entity are accounted for under the equity method of accounting , which can be recorded on a monthly or quarterly lag .", "c .", "uncollectible receivable balances .", "the company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management 2019s assessment of the collectability of the outstanding balances .", "such reserves are presented in the table below for the periods indicated. ." ]

[ "." ]

[ [ "", "Years Ended December 31," ], [ "(Dollars in thousands)", "2013", "2012" ], [ "Reinsurance receivables and premium receivables", "$29,905", "$32,011" ] ]

[ [ "( dollars in thousands )", "years ended december 31 , 2013", "years ended december 31 , 2012" ], [ "reinsurance receivables and premium receivables", "$ 29905", "$ 32011" ] ]

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

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

[ [ "", "GAAP", "As adjusted" ], [ "(in millions)", "2016", "2015", "2014", "2016", "2015", "2014" ], [ "Operating income⁽¹⁾", "$4,570", "$4,664", "$4,474", "$4,674", "$4,695", "$4,563" ], [ "Total nonoperating income (expense)^(1),(2)", "(108)", "(69)", "(49)", "(108)", "(70)", "(56)" ], [ "Income before income taxes⁽²⁾", "$4,462", "$4,595", "$4,425", "$4,566", "$4,625", "$4,507" ], [ "Income tax expense", "$1,290", "$1,250", "$1,131", "$1,352", "$1,312", "$1,197" ], [ "Effective tax rate", "28.9%", "27.2%", "25.6%", "29.6%", "28.4%", "26.6%" ] ]

[ [ "( in millions )", "gaap 2016", "gaap 2015", "gaap 2014", "gaap 2016", "gaap 2015", "2014" ], [ "operating income ( 1 )", "$ 4570", "$ 4664", "$ 4474", "$ 4674", "$ 4695", "$ 4563" ], [ "total nonoperating income ( expense ) ( 1 ) ( 2 )", "-108 ( 108 )", "-69 ( 69 )", "-49 ( 49 )", "-108 ( 108 )", "-70 ( 70 )", "-56 ( 56 )" ], [ "income before income taxes ( 2 )", "$ 4462", "$ 4595", "$ 4425", "$ 4566", "$ 4625", "$ 4507" ], [ "income tax expense", "$ 1290", "$ 1250", "$ 1131", "$ 1352", "$ 1312", "$ 1197" ], [ "effective tax rate", "28.9% ( 28.9 % )", "27.2% ( 27.2 % )", "25.6% ( 25.6 % )", "29.6% ( 29.6 % )", "28.4% ( 28.4 % )", "26.6% ( 26.6 % )" ] ]

[ { "arg1": "4570", "arg2": "4664", "op": "minus1-1", "res": "-94" }, { "arg1": "#0", "arg2": "4664", "op": "divide1-2", "res": "-2.0%" } ]

[ "entergy new orleans , inc .", "management 2019s financial discussion and analysis plan to spin off the utility 2019s transmission business see the 201cplan to spin off the utility 2019s transmission business 201d section of entergy corporation and subsidiaries management 2019s financial discussion and analysis for a discussion of this matter , including the planned retirement of debt and preferred securities .", "results of operations net income 2011 compared to 2010 net income increased $ 4.9 million primarily due to lower other operation and maintenance expenses , lower taxes other than income taxes , a lower effective income tax rate , and lower interest expense , partially offset by lower net revenue .", "2010 compared to 2009 net income remained relatively unchanged , increasing $ 0.6 million , primarily due to higher net revenue and lower interest expense , almost entirely offset by higher other operation and maintenance expenses , higher taxes other than income taxes , lower other income , and higher depreciation and amortization expenses .", "net revenue 2011 compared to 2010 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .", "following is an analysis of the change in net revenue comparing 2011 to 2010 .", "amount ( in millions ) ." ]

[ "the retail electric price variance is primarily due to formula rate plan decreases effective october 2010 and october 2011 .", "see note 2 to the financial statements for a discussion of the formula rate plan filing .", "the net gas revenue variance is primarily due to milder weather in 2011 compared to 2010 .", "the gas cost recovery asset variance is primarily due to the recognition in 2010 of a $ 3 million gas operations regulatory asset associated with the settlement of entergy new orleans 2019s electric and gas formula rate plan case and the amortization of that asset .", "see note 2 to the financial statements for additional discussion of the formula rate plan settlement. ." ]

[ [ "", "Amount (In Millions)" ], [ "2010 net revenue", "$272.9" ], [ "Retail electric price", "(16.9)" ], [ "Net gas revenue", "(9.1)" ], [ "Gas cost recovery asset", "(3.0)" ], [ "Volume/weather", "5.4" ], [ "Other", "(2.3)" ], [ "2011 net revenue", "$247.0" ] ]

[ [ "", "amount ( in millions )" ], [ "2010 net revenue", "$ 272.9" ], [ "retail electric price", "-16.9 ( 16.9 )" ], [ "net gas revenue", "-9.1 ( 9.1 )" ], [ "gas cost recovery asset", "-3.0 ( 3.0 )" ], [ "volume/weather", "5.4" ], [ "other", "-2.3 ( 2.3 )" ], [ "2011 net revenue", "$ 247.0" ] ]

[]

[ "performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 28 , 2012 through october 29 , 2017 .", "this is compared with the cumulative total return of the standard & poor 2019s 500 stock index and the rdg semiconductor composite index over the same period .", "the comparison assumes $ 100 was invested on october 28 , 2012 in applied common stock and in each of the foregoing indices and assumes reinvestment of dividends , if any .", "dollar amounts in the graph are rounded to the nearest whole dollar .", "the performance shown in the graph represents past performance and should not be considered an indication of future performance .", "comparison of 5 year cumulative total return* among applied materials , inc. , the s&p 500 index and the rdg semiconductor composite index *assumes $ 100 invested on 10/28/12 in stock or 10/31/12 in index , including reinvestment of dividends .", "indexes calculated on month-end basis .", "copyright a9 2017 standard & poor 2019s , a division of s&p global .", "all rights reserved. ." ]

[ "dividends during each of fiscal 2017 , 2016 and 2015 , applied 2019s board of directors declared four quarterly cash dividends in the amount of $ 0.10 per share .", "applied currently anticipates that cash dividends will continue to be paid on a quarterly basis , although the declaration of any future cash dividend is at the discretion of the board of directors and will depend on applied 2019s financial condition , results of operations , capital requirements , business conditions and other factors , as well as a determination by the board of directors that cash dividends are in the best interests of applied 2019s stockholders .", "10/28/12 10/27/13 10/26/14 10/25/15 10/30/16 10/29/17 applied materials , inc .", "s&p 500 rdg semiconductor composite ." ]

[ [ "", "10/28/2012", "10/27/2013", "10/26/2014", "10/25/2015", "10/30/2016", "10/29/2017" ], [ "Applied Materials", "100.00", "171.03", "207.01", "165.34", "293.64", "586.91" ], [ "S&P 500 Index", "100.00", "127.18", "149.14", "156.89", "163.97", "202.72" ], [ "RDG Semiconductor Composite Index", "100.00", "131.94", "167.25", "160.80", "193.36", "288.96" ] ]

[ [ "", "10/28/2012", "10/27/2013", "10/26/2014", "10/25/2015", "10/30/2016", "10/29/2017" ], [ "applied materials", "100.00", "171.03", "207.01", "165.34", "293.64", "586.91" ], [ "s&p 500 index", "100.00", "127.18", "149.14", "156.89", "163.97", "202.72" ], [ "rdg semiconductor composite index", "100.00", "131.94", "167.25", "160.80", "193.36", "288.96" ] ]

[ { "arg1": "165.34", "arg2": "const_100", "op": "minus1-1", "res": "65.34" }, { "arg1": "#0", "arg2": "const_100", "op": "divide1-2", "res": "65.3%" } ]

[ "in connection with our assessment of impairment we recorded gross other-than-temporary impairment of $ 1.15 billion for 2009 , compared to $ 122 million for 2008 .", "of the total recorded , $ 227 million related to credit and was recognized in our consolidated statement of income .", "the remaining $ 928 million related to factors other than credit , more fully discussed below , and was recognized , net of related taxes , in oci in our consolidated statement of condition .", "the $ 227 million was composed of $ 151 million associated with expected credit losses , $ 54 million related to management 2019s decision to sell the impaired securities prior to their recovery in value , and $ 22 million related to adverse changes in the timing of expected future cash flows from the securities .", "the majority of the impairment losses related to non-agency securities collateralized by mortgages , for which management concluded had experienced credit losses based on the present value of the securities 2019 expected future cash flows .", "these securities are classified as asset-backed securities in the foregoing investment securities tables .", "as described in note 1 , management periodically reviews the fair values of investment securities to determine if other-than-temporary impairment has occurred .", "this review encompasses all investment securities and includes such quantitative factors as current and expected future interest rates and the length of time that a security 2019s cost basis has exceeded its fair value , and includes investment securities for which we have issuer- specific concerns regardless of quantitative factors .", "gains and losses related to investment securities were as follows for the years ended december 31: ." ]

[ "( 1 ) these losses were recognized as a component of oci ; see note 12 .", "we conduct periodic reviews to evaluate each security that is impaired .", "impairment exists when the current fair value of an individual security is below its amortized cost basis .", "for debt securities available for sale and held to maturity , other-than-temporary impairment is recorded in our consolidated statement of income when management intends to sell ( or may be required to sell ) securities before they recover in value , or when management expects the present value of cash flows expected to be collected to be less than the amortized cost of the impaired security ( a credit loss ) .", "our review of impaired securities generally includes : 2022 the identification and evaluation of securities that have indications of possible other-than-temporary impairment , such as issuer-specific concerns including deteriorating financial condition or bankruptcy ; 2022 the analysis of expected future cash flows of securities , based on quantitative and qualitative factors ; 2022 the analysis of the collectability of those future cash flows , including information about past events , current conditions and reasonable and supportable forecasts ; 2022 the analysis of individual impaired securities , including consideration of the length of time the security has been in an unrealized loss position and the anticipated recovery period ; 2022 the discussion of evidential matter , including an evaluation of factors or triggers that could cause individual securities to be deemed other-than-temporarily impaired and those that would not support other-than-temporary impairment ; and 2022 documentation of the results of these analyses .", "factors considered in determining whether impairment is other than temporary include : 2022 the length of time the security has been impaired; ." ]

[ [ "(In millions)", "2009", "2008", "2007" ], [ "Gross gains from sales of available-for-sale securities", "$418", "$100", "$24" ], [ "Gross losses from sales of available-for-sale securities", "(50)", "(32)", "(17)" ], [ "Gross losses from other-than-temporary impairment", "(1,155)", "(122)", "(34)" ], [ "Losses not related to credit⁽¹⁾", "928", "—", "—" ], [ "Net impairment losses", "(227)", "(122)", "(34)" ], [ "Gains (Losses) related to investment securities, net", "$141", "$(54)", "$(27)" ] ]

[ [ "( in millions )", "2009", "2008", "2007" ], [ "gross gains from sales of available-for-sale securities", "$ 418", "$ 100", "$ 24" ], [ "gross losses from sales of available-for-sale securities", "-50 ( 50 )", "-32 ( 32 )", "-17 ( 17 )" ], [ "gross losses from other-than-temporary impairment", "-1155 ( 1155 )", "-122 ( 122 )", "-34 ( 34 )" ], [ "losses not related to credit ( 1 )", "928", "2014", "2014" ], [ "net impairment losses", "-227 ( 227 )", "-122 ( 122 )", "-34 ( 34 )" ], [ "gains ( losses ) related to investment securities net", "$ 141", "$ -54 ( 54 )", "$ -27 ( 27 )" ] ]

[ { "arg1": "418", "arg2": "100", "op": "minus1-1", "res": "318" }, { "arg1": "#0", "arg2": "100", "op": "divide1-2", "res": "318%" } ]

[ "2006 plan prior to december 5 , 2008 became fully vested and nonforfeitable upon the closing of the acquisition .", "awards may be granted under the 2006 plan , as amended and restated , after december 5 , 2008 only to employees and consultants of allied waste industries , inc .", "and its subsidiaries who were not employed by republic services , inc .", "prior to such date .", "at december 31 , 2010 , there were approximately 15.3 million shares of common stock reserved for future grants under the 2006 plan .", "stock options we use a binomial option-pricing model to value our stock option grants .", "we recognize compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award , or to the employee 2019s retirement eligible date , if earlier .", "expected volatility is based on the weighted average of the most recent one-year volatility and a historical rolling average volatility of our stock over the expected life of the option .", "the risk-free interest rate is based on federal reserve rates in effect for bonds with maturity dates equal to the expected term of the option .", "we use historical data to estimate future option exercises , forfeitures and expected life of the options .", "when appropriate , separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes .", "the weighted-average estimated fair values of stock options granted during the years ended december 31 , 2010 , 2009 and 2008 were $ 5.28 , $ 3.79 and $ 4.36 per option , respectively , which were calculated using the following weighted-average assumptions: ." ]

[ "republic services , inc .", "notes to consolidated financial statements , continued ." ]

[ [ "", "2010", "2009", "2008" ], [ "Expected volatility", "28.6%", "28.7%", "27.3%" ], [ "Risk-free interest rate", "2.4%", "1.4%", "1.7%" ], [ "Dividend yield", "2.9%", "3.1%", "2.9%" ], [ "Expected life (in years)", "4.3", "4.2", "4.2" ], [ "Contractual life (in years)", "7", "7", "7" ], [ "Expected forfeiture rate", "3.0%", "3.0%", "3.0%" ] ]

[ [ "", "2010", "2009", "2008" ], [ "expected volatility", "28.6% ( 28.6 % )", "28.7% ( 28.7 % )", "27.3% ( 27.3 % )" ], [ "risk-free interest rate", "2.4% ( 2.4 % )", "1.4% ( 1.4 % )", "1.7% ( 1.7 % )" ], [ "dividend yield", "2.9% ( 2.9 % )", "3.1% ( 3.1 % )", "2.9% ( 2.9 % )" ], [ "expected life ( in years )", "4.3", "4.2", "4.2" ], [ "contractual life ( in years )", "7", "7", "7" ], [ "expected forfeiture rate", "3.0% ( 3.0 % )", "3.0% ( 3.0 % )", "3.0% ( 3.0 % )" ] ]

[]

[ "management 2019s discussion and analysis of financial condition and results of operations ( continued ) funding deposits : we provide products and services including custody , accounting , administration , daily pricing , foreign exchange services , cash management , financial asset management , securities finance and investment advisory services .", "as a provider of these products and services , we generate client deposits , which have generally provided a stable , low-cost source of funds .", "as a global custodian , clients place deposits with state street entities in various currencies .", "we invest these client deposits in a combination of investment securities and short- duration financial instruments whose mix is determined by the characteristics of the deposits .", "for the past several years , we have experienced higher client deposit inflows toward the end of the quarter or the end of the year .", "as a result , we believe average client deposit balances are more reflective of ongoing funding than period-end balances .", "table 33 : client deposits average balance december 31 , year ended december 31 ." ]

[ "client deposits ( 1 ) $ 195276 $ 182268 $ 167470 $ 143043 ( 1 ) balance as of december 31 , 2014 excluded term wholesale certificates of deposit , or cds , of $ 13.76 billion ; average balances for the year ended december 31 , 2014 and 2013 excluded average cds of $ 6.87 billion and $ 2.50 billion , respectively .", "short-term funding : our corporate commercial paper program , under which we can issue up to $ 3.0 billion of commercial paper with original maturities of up to 270 days from the date of issuance , had $ 2.48 billion and $ 1.82 billion of commercial paper outstanding as of december 31 , 2014 and 2013 , respectively .", "our on-balance sheet liquid assets are also an integral component of our liquidity management strategy .", "these assets provide liquidity through maturities of the assets , but more importantly , they provide us with the ability to raise funds by pledging the securities as collateral for borrowings or through outright sales .", "in addition , our access to the global capital markets gives us the ability to source incremental funding at reasonable rates of interest from wholesale investors .", "as discussed earlier under 201casset liquidity , 201d state street bank's membership in the fhlb allows for advances of liquidity with varying terms against high-quality collateral .", "short-term secured funding also comes in the form of securities lent or sold under agreements to repurchase .", "these transactions are short-term in nature , generally overnight , and are collateralized by high-quality investment securities .", "these balances were $ 8.93 billion and $ 7.95 billion as of december 31 , 2014 and 2013 , respectively .", "state street bank currently maintains a line of credit with a financial institution of cad $ 800 million , or approximately $ 690 million as of december 31 , 2014 , 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 , 2014 , there was no balance outstanding on this line of credit .", "long-term funding : as of december 31 , 2014 , state street bank had board authority to issue unsecured senior debt securities from time to time , provided that the aggregate principal amount of such unsecured senior debt outstanding at any one time does not exceed $ 5 billion .", "as of december 31 , 2014 , $ 4.1 billion was available for issuance pursuant to this authority .", "as of december 31 , 2014 , state street bank also had board authority to issue an additional $ 500 million of subordinated debt .", "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 issued in the past , and we may issue in the future , securities pursuant to our shelf registration .", "the issuance of debt or equity securities will depend on future market conditions , funding needs and other factors .", "agency credit ratings our ability to maintain consistent access to liquidity is fostered by the maintenance of high investment-grade ratings as measured by the major independent credit rating agencies .", "factors essential to maintaining high credit ratings include diverse and stable core earnings ; relative market position ; strong risk management ; strong capital ratios ; diverse liquidity sources , including the global capital markets and client deposits ; strong liquidity monitoring procedures ; and preparedness for current or future regulatory developments .", "high ratings limit borrowing costs and enhance our liquidity by providing assurance for unsecured funding and depositors , increasing the potential market for our debt and improving our ability to offer products , serve markets , and engage in transactions in which clients value high credit ratings .", "a downgrade or reduction of our credit ratings could have a material adverse effect on our liquidity by restricting our ability to access the capital ." ]

[ [ "", "December 31,", "Average Balance Year Ended December 31," ], [ "(In millions)", "2014", "2013", "2014", "2013" ], [ "Client deposits⁽¹⁾", "$195,276", "$182,268", "$167,470", "$143,043" ] ]

[ [ "( in millions )", "december 31 , 2014", "december 31 , 2013", "december 31 , 2014", "2013" ], [ "client deposits ( 1 )", "$ 195276", "$ 182268", "$ 167470", "$ 143043" ] ]

[ { "arg1": "6.87", "arg2": "2.50", "op": "minus1-1", "res": "4.37" }, { "arg1": "#0", "arg2": "2.50", "op": "divide1-2", "res": "175%" } ]

[ "entergy corporation and subsidiaries management's financial discussion and analysis annually , beginning in 2006 , if power market prices drop below the ppa prices .", "accordingly , because the price is not fixed , the table above does not report power from that plant as sold forward after 2005 .", "under the ppas with nypa for the output of power from indian point 3 and fitzpatrick , the non-utility nuclear business is obligated to produce at an average capacity factor of 85% ( 85 % ) with a financial true-up payment to nypa should nypa's cost to purchase power due to an output shortfall be higher than the ppas' price .", "the calculation of any true-up payments is based on two two-year periods .", "for the first period , which ran through november 20 , 2002 , indian point 3 and fitzpatrick operated at 95% ( 95 % ) and 97% ( 97 % ) , respectively , under the true-up formula .", "credits of up to 5% ( 5 % ) reflecting period one generation above 85% ( 85 % ) can be used to offset any output shortfalls in the second period , which runs through the end of the ppas on december 31 , 2004 .", "entergy continually monitors industry trends in order to determine whether asset impairments or other losses could result from a decline in value , or cancellation , of merchant power projects , and records provisions for impairments and losses accordingly .", "marketing and trading the earnings of entergy's energy commodity services segment are exposed to commodity price market risks primarily through entergy's 50%-owned , unconsolidated investment in entergy-koch .", "entergy-koch trading ( ekt ) uses value-at-risk models as one measure of the market risk of a loss in fair value for ekt's natural gas and power trading portfolio .", "actual future gains and losses in portfolios will differ from those estimated based upon actual fluctuations in market rates , operating exposures , and the timing thereof , and changes in the portfolio of derivative financial instruments during the year .", "to manage its portfolio , ekt enters into various derivative and contractual transactions in accordance with the policy approved by the trading committee of the governing board of entergy-koch .", "the trading portfolio consists of physical and financial natural gas and power as well as other energy and weather-related contracts .", "these contracts take many forms , including futures , forwards , swaps , and options .", "characteristics of ekt's value-at-risk method and the use of that method are as follows : fffd value-at-risk is used in conjunction with stress testing , position reporting , and profit and loss reporting in order to measure and control the risk inherent in the trading and mark-to-market portfolios .", "fffd ekt estimates its value-at-risk using a model based on j.p .", "morgan's risk metrics methodology combined with a monte carlo simulation approach .", "fffd ekt estimates its daily value-at-risk for natural gas and power using a 97.5% ( 97.5 % ) confidence level .", "ekt's daily value-at-risk is a measure that indicates that , if prices moved against the positions , the loss in neutralizing the portfolio would not be expected to exceed the calculated value-at-risk .", "fffd ekt seeks to limit the daily value-at-risk on any given day to a certain dollar amount approved by the trading committee .", "ekt's value-at-risk measures , which it calls daily earnings at risk ( de@r ) , for its trading portfolio were as follows: ." ]

[ "ekt's de@r increased in 2002 compared to 2001 as a result of an increase in the size of the position held and an increase in the volatility of natural gas prices in the latter part of the year .", "for all derivative and contractual transactions , ekt is exposed to losses in the event of nonperformance by counterparties to these transactions .", "relevant considerations when assessing ekt's credit risk exposure include: ." ]

[ [ "", "2002", "2001" ], [ "DE@R at end of period", "$15.2 million", "$5.5 million" ], [ "Average DE@R for the period", "$10.8 million", "$6.4 million" ] ]

[ [ "", "2002", "2001" ], [ "de@r at end of period", "$ 15.2 million", "$ 5.5 million" ], [ "average de@r for the period", "$ 10.8 million", "$ 6.4 million" ] ]

[ { "arg1": "15.2", "arg2": "5.5", "op": "minus1-1", "res": "9.7" }, { "arg1": "#0", "arg2": "5.5", "op": "divide1-2", "res": "176%" } ]

[ "we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry .", "as such , we have no control over activities that could materially impact the fair value of the leased assets .", "we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies .", "additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase options are not considered to be potentially significant to the vies .", "the future minimum lease payments associated with the vie leases totaled $ 2.6 billion as of december 31 , 2015 .", "17 .", "leases we lease certain locomotives , freight cars , and other property .", "the consolidated statements of financial position as of december 31 , 2015 and 2014 included $ 2273 million , net of $ 1189 million of accumulated depreciation , and $ 2454 million , net of $ 1210 million of accumulated depreciation , respectively , for properties held under capital leases .", "a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .", "future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2015 , were as follows : millions operating leases capital leases ." ]

[ "approximately 95% ( 95 % ) of capital lease payments relate to locomotives .", "rent expense for operating leases with terms exceeding one month was $ 590 million in 2015 , $ 593 million in 2014 , and $ 618 million in 2013 .", "when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .", "contingent rentals and sub-rentals are not significant .", "18 .", "commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .", "we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity .", "to the extent possible , we have recorded a liability where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated .", "we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters .", "personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .", "we use an actuarial analysis to measure the expense and liability , including unasserted claims .", "the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .", "under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .", "we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work .", "our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments .", "approximately 94% ( 94 % ) of the recorded liability is related to asserted claims and ." ]

[ [ "Millions", "OperatingLeases", "CapitalLeases" ], [ "2016", "$491", "$217" ], [ "2017", "446", "220" ], [ "2018", "371", "198" ], [ "2019", "339", "184" ], [ "2020", "282", "193" ], [ "Later years", "1,501", "575" ], [ "Total minimum lease payments", "$3,430", "$1,587" ], [ "Amount representing interest", "N/A", "(319)" ], [ "Present value of minimum lease payments", "N/A", "$1,268" ] ]

[ [ "millions", "operatingleases", "capitalleases" ], [ "2016", "$ 491", "$ 217" ], [ "2017", "446", "220" ], [ "2018", "371", "198" ], [ "2019", "339", "184" ], [ "2020", "282", "193" ], [ "later years", "1501", "575" ], [ "total minimum lease payments", "$ 3430", "$ 1587" ], [ "amount representing interest", "n/a", "-319 ( 319 )" ], [ "present value of minimum lease payments", "n/a", "$ 1268" ] ]

[ { "arg1": "3430", "arg2": "1587", "op": "add2-1", "res": "5017" }, { "arg1": "3430", "arg2": "#0", "op": "divide2-2", "res": "68%" } ]

[ "entergy gulf states , inc .", "management's financial discussion and analysis ." ]

[ "the volume/weather variance resulted primarily from an increase of 1179 gwh in electricity usage in the industrial sector .", "billed usage also increased a total of 291 gwh in the residential , commercial , and governmental sectors .", "the increase in net wholesale revenue is primarily due to an increase in sales volume to municipal and co-op customers .", "summer capacity charges variance is due to the amortization in 2003 of deferred capacity charges for the summer of 2001 compared to the absence of the amortization in 2004 .", "the amortization of these capacity charges began in june 2002 and ended in may 2003 .", "the price applied to unbilled sales variance resulted primarily from an increase in the fuel price applied to unbilled sales .", "fuel recovery revenues represent an under-recovery of fuel charges that are recovered in base rates .", "entergy gulf states recorded $ 22.6 million of provisions in 2004 for potential rate refunds .", "these provisions are not included in the net revenue table above because they are more than offset by provisions recorded in 2003 .", "gross operating revenues , fuel and purchased power expenses , and other regulatory credits gross operating revenues increased primarily due to an increase of $ 187.8 million in fuel cost recovery revenues as a result of higher fuel rates in both the louisiana and texas jurisdictions .", "the increases in volume/weather and wholesale revenue , discussed above , also contributed to the increase .", "fuel and purchased power expenses increased primarily due to : 2022 increased recovery of deferred fuel costs due to higher fuel rates ; 2022 increases in the market prices of natural gas , coal , and purchased power ; and 2022 an increase in electricity usage , discussed above .", "other regulatory credits increased primarily due to the amortization in 2003 of deferred capacity charges for the summer of 2001 compared to the absence of amortization in 2004 .", "the amortization of these charges began in june 2002 and ended in may 2003 .", "2003 compared to 2002 net revenue , which is entergy gulf states' 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. ." ]

[ [ "", "(In Millions)" ], [ "2003 net revenue", "$1,110.1" ], [ "Volume/weather", "26.7" ], [ "Net wholesale revenue", "13.0" ], [ "Summer capacity charges", "5.5" ], [ "Price applied to unbilled sales", "4.8" ], [ "Fuel recovery revenues", "(14.2)" ], [ "Other", "3.9" ], [ "2004 net revenue", "$1,149.8" ] ]

[ [ "", "( in millions )" ], [ "2003 net revenue", "$ 1110.1" ], [ "volume/weather", "26.7" ], [ "net wholesale revenue", "13.0" ], [ "summer capacity charges", "5.5" ], [ "price applied to unbilled sales", "4.8" ], [ "fuel recovery revenues", "-14.2 ( 14.2 )" ], [ "other", "3.9" ], [ "2004 net revenue", "$ 1149.8" ] ]

[ { "arg1": "1149.8", "arg2": "1110.1", "op": "minus2-1", "res": "39.7" }, { "arg1": "26.7", "arg2": "#0", "op": "divide2-2", "res": "67.3%" } ]

[ "." ]

[ "s&p supercap data processing & outsourced 100.00 68.26 99.41 97.33 118.68 151.90 item 6 .", "selected financial data .", "the selected financial data set forth below constitutes historical financial data of fis and should be read in conjunction with item 7 , management 2019s discussion and analysis of financial condition and results of operations , and item 8 , financial statements and supplementary data , included elsewhere in this report .", "on october 1 , 2009 , we completed the acquisition of metavante technologies , inc .", "( \"metavante\" ) .", "the results of operations and financial position of metavante are included in the consolidated financial statements since the date of acquisition .", "on july 2 , 2008 , we completed the spin-off of lender processing services , inc. , which was a former wholly-owned subsidiary ( \"lps\" ) .", "for accounting purposes , the results of lps are presented as discontinued operations .", "accordingly , all prior periods have been restated to present the results of fis on a stand alone basis and include the results of lps up to july 2 , 2008 , as discontinued operations. ." ]

[ [ "", "12/07", "12/08", "12/09", "12/10", "12/11", "12/12" ], [ "Fidelity National Information Services, Inc.", "100.00", "70.08", "101.93", "120.01", "117.34", "157.38" ], [ "S&P 500", "100.00", "63.00", "79.67", "91.67", "93.61", "108.59" ], [ "S&P Supercap Data Processing & Outsourced Services", "100.00", "68.26", "99.41", "97.33", "118.68", "151.90" ] ]

[ [ "", "12/07", "12/08", "12/09", "12/10", "12/11", "12/12" ], [ "fidelity national information services inc .", "100.00", "70.08", "101.93", "120.01", "117.34", "157.38" ], [ "s&p 500", "100.00", "63.00", "79.67", "91.67", "93.61", "108.59" ], [ "s&p supercap data processing & outsourced services", "100.00", "68.26", "99.41", "97.33", "118.68", "151.90" ] ]

[ { "arg1": "70.08", "arg2": "const_100", "op": "minus2-1", "res": "-29.92" }, { "arg1": "#0", "arg2": "const_100", "op": "divide2-2", "res": "-29.9%" } ]

[ "us in a position to handle demand changes .", "we will also continue utilizing industrial engineering techniques to improve productivity .", "2022 fuel prices 2013 uncertainty about the economy makes fuel price projections difficult , and we could see volatile fuel prices during the year , as they are sensitive to global and u.s .", "domestic demand , refining capacity , geopolitical events , weather conditions and other factors .", "to reduce the impact of fuel price on earnings , we will continue to seek recovery from our customers through our fuel surcharge programs and to expand our fuel conservation efforts .", "2022 capital plan 2013 in 2011 , we plan to make total capital investments of approximately $ 3.2 billion , including expenditures for positive train control ( ptc ) , which may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .", "( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) 2022 positive train control 2013 in response to a legislative mandate to implement ptc by the end of 2015 , we expect to spend approximately $ 250 million during 2011 on developing ptc .", "we currently estimate that ptc will cost us approximately $ 1.4 billion to implement by the end of 2015 , in accordance with rules issued by the federal railroad administration ( fra ) .", "this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment so all the parts of the system can communicate with each other .", "during 2011 , we plan to begin testing the technology to evaluate its effectiveness .", "2022 financial expectations 2013 we remain cautious about economic conditions , but anticipate volume to increase from 2010 levels .", "in addition , we expect volume , price , and productivity gains to offset expected higher costs for fuel , labor inflation , depreciation , casualty costs , and property taxes to drive operating ratio improvement .", "results of operations operating revenues millions 2010 2009 2008 % ( % ) change 2010 v 2009 % ( % ) change 2009 v 2008 ." ]

[ "freight revenues are revenues generated by transporting freight or other materials from our six commodity groups .", "freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) .", "changes in price , traffic mix and fuel surcharges drive arc .", "we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as a reduction to freight revenues based on the actual or projected future shipments .", "we recognize freight revenues as freight moves from origin to destination .", "we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them .", "other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage .", "we recognize other revenues as we perform services or meet contractual obligations .", "freight revenues and volume levels for all six commodity groups increased during 2010 as a result of economic improvement in many market sectors .", "we experienced particularly strong volume growth in automotive , intermodal , and industrial products shipments .", "core pricing gains and higher fuel surcharges also increased freight revenues and drove a 6% ( 6 % ) improvement in arc .", "freight revenues and volume levels for all six commodity groups decreased during 2009 , reflecting continued economic weakness .", "we experienced the largest volume declines in automotive and industrial ." ]

[ [ "<i>Millions</i>", "<i>2010</i>", "<i>2009</i>", "<i>2008</i>", "% Change 2010 v 2009", "% Change 2009 v 2008" ], [ "Freight revenues", "$16,069", "$13,373", "$17,118", "20%", "(22)%" ], [ "Other revenues", "896", "770", "852", "16", "(10)" ], [ "Total", "$16,965", "$14,143", "$17,970", "20%", "(21)%" ] ]

[ [ "millions", "2010", "2009", "2008", "% ( % ) change 2010 v 2009", "% ( % ) change 2009 v 2008" ], [ "freight revenues", "$ 16069", "$ 13373", "$ 17118", "20% ( 20 % )", "( 22 ) % ( % )" ], [ "other revenues", "896", "770", "852", "16", "-10 ( 10 )" ], [ "total", "$ 16965", "$ 14143", "$ 17970", "20% ( 20 % )", "( 21 ) % ( % )" ] ]

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[ "marathon oil corporation notes to consolidated financial statements stock-based performance unit awards 2013 during 2018 , 2017 and 2016 we granted 754140 , 563631 and 1205517 stock- based performance unit awards to officers .", "at december 31 , 2018 , there were 1196176 units outstanding .", "total stock-based performance unit awards expense was $ 13 million in 2018 , $ 8 million in 2017 and $ 6 million in 2016 .", "the key assumptions used in the monte carlo simulation to determine the fair value of stock-based performance units granted in 2018 , 2017 and 2016 were: ." ]

[ "18 .", "defined benefit postretirement plans and defined contribution plan we have noncontributory defined benefit pension plans covering substantially all domestic employees , as well as u.k .", "employees who were hired before april 2010 .", "certain employees located in e.g. , who are u.s .", "or u.k .", "based , also participate in these plans .", "benefits under these plans are based on plan provisions specific to each plan .", "for the u.k .", "pension plan , the principal employer and plan trustees reached a decision to close the plan to future benefit accruals effective december 31 , 2015 .", "we also have defined benefit plans for other postretirement benefits covering our u.s .", "employees .", "health care benefits are provided up to age 65 through comprehensive hospital , surgical and major medical benefit provisions subject to various cost- sharing features .", "post-age 65 health care benefits are provided to certain u.s .", "employees on a defined contribution basis .", "life insurance benefits are provided to certain retiree beneficiaries .", "these other postretirement benefits are not funded in advance .", "employees hired after 2016 are not eligible for any postretirement health care or life insurance benefits. ." ]

[ [ "", "2018", "2017", "2016" ], [ "Valuation date stock price", "$14.17", "$14.17", "$14.17" ], [ "Expected annual dividend yield", "1.4%", "1.4%", "1.4%" ], [ "Expected volatility", "39%", "43%", "52%" ], [ "Risk-free interest rate", "2.5%", "2.6%", "2.4%" ], [ "Fair value of stock-based performance units outstanding", "$19.60", "$19.45", "$21.51" ] ]

[ [ "", "2018", "2017", "2016" ], [ "valuation date stock price", "$ 14.17", "$ 14.17", "$ 14.17" ], [ "expected annual dividend yield", "1.4% ( 1.4 % )", "1.4% ( 1.4 % )", "1.4% ( 1.4 % )" ], [ "expected volatility", "39% ( 39 % )", "43% ( 43 % )", "52% ( 52 % )" ], [ "risk-free interest rate", "2.5% ( 2.5 % )", "2.6% ( 2.6 % )", "2.4% ( 2.4 % )" ], [ "fair value of stock-based performance units outstanding", "$ 19.60", "$ 19.45", "$ 21.51" ] ]

[ { "arg1": "19.60", "arg2": "21.51", "op": "minus1-1", "res": "-1.91" }, { "arg1": "#0", "arg2": "21.51", "op": "divide1-2", "res": "-8.9%" } ]

[ "14 .", "capital stock and earnings per share we are authorized to issue 250 million shares of preferred stock , none of which were issued or outstanding as of december 31 , 2009 .", "the numerator for both basic and diluted earnings per share is net earnings available to common stockholders .", "the denominator for basic earnings per share is the weighted average number of common shares outstanding during the period .", "the denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive stock options and other equity awards .", "the following is a reconciliation of weighted average shares for the basic and diluted share computations for the years ending december 31 ( in millions ) : ." ]

[ "weighted average shares outstanding for basic net earnings per share 215.0 227.3 235.5 effect of dilutive stock options and other equity awards 0.8 1.0 2.0 weighted average shares outstanding for diluted net earnings per share 215.8 228.3 237.5 for the year ended december 31 , 2009 , an average of 14.3 million options to purchase shares of common stock were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of the common stock .", "for the years ended december 31 , 2008 and 2007 , an average of 11.2 million and 3.1 million options , respectively , were not included .", "during 2009 , we repurchased approximately 19.8 million shares of our common stock at an average price of $ 46.56 per share for a total cash outlay of $ 923.7 million , including commissions .", "in april 2008 , we announced that our board of directors authorized a $ 1.25 billion share repurchase program which was originally set to expire on december 31 , 2009 .", "in september 2009 , the board of directors extended this program to december 31 , 2010 .", "approximately $ 211.1 million remains authorized for future repurchases under this plan .", "15 .", "segment data we design , develop , manufacture and market orthopaedic reconstructive implants , dental implants , spinal implants , trauma products and related surgical products which include surgical supplies and instruments designed to aid in surgical procedures and post-operation rehabilitation .", "we also provide other healthcare-related services .", "revenue related to these services currently represents less than 1 percent of our total net sales .", "we manage operations through three major geographic segments 2013 the americas , which is comprised principally of the united states and includes other north , central and south american markets ; europe , which is comprised principally of europe and includes the middle east and africa ; and asia pacific , which is comprised primarily of japan and includes other asian and pacific markets .", "this structure is the basis for our reportable segment information discussed below .", "management evaluates reportable segment performance based upon segment operating profit exclusive of operating expenses pertaining to global operations and corporate expenses , share-based compensation expense , settlement , certain claims , acquisition , integration , realignment and other expenses , net curtailment and settlement , inventory step-up , in-process research and development write-offs and intangible asset amortization expense .", "global operations include research , development engineering , medical education , brand management , corporate legal , finance , and human resource functions and u.s .", "and puerto rico-based manufacturing operations and logistics .", "intercompany transactions have been eliminated from segment operating profit .", "management reviews accounts receivable , inventory , property , plant and equipment , goodwill and intangible assets by reportable segment exclusive of u.s .", "and puerto rico-based manufacturing operations and logistics and corporate assets .", "z i m m e r h o l d i n g s , i n c .", "2 0 0 9 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c55340 pcn : 060000000 ***%%pcmsg|60 |00007|yes|no|02/24/2010 01:32|0|0|page is valid , no graphics -- color : d| ." ]

[ [ "", "2009", "2008", "2007" ], [ "Weighted average shares outstanding for basic net earnings per share", "215.0", "227.3", "235.5" ], [ "Effect of dilutive stock options and other equity awards", "0.8", "1.0", "2.0" ], [ "Weighted average shares outstanding for diluted net earnings per share", "215.8", "228.3", "237.5" ] ]

[ [ "", "2009", "2008", "2007" ], [ "weighted average shares outstanding for basic net earnings per share", "215.0", "227.3", "235.5" ], [ "effect of dilutive stock options and other equity awards", "0.8", "1.0", "2.0" ], [ "weighted average shares outstanding for diluted net earnings per share", "215.8", "228.3", "237.5" ] ]

[ { "arg1": "215.0", "arg2": "235.5", "op": "minus1-1", "res": "-20.5" }, { "arg1": "#0", "arg2": "235.5", "op": "divide1-2", "res": "-0.09" } ]

[ "compared with $ 6.2 billion in 2013 .", "operating profits in 2015 were significantly higher than in both 2014 and 2013 .", "excluding facility closure costs , impairment costs and other special items , operating profits in 2015 were 3% ( 3 % ) lower than in 2014 and 4% ( 4 % ) higher than in 2013 .", "benefits from lower input costs ( $ 18 million ) , lower costs associated with the closure of our courtland , alabama mill ( $ 44 million ) and favorable foreign exchange ( $ 33 million ) were offset by lower average sales price realizations and mix ( $ 52 million ) , lower sales volumes ( $ 16 million ) , higher operating costs ( $ 18 million ) and higher planned maintenance downtime costs ( $ 26 million ) .", "in addition , operating profits in 2014 include special items costs of $ 554 million associated with the closure of our courtland , alabama mill .", "during 2013 , the company accelerated depreciation for certain courtland assets , and evaluated certain other assets for possible alternative uses by one of our other businesses .", "the net book value of these assets at december 31 , 2013 was approximately $ 470 million .", "in the first quarter of 2014 , we completed our evaluation and concluded that there were no alternative uses for these assets .", "we recognized approximately $ 464 million of accelerated depreciation related to these assets in 2014 .", "operating profits in 2014 also include a charge of $ 32 million associated with a foreign tax amnesty program , and a gain of $ 20 million for the resolution of a legal contingency in india , while operating profits in 2013 included costs of $ 118 million associated with the announced closure of our courtland , alabama mill and a $ 123 million impairment charge associated with goodwill and a trade name intangible asset in our india papers business .", "printing papers ." ]

[ "north american printing papers net sales were $ 1.9 billion in 2015 , $ 2.1 billion in 2014 and $ 2.6 billion in 2013 .", "operating profits in 2015 were $ 179 million compared with a loss of $ 398 million ( a gain of $ 156 million excluding costs associated with the shutdown of our courtland , alabama mill ) in 2014 and a gain of $ 36 million ( $ 154 million excluding costs associated with the courtland mill shutdown ) in 2013 .", "sales volumes in 2015 decreased compared with 2014 primarily due to the closure of our courtland mill in 2014 .", "shipments to the domestic market increased , but export shipments declined .", "average sales price realizations decreased , primarily in the domestic market .", "input costs were lower , mainly for energy .", "planned maintenance downtime costs were $ 12 million higher in 2015 .", "operating profits in 2014 were negatively impacted by costs associated with the shutdown of our courtland , alabama mill .", "entering the first quarter of 2016 , sales volumes are expected to be up slightly compared with the fourth quarter of 2015 .", "average sales margins should be about flat reflecting lower average sales price realizations offset by a more favorable product mix .", "input costs are expected to be stable .", "planned maintenance downtime costs are expected to be about $ 14 million lower with an outage scheduled in the 2016 first quarter at our georgetown mill compared with outages at our eastover and riverdale mills in the 2015 fourth quarter .", "in january 2015 , the united steelworkers , domtar corporation , packaging corporation of america , finch paper llc and p .", "h .", "glatfelter company ( the petitioners ) filed an anti-dumping petition before the united states international trade commission ( itc ) and the united states department of commerce ( doc ) alleging that paper producers in china , indonesia , australia , brazil , and portugal are selling uncoated free sheet paper in sheet form ( the products ) in violation of international trade rules .", "the petitioners also filed a countervailing-duties petition with these agencies regarding imports of the products from china and indonesia .", "in january 2016 , the doc announced its final countervailing duty rates on imports of the products to the united states from certain producers from china and indonesia .", "also , in january 2016 , the doc announced its final anti-dumping duty rates on imports of the products to the united states from certain producers from australia , brazil , china , indonesia and portugal .", "in february 2016 , the itc concluded its anti- dumping and countervailing duties investigations and made a final determination that the u.s .", "market had been injured by imports of the products .", "accordingly , the doc 2019s previously announced countervailing duty rates and anti-dumping duty rates will be in effect for a minimum of five years .", "we do not believe the impact of these rates will have a material , adverse effect on our consolidated financial statements .", "brazilian papers net sales for 2015 were $ 878 million compared with $ 1.1 billion in 2014 and $ 1.1 billion in 2013 .", "operating profits for 2015 were $ 186 million compared with $ 177 million ( $ 209 million excluding costs associated with a tax amnesty program ) in 2014 and $ 210 million in 2013 .", "sales volumes in 2015 were lower compared with 2014 reflecting weak economic conditions and the absence of 2014 one-time events .", "average sales price realizations improved for domestic uncoated freesheet paper due to the realization of price increases implemented in the second half of 2015 .", "margins were unfavorably affected by an increased proportion of sales to the lower-margin export markets .", "raw material costs increased for energy and wood .", "operating costs were higher than in 2014 , while planned maintenance downtime costs were $ 4 million lower. ." ]

[ [ "In millions", "2015", "2014", "2013" ], [ "Sales", "$5,031", "$5,720", "$6,205" ], [ "Operating Profit (Loss)", "533", "(16)", "271" ] ]

[ [ "in millions", "2015", "2014", "2013" ], [ "sales", "$ 5031", "$ 5720", "$ 6205" ], [ "operating profit ( loss )", "533", "-16 ( 16 )", "271" ] ]

[ { "arg1": "1.9", "arg2": "const_1000", "op": "multiply1-1", "res": "1900" }, { "arg1": "#0", "arg2": "5031", "op": "divide1-2", "res": "38%" } ]

[ "valuation techniques 2013 cash equivalents are mostly comprised of short-term money-market instruments and are valued at cost , which approximates fair value .", "u.s .", "equity securities and international equity securities categorized as level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year .", "for u.s .", "equity securities and international equity securities not traded on an active exchange , or if the closing price is not available , the trustee obtains indicative quotes from a pricing vendor , broker or investment manager .", "these securities are categorized as level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager .", "commingled equity funds categorized as level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year .", "for commingled equity funds not traded on an active exchange , or if the closing price is not available , the trustee obtains indicative quotes from a pricing vendor , broker or investment manager .", "these securities are categorized as level 2 if the custodian obtains corroborated quotes from a pricing vendor .", "fixed income investments categorized as level 2 are valued by the trustee using pricing models that use verifiable observable market data ( e.g. , interest rates and yield curves observable at commonly quoted intervals and credit spreads ) , bids provided by brokers or dealers or quoted prices of securities with similar characteristics .", "fixed income investments are categorized as level 3 when valuations using observable inputs are unavailable .", "the trustee typically obtains pricing based on indicative quotes or bid evaluations from vendors , brokers or the investment manager .", "in addition , certain other fixed income investments categorized as level 3 are valued using a discounted cash flow approach .", "significant inputs include projected annuity payments and the discount rate applied to those payments .", "certain commingled equity funds , consisting of equity mutual funds , are valued using the nav .", "the nav valuations are based on the underlying investments and typically redeemable within 90 days .", "private equity funds consist of partnership and co-investment funds .", "the nav is based on valuation models of the underlying securities , which includes unobservable inputs that cannot be corroborated using verifiable observable market data .", "these funds typically have redemption periods between eight and 12 years .", "real estate funds consist of partnerships , most of which are closed-end funds , for which the nav is based on valuation models and periodic appraisals .", "these funds typically have redemption periods between eight and 10 years .", "hedge funds consist of direct hedge funds for which the nav is generally based on the valuation of the underlying investments .", "redemptions in hedge funds are based on the specific terms of each fund , and generally range from a minimum of one month to several months .", "contributions and expected benefit payments the funding of our qualified defined benefit pension plans is determined in accordance with erisa , as amended by the ppa , and in a manner consistent with cas and internal revenue code rules .", "we made contributions of $ 5.0 billion to our qualified defined benefit pension plans in 2018 , including required and discretionary contributions .", "as a result of these contributions , we do not expect to make contributions to our qualified defined benefit pension plans in 2019 .", "the following table presents estimated future benefit payments , which reflect expected future employee service , as of december 31 , 2018 ( in millions ) : ." ]

[ "defined contribution plans we maintain a number of defined contribution plans , most with 401 ( k ) features , that cover substantially all of our employees .", "under the provisions of our 401 ( k ) plans , we match most employees 2019 eligible contributions at rates specified in the plan documents .", "our contributions were $ 658 million in 2018 , $ 613 million in 2017 and $ 617 million in 2016 , the majority of which were funded using our common stock .", "our defined contribution plans held approximately 33.3 million and 35.5 million shares of our common stock as of december 31 , 2018 and 2017. ." ]

[ [ "", "2019", "2020", "2021", "2022", "2023", "2024 – 2028" ], [ "Qualified defined benefit pension plans", "$2,350", "$2,390", "$2,470", "$2,550", "$2,610", "$13,670" ], [ "Retiree medical and life insurance plans", "170", "180", "180", "180", "170", "810" ] ]

[ [ "", "2019", "2020", "2021", "2022", "2023", "2024 2013 2028" ], [ "qualified defined benefit pension plans", "$ 2350", "$ 2390", "$ 2470", "$ 2550", "$ 2610", "$ 13670" ], [ "retiree medical and life insurance plans", "170", "180", "180", "180", "170", "810" ] ]

[]

[ "2014 , 2013 and 2012 .", "the decrease in our consolidated net adjustments for 2014 compared to 2013 was primarily due to a decrease in profit booking rate adjustments at our aeronautics , mfc and mst business segments .", "the increase in our consolidated net adjustments for 2013 as compared to 2012 was primarily due to an increase in profit booking rate adjustments at our mst and mfc business segments and , to a lesser extent , the increase in the favorable resolution of contractual matters for the corporation .", "the consolidated net adjustments for 2014 are inclusive of approximately $ 650 million in unfavorable items , which include reserves recorded on certain training and logistics solutions programs at mst and net warranty reserve adjustments for various programs ( including jassm and gmlrs ) at mfc as described in the respective business segment 2019s results of operations below .", "the consolidated net adjustments for 2013 and 2012 are inclusive of approximately $ 600 million and $ 500 million in unfavorable items , which include a significant profit reduction on the f-35 development contract in both years , as well as a significant profit reduction on the c-5 program in 2013 , each as described in our aeronautics business segment 2019s results of operations discussion below .", "aeronautics our aeronautics business segment is engaged in the research , design , development , manufacture , integration , sustainment , support and upgrade of advanced military aircraft , including combat and air mobility aircraft , unmanned air vehicles and related technologies .", "aeronautics 2019 major programs include the f-35 lightning ii joint strike fighter , c-130 hercules , f-16 fighting falcon , f-22 raptor and the c-5m super galaxy .", "aeronautics 2019 operating results included the following ( in millions ) : ." ]

[ "2014 compared to 2013 aeronautics 2019 net sales for 2014 increased $ 797 million , or 6% ( 6 % ) , compared to 2013 .", "the increase was primarily attributable to higher net sales of approximately $ 790 million for f-35 production contracts due to increased volume and sustainment activities ; about $ 55 million for the f-16 program due to increased deliveries ( 17 aircraft delivered in 2014 compared to 13 delivered in 2013 ) partially offset by contract mix ; and approximately $ 45 million for the f-22 program due to increased risk retirements .", "the increases were partially offset by lower net sales of approximately $ 55 million for the f-35 development contract due to decreased volume , partially offset by the absence in 2014 of the downward revision to the profit booking rate that occurred in 2013 ; and about $ 40 million for the c-130 program due to fewer deliveries ( 24 aircraft delivered in 2014 compared to 25 delivered in 2013 ) and decreased sustainment activities , partially offset by contract mix .", "aeronautics 2019 operating profit for 2014 increased $ 37 million , or 2% ( 2 % ) , compared to 2013 .", "the increase was primarily attributable to higher operating profit of approximately $ 85 million for the f-35 development contract due to the absence in 2014 of the downward revision to the profit booking rate that occurred in 2013 ; about $ 75 million for the f-22 program due to increased risk retirements ; approximately $ 50 million for the c-130 program due to increased risk retirements and contract mix , partially offset by fewer deliveries ; and about $ 25 million for the c-5 program due to the absence in 2014 of the downward revisions to the profit booking rate that occurred in 2013 .", "the increases were partially offset by lower operating profit of approximately $ 130 million for the f-16 program due to decreased risk retirements , partially offset by increased deliveries ; and about $ 70 million for sustainment activities due to decreased risk retirements and volume .", "operating profit was comparable for f-35 production contracts as higher volume was offset by lower risk retirements .", "adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 105 million lower for 2014 compared to 2013 .", "2013 compared to 2012 aeronautics 2019 net sales for 2013 decreased $ 830 million , or 6% ( 6 % ) , compared to 2012 .", "the decrease was primarily attributable to lower net sales of approximately $ 530 million for the f-16 program due to fewer aircraft deliveries ( 13 aircraft delivered in 2013 compared to 37 delivered in 2012 ) partially offset by aircraft configuration mix ; about $ 385 million for the c-130 program due to fewer aircraft deliveries ( 25 aircraft delivered in 2013 compared to 34 in 2012 ) partially offset by increased sustainment activities ; approximately $ 255 million for the f-22 program , which includes about $ 205 million due to ." ]

[ [ "", "2014", "2013", "2012" ], [ "Net sales", "$14,920", "$14,123", "$14,953" ], [ "Operating profit", "1,649", "1,612", "1,699" ], [ "Operating margins", "11.1%", "11.4%", "11.4%" ], [ "Backlog at year-end", "$27,600", "$28,000", "$30,100" ] ]

[ [ "", "2014", "2013", "2012" ], [ "net sales", "$ 14920", "$ 14123", "$ 14953" ], [ "operating profit", "1649", "1612", "1699" ], [ "operating margins", "11.1% ( 11.1 % )", "11.4% ( 11.4 % )", "11.4% ( 11.4 % )" ], [ "backlog at year-end", "$ 27600", "$ 28000", "$ 30100" ] ]

[ { "arg1": "1649", "arg2": "1612", "op": "minus1-1", "res": "37" }, { "arg1": "#0", "arg2": "1612", "op": "divide1-2", "res": "2.3%" } ]

[ "note 10 loan sales and securitizations loan sales we sell residential and commercial mortgage loans in loan securitization transactions sponsored by government national mortgage association ( gnma ) , fnma , and fhlmc and in certain instances to other third-party investors .", "gnma , fnma , and the fhlmc securitize our transferred loans into mortgage-backed securities for sale into the secondary market .", "generally , we do not retain any interest in the transferred loans other than mortgage servicing rights .", "refer to note 9 goodwill and other intangible assets for further discussion on our residential and commercial mortgage servicing rights assets .", "during 2009 , residential and commercial mortgage loans sold totaled $ 19.8 billion and $ 5.7 billion , respectively .", "during 2008 , commercial mortgage loans sold totaled $ 3.1 billion .", "there were no residential mortgage loans sales in 2008 as these activities were obtained through our acquisition of national city .", "our continuing involvement in these loan sales consists primarily of servicing and limited repurchase obligations for loan and servicer breaches in representations and warranties .", "generally , we hold a cleanup call repurchase option for loans sold with servicing retained to the other third-party investors .", "in certain circumstances as servicer , we advance principal and interest payments to the gses and other third-party investors and also may make collateral protection advances .", "our risk of loss in these servicing advances has historically been minimal .", "we maintain a liability for estimated losses on loans expected to be repurchased as a result of breaches in loan and servicer representations and warranties .", "we have also entered into recourse arrangements associated with commercial mortgage loans sold to fnma and fhlmc .", "refer to note 25 commitments and guarantees for further discussion on our repurchase liability and recourse arrangements .", "our maximum exposure to loss in our loan sale activities is limited to these repurchase and recourse obligations .", "in addition , for certain loans transferred in the gnma and fnma transactions , we hold an option to repurchase individual delinquent loans that meet certain criteria .", "without prior authorization from these gses , this option gives pnc the ability to repurchase the delinquent loan at par .", "under gaap , once we have the unilateral ability to repurchase the delinquent loan , effective control over the loan has been regained and we are required to recognize the loan and a corresponding repurchase liability on the balance sheet regardless of our intent to repurchase the loan .", "at december 31 , 2009 and december 31 , 2008 , the balance of our repurchase option asset and liability totaled $ 577 million and $ 476 million , respectively .", "securitizations in securitizations , loans are typically transferred to a qualifying special purpose entity ( qspe ) that is demonstrably distinct from the transferor to transfer the risk from our consolidated balance sheet .", "a qspe is a bankruptcy-remote trust allowed to perform only certain passive activities .", "in addition , these entities are self-liquidating and in certain instances are structured as real estate mortgage investment conduits ( remics ) for tax purposes .", "the qspes are generally financed by issuing certificates for various levels of senior and subordinated tranches .", "qspes are exempt from consolidation provided certain conditions are met .", "our securitization activities were primarily obtained through our acquisition of national city .", "credit card receivables , automobile , and residential mortgage loans were securitized through qspes sponsored by ncb .", "these qspes were financed primarily through the issuance and sale of beneficial interests to independent third parties and were not consolidated on our balance sheet at december 31 , 2009 or december 31 , 2008 .", "however , see note 1 accounting policies regarding accounting guidance that impacts the accounting for these qspes effective january 1 , 2010 .", "qualitative and quantitative information about the securitization qspes and our retained interests in these transactions follow .", "the following summarizes the assets and liabilities of the securitization qspes associated with securitization transactions that were outstanding at december 31 , 2009. ." ]

[ "( a ) represents period-end outstanding principal balances of loans transferred to the securitization qspes .", "credit card loans at december 31 , 2009 , the credit card securitization series 2005-1 , 2006-1 , 2007-1 , and 2008-3 were outstanding .", "during the fourth quarter of 2009 , the 2008-1 and 2008-2 credit card securitization series matured .", "our continuing involvement in the securitized credit card receivables consists primarily of servicing and our holding of certain retained interests .", "servicing fees earned approximate current market rates for servicing fees ; therefore , no servicing asset or liability is recognized .", "we hold a clean-up call repurchase option to the extent a securitization series extends past its scheduled note principal payoff date .", "to the extent this occurs , the clean-up call option is triggered when the principal balance of the asset- backed notes of any series reaches 5% ( 5 % ) of the initial principal balance of the asset-backed notes issued at the securitization ." ]

[ [ "", "December 31, 2009", "December 31,2008" ], [ "In millions", "Credit Card", "Mortgage", "Credit Card", "Mortgage" ], [ "Assets (a)", "$2,368", "$232", "$2,129", "$319" ], [ "Liabilities", "1,622", "232", "1,824", "319" ] ]

[ [ "in millions", "december 31 2009 credit card", "december 31 2009 mortgage", "december 31 2009 credit card", "mortgage" ], [ "assets ( a )", "$ 2368", "$ 232", "$ 2129", "$ 319" ], [ "liabilities", "1622", "232", "1824", "319" ] ]

[ { "arg1": "5.7", "arg2": "3.1", "op": "add1-1", "res": "8.8" }, { "arg1": "19.8", "arg2": "#0", "op": "minus1-2", "res": "10" } ]

[ "republic services , inc .", "notes to consolidated financial statements 2014 ( continued ) in december 2008 , the board of directors amended and restated the republic services , inc .", "2006 incentive stock plan ( formerly known as the allied waste industries , inc .", "2006 incentive stock plan ( the 2006 plan ) ) .", "allied 2019s stockholders approved the 2006 plan in may 2006 .", "the 2006 plan was amended and restated in december 2008 to reflect that republic services , inc .", "is the new sponsor of the plan , that any references to shares of common stock is to shares of common stock of republic services , inc. , and to adjust outstanding awards and the number of shares available under the plan to reflect the acquisition .", "the 2006 plan , as amended and restated , provides for the grant of non-qualified stock options , incentive stock options , shares of restricted stock , shares of phantom stock , stock bonuses , restricted stock units , stock appreciation rights , performance awards , dividend equivalents , cash awards , or other stock-based awards .", "awards granted under the 2006 plan prior to december 5 , 2008 became fully vested and nonforfeitable upon the closing of the acquisition .", "awards may be granted under the 2006 plan , as amended and restated , after december 5 , 2008 only to employees and consultants of allied waste industries , inc .", "and its subsidiaries who were not employed by republic services , inc .", "prior to such date .", "at december 31 , 2012 , there were approximately 15.5 million shares of common stock reserved for future grants under the 2006 plan .", "stock options we use a binomial option-pricing model to value our stock option grants .", "we recognize compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award , or to the employee 2019s retirement eligible date , if earlier .", "expected volatility is based on the weighted average of the most recent one year volatility and a historical rolling average volatility of our stock over the expected life of the option .", "the risk-free interest rate is based on federal reserve rates in effect for bonds with maturity dates equal to the expected term of the option .", "we use historical data to estimate future option exercises , forfeitures ( at 3.0% ( 3.0 % ) for each of the period presented ) and expected life of the options .", "when appropriate , separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes .", "the weighted-average estimated fair values of stock options granted during the years ended december 31 , 2012 , 2011 and 2010 were $ 4.77 , $ 5.35 and $ 5.28 per option , respectively , which were calculated using the following weighted-average assumptions: ." ]

[ "." ]

[ [ "", "2012", "2011", "2010" ], [ "Expected volatility", "27.8%", "27.3%", "28.6%" ], [ "Risk-free interest rate", "0.8%", "1.7%", "2.4%" ], [ "Dividend yield", "3.2%", "2.7%", "2.9%" ], [ "Expected life (in years)", "4.5", "4.4", "4.3" ], [ "Contractual life (in years)", "7.0", "7.0", "7.0" ] ]

[ [ "", "2012", "2011", "2010" ], [ "expected volatility", "27.8% ( 27.8 % )", "27.3% ( 27.3 % )", "28.6% ( 28.6 % )" ], [ "risk-free interest rate", "0.8% ( 0.8 % )", "1.7% ( 1.7 % )", "2.4% ( 2.4 % )" ], [ "dividend yield", "3.2% ( 3.2 % )", "2.7% ( 2.7 % )", "2.9% ( 2.9 % )" ], [ "expected life ( in years )", "4.5", "4.4", "4.3" ], [ "contractual life ( in years )", "7.0", "7.0", "7.0" ] ]

[]

[ "entergy arkansas , inc .", "and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses .", "2015 compared to 2014 net income decreased $ 47.1 million primarily due to higher other operation and maintenance expenses , partially offset by higher net revenue .", "net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .", "following is an analysis of the change in net revenue comparing 2016 to 2015 .", "amount ( in millions ) ." ]

[ "the retail electric price variance is primarily due to an increase in base rates , as approved by the apsc .", "the new base rates were effective february 24 , 2016 and began billing with the first billing cycle of april 2016 .", "the increase includes an interim base rate adjustment surcharge , effective with the first billing cycle of april 2016 , to recover the incremental revenue requirement for the period february 24 , 2016 through march 31 , 2016 .", "a significant portion of the increase is related to the purchase of power block 2 of the union power station .", "see note 2 to the financial statements for further discussion of the rate case .", "see note 14 to the financial statements for further discussion of the union power station purchase. ." ]

[ [ "", "Amount (In Millions)" ], [ "2015 net revenue", "$1,362.2" ], [ "Retail electric price", "161.5" ], [ "Other", "(3.2)" ], [ "2016 net revenue", "$1,520.5" ] ]

[ [ "", "amount ( in millions )" ], [ "2015 net revenue", "$ 1362.2" ], [ "retail electric price", "161.5" ], [ "other", "-3.2 ( 3.2 )" ], [ "2016 net revenue", "$ 1520.5" ] ]

[ { "arg1": "1520.5", "arg2": "1362.2", "op": "minus1-1", "res": "158.3" }, { "arg1": "#0", "arg2": "1362.2", "op": "divide1-2", "res": "11.6%" } ]

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

[ "." ]

[ [ "", "Ownership %" ], [ "InfraServ GmbH & Co. Gendorf KG", "39" ], [ "InfraServ GmbH & Co. Knapsack KG", "27" ], [ "InfraServ GmbH & Co. Hoechst KG", "32" ] ]

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

[]

[ "part ii item 5 2013 market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities ( a ) ( 1 ) our common stock is listed on the new york stock exchange and is traded under the symbol 201cpnc . 201d at the close of business on february 15 , 2013 , there were 75100 common shareholders of record .", "holders of pnc common stock are entitled to receive dividends when declared by the board of directors out of funds legally available for this purpose .", "our board of directors may not pay or set apart dividends on the common stock until dividends for all past dividend periods on any series of outstanding preferred stock have been paid or declared and set apart for payment .", "the board presently intends to continue the policy of paying quarterly cash dividends .", "the amount of any future dividends will depend on economic and market conditions , our financial condition and operating results , and other factors , including contractual restrictions and applicable government regulations and policies ( such as those relating to the ability of bank and non- bank subsidiaries to pay dividends to the parent company and regulatory capital limitations ) .", "the amount of our dividend is also currently subject to the results of the federal reserve 2019s 2013 comprehensive capital analysis and review ( ccar ) as part of its supervisory assessment of capital adequacy described under 201csupervision and regulation 201d in item 1 of this report .", "the federal reserve has the power to prohibit us from paying dividends without its approval .", "for further information concerning dividend restrictions and restrictions on loans , dividends or advances from bank subsidiaries to the parent company , see 201csupervision and regulation 201d in item 1 of this report , 201cfunding and capital sources 201d in the consolidated balance sheet review section , 201cliquidity risk management 201d in the risk management section , and 201ctrust preferred securities 201d in the off-balance sheet arrangements and variable interest entities section of item 7 of this report , and note 14 capital securities of subsidiary trusts and perpetual trust securities and note 22 regulatory matters in the notes to consolidated financial statements in item 8 of this report , which we include here by reference .", "we include here by reference additional information relating to pnc common stock under the caption 201ccommon stock prices/dividends declared 201d in the statistical information ( unaudited ) section of item 8 of this report .", "we include here by reference the information regarding our compensation plans under which pnc equity securities are authorized for issuance as of december 31 , 2012 in the table ( with introductory paragraph and notes ) that appears in item 12 of this report .", "our registrar , stock transfer agent , and dividend disbursing agent is : computershare trust company , n.a .", "250 royall street canton , ma 02021 800-982-7652 we include here by reference the information that appears under the caption 201ccommon stock performance graph 201d at the end of this item 5 .", "( a ) ( 2 ) none .", "( b ) not applicable .", "( c ) details of our repurchases of pnc common stock during the fourth quarter of 2012 are included in the following table : in thousands , except per share data 2012 period ( a ) total shares purchased ( b ) average paid per total shares purchased as part of publicly announced programs ( c ) maximum number of shares that may yet be purchased under the programs ( c ) ." ]

[ "( a ) in addition to the repurchases of pnc common stock during the fourth quarter of 2012 included in the table above , pnc redeemed all 5001 shares of its series m preferred stock on december 10 , 2012 as further described below .", "as part of the national city transaction , we established the pnc non-cumulative perpetual preferred stock , series m ( the 201cseries m preferred stock 201d ) , which mirrored in all material respects the former national city non-cumulative perpetual preferred stock , series e .", "on december 10 , 2012 , pnc issued $ 500.1 million aggregate liquidation amount ( 5001 shares ) of the series m preferred stock to the national city preferred capital trust i ( the 201ctrust 201d ) as required pursuant to the settlement of a stock purchase contract agreement between the trust and pnc dated as of january 30 , 2008 .", "immediately upon such issuance , pnc redeemed all 5001 shares of the series m preferred stock from the trust on december 10 , 2012 at a redemption price equal to $ 100000 per share .", "( b ) includes pnc common stock purchased under the program referred to in note ( c ) to this table and pnc common stock purchased in connection with our various employee benefit plans .", "note 15 employee benefit plans and note 16 stock based compensation plans in the notes to consolidated financial statements in item 8 of this report include additional information regarding our employee benefit plans that use pnc common stock .", "( c ) our current stock repurchase program allows us to purchase up to 25 million shares on the open market or in privately negotiated transactions .", "this program was authorized on october 4 , 2007 and will remain in effect until fully utilized or until modified , superseded or terminated .", "the extent and timing of share repurchases under this program will depend on a number of factors including , among others , market and general economic conditions , economic capital and regulatory capital considerations , alternative uses of capital , the potential impact on our credit ratings , and contractual and regulatory limitations , including the impact of the federal reserve 2019s supervisory assessment of capital adequacy program .", "the pnc financial services group , inc .", "2013 form 10-k 27 ." ]

[ [ "2012 period (a)", "Total sharespurchased (b)", "Averagepricepaid pershare", "Total sharespurchased aspartofpubliclyannouncedprograms (c)", "Maximumnumber ofshares thatmay yet bepurchasedundertheprograms (c)" ], [ "October 1 – 31", "13", "$60.05", "", "22,552" ], [ "November 1 – 30", "750", "$55.08", "750", "21,802" ], [ "December 1 – 31", "292", "$55.74", "251", "21,551" ], [ "Total", "1,055", "$55.32", "1,001", "" ] ]

[ [ "2012 period ( a )", "total sharespurchased ( b )", "averagepricepaid pershare", "total sharespurchased aspartofpubliclyannouncedprograms ( c )", "maximumnumber ofshares thatmay yet bepurchasedundertheprograms ( c )" ], [ "october 1 2013 31", "13", "$ 60.05", "", "22552" ], [ "november 1 2013 30", "750", "$ 55.08", "750", "21802" ], [ "december 1 2013 31", "292", "$ 55.74", "251", "21551" ], [ "total", "1055", "$ 55.32", "1001", "" ] ]

[]

[ "cash flows from operations ." ]

[ "in fiscal 2018 , cash provided by operations was $ 2.8 billion compared to $ 2.4 billion in fiscal 2017 .", "the $ 426 million increase was primarily driven by the $ 462 million increase in net earnings and the $ 736 million change in current assets and liabilities , partially offset by a $ 688 million change in deferred income taxes .", "the change in deferred income taxes was primarily related to the $ 638 million provisional benefit from revaluing our net u.s .", "deferred tax liabilities to reflect the new u.s .", "corporate tax rate as a result of the tcja .", "the $ 736 million change in current assets and liabilities was primarily due to changes in accounts payable of $ 476 million related to the extension of payment terms and timing of payments , and $ 264 million of changes in other current liabilities primarily driven by changes in income taxes payable , trade and advertising accruals , and incentive accruals .", "we strive to grow core working capital at or below the rate of growth in our net sales .", "for fiscal 2018 , core working capital decreased 27 percent , compared to a net sales increase of 1 percent .", "in fiscal 2017 , core working capital increased 9 percent , compared to a net sales decline of 6 percent , and in fiscal 2016 , core working capital decreased 41 percent , compared to net sales decline of 6 percent .", "in fiscal 2017 , our operations generated $ 2.4 billion of cash , compared to $ 2.8 billion in fiscal 2016 .", "the $ 349 million decrease was primarily driven by a $ 493 million change in current assets and liabilities .", "the $ 493 million change in current assets and liabilities was primarily due to changes in other current liabilities driven by changes in income taxes payable , a decrease in incentive accruals , and changes in trade and advertising accruals due to reduced spending .", "the change in current assets and liabilities was also impacted by the timing of accounts payable .", "additionally , we recorded a $ 14 million loss on a divestiture during fiscal 2017 , compared to a $ 148 million net gain on divestitures during fiscal 2016 , and classified the related cash flows as investing activities. ." ]

[ [ "", "Fiscal Year" ], [ "In Millions", "2018", "2017", "2016" ], [ "Net earnings, including earnings attributable to redeemable and noncontrollinginterests", "$2,163.0", "$1,701.1", "$1,736.8" ], [ "Depreciation and amortization", "618.8", "603.6", "608.1" ], [ "After-taxearnings from joint ventures", "(84.7)", "(85.0)", "(88.4)" ], [ "Distributions of earnings from joint ventures", "113.2", "75.6", "75.1" ], [ "Stock-based compensation", "77.0", "95.7", "89.8" ], [ "Deferred income taxes", "(504.3)", "183.9", "120.6" ], [ "Pension and other postretirement benefit plan contributions", "(31.8)", "(45.4)", "(47.8)" ], [ "Pension and other postretirement benefit plan costs", "4.6", "35.7", "118.1" ], [ "Divestitures loss (gain)", "-", "13.5", "(148.2)" ], [ "Restructuring, impairment, and other exit costs", "126.0", "117.0", "107.2" ], [ "Changes in current assets and liabilities, excluding the effects of acquisitions anddivestitures", "542.1", "(194.2)", "298.5" ], [ "Other, net", "(182.9)", "(86.3)", "(105.6)" ], [ "Net cash provided by operating activities", "$2,841.0", "$2,415.2", "$2,764.2" ] ]

[ [ "in millions", "fiscal year 2018", "fiscal year 2017", "fiscal year 2016" ], [ "net earnings including earnings attributable to redeemable and noncontrollinginterests", "$ 2163.0", "$ 1701.1", "$ 1736.8" ], [ "depreciation and amortization", "618.8", "603.6", "608.1" ], [ "after-taxearnings from joint ventures", "-84.7 ( 84.7 )", "-85.0 ( 85.0 )", "-88.4 ( 88.4 )" ], [ "distributions of earnings from joint ventures", "113.2", "75.6", "75.1" ], [ "stock-based compensation", "77.0", "95.7", "89.8" ], [ "deferred income taxes", "-504.3 ( 504.3 )", "183.9", "120.6" ], [ "pension and other postretirement benefit plan contributions", "-31.8 ( 31.8 )", "-45.4 ( 45.4 )", "-47.8 ( 47.8 )" ], [ "pension and other postretirement benefit plan costs", "4.6", "35.7", "118.1" ], [ "divestitures loss ( gain )", "-", "13.5", "-148.2 ( 148.2 )" ], [ "restructuring impairment and other exit costs", "126.0", "117.0", "107.2" ], [ "changes in current assets and liabilities excluding the effects of acquisitions anddivestitures", "542.1", "-194.2 ( 194.2 )", "298.5" ], [ "other net", "-182.9 ( 182.9 )", "-86.3 ( 86.3 )", "-105.6 ( 105.6 )" ], [ "net cash provided by operating activities", "$ 2841.0", "$ 2415.2", "$ 2764.2" ] ]

[ { "arg1": "2.8", "arg2": "2.4", "op": "minus2-1", "res": "0.4" }, { "arg1": "#0", "arg2": "2.4", "op": "divide2-2", "res": "16.7%" } ]

[ "table of contents the following table presents certain payments due by the company under contractual obligations with minimum firm commitments as of september 28 , 2013 and excludes amounts already recorded on the consolidated balance sheet , except for long-term debt ( in millions ) : lease commitments the company 2019s major facility leases are typically for terms not exceeding 10 years and generally provide renewal options for terms not exceeding five additional years .", "leases for retail space are for terms ranging from five to 20 years , the majority of which are for 10 years , and often contain multi-year renewal options .", "as of september 28 , 2013 , the company 2019s total future minimum lease payments under noncancelable operating leases were $ 4.7 billion , of which $ 3.5 billion related to leases for retail space .", "purchase commitments with outsourcing partners and component suppliers the company utilizes several outsourcing partners to manufacture sub-assemblies for the company 2019s products and to perform final assembly and testing of finished products .", "these outsourcing partners acquire components and build product based on demand information supplied by the company , which typically covers periods up to 150 days .", "the company also obtains individual components for its products from a wide variety of individual suppliers .", "consistent with industry practice , the company acquires components through a combination of purchase orders , supplier contracts , and open orders based on projected demand information .", "where appropriate , the purchases are applied to inventory component prepayments that are outstanding with the respective supplier .", "as of september 28 , 2013 , the company had outstanding off-balance sheet third- party manufacturing commitments and component purchase commitments of $ 18.6 billion .", "other obligations in addition to the off-balance sheet commitments mentioned above , the company had outstanding obligations of $ 1.3 billion as of september 28 , 2013 , that consisted mainly of commitments to acquire capital assets , including product tooling and manufacturing process equipment , and commitments related to advertising , research and development , internet and telecommunications services and other obligations .", "the company 2019s other non-current liabilities in the consolidated balance sheets consist primarily of deferred tax liabilities , gross unrecognized tax benefits and the related gross interest and penalties .", "as of september 28 , 2013 , the company had non-current deferred tax liabilities of $ 16.5 billion .", "additionally , as of september 28 , 2013 , the company had gross unrecognized tax benefits of $ 2.7 billion and an additional $ 590 million for gross interest and penalties classified as non-current liabilities .", "at this time , the company is unable to make a reasonably reliable estimate of the timing of payments in individual years in connection with these tax liabilities ; therefore , such amounts are not included in the above contractual obligation table .", "indemnification the company generally does not indemnify end-users of its operating system and application software against legal claims that the software infringes third-party intellectual property rights .", "other agreements entered into by payments due in than 1 payments due in payments due in payments due in than 5 years total ." ]

[ "." ]

[ [ "", "Payments Due in Less Than1 Year", "Payments Due in 1-3 Years", "Payments Due in 4-5 Years", "Payments Due in More Than5 Years", "Total" ], [ "Long-term debt", "$0", "$2,500", "$6,000", "$8,500", "$17,000" ], [ "Operating leases", "610", "1,200", "1,056", "1,855", "4,721" ], [ "Purchase obligations", "18,616", "0", "0", "0", "18,616" ], [ "Other obligations", "1,081", "248", "16", "3", "1,348" ], [ "Total", "$20,307", "$3,948", "$7,072", "$10,358", "$41,685" ] ]

[ [ "", "payments due in less than1 year", "payments due in 1-3 years", "payments due in 4-5 years", "payments due in more than5 years", "total" ], [ "long-term debt", "$ 0", "$ 2500", "$ 6000", "$ 8500", "$ 17000" ], [ "operating leases", "610", "1200", "1056", "1855", "4721" ], [ "purchase obligations", "18616", "0", "0", "0", "18616" ], [ "other obligations", "1081", "248", "16", "3", "1348" ], [ "total", "$ 20307", "$ 3948", "$ 7072", "$ 10358", "$ 41685" ] ]

[]

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

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

[ [ "", "Year Ended December" ], [ "<i>$ in millions</i>", "2018", "2017", "2016" ], [ "Investment banking", "$ 7,862", "$ 7,371", "$ 6,273" ], [ "Investment management", "6,514", "5,803", "5,407" ], [ "Commissions and fees", "3,199", "3,051", "3,208" ], [ "Market making", "9,451", "7,660", "9,933" ], [ "Other principal transactions", "5,823", "5,913", "3,382" ], [ "Totalnon-interestrevenues", "32,849", "29,798", "28,203" ], [ "Interest income", "19,679", "13,113", "9,691" ], [ "Interest expense", "15,912", "10,181", "7,104" ], [ "Net interest income", "3,767", "2,932", "2,587" ], [ "Total net revenues", "$36,616", "$32,730", "$30,790" ] ]

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

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[ "organizational structure a key enabler of the republic way operating model is our organizational structure that fosters a high performance culture by maintaining 360-degree accountability and full profit and loss responsibility with local management , supported by a functional structure to provide subject matter expertise .", "this structure allows us to take advantage of our scale by coordinating functionally across all of our markets , while empowering local management to respond to unique market dynamics .", "our senior management evaluates , oversees and manages the financial performance of our operations through two field groups , referred to as group 1 and group 2 .", "group 1 primarily consists of geographic areas located in the western united states , and group 2 primarily consists of geographic areas located in the southeastern and mid-western united states , and the eastern seaboard of the united states .", "each field group is organized into several areas and each area contains multiple business units or operating locations .", "each of our field groups and all of our areas provide collection , transfer , recycling and landfill services .", "see note 14 , segment reporting , to our consolidated financial statements in item 8 of this form 10-k for further discussion of our operating segments .", "through this operating model , we have rolled out several productivity and cost control initiatives designed to deliver the best service possible to our customers in an efficient and environmentally sound way .", "fleet automation approximately 75% ( 75 % ) of our residential routes have been converted to automated single-driver trucks .", "by converting our residential routes to automated service , we reduce labor costs , improve driver productivity , decrease emissions and create a safer work environment for our employees .", "additionally , communities using automated vehicles have higher participation rates in recycling programs , thereby complementing our initiative to expand our recycling capabilities .", "fleet conversion to compressed natural gas ( cng ) approximately 20% ( 20 % ) of our fleet operates on natural gas .", "we expect to continue our gradual fleet conversion to cng as part of our ordinary annual fleet replacement process .", "we believe a gradual fleet conversion is the most prudent approach to realizing the full value of our previous fleet investments .", "approximately 13% ( 13 % ) of our replacement vehicle purchases during 2018 were cng vehicles .", "we believe using cng vehicles provides us a competitive advantage in communities with strict clean emission initiatives that focus on protecting the environment .", "although upfront capital costs are higher , using cng reduces our overall fleet operating costs through lower fuel expenses .", "as of december 31 , 2018 , we operated 37 cng fueling stations .", "standardized maintenance based on an industry trade publication , we operate the seventh largest vocational fleet in the united states .", "as of december 31 , 2018 , our average fleet age in years , by line of business , was as follows : approximate number of vehicles approximate average age ." ]

[ "onefleet , our standardized vehicle maintenance program , enables us to use best practices for fleet management , truck care and maintenance .", "through standardization of core functions , we believe we can minimize variability ." ]

[ [ "", "Approximate Number of Vehicles", "Approximate Average Age" ], [ "Residential", "7,000", "7.5" ], [ "Small-container", "4,700", "7.0" ], [ "Large-container", "4,300", "8.8" ], [ "Total", "16,000", "7.7" ] ]

[ [ "", "approximate number of vehicles", "approximate average age" ], [ "residential", "7000", "7.5" ], [ "small-container", "4700", "7.0" ], [ "large-container", "4300", "8.8" ], [ "total", "16000", "7.7" ] ]

[]

[ "notes to consolidated financial statements ( dollars in millions , except per share amounts ) long-term debt maturing over the next five years and thereafter is as follows: ." ]

[ "on march 7 , 2003 , standard & poor's ratings services downgraded the company's senior secured credit rating to bb+ with negative outlook from bbb- .", "on may 14 , 2003 , fitch ratings downgraded the company's senior unsecured credit rating to bb+ with negative outlook from bbb- .", "on may 9 , 2003 , moody's investor services , inc .", "( \"moody's\" ) placed the company's senior unsecured and subordinated credit ratings on review for possible downgrade from baa3 and ba1 , respectively .", "as of march 12 , 2004 , the company's credit ratings continued to be on review for a possible downgrade .", "since july 2001 , the company has not repurchased its common stock in the open market .", "in october 2003 , the company received a federal tax refund of approximately $ 90 as a result of its carryback of its 2002 loss for us federal income tax purposes and certain capital losses , to earlier periods .", "through december 2002 , the company had paid cash dividends quarterly with the most recent quarterly dividend paid in december 2002 at a rate of $ 0.095 per share .", "on a quarterly basis , the company's board of directors makes determinations regarding the payment of dividends .", "as previously discussed , the company's ability to declare or pay dividends is currently restricted by the terms of its revolving credit facilities .", "the company did not declare or pay any dividends in 2003 .", "however , in 2004 , the company expects to pay any dividends accruing on the series a mandatory convertible preferred stock in cash , which is expressly permitted by the revolving credit facilities .", "see note 14 for discussion of fair market value of the company's long-term debt .", "note 9 : equity offering on december 16 , 2003 , the company sold 25.8 million shares of common stock and issued 7.5 million shares of 3- year series a mandatory convertible preferred stock ( the \"preferred stock\" ) .", "the total net proceeds received from the concurrent offerings was approximately $ 693 .", "the preferred stock carries a dividend yield of 5.375% ( 5.375 % ) .", "on maturity , each share of the preferred stock will convert , subject to adjustment , to between 3.0358 and 3.7037 shares of common stock , depending on the then-current market price of the company's common stock , representing a conversion premium of approximately 22% ( 22 % ) over the stock offering price of $ 13.50 per share .", "under certain circumstances , the preferred stock may be converted prior to maturity at the option of the holders or the company .", "the common and preferred stock were issued under the company's existing shelf registration statement .", "in january 2004 , the company used approximately $ 246 of the net proceeds from the offerings to redeem the 1.80% ( 1.80 % ) convertible subordinated notes due 2004 .", "the remaining proceeds will be used for general corporate purposes and to further strengthen the company's balance sheet and financial condition .", "the company will pay annual dividends on each share of the series a mandatory convertible preferred stock in the amount of $ 2.6875 .", "dividends will be cumulative from the date of issuance and will be payable on each payment date to the extent that dividends are not restricted under the company's credit facilities and assets are legally available to pay dividends .", "the first dividend payment , which was declared on february 24 , 2004 , will be made on march 15 , 2004. ." ]

[ [ "2004", "$ 244.5" ], [ "2005", "$ 523.8" ], [ "2006", "$ 338.5" ], [ "2007", "$ 0.9" ], [ "2008", "$ 0.9" ], [ "2009 and thereafter", "$1,327.6" ] ]

[ [ "2004", "$ 244.5" ], [ "2005", "$ 523.8" ], [ "2006", "$ 338.5" ], [ "2007", "$ 0.9" ], [ "2008", "$ 0.9" ], [ "2009 and thereafter", "$ 1327.6" ] ]

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[ "american tower corporation and subsidiaries notes to consolidated financial statements as of december 31 , 2010 , total unrecognized compensation expense related to unvested restricted stock units granted under the 2007 plan was $ 57.5 million and is expected to be recognized over a weighted average period of approximately two years .", "employee stock purchase plan 2014the company maintains an employee stock purchase plan ( 201cespp 201d ) for all eligible employees .", "under the espp , shares of the company 2019s common stock may be purchased during bi-annual offering periods at 85% ( 85 % ) of the lower of the fair market value on the first or the last day of each offering period .", "employees may purchase shares having a value not exceeding 15% ( 15 % ) of their gross compensation during an offering period and may not purchase more than $ 25000 worth of stock in a calendar year ( based on market values at the beginning of each offering period ) .", "the offering periods run from june 1 through november 30 and from december 1 through may 31 of each year .", "during the 2010 , 2009 and 2008 offering periods employees purchased 75354 , 77509 and 55764 shares , respectively , at weighted average prices per share of $ 34.16 , $ 23.91 and $ 30.08 , respectively .", "the fair value of the espp offerings is estimated on the offering period commencement date using a black-scholes pricing model with the expense recognized over the expected life , which is the six month offering period over which employees accumulate payroll deductions to purchase the company 2019s common stock .", "the weighted average fair value for the espp shares purchased during 2010 , 2009 and 2008 was $ 9.43 , $ 6.65 and $ 7.89 , respectively .", "at december 31 , 2010 , 8.7 million shares remain reserved for future issuance under the plan .", "key assumptions used to apply this pricing model for the years ended december 31 , are as follows: ." ]

[ "13 .", "stockholders 2019 equity warrants 2014in august 2005 , the company completed its merger with spectrasite , inc .", "and assumed outstanding warrants to purchase shares of spectrasite , inc .", "common stock .", "as of the merger completion date , each warrant was exercisable for two shares of spectrasite , inc .", "common stock at an exercise price of $ 32 per warrant .", "upon completion of the merger , each warrant to purchase shares of spectrasite , inc .", "common stock automatically converted into a warrant to purchase shares of the company 2019s common stock , such that upon exercise of each warrant , the holder has a right to receive 3.575 shares of the company 2019s common stock in lieu of each share of spectrasite , inc .", "common stock that would have been receivable under each assumed warrant prior to the merger .", "upon completion of the company 2019s merger with spectrasite , inc. , these warrants were exercisable for approximately 6.8 million shares of common stock .", "of these warrants , warrants to purchase approximately none and 1.7 million shares of common stock remained outstanding as of december 31 , 2010 and 2009 , respectively .", "these warrants expired on february 10 , 2010 .", "stock repurchase program 2014during the year ended december 31 , 2010 , the company repurchased an aggregate of approximately 9.3 million shares of its common stock for an aggregate of $ 420.8 million , including commissions and fees , of which $ 418.6 million was paid in cash prior to december 31 , 2010 and $ 2.2 million was included in accounts payable and accrued expenses in the accompanying consolidated balance sheet as of december 31 , 2010 , pursuant to its publicly announced stock repurchase program , as described below. ." ]

[ [ "", "2010", "2009", "2008" ], [ "Range of risk-free interest rate", "0.22% - 0.23%", "0.29% - 0.44%", "1.99% - 3.28%" ], [ "Weighted average risk-free interest rate", "0.22%", "0.38%", "2.58%" ], [ "Expected life of shares", "6 months", "6 months", "6 months" ], [ "Range of expected volatility of underlying stock price", "35.26% - 35.27%", "35.31% - 36.63%", "27.85% - 28.51%" ], [ "Weighted average expected volatility of underlying stock price", "35.26%", "35.83%", "28.51%" ], [ "Expected annual dividends", "N/A", "N/A", "N/A" ] ]

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[]

[ "additionally , the latin american soft alloy extrusions business previously included in corporate was moved into the new transportation and construction solutions segment .", "the remaining engineered products and solutions segment consists of the alcoa fastening systems and rings ( renamed to include portions of the firth rixson business acquired in november 2014 ) , alcoa power and propulsion ( includes the tital business acquired in march 2015 ) , alcoa forgings and extrusions ( includes the other portions of firth rixson ) , and alcoa titanium and engineered products ( a new business unit that consists solely of the rti international metals business acquired in july 2015 ) business units .", "segment information for all prior periods presented was updated to reflect the new segment structure .", "atoi for all reportable segments totaled $ 1906 in 2015 , $ 1968 in 2014 , and $ 1267 in 2013 .", "the following information provides shipments , sales , and atoi data for each reportable segment , as well as certain production , realized price , and average cost data , for each of the three years in the period ended december 31 , 2015 .", "see note q to the consolidated financial statements in part ii item 8 of this form 10-k for additional information .", "alumina ." ]

[ "* includes all production-related costs , including raw materials consumed ; conversion costs , such as labor , materials , and utilities ; depreciation , depletion , and amortization ; and plant administrative expenses .", "this segment represents a portion of alcoa 2019s upstream operations and consists of the company 2019s worldwide refining system .", "alumina mines bauxite , from which alumina is produced and then sold directly to external smelter customers , as well as to the primary metals segment ( see primary metals below ) , or to customers who process it into industrial chemical products .", "more than half of alumina 2019s production is sold under supply contracts to third parties worldwide , while the remainder is used internally by the primary metals segment .", "alumina produced by this segment and used internally is transferred to the primary metals segment at prevailing market prices .", "a portion of this segment 2019s third- party sales are completed through the use of agents , alumina traders , and distributors .", "generally , the sales of this segment are transacted in u.s .", "dollars while costs and expenses of this segment are transacted in the local currency of the respective operations , which are the australian dollar , the brazilian real , the u.s .", "dollar , and the euro .", "awac is an unincorporated global joint venture between alcoa and alumina limited and consists of a number of affiliated operating entities , which own , or have an interest in , or operate the bauxite mines and alumina refineries within the alumina segment ( except for the poc 0327os de caldas refinery in brazil and a portion of the sa 0303o lul 0301s refinery in brazil ) .", "alcoa owns 60% ( 60 % ) and alumina limited owns 40% ( 40 % ) of these individual entities , which are consolidated by the company for financial reporting purposes .", "as such , the results and analysis presented for the alumina segment are inclusive of alumina limited 2019s 40% ( 40 % ) interest .", "in december 2014 , awac completed the sale of its ownership stake in jamalco , a bauxite mine and alumina refinery joint venture in jamaica , to noble group ltd .", "jamalco was 55% ( 55 % ) owned by a subsidiary of awac , and , while owned by awac , 55% ( 55 % ) of both the operating results and assets and liabilities of this joint venture were included in the alumina segment .", "as it relates to awac 2019s previous 55% ( 55 % ) ownership stake , the refinery ( awac 2019s share of the capacity was 779 kmt-per-year ) generated sales ( third-party and intersegment ) of approximately $ 200 in 2013 , and the refinery and mine combined , at the time of divestiture , had approximately 500 employees .", "see restructuring and other charges in results of operations above. ." ]

[ [ "", "2015", "2014", "2013" ], [ "Alumina production (kmt)", "15,720", "16,606", "16,618" ], [ "Third-party alumina shipments (kmt)", "10,755", "10,652", "9,966" ], [ "Alcoa’s average realized price per metric ton of alumina", "$317", "$324", "$328" ], [ "Alcoa’s average cost per metric ton of alumina*", "$237", "$282", "$295" ], [ "Third-party sales", "$3,455", "$3,509", "$3,326" ], [ "Intersegment sales", "1,687", "1,941", "2,235" ], [ "Total sales", "$5,142", "$5,450", "$5,561" ], [ "ATOI", "$746", "$370", "$259" ] ]

[ [ "", "2015", "2014", "2013" ], [ "alumina production ( kmt )", "15720", "16606", "16618" ], [ "third-party alumina shipments ( kmt )", "10755", "10652", "9966" ], [ "alcoa 2019s average realized price per metric ton of alumina", "$ 317", "$ 324", "$ 328" ], [ "alcoa 2019s average cost per metric ton of alumina*", "$ 237", "$ 282", "$ 295" ], [ "third-party sales", "$ 3455", "$ 3509", "$ 3326" ], [ "intersegment sales", "1687", "1941", "2235" ], [ "total sales", "$ 5142", "$ 5450", "$ 5561" ], [ "atoi", "$ 746", "$ 370", "$ 259" ] ]

[]

[ "goodwill and intangible asset impairment charge during the third quarter of fiscal year 2017 , we determined that the goodwill and indefinite-lived intangible assets ( primarily acquired trade names ) associated with our latin america reporting unit of our industrial gases 2013 americas segment were impaired .", "we recorded a noncash impairment charge of $ 162.1 ( $ 154.1 attributable to air products , after-tax , or $ .70 per share ) , which was driven by lower economic growth and profitability in the region .", "this impairment charge has been excluded from segment results .", "refer to note 10 , goodwill , and note 11 , intangible assets , to the consolidated financial statements for additional information .", "other income ( expense ) , net items recorded to \"other income ( expense ) , net\" arise from transactions and events not directly related to our principal income earning activities .", "the detail of \"other income ( expense ) , net\" is presented in note 23 , supplemental information , to the consolidated financial statements .", "2018 vs .", "2017 other income ( expense ) , net of $ 50.2 decreased $ 70.8 , primarily due to lower income from the transition services agreements with versum and evonik , lower income from the sale of assets and investments , lower favorable contract settlements , and an unfavorable foreign exchange impact .", "2017 vs .", "2016 other income ( expense ) , net of $ 121.0 increased $ 71.6 , primarily due to income from transition services agreements with versum and evonik , income from the sale of assets and investments , including a gain of $ 12.2 ( $ 7.6 after-tax , or $ .03 per share ) resulting from the sale of a parcel of land , and a favorable foreign exchange impact .", "interest expense ." ]

[ "2018 vs .", "2017 interest incurred increased $ 10.4 as project financing associated with the lu'an joint venture and a higher average interest rate on the debt portfolio were partially offset by the impact from a lower average debt balance .", "the change in capitalized interest was driven by an increase in the carrying value of projects under construction .", "2017 vs .", "2016 interest incurred decreased $ 8.3 as the impact from a lower average debt balance of $ 26 was partially offset by the impact from a higher average interest rate on the debt portfolio of $ 19 .", "the change in capitalized interest was driven by a decrease in the carrying value of projects under construction , primarily as a result of our decision to exit from the efw business .", "other non-operating income ( expense ) , net 2018 vs .", "2017 other non-operating income ( expense ) , net of $ 5.1 decreased $ 11.5 .", "during the fourth quarter of fiscal year 2018 , we recognized a pension settlement loss of $ 43.7 ( $ 33.2 after-tax , or $ .15 per share ) that primarily resulted from the transfer of certain pension payment obligations to an insurer for our u.s .", "salaried and hourly plans through the purchase of an irrevocable , nonparticipating group annuity contract with plan assets .", "for additional information , refer to note 16 , retirement benefits , to the consolidated financial statements .", "this loss was partially offset by higher interest income on cash and cash items and short-term investments and lower other non-service pension expense .", "the prior year pension expense included a settlement loss of $ 10.5 ( $ 6.6 after-tax , or $ .03 per share ) associated with the u.s .", "supplementary pension plan and a settlement benefit of $ 2.3 related to the disposition of emd and pmd. ." ]

[ [ "", "2018", "2017", "2016" ], [ "Interest incurred", "$150.0", "$139.6", "$147.9" ], [ "Less: Capitalized interest", "19.5", "19.0", "32.7" ], [ "Interest Expense", "$130.5", "$120.6", "$115.2" ] ]

[ [ "", "2018", "2017", "2016" ], [ "interest incurred", "$ 150.0", "$ 139.6", "$ 147.9" ], [ "less : capitalized interest", "19.5", "19.0", "32.7" ], [ "interest expense", "$ 130.5", "$ 120.6", "$ 115.2" ] ]

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[ "notes to consolidated financial statements certain of aon 2019s european subsidiaries have a a650 million ( u.s .", "$ 942 million ) multi-currency revolving loan credit facility .", "this facility will mature in october 2010 , unless aon opts to extend the facility .", "commitment fees of 8.75 basis points are payable on the unused portion of the facility .", "at december 31 , 2007 , aon has borrowed a376 million and $ 250 million ( $ 795 million ) under this facility .", "at december 31 , 2006 , a307 million was borrowed .", "at december 31 , 2007 , $ 250 million of the euro facility is classified as short-term debt in the consolidated statements of financial position .", "aon has guaranteed the obligations of its subsidiaries with respect to this facility .", "aon maintains a $ 600 million , 5-year u.s .", "committed bank credit facility to support commercial paper and other short-term borrowings , which expires in february 2010 .", "this facility permits the issuance of up to $ 150 million in letters of credit .", "at december 31 , 2007 and 2006 , aon had $ 20 million in letters of credit outstanding .", "based on aon 2019s current credit ratings , commitment fees of 10 basis points are payable on the unused portion of the facility .", "for both the u.s .", "and euro facilities , aon is required to maintain consolidated net worth , as defined , of at least $ 2.5 billion , a ratio of consolidated ebitda ( earnings before interest , taxes , depreciation and amortization ) to consolidated interest expense of 4 to 1 and a ratio of consolidated debt to ebitda of not greater than 3 to 1 .", "aon also has other foreign facilities available , which include a a337.5 million ( $ 74 million ) facility , a a25 million ( $ 36 million ) facility , and a a20 million ( $ 29 million ) facility .", "outstanding debt securities , including aon capital a 2019s , are not redeemable by aon prior to maturity .", "there are no sinking fund provisions .", "interest is payable semi-annually on most debt securities .", "repayments of long-term debt are $ 548 million , $ 382 million and $ 225 million in 2010 , 2011 and 2012 , respectively .", "other information related to aon 2019s debt is as follows: ." ]

[ "lease commitments aon has noncancelable operating leases for certain office space , equipment and automobiles .", "these leases expire at various dates and may contain renewal and expansion options .", "in addition to base rental costs , occupancy lease agreements generally provide for rent escalations resulting from increased assessments for real estate taxes and other charges .", "approximately 81% ( 81 % ) of aon 2019s lease obligations are for the use of office space .", "rental expense for operating leases amounted to $ 368 million , $ 350 million and $ 337 million for 2007 , 2006 and 2005 , respectively , after deducting rentals from subleases ( $ 40 million , $ 33 million and $ 29 million for 2007 , 2006 and 2005 , respectively ) .", "aon corporation ." ]

[ [ "Years ended December 31", "2007", "2006", "2005" ], [ "Interest paid (millions)", "$147", "$130", "$130" ], [ "Weighted-average interest rates — short-term borrowings", "5.1%", "4.4%", "3.5%" ] ]

[ [ "years ended december 31", "2007", "2006", "2005" ], [ "interest paid ( millions )", "$ 147", "$ 130", "$ 130" ], [ "weighted-average interest rates 2014 short-term borrowings", "5.1% ( 5.1 % )", "4.4% ( 4.4 % )", "3.5% ( 3.5 % )" ] ]

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[ "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 sec , 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 , 2009 in the standard & poor 2019s 500 index , the dow jones transportation average , and our class b common stock. ." ]

[ "." ]

[ [ "", "12/31/2009", "12/31/2010", "12/31/2011", "12/31/2012", "12/31/2013", "12/31/2014" ], [ "United Parcel Service, Inc.", "$100.00", "$130.29", "$135.35", "$140.54", "$205.95", "$223.79" ], [ "Standard & Poor’s 500 Index", "$100.00", "$115.06", "$117.48", "$136.26", "$180.38", "$205.05" ], [ "Dow Jones Transportation Average", "$100.00", "$126.74", "$126.75", "$136.24", "$192.61", "$240.91" ] ]

[ [ "", "12/31/2009", "12/31/2010", "12/31/2011", "12/31/2012", "12/31/2013", "12/31/2014" ], [ "united parcel service inc .", "$ 100.00", "$ 130.29", "$ 135.35", "$ 140.54", "$ 205.95", "$ 223.79" ], [ "standard & poor 2019s 500 index", "$ 100.00", "$ 115.06", "$ 117.48", "$ 136.26", "$ 180.38", "$ 205.05" ], [ "dow jones transportation average", "$ 100.00", "$ 126.74", "$ 126.75", "$ 136.24", "$ 192.61", "$ 240.91" ] ]

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[ "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 2013 annual meeting of shareholders to be held on november 20 , 2013 .", "item 12 2014security ownership of certain beneficial owners and management and related stockholder matters 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 2013 annual meeting of shareholders to be held on november 20 , 2013 .", "the following table provides certain information as of may 31 , 2013 concerning the shares of the company 2019s common stock that may be issued under existing equity compensation plans .", "for more information on these plans , see note 11 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 : 1765510 $ 34.92 7927210 ( 1 ) equity compensation plans not approved by security holders : 2014 2014 2014 ." ]

[ "( 1 ) also includes shares of common stock available for issuance other than upon the exercise of an option , warrant or right under the global payments inc .", "2000 long-term incentive plan , as amended and restated , the global payments inc .", "amended and restated 2005 incentive plan , amended and restated 2000 non- employee director stock option plan , global payments employee stock purchase plan and the global payments inc .", "2011 incentive plan .", "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 201d from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013 .", "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 section ratification of the reappointment of auditors from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013. ." ]

[ [ "Plan category", "Number of securities to be issued upon exercise of outstanding options, warrants and rights(a)", "Weighted-average exerciseprice of outstanding options, warrants and rights(b)", "Number of securitiesremaining available forfuture issuance under equity compensation plans (excluding securities reflected in column (a))(c)", "" ], [ "Equity compensation plans approved by security holders:", "1,765,510", "$34.92", "7,927,210", "(1)" ], [ "Equity compensation plans not approved by security holders:", "—", "—", "—", "" ], [ "Total", "1,765,510", "$34.92", "7,927,210", "(1)" ] ]

[ [ "plan category", "number of securities to be issued upon exercise of outstanding options warrants and rights ( a )", "weighted-average exerciseprice of outstanding options warrants and rights ( b )", "number of securitiesremaining available forfuture issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c )", "" ], [ "equity compensation plans approved by security holders:", "1765510", "$ 34.92", "7927210", "-1 ( 1 )" ], [ "equity compensation plans not approved by security holders:", "2014", "2014", "2014", "" ], [ "total", "1765510", "$ 34.92", "7927210", "-1 ( 1 )" ] ]

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[ "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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[ "on-balance sheet securitizations the company engages in on-balance sheet securitizations .", "these are securitizations that do not qualify for sales treatment ; thus , the assets remain on the company 2019s balance sheet .", "the following table presents the carrying amounts and classification of consolidated assets and liabilities transferred in transactions from the consumer credit card , student loan , mortgage and auto businesses , accounted for as secured borrowings : in billions of dollars december 31 , december 31 ." ]

[ "all assets are restricted from being sold or pledged as collateral .", "the cash flows from these assets are the only source used to pay down the associated liabilities , which are non-recourse to the company 2019s general assets .", "citi-administered asset-backed commercial paper conduits the company is active in the asset-backed commercial paper conduit business as administrator of several multi-seller commercial paper conduits , and also as a service provider to single-seller and other commercial paper conduits sponsored by third parties .", "the multi-seller commercial paper conduits are designed to provide the company 2019s customers access to low-cost funding in the commercial paper markets .", "the conduits purchase assets from or provide financing facilities to customers and are funded by issuing commercial paper to third-party investors .", "the conduits generally do not purchase assets originated by the company .", "the funding of the conduit is facilitated by the liquidity support and credit enhancements provided by the company and by certain third parties .", "as administrator to the conduits , the company is responsible for selecting and structuring of assets purchased or financed by the conduits , making decisions regarding the funding of the conduits , including determining the tenor and other features of the commercial paper issued , monitoring the quality and performance of the conduits 2019 assets , and facilitating the operations and cash flows of the conduits .", "in return , the company earns structuring fees from clients for individual transactions and earns an administration fee from the conduit , which is equal to the income from client program and liquidity fees of the conduit after payment of interest costs and other fees .", "this administration fee is fairly stable , since most risks and rewards of the underlying assets are passed back to the customers and , once the asset pricing is negotiated , most ongoing income , costs and fees are relatively stable as a percentage of the conduit 2019s size .", "the conduits administered by the company do not generally invest in liquid securities that are formally rated by third parties .", "the assets are privately negotiated and structured transactions that are designed to be held by the conduit , rather than actively traded and sold .", "the yield earned by the conduit on each asset is generally tied to the rate on the commercial paper issued by the conduit , thus passing interest rate risk to the client .", "each asset purchased by the conduit is structured with transaction-specific credit enhancement features provided by the third-party seller , including over- collateralization , cash and excess spread collateral accounts , direct recourse or third-party guarantees .", "these credit enhancements are sized with the objective of approximating a credit rating of a or above , based on the company 2019s internal risk ratings .", "substantially all of the funding of the conduits is in the form of short- term commercial paper .", "as of december 31 , 2008 , the weighted average life of the commercial paper issued was approximately 37 days .", "in addition , the conduits have issued subordinate loss notes and equity with a notional amount of approximately $ 80 million and varying remaining tenors ranging from six months to seven years .", "the primary credit enhancement provided to the conduit investors is in the form of transaction-specific credit enhancement described above .", "in addition , there are two additional forms of credit enhancement that protect the commercial paper investors from defaulting assets .", "first , the subordinate loss notes issued by each conduit absorb any credit losses up to their full notional amount .", "it is expected that the subordinate loss notes issued by each conduit are sufficient to absorb a majority of the expected losses from each conduit , thereby making the single investor in the subordinate loss note the primary beneficiary under fin 46 ( r ) .", "second , each conduit has obtained a letter of credit from the company , which is generally 8-10% ( 8-10 % ) of the conduit 2019s assets .", "the letters of credit provided by the company total approximately $ 5.8 billion and are included in the company 2019s maximum exposure to loss .", "the net result across all multi-seller conduits administered by the company is that , in the event of defaulted assets in excess of the transaction-specific credit enhancement described above , any losses in each conduit are allocated in the following order : 2022 subordinate loss note holders 2022 the company 2022 the commercial paper investors the company , along with third parties , also provides the conduits with two forms of liquidity agreements that are used to provide funding to the conduits in the event of a market disruption , among other events .", "each asset of the conduit is supported by a transaction-specific liquidity facility in the form of an asset purchase agreement ( apa ) .", "under the apa , the company has agreed to purchase non-defaulted eligible receivables from the conduit at par .", "any assets purchased under the apa are subject to increased pricing .", "the apa is not designed to provide credit support to the conduit , as it generally does not permit the purchase of defaulted or impaired assets and generally reprices the assets purchased to consider potential increased credit risk .", "the apa covers all assets in the conduits and is considered in the company 2019s maximum exposure to loss .", "in addition , the company provides the conduits with program-wide liquidity in the form of short-term lending commitments .", "under these commitments , the company has agreed to lend to the conduits in the event of a short-term disruption in the commercial paper market , subject to specified conditions .", "the total notional exposure under the program-wide liquidity agreement is $ 11.3 billion and is considered in the company 2019s maximum exposure to loss .", "the company receives fees for providing both types of liquidity agreement and considers these fees to be on fair market terms. ." ]

[ [ "<i>In billions of dollars</i>", "December 31, 2008", "December 31, 2007" ], [ "Cash", "$0.3", "$0.1" ], [ "Available-for-sale securities", "0.1", "0.2" ], [ "Loans", "7.5", "7.4" ], [ "Allowance for loan losses", "(0.1)", "(0.1)" ], [ "Total assets", "$7.8", "$7.6" ], [ "Long-term debt", "$6.3", "$5.8" ], [ "Other liabilities", "0.3", "0.4" ], [ "Total liabilities", "$6.6", "$6.2" ] ]

[ [ "in billions of dollars", "december 31 2008", "december 31 2007" ], [ "cash", "$ 0.3", "$ 0.1" ], [ "available-for-sale securities", "0.1", "0.2" ], [ "loans", "7.5", "7.4" ], [ "allowance for loan losses", "-0.1 ( 0.1 )", "-0.1 ( 0.1 )" ], [ "total assets", "$ 7.8", "$ 7.6" ], [ "long-term debt", "$ 6.3", "$ 5.8" ], [ "other liabilities", "0.3", "0.4" ], [ "total liabilities", "$ 6.6", "$ 6.2" ] ]

[ { "arg1": "7.8", "arg2": "7.6", "op": "minus2-1", "res": "0.2" }, { "arg1": "#0", "arg2": "7.6", "op": "divide2-2", "res": "2.6%" } ]

[ "management 2019s discussion and analysis of financial condition and results of operations state street corporation | 90 table 30 : total deposits average balance december 31 years ended december 31 ." ]

[ "short-term funding our on-balance sheet liquid assets are also an integral component of our liquidity management strategy .", "these assets provide liquidity through maturities of the assets , but more importantly , they provide us with the ability to raise funds by pledging the securities as collateral for borrowings or through outright sales .", "in addition , our access to the global capital markets gives us the ability to source incremental funding at reasonable rates of interest from wholesale investors .", "as discussed earlier under 201casset liquidity , 201d state street bank's membership in the fhlb allows for advances of liquidity with varying terms against high-quality collateral .", "short-term secured funding also comes in the form of securities lent or sold under agreements to repurchase .", "these transactions are short-term in nature , generally overnight , and are collateralized by high-quality investment securities .", "these balances were $ 2.84 billion and $ 4.40 billion as of december 31 , 2017 and december 31 , 2016 , respectively .", "state street bank currently maintains a line of credit with a financial institution of cad 1.40 billion , or approximately $ 1.11 billion as of december 31 , 2017 , 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 , 2017 , there was no balance outstanding on this line of credit .", "long-term funding we have the ability to issue debt and equity securities under our current universal shelf registration to meet current commitments and business needs , including accommodating the transaction and cash management needs of our clients .", "in addition , state street bank , a wholly owned subsidiary of the parent company , also has authorization to issue up to $ 5 billion in unsecured senior debt and an additional $ 500 million of subordinated debt .", "agency credit ratings our ability to maintain consistent access to liquidity is fostered by the maintenance of high investment-grade ratings as measured by the major independent credit rating agencies .", "factors essential to maintaining high credit ratings include : 2022 diverse and stable core earnings ; 2022 relative market position ; 2022 strong risk management ; 2022 strong capital ratios ; 2022 diverse liquidity sources , including the global capital markets and client deposits ; 2022 strong liquidity monitoring procedures ; and 2022 preparedness for current or future regulatory developments .", "high ratings limit borrowing costs and enhance our liquidity by : 2022 providing assurance for unsecured funding and depositors ; 2022 increasing the potential market for our debt and improving our ability to offer products ; 2022 serving markets ; and 2022 engaging in transactions in which clients value high credit ratings .", "a downgrade or reduction of our credit ratings could have a material adverse effect on our liquidity by restricting our ability to access the capital markets , which could increase the related cost of funds .", "in turn , this could cause the sudden and large-scale withdrawal of unsecured deposits by our clients , which could lead to draw-downs of unfunded commitments to extend credit or trigger requirements under securities purchase commitments ; or require additional collateral or force terminations of certain trading derivative contracts .", "a majority of our derivative contracts have been entered into under bilateral agreements with counterparties who may require us to post collateral or terminate the transactions based on changes in our credit ratings .", "we assess the impact of these arrangements by determining the collateral that would be required assuming a downgrade by all rating agencies .", "the additional collateral or termination payments related to our net derivative liabilities under these arrangements that could have been called by counterparties in the event of a downgrade in our credit ratings below levels specified in the agreements is disclosed in note 10 to the consolidated financial statements included under item 8 , financial statements and supplementary data , of this form 10-k .", "other funding sources , such as secured financing transactions and other margin requirements , for which there are no explicit triggers , could also be adversely affected. ." ]

[ [ "", "December 31", "Average Balance Years Ended December 31," ], [ "(In millions)", "2017", "2016", "2017", "2016" ], [ "Client deposits", "$180,149", "$176,693", "$158,996", "$156,029" ], [ "Wholesale CDs", "4,747", "10,470", "4,812", "14,456" ], [ "Total deposits", "$184,896", "$187,163", "$163,808", "$170,485" ] ]

[ [ "( in millions )", "december 31 2017", "december 31 2016", "december 31 2017", "2016" ], [ "client deposits", "$ 180149", "$ 176693", "$ 158996", "$ 156029" ], [ "wholesale cds", "4747", "10470", "4812", "14456" ], [ "total deposits", "$ 184896", "$ 187163", "$ 163808", "$ 170485" ] ]

[ { "arg1": "180149", "arg2": "176693", "op": "minus2-1", "res": "3456" }, { "arg1": "#0", "arg2": "176693", "op": "divide2-2", "res": "2.0%" } ]

[ "mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) upon termination of employment , excluding retirement , all of a participant 2019s unvested awards are forfeited .", "however , when a participant terminates employment due to retirement , the participant generally retains all of their awards without providing additional service to the company .", "eligible retirement is dependent upon age and years of service , as follows : age 55 with ten years of service , age 60 with five years of service and age 65 with two years of service .", "compensation expense is recognized over the shorter of the vesting periods stated in the ltip , or the date the individual becomes eligible to retire .", "there are 11550 shares of class a common stock reserved for equity awards under the ltip .", "although the ltip permits the issuance of shares of class b common stock , no such shares have been reserved for issuance .", "shares issued as a result of option exercises and the conversions of rsus are expected to be funded with the issuance of new shares of class a common stock .", "stock options the fair value of each option is estimated on the date of grant using a black-scholes option pricing model .", "the following table presents the weighted-average assumptions used in the valuation and the resulting weighted- average fair value per option granted for the years ended december 31: ." ]

[ "the risk-free rate of return was based on the u.s .", "treasury yield curve in effect on the date of grant .", "the company utilizes the simplified method for calculating the expected term of the option based on the vesting terms and the contractual life of the option .", "the expected volatility for options granted during 2009 was based on the average of the implied volatility of mastercard and a blend of the historical volatility of mastercard and the historical volatility of a group of companies that management believes is generally comparable to mastercard .", "the expected volatility for options granted during 2008 was based on the average of the implied volatility of mastercard and the historical volatility of a group of companies that management believes is generally comparable to mastercard .", "as the company did not have sufficient publicly traded stock data historically , the expected volatility for options granted during 2007 was primarily based on the average of the historical and implied volatility of a group of companies that management believed was generally comparable to mastercard .", "the expected dividend yields were based on the company 2019s expected annual dividend rate on the date of grant. ." ]

[ [ "", "2009", "2008", "2007" ], [ "Risk-free rate of return", "2.5%", "3.2%", "4.4%" ], [ "Expected term (in years)", "6.17", "6.25", "6.25" ], [ "Expected volatility", "41.7%", "37.9%", "30.9%" ], [ "Expected dividend yield", "0.4%", "0.3%", "0.6%" ], [ "Weighted-average fair value per option granted", "$71.03", "$78.54", "$41.03" ] ]

[ [ "", "2009", "2008", "2007" ], [ "risk-free rate of return", "2.5% ( 2.5 % )", "3.2% ( 3.2 % )", "4.4% ( 4.4 % )" ], [ "expected term ( in years )", "6.17", "6.25", "6.25" ], [ "expected volatility", "41.7% ( 41.7 % )", "37.9% ( 37.9 % )", "30.9% ( 30.9 % )" ], [ "expected dividend yield", "0.4% ( 0.4 % )", "0.3% ( 0.3 % )", "0.6% ( 0.6 % )" ], [ "weighted-average fair value per option granted", "$ 71.03", "$ 78.54", "$ 41.03" ] ]

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[ "third-party sales for the engineered products and solutions segment improved 7% ( 7 % ) in 2016 compared with 2015 , primarily attributable to higher third-party sales of the two acquired businesses ( $ 457 ) , primarily related to the aerospace end market , and increased demand from the industrial gas turbine end market , partially offset by lower volumes in the oil and gas end market and commercial transportation end market as well as pricing pressures in aerospace .", "third-party sales for this segment improved 27% ( 27 % ) in 2015 compared with 2014 , largely attributable to the third-party sales ( $ 1310 ) of the three acquired businesses ( see above ) , and higher volumes in this segment 2019s legacy businesses , both of which were primarily related to the aerospace end market .", "these positive impacts were slightly offset by unfavorable foreign currency movements , principally driven by a weaker euro .", "atoi for the engineered products and solutions segment increased $ 47 , or 8% ( 8 % ) , in 2016 compared with 2015 , primarily related to net productivity improvements across all businesses as well as the volume increase from both the rti acquisition and organic revenue growth , partially offset by a lower margin product mix and pricing pressures in the aerospace end market .", "atoi for this segment increased $ 16 , or 3% ( 3 % ) , in 2015 compared with 2014 , principally the result of net productivity improvements across most businesses , a positive contribution from acquisitions , and overall higher volumes in this segment 2019s legacy businesses .", "these positive impacts were partially offset by unfavorable price and product mix , higher costs related to growth projects , and net unfavorable foreign currency movements , primarily related to a weaker euro .", "in 2017 , demand in the commercial aerospace end market is expected to remain strong , driven by the ramp up of new aerospace engine platforms , somewhat offset by continued customer destocking and engine ramp-up challenges .", "demand in the defense end market is expected to grow due to the continuing ramp-up of certain aerospace programs .", "additionally , net productivity improvements are anticipated while pricing pressure across all markets is likely to continue .", "transportation and construction solutions ." ]

[ "the transportation and construction solutions segment produces products that are used mostly in the nonresidential building and construction and commercial transportation end markets .", "such products include integrated aluminum structural systems , architectural extrusions , and forged aluminum commercial vehicle wheels , which are sold both directly to customers and through distributors .", "a small part of this segment also produces aluminum products for the industrial products end market .", "generally , the sales and costs and expenses of this segment are transacted in the local currency of the respective operations , which are primarily the u.s .", "dollar , the euro , and the brazilian real .", "third-party sales for the transportation and construction solutions segment decreased 4% ( 4 % ) in 2016 compared with 2015 , primarily driven by lower demand from the north american commercial transportation end market , which was partially offset by rising demand from the building and construction end market .", "third-party sales for this segment decreased 7% ( 7 % ) in 2015 compared with 2014 , primarily driven by unfavorable foreign currency movements , principally caused by a weaker euro and brazilian real , and lower volume related to the building and construction end market , somewhat offset by higher volume related to the commercial transportation end market .", "atoi for the transportation and construction solutions segment increased $ 10 , or 6% ( 6 % ) , in 2016 compared with 2015 , principally driven by net productivity improvements across all businesses and growth in the building and construction segment , partially offset by lower demand in the north american heavy duty truck and brazilian markets. ." ]

[ [ "", "2016", "2015", "2014" ], [ "Third-party sales", "$1,802", "$1,882", "$2,021" ], [ "ATOI", "$176", "$166", "$180" ] ]

[ [ "", "2016", "2015", "2014" ], [ "third-party sales", "$ 1802", "$ 1882", "$ 2021" ], [ "atoi", "$ 176", "$ 166", "$ 180" ] ]

[ { "arg1": "1802", "arg2": "1882", "op": "minus1-1", "res": "-80" }, { "arg1": "#0", "arg2": "1882", "op": "divide1-2", "res": "-4.25%" }, { "arg1": "7%", "arg2": "#1", "op": "minus1-3", "res": "11.25%" } ]

[ "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" ] ]

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[ "entergy arkansas , inc .", "management's financial discussion and analysis results of operations net income 2004 compared to 2003 net income increased $ 16.2 million due to lower other operation and maintenance expenses , a lower effective income tax rate for 2004 compared to 2003 , and lower interest charges .", "the increase was partially offset by lower net revenue .", "2003 compared to 2002 net income decreased $ 9.6 million due to lower net revenue , higher depreciation and amortization expenses , and a higher effective income tax rate for 2003 compared to 2002 .", "the decrease was substantially offset by lower other operation and maintenance expenses , higher other income , and lower interest charges .", "net revenue 2004 compared to 2003 net revenue , which is entergy arkansas' 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. ." ]

[ "deferred fuel cost revisions includes the difference between the estimated deferred fuel expense and the actual calculation of recoverable fuel expense , which occurs on an annual basis .", "deferred fuel cost revisions decreased net revenue due to a revised estimate of fuel costs filed for recovery at entergy arkansas in the march 2004 energy cost recovery rider , which reduced net revenue by $ 11.5 million .", "the remainder of the variance is due to the 2002 energy cost recovery true-up , made in the first quarter of 2003 , which increased net revenue in 2003 .", "gross operating revenues , fuel and purchased power expenses , and other regulatory credits gross operating revenues increased primarily due to : 2022 an increase of $ 20.7 million in fuel cost recovery revenues due to an increase in the energy cost recovery rider effective april 2004 ( fuel cost recovery revenues are discussed in note 2 to the domestic utility companies and system energy financial statements ) ; 2022 an increase of $ 15.5 million in grand gulf revenues due to an increase in the grand gulf rider effective january 2004 ; 2022 an increase of $ 13.9 million in gross wholesale revenue primarily due to increased sales to affiliated systems ; 2022 an increase of $ 9.5 million due to volume/weather primarily resulting from increased usage during the unbilled sales period , partially offset by the effect of milder weather on billed sales in 2004. ." ]

[ [ "", "(In Millions)" ], [ "2003 net revenue", "$998.7" ], [ "Deferred fuel cost revisions", "(16.9)" ], [ "Other", "(3.4)" ], [ "2004 net revenue", "$978.4" ] ]

[ [ "", "( in millions )" ], [ "2003 net revenue", "$ 998.7" ], [ "deferred fuel cost revisions", "-16.9 ( 16.9 )" ], [ "other", "-3.4 ( 3.4 )" ], [ "2004 net revenue", "$ 978.4" ] ]

[ { "arg1": "998.7", "arg2": "978.4", "op": "minus1-1", "res": "20.3" }, { "arg1": "#0", "arg2": "978.4", "op": "divide1-2", "res": "2.08%" } ]

[ "bhge 2018 form 10-k | 85 it is expected that the amount of unrecognized tax benefits will change in the next twelve months due to expiring statutes , audit activity , tax payments , and competent authority proceedings related to transfer pricing or final decisions in matters that are the subject of litigation in various taxing jurisdictions in which we operate .", "at december 31 , 2018 , we had approximately $ 96 million of tax liabilities , net of $ 1 million of tax assets , related to uncertain tax positions , each of which are individually insignificant , and each of which are reasonably possible of being settled within the next twelve months .", "we conduct business in more than 120 countries and are subject to income taxes in most taxing jurisdictions in which we operate .", "all internal revenue service examinations have been completed and closed through year end 2015 for the most significant u.s .", "returns .", "we believe there are no other jurisdictions in which the outcome of unresolved issues or claims is likely to be material to our results of operations , financial position or cash flows .", "we further believe that we have made adequate provision for all income tax uncertainties .", "note 13 .", "stock-based compensation in july 2017 , we adopted the bhge 2017 long-term incentive plan ( lti plan ) under which we may grant stock options and other equity-based awards to employees and non-employee directors providing services to the company and our subsidiaries .", "a total of up to 57.4 million shares of class a common stock are authorized for issuance pursuant to awards granted under the lti plan over its term which expires on the date of the annual meeting of the company in 2027 .", "a total of 46.2 million shares of class a common stock are available for issuance as of december 31 , 2018 .", "stock-based compensation cost was $ 121 million and $ 37 million in 2018 and 2017 , respectively .", "stock-based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of the equity grant .", "the compensation cost is determined based on awards ultimately expected to vest ; therefore , we have reduced the cost for estimated forfeitures based on historical forfeiture rates .", "forfeitures are estimated at the time of grant and revised , if necessary , in subsequent periods to reflect actual forfeitures .", "there were no stock-based compensation costs capitalized as the amounts were not material .", "stock options we may grant stock options to our officers , directors and key employees .", "stock options generally vest in equal amounts over a three-year vesting period provided that the employee has remained continuously employed by the company through such vesting date .", "the fair value of each stock option granted is estimated using the black- scholes option pricing model .", "the following table presents the weighted average assumptions used in the option pricing model for options granted under the lti plan .", "the expected life of the options represents the period of time the options are expected to be outstanding .", "the expected life is based on a simple average of the vesting term and original contractual term of the awards .", "the expected volatility is based on the historical volatility of our five main competitors over a six year period .", "the risk-free interest rate is based on the observed u.s .", "treasury yield curve in effect at the time the options were granted .", "the dividend yield is based on a five year history of dividend payouts in baker hughes. ." ]

[ "baker hughes , a ge company notes to consolidated and combined financial statements ." ]

[ [ "", "2018", "2017" ], [ "Expected life (years)", "6", "6" ], [ "Risk-free interest rate", "2.5%", "2.1%" ], [ "Volatility", "33.7%", "36.4%" ], [ "Dividend yield", "2%", "1.2%" ], [ "Weighted average fair value per share at grant date", "$10.34", "$12.32" ] ]

[ [ "", "2018", "2017" ], [ "expected life ( years )", "6", "6" ], [ "risk-free interest rate", "2.5% ( 2.5 % )", "2.1% ( 2.1 % )" ], [ "volatility", "33.7% ( 33.7 % )", "36.4% ( 36.4 % )" ], [ "dividend yield", "2% ( 2 % )", "1.2% ( 1.2 % )" ], [ "weighted average fair value per share at grant date", "$ 10.34", "$ 12.32" ] ]

[ { "arg1": "10.34", "arg2": "12.32", "op": "minus1-1", "res": "-1.98" }, { "arg1": "#0", "arg2": "12.32", "op": "divide1-2", "res": "-16.1%" } ]

[ "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": "-6234", "arg2": "-9965", "op": "minus2-1", "res": "3731" }, { "arg1": "#0", "arg2": "9965", "op": "divide2-2", "res": "37%" } ]

[ "entergy new orleans , inc .", "and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 3.9 million primarily due to higher net revenue , partially offset by higher depreciation and amortization expenses , higher interest expense , and lower other income .", "2015 compared to 2014 net income increased $ 13.9 million primarily due to lower other operation and maintenance expenses and higher net revenue , partially offset by a higher effective income tax rate .", "net revenue 2016 compared to 2015 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 2016 to 2015 .", "amount ( in millions ) ." ]

[ "the retail electric price variance is primarily due to an increase in the purchased power and capacity acquisition cost recovery rider , as approved by the city council , effective with the first billing cycle of march 2016 , primarily related to the purchase of power block 1 of the union power station .", "see note 14 to the financial statements for discussion of the union power station purchase .", "the net gas revenue variance is primarily due to the effect of less favorable weather on residential and commercial sales .", "the volume/weather variance is primarily due to a decrease of 112 gwh , or 2% ( 2 % ) , in billed electricity usage , partially offset by the effect of favorable weather on commercial sales and a 2% ( 2 % ) increase in the average number of electric customers. ." ]

[ [ "", "Amount (In Millions)" ], [ "2015 net revenue", "$293.9" ], [ "Retail electric price", "39.0" ], [ "Net gas revenue", "(2.5)" ], [ "Volume/weather", "(5.1)" ], [ "Other", "(8.1)" ], [ "2016 net revenue", "$317.2" ] ]

[ [ "", "amount ( in millions )" ], [ "2015 net revenue", "$ 293.9" ], [ "retail electric price", "39.0" ], [ "net gas revenue", "-2.5 ( 2.5 )" ], [ "volume/weather", "-5.1 ( 5.1 )" ], [ "other", "-8.1 ( 8.1 )" ], [ "2016 net revenue", "$ 317.2" ] ]

[ { "arg1": "317.2", "arg2": "293.9", "op": "minus1-1", "res": "23.3" }, { "arg1": "#0", "arg2": "293.9", "op": "divide1-2", "res": "7.9%" } ]

[ "note 10 .", "commitments and contingencies credit-related commitments and contingencies : credit-related financial instruments , which are off-balance sheet , include indemnified securities financing , unfunded commitments to extend credit or purchase assets , and standby letters of credit .", "the potential loss associated with indemnified securities financing , unfunded commitments and standby letters of credit is equal to the total gross contractual amount , which does not consider the value of any collateral .", "the following table summarizes the total gross contractual amounts of credit-related off-balance sheet financial instruments at december 31 .", "amounts reported do not reflect participations to independent third parties. ." ]

[ "( 1 ) amount for 2009 excludes agreements related to the commercial paper conduits , which were consolidated in may 2009 ; see note 11 .", "approximately 81% ( 81 % ) of the unfunded commitments to extend credit expire within one year from the date of issue .", "since many of these commitments are expected to expire or renew without being drawn upon , the total commitment amount does not necessarily represent future cash requirements .", "securities finance : on behalf of our customers , we lend their securities to creditworthy brokers and other institutions .", "we generally indemnify our customers for the fair market value of those securities against a failure of the borrower to return such securities .", "collateral funds received in connection with our securities finance services are held by us as agent and are not recorded in our consolidated statement of condition .", "we require the borrowers to provide collateral in an amount equal to or in excess of 100% ( 100 % ) of the fair market value of the securities borrowed .", "the borrowed securities are revalued daily to determine if additional collateral is necessary .", "in this regard , we held , as agent , cash and u.s .", "government securities with an aggregate fair value of $ 375.92 billion and $ 333.07 billion as collateral for indemnified securities on loan at december 31 , 2009 and 2008 , respectively , presented in the table above .", "the collateral held by us is invested on behalf of our customers in accordance with their guidelines .", "in certain cases , the collateral is invested in third-party repurchase agreements , for which we indemnify the customer against loss of the principal invested .", "we require the repurchase agreement counterparty to provide collateral in an amount equal to or in excess of 100% ( 100 % ) of the amount of the repurchase agreement .", "the indemnified repurchase agreements and the related collateral are not recorded in our consolidated statement of condition .", "of the collateral of $ 375.92 billion at december 31 , 2009 and $ 333.07 billion at december 31 , 2008 referenced above , $ 77.73 billion at december 31 , 2009 and $ 68.37 billion at december 31 , 2008 was invested in indemnified repurchase agreements .", "we held , as agent , cash and securities with an aggregate fair value of $ 82.62 billion and $ 71.87 billion as collateral for indemnified investments in repurchase agreements at december 31 , 2009 and december 31 , 2008 , respectively .", "legal proceedings : in the ordinary course of business , we and our subsidiaries are involved in disputes , litigation and regulatory inquiries and investigations , both pending and threatened .", "these matters , if resolved adversely against us , may result in monetary damages , fines and penalties or require changes in our business practices .", "the resolution of these proceedings is inherently difficult to predict .", "however , we do not believe that the amount of any judgment , settlement or other action arising from any pending proceeding will have a material adverse effect on our consolidated financial condition , although the outcome of certain of the matters described below may have a material adverse effect on our consolidated results of operations for the period in which such matter is resolved ." ]

[ [ "(In millions)", "2009", "2008" ], [ "Indemnified securities financing", "$365,251", "$324,590" ], [ "Asset purchase agreements⁽¹⁾", "8,211", "31,780" ], [ "Unfunded commitments to extend credit", "18,078", "20,981" ], [ "Standby letters of credit", "4,784", "6,061" ] ]

[ [ "( in millions )", "2009", "2008" ], [ "indemnified securities financing", "$ 365251", "$ 324590" ], [ "asset purchase agreements ( 1 )", "8211", "31780" ], [ "unfunded commitments to extend credit", "18078", "20981" ], [ "standby letters of credit", "4784", "6061" ] ]

[ { "arg1": "4784", "arg2": "6061", "op": "minus2-1", "res": "-1277" }, { "arg1": "#0", "arg2": "6061", "op": "divide2-2", "res": "-21.1%" } ]

[ "state street corporation notes to consolidated financial statements ( continued ) with respect to the 5.25% ( 5.25 % ) subordinated bank notes due 2018 , state street bank is required to make semi- annual interest payments on the outstanding principal balance of the notes on april 15 and october 15 of each year , and the notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines .", "with respect to the 5.30% ( 5.30 % ) subordinated notes due 2016 and the floating-rate subordinated notes due 2015 , state street bank is required to make semi-annual interest payments on the outstanding principal balance of the 5.30% ( 5.30 % ) subordinated notes on january 15 and july 15 of each year , and quarterly interest payments on the outstanding principal balance of the floating-rate notes on march 8 , june 8 , september 8 and december 8 of each year .", "each of the subordinated notes qualifies for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines .", "note 11 .", "commitments , guarantees and contingencies commitments : we had unfunded off-balance sheet commitments to extend credit totaling $ 21.30 billion and $ 17.86 billion as of december 31 , 2013 and 2012 , respectively .", "the potential losses associated with these commitments equal the gross contractual amounts , and do not consider the value of any collateral .", "approximately 75% ( 75 % ) of our unfunded commitments to extend credit expire within one year from the date of issue .", "since many of these commitments are expected to expire or renew without being drawn upon , the gross contractual amounts do not necessarily represent our future cash requirements .", "guarantees : off-balance sheet guarantees are composed of indemnified securities financing , stable value protection , unfunded commitments to purchase assets , and standby letters of credit .", "the potential losses associated with these guarantees equal the gross contractual amounts , and do not consider the value of any collateral .", "the following table presents the aggregate gross contractual amounts of our off-balance sheet guarantees as of december 31 , 2013 and 2012 .", "amounts presented do not reflect participations to independent third parties. ." ]

[ "indemnified securities financing on behalf of our clients , we lend their securities , as agent , to brokers and other institutions .", "in most circumstances , we indemnify our clients for the fair market value of those securities against a failure of the borrower to return such securities .", "we require the borrowers to maintain collateral in an amount equal to or in excess of 100% ( 100 % ) of the fair market value of the securities borrowed .", "securities on loan and the collateral are revalued daily to determine if additional collateral is necessary or if excess collateral is required to be returned to the borrower .", "collateral received in connection with our securities lending services is held by us as agent and is not recorded in our consolidated statement of condition .", "the cash collateral held by us as agent is invested on behalf of our clients .", "in certain cases , the cash collateral is invested in third-party repurchase agreements , for which we indemnify the client against loss of the principal invested .", "we require the counterparty to the indemnified repurchase agreement to provide collateral in an amount equal to or in excess of 100% ( 100 % ) of the amount of the repurchase agreement .", "in our role as agent , the indemnified repurchase agreements and the related collateral held by us are not recorded in our consolidated statement of condition. ." ]

[ [ "(In millions)", "2013", "2012" ], [ "Indemnified securities financing", "$320,078", "$302,341" ], [ "Stable value protection", "24,906", "33,512" ], [ "Asset purchase agreements", "4,685", "5,063" ], [ "Standby letters of credit", "4,612", "4,552" ] ]

[ [ "( in millions )", "2013", "2012" ], [ "indemnified securities financing", "$ 320078", "$ 302341" ], [ "stable value protection", "24906", "33512" ], [ "asset purchase agreements", "4685", "5063" ], [ "standby letters of credit", "4612", "4552" ] ]

[ { "arg1": "24906", "arg2": "33512", "op": "minus2-1", "res": "-8606" }, { "arg1": "#0", "arg2": "33512", "op": "divide2-2", "res": "-25.7%" } ]

[ "the goldman sachs group , inc .", "and subsidiaries management 2019s discussion and analysis scenario analyses .", "we conduct various scenario analyses including as part of the comprehensive capital analysis and review ( ccar ) and dodd-frank act stress tests ( dfast ) , as well as our resolution and recovery planning .", "see 201cequity capital management and regulatory capital 2014 equity capital management 201d below for further information .", "these scenarios cover short-term and long- term time horizons using various macroeconomic and firm- specific assumptions , based on a range of economic scenarios .", "we use these analyses to assist us in developing our longer-term balance sheet management strategy , including the level and composition of assets , funding and equity capital .", "additionally , these analyses help us develop approaches for maintaining appropriate funding , liquidity and capital across a variety of situations , including a severely stressed environment .", "balance sheet allocation in addition to preparing our consolidated statements of financial condition in accordance with u.s .", "gaap , we prepare a balance sheet that generally allocates assets to our businesses , which is a non-gaap presentation and may not be comparable to similar non-gaap presentations used by other companies .", "we believe that presenting our assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with the firm 2019s assets and better enables investors to assess the liquidity of the firm 2019s assets .", "the table below presents our balance sheet allocation. ." ]

[ "1 .", "includes $ 17.29 billion and $ 18.24 billion as of december 2015 and december 2014 , respectively , of direct loans primarily extended to corporate and private wealth management clients that are accounted for at fair value .", "2 .", "see note 9 to the consolidated financial statements for further information about loans receivable .", "the following is a description of the captions in the table above : 2030 global core liquid assets and cash .", "we maintain liquidity to meet a broad range of potential cash outflows and collateral needs in a stressed environment .", "see 201cliquidity risk management 201d below for details on the composition and sizing of our 201cglobal core liquid assets 201d ( gcla ) .", "in addition to our gcla , we maintain other operating cash balances , primarily for use in specific currencies , entities , or jurisdictions where we do not have immediate access to parent company liquidity .", "2030 secured client financing .", "we provide collateralized financing for client positions , including margin loans secured by client collateral , securities borrowed , and resale agreements primarily collateralized by government obligations .", "as a result of client activities , we are required to segregate cash and securities to satisfy regulatory requirements .", "our secured client financing arrangements , which are generally short-term , are accounted for at fair value or at amounts that approximate fair value , and include daily margin requirements to mitigate counterparty credit risk .", "2030 institutional client services .", "in institutional client services , we maintain inventory positions to facilitate market making in fixed income , equity , currency and commodity products .", "additionally , as part of market- making activities , we enter into resale or securities borrowing arrangements to obtain securities which we can use to cover transactions in which we or our clients have sold securities that have not yet been purchased .", "the receivables in institutional client services primarily relate to securities transactions .", "2030 investing & lending .", "in investing & lending , we make investments and originate loans to provide financing to clients .", "these investments and loans are typically longer- term in nature .", "we make investments , directly and indirectly through funds and separate accounts that we manage , in debt securities , loans , public and private equity securities , real estate entities and other investments .", "2030 other assets .", "other assets are generally less liquid , non- financial assets , including property , leasehold improvements and equipment , goodwill and identifiable intangible assets , income tax-related receivables , equity- method investments , assets classified as held for sale and miscellaneous receivables .", "68 goldman sachs 2015 form 10-k ." ]

[ [ "", "As of December" ], [ "<i>$ in millions</i>", "2015", "2014" ], [ "Global Core Liquid Assets (GCLA)", "$199,120", "$182,947" ], [ "Other cash", "9,180", "7,805" ], [ "GCLA and cash", "208,300", "190,752" ], [ "Secured client financing", "221,325", "210,641" ], [ "Inventory", "208,836", "230,667" ], [ "Secured financing agreements", "63,495", "74,767" ], [ "Receivables", "39,976", "47,317" ], [ "Institutional Client Services", "312,307", "352,751" ], [ "Public equity", "3,991", "4,041" ], [ "Private equity", "16,985", "17,979" ], [ "Debt¹", "23,216", "24,768" ], [ "Loans receivable²", "45,407", "28,938" ], [ "Other", "4,646", "3,771" ], [ "Investing & Lending", "94,245", "79,497" ], [ "Total inventory and related assets", "406,552", "432,248" ], [ "Other assets", "25,218", "22,201" ], [ "Total assets", "$861,395", "$855,842" ] ]

[ [ "$ in millions", "as of december 2015", "as of december 2014" ], [ "global core liquid assets ( gcla )", "$ 199120", "$ 182947" ], [ "other cash", "9180", "7805" ], [ "gcla and cash", "208300", "190752" ], [ "secured client financing", "221325", "210641" ], [ "inventory", "208836", "230667" ], [ "secured financing agreements", "63495", "74767" ], [ "receivables", "39976", "47317" ], [ "institutional client services", "312307", "352751" ], [ "public equity", "3991", "4041" ], [ "private equity", "16985", "17979" ], [ "debt1", "23216", "24768" ], [ "loans receivable2", "45407", "28938" ], [ "other", "4646", "3771" ], [ "investing & lending", "94245", "79497" ], [ "total inventory and related assets", "406552", "432248" ], [ "other assets", "25218", "22201" ], [ "total assets", "$ 861395", "$ 855842" ] ]

[]

[ "is&gs 2019 operating profit decreased $ 60 million , or 8% ( 8 % ) , for 2014 compared to 2013 .", "the decrease was primarily attributable to the activities mentioned above for sales , lower risk retirements and reserves recorded on an international program , partially offset by severance recoveries related to the restructuring announced in november 2013 of approximately $ 20 million for 2014 .", "adjustments not related to volume , including net profit booking rate adjustments , were approximately $ 30 million lower for 2014 compared to 2013 .", "2013 compared to 2012 is&gs 2019 net sales decreased $ 479 million , or 5% ( 5 % ) , for 2013 compared to 2012 .", "the decrease was attributable to lower net sales of about $ 495 million due to decreased volume on various programs ( command and control programs for classified customers , ngi and eram programs ) ; and approximately $ 320 million due to the completion of certain programs ( such as total information processing support services , the transportation worker identification credential and the outsourcing desktop initiative for nasa ) .", "the decrease was partially offset by higher net sales of about $ 340 million due to the start-up of certain programs ( such as the disa gsm-o and the national science foundation antarctic support ) .", "is&gs 2019 operating profit decreased $ 49 million , or 6% ( 6 % ) , for 2013 compared to 2012 .", "the decrease was primarily attributable to lower operating profit of about $ 55 million due to certain programs nearing the end of their life cycles , partially offset by higher operating profit of approximately $ 15 million due to the start-up of certain programs .", "adjustments not related to volume , including net profit booking rate adjustments and other matters , were comparable for 2013 compared to 2012 .", "backlog backlog increased in 2014 compared to 2013 primarily due to several multi-year international awards and various u.s .", "multi-year extensions .", "this increase was partially offset by declining activities on various direct warfighter support and command and control programs impacted by defense budget reductions .", "backlog decreased in 2013 compared to 2012 primarily due to lower orders on several programs ( such as eram and ngi ) , higher sales on certain programs ( the national science foundation antarctic support and the disa gsm-o ) and declining activities on several smaller programs primarily due to the continued downturn in federal information technology budgets .", "trends we expect is&gs 2019 net sales to decline in 2015 in the low to mid single digit percentage range as compared to 2014 , primarily driven by the continued downturn in federal information technology budgets , an increasingly competitive environment , including the disaggregation of existing contracts , and new contract award delays , partially offset by increased sales resulting from acquisitions that occurred during the year .", "operating profit is expected to decline in the low double digit percentage range in 2015 primarily driven by volume and an increase in intangible amortization from 2014 acquisition activity , resulting in 2015 margins that are lower than 2014 results .", "missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; logistics and other technical services ; fire control systems ; mission operations support , readiness , engineering support and integration services ; and manned and unmanned ground vehicles .", "mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system , hellfire , jassm , javelin , apache , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) and sof clss .", "mfc 2019s operating results included the following ( in millions ) : ." ]

[ "2014 compared to 2013 mfc 2019s net sales for 2014 decreased $ 77 million , or 1% ( 1 % ) , compared to 2013 .", "the decrease was primarily attributable to lower net sales of approximately $ 385 million for technical services programs due to decreased volume reflecting market pressures ; and about $ 115 million for tactical missile programs due to fewer deliveries ( primarily high mobility artillery ." ]

[ [ "", "2014", "2013", "2012" ], [ "Net sales", "$7,680", "$7,757", "$7,457" ], [ "Operating profit", "1,358", "1,431", "1,256" ], [ "Operating margins", "17.7%", "18.4%", "16.8%" ], [ "Backlog at year-end", "$13,600", "$15,000", "$14,700" ] ]

[ [ "", "2014", "2013", "2012" ], [ "net sales", "$ 7680", "$ 7757", "$ 7457" ], [ "operating profit", "1358", "1431", "1256" ], [ "operating margins", "17.7% ( 17.7 % )", "18.4% ( 18.4 % )", "16.8% ( 16.8 % )" ], [ "backlog at year-end", "$ 13600", "$ 15000", "$ 14700" ] ]

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[ "there is no goodwill assigned to reporting units within the balance sheet management segment .", "the following table shows the amount of goodwill allocated to each of the reporting units and the fair value as a percentage of book value for the reporting units in the trading and investing segment ( dollars in millions ) : ." ]

[ "we also evaluate the remaining useful lives on intangible assets each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization .", "other intangible assets have a weighted average remaining useful life of 13 years .", "we did not recognize impairment on our other intangible assets in the periods presented .", "effects if actual results differ if our estimates of fair value for the reporting units change due to changes in our business or other factors , we may determine that an impairment charge is necessary .", "estimates of fair value are determined based on a complex model using estimated future cash flows and company comparisons .", "if actual cash flows are less than estimated future cash flows used in the annual assessment , then goodwill would have to be tested for impairment .", "the estimated fair value of the market making reporting unit as a percentage of book value was approximately 115% ( 115 % ) ; therefore , if actual cash flows are less than our estimated cash flows , goodwill impairment could occur in the market making reporting unit in the future .", "these cash flows will be monitored closely to determine if a further evaluation of potential impairment is necessary so that impairment could be recognized in a timely manner .", "in addition , following the review of order handling practices and pricing for order flow between e*trade securities llc and gi execution services , llc , our regulators may initiate investigations into our historical practices which could subject us to monetary penalties and cease-and-desist orders , which could also prompt claims by customers of e*trade securities llc .", "any of these actions could materially and adversely affect our market making and trade execution businesses , which could impact future cash flows and could result in goodwill impairment .", "intangible assets are amortized over their estimated useful lives .", "if changes in the estimated underlying revenue occur , impairment or a change in the remaining life may need to be recognized .", "estimates of effective tax rates , deferred taxes and valuation allowance description in preparing the consolidated financial statements , we calculate income tax expense ( benefit ) based on our interpretation of the tax laws in the various jurisdictions where we conduct business .", "this requires us to estimate current tax obligations and the realizability of uncertain tax positions and to assess temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities .", "these differences result in deferred tax assets and liabilities , the net amount of which we show as other assets or other liabilities on the consolidated balance sheet .", "we must also assess the likelihood that each of the deferred tax assets will be realized .", "to the extent we believe that realization is not more likely than not , we establish a valuation allowance .", "when we establish a valuation allowance or increase this allowance in a reporting period , we generally record a corresponding tax expense in the consolidated statement of income ( loss ) .", "conversely , to the extent circumstances indicate that a valuation allowance is no longer necessary , that portion of the valuation allowance is reversed , which generally reduces overall income tax expense .", "at december 31 , 2012 we had net deferred tax assets of $ 1416.2 million , net of a valuation allowance ( on state , foreign country and charitable contribution deferred tax assets ) of $ 97.8 million. ." ]

[ [ "", "December 31, 2012" ], [ "Reporting Unit", "Goodwill", "% of Fair Value to Book Value" ], [ "Retail Brokerage", "$1,791.8", "190%" ], [ "Market Making", "142.4", "115%" ], [ "Total goodwill", "$1,934.2", "" ] ]

[ [ "reporting unit", "december 31 2012 goodwill", "december 31 2012 % ( % ) of fair value to book value" ], [ "retail brokerage", "$ 1791.8", "190% ( 190 % )" ], [ "market making", "142.4", "115% ( 115 % )" ], [ "total goodwill", "$ 1934.2", "" ] ]

[]

[ "operating/performance statistics railroad performance measures reported to the aar , as well as other performance measures , are included in the table below : 2010 2009 2008 % ( % ) change 2010 v 2009 % ( % ) change 2009 v 2008 ." ]

[ "average train speed 2013 average train speed is calculated by dividing train miles by hours operated on our main lines between terminals .", "maintenance activities and weather disruptions , combined with higher volume levels , led to a 4% ( 4 % ) decrease in average train speed in 2010 compared to a record set in 2009 .", "overall , we continued operating a fluid and efficient network during the year .", "lower volume levels , ongoing network management initiatives , and productivity improvements contributed to a 16% ( 16 % ) improvement in average train speed in 2009 compared to 2008 .", "average terminal dwell time 2013 average terminal dwell time is the average time that a rail car spends at our terminals .", "lower average terminal dwell time improves asset utilization and service .", "average terminal dwell time increased 2% ( 2 % ) in 2010 compared to 2009 , driven in part by our network plan to increase the length of numerous trains to improve overall efficiency , which resulted in higher terminal dwell time for some cars .", "average terminal dwell time improved slightly in 2009 compared to 2008 due to lower volume levels combined with initiatives to expedite delivering rail cars to our interchange partners and customers .", "average rail car inventory 2013 average rail car inventory is the daily average number of rail cars on our lines , including rail cars in storage .", "lower average rail car inventory reduces congestion in our yards and sidings , which increases train speed , reduces average terminal dwell time , and improves rail car utilization .", "average rail car inventory decreased 3% ( 3 % ) in 2010 compared to 2009 , while we handled 13% ( 13 % ) increases in carloads during the period compared to 2009 .", "we maintained more freight cars off-line and retired a number of old freight cars , which drove the decreases .", "average rail car inventory decreased 6% ( 6 % ) in 2009 compared to 2008 driven by a 16% ( 16 % ) decrease in volume .", "in addition , as carloads decreased , we stored more freight cars off-line .", "gross and revenue ton-miles 2013 gross ton-miles are calculated by multiplying the weight of loaded and empty freight cars by the number of miles hauled .", "revenue ton-miles are calculated by multiplying the weight of freight by the number of tariff miles .", "gross and revenue-ton-miles increased 10% ( 10 % ) and 9% ( 9 % ) in 2010 compared to 2009 due to a 13% ( 13 % ) increase in carloads .", "commodity mix changes ( notably automotive shipments ) drove the variance in year-over-year growth between gross ton-miles , revenue ton-miles and carloads .", "gross and revenue ton-miles decreased 17% ( 17 % ) and 15% ( 15 % ) in 2009 compared to 2008 due to a 16% ( 16 % ) decrease in carloads .", "commodity mix changes ( notably automotive shipments , which were 30% ( 30 % ) lower in 2009 versus 2008 ) drove the difference in declines between gross ton-miles and revenue ton- miles .", "operating ratio 2013 operating ratio is defined as our operating expenses as a percentage of operating revenue .", "our operating ratio improved 5.5 points to 70.6% ( 70.6 % ) in 2010 and 1.3 points to 76.1% ( 76.1 % ) in 2009 .", "efficiently leveraging volume increases , core pricing gains , and productivity initiatives drove the improvement in 2010 and more than offset the impact of higher fuel prices during the year .", "core pricing gains , lower fuel prices , network management initiatives , and improved productivity drove the improvement in 2009 and more than offset the 16% ( 16 % ) volume decline .", "employees 2013 employee levels were down 1% ( 1 % ) in 2010 compared to 2009 despite a 13% ( 13 % ) increase in volume levels .", "we leveraged the additional volumes through network efficiencies and other productivity initiatives .", "in addition , we successfully managed the growth of our full-time-equivalent train and engine force levels at a rate less than half of our carload growth in 2010 .", "all other operating functions and ." ]

[ [ "", "<i>2010</i>", "<i>2009</i>", "<i>2008</i>", "<i>% Change</i> <i>2010 v 2009</i>", "<i>% Change</i><i>2009 v 2008</i>" ], [ "Average train speed (miles per hour)", "26.2", "27.3", "23.5", "(4)%", "16%" ], [ "Average terminal dwell time (hours)", "25.4", "24.8", "24.9", "2%", "-" ], [ "Average rail car inventory (thousands)", "274.4", "283.1", "300.7", "(3)%", "(6)%" ], [ "Gross ton-miles (billions)", "932.4", "846.5", "1,020.4", "10%", "(17)%" ], [ "Revenue ton-miles (billions)", "520.4", "479.2", "562.6", "9%", "(15)%" ], [ "Operating ratio", "70.6", "76.1", "77.4", "(5.5) pt", "(1.3) pt" ], [ "Employees (average)", "42,884", "43,531", "48,242", "(1)%", "(10)%" ], [ "Customer satisfaction index", "89", "88", "83", "1 pt", "5 pt" ] ]

[ [ "", "2010", "2009", "2008", "% ( % ) change 2010 v 2009", "% ( % ) change2009 v 2008" ], [ "average train speed ( miles per hour )", "26.2", "27.3", "23.5", "( 4 ) % ( % )", "16% ( 16 % )" ], [ "average terminal dwell time ( hours )", "25.4", "24.8", "24.9", "2% ( 2 % )", "-" ], [ "average rail car inventory ( thousands )", "274.4", "283.1", "300.7", "( 3 ) % ( % )", "( 6 ) % ( % )" ], [ "gross ton-miles ( billions )", "932.4", "846.5", "1020.4", "10% ( 10 % )", "( 17 ) % ( % )" ], [ "revenue ton-miles ( billions )", "520.4", "479.2", "562.6", "9% ( 9 % )", "( 15 ) % ( % )" ], [ "operating ratio", "70.6", "76.1", "77.4", "( 5.5 ) pt", "( 1.3 ) pt" ], [ "employees ( average )", "42884", "43531", "48242", "( 1 ) % ( % )", "( 10 ) % ( % )" ], [ "customer satisfaction index", "89", "88", "83", "1 pt", "5 pt" ] ]

[ { "arg1": "89", "arg2": "83", "op": "minus2-1", "res": "6" }, { "arg1": "#0", "arg2": "83", "op": "divide2-2", "res": "0.072" } ]

[ "2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .", "following is an analysis of the change in net revenue comparing 2016 to 2015 .", "amount ( in millions ) ." ]

[ "the retail electric price variance is primarily due to a $ 19.4 million net annual increase in revenues , as approved by the mpsc , effective with the first billing cycle of july 2016 , and an increase in revenues collected through the storm damage rider . a0 see note 2 to the financial statements for more discussion of the formula rate plan and the storm damage rider .", "the volume/weather variance is primarily due to an increase of 153 gwh , or 1% ( 1 % ) , in billed electricity usage , including an increase in industrial usage , partially offset by the effect of less favorable weather on residential and commercial sales .", "the increase in industrial usage is primarily due to expansion projects in the pulp and paper industry , increased demand for existing customers , primarily in the metals industry , and new customers in the wood products industry .", "the net wholesale revenue variance is primarily due to entergy mississippi 2019s exit from the system agreement in november 2015 .", "the reserve equalization revenue variance is primarily due to the absence of reserve equalization revenue as compared to the same period in 2015 resulting from entergy mississippi 2019s exit from the system agreement in november other income statement variances 2017 compared to 2016 other operation and maintenance expenses decreased primarily due to : 2022 a decrease of $ 12 million in fossil-fueled generation expenses primarily due to lower long-term service agreement costs and a lower scope of work done during plant outages in 2017 as compared to the same period in 2016 ; and 2022 a decrease of $ 3.6 million in storm damage provisions .", "see note 2 to the financial statements for a discussion on storm cost recovery .", "the decrease was partially offset by an increase of $ 4.8 million in energy efficiency costs and an increase of $ 2.7 million in compensation and benefits costs primarily due to higher incentive-based compensation accruals in 2017 as compared to the prior year .", "entergy mississippi , inc .", "management 2019s financial discussion and analysis ." ]

[ [ "", "Amount (In Millions)" ], [ "2015 net revenue", "$696.3" ], [ "Retail electric price", "12.9" ], [ "Volume/weather", "4.7" ], [ "Net wholesale revenue", "(2.4)" ], [ "Reserve equalization", "(2.8)" ], [ "Other", "(3.3)" ], [ "2016 net revenue", "$705.4" ] ]

[ [ "", "amount ( in millions )" ], [ "2015 net revenue", "$ 696.3" ], [ "retail electric price", "12.9" ], [ "volume/weather", "4.7" ], [ "net wholesale revenue", "-2.4 ( 2.4 )" ], [ "reserve equalization", "-2.8 ( 2.8 )" ], [ "other", "-3.3 ( 3.3 )" ], [ "2016 net revenue", "$ 705.4" ] ]

[ { "arg1": "705.4", "arg2": "696.3", "op": "minus1-1", "res": "9.1" }, { "arg1": "#0", "arg2": "696.3", "op": "divide1-2", "res": "1.3%" } ]

[ "new term loan a facility , with the remaining unpaid principal amount of loans under the new term loan a facility due and payable in full at maturity on june 6 , 2021 .", "principal amounts outstanding under the new revolving loan facility are due and payable in full at maturity on june 6 , 2021 , subject to earlier repayment pursuant to the springing maturity date described above .", "in addition to paying interest on outstanding principal under the borrowings , we are obligated to pay a quarterly commitment fee at a rate determined by reference to a total leverage ratio , with a maximum commitment fee of 40% ( 40 % ) of the applicable margin for eurocurrency loans .", "in july 2016 , breakaway four , ltd. , as borrower , and nclc , as guarantor , entered into a supplemental agreement , which amended the breakaway four loan to , among other things , increase the aggregate principal amount of commitments under the multi-draw term loan credit facility from 20ac590.5 million to 20ac729.9 million .", "in june 2016 , we took delivery of seven seas explorer .", "to finance the payment due upon delivery , we had export credit financing in place for 80% ( 80 % ) of the contract price .", "the associated $ 373.6 million term loan bears interest at 3.43% ( 3.43 % ) with a maturity date of june 30 , 2028 .", "principal and interest payments shall be paid semiannually .", "in december 2016 , nclc issued $ 700.0 million aggregate principal amount of 4.750% ( 4.750 % ) senior unsecured notes due december 2021 ( the 201cnotes 201d ) in a private offering ( the 201coffering 201d ) at par .", "nclc used the net proceeds from the offering , after deducting the initial purchasers 2019 discount and estimated fees and expenses , together with cash on hand , to purchase its outstanding 5.25% ( 5.25 % ) senior notes due 2019 having an aggregate outstanding principal amount of $ 680 million .", "the redemption of the 5.25% ( 5.25 % ) senior notes due 2019 was completed in january 2017 .", "nclc will pay interest on the notes at 4.750% ( 4.750 % ) per annum , semiannually on june 15 and december 15 of each year , commencing on june 15 , 2017 , to holders of record at the close of business on the immediately preceding june 1 and december 1 , respectively .", "nclc may redeem the notes , in whole or part , at any time prior to december 15 , 2018 , at a price equal to 100% ( 100 % ) of the principal amount of the notes redeemed plus accrued and unpaid interest to , but not including , the redemption date and a 201cmake-whole premium . 201d nclc may redeem the notes , in whole or in part , on or after december 15 , 2018 , at the redemption prices set forth in the indenture governing the notes .", "at any time ( which may be more than once ) on or prior to december 15 , 2018 , nclc may choose to redeem up to 40% ( 40 % ) of the aggregate principal amount of the notes at a redemption price equal to 104.750% ( 104.750 % ) of the face amount thereof with an amount equal to the net proceeds of one or more equity offerings , so long as at least 60% ( 60 % ) of the aggregate principal amount of the notes issued remains outstanding following such redemption .", "the indenture governing the notes contains covenants that limit nclc 2019s ability ( and its restricted subsidiaries 2019 ability ) to , among other things : ( i ) incur or guarantee additional indebtedness or issue certain preferred shares ; ( ii ) pay dividends and make certain other restricted payments ; ( iii ) create restrictions on the payment of dividends or other distributions to nclc from its restricted subsidiaries ; ( iv ) create liens on certain assets to secure debt ; ( v ) make certain investments ; ( vi ) engage in transactions with affiliates ; ( vii ) engage in sales of assets and subsidiary stock ; and ( viii ) transfer all or substantially all of its assets or enter into merger or consolidation transactions .", "the indenture governing the notes also provides for events of default , which , if any of them occurs , would permit or require the principal , premium ( if any ) , interest and other monetary obligations on all of the then-outstanding notes to become due and payable immediately .", "interest expense , net for the year ended december 31 , 2016 was $ 276.9 million which included $ 34.7 million of amortization of deferred financing fees and a $ 27.7 million loss on extinguishment of debt .", "interest expense , net for the year ended december 31 , 2015 was $ 221.9 million which included $ 36.7 million of amortization of deferred financing fees and a $ 12.7 million loss on extinguishment of debt .", "interest expense , net for the year ended december 31 , 2014 was $ 151.8 million which included $ 32.3 million of amortization of deferred financing fees and $ 15.4 million of expenses related to financing transactions in connection with the acquisition of prestige .", "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 , 2016 .", "the following are scheduled principal repayments on long-term debt including capital lease obligations as of december 31 , 2016 for each of the next five years ( in thousands ) : ." ]

[ "we had an accrued interest liability of $ 32.5 million and $ 34.2 million as of december 31 , 2016 and 2015 , respectively. ." ]

[ [ "Year", "Amount" ], [ "2017", "$560,193" ], [ "2018", "554,846" ], [ "2019", "561,687" ], [ "2020", "1,153,733" ], [ "2021", "2,193,823" ], [ "Thereafter", "1,490,322" ], [ "Total", "$6,514,604" ] ]

[ [ "year", "amount" ], [ "2017", "$ 560193" ], [ "2018", "554846" ], [ "2019", "561687" ], [ "2020", "1153733" ], [ "2021", "2193823" ], [ "thereafter", "1490322" ], [ "total", "$ 6514604" ] ]

[ { "arg1": "276.9", "arg2": "221.9", "op": "minus2-1", "res": "55" }, { "arg1": "#0", "arg2": "221.9", "op": "divide2-2", "res": "24.8%" } ]

[ "entergy new orleans , inc .", "management's financial discussion and analysis 2007 compared to 2006 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 2007 to 2006 .", "amount ( in millions ) ." ]

[ "the fuel recovery variance is due to the inclusion of grand gulf costs in fuel recoveries effective july 1 , 2006 .", "in june 2006 , the city council approved the recovery of grand gulf costs through the fuel adjustment clause , without a corresponding change in base rates ( a significant portion of grand gulf costs was previously recovered through base rates ) .", "the volume/weather variance is due to an increase in electricity usage in the service territory in 2007 compared to the same period in 2006 .", "the first quarter 2006 was affected by customer losses following hurricane katrina .", "entergy new orleans estimates that approximately 132000 electric customers and 86000 gas customers have returned and are taking service as of december 31 , 2007 , compared to approximately 95000 electric customers and 65000 gas customers as of december 31 , 2006 .", "billed retail electricity usage increased a total of 540 gwh compared to the same period in 2006 , an increase of 14% ( 14 % ) .", "the rider revenue variance is due primarily to a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 .", "the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account .", "the settlement agreement is discussed in note 2 to the financial statements .", "the net wholesale revenue variance is due to more energy available for resale in 2006 due to the decrease in retail usage caused by customer losses following hurricane katrina .", "in addition , 2006 revenue includes the sales into the wholesale market of entergy new orleans' share of the output of grand gulf , pursuant to city council approval of measures proposed by entergy new orleans to address the reduction in entergy new orleans' retail customer usage caused by hurricane katrina and to provide revenue support for the costs of entergy new orleans' share of grand other income statement variances 2008 compared to 2007 other operation and maintenance expenses decreased primarily due to : a provision for storm-related bad debts of $ 11 million recorded in 2007 ; a decrease of $ 6.2 million in legal and professional fees ; a decrease of $ 3.4 million in employee benefit expenses ; and a decrease of $ 1.9 million in gas operations spending due to higher labor and material costs for reliability work in 2007. ." ]

[ [ "", "Amount (In Millions)" ], [ "2006 net revenue", "$192.2" ], [ "Fuel recovery", "42.6" ], [ "Volume/weather", "25.6" ], [ "Rider revenue", "8.5" ], [ "Net wholesale revenue", "(41.2)" ], [ "Other", "3.3" ], [ "2007 net revenue", "$231.0" ] ]

[ [ "", "amount ( in millions )" ], [ "2006 net revenue", "$ 192.2" ], [ "fuel recovery", "42.6" ], [ "volume/weather", "25.6" ], [ "rider revenue", "8.5" ], [ "net wholesale revenue", "-41.2 ( 41.2 )" ], [ "other", "3.3" ], [ "2007 net revenue", "$ 231.0" ] ]

[ { "arg1": "132000", "arg2": "95000", "op": "minus1-1", "res": "37000" }, { "arg1": "#0", "arg2": "95000", "op": "divide1-2", "res": "38.9%" } ]

[ "in november 2016 , we issued $ 45 million of fixed rate term notes in two tranches to two insurance companies .", "principal payments commence in 2023 and 2028 and the notes mature in 2029 and 2034 , respectively .", "the notes carry interest rates of 2.87 and 3.10 , respectively .", "we used proceeds of the notes to pay down borrowings under our revolving credit facility .", "in january 2015 , we issued $ 75 million of fixed rate term notes to an insurance company .", "principal payments commence in 2020 and the notes mature in 2030 .", "the notes carry an interest rate of 3.52 percent .", "we used proceeds of the notes to pay down borrowings under our revolving credit facility .", "at december 31 , 2016 , we had available borrowing capacity of $ 310.8 million under this facility .", "we believe that the combination of cash , available borrowing capacity and operating cash flow will provide sufficient funds to finance our existing operations for the foreseeable future .", "our total debt increased to $ 323.6 million at december 31 , 2016 compared with $ 249.0 million at december 31 , 2015 , as our cash flows generated in the u.s were more than offset by our share repurchase activity and our purchase of aquasana .", "as a result , our leverage , as measured by the ratio of total debt to total capitalization , was 17.6 percent at the end of 2016 compared with 14.7 percent at the end of 2015 .", "our u.s .", "pension plan continues to meet all funding requirements under erisa regulations .", "we were not required to make a contribution to our pension plan in 2016 but made a voluntary $ 30 million contribution due to escalating pension benefit guaranty corporation insurance premiums .", "we forecast that we will not be required to make a contribution to the plan in 2017 and we do not plan to make any voluntary contributions in 2017 .", "for further information on our pension plans , see note 10 of the notes to consolidated financial statements .", "during 2016 , our board of directors authorized the purchase of an additional 3000000 shares of our common stock .", "in 2016 , we repurchased 3273109 shares at an average price of $ 41.30 per share and a total cost of $ 135.2 million .", "a total of 4906403 shares remained on the existing repurchase authorization at december 31 , 2016 .", "depending on factors such as stock price , working capital requirements and alternative investment opportunities , such as acquisitions , we expect to spend approximately $ 135 million on share repurchase activity in 2017 using a 10b5-1 repurchase plan .", "in addition , we may opportunistically repurchase an additional $ 65 million of our shares in 2017 .", "we have paid dividends for 77 consecutive years with payments increasing each of the last 25 years .", "we paid dividends of $ 0.48 per share in 2016 compared with $ 0.38 per share in 2015 .", "in january 2017 , we increased our dividend by 17 percent and anticipate paying dividends of $ 0.56 per share in 2017 .", "aggregate contractual obligations a summary of our contractual obligations as of december 31 , 2016 , is as follows: ." ]

[ "as of december 31 , 2016 , our liability for uncertain income tax positions was $ 4.2 million .", "due to the high degree of uncertainty regarding timing of potential future cash flows associated with these liabilities , we are unable to make a reasonably reliable estimate of the amount and period in which these liabilities might be paid .", "we utilize blanket purchase orders to communicate expected annual requirements to many of our suppliers .", "requirements under blanket purchase orders generally do not become committed until several weeks prior to our scheduled unit production .", "the purchase obligation amount presented above represents the value of commitments that we consider firm .", "recent accounting pronouncements refer to recent accounting pronouncements in note 1 of notes to consolidated financial statements. ." ]

[ [ "(dollars in millions)", "Payments due by period" ], [ "Contractual Obligations", "Total", "Less Than1 year", "1 - 2Years", "3 - 5Years", "More than5 years" ], [ "Long-term debt", "$323.6", "$7.2", "$7.2", "$202.9", "$106.3" ], [ "Fixed rate interest", "38.6", "4.6", "8.1", "7.2", "18.7" ], [ "Operating leases", "37.4", "19.5", "7.9", "4.2", "5.8" ], [ "Purchase obligations", "150.8", "141.4", "5.8", "3.6", "—" ], [ "Pension and post-retirement obligations", "66.0", "0.9", "9.5", "8.6", "47.0" ], [ "Total", "$616.4", "$173.6", "$38.5", "$226.5", "$177.8" ] ]

[ [ "( dollars in millions ) contractual obligations", "( dollars in millions ) total", "( dollars in millions ) less than1 year", "( dollars in millions ) 1 - 2years", "( dollars in millions ) 3 - 5years", "more than5 years" ], [ "long-term debt", "$ 323.6", "$ 7.2", "$ 7.2", "$ 202.9", "$ 106.3" ], [ "fixed rate interest", "38.6", "4.6", "8.1", "7.2", "18.7" ], [ "operating leases", "37.4", "19.5", "7.9", "4.2", "5.8" ], [ "purchase obligations", "150.8", "141.4", "5.8", "3.6", "2014" ], [ "pension and post-retirement obligations", "66.0", "0.9", "9.5", "8.6", "47.0" ], [ "total", "$ 616.4", "$ 173.6", "$ 38.5", "$ 226.5", "$ 177.8" ] ]

[]

[ "notes to the consolidated financial statements on march 18 , 2008 , ppg completed a public offering of $ 600 million in aggregate principal amount of its 5.75% ( 5.75 % ) notes due 2013 ( the 201c2013 notes 201d ) , $ 700 million in aggregate principal amount of its 6.65% ( 6.65 % ) notes due 2018 ( the 201c2018 notes 201d ) and $ 250 million in aggregate principal amount of its 7.70% ( 7.70 % ) notes due 2038 ( the 201c2038 notes 201d and , together with the 2013 notes and the 2018 notes , the 201cnotes 201d ) .", "the notes were offered by the company pursuant to its existing shelf registration .", "the proceeds of this offering of $ 1538 million ( net of discount and issuance costs ) and additional borrowings of $ 195 million under the 20ac650 million revolving credit facility were used to repay existing debt , including certain short-term debt and the amounts outstanding under the 20ac1 billion bridge loan .", "no further amounts can be borrowed under the 20ac1 billion bridge loan .", "the discount and issuance costs related to the notes , which totaled $ 12 million , will be amortized to interest expense over the respective lives of the notes .", "short-term debt outstanding as of december 31 , 2008 and 2007 , was as follows : ( millions ) 2008 2007 ." ]

[ "total $ 784 $ 1818 ( 1 ) borrowings under this facility have a term of 30 days and can be rolled over monthly until the facility expires in 2010 .", "ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .", "the company 2019s revolving credit agreements include a financial ratio covenant .", "the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .", "as of december 31 , 2008 , total indebtedness was 45% ( 45 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .", "additionally , substantially all of the company 2019s debt agreements contain customary cross- default provisions .", "those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .", "none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .", "interest payments in 2008 , 2007 and 2006 totaled $ 228 million , $ 102 million and $ 90 million , respectively .", "rental expense for operating leases was $ 267 million , $ 188 million and $ 161 million in 2008 , 2007 and 2006 , respectively .", "the primary leased assets include paint stores , transportation equipment , warehouses and other distribution facilities , and office space , including the company 2019s corporate headquarters located in pittsburgh , pa .", "minimum lease commitments for operating leases that have initial or remaining lease terms in excess of one year as of december 31 , 2008 , are ( in millions ) $ 126 in 2009 , $ 107 in 2010 , $ 82 in 2011 , $ 65 in 2012 , $ 51 in 2013 and $ 202 thereafter .", "the company had outstanding letters of credit of $ 82 million as of december 31 , 2008 .", "the letters of credit secure the company 2019s performance to third parties under certain self-insurance programs and other commitments made in the ordinary course of business .", "as of december 31 , 2008 and 2007 guarantees outstanding were $ 70 million .", "the guarantees relate primarily to debt of certain entities in which ppg has an ownership interest and selected customers of certain of the company 2019s businesses .", "a portion of such debt is secured by the assets of the related entities .", "the carrying values of these guarantees were $ 9 million and $ 3 million as of december 31 , 2008 and 2007 , respectively , and the fair values were $ 40 million and $ 17 million , as of december 31 , 2008 and 2007 , respectively .", "the company does not believe any loss related to these letters of credit or guarantees is likely .", "10 .", "financial instruments , excluding derivative financial instruments included in ppg 2019s financial instrument portfolio are cash and cash equivalents , cash held in escrow , marketable equity securities , company-owned life insurance and short- and long-term debt instruments .", "the fair values of the financial instruments approximated their carrying values , in the aggregate , except for long-term long-term debt ( excluding capital lease obligations ) , had carrying and fair values totaling $ 3122 million and $ 3035 million , respectively , as of december 31 , 2008 .", "the corresponding amounts as of december 31 , 2007 , were $ 1201 million and $ 1226 million , respectively .", "the fair values of the debt instruments were based on discounted cash flows and interest rates currently available to the company for instruments of the same remaining maturities .", "2008 ppg annual report and form 10-k 45 ." ]

[ [ "<i>(Millions)</i>", "2008", "2007" ], [ "€1 billion bridge loan agreement, 5.2%", "$—", "$1,047" ], [ "U.S. commercial paper, 5.3% as of Dec. 31, 2008", "222", "617" ], [ "€650 million revolving credit facility, weighted average 2.9% as of Dec. 31, 2008⁽¹⁾", "200", "—" ], [ "Other, weighted average 4.0% as of Dec. 31, 2008", "362", "154" ], [ "<i></i> <i>Total</i>", "$784", "$1,818" ] ]

[ [ "( millions )", "2008", "2007" ], [ "20ac1 billion bridge loan agreement 5.2% ( 5.2 % )", "$ 2014", "$ 1047" ], [ "u.s . commercial paper 5.3% ( 5.3 % ) as of dec . 31 2008", "222", "617" ], [ "20ac650 million revolving credit facility weighted average 2.9% ( 2.9 % ) as of dec . 31 2008 ( 1 )", "200", "2014" ], [ "other weighted average 4.0% ( 4.0 % ) as of dec . 31 2008", "362", "154" ], [ "total", "$ 784", "$ 1818" ] ]

[ { "arg1": "102", "arg2": "90", "op": "minus1-1", "res": "12" }, { "arg1": "#0", "arg2": "90", "op": "divide1-2", "res": "13%" } ]

[ "the following table illustrates the effect that a 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates , relative to the u.s .", "dollar , would have on the fair value of our forward exchange contracts as of october 30 , 2010 and october 31 , 2009: ." ]

[ "fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "$ 22062 $ 20132 fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "$ ( 7396 ) $ ( 6781 ) the calculation assumes that each exchange rate would change in the same direction relative to the u.s .", "dollar .", "in addition to the direct effects of changes in exchange rates , such changes typically affect the volume of sales or the foreign currency sales price as competitors 2019 products become more or less attractive .", "our sensitivity analysis of the effects of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency selling prices. ." ]

[ [ "", "October 30, 2010", "October 31, 2009" ], [ "Fair value of forward exchange contracts asset", "$7,256", "$8,367" ], [ "Fair value of forward exchange contracts after a 10% unfavorable movement in foreign currency exchange rates asset", "$22,062", "$20,132" ], [ "Fair value of forward exchange contracts after a 10% favorable movement in foreign currency exchange rates liability", "$(7,396)", "$(6,781)" ] ]

[ [ "", "october 30 2010", "october 31 2009" ], [ "fair value of forward exchange contracts asset", "$ 7256", "$ 8367" ], [ "fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset", "$ 22062", "$ 20132" ], [ "fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability", "$ -7396 ( 7396 )", "$ -6781 ( 6781 )" ] ]

[ { "arg1": "22062", "arg2": "20132", "op": "minus2-1", "res": "1930" }, { "arg1": "#0", "arg2": "20132", "op": "divide2-2", "res": "9.6%" } ]

[ "unusual , ( ii ) is material in amount , and ( iii ) varies significantly from the retirement profile identified through our depreciation studies .", "a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations .", "when we purchase an asset , we capitalize all costs necessary to make the asset ready for its intended use .", "however , many of our assets are self-constructed .", "a large portion of our capital expenditures is for replacement of existing road infrastructure assets ( program projects ) , which is typically performed by our employees , and for track line expansion ( capacity projects ) .", "costs that are directly attributable or overhead costs that relate directly to capital projects are capitalized .", "direct costs that are capitalized as part of self-constructed assets include material , labor , and work equipment .", "indirect costs are capitalized if they clearly relate to the construction of the asset .", "these costs are allocated using appropriate statistical bases .", "general and administrative expenditures are expensed as incurred .", "normal repairs and maintenance are also expensed as incurred , while costs incurred that extend the useful life of an asset , improve the safety of our operations or improve operating efficiency are capitalized .", "assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease .", "amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease .", "11 .", "accounts payable and other current liabilities dec .", "31 , dec .", "31 , millions of dollars 2009 2008 ." ]

[ "12 .", "financial instruments strategy and risk 2013 we may use derivative financial instruments in limited instances for other than trading purposes to assist in managing our overall exposure to fluctuations in interest rates and fuel prices .", "we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes .", "derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period .", "we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk-management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness .", "changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings .", "we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable interest rate and fuel price movements. ." ]

[ [ "<i>Millions of Dollars</i>", "<i>Dec. 31, 2009</i>", "<i>Dec. 31, 2008</i>" ], [ "Accounts payable", "$612", "$629" ], [ "Accrued wages and vacation", "339", "367" ], [ "Accrued casualty costs", "379", "390" ], [ "Income and other taxes", "224", "207" ], [ "Dividends and interest", "347", "328" ], [ "Equipment rents payable", "89", "93" ], [ "Other", "480", "546" ], [ "Total accounts payable and other current liabilities", "$2,470", "$2,560" ] ]

[ [ "millions of dollars", "dec . 31 2009", "dec . 31 2008" ], [ "accounts payable", "$ 612", "$ 629" ], [ "accrued wages and vacation", "339", "367" ], [ "accrued casualty costs", "379", "390" ], [ "income and other taxes", "224", "207" ], [ "dividends and interest", "347", "328" ], [ "equipment rents payable", "89", "93" ], [ "other", "480", "546" ], [ "total accounts payable and other current liabilities", "$ 2470", "$ 2560" ] ]

[ { "arg1": "347", "arg2": "328", "op": "minus1-1", "res": "19" }, { "arg1": "#0", "arg2": "328", "op": "divide1-2", "res": "5.8%" } ]

[ "scheduled maturities of our marketable securities are as follows: ." ]

[ "as of may 27 , 2018 , we did not any have cash and cash equivalents pledged as collateral for derivative contracts .", "as of may 27 , 2018 , $ 0.9 million of certain accounts receivable were pledged as collateral against a foreign uncommitted line of credit .", "the fair value and carrying amounts of long-term debt , including the current portion , were $ 14169.7 million and $ 14268.8 million , respectively , as of may 27 , 2018 .", "the fair value of long-term debt was estimated using market quotations and discounted cash flows based on our current incremental borrowing rates for similar types of instruments .", "long-term debt is a level 2 liability in the fair value hierarchy .", "risk management activities as a part of our ongoing operations , we are exposed to market risks such as changes in interest and foreign currency exchange rates and commodity and equity prices .", "to manage these risks , we may enter into various derivative transactions ( e.g. , futures , options , and swaps ) pursuant to our established policies .", "commodity price risk many commodities we use in the production and distribution of our products are exposed to market price risks .", "we utilize derivatives to manage price risk for our principal ingredients and energy costs , including grains ( oats , wheat , and corn ) , oils ( principally soybean ) , dairy products , natural gas , and diesel fuel .", "our primary objective when entering into these derivative contracts is to achieve certainty with regard to the future price of commodities purchased for use in our supply chain .", "we manage our exposures through a combination of purchase orders , long-term contracts with suppliers , exchange-traded futures and options , and over-the-counter options and swaps .", "we offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as close to our planned cost as possible .", "we use derivatives to manage our exposure to changes in commodity prices .", "we do not perform the assessments required to achieve hedge accounting for commodity derivative positions .", "accordingly , the changes in the values of these derivatives are recorded currently in cost of sales in our consolidated statements of earnings .", "although we do not meet the criteria for cash flow hedge accounting , we believe that these instruments are effective in achieving our objective of providing certainty in the future price of commodities purchased for use in our supply chain .", "accordingly , for purposes of measuring segment operating performance these gains and losses are reported in unallocated corporate items outside of segment operating results until such time that the exposure we are managing affects earnings .", "at that time we reclassify the gain or loss from unallocated corporate items to segment operating profit , allowing our operating segments to realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility , which remains in unallocated corporate items. ." ]

[ [ "", "Available for Sale" ], [ "In Millions", "Cost", "Fair Value" ], [ "Under 1 year (current)", "$25.4", "$25.4" ], [ "Equity securities", "0.3", "3.5" ], [ "Total", "$25.7", "$28.9" ] ]

[ [ "in millions", "available for sale cost", "available for sale fair value" ], [ "under 1 year ( current )", "$ 25.4", "$ 25.4" ], [ "equity securities", "0.3", "3.5" ], [ "total", "$ 25.7", "$ 28.9" ] ]

[]

[ "performance graph the following graph shows a five-year comparison of the cumulative total return on our common stock , the nasdaq composite index , the s&p 500 index and the s&p 500 information technology index from april 24 , 2009 through april 25 , 2014 .", "the past performance of our common stock is not indicative of the future performance of our common stock .", "comparison of 5 year cumulative total return* among netapp , inc. , the nasdaq composite index , the s&p 500 index and the s&p 500 information technology index ." ]

[ "we believe that a number of factors may cause the market price of our common stock to fluctuate significantly .", "see 201citem 1a .", "risk factors . 201d sale of unregistered securities ." ]

[ [ "", "4/09", "4/10", "4/11", "4/12", "4/13", "4/14" ], [ "NetApp, Inc.", "$100.00", "$189.45", "$284.75", "$212.19", "$190.66", "$197.58" ], [ "NASDAQ Composite", "100.00", "144.63", "170.44", "182.57", "202.25", "253.22" ], [ "S&P 500", "100.00", "138.84", "162.75", "170.49", "199.29", "240.02" ], [ "S&P 500 Information Technology", "100.00", "143.49", "162.37", "186.06", "189.18", "236.12" ] ]

[ [ "", "4/09", "4/10", "4/11", "4/12", "4/13", "4/14" ], [ "netapp inc .", "$ 100.00", "$ 189.45", "$ 284.75", "$ 212.19", "$ 190.66", "$ 197.58" ], [ "nasdaq composite", "100.00", "144.63", "170.44", "182.57", "202.25", "253.22" ], [ "s&p 500", "100.00", "138.84", "162.75", "170.49", "199.29", "240.02" ], [ "s&p 500 information technology", "100.00", "143.49", "162.37", "186.06", "189.18", "236.12" ] ]

[ { "arg1": "197.58", "arg2": "const_100", "op": "minus1-1", "res": "97.58" }, { "arg1": "#0", "arg2": "const_100", "op": "divide1-2", "res": "97.58%" }, { "arg1": "253.22", "arg2": "const_100", "op": "minus1-3", "res": "153.22" }, { "arg1": "#2", "arg2": "const_100", "op": "divide1-4", "res": "153.22%" }, { "arg1": "#1", "arg2": "#3", "op": "minus1-5", "res": "-55.64%" } ]

[ "reasonably possible that such matters will be resolved in the next twelve months , but we do not anticipate that the resolution of these matters would result in any material impact on our results of operations or financial position .", "foreign jurisdictions have statutes of limitations generally ranging from 3 to 5 years .", "years still open to examination by foreign tax authorities in major jurisdictions include australia ( 2003 onward ) , canada ( 2002 onward ) , france ( 2006 onward ) , germany ( 2005 onward ) , italy ( 2005 onward ) , japan ( 2002 onward ) , puerto rico ( 2005 onward ) , singapore ( 2003 onward ) , switzerland ( 2006 onward ) and the united kingdom ( 2006 onward ) .", "our tax returns are currently under examination in various foreign jurisdictions .", "the most significant foreign tax jurisdiction under examination is the united kingdom .", "it is reasonably possible that such audits will be resolved in the next twelve months , but we do not anticipate that the resolution of these audits would result in any material impact on our results of operations or financial position .", "13 .", "capital stock and earnings per share we are authorized to issue 250 million shares of preferred stock , none of which were issued or outstanding as of december 31 , 2008 .", "the numerator for both basic and diluted earnings per share is net earnings available to common stockholders .", "the denominator for basic earnings per share is the weighted average number of common shares outstanding during the period .", "the denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive stock options and other equity awards .", "the following is a reconciliation of weighted average shares for the basic and diluted share computations for the years ending december 31 ( in millions ) : ." ]

[ "weighted average shares outstanding for basic net earnings per share 227.3 235.5 243.0 effect of dilutive stock options and other equity awards 1.0 2.0 2.4 weighted average shares outstanding for diluted net earnings per share 228.3 237.5 245.4 for the year ended december 31 , 2008 , an average of 11.2 million options to purchase shares of common stock were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of the common stock .", "for the years ended december 31 , 2007 and 2006 , an average of 3.1 million and 7.6 million options , respectively , were not included .", "during 2008 , we repurchased approximately 10.8 million shares of our common stock at an average price of $ 68.72 per share for a total cash outlay of $ 737.0 million , including commissions .", "in april 2008 , we announced that our board of directors authorized a $ 1.25 billion share repurchase program which expires december 31 , 2009 .", "approximately $ 1.13 billion remains authorized under this plan .", "14 .", "segment data we design , develop , manufacture and market orthopaedic and dental reconstructive implants , spinal implants , trauma products and related surgical products which include surgical supplies and instruments designed to aid in orthopaedic surgical procedures and post-operation rehabilitation .", "we also provide other healthcare-related services .", "revenue related to these services currently represents less than 1 percent of our total net sales .", "we manage operations through three major geographic segments 2013 the americas , which is comprised principally of the united states and includes other north , central and south american markets ; europe , which is comprised principally of europe and includes the middle east and africa ; and asia pacific , which is comprised primarily of japan and includes other asian and pacific markets .", "this structure is the basis for our reportable segment information discussed below .", "management evaluates operating segment performance based upon segment operating profit exclusive of operating expenses pertaining to global operations and corporate expenses , share-based compensation expense , settlement , certain claims , acquisition , integration and other expenses , inventory step-up , in-process research and development write-offs and intangible asset amortization expense .", "global operations include research , development engineering , medical education , brand management , corporate legal , finance , and human resource functions , and u.s .", "and puerto rico-based manufacturing operations and logistics .", "intercompany transactions have been eliminated from segment operating profit .", "management reviews accounts receivable , inventory , property , plant and equipment , goodwill and intangible assets by reportable segment exclusive of u.s and puerto rico-based manufacturing operations and logistics and corporate assets .", "z i m m e r h o l d i n g s , i n c .", "2 0 0 8 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c48761 pcn : 058000000 ***%%pcmsg|58 |00011|yes|no|02/24/2009 19:25|0|0|page is valid , no graphics -- color : d| ." ]

[ [ "", "2008", "2007", "2006" ], [ "Weighted average shares outstanding for basic net earnings per share", "227.3", "235.5", "243.0" ], [ "Effect of dilutive stock options and other equity awards", "1.0", "2.0", "2.4" ], [ "Weighted average shares outstanding for diluted net earnings per share", "228.3", "237.5", "245.4" ] ]

[ [ "", "2008", "2007", "2006" ], [ "weighted average shares outstanding for basic net earnings per share", "227.3", "235.5", "243.0" ], [ "effect of dilutive stock options and other equity awards", "1.0", "2.0", "2.4" ], [ "weighted average shares outstanding for diluted net earnings per share", "228.3", "237.5", "245.4" ] ]

[]

[ "host hotels & resorts , inc. , host hotels & resorts , l.p. , and subsidiaries notes to consolidated financial statements 2014 ( continued ) cash paid for income taxes , net of refunds received , was $ 40 million , $ 15 million , and $ 9 million in 2017 , 2016 , and 2015 , respectively .", "a reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows ( in millions ) : ." ]

[ "all of such uncertain tax position amounts , if recognized , would impact our reconciliation between the income tax provision calculated at the statutory u.s .", "federal income tax rate of 35% ( 35 % ) ( 21% ( 21 % ) beginning with calendar year 2018 ) and the actual income tax provision recorded each year .", "as of december 31 , 2017 , the tax years that remain subject to examination by major tax jurisdictions generally include 2014-2017 .", "there were no material interest or penalties recorded for the years ended december 31 , 2017 , 2016 , and 2015 .", "7 .", "leases taxable reit subsidiaries leases we lease substantially all of our hotels to a wholly owned subsidiary that qualifies as a taxable reit subsidiary due to federal income tax restrictions on a reit 2019s ability to derive revenue directly from the operation and management of a hotel .", "ground leases as of december 31 , 2017 , all or a portion of 26 of our hotels are subject to ground leases , generally with multiple renewal options , all of which are accounted for as operating leases .", "for lease agreements with scheduled rent increases , we recognize the lease expense ratably over the term of the lease .", "certain of these leases contain provisions for the payment of contingent rentals based on a percentage of sales in excess of stipulated amounts .", "other lease information we also have leases on facilities used in our former restaurant business , all of which we subsequently subleased .", "these leases and subleases contain one or more renewal options , generally for five- or ten-year periods .", "the restaurant leases are accounted for as operating leases .", "our contingent liability related to these leases is $ 9 million as of december 31 , 2017 .", "we , however , consider the likelihood of any material funding related to these leases to be remote .", "our leasing activity also includes those entered into by our hotels for various types of equipment , such as computer equipment , vehicles and telephone systems .", "equipment leases are accounted for either as operating or capital leases , depending upon the characteristics of the particular lease arrangement .", "equipment leases that are characterized as capital leases are classified as furniture and equipment and are depreciated over the life of the lease .", "the amortization expense applicable to capitalized leases is included in depreciation expense. ." ]

[ [ "", "2017", "2016" ], [ "Balance at January 1", "$11", "$11" ], [ "Balance at December 31", "$11", "$11" ] ]

[ [ "", "2017", "2016" ], [ "balance at january 1", "$ 11", "$ 11" ], [ "balance at december 31", "$ 11", "$ 11" ] ]

[ { "arg1": "15", "arg2": "9", "op": "minus1-1", "res": "6" }, { "arg1": "#0", "arg2": "9", "op": "divide1-2", "res": "67%" } ]

[ "issuer purchases of equity securities during the three months ended december 31 , 2010 , we repurchased 1460682 shares of our common stock for an aggregate of $ 74.6 million , including commissions and fees , pursuant to our publicly announced stock repurchase program , as follows : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions ) ." ]

[ "( 1 ) repurchases made pursuant to the $ 1.5 billion stock repurchase program approved by our board of directors in february 2008 ( the 201cbuyback 201d ) .", "under this program , our management is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements , and subject to market conditions and other factors .", "to facilitate repurchases , we make purchases pursuant to trading plans under rule 10b5-1 of the exchange act , which allows us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods .", "this program may be discontinued at any time .", "subsequent to december 31 , 2010 , we repurchased 1122481 shares of our common stock for an aggregate of $ 58.0 million , including commissions and fees , pursuant to the buyback .", "as of february 11 , 2011 , we had repurchased a total of 30.9 million shares of our common stock for an aggregate of $ 1.2 billion , including commissions and fees pursuant to the buyback .", "we expect to continue to manage the pacing of the remaining $ 273.1 million under the buyback in response to general market conditions and other relevant factors. ." ]

[ [ "Period", "Total Number of Shares Purchased(1)", "Average Price Paid per Share", "Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs", "Approximate Dollar Value of Shares that May Yet be PurchasedUnder the Plans or Programs (in millions)" ], [ "October 2010", "722,890", "$50.76", "722,890", "$369.1" ], [ "November 2010", "400,692", "$51.81", "400,692", "$348.3" ], [ "December 2010", "337,100", "$50.89", "337,100", "$331.1" ], [ "Total Fourth Quarter", "1,460,682", "$51.08", "1,460,682", "$331.1" ] ]

[ [ "period", "total number of shares purchased ( 1 )", "average price paid per share", "total number of shares purchased as part of publicly announced plans or programs", "approximate dollar value of shares that may yet be purchasedunder the plans or programs ( in millions )" ], [ "october 2010", "722890", "$ 50.76", "722890", "$ 369.1" ], [ "november 2010", "400692", "$ 51.81", "400692", "$ 348.3" ], [ "december 2010", "337100", "$ 50.89", "337100", "$ 331.1" ], [ "total fourth quarter", "1460682", "$ 51.08", "1460682", "$ 331.1" ] ]

[]

[ "zimmer biomet holdings , inc .", "2018 form 10-k annual report ( 8 ) we have incurred other various expenses from specific events or projects that we consider highly variable or have a significant impact to our operating results that we have excluded from our non-gaap financial measures .", "this includes legal entity and operational restructuring as well as our costs of complying with our dpa with the u.s .", "government related to certain fcpa matters involving biomet and certain of its subsidiaries .", "under the dpa , which has a three-year term , we are subject to oversight by an independent compliance monitor , which monitorship commenced in july 2017 .", "the excluded costs include the fees paid to the independent compliance monitor and to external legal counsel assisting in the matter .", "( 9 ) represents the tax effects on the previously specified items .", "the tax effect for the u.s .", "jurisdiction is calculated based on an effective rate considering federal and state taxes , as well as permanent items .", "for jurisdictions outside the u.s. , the tax effect is calculated based upon the statutory rates where the items were incurred .", "( 10 ) the 2016 period includes negative effects from finalizing the tax accounts for the biomet merger .", "under the applicable u.s .", "gaap rules , these measurement period adjustments are recognized on a prospective basis in the period of change .", "( 11 ) the 2017 tax act resulted in a net favorable provisional adjustment due to the reduction of deferred tax liabilities for unremitted earnings and revaluation of deferred tax liabilities to a 21 percent rate , which was partially offset by provisional tax charges related to the toll charge provision of the 2017 tax act .", "in 2018 , we finalized our estimates of the effects of the 2017 tax act based upon final guidance issued by u.s .", "tax authorities .", "( 12 ) other certain tax adjustments in 2018 primarily related to changes in tax rates on deferred tax liabilities recorded on intangible assets recognized in acquisition-related accounting and adjustments from internal restructuring transactions that provide us access to offshore funds in a tax efficient manner .", "in 2017 , other certain tax adjustments relate to tax benefits from lower tax rates unrelated to the impact of the 2017 tax act , net favorable resolutions of various tax matters and net favorable adjustments from internal restructuring transactions .", "the 2016 adjustment primarily related to a favorable adjustment to certain deferred tax liabilities recognized as part of acquisition-related accounting and favorable resolution of certain tax matters with taxing authorities offset by internal restructuring transactions that provide us access to offshore funds in a tax efficient manner .", "( 13 ) diluted share count used in adjusted diluted eps : year ended december 31 , 2018 ." ]

[ "liquidity and capital resources cash flows provided by operating activities were $ 1747.4 million in 2018 compared to $ 1582.3 million and $ 1632.2 million in 2017 and 2016 , respectively .", "the increase in operating cash flows in 2018 compared to 2017 was driven by additional cash flows from our sale of accounts receivable in certain countries , lower acquisition and integration expenses and lower quality remediation expenses , as well as certain significant payments made in the 2017 period .", "in the 2017 period , we made payments related to the u.s .", "durom cup settlement program , and we paid $ 30.5 million in settlement payments to resolve previously-disclosed fcpa matters involving biomet and certain of its subsidiaries as discussed in note 19 to our consolidated financial statements included in item 8 of this report .", "the decline in operating cash flows in 2017 compared to 2016 was driven by additional investments in inventory , additional expenses for quality remediation and the significant payments made in the 2017 period as discussed in the previous sentence .", "these unfavorable items were partially offset by $ 174.0 million of incremental cash flows in 2017 from our sale of accounts receivable in certain countries .", "cash flows used in investing activities were $ 416.6 million in 2018 compared to $ 510.8 million and $ 1691.5 million in 2017 and 2016 , respectively .", "instrument and property , plant and equipment additions reflected ongoing investments in our product portfolio and optimization of our manufacturing and logistics network .", "in 2018 , we entered into receive-fixed-rate , pay-fixed-rate cross-currency interest rate swaps .", "our investing cash flows reflect the net cash inflows from the fixed- rate interest rate receipts/payments , as well as the termination of certain of these swaps that were in a gain position in the year .", "the 2016 period included cash outflows for the acquisition of ldr holding corporation ( 201cldr 201d ) and other business acquisitions .", "additionally , the 2016 period reflects the maturity of available-for-sale debt securities .", "as these investments matured , we used the cash to pay off debt and have not reinvested in any additional debt securities .", "cash flows used in financing activities were $ 1302.2 million in 2018 .", "our primary use of available cash in 2018 was for debt repayment .", "we received net proceeds of $ 749.5 million from the issuance of additional senior notes and borrowed $ 400.0 million from our multicurrency revolving facility to repay $ 1150.0 million of senior notes that became due on april 2 , 2018 .", "we subsequently repaid the $ 400.0 million of multicurrency revolving facility borrowings .", "also in 2018 , we borrowed another $ 675.0 million under a new u.s .", "term loan c and used the cash proceeds along with cash generated from operations throughout the year to repay an aggregate of $ 835.0 million on u.s .", "term loan a , $ 450.0 million on u.s .", "term loan b , and we subsequently repaid $ 140.0 million on u.s .", "term loan c .", "overall , we had approximately $ 1150 million of net principal repayments on our senior notes and term loans in 2018 .", "in 2017 , our primary use of available cash was also for debt repayment compared to 2016 when we were not able to repay as much debt due to financing requirements to complete the ldr and other business acquisitions .", "additionally in 2017 , we had net cash inflows of $ 103.5 million on factoring programs that had not been remitted to the third party .", "in 2018 , we had net cash outflows related to these factoring programs as we remitted the $ 103.5 million and collected only $ 66.8 million which had not yet been remitted by the end of the year .", "since our factoring programs started at the end of 2016 , we did not have similar cash flows in that year .", "in january 2019 , we borrowed an additional $ 200.0 million under u.s .", "term loan c and used those proceeds , along with cash on hand , to repay the remaining $ 225.0 million outstanding under u.s .", "term loan b .", "in february , may , august and december 2018 , our board of directors declared cash dividends of $ 0.24 per share .", "we expect to continue paying cash dividends on a quarterly basis ; however , future dividends are subject to approval of the board of directors and may be adjusted as business needs or market conditions change .", "as further discussed in note 11 to our consolidated financial statements , our debt facilities restrict the payment of dividends in certain circumstances. ." ]

[ [ "", "Year endedDecember 31, 2018" ], [ "Diluted shares", "203.5" ], [ "Dilutive shares assuming net earnings", "1.5" ], [ "Adjusted diluted shares", "205.0" ] ]

[ [ "", "year endeddecember 31 2018" ], [ "diluted shares", "203.5" ], [ "dilutive shares assuming net earnings", "1.5" ], [ "adjusted diluted shares", "205.0" ] ]

[ { "arg1": "1582.3", "arg2": "1632.2", "op": "minus2-1", "res": "-49.9" }, { "arg1": "#0", "arg2": "1632.2", "op": "divide2-2", "res": "-0.03" } ]

[ "institutions .", "international paper continually monitors its positions with and the credit quality of these financial institutions and does not expect non- performance by the counterparties .", "note 14 capital stock the authorized capital stock at both december 31 , 2006 and 2005 , consisted of 990850000 shares of common stock , $ 1 par value ; 400000 shares of cumulative $ 4 preferred stock , without par value ( stated value $ 100 per share ) ; and 8750000 shares of serial preferred stock , $ 1 par value .", "the serial preferred stock is issuable in one or more series by the board of directors without further shareholder action .", "in july 2006 , in connection with the planned use of projected proceeds from the company 2019s trans- formation plan , international paper 2019s board of direc- tors authorized a share repurchase program to acquire up to $ 3.0 billion of the company 2019s stock .", "in a modified 201cdutch auction 201d tender offer completed in september 2006 , international paper purchased 38465260 shares of its common stock at a price of $ 36.00 per share , plus costs to acquire the shares , for a total cost of approximately $ 1.4 billion .", "in addition , in december 2006 , the company purchased an addi- tional 1220558 shares of its common stock in the open market at an average price of $ 33.84 per share , plus costs to acquire the shares , for a total cost of approximately $ 41 million .", "following the completion of these share repurchases , international paper had approximately 454 million shares of common stock issued and outstanding .", "note 15 retirement plans u.s .", "defined benefit plans international paper maintains pension plans that provide retirement benefits to substantially all domestic employees hired prior to july 1 , 2004 .", "these employees generally are eligible to participate in the plans upon completion of one year of service and attainment of age 21 .", "employees hired after june 30 , 2004 , who are not eligible for these pension plans receive an additional company contribution to their savings plan ( see 201cother plans 201d on page 83 ) .", "the plans provide defined benefits based on years of credited service and either final average earnings ( salaried employees ) , hourly job rates or specified benefit rates ( hourly and union employees ) .", "for its qualified defined benefit pension plan , interna- tional paper makes contributions that are sufficient to fully fund its actuarially determined costs , gen- erally equal to the minimum amounts required by the employee retirement income security act ( erisa ) .", "in addition , international paper made volun- tary contributions of $ 1.0 billion to the qualified defined benefit plan in 2006 , and does not expect to make any contributions in 2007 .", "the company also has two unfunded nonqualified defined benefit pension plans : a pension restoration plan available to employees hired prior to july 1 , 2004 that provides retirement benefits based on eligible compensation in excess of limits set by the internal revenue service , and a supplemental retirement plan for senior managers ( serp ) , which is an alternative retirement plan for senior vice presi- dents and above who are designated by the chief executive officer as participants .", "these nonqualified plans are only funded to the extent of benefits paid , which are expected to be $ 41 million in 2007 .", "net periodic pension expense service cost is the actuarial present value of benefits attributed by the plans 2019 benefit formula to services rendered by employees during the year .", "interest cost represents the increase in the projected benefit obli- gation , which is a discounted amount , due to the passage of time .", "the expected return on plan assets reflects the computed amount of current year earn- ings from the investment of plan assets using an estimated long-term rate of return .", "net periodic pension expense for qualified and nonqualified u.s .", "defined benefit plans comprised the following : in millions 2006 2005 2004 ." ]

[ "( a ) excludes $ 9.1 million , $ 6.5 million and $ 3.4 million in 2006 , 2005 and 2004 , respectively , in curtailment losses , and $ 8.7 million , $ 3.6 million and $ 1.4 million in 2006 , 2005 and 2004 , respectively , of termination benefits , in connection with cost reduction programs and facility rationalizations that were recorded in restructuring and other charges in the con- solidated statement of operations .", "also excludes $ 77.2 million and $ 14.3 million in 2006 and 2005 , respectively , in curtailment losses , and $ 18.6 million and $ 7.6 million of termination bene- fits in 2006 and 2005 , respectively , related to certain divest- itures recorded in net losses on sales and impairments of businesses held for sale in the consolidated statement of oper- ations. ." ]

[ [ "<i>In millions</i>", "2006", "2005", "2004" ], [ "Service cost", "$141", "$129", "$115" ], [ "Interest cost", "506", "474", "467" ], [ "Expected return on plan assets", "(540)", "(556)", "(592)" ], [ "Actuarial loss", "243", "167", "94" ], [ "Amortization of prior service cost", "27", "29", "27" ], [ "Net periodic pension expense (a)", "$377", "$243", "$111" ] ]

[ [ "in millions", "2006", "2005", "2004" ], [ "service cost", "$ 141", "$ 129", "$ 115" ], [ "interest cost", "506", "474", "467" ], [ "expected return on plan assets", "-540 ( 540 )", "-556 ( 556 )", "-592 ( 592 )" ], [ "actuarial loss", "243", "167", "94" ], [ "amortization of prior service cost", "27", "29", "27" ], [ "net periodic pension expense ( a )", "$ 377", "$ 243", "$ 111" ] ]

[ { "arg1": "377", "arg2": "243", "op": "minus2-1", "res": "134" }, { "arg1": "#0", "arg2": "243", "op": "divide2-2", "res": "55%" } ]

[ "9 .", "lease commitments the company leases certain land , facilities , equipment and software under various operating leases that expire at various dates through 2057 .", "the lease agreements frequently include renewal and escalation clauses and require the company to pay taxes , insurance and maintenance costs .", "total rental expense under operating leases was approximatelya $ 92.3 million in fiscal 2019 , $ 84.9 million in fiscal 2018 and $ 58.8 million in fiscal 2017 .", "the following is a schedule of futureff minimum rental payments required under long-term operating leases at november 2 , 2019 : operating fiscal years leases ." ]

[ "10 .", "commitments and contingencies from time to time , in the ordinary course of the company 2019s business , various claims , charges and litigation are asserted or commenced against the company arising from , or related to , among other things , contractual matters , patents , trademarks , personal injury , environmental matters , product liability , insurance coverage , employment or employment benefits .", "as to such claims and litigation , the company can give no assurance that it will prevail .", "the company does not believe that any current legal matters will have a material adverse effect on the company 2019s financial position , results of operations or cash flows .", "11 .", "retirement plans the company and its subsidiaries have various savings and retirement plans covering substantially all employees .", "defined contribution plans the company maintains a defined contribution plan for the benefit of its eligible u.s .", "employees .", "this plan provides for company contributions of up to 5% ( 5 % ) of each participant 2019s total eligible compensation .", "in addition , the company contributes an amount equal to each participant 2019s pre-tax contribution , if any , up to a maximum of 3% ( 3 % ) of each participant 2019s total eligible compensation .", "the total expense related to the defined contribution plans for u.s .", "employees was $ 47.7 million in fiscal 2019 , $ 41.4 million in fiscal 2018 and $ 35.8 million in fiscal 2017 .", "non-qualified deferred compensation plan the deferred compensation plan ( dcp ) allows certain members of management and other highly-compensated employees and non-employee directors to defer receipt of all or any portion of their compensation .", "the dcp was established to provide participants with the opportunity to defer receiving all or a portion of their compensation , which includes salary , bonus , commissions and director fees .", "under the dcp , the company provides all participants ( other than non-employee directors ) with company contributions equal to 8% ( 8 % ) of eligible deferred contributions .", "the dcp is a non-qualified plan that is maintained in a rabbi trust .", "the fair value of the investments held in the rabbi trust are presented separately as deferred compensation plan investments , with the current portion of the investment included in prepaid expenses and other current assets in the consolidated balance sheets .", "see note 2j , fair value , for further information on these investments .", "the deferred compensation obligation represents dcp participant accumulated deferrals and earnings thereon since the inception of the dcp net of withdrawals .", "the deferred compensation obligation is presented separately as deferred compensation plan liability , with the current portion of the obligation in accrued liabilities in the consolidated balance sheets .", "the company 2019s liability under the dcp is an unsecured general obligation of the company .", "analog devices , inc .", "notes to consolidated financial statements 2014 ( continued ) ." ]

[ [ "Fiscal Years", "Operating Leases" ], [ "2020", "$79,789" ], [ "2021", "67,993" ], [ "2022", "40,338" ], [ "2023", "37,673" ], [ "2024", "32,757" ], [ "Later Years", "190,171" ], [ "Total", "$448,721" ] ]

[ [ "fiscal years", "operating leases" ], [ "2020", "$ 79789" ], [ "2021", "67993" ], [ "2022", "40338" ], [ "2023", "37673" ], [ "2024", "32757" ], [ "later years", "190171" ], [ "total", "$ 448721" ] ]

[]

[ "stock performance graph * $ 100 invested on december 31 , 2011 in our stock or in the relevant index , including reinvestment of dividends .", "fiscal year ended december 31 , 2016 .", "( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index , including american axle & manufacturing , borgwarner inc. , cooper tire & rubber company , dana inc. , delphi automotive plc , dorman products inc. , federal-mogul corp. , ford motor co. , general motors co. , gentex corp. , gentherm inc. , genuine parts co. , goodyear tire & rubber co. , johnson controls international plc , lear corp. , lkq corp. , meritor inc. , standard motor products inc. , stoneridge inc. , superior industries international , tenneco inc. , tesla motors inc. , tower international inc. , visteon corp. , and wabco holdings inc .", "company index december 31 , december 31 , december 31 , december 31 , december 31 , december 31 ." ]

[ "dividends the company has declared and paid cash dividends of $ 0.25 and $ 0.29 per ordinary share in each quarter of 2015 and 2016 , respectively .", "in addition , in january 2017 , the board of directors declared a regular quarterly cash dividend of $ 0.29 per ordinary share , payable on february 15 , 2017 to shareholders of record at the close of business on february 6 , 2017. ." ]

[ [ "Company Index", "December 31, 2011", "December 31, 2012", "December 31, 2013", "December 31, 2014", "December 31, 2015", "December 31, 2016" ], [ "Delphi Automotive PLC (1)", "$100.00", "$177.58", "$283.02", "$347.40", "$414.58", "$331.43" ], [ "S&P 500 (2)", "100.00", "116.00", "153.58", "174.60", "177.01", "198.18" ], [ "Automotive Supplier Peer Group (3)", "100.00", "127.04", "188.67", "203.06", "198.34", "202.30" ] ]

[ [ "company index", "december 31 2011", "december 31 2012", "december 31 2013", "december 31 2014", "december 31 2015", "december 31 2016" ], [ "delphi automotive plc ( 1 )", "$ 100.00", "$ 177.58", "$ 283.02", "$ 347.40", "$ 414.58", "$ 331.43" ], [ "s&p 500 ( 2 )", "100.00", "116.00", "153.58", "174.60", "177.01", "198.18" ], [ "automotive supplier peer group ( 3 )", "100.00", "127.04", "188.67", "203.06", "198.34", "202.30" ] ]

[]

[ "fair value of financial instruments : the company 2019s financial instruments include cash and cash equivalents , marketable securities , accounts receivable , certain investments , accounts payable , borrowings , and derivative contracts .", "the fair values of cash and cash equivalents , accounts receivable , accounts payable , and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments .", "available-for-sale marketable securities and investments , in addition to certain derivative instruments , are recorded at fair values as indicated in the preceding disclosures .", "for its long-term debt the company utilized third-party quotes to estimate fair values ( classified as level 2 ) .", "information with respect to the carrying amounts and estimated fair values of these financial instruments follow: ." ]

[ "the fair values reflected above consider the terms of the related debt absent the impacts of derivative/hedging activity .", "the carrying amount of long-term debt referenced above is impacted by certain fixed-to-floating interest rate swaps that are designated as fair value hedges and by the designation of fixed rate eurobond securities issued by the company as hedging instruments of the company 2019s net investment in its european subsidiaries .", "3m 2019s fixed-rate bonds were trading at a premium at december 31 , 2012 and 2011 due to the low interest rates and tightening of 3m 2019s credit spreads. ." ]

[ [ "", "December 31, 2012", "December 31, 2011" ], [ "(Millions)", "Carrying Value", "Fair Value", "Carrying Value", "Fair Value" ], [ "Long-term debt, excluding current portion", "$4,916", "$5,363", "$4,484", "$5,002" ] ]

[ [ "( millions )", "december 31 2012 carrying value", "december 31 2012 fair value", "december 31 2012 carrying value", "fair value" ], [ "long-term debt excluding current portion", "$ 4916", "$ 5363", "$ 4484", "$ 5002" ] ]

[ { "arg1": "4916", "arg2": "4484", "op": "minus1-1", "res": "432" }, { "arg1": "#0", "arg2": "4484", "op": "divide1-2", "res": "9.63%" } ]

[ "( $ 125 million ) and higher maintenance outage costs ( $ 18 million ) .", "additionally , operating profits in 2012 include costs of $ 184 million associated with the acquisition and integration of temple-inland , mill divestiture costs of $ 91 million , costs associated with the restructuring of our european packaging busi- ness of $ 17 million and a $ 3 million gain for other items , while operating costs in 2011 included costs associated with signing an agreement to acquire temple-inland of $ 20 million and a gain of $ 7 million for other items .", "industrial packaging ." ]

[ "north american industr ia l packaging net sales were $ 11.6 billion in 2012 compared with $ 8.6 billion in 2011 and $ 8.4 billion in 2010 .", "operating profits in 2012 were $ 1.0 billion ( $ 1.3 billion exclud- ing costs associated with the acquisition and integration of temple-inland and mill divestiture costs ) compared with $ 1.1 billion ( both including and excluding costs associated with signing an agree- ment to acquire temple-inland ) in 2011 and $ 763 million ( $ 776 million excluding facility closure costs ) in 2010 .", "sales volumes for the legacy business were about flat in 2012 compared with 2011 .", "average sales price was lower mainly due to export containerboard sales prices which bottomed out in the first quarter but climbed steadily the rest of the year .", "input costs were lower for recycled fiber , wood and natural gas , but higher for starch .", "freight costs also increased .", "plan- ned maintenance downtime costs were higher than in 2011 .", "operating costs were higher largely due to routine inventory valuation adjustments operating profits in 2012 benefited from $ 235 million of temple-inland synergies .", "market-related downtime in 2012 was about 570000 tons compared with about 380000 tons in 2011 .", "operating profits in 2012 included $ 184 million of costs associated with the acquisition and integration of temple-inland and $ 91 million of costs associated with the divestiture of three containerboard mills .", "operating profits in 2011 included charges of $ 20 million for costs associated with the signing of the agreement to acquire temple- inland .", "looking ahead to 2013 , sales volumes in the first quarter compared with the fourth quarter of 2012 are expected to increase slightly for boxes due to a higher number of shipping days .", "average sales price realizations are expected to reflect the pass-through to box customers of a containerboard price increase implemented in 2012 .", "input costs are expected to be higher for recycled fiber , wood and starch .", "planned maintenance downtime costs are expected to be about $ 26 million higher with outages scheduled at eight mills compared with six mills in the 2012 fourth quarter .", "manufacturing operating costs are expected to be lower .", "european industr ia l packaging net sales were $ 1.0 billion in 2012 compared with $ 1.1 billion in 2011 and $ 990 million in 2010 .", "operating profits in 2012 were $ 53 million ( $ 72 million excluding restructuring costs ) compared with $ 66 million ( $ 61 million excluding a gain for a bargain purchase price adjustment on an acquisition by our joint venture in turkey and costs associated with the closure of our etienne mill in france in 2009 ) in 2011 and $ 70 mil- lion ( $ 73 million before closure costs for our etienne mill ) in 2010 .", "sales volumes in 2012 were lower than in 2011 reflecting decreased demand for packaging in the industrial market due to a weaker overall economic environment in southern europe .", "demand for pack- aging in the agricultural markets was about flat year- over-year .", "average sales margins increased due to sales price increases implemented during 2011 and 2012 and lower board costs .", "other input costs were higher , primarily for energy and distribution .", "operat- ing profits in 2012 included a net gain of $ 10 million for an insurance settlement , partially offset by addi- tional operating costs , related to the earthquakes in northern italy in may which affected our san felice box plant .", "entering the first quarter of 2013 , sales volumes are expected to be stable reflecting a seasonal decrease in market demand in agricultural markets offset by an increase in industrial markets .", "average sales margins are expected to improve due to lower input costs for containerboard .", "other input costs should be about flat .", "operating costs are expected to be higher reflecting the absence of the earthquake insurance settlement that was received in the 2012 fourth quar- asian industr ia l packaging net sales and operating profits include the results of sca pack- aging since the acquisition on june 30 , 2010 , includ- ing the impact of incremental integration costs .", "net sales for the packaging operations were $ 400 million in 2012 compared with $ 410 million in 2011 and $ 255 million in 2010 .", "operating profits for the packaging operations were $ 2 million in 2012 compared with $ 2 million in 2011 and a loss of $ 7 million ( a loss of $ 4 million excluding facility closure costs ) in 2010 .", "operating profits were favorably impacted by higher average sales margins in 2012 compared with 2011 , but this benefit was offset by lower sales volumes and higher raw material costs and operating costs .", "looking ahead to the first quarter of 2013 , sales volumes and average sales margins are expected to decrease due to seasonality .", "net sales for the distribution operations were $ 260 million in 2012 compared with $ 285 million in 2011 and $ 240 million in 2010 .", "operating profits were $ 3 million in 2012 compared with $ 3 million in 2011 and about breakeven in 2010. ." ]

[ [ "In millions", "2012", "2011", "2010" ], [ "Sales", "$13,280", "$10,430", "$9,840" ], [ "Operating Profit", "1,066", "1,147", "826" ] ]

[ [ "in millions", "2012", "2011", "2010" ], [ "sales", "$ 13280", "$ 10430", "$ 9840" ], [ "operating profit", "1066", "1147", "826" ] ]

[]

[ "management 2019s discussion and analysis of financial condition and results of operations 82 fifth third bancorp to 100 million shares of its outstanding common stock in the open market or in privately negotiated transactions , and to utilize any derivative or similar instrument to affect share repurchase transactions .", "this share repurchase authorization replaced the board 2019s previous authorization .", "on may 21 , 2013 , the bancorp entered into an accelerated share repurchase transaction with a counterparty pursuant to which the bancorp purchased 25035519 shares , or approximately $ 539 million , of its outstanding common stock on may 24 , 2013 .", "the bancorp repurchased the shares of its common stock as part of its 100 million share repurchase program previously announced on march 19 , 2013 .", "at settlement of the forward contract on october 1 , 2013 , the bancorp received an additional 4270250 shares which were recorded as an adjustment to the basis in the treasury shares purchased on the acquisition date .", "on november 13 , 2013 , the bancorp entered into an accelerated share repurchase transaction with a counterparty pursuant to which the bancorp purchased 8538423 shares , or approximately $ 200 million , of its outstanding common stock on november 18 , 2013 .", "the bancorp repurchased the shares of its common stock as part of its board approved 100 million share repurchase program previously announced on march 19 , 2013 .", "the bancorp expects the settlement of the transaction to occur on or before february 28 , 2014 .", "on december 10 , 2013 , the bancorp entered into an accelerated share repurchase transaction with a counterparty pursuant to which the bancorp purchased 19084195 shares , or approximately $ 456 million , of its outstanding common stock on december 13 , 2013 .", "the bancorp repurchased the shares of its common stock as part of its board approved 100 million share repurchase program previously announced on march 19 , 2013 .", "the bancorp expects the settlement of the transaction to occur on or before march 26 , 2014 .", "on january 28 , 2014 , the bancorp entered into an accelerated share repurchase transaction with a counterparty pursuant to which the bancorp purchased 3950705 shares , or approximately $ 99 million , of its outstanding common stock on january 31 , 2014 .", "the bancorp repurchased the shares of its common stock as part of its board approved 100 million share repurchase program previously announced on march 19 , 2013 .", "the bancorp expects the settlement of the transaction to occur on or before march 26 , 2014 .", "table 61 : share repurchases ." ]

[ "( a ) in march 2013 , the bancorp announced that its board of directors had authorized management to purchase 100 million shares of the bancorp 2019s common stock through the open market or in any private transaction .", "the authorization does not include specific price targets or an expiration date .", "this share repurchase authorization replaces the board 2019s previous authorization pursuant to which approximately 54 million shares remained available for repurchase by the bancorp .", "( b ) excludes 1863097 , 2059003 and 1164254 shares repurchased during 2013 , 2012 , and 2011 , respectively , in connection with various employee compensation plans .", "these repurchases are not included in the calculation for average price paid and do not count against the maximum number of shares that may yet be repurchased under the board of directors 2019 authorization .", "stress tests and ccar the frb issued guidelines known as ccar , which provide a common , conservative approach to ensure bhcs , including the bancorp , hold adequate capital to maintain ready access to funding , continue operations and meet their obligations to creditors and counterparties , and continue to serve as credit intermediaries , even in adverse conditions .", "the ccar process requires the submission of a comprehensive capital plan that assumes a minimum planning horizon of nine quarters under various economic scenarios .", "the mandatory elements of the capital plan are an assessment of the expected use and sources of capital over the planning horizon , a description of all planned capital actions over the planning horizon , a discussion of any expected changes to the bancorp 2019s business plan that are likely to have a material impact on its capital adequacy or liquidity , a detailed description of the bancorp 2019s process for assessing capital adequacy and the bancorp 2019s capital policy .", "the capital plan must reflect the revised capital framework that the frb adopted in connection with the implementation of the basel iii accord , including the framework 2019s minimum regulatory capital ratios and transition arrangements .", "the frb 2019s review of the capital plan will assess the comprehensiveness of the capital plan , the reasonableness of the assumptions and the analysis underlying the capital plan .", "additionally , the frb reviews the robustness of the capital adequacy process , the capital policy and the bancorp 2019s ability to maintain capital above the minimum regulatory capital ratios as they transition to basel iii and above a basel i tier 1 common ratio of 5 percent under baseline and stressful conditions throughout a nine- quarter planning horizon .", "the frb issued stress testing rules that implement section 165 ( i ) ( 1 ) and ( i ) ( 2 ) of the dfa .", "large bhcs , including the bancorp , are subject to the final stress testing rules .", "the rules require both supervisory and company-run stress tests , which provide forward- looking information to supervisors to help assess whether institutions have sufficient capital to absorb losses and support operations during adverse economic conditions .", "in march of 2013 , the frb announced it had completed the 2013 ccar .", "for bhcs that proposed capital distributions in their plan , the frb either objected to the plan or provided a non- objection whereby the frb concurred with the proposed 2013 capital distributions .", "the frb indicated to the bancorp that it did not object to the following proposed capital actions for the period beginning april 1 , 2013 and ending march 31 , 2014 : f0b7 increase in the quarterly common stock dividend to $ 0.12 per share ; f0b7 repurchase of up to $ 750 million in trups subject to the determination of a regulatory capital event and replacement with the issuance of a similar amount of tier ii-qualifying subordinated debt ; f0b7 conversion of the $ 398 million in outstanding series g 8.5% ( 8.5 % ) convertible preferred stock into approximately 35.5 million common shares issued to the holders .", "if this conversion were to occur , the bancorp would intend to repurchase common shares equivalent to those issued in the conversion up to $ 550 million in market value , and issue $ 550 million in preferred stock; ." ]

[ [ "For the years ended December 31", "2013", "2012", "2011" ], [ "Shares authorized for repurchase at January 1", "63,046,682", "19,201,518", "19,201,518" ], [ "Additional authorizations<i>^(a)</i>", "45,541,057", "86,269,178", "-" ], [ "Share repurchases<i>^(b)</i>", "(65,516,126)", "(42,424,014)", "-" ], [ "Shares authorized for repurchase at December 31", "43,071,613", "63,046,682", "19,201,518" ], [ "Average price paid per share", "$18.80", "$14.82", "N/A" ] ]

[ [ "for the years ended december 31", "2013", "2012", "2011" ], [ "shares authorized for repurchase at january 1", "63046682", "19201518", "19201518" ], [ "additional authorizations ( a )", "45541057", "86269178", "-" ], [ "share repurchases ( b )", "-65516126 ( 65516126 )", "-42424014 ( 42424014 )", "-" ], [ "shares authorized for repurchase at december 31", "43071613", "63046682", "19201518" ], [ "average price paid per share", "$ 18.80", "$ 14.82", "n/a" ] ]

[]

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

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

[ [ "", "Increase/(Decrease)in Fair Market Value" ], [ "As of December 31,", "10% Increasein Interest Rates", "10% Decreasein Interest Rates" ], [ "2016", "$(26.3)", "$26.9" ], [ "2015", "(33.7)", "34.7" ] ]

[ [ "as of december 31,", "increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates", "increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates" ], [ "2016", "$ -26.3 ( 26.3 )", "$ 26.9" ], [ "2015", "-33.7 ( 33.7 )", "34.7" ] ]

[]

[ "strategy our mission is to achieve sustainable revenue and earnings growth through providing superior solutions to our customers .", "our strategy to achieve this has been and will continue to be built on the following pillars : 2022 expand client relationships 2014 the overall market we serve continues to gravitate beyond single-product purchases to multi-solution partnerships .", "as the market dynamics shift , we expect our clients to rely more on our multidimensional service offerings .", "our leveraged solutions and processing expertise can drive meaningful value and cost savings to our clients through more efficient operating processes , improved service quality and speed for our clients' customers .", "2022 buy , build or partner to add solutions to cross-sell 2014 we continue to invest in growth through internal product development , as well as through product-focused or market-centric acquisitions that complement and extend our existing capabilities and provide us with additional solutions to cross-sell .", "we also partner from time to time with other entities to provide comprehensive offerings to our customers .", "by investing in solution innovation and integration , we continue to expand our value proposition to clients .", "2022 support our clients through market transformation 2014 the changing market dynamics are transforming the way our clients operate , which is driving incremental demand for our leveraged solutions , consulting expertise , and services around intellectual property .", "our depth of services capabilities enables us to become involved earlier in the planning and design process to assist our clients as they manage through these changes .", "2022 continually improve to drive margin expansion 2014 we strive to optimize our performance through investments in infrastructure enhancements and other measures that are designed to drive organic revenue growth and margin expansion .", "2022 build global diversification 2014 we continue to deploy resources in emerging global markets where we expect to achieve meaningful scale .", "revenues by segment the table below summarizes the revenues by our reporting segments ( in millions ) : ." ]

[ "financial solutions group the focus of fsg is to provide the most comprehensive software and services for the core processing , customer channel , treasury services , cash management , wealth management and capital market operations of our financial institution customers in north america .", "we service the core and related ancillary processing needs of north american banks , credit unions , automotive financial companies , commercial lenders , and independent community and savings institutions .", "fis offers a broad selection of in-house and outsourced solutions to banking customers that span the range of asset sizes .", "fsg customers are typically committed under multi-year contracts that provide a stable , recurring revenue base and opportunities for cross-selling additional financial and payments offerings .", "we employ several business models to provide our solutions to our customers .", "we typically deliver the highest value to our customers when we combine our software applications and deliver them in one of several types of outsourcing arrangements , such as an application service provider , facilities management processing or an application management arrangement .", "we are also able to deliver individual applications through a software licensing arrangement .", "based upon our expertise gained through the foregoing arrangements , some clients also retain us to manage their it operations without using any of our proprietary software .", "our solutions in this segment include: ." ]

[ [ "", "2012", "2011", "2010" ], [ "FSG", "$2,246.4", "$2,076.8", "$1,890.8" ], [ "PSG", "2,380.6", "2,372.1", "2,354.2" ], [ "ISG", "1,180.5", "1,177.6", "917.0" ], [ "Corporate & Other", "0.1", "(0.9)", "(16.4)" ], [ "Total Consolidated Revenues", "$5,807.6", "$5,625.6", "$5,145.6" ] ]

[ [ "", "2012", "2011", "2010" ], [ "fsg", "$ 2246.4", "$ 2076.8", "$ 1890.8" ], [ "psg", "2380.6", "2372.1", "2354.2" ], [ "isg", "1180.5", "1177.6", "917.0" ], [ "corporate & other", "0.1", "-0.9 ( 0.9 )", "-16.4 ( 16.4 )" ], [ "total consolidated revenues", "$ 5807.6", "$ 5625.6", "$ 5145.6" ] ]

[ { "arg1": "5807.6", "arg2": "5625.6", "op": "minus1-1", "res": "182" }, { "arg1": "#0", "arg2": "5625.6", "op": "divide1-2", "res": "3.2%" } ]

[ "notes receivable in 2014 , we entered into a $ 3.0 million promissory note with a privately held company which was recorded at cost .", "the interest rate on the promissory note is 8.0% ( 8.0 % ) per annum and is payable quarterly .", "all unpaid principal and accrued interest on the promissory note is due and payable on the earlier of august 26 , 2017 , or upon default .", "5 .", "commitments and contingencies operating leases we lease various operating spaces in north america , europe , asia and australia under non-cancelable operating lease arrangements that expire on various dates through 2024 .", "these arrangements require us to pay certain operating expenses , such as taxes , repairs , and insurance and contain renewal and escalation clauses .", "we recognize rent expense under these arrangements on a straight-line basis over the term of the lease .", "as of december 31 , 2015 , the aggregate future minimum payments under non-cancelable operating leases consist of the following ( in thousands ) : years ending december 31 ." ]

[ "rent expense for all operating leases amounted to $ 6.7 million , $ 3.3 million and $ 3.6 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively .", "financing obligation 2014build-to-suit lease in august 2012 , we executed a lease for a building then under construction in santa clara , california to serve as our headquarters .", "the lease term is 120 months and commenced in august 2013 .", "based on the terms of the lease agreement and due to our involvement in certain aspects of the construction such as our financial involvement in structural elements of asset construction , making decisions related to tenant improvement costs and purchasing insurance not reimbursable by the buyer-lessor ( the landlord ) , we were deemed the owner of the building ( for accounting purposes only ) during the construction period .", "we continue to maintain involvement in the property post construction completion and lack transferability of the risks and rewards of ownership , due to our required maintenance of a $ 4.0 million letter of credit , in addition to our ability and option to sublease our portion of the leased building for fees substantially higher than our base rate .", "due to our continued involvement in the property and lack of transferability of related risks and rewards of ownership to the landlord post construction , we account for the building and related improvements as a lease financing obligation .", "accordingly , as of december 31 , 2015 and 2014 , we have recorded assets of $ 53.4 million , representing the total costs of the building and improvements incurred , including the costs paid by the lessor ( the legal owner of the building ) and additional improvement costs paid by us , and a corresponding financing obligation of $ 42.5 million and $ 43.6 million , respectively .", "as of december 31 , 2015 , $ 1.3 million and $ 41.2 million were recorded as short-term and long-term financing obligations , respectively .", "land lease expense under our lease financing obligation included in rent expense above , amounted to $ 1.3 million and $ 1.2 million for the years ended december 31 , 2015 and 2014 , respectively .", "there was no land lease expense for the year ended december 31 , 2013. ." ]

[ [ "2016", "$6,306" ], [ "2017", "6,678" ], [ "2018", "6,260" ], [ "2019", "5,809" ], [ "2020", "5,580" ], [ "Thereafter", "21,450" ], [ "Total minimum future lease payments", "$52,083" ] ]

[ [ "2016", "$ 6306" ], [ "2017", "6678" ], [ "2018", "6260" ], [ "2019", "5809" ], [ "2020", "5580" ], [ "thereafter", "21450" ], [ "total minimum future lease payments", "$ 52083" ] ]

[]

[ "capital resources and liquidity capital resources overview capital is generally generated via earnings from operating businesses .", "this is augmented through issuance of common stock , convertible preferred stock , preferred stock , subordinated debt , and equity issued through awards under employee benefit plans .", "capital is used primarily to support assets in the company 2019s businesses and to absorb unexpected market , credit or operational losses .", "the company 2019s uses of capital , particularly to pay dividends and repurchase common stock , became severely restricted during the latter half of 2008 .", "see 201cthe company , 201d 201cmanagement 2019s discussion and analysis 2013 events in 2008 , 201d 201ctarp and other regulatory programs , 201d 201crisk factors 201d and 201ccommon equity 201d on pages 2 , 9 , 44 , 47 and 95 , respectively .", "citigroup 2019s capital management framework is designed to ensure that citigroup and its principal subsidiaries maintain sufficient capital consistent with the company 2019s risk profile , all applicable regulatory standards and guidelines , and external rating agency considerations .", "the capital management process is centrally overseen by senior management and is reviewed at the consolidated , legal entity , and country level .", "senior management oversees the capital management process of citigroup and its principal subsidiaries mainly through citigroup 2019s finance and asset and liability committee ( finalco ) .", "the committee is composed of the senior-most management of citigroup for the purpose of engaging management in decision-making and related discussions on capital and liquidity items .", "among other things , the committee 2019s responsibilities include : determining the financial structure of citigroup and its principal subsidiaries ; ensuring that citigroup and its regulated entities are adequately capitalized ; determining appropriate asset levels and return hurdles for citigroup and individual businesses ; reviewing the funding and capital markets plan for citigroup ; and monitoring interest-rate risk , corporate and bank liquidity , the impact of currency translation on non-u.s .", "earnings and capital .", "the finalco has established capital targets for citigroup and for significant subsidiaries .", "at december 31 , 2008 , these targets exceeded the regulatory standards .", "common and preferred stock issuances as discussed under 201cevents in 2008 201d on page 9 , during 2008 , the company issued $ 45 billion in preferred stock and warrants under tarp , $ 12.5 billion of convertible preferred stock in a private offering , $ 11.7 billion of non-convertible preferred stock in public offerings , $ 3.2 billion of convertible preferred stock in public offerings , and $ 4.9 billion of common stock in public offerings .", "on january 23 , 2009 , pursuant to our prior agreement with the purchasers of the $ 12.5 billion convertible preferred stock issued in the private offering , the conversion price was reset from $ 31.62 per share to $ 26.35 per share .", "the reset will result in citigroup 2019s issuing approximately 79 million additional common shares if converted .", "there will be no impact to net income , total stockholders 2019 equity or capital ratios due to the reset .", "however , the reset will result in a reclassification from retained earnings to additional paid-in capital of $ 1.2 billion to reflect the benefit of the reset to the preferred stockholders .", "capital ratios citigroup is subject to risk-based capital ratio guidelines issued by the federal reserve board ( frb ) .", "capital adequacy is measured via two risk- based ratios , tier 1 and total capital ( tier 1 + tier 2 capital ) .", "tier 1 capital is considered core capital while total capital also includes other items such as subordinated debt and loan loss reserves .", "both measures of capital are stated as a percentage of risk-weighted assets .", "risk-weighted assets are measured primarily on their perceived credit risk and include certain off-balance-sheet exposures , such as unfunded loan commitments and letters of credit , and the notional amounts of derivative and foreign- exchange contracts .", "citigroup is also subject to the leverage ratio requirement , a non-risk-based asset ratio , which is defined as tier 1 capital as a percentage of adjusted average assets .", "to be 201cwell capitalized 201d under federal bank regulatory agency definitions , a bank holding company must have a tier 1 capital ratio of at least 6% ( 6 % ) , a total capital ratio of at least 10% ( 10 % ) , and a leverage ratio of at least 3% ( 3 % ) , and not be subject to an frb directive to maintain higher capital levels .", "as noted in the following table , citigroup maintained a 201cwell capitalized 201d position during both 2008 and 2007 .", "citigroup regulatory capital ratios at year end 2008 2007 ." ]

[ "leverage ( 1 ) 6.08 4.03 ( 1 ) tier 1 capital divided by adjusted average assets .", "events occurring during 2008 , including the transactions with the u.s .", "government , affected citigroup 2019s capital ratios , and any additional u.s .", "government financial involvement with the company could further impact the company 2019s capital ratios .", "in addition , future operations will affect capital levels , and changes that the fasb has proposed regarding off-balance-sheet assets , consolidation and sale treatment could also have an impact on capital ratios .", "see also note 23 to the consolidated financial statements on page 175 , including 201cfunding liquidity facilities and subordinate interests . 201d ." ]

[ [ "<i>At year end</i>", "2008", "2007" ], [ "Tier 1 Capital", "11.92%", "7.12%" ], [ "Total Capital (Tier 1 and Tier 2)", "15.70", "10.70" ], [ "Leverage⁽¹⁾", "6.08", "4.03" ] ]

[ [ "at year end", "2008", "2007" ], [ "tier 1 capital", "11.92% ( 11.92 % )", "7.12% ( 7.12 % )" ], [ "total capital ( tier 1 and tier 2 )", "15.70", "10.70" ], [ "leverage ( 1 )", "6.08", "4.03" ] ]

[ { "arg1": "15.70", "arg2": "10.70", "op": "minus2-1", "res": "5" }, { "arg1": "#0", "arg2": "10.70", "op": "divide2-2", "res": "46.7%" } ]

[ "our refining and wholesale marketing gross margin is the difference between the prices of refined products sold and the costs of crude oil and other charge and blendstocks refined , including the costs to transport these inputs to our refineries , the costs of purchased products and manufacturing expenses , including depreciation .", "the crack spread is a measure of the difference between market prices for refined products and crude oil , commonly used by the industry as a proxy for the refining margin .", "crack spreads can fluctuate significantly , particularly when prices of refined products do not move in the same relationship as the cost of crude oil .", "as a performance benchmark and a comparison with other industry participants , we calculate midwest ( chicago ) and u.s .", "gulf coast crack spreads that we feel most closely track our operations and slate of products .", "posted light louisiana sweet ( 201clls 201d ) prices and a 6-3-2-1 ratio of products ( 6 barrels of crude oil producing 3 barrels of gasoline , 2 barrels of distillate and 1 barrel of residual fuel ) are used for the crack spread calculation .", "our refineries can process significant amounts of sour crude oil which typically can be purchased at a discount to sweet crude oil .", "the amount of this discount , the sweet/sour differential , can vary significantly causing our refining and wholesale marketing gross margin to differ from the crack spreads which are based upon sweet crude .", "in general , a larger sweet/sour differential will enhance our refining and wholesale marketing gross margin .", "in 2009 , the sweet/sour differential narrowed , due to a variety of worldwide economic and petroleum industry related factors , primarily related to lower hydrocarbon demand .", "sour crude accounted for 50 percent , 52 percent and 54 percent of our crude oil processed in 2009 , 2008 and 2007 .", "the following table lists calculated average crack spreads for the midwest ( chicago ) and gulf coast markets and the sweet/sour differential for the past three years .", "( dollars per barrel ) 2009 2008 2007 ." ]

[ "sweet/sour differential ( a ) $ 5.82 $ 11.99 $ 11.59 ( a ) calculated using the following mix of crude types as compared to lls. : 15% ( 15 % ) arab light , 20% ( 20 % ) kuwait , 10% ( 10 % ) maya , 15% ( 15 % ) western canadian select , 40% ( 40 % ) mars .", "in addition to the market changes indicated by the crack spreads and sweet/sour differential , our refining and wholesale marketing gross margin is impacted by factors such as : 2022 the types of crude oil and other charge and blendstocks processed , 2022 the selling prices realized for refined products , 2022 the impact of commodity derivative instruments used to manage price risk , 2022 the cost of products purchased for resale , and 2022 changes in manufacturing costs , which include depreciation .", "manufacturing costs are primarily driven by the cost of energy used by our refineries and the level of maintenance costs .", "planned turnaround and major maintenance activities were completed at our catlettsburg , garyville , and robinson refineries in 2009 .", "we performed turnaround and major maintenance activities at our robinson , catlettsburg , garyville and canton refineries in 2008 and at our catlettsburg , robinson and st .", "paul park refineries in 2007 .", "our retail marketing gross margin for gasoline and distillates , which is the difference between the ultimate price paid by consumers and the cost of refined products , including secondary transportation and consumer excise taxes , also impacts rm&t segment profitability .", "there are numerous factors including local competition , seasonal demand fluctuations , the available wholesale supply , the level of economic activity in our marketing areas and weather conditions that impact gasoline and distillate demand throughout the year .", "refined product demand increased for several years until 2008 when it decreased due to the combination of significant increases in retail petroleum prices , a broad slowdown in general economic activity , and the impact of increased ethanol blending into gasoline .", "in 2009 refined product demand continued to decline .", "for our marketing area , we estimate a gasoline demand decline of about one percent and a distillate demand decline of about 12 percent from 2008 levels .", "market demand declines for gasoline and distillates generally reduce the product margin we can realize .", "we also estimate gasoline and distillate demand in our marketing area decreased about three percent in 2008 compared to 2007 levels .", "the gross margin on merchandise sold at retail outlets has been historically less volatile. ." ]

[ [ "<i>(Dollars per barrel)</i>", "2009", "2008", "2007" ], [ "Chicago LLS 6-3-2-1", "$3.52", "$3.27", "$8.87" ], [ "U.S. Gulf Coast LLS 6-3-2-1", "$2.54", "$2.45", "$6.42" ], [ "Sweet/Sour differential^(a)", "$5.82", "$11.99", "$11.59" ] ]

[ [ "( dollars per barrel )", "2009", "2008", "2007" ], [ "chicago lls 6-3-2-1", "$ 3.52", "$ 3.27", "$ 8.87" ], [ "u.s . gulf coast lls 6-3-2-1", "$ 2.54", "$ 2.45", "$ 6.42" ], [ "sweet/sour differential ( a )", "$ 5.82", "$ 11.99", "$ 11.59" ] ]

[ { "arg1": "5.82", "arg2": "11.59", "op": "minus2-1", "res": "-5.77" }, { "arg1": "#0", "arg2": "11.59", "op": "divide2-2", "res": "-49.8%" } ]

[ "entergy corporation and subsidiaries notes to financial statements this difference as a regulatory asset or liability on an ongoing basis , resulting in a zero net balance for the regulatory asset at the end of the lease term .", "the amount was a net regulatory liability of $ 61.6 million and $ 27.8 million as of december 31 , 2013 and 2012 , respectively .", "as of december 31 , 2013 , system energy had future minimum lease payments ( reflecting an implicit rate of 5.13% ( 5.13 % ) ) , which are recorded as long-term debt , as follows : amount ( in thousands ) ." ]

[ "." ]

[ [ "", "Amount (In Thousands)" ], [ "2014", "$51,637" ], [ "2015", "52,253" ], [ "2016", "13,750" ], [ "2017", "13,750" ], [ "2018", "13,750" ], [ "Years thereafter", "247,500" ], [ "Total", "392,640" ], [ "Less: Amount representing interest", "295,226" ], [ "Present value of net minimum lease payments", "$97,414" ] ]

[ [ "", "amount ( in thousands )" ], [ "2014", "$ 51637" ], [ "2015", "52253" ], [ "2016", "13750" ], [ "2017", "13750" ], [ "2018", "13750" ], [ "years thereafter", "247500" ], [ "total", "392640" ], [ "less : amount representing interest", "295226" ], [ "present value of net minimum lease payments", "$ 97414" ] ]

[ { "arg1": "52253", "arg2": "13750", "op": "minus1-1", "res": "38503" }, { "arg1": "#0", "arg2": "13750", "op": "divide1-2", "res": "280%" } ]

[ "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" ] ]

[ { "arg1": "300", "arg2": "247", "op": "add2-1", "res": "547" }, { "arg1": "212", "arg2": "#0", "op": "add2-2", "res": "759" } ]

[ "system energy resources , inc .", "management 2019s financial discussion and analysis also in addition to the contractual obligations , system energy has $ 382.3 million of unrecognized tax benefits and interest net of unused tax attributes and payments for which the timing of payments beyond 12 months cannot be reasonably estimated due to uncertainties in the timing of effective settlement of tax positions .", "see note 3 to the financial statements for additional information regarding unrecognized tax benefits .", "in addition to routine spending to maintain operations , the planned capital investment estimate includes specific investments and initiatives such as the nuclear fleet operational excellence initiative , as discussed below in 201cnuclear matters , 201d and plant improvements .", "as a wholly-owned subsidiary , system energy dividends its earnings to entergy corporation at a percentage determined monthly .", "sources of capital system energy 2019s sources to meet its capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt issuances ; and 2022 bank financing under new or existing facilities .", "system energy may refinance , redeem , or otherwise retire debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable .", "all debt and common stock issuances by system energy require prior regulatory approval .", "debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements .", "system energy has sufficient capacity under these tests to meet its foreseeable capital needs .", "system energy 2019s receivables from the money pool were as follows as of december 31 for each of the following years. ." ]

[ "see note 4 to the financial statements for a description of the money pool .", "the system energy nuclear fuel company variable interest entity has a credit facility in the amount of $ 120 million scheduled to expire in may 2019 .", "as of december 31 , 2016 , $ 66.9 million in letters of credit were outstanding under the credit facility to support a like amount of commercial paper issued by the system energy nuclear fuel company variable interest entity .", "see note 4 to the financial statements for additional discussion of the variable interest entity credit facility .", "system energy obtained authorizations from the ferc through october 2017 for the following : 2022 short-term borrowings not to exceed an aggregate amount of $ 200 million at any time outstanding ; 2022 long-term borrowings and security issuances ; and 2022 long-term borrowings by its nuclear fuel company variable interest entity .", "see note 4 to the financial statements for further discussion of system energy 2019s short-term borrowing limits. ." ]

[ [ "2016", "2015", "2014", "2013" ], [ "(In Thousands)" ], [ "$33,809", "$39,926", "$2,373", "$9,223" ] ]

[ [ "2016", "2015", "2014", "2013" ], [ "( in thousands )", "( in thousands )", "( in thousands )", "( in thousands )" ], [ "$ 33809", "$ 39926", "$ 2373", "$ 9223" ] ]

[]

[ "the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2011 , 2010 , and 2009 company for an aggregate proceeds of approximately $ 234 million .", "the company recognized a gain on disposal of $ 6 million , net of tax , during the year ended december 31 , 2010 .", "ras laffan was previously reported in the asia generation segment .", "23 .", "acquisitions and dispositions acquisitions dpl 2014on november 28 , 2011 , aes completed its acquisition of 100% ( 100 % ) of the common stock of dpl for approximately $ 3.5 billion , pursuant to the terms and conditions of a definitive agreement ( the 201cmerger agreement 201d ) dated april 19 , 2011 .", "dpl serves over 500000 customers , primarily west central ohio , through its operating subsidiaries dp&l and dpl energy resources ( 201cdpler 201d ) .", "additionally , dpl operates over 3800 mw of power generation facilities and provides competitive retail energy services to residential , commercial , industrial and governmental customers .", "the acquisition strengthens the company 2019s u.s .", "utility operations by expanding in the midwest and pjm , a regional transmission organization serving several eastern states as part of the eastern interconnection .", "the company expects to benefit from the regional scale provided by indianapolis power & light company , its nearby integrated utility business in indiana .", "aes funded the aggregate purchase consideration through a combination of the following : 2022 the proceeds from a $ 1.05 billion term loan obtained in may 2011 ; 2022 the proceeds from a private offering of $ 1.0 billion notes in june 2011 ; 2022 temporary borrowings of $ 251 million under its revolving credit facility ; and 2022 the proceeds from private offerings of $ 450 million aggregate principal amount of 6.50% ( 6.50 % ) senior notes due 2016 and $ 800 million aggregate principal amount of 7.25% ( 7.25 % ) senior notes due 2021 ( collectively , the 201cnotes 201d ) in october 2011 by dolphin subsidiary ii , inc .", "( 201cdolphin ii 201d ) , a wholly-owned special purpose indirect subsidiary of aes , which was merged into dpl upon the completion of acquisition .", "the fair value of the consideration paid for dpl was as follows ( in millions ) : ." ]

[ "." ]

[ [ "Agreed enterprise value", "$4,719" ], [ "Less: fair value of assumed long-term debt outstanding, net", "(1,255)" ], [ "Cash consideration paid to DPL’s common stockholders", "3,464" ], [ "Add: cash paid for outstanding stock-based awards", "19" ], [ "Total cash consideration paid", "$3,483" ] ]

[ [ "agreed enterprise value", "$ 4719" ], [ "less : fair value of assumed long-term debt outstanding net", "-1255 ( 1255 )" ], [ "cash consideration paid to dpl 2019s common stockholders", "3464" ], [ "add : cash paid for outstanding stock-based awards", "19" ], [ "total cash consideration paid", "$ 3483" ] ]

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[ "as of december 31 , 2013 and 2012 , our liabilities associated with unrecognized tax benefits are not material .", "we and our subsidiaries file income tax returns in the u.s .", "federal jurisdiction and various foreign jurisdictions .", "with few exceptions , the statute of limitations is no longer open for u.s .", "federal or non-u.s .", "income tax examinations for the years before 2010 , other than with respect to refunds .", "u.s .", "income taxes and foreign withholding taxes have not been provided on earnings of $ 222 million , $ 211 million , and $ 193 million that have not been distributed by our non-u.s .", "companies as of december 31 , 2013 , 2012 , and 2011 .", "our intention is to permanently reinvest these earnings , thereby indefinitely postponing their remittance to the u.s .", "if these earnings were remitted , we estimate that the additional income taxes after foreign tax credits would have been approximately $ 50 million in 2013 , $ 45 million in 2012 , and $ 41 million in 2011 .", "our federal and foreign income tax payments , net of refunds received , were $ 787 million in 2013 , $ 890 million in 2012 , and $ 722 million in 2011 .", "our 2013 net payments reflect a $ 550 million refund from the irs primarily attributable to our tax-deductible discretionary pension contributions during the fourth quarter of 2012 ; our 2012 net payments reflect a $ 153 million refund from the irs related to a 2011 capital loss carryback claim ; and our 2011 net payments reflect a $ 250 million refund from the irs related to estimated taxes paid for 2010 .", "as of december 31 , 2013 and 2012 , we had federal and foreign taxes receivable of $ 313 million and $ 662 million recorded within other current assets on our balance sheet , primarily attributable to our tax-deductible discretionary pension contributions in the fourth quarter of 2013 and 2012 and our debt exchange transaction in the fourth quarter of 2012 .", "note 9 2013 debt our long-term debt consisted of the following ( in millions ) : ." ]

[ "in december 2012 , we issued notes totaling $ 1.3 billion with a fixed interest rate of 4.07% ( 4.07 % ) maturing in december 2042 ( the new notes ) in exchange for outstanding notes totaling $ 1.2 billion with interest rates ranging from 5.50% ( 5.50 % ) to 8.50% ( 8.50 % ) maturing in 2023 to 2040 ( the old notes ) .", "in connection with the exchange , we paid a premium of $ 393 million , of which $ 225 million was paid in cash and $ 168 million was in the form of new notes .", "this premium , in addition to $ 194 million in remaining unamortized discounts related to the old notes , will be amortized as additional interest expense over the term of the new notes using the effective interest method .", "we may , at our option , redeem some or all of the new notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest .", "interest on the new notes is payable on june 15 and december 15 of each year , beginning on june 15 , 2013 .", "the new notes are unsecured senior obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness .", "in september 2011 , we issued $ 2.0 billion of long-term notes in a registered public offering and in october 2011 , we used a portion of the proceeds to redeem all of our $ 500 million long-term notes maturing in 2013 .", "in 2011 , we repurchased $ 84 million of our long-term notes through open-market purchases .", "we paid premiums of $ 48 million in connection with the early extinguishments of debt , which were recognized in other non-operating income ( expense ) , net .", "at december 31 , 2013 and 2012 , we had in place with a group of banks a $ 1.5 billion revolving credit facility that expires in august 2016 .", "we may request and the banks may grant , at their discretion , an increase to the credit facility by an additional amount up to $ 500 million .", "there were no borrowings outstanding under the credit facility through december 31 , 2013 .", "borrowings under the credit facility would be unsecured and bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the credit facility .", "each bank 2019s obligation to make loans under the credit facility is subject ." ]

[ [ "", "2013", "2012" ], [ "Notes with rates from 2.13% to 6.15%, due 2016 to 2042", "$5,642", "$5,642" ], [ "Notes with rates from 7.00% to 7.75%, due 2016 to 2036", "916", "930" ], [ "Notes with a rate of 7.38%, due 2013", "—", "150" ], [ "Other debt", "476", "478" ], [ "Total long-term debt", "7,034", "7,200" ], [ "Less: unamortized discounts", "(882)", "(892)" ], [ "Total long-term debt, net of unamortized discounts", "6,152", "6,308" ], [ "Less: current maturities of long-term debt", "—", "(150)" ], [ "Total long-term debt, net", "$6,152", "$6,158" ] ]

[ [ "", "2013", "2012" ], [ "notes with rates from 2.13% ( 2.13 % ) to 6.15% ( 6.15 % ) due 2016 to 2042", "$ 5642", "$ 5642" ], [ "notes with rates from 7.00% ( 7.00 % ) to 7.75% ( 7.75 % ) due 2016 to 2036", "916", "930" ], [ "notes with a rate of 7.38% ( 7.38 % ) due 2013", "2014", "150" ], [ "other debt", "476", "478" ], [ "total long-term debt", "7034", "7200" ], [ "less : unamortized discounts", "-882 ( 882 )", "-892 ( 892 )" ], [ "total long-term debt net of unamortized discounts", "6152", "6308" ], [ "less : current maturities of long-term debt", "2014", "-150 ( 150 )" ], [ "total long-term debt net", "$ 6152", "$ 6158" ] ]

[]

[ "jpmorgan chase & co./2014 annual report 291 therefore , are not recorded on the consolidated balance sheets until settlement date .", "the unsettled reverse repurchase agreements and securities borrowing agreements predominantly consist of agreements with regular-way settlement periods .", "loan sales- and securitization-related indemnifications mortgage repurchase liability in connection with the firm 2019s mortgage loan sale and securitization activities with the gses , as described in note 16 , the firm has made representations and warranties that the loans sold meet certain requirements .", "the firm has been , and may be , required to repurchase loans and/or indemnify the gses ( e.g. , with 201cmake-whole 201d payments to reimburse the gses for their realized losses on liquidated loans ) .", "to the extent that repurchase demands that are received relate to loans that the firm purchased from third parties that remain viable , the firm typically will have the right to seek a recovery of related repurchase losses from the third party .", "generally , the maximum amount of future payments the firm would be required to make for breaches of these representations and warranties would be equal to the unpaid principal balance of such loans that are deemed to have defects that were sold to purchasers ( including securitization-related spes ) plus , in certain circumstances , accrued interest on such loans and certain expense .", "the following table summarizes the change in the mortgage repurchase liability for each of the periods presented .", "summary of changes in mortgage repurchase liability ( a ) year ended december 31 , ( in millions ) 2014 2013 2012 repurchase liability at beginning of period $ 681 $ 2811 $ 3557 net realized gains/ ( losses ) ( b ) 53 ( 1561 ) ( 1158 ) ." ]

[ "( benefit ) /provision for repurchase ( c ) ( 459 ) ( 390 ) 412 repurchase liability at end of period $ 275 $ 681 $ 2811 ( a ) on october 25 , 2013 , the firm announced that it had reached a $ 1.1 billion agreement with the fhfa to resolve , other than certain limited types of exposures , outstanding and future mortgage repurchase demands associated with loans sold to the gses from 2000 to 2008 .", "( b ) presented net of third-party recoveries and included principal losses and accrued interest on repurchased loans , 201cmake-whole 201d settlements , settlements with claimants , and certain related expense .", "make-whole settlements were $ 11 million , $ 414 million and $ 524 million , for the years ended december 31 , 2014 , 2013 and 2012 , respectively .", "( c ) included a provision related to new loan sales of $ 4 million , $ 20 million and $ 112 million , for the years ended december 31 , 2014 , 2013 and 2012 , respectively .", "private label securitizations the liability related to repurchase demands associated with private label securitizations is separately evaluated by the firm in establishing its litigation reserves .", "on november 15 , 2013 , the firm announced that it had reached a $ 4.5 billion agreement with 21 major institutional investors to make a binding offer to the trustees of 330 residential mortgage-backed securities trusts issued by j.p.morgan , chase , and bear stearns ( 201crmbs trust settlement 201d ) to resolve all representation and warranty claims , as well as all servicing claims , on all trusts issued by j.p .", "morgan , chase , and bear stearns between 2005 and 2008 .", "the seven trustees ( or separate and successor trustees ) for this group of 330 trusts have accepted the rmbs trust settlement for 319 trusts in whole or in part and excluded from the settlement 16 trusts in whole or in part .", "the trustees 2019 acceptance is subject to a judicial approval proceeding initiated by the trustees , which is pending in new york state court .", "in addition , from 2005 to 2008 , washington mutual made certain loan level representations and warranties in connection with approximately $ 165 billion of residential mortgage loans that were originally sold or deposited into private-label securitizations by washington mutual .", "of the $ 165 billion , approximately $ 78 billion has been repaid .", "in addition , approximately $ 49 billion of the principal amount of such loans has liquidated with an average loss severity of 59% ( 59 % ) .", "accordingly , the remaining outstanding principal balance of these loans as of december 31 , 2014 , was approximately $ 38 billion , of which $ 8 billion was 60 days or more past due .", "the firm believes that any repurchase obligations related to these loans remain with the fdic receivership .", "for additional information regarding litigation , see note 31 .", "loans sold with recourse the firm provides servicing for mortgages and certain commercial lending products on both a recourse and nonrecourse basis .", "in nonrecourse servicing , the principal credit risk to the firm is the cost of temporary servicing advances of funds ( i.e. , normal servicing advances ) .", "in recourse servicing , the servicer agrees to share credit risk with the owner of the mortgage loans , such as fannie mae or freddie mac or a private investor , insurer or guarantor .", "losses on recourse servicing predominantly occur when foreclosure sales proceeds of the property underlying a defaulted loan are less than the sum of the outstanding principal balance , plus accrued interest on the loan and the cost of holding and disposing of the underlying property .", "the firm 2019s securitizations are predominantly nonrecourse , thereby effectively transferring the risk of future credit losses to the purchaser of the mortgage-backed securities issued by the trust .", "at december 31 , 2014 and 2013 , the unpaid principal balance of loans sold with recourse totaled $ 6.1 billion and $ 7.7 billion , respectively .", "the carrying value of the related liability that the firm has recorded , which is representative of the firm 2019s view of the likelihood it ." ]

[ [ "Year ended December 31,(in millions)", "2014", "2013", "2012" ], [ "Repurchase liability at beginning of period", "$681", "$2,811", "$3,557" ], [ "Net realized gains/(losses)^(b)", "53", "(1,561)", "(1,158)" ], [ "Reclassification to litigation reserve", "—", "(179)", "—" ], [ "(Benefit)/provision for repurchase^(c)", "(459)", "(390)", "412" ], [ "Repurchase liability at end of period", "$275", "$681", "$2,811" ] ]

[ [ "year ended december 31 ( in millions )", "2014", "2013", "2012" ], [ "repurchase liability at beginning of period", "$ 681", "$ 2811", "$ 3557" ], [ "net realized gains/ ( losses ) ( b )", "53", "-1561 ( 1561 )", "-1158 ( 1158 )" ], [ "reclassification to litigation reserve", "2014", "-179 ( 179 )", "2014" ], [ "( benefit ) /provision for repurchase ( c )", "-459 ( 459 )", "-390 ( 390 )", "412" ], [ "repurchase liability at end of period", "$ 275", "$ 681", "$ 2811" ] ]

[]

[ "part ii item 5 .", "market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our class a common stock on the new york stock exchange ( nyse ) for the years 2004 and 2003. ." ]

[ "on march 18 , 2005 , the closing price of our class a common stock was $ 18.79 per share as reported on the as of march 18 , 2005 , we had 230604932 outstanding shares of class a common stock and 743 registered holders .", "in february 2004 , all outstanding shares of our class b common stock were converted into shares of our class a common stock on a one-for-one basis pursuant to the occurrence of the 201cdodge conversion event 201d as defined in our charter .", "our charter prohibits the future issuance of shares of class b common stock .", "also in february 2004 , all outstanding shares of class c common stock were converted into shares of class a common stock on a one-for-one basis .", "our charter permits the issuance of shares of class c common stock in the future .", "the information under 201csecurities authorized for issuance under equity compensation plans 201d from the definitive proxy statement is hereby incorporated by reference into item 12 of this annual report .", "dividends we have never paid a dividend on any class of common stock .", "we anticipate that we may retain future earnings , if any , to fund the development and growth of our business .", "the indentures governing our 93 20448% ( 20448 % ) senior notes due 2009 , our 7.50% ( 7.50 % ) senior notes due 2012 , and our 7.125% ( 7.125 % ) senior notes due 2012 prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants .", "our borrower subsidiaries are generally prohibited under the terms of the credit facility , subject to certain exceptions , from making to us any direct or indirect distribution , dividend or other payment on account of their limited liability company interests , partnership interests , capital stock or other equity interests , except that , if no default exists or would be created thereby under the credit facility , our borrower subsidiaries may pay cash dividends or make other distributions to us in accordance with the credit facility within certain specified amounts and , in addition , may pay cash dividends or make other distributions to us in respect of our outstanding indebtedness and permitted future indebtedness .", "the indentures governing the 12.25% ( 12.25 % ) senior subordinated discount notes due 2008 and the 7.25% ( 7.25 % ) senior subordinated notes due 2011 of american towers , inc .", "( ati ) , our principal operating subsidiary , prohibit ati and certain of our other subsidiaries that have guaranteed those notes ( sister guarantors ) from paying dividends and making other payments or distributions to us unless certain ." ]

[ [ "2004", "High", "Low" ], [ "Quarter ended March 31", "$13.12", "$9.89" ], [ "Quarter ended June 30", "16.00", "11.13" ], [ "Quarter ended September 30", "15.85", "13.10" ], [ "Quarter ended December 31", "18.75", "15.19" ], [ "2003", "High", "Low" ], [ "Quarter ended March 31", "$5.94", "$3.55" ], [ "Quarter ended June 30", "9.90", "5.41" ], [ "Quarter ended September 30", "11.74", "8.73" ], [ "Quarter ended December 31", "12.00", "9.59" ] ]

[ [ "2004", "high", "low" ], [ "quarter ended march 31", "$ 13.12", "$ 9.89" ], [ "quarter ended june 30", "16.00", "11.13" ], [ "quarter ended september 30", "15.85", "13.10" ], [ "quarter ended december 31", "18.75", "15.19" ], [ "2003", "high", "low" ], [ "quarter ended march 31", "$ 5.94", "$ 3.55" ], [ "quarter ended june 30", "9.90", "5.41" ], [ "quarter ended september 30", "11.74", "8.73" ], [ "quarter ended december 31", "12.00", "9.59" ] ]

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[ "during 2009 , the company extended the contractual life of 4 million fully vested share options held by 6 employees .", "as a result of that modification , the company recognized additional compensation expense of $ 1 million for the year ended december 31 , 2009 .", "restricted stock units ( 201crsus 201d ) performance-based rsus .", "the company grants performance-based rsus to the company 2019s executive officers and certain employees once per year .", "the company may also grant performance-based rsus to certain new employees or to employees who assume positions of increasing responsibility at the time those events occur .", "the number of performance-based rsus that ultimately vest is dependent on one or both of the following as per the terms of the specific award agreement : the achievement of 1 ) internal profitability targets ( performance condition ) and 2 ) market performance targets measured by the comparison of the company 2019s stock performance versus a defined peer group ( market condition ) .", "the performance-based rsus generally cliff-vest during the company 2019s quarter-end september 30 black-out period three years from the date of grant .", "the ultimate number of shares of the company 2019s series a common stock issued will range from zero to stretch , with stretch defined individually under each award , net of personal income taxes withheld .", "the market condition is factored into the estimated fair value per unit and compensation expense for each award will be based on the probability of achieving internal profitability targets , as applicable , and recognized on a straight-line basis over the term of the respective grant , less estimated forfeitures .", "for performance-based rsus granted without a performance condition , compensation expense is based on the fair value per unit recognized on a straight-line basis over the term of the grant , less estimated forfeitures .", "in april 2007 , the company granted performance-based rsus to certain employees that vest annually in equal tranches beginning october 1 , 2008 through october 1 , 2011 and include a market condition .", "the performance- based rsus awarded include a catch-up provision that provides for an additional year of vesting of previously unvested amounts , subject to certain maximums .", "compensation expense is based on the fair value per unit recognized on a straight-line basis over the term of the grant , less estimated forfeitures .", "a summary of changes in performance-based rsus outstanding is as follows : number of weighted average fair value ( in thousands ) ( in $ ) ." ]

[ "the fair value of shares vested for performance-based rsus during the years ended december 31 , 2009 and 2008 was $ 2 million and $ 3 million , respectively .", "there were no vestings that occurred during the year ended december 31 , 2007 .", "fair value for the company 2019s performance-based rsus was estimated at the grant date using a monte carlo simulation approach .", "monte carlo simulation was utilized to randomly generate future stock returns for the company and each company in the defined peer group for each grant based on company-specific dividend yields , volatilities and stock return correlations .", "these returns were used to calculate future performance-based rsu vesting percentages and the simulated values of the vested performance-based rsus were then discounted to present value using a risk-free rate , yielding the expected value of these performance-based rsus .", "%%transmsg*** transmitting job : d70731 pcn : 119000000 ***%%pcmsg|119 |00016|yes|no|02/10/2010 16:17|0|0|page is valid , no graphics -- color : n| ." ]

[ [ "", "Number of Units (In thousands)", "Weighted Average Fair Value (In $)" ], [ "Nonvested at December 31, 2008", "1,188", "19.65" ], [ "Granted", "420", "38.16" ], [ "Vested", "(79)", "21.30" ], [ "Forfeited", "(114)", "17.28" ], [ "Nonvested at December 31, 2009", "1,415", "25.24" ] ]

[ [ "", "number of units ( in thousands )", "weighted average fair value ( in $ )" ], [ "nonvested at december 31 2008", "1188", "19.65" ], [ "granted", "420", "38.16" ], [ "vested", "-79 ( 79 )", "21.30" ], [ "forfeited", "-114 ( 114 )", "17.28" ], [ "nonvested at december 31 2009", "1415", "25.24" ] ]

[ { "arg1": "420", "arg2": "-79", "op": "add1-1", "res": "341" }, { "arg1": "#0", "arg2": "-114", "op": "add1-2", "res": "227" } ]

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

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

[ [ "(approximate amounts in thousands except per share data)", "2007" ], [ "Net revenue", "$1,472,400" ], [ "Net income", "$62,600" ], [ "Net income per share—basic", "$0.52" ], [ "Net income per share—assuming dilution", "$0.50" ] ]

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

[]

[ "goodwill is assigned to one or more reporting segments on the date of acquisition .", "we 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 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 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 2012 , 2011 or 2010 .", "our intangible assets are amortized over their estimated useful lives of 1 to 13 years .", "amortization is based on the pattern in which the economic benefits of the intangible asset will be consumed .", "the weighted average useful lives of our intangible assets was as follows : weighted average useful life ( years ) ." ]

[ "software development costs capitalization of software development costs for software to be sold , leased , or otherwise marketed begins upon the establishment of technological feasibility , which is generally the completion of a working prototype that has been certified as having no critical bugs and is a release candidate .", "amortization begins once the software is ready for its intended use , generally based on the pattern in which the economic benefits will be consumed .", "to date , software development costs incurred between completion of a working prototype and general availability of the related product have not been material .", "internal use software we capitalize costs associated with customized internal-use software systems that have reached the application development stage .", "such capitalized costs include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related expenses for employees , who are directly associated with the development of the applications .", "capitalization of such costs begins when the preliminary project stage is complete and ceases at the point in which the project is substantially complete and is ready for its intended purpose .", "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 .", "table of contents adobe systems incorporated notes to consolidated financial statements ( continued ) ." ]

[ [ "", "Weighted AverageUseful Life (years)" ], [ "Purchased technology", "5" ], [ "Customer contracts and relationships", "10" ], [ "Trademarks", "7" ], [ "Acquired rights to use technology", "9" ], [ "Localization", "1" ], [ "Other intangibles", "3" ] ]

[ [ "", "weighted averageuseful life ( years )" ], [ "purchased technology", "5" ], [ "customer contracts and relationships", "10" ], [ "trademarks", "7" ], [ "acquired rights to use technology", "9" ], [ "localization", "1" ], [ "other intangibles", "3" ] ]

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[ "the company recorded equity earnings , net of taxes , related to ilim of $ 290 million in 2018 , compared with earnings of $ 183 million in 2017 , and $ 199 million in 2016 .", "operating results recorded in 2018 included an after-tax non-cash foreign exchange loss of $ 82 million , compared with an after-tax foreign exchange gain of $ 15 million in 2017 and an after-tax foreign exchange gain of $ 25 million in 2016 , primarily on the remeasurement of ilim's u.s .", "dollar denominated net debt .", "ilim delivered outstanding performance in 2018 , driven largely by higher price realization and strong demand .", "sales volumes for the joint venture increased year over year for shipments to china of softwood pulp and linerboard , but were offset by decreased sales of hardwood pulp to china .", "sales volumes in the russian market increased for softwood pulp and hardwood pulp , but decreased for linerboard .", "average sales price realizations were significantly higher in 2018 for sales of softwood pulp , hardwood pulp and linerboard to china and other export markets .", "average sales price realizations in russian markets increased year over year for all products .", "input costs were higher in 2018 , primarily for wood , fuel and chemicals .", "distribution costs were negatively impacted by tariffs and inflation .", "the company received cash dividends from the joint venture of $ 128 million in 2018 , $ 133 million in 2017 and $ 58 million in entering the first quarter of 2019 , sales volumes are expected to be lower than in the fourth quarter of 2018 , due to the seasonal slowdown in china and fewer trading days .", "based on pricing to date in the current quarter , average sales prices are expected to decrease for hardwood pulp , softwood pulp and linerboard to china .", "input costs are projected to be relatively flat , while distribution costs are expected to increase .", "equity earnings - gpip international paper recorded equity earnings of $ 46 million on its 20.5% ( 20.5 % ) ownership position in gpip in 2018 .", "the company received cash dividends from the investment of $ 25 million in 2018 .", "liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operating cash flow , which is highly sensitive to changes in the pricing and demand for our major products .", "while changes in key cash operating costs , such as energy , raw material , mill outage and transportation costs , do have an effect on operating cash generation , we believe that our focus on pricing and cost controls has improved our cash flow generation over an operating cycle .", "cash uses during 2018 were primarily focused on working capital requirements , capital spending , debt reductions and returning cash to shareholders through dividends and share repurchases under the company's share repurchase program .", "cash provided by operating activities cash provided by operations , including discontinued operations , totaled $ 3.2 billion in 2018 , compared with $ 1.8 billion for 2017 , and $ 2.5 billion for 2016 .", "cash used by working capital components ( accounts receivable , contract assets and inventory less accounts payable and accrued liabilities , interest payable and other ) totaled $ 439 million in 2018 , compared with cash used by working capital components of $ 402 million in 2017 , and cash provided by working capital components of $ 71 million in 2016 .", "investment activities including discontinued operations , investment activities in 2018 increased from 2017 , as 2018 included higher capital spending .", "in 2016 , investment activity included the purchase of weyerhaeuser's pulp business for $ 2.2 billion in cash , the purchase of the holmen business for $ 57 million in cash , net of cash acquired , and proceeds from the sale of the asia packaging business of $ 108 million , net of cash divested .", "the company maintains an average capital spending target around depreciation and amortization levels , or modestly above , due to strategic plans over the course of an economic cycle .", "capital spending was $ 1.6 billion in 2018 , or 118% ( 118 % ) of depreciation and amortization , compared with $ 1.4 billion in 2017 , or 98% ( 98 % ) of depreciation and amortization , and $ 1.3 billion , or 110% ( 110 % ) of depreciation and amortization in 2016 .", "across our segments , capital spending as a percentage of depreciation and amortization ranged from 69.8% ( 69.8 % ) to 132.1% ( 132.1 % ) in 2018 .", "the following table shows capital spending for operations by business segment for the years ended december 31 , 2018 , 2017 and 2016 , excluding amounts related to discontinued operations of $ 111 million in 2017 and $ 107 million in 2016. ." ]

[ "capital expenditures in 2019 are currently expected to be about $ 1.4 billion , or 104% ( 104 % ) of depreciation and amortization , including approximately $ 400 million of strategic investments. ." ]

[ [ "In millions", "2018", "2017", "2016" ], [ "Industrial Packaging", "$1,061", "$836", "$832" ], [ "Global Cellulose Fibers", "183", "188", "174" ], [ "Printing Papers", "303", "235", "215" ], [ "Subtotal", "1,547", "1,259", "1,221" ], [ "Corporate and other", "25", "21", "20" ], [ "Capital Spending", "$1,572", "$1,280", "$1,241" ] ]

[ [ "in millions", "2018", "2017", "2016" ], [ "industrial packaging", "$ 1061", "$ 836", "$ 832" ], [ "global cellulose fibers", "183", "188", "174" ], [ "printing papers", "303", "235", "215" ], [ "subtotal", "1547", "1259", "1221" ], [ "corporate and other", "25", "21", "20" ], [ "capital spending", "$ 1572", "$ 1280", "$ 1241" ] ]

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[ "host hotels & resorts , inc. , host hotels & resorts , l.p. , and subsidiaries notes to consolidated financial statements 2014 ( continued ) cash paid for income taxes , net of refunds received , was $ 40 million , $ 15 million , and $ 9 million in 2017 , 2016 , and 2015 , respectively .", "a reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows ( in millions ) : ." ]

[ "all of such uncertain tax position amounts , if recognized , would impact our reconciliation between the income tax provision calculated at the statutory u.s .", "federal income tax rate of 35% ( 35 % ) ( 21% ( 21 % ) beginning with calendar year 2018 ) and the actual income tax provision recorded each year .", "as of december 31 , 2017 , the tax years that remain subject to examination by major tax jurisdictions generally include 2014-2017 .", "there were no material interest or penalties recorded for the years ended december 31 , 2017 , 2016 , and 2015 .", "7 .", "leases taxable reit subsidiaries leases we lease substantially all of our hotels to a wholly owned subsidiary that qualifies as a taxable reit subsidiary due to federal income tax restrictions on a reit 2019s ability to derive revenue directly from the operation and management of a hotel .", "ground leases as of december 31 , 2017 , all or a portion of 26 of our hotels are subject to ground leases , generally with multiple renewal options , all of which are accounted for as operating leases .", "for lease agreements with scheduled rent increases , we recognize the lease expense ratably over the term of the lease .", "certain of these leases contain provisions for the payment of contingent rentals based on a percentage of sales in excess of stipulated amounts .", "other lease information we also have leases on facilities used in our former restaurant business , all of which we subsequently subleased .", "these leases and subleases contain one or more renewal options , generally for five- or ten-year periods .", "the restaurant leases are accounted for as operating leases .", "our contingent liability related to these leases is $ 9 million as of december 31 , 2017 .", "we , however , consider the likelihood of any material funding related to these leases to be remote .", "our leasing activity also includes those entered into by our hotels for various types of equipment , such as computer equipment , vehicles and telephone systems .", "equipment leases are accounted for either as operating or capital leases , depending upon the characteristics of the particular lease arrangement .", "equipment leases that are characterized as capital leases are classified as furniture and equipment and are depreciated over the life of the lease .", "the amortization expense applicable to capitalized leases is included in depreciation expense. ." ]

[ [ "", "2017", "2016" ], [ "Balance at January 1", "$11", "$11" ], [ "Balance at December 31", "$11", "$11" ] ]

[ [ "", "2017", "2016" ], [ "balance at january 1", "$ 11", "$ 11" ], [ "balance at december 31", "$ 11", "$ 11" ] ]

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[ "68 2012 ppg annual report and form 10-k december 31 , 2012 , 2011 and 2010 was $ ( 30 ) million , $ 98 million and $ 65 million , respectively .", "the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2012 and 2011 was approximately $ 960 million and $ 990 million , respectively .", "there was no tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the year ended december 31 , 2012 .", "the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 and 2010 was $ ( 0.2 ) million and $ 0.6 million , respectively .", "the tax benefit related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2012 , 2011 and 2010 was $ 4 million , $ 19 million and $ 1 million , respectively .", "18 .", "employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s .", "employees .", "the company makes matching contributions to the savings plan , at management's discretion , based upon participants 2019 savings , subject to certain limitations .", "for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to participant savings up to a maximum of 6% ( 6 % ) of eligible participant compensation .", "for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement .", "the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession .", "effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature .", "this included the union represented employees in accordance with their collective bargaining agreements .", "on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees and this level was maintained throughout 2012 .", "compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2012 , 2011 and 2010 totaled $ 28 million , $ 26 million and $ 9 million , respectively .", "a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan .", "as a result , the dividends on ppg shares held by that portion of the savings plan totaling $ 18 million , $ 20 million and $ 24 million for 2012 , 2011 and 2010 , respectively , were tax deductible to the company for u.s .", "federal tax purposes .", "19 .", "other earnings ." ]

[ "20 .", "stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return .", "all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc .", "amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 .", "shares available for future grants under the ppg amended omnibus plan were 8.5 million as of december 31 , 2012 .", "total stock-based compensation cost was $ 73 million , $ 36 million and $ 52 million in 2012 , 2011 and 2010 , respectively .", "stock-based compensation expense increased year over year due to the increase in the expected payout percentage of the 2010 performance-based rsu grants and ppg's total shareholder return performance in 2012 in comparison with the standard & poors ( s&p ) 500 index , which has increased the expense related to outstanding grants of contingent shares .", "the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 25 million , $ 13 million and $ 18 million in 2012 , 2011 and 2010 , respectively .", "stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc .", "stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan .", "under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted .", "the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years .", "upon exercise of a stock option , shares of company stock are issued from treasury stock .", "the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that allows an optionee to exercise options and satisfy the option cost by certifying ownership of mature shares of ppg common stock with a market value equal to the option cost .", "the fair value of stock options issued to employees is measured on the date of grant and is recognized as expense over the requisite service period .", "ppg estimates the fair value of stock options using the black-scholes option pricing model .", "the risk- free interest rate is determined by using the u.s .", "treasury yield table of contents ." ]

[ [ "(Millions)", "2012", "2011", "2010" ], [ "Royalty income", "$51", "$55", "$58" ], [ "Share of net earnings of equity affiliates (See Note 5)", "11", "37", "45" ], [ "Gain on sale of assets", "4", "12", "8" ], [ "Other", "83", "73", "69" ], [ "Total", "$149", "$177", "$180" ] ]

[ [ "( millions )", "2012", "2011", "2010" ], [ "royalty income", "$ 51", "$ 55", "$ 58" ], [ "share of net earnings of equity affiliates ( see note 5 )", "11", "37", "45" ], [ "gain on sale of assets", "4", "12", "8" ], [ "other", "83", "73", "69" ], [ "total", "$ 149", "$ 177", "$ 180" ] ]

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[ "appropriate statistical bases .", "total expense for repairs and maintenance incurred was $ 2.5 billion for 2015 , $ 2.4 billion for 2014 , and $ 2.3 billion for 2013 .", "assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease .", "amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease .", "13 .", "accounts payable and other current liabilities dec .", "31 , dec .", "31 , millions 2015 2014 ." ]

[ "[a] beginning in 2015 , the timing of the dividend declaration and payable dates was aligned to occur within the same quarter .", "the 2015 dividends paid amount includes the fourth quarter 2014 dividend of $ 438 million , which was paid on january 2 , 2015 , the first quarter 2015 dividend of $ 484 million , which was paid on march 30 , 2015 , the second quarter 2015 dividend of $ 479 million , which was paid on june 30 , 2015 , the third quarter 2015 dividend of $ 476 million , which was paid on september 30 , 2015 , as well as the fourth quarter 2015 dividend of $ 467 million , which was paid on december 30 , 2015 .", "14 .", "financial instruments strategy and risk 2013 we may use derivative financial instruments in limited instances for other than trading purposes to assist in managing our overall exposure to fluctuations in interest rates and fuel prices .", "we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes .", "derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period .", "we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk- management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness .", "changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings .", "we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable interest rate and fuel price movements .", "market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item .", "we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements .", "at december 31 , 2015 , and 2014 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities .", "interest rate fair value hedges 2013 we manage our overall exposure to fluctuations in interest rates by adjusting the proportion of fixed and floating rate debt instruments within our debt portfolio over a given period .", "we generally manage the mix of fixed and floating rate debt through the issuance of targeted amounts of each as debt matures or as we require incremental borrowings .", "we employ derivatives , primarily swaps , as one of the tools to obtain the targeted mix .", "in addition , we also obtain flexibility in managing interest costs and the interest rate mix within our debt portfolio by evaluating the issuance of and managing outstanding callable fixed-rate debt securities .", "swaps allow us to convert debt from fixed rates to variable rates and thereby hedge the risk of changes in the debt 2019s fair value attributable to the changes in interest rates .", "we account for swaps as fair value hedges using the short-cut method ; therefore , we do not record any ineffectiveness within our ." ]

[ [ "Millions", "Dec. 31, 2015", "Dec. 31, 2014" ], [ "Accounts payable", "$743", "$877" ], [ "Income and other taxes payable", "434", "412" ], [ "Accrued wages and vacation", "391", "409" ], [ "Interest payable", "208", "178" ], [ "Accrued casualty costs", "181", "249" ], [ "Equipment rents payable", "105", "100" ], [ "Dividends payable [a]", "-", "438" ], [ "Other", "550", "640" ], [ "Total accounts payable and other current liabilities", "$2,612", "$3,303" ] ]

[ [ "millions", "dec . 31 2015", "dec . 31 2014" ], [ "accounts payable", "$ 743", "$ 877" ], [ "income and other taxes payable", "434", "412" ], [ "accrued wages and vacation", "391", "409" ], [ "interest payable", "208", "178" ], [ "accrued casualty costs", "181", "249" ], [ "equipment rents payable", "105", "100" ], [ "dividends payable [a]", "-", "438" ], [ "other", "550", "640" ], [ "total accounts payable and other current liabilities", "$ 2612", "$ 3303" ] ]

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[ "asia-pacific acquisition on july 24 , 2006 , we completed the purchase of a fifty-six percent ownership interest in the merchant acquiring business of the hongkong and shanghai banking corporation limited , or hsbc .", "this business provides card payment processing services to merchants in the asia-pacific region .", "the business includes hsbc 2019s payment processing operations in the following ten countries and territories : brunei , china , hong kong , india , macau , malaysia , maldives , singapore , sri lanka and taiwan .", "under the terms of the agreement , we initially paid hsbc $ 67.2 million in cash to acquire our ownership interest .", "we paid an additional $ 1.4 million under this agreement during fiscal 2007 , for a total purchase price of $ 68.6 million to acquire our ownership interest .", "in conjunction with this acquisition , we entered into a transition services agreement with hsbc that may be terminated at any time .", "under this agreement , we expect hsbc will continue to perform payment processing operations and related support services until we integrate these functions into our own operations , which we expect will be completed in 2010 .", "the operating results of this acquisition are included in our consolidated statements of income from the date of the acquisition .", "business description we are a leading payment processing and consumer money transfer company .", "as a high-volume processor of electronic transactions , we enable merchants , multinational corporations , financial institutions , consumers , government agencies and other profit and non-profit business enterprises to facilitate payments to purchase goods and services or further other economic goals .", "our role is to serve as an intermediary in the exchange of information and funds that must occur between parties so that a payment transaction or money transfer can be completed .", "we were incorporated in georgia as global payments inc .", "in september 2000 , and we spun-off from our former parent company on january 31 , 2001 .", "including our time as part of our former parent company , we have provided transaction processing services since 1967 .", "we market our products and services throughout the united states , canada , europe and the asia-pacific region .", "we operate in two business segments , merchant services and money transfer , and we offer various products through these segments .", "our merchant services segment targets customers in many vertical industries including financial institutions , gaming , government , health care , professional services , restaurants , retail , universities and utilities .", "our money transfer segment primarily targets immigrants in the united states and europe .", "see note 10 in the notes to consolidated financial statements for additional segment information and 201citem 1a 2014risk factors 201d for a discussion of risks involved with our international operations .", "total revenues from our merchant services and money transfer segments , by geography and sales channel , are as follows ( amounts in thousands ) : ." ]

[ "." ]

[ [ "", "2007", "2006", "2005" ], [ "Domestic direct", "$558,026", "$481,273", "$410,047" ], [ "Canada", "224,570", "208,126", "175,190" ], [ "Asia-Pacific", "48,449", "—", "—" ], [ "Central and Eastern Europe", "51,224", "47,114", "40,598" ], [ "Domestic indirect and other", "46,873", "51,987", "62,033" ], [ "Merchant services", "929,142", "788,500", "687,868" ], [ "Domestic", "115,416", "109,067", "91,448" ], [ "Europe", "16,965", "10,489", "5,015" ], [ "Money transfer", "132,381", "119,556", "96,463" ], [ "Total revenues", "$1,061,523", "$908,056", "$784,331" ] ]

[ [ "", "2007", "2006", "2005" ], [ "domestic direct", "$ 558026", "$ 481273", "$ 410047" ], [ "canada", "224570", "208126", "175190" ], [ "asia-pacific", "48449", "2014", "2014" ], [ "central and eastern europe", "51224", "47114", "40598" ], [ "domestic indirect and other", "46873", "51987", "62033" ], [ "merchant services", "929142", "788500", "687868" ], [ "domestic", "115416", "109067", "91448" ], [ "europe", "16965", "10489", "5015" ], [ "money transfer", "132381", "119556", "96463" ], [ "total revenues", "$ 1061523", "$ 908056", "$ 784331" ] ]

[]

[ "during 2010 , we granted 3.8 million rsus and 1.1 million employee sars .", "see footnote no .", "4 , 201cshare-based compensation , 201d of the notes to our financial statements for additional information .", "new accounting standards see footnote no .", "1 , 201csummary of significant accounting policies , 201d of the notes to our financial statements for information related to our adoption of new accounting standards in 2010 and for information on our anticipated adoption of recently issued accounting standards .", "liquidity and capital resources cash requirements and our credit facilities our credit facility , which expires on may 14 , 2012 , and associated letters of credit , provide for $ 2.4 billion of aggregate effective borrowings .", "borrowings under the credit facility bear interest at the london interbank offered rate ( libor ) plus a fixed spread based on the credit ratings for our public debt .", "we also pay quarterly fees on the credit facility at a rate based on our public debt rating .", "for additional information on our credit facility , including participating financial institutions , see exhibit 10 , 201camended and restated credit agreement , 201d to our current report on form 8-k filed with the sec on may 16 , 2007 .", "although our credit facility does not expire until 2012 , we expect that we may extend or replace it during 2011 .", "the credit facility contains certain covenants , including a single financial covenant that limits our maximum leverage ( consisting of adjusted total debt to consolidated ebitda , each as defined in the credit facility ) to not more than 4 to 1 .", "our outstanding public debt does not contain a corresponding financial covenant or a requirement that we maintain certain financial ratios .", "we currently satisfy the covenants in our credit facility and public debt instruments , including the leverage covenant under the credit facility , and do not expect the covenants to restrict our ability to meet our anticipated borrowing and guarantee levels or increase those levels should we need to do so in the future .", "we believe the credit facility , together with cash we expect to generate from operations and our ability to raise capital , remains adequate to meet our short-term and long-term liquidity requirements , finance our long-term growth plans , meet debt service , and fulfill other cash requirements .", "at year-end 2010 , our available borrowing capacity amounted to $ 2.831 billion and reflected borrowing capacity of $ 2.326 billion under our credit facility and our cash balance of $ 505 million .", "we calculate that borrowing capacity by taking $ 2.404 billion of effective aggregate bank commitments under our credit facility and subtracting $ 78 million of outstanding letters of credit under our credit facility .", "during 2010 , we repaid our outstanding credit facility borrowings and had no outstanding balance at year-end .", "as noted in the previous paragraphs , we anticipate that this available capacity will be adequate to fund our liquidity needs .", "since we continue to have ample flexibility under the credit facility 2019s covenants , we also expect that undrawn bank commitments under the credit facility will remain available to us even if business conditions were to deteriorate markedly .", "cash from operations cash from operations , depreciation expense , and amortization expense for the last three fiscal years are as follows : ( $ in millions ) 2010 2009 2008 ." ]

[ "our ratio of current assets to current liabilities was roughly 1.4 to 1.0 at year-end 2010 and 1.2 to 1.0 at year-end 2009 .", "we minimize working capital through cash management , strict credit-granting policies , and aggressive collection efforts .", "we also have significant borrowing capacity under our credit facility should we need additional working capital. ." ]

[ [ "<i>($ in millions)</i>", "2010", "2009", "2008" ], [ "Cash from operations", "$1,151", "$868", "$641" ], [ "Depreciation expense", "138", "151", "155" ], [ "Amortization expense", "40", "34", "35" ] ]

[ [ "( $ in millions )", "2010", "2009", "2008" ], [ "cash from operations", "$ 1151", "$ 868", "$ 641" ], [ "depreciation expense", "138", "151", "155" ], [ "amortization expense", "40", "34", "35" ] ]

[ { "arg1": "1151", "arg2": "868", "op": "minus2-1", "res": "283" }, { "arg1": "#0", "arg2": "868", "op": "divide2-2", "res": "33%" } ]