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MehdiHosseiniMoghadam

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[ "the following table summarizes the changes in the total amounts of unrealized tax benefits for fiscal 2009 through fiscal 2011. ." ]

[ "fiscal years 2004 and 2005 irs examination during the fourth quarter of fiscal 2007 , the internal revenue service ( irs ) completed its field examination of the company 2019s fiscal years 2004 and 2005 .", "on january 2 , 2008 , the irs issued its report for fiscal 2004 and 2005 , which included four proposed adjustments related to these two fiscal years that the company protested to the irs appeals office .", "two of the unresolved matters were one-time issues that pertain to section 965 of the internal revenue code related to the beneficial tax treatment of dividends paid from foreign owned companies under the american jobs creation act .", "the other matters pertained to the computation of the research and development ( r&d ) tax credit and certain profits earned from manufacturing activities carried on outside the united states .", "the company recorded a tax liability for a portion of the proposed r&d tax credit adjustment .", "these four items had an additional potential tax liability of $ 46 million .", "the company concluded , based on discussions with its tax advisors , that these items were not likely to result in any additional tax liability .", "therefore , the company did not record a tax liability for these items .", "during the second quarter of fiscal 2011 , the company reached settlement with the irs appeals office on three of the four items under protest .", "the remaining unresolved matter is a one-time issue pertaining to section 965 of the internal revenue code related to the beneficial tax treatment of dividends from foreign owned companies under the american jobs creation act .", "the company will file a petition with the tax court with respect to this open matter .", "the potential liability for this adjustment is $ 36.5 million .", "the company has concluded , based on discussions with its tax advisors , that this item is not likely to result in any additional tax liability .", "therefore , the company has not recorded any additional tax liability for this issue .", "fiscal years 2006 and 2007 irs examination during the third quarter of fiscal 2009 , the irs completed its field examination of the company 2019s fiscal years 2006 and 2007 .", "the irs and the company agreed on the treatment of a number of issues that have been included in an issue resolutions agreement related to the 2006 and 2007 tax returns .", "however , no agreement was reached on the tax treatment of a number of issues for the fiscal 2006 and fiscal 2007 years , including the same r&d tax credit and foreign manufacturing issues mentioned above related to fiscal 2004 and 2005 , the pricing of intercompany sales ( transfer pricing ) and the deductibility of certain stock option compensation expenses .", "the company recorded taxes related to a portion of the proposed r&d tax credit adjustment .", "these four items had an additional potential total tax liability of $ 195 million .", "the company concluded , based on discussions with its tax advisors that these items were not likely to result in any additional tax liability .", "therefore , the company did not record any additional tax liability for these items and appealed these proposed adjustments through the normal processes for the resolution of differences between the irs and taxpayers .", "during the second quarter of fiscal 2011 , the company reached an agreement with the irs appeals office on three of the four protested items , two of which were the same issues settled relating to the 2004 and 2005 fiscal years .", "transfer pricing remained as the only item under protest with the irs appeals office related to the fiscal analog devices , inc .", "notes to consolidated financial statements 2014 ( continued ) ." ]

[ [ "Balance, November 1, 2008", "$13,750" ], [ "Additions for tax positions of 2009", "4,411" ], [ "Balance, October 31, 2009", "18,161" ], [ "Additions for tax positions of 2010", "286" ], [ "Balance, October 30, 2010", "$18,447" ], [ "Additions for tax positions related to prior years", "9,265" ], [ "Reductions for tax positions related to prior years", "(17,677)" ], [ "Settlements with taxing authorities", "(370)" ], [ "Balance, October 29, 2011", "$9,665" ] ]

[ [ "balance november 1 2008", "$ 13750" ], [ "additions for tax positions of 2009", "4411" ], [ "balance october 31 2009", "18161" ], [ "additions for tax positions of 2010", "286" ], [ "balance october 30 2010", "$ 18447" ], [ "additions for tax positions related to prior years", "9265" ], [ "reductions for tax positions related to prior years", "-17677 ( 17677 )" ], [ "settlements with taxing authorities", "-370 ( 370 )" ], [ "balance october 29 2011", "$ 9665" ] ]

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[ "the graph below shows a five-year comparison of the cumulative shareholder return on our common stock with the cumulative total return of the standard & poor 2019s ( s&p ) mid cap 400 index and the russell 1000 index , both of which are published indices .", "comparison of five-year cumulative total return from december 31 , 2011 to december 31 , 2016 assumes $ 100 invested with reinvestment of dividends period indexed returns ." ]

[ "2011 2012 2013 2014 2015 2016 smith ( a o ) corp s&p midcap 400 index russell 1000 index ." ]

[ [ "", "BasePeriod", "Indexed Returns" ], [ "Company/Index", "12/31/11", "12/31/12", "12/31/13", "12/31/14", "12/31/15", "12/31/16" ], [ "A. O. Smith Corporation", "100.0", "159.5", "275.8", "292.0", "401.0", "501.4" ], [ "S&P Mid Cap 400 Index", "100.0", "117.9", "157.4", "172.8", "169.0", "204.1" ], [ "Russell 1000 Index", "100.0", "116.4", "155.0", "175.4", "177.0", "198.4" ] ]

[ [ "company/index", "baseperiod 12/31/11", "baseperiod 12/31/12", "baseperiod 12/31/13", "baseperiod 12/31/14", "baseperiod 12/31/15", "12/31/16" ], [ "a . o . smith corporation", "100.0", "159.5", "275.8", "292.0", "401.0", "501.4" ], [ "s&p mid cap 400 index", "100.0", "117.9", "157.4", "172.8", "169.0", "204.1" ], [ "russell 1000 index", "100.0", "116.4", "155.0", "175.4", "177.0", "198.4" ] ]

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[ "fair value of financial instruments the carrying amounts shown for the company 2019s cash and cash equivalents , accounts receivable and accounts payable approximate fair value because of the short term maturity of those instruments .", "the fair value of the long term debt approximates its carrying value based on the variable nature of interest rates and current market rates available to the company .", "the fair value of foreign currency forward contracts is based on the net difference between the u.s .", "dollars to be received or paid at the contracts 2019 settlement date and the u.s .", "dollar value of the foreign currency to be sold or purchased at the current forward exchange rate .", "recently issued accounting standards in june 2011 , the financial accounting standards board ( 201cfasb 201d ) issued an accounting standards update which eliminates the option to report other comprehensive income and its components in the statement of changes in stockholders 2019 equity .", "it requires an entity to present total comprehensive income , which includes the components of net income and the components of other comprehensive income , either in a single continuous statement or in two separate but consecutive statements .", "in december 2011 , the fasb issued an amendment to this pronouncement which defers the specific requirement to present components of reclassifications of other comprehensive income on the face of the income statement .", "these pronouncements are effective for financial statements issued for fiscal years , and interim periods within those years , beginning after december 15 , 2011 .", "the company believes the adoption of these pronouncements will not have a material impact on its consolidated financial statements .", "in may 2011 , the fasb issued an accounting standards update which clarifies requirements for how to measure fair value and for disclosing information about fair value measurements common to accounting principles generally accepted in the united states of america and international financial reporting standards .", "this guidance is effective for interim and annual periods beginning on or after december 15 , 2011 .", "the company believes the adoption of this guidance will not have a material impact on its consolidated financial statements .", "3 .", "inventories inventories consisted of the following: ." ]

[ "4 .", "acquisitions in july 2011 , the company acquired approximately 400.0 thousand square feet of office space comprising its corporate headquarters for $ 60.5 million .", "the acquisition included land , buildings , tenant improvements and third party lease-related intangible assets .", "as of the purchase date , 163.6 thousand square feet of the 400.0 thousand square feet acquired was leased to third party tenants .", "these leases had remaining lease terms ranging from 9 months to 15 years on the purchase date .", "the company intends to occupy additional space as it becomes available .", "since the acquisition , the company has invested $ 2.2 million in additional improvements .", "the acquisition included the assumption of a $ 38.6 million loan secured by the property and the remaining purchase price was paid in cash funded primarily by a $ 25.0 million term loan borrowed in may 2011 .", "the carrying value of the assumed loan approximated its fair value on the date of the acquisition .", "refer to note 7 for ." ]

[ [ "", "December 31," ], [ "<i>(In thousands)</i>", "2011", "2010" ], [ "Finished goods", "$323,606", "$214,524" ], [ "Raw materials", "803", "831" ], [ "Total inventories", "$324,409", "$215,355" ] ]

[ [ "( in thousands )", "december 31 , 2011", "december 31 , 2010" ], [ "finished goods", "$ 323606", "$ 214524" ], [ "raw materials", "803", "831" ], [ "total inventories", "$ 324409", "$ 215355" ] ]

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[ "the aeronautics segment generally includes fewer programs that have much larger sales and operating results than programs included in the other segments .", "due to the large number of comparatively smaller programs in the remaining segments , the discussion of the results of operations of those business segments focuses on lines of business within the segment rather than on specific programs .", "the following tables of financial information and related discussion of the results of operations of our business segments are consistent with the presentation of segment information in note 5 to the financial statements .", "we have a number of programs that are classified by the u.s .", "government and cannot be specifically described .", "the operating results of these classified programs are included in our consolidated and business segment results , and are subjected to the same oversight and internal controls as our other programs .", "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 .", "key combat aircraft programs include the f-35 lightning ii , f-16 fighting falcon , and f-22 raptor fighter aircraft .", "key air mobility programs include the c-130j super hercules and the c-5m super galaxy .", "aeronautics provides logistics support , sustainment , and upgrade modification services for its aircraft .", "aeronautics 2019 operating results included the following : ( in millions ) 2010 2009 2008 ." ]

[ "net sales for aeronautics increased by 8% ( 8 % ) in 2010 compared to 2009 .", "sales increased in all three lines of business during the year .", "the $ 800 million increase in air mobility primarily was attributable to higher volume on c-130 programs , including deliveries and support activities , as well as higher volume on the c-5 reliability enhancement and re-engining program ( rerp ) .", "there were 25 c-130j deliveries in 2010 compared to 16 in 2009 .", "the $ 179 million increase in combat aircraft principally was due to higher volume on f-35 production contracts , which partially was offset by lower volume on the f-35 sdd contract and a decline in volume on f-16 , f-22 and other combat aircraft programs .", "there were 20 f-16 deliveries in 2010 compared to 31 in 2009 .", "the $ 55 million increase in other aeronautics programs mainly was due to higher volume on p-3 and advanced development programs , which partially were offset by a decline in volume on sustainment activities .", "net sales for aeronautics increased by 6% ( 6 % ) in 2009 compared to 2008 .", "during the year , sales increased in all three lines of business .", "the increase of $ 296 million in air mobility 2019s sales primarily was attributable to higher volume on the c-130 programs , including deliveries and support activities .", "there were 16 c-130j deliveries in 2009 and 12 in 2008 .", "combat aircraft sales increased $ 316 million principally due to higher volume on the f-35 program and increases in f-16 deliveries , which partially were offset by lower volume on f-22 and other combat aircraft programs .", "there were 31 f-16 deliveries in 2009 compared to 28 in 2008 .", "the $ 116 million increase in other aeronautics programs mainly was due to higher volume on p-3 programs and advanced development programs , which partially were offset by declines in sustainment activities .", "operating profit for the segment decreased by 5% ( 5 % ) in 2010 compared to 2009 .", "a decline in operating profit in combat aircraft partially was offset by increases in other aeronautics programs and air mobility .", "the $ 149 million decrease in combat aircraft 2019s operating profit primarily was due to lower volume and a decrease in the level of favorable performance adjustments on the f-22 program , the f-35 sdd contract and f-16 and other combat aircraft programs in 2010 .", "these decreases more than offset increased operating profit resulting from higher volume and improved performance on f-35 production contracts in 2010 .", "the $ 35 million increase in other aeronautics programs mainly was attributable to higher volume and improved performance on p-3 and advanced development programs as well as an increase in the level of favorable performance adjustments on sustainment activities in 2010 .", "the $ 19 million increase in air mobility operating profit primarily was due to higher volume and improved performance in 2010 on c-130j support activities , which more than offset a decrease in operating profit due to a lower level of favorable performance adjustments on c-130j deliveries in 2010 .", "the remaining change in operating profit is attributable to an increase in other income , net between the comparable periods .", "aeronautics 2019 2010 operating margins have decreased when compared to 2009 .", "the operating margin decrease reflects the life cycles of our significant programs .", "specifically , aeronautics is performing more development and initial production work on the f-35 program and is performing less work on more mature programs such as the f-22 and f-16 .", "development and initial production contracts yield lower profits than mature full rate programs .", "accordingly , while net sales increased in 2010 relative to 2009 , operating profit decreased and consequently operating margins have declined. ." ]

[ [ "<i>(In millions)</i>", "2010", "2009", "<i>2008</i>" ], [ "Net sales", "$13,235", "$12,201", "$11,473" ], [ "Operating profit", "1,502", "1,577", "1,433" ], [ "Operating margin", "11.3%", "12.9%", "12.5%" ], [ "Backlog at year-end", "27,500", "26,700", "27,200" ] ]

[ [ "( in millions )", "2010", "2009", "2008" ], [ "net sales", "$ 13235", "$ 12201", "$ 11473" ], [ "operating profit", "1502", "1577", "1433" ], [ "operating margin", "11.3% ( 11.3 % )", "12.9% ( 12.9 % )", "12.5% ( 12.5 % )" ], [ "backlog at year-end", "27500", "26700", "27200" ] ]

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[ "supplemental pro forma financial information ( unaudited ) the following table presents summarized unaudited pro forma financial information as if sikorsky had been included in our financial results for the entire year in 2015 ( in millions ) : ." ]

[ "the unaudited supplemental pro forma financial data above has been calculated after applying our accounting policies and adjusting the historical results of sikorskywith pro forma adjustments , net of tax , that assume the acquisition occurred on january 1 , 2015 .", "significant pro forma adjustments include the recognition of additional amortization expense related to acquired intangible assets and additional interest expense related to the short-term debt used to finance the acquisition .", "these adjustments assume the application of fair value adjustments to intangibles and the debt issuance occurred on january 1 , 2015 and are approximated as follows : amortization expense of $ 125million and interest expense of $ 40million .", "in addition , significant nonrecurring adjustments include the elimination of a $ 72million pension curtailment loss , net of tax , recognized in 2015 and the elimination of a $ 58 million income tax charge related to historic earnings of foreign subsidiaries recognized by sikorsky in 2015 .", "the unaudited supplemental pro forma financial information also reflects an increase in interest expense , net of tax , of approximately $ 110 million in 2015 .", "the increase in interest expense is the result of assuming the november 2015 notes were issued on january 1 , 2015 .", "proceeds of the november 2015 notes were used to repay all outstanding borrowings under the 364- day facility used to finance a portion of the purchase price of sikorsky , as contemplated at the date of acquisition .", "the unaudited supplemental pro forma financial information does not reflect the realization of any expected ongoing cost or revenue synergies relating to the integration of the two companies .", "further , the pro forma data should not be considered indicative of the results that would have occurred if the acquisition , related financing and associated notes issuance and repayment of the 364-day facility had been consummated on january 1 , 2015 , nor are they indicative of future results .", "consolidation of awemanagement limited on august 24 , 2016 , we increased our ownership interest in the awe joint venture , which operates the united kingdom 2019s nuclear deterrent program , from 33% ( 33 % ) to 51% ( 51 % ) .", "at which time , we began consolidating awe .", "consequently , our operating results include 100% ( 100 % ) of awe 2019s sales and 51% ( 51 % ) of its operating profit .", "prior to increasing our ownership interest , we accounted for our investment inawe using the equity method of accounting .", "under the equity method , we recognized only 33% ( 33 % ) ofawe 2019s earnings or losses and no sales.accordingly , prior toaugust 24 , 2016 , the date we obtained control , we recorded 33%ofawe 2019s net earnings in our operating results and subsequent to august 24 , 2016 , we recognized 100% ( 100 % ) of awe 2019s sales and 51% ( 51 % ) of its operating profit .", "we accounted for this transaction as a 201cstep acquisition 201d ( as defined by u.s .", "gaap ) , which requires us to consolidate and record the assets and liabilities ofawe at fair value.accordingly , we recorded intangible assets of $ 243million related to customer relationships , $ 32 million of net liabilities , and noncontrolling interests of $ 107 million .", "the intangible assets are being amortized over a period of eight years in accordance with the underlying pattern of economic benefit reflected by the future net cash flows .", "in 2016we recognized a non-cash net gain of $ 104million associatedwith obtaining a controlling interest inawewhich consisted of a $ 127 million pretax gain recognized in the operating results of our space business segment and $ 23 million of tax-related items at our corporate office .", "the gain represents the fair value of our 51% ( 51 % ) interest inawe , less the carrying value of our previously held investment inawe and deferred taxes .", "the gainwas recorded in other income , net on our consolidated statements of earnings .", "the fair value ofawe ( including the intangible assets ) , our controlling interest , and the noncontrolling interests were determined using the income approach .", "divestiture of the information systems & global solutions business onaugust 16 , 2016wedivested our former is&gsbusinesswhichmergedwithleidos , in areversemorristrust transactionrr ( the 201ctransaction 201d ) .", "the transaction was completed in a multi-step process pursuant to which we initially contributed the is&gs business to abacus innovations corporation ( abacus ) , a wholly owned subsidiary of lockheed martin created to facilitate the transaction , and the common stock ofabacus was distributed to participating lockheedmartin stockholders through an exchange offer .", "under the terms of the exchange offer , lockheedmartin stockholders had the option to exchange shares of lockheedmartin common stock for shares of abacus common stock .", "at the conclusion of the exchange offer , all shares of abacus common stock were exchanged for 9369694 shares of lockheed martin common stock held by lockheed martin stockholders that elected to participate in the exchange.the shares of lockheedmartin common stock thatwere exchanged and acceptedwere retired , reducing the number of shares of our common stock outstanding by approximately 3% ( 3 % ) .", "following the exchange offer , abacus merged with ." ]

[ [ "Net sales", "$45,366" ], [ "Net earnings", "3,534" ], [ "Basic earnings per common share", "11.39" ], [ "Diluted earnings per common share", "11.23" ] ]

[ [ "net sales", "$ 45366" ], [ "net earnings", "3534" ], [ "basic earnings per common share", "11.39" ], [ "diluted earnings per common share", "11.23" ] ]

[]

[ "interest-earning assets including unearned income in the accretion of fair value adjustments on discounts recognized on acquired or purchased loans is recognized based on the constant effective yield of the financial instrument .", "the timing and amount of revenue that we recognize in any period is dependent on estimates , judgments , assumptions , and interpretation of contractual terms .", "changes in these factors can have a significant impact on revenue recognized in any period due to changes in products , market conditions or industry norms .", "residential and commercial mortgage servicing rights we elect to measure our residential mortgage servicing rights ( msrs ) at fair value .", "this election was made to be consistent with our risk management strategy to hedge changes in the fair value of these assets as described below .", "the fair value of residential msrs is estimated by using a cash flow valuation model which calculates the present value of estimated future net servicing cash flows , taking into consideration actual and expected mortgage loan prepayment rates , discount rates , servicing costs , and other economic factors which are determined based on current market conditions .", "assumptions incorporated into the residential msrs valuation model reflect management 2019s best estimate of factors that a market participant would use in valuing the residential msrs .", "although sales of residential msrs do occur , residential msrs do not trade in an active market with readily observable prices so the precise terms and conditions of sales are not available .", "as a benchmark for the reasonableness of its residential msrs fair value , pnc obtains opinions of value from independent parties ( 201cbrokers 201d ) .", "these brokers provided a range ( +/- 10 bps ) based upon their own discounted cash flow calculations of our portfolio that reflected conditions in the secondary market , and any recently executed servicing transactions .", "pnc compares its internally-developed residential msrs value to the ranges of values received from the brokers .", "if our residential msrs fair value falls outside of the brokers 2019 ranges , management will assess whether a valuation adjustment is warranted .", "for 2011 and 2010 , pnc 2019s residential msrs value has not fallen outside of the brokers 2019 ranges .", "we consider our residential msrs value to represent a reasonable estimate of fair value .", "commercial msrs are purchased or originated when loans are sold with servicing retained .", "commercial msrs do not trade in an active market with readily observable prices so the precise terms and conditions of sales are not available .", "commercial msrs are initially recorded at fair value and are subsequently accounted for at the lower of amortized cost or fair value .", "commercial msrs are periodically evaluated for impairment .", "for purposes of impairment , the commercial mortgage servicing rights are stratified based on asset type , which characterizes the predominant risk of the underlying financial asset .", "the fair value of commercial msrs is estimated by using an internal valuation model .", "the model calculates the present value of estimated future net servicing cash flows considering estimates of servicing revenue and costs , discount rates and prepayment speeds .", "pnc employs risk management strategies designed to protect the value of msrs from changes in interest rates and related market factors .", "residential msrs values are economically hedged with securities and derivatives , including interest-rate swaps , options , and forward mortgage-backed and futures contracts .", "as interest rates change , these financial instruments are expected to have changes in fair value negatively correlated to the change in fair value of the hedged residential msrs portfolio .", "the hedge relationships are actively managed in response to changing market conditions over the life of the residential msrs assets .", "commercial msrs are economically hedged at a macro level or with specific derivatives to protect against a significant decline in interest rates .", "selecting appropriate financial instruments to economically hedge residential or commercial msrs requires significant management judgment to assess how mortgage rates and prepayment speeds could affect the future values of msrs .", "hedging results can frequently be less predictable in the short term , but over longer periods of time are expected to protect the economic value of the msrs .", "the fair value of residential and commercial msrs and significant inputs to the valuation model as of december 31 , 2011 are shown in the tables below .", "the expected and actual rates of mortgage loan prepayments are significant factors driving the fair value .", "management uses a third-party model to estimate future residential loan prepayments and internal proprietary models to estimate future commercial loan prepayments .", "these models have been refined based on current market conditions .", "future interest rates are another important factor in the valuation of msrs .", "management utilizes market implied forward interest rates to estimate the future direction of mortgage and discount rates .", "the forward rates utilized are derived from the current yield curve for u.s .", "dollar interest rate swaps and are consistent with pricing of capital markets instruments .", "changes in the shape and slope of the forward curve in future periods may result in volatility in the fair value estimate .", "residential mortgage servicing rights dollars in millions december 31 december 31 ." ]

[ "weighted-average constant prepayment rate ( a ) 22.10% ( 22.10 % ) 12.61% ( 12.61 % ) weighted-average option adjusted spread 11.77% ( 11.77 % ) 12.18% ( 12.18 % ) ( a ) changes in weighted-average life and weighted-average constant prepayment rate reflect the cumulative impact of changes in rates , prepayment expectations and model changes .", "the pnc financial services group , inc .", "2013 form 10-k 65 ." ]

[ [ "Dollars in millions", "December 31 2011", "December 312010" ], [ "Fair value", "$647", "$1,033" ], [ "Weighted-average life (in years) (a)", "3.6", "5.8" ], [ "Weighted-average constant prepayment rate (a)", "22.10%", "12.61%" ], [ "Weighted-average option adjusted spread", "11.77%", "12.18%" ] ]

[ [ "dollars in millions", "december 31 2011", "december 312010" ], [ "fair value", "$ 647", "$ 1033" ], [ "weighted-average life ( in years ) ( a )", "3.6", "5.8" ], [ "weighted-average constant prepayment rate ( a )", "22.10% ( 22.10 % )", "12.61% ( 12.61 % )" ], [ "weighted-average option adjusted spread", "11.77% ( 11.77 % )", "12.18% ( 12.18 % )" ] ]

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[ "management 2019s discussion and analysis the table below presents the operating results of our institutional client services segment. ." ]

[ "1 .", "includes net revenues related to reinsurance of $ 1.08 billion , $ 880 million and $ 827 million for the years ended december 2012 , december 2011 and december 2010 , respectively .", "2012 versus 2011 .", "net revenues in institutional client services were $ 18.12 billion for 2012 , 5% ( 5 % ) higher than 2011 .", "net revenues in fixed income , currency and commodities client execution were $ 9.91 billion for 2012 , 10% ( 10 % ) higher than 2011 .", "these results reflected strong net revenues in mortgages , which were significantly higher compared with 2011 .", "in addition , net revenues in credit products and interest rate products were solid and higher compared with 2011 .", "these increases were partially offset by significantly lower net revenues in commodities and slightly lower net revenues in currencies .", "although broad market concerns persisted during 2012 , fixed income , currency and commodities client execution operated in a generally improved environment characterized by tighter credit spreads and less challenging market-making conditions compared with 2011 .", "net revenues in equities were $ 8.21 billion for 2012 , essentially unchanged compared with 2011 .", "net revenues in securities services were significantly higher compared with 2011 , reflecting a gain of approximately $ 500 million on the sale of our hedge fund administration business .", "in addition , equities client execution net revenues were higher than 2011 , primarily reflecting significantly higher results in cash products , principally due to increased levels of client activity .", "these increases were offset by lower commissions and fees , reflecting lower market volumes .", "during 2012 , equities operated in an environment generally characterized by an increase in global equity prices and lower volatility levels .", "the net loss attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $ 714 million ( $ 433 million and $ 281 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2012 , compared with a net gain of $ 596 million ( $ 399 million and $ 197 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2011 .", "during 2012 , institutional client services operated in an environment generally characterized by continued broad market concerns and uncertainties , although positive developments helped to improve market conditions .", "these developments included certain central bank actions to ease monetary policy and address funding risks for european financial institutions .", "in addition , the u.s .", "economy posted stable to improving economic data , including favorable developments in unemployment and housing .", "these improvements resulted in tighter credit spreads , higher global equity prices and lower levels of volatility .", "however , concerns about the outlook for the global economy and continued political uncertainty , particularly the political debate in the united states surrounding the fiscal cliff , generally resulted in client risk aversion and lower activity levels .", "also , uncertainty over financial regulatory reform persisted .", "if these concerns and uncertainties continue over the long term , net revenues in fixed income , currency and commodities client execution and equities would likely be negatively impacted .", "operating expenses were $ 12.48 billion for 2012 , 3% ( 3 % ) lower than 2011 , primarily due to lower brokerage , clearing , exchange and distribution fees , and lower impairment charges , partially offset by higher net provisions for litigation and regulatory proceedings .", "pre-tax earnings were $ 5.64 billion in 2012 , 27% ( 27 % ) higher than 2011 .", "2011 versus 2010 .", "net revenues in institutional client services were $ 17.28 billion for 2011 , 21% ( 21 % ) lower than 2010 .", "net revenues in fixed income , currency and commodities client execution were $ 9.02 billion for 2011 , 34% ( 34 % ) lower than 2010 .", "although activity levels during 2011 were generally consistent with 2010 levels , and results were solid during the first quarter of 2011 , the environment during the remainder of 2011 was characterized by broad market concerns and uncertainty , resulting in volatile markets and significantly wider credit spreads , which contributed to difficult market-making conditions and led to reductions in risk by us and our clients .", "as a result of these conditions , net revenues across the franchise were lower , including significant declines in mortgages and credit products , compared with 2010 .", "54 goldman sachs 2012 annual report ." ]

[ [ "", "Year Ended December" ], [ "<i>in millions</i>", "2012", "2011", "2010" ], [ "Fixed Income, Currency and Commodities Client Execution", "$ 9,914", "$ 9,018", "$13,707" ], [ "Equities client execution¹", "3,171", "3,031", "3,231" ], [ "Commissions and fees", "3,053", "3,633", "3,426" ], [ "Securities services", "1,986", "1,598", "1,432" ], [ "Total Equities", "8,210", "8,262", "8,089" ], [ "Total net revenues", "18,124", "17,280", "21,796" ], [ "Operating expenses", "12,480", "12,837", "14,994" ], [ "Pre-tax earnings", "$ 5,644", "$ 4,443", "$ 6,802" ] ]

[ [ "in millions", "year ended december 2012", "year ended december 2011", "year ended december 2010" ], [ "fixed income currency and commodities client execution", "$ 9914", "$ 9018", "$ 13707" ], [ "equities client execution1", "3171", "3031", "3231" ], [ "commissions and fees", "3053", "3633", "3426" ], [ "securities services", "1986", "1598", "1432" ], [ "total equities", "8210", "8262", "8089" ], [ "total net revenues", "18124", "17280", "21796" ], [ "operating expenses", "12480", "12837", "14994" ], [ "pre-tax earnings", "$ 5644", "$ 4443", "$ 6802" ] ]

[]

[ "development of prior year incurred losses was $ 135.6 million unfavorable in 2006 , $ 26.4 million favorable in 2005 and $ 249.4 million unfavorable in 2004 .", "such losses were the result of the reserve development noted above , as well as inher- ent uncertainty in establishing loss and lae reserves .", "reserves for asbestos and environmental losses and loss adjustment expenses as of year end 2006 , 7.4% ( 7.4 % ) of reserves reflect an estimate for the company 2019s ultimate liability for a&e claims for which ulti- mate value cannot be estimated using traditional reserving techniques .", "the company 2019s a&e liabilities stem from mt .", "mckinley 2019s direct insurance business and everest re 2019s assumed reinsurance business .", "there are significant uncertainties in estimating the amount of the company 2019s potential losses from a&e claims .", "see item 7 , 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014asbestos and environmental exposures 201d and note 3 of notes to consolidated financial statements .", "mt .", "mckinley 2019s book of direct a&e exposed insurance is relatively small and homogenous .", "it also arises from a limited period , effective 1978 to 1984 .", "the book is based principally on excess liability policies , thereby limiting exposure analysis to a lim- ited number of policies and forms .", "as a result of this focused structure , the company believes that it is able to comprehen- sively analyze its exposures , allowing it to identify , analyze and actively monitor those claims which have unusual exposure , including policies in which it may be exposed to pay expenses in addition to policy limits or non-products asbestos claims .", "the company endeavors to be actively engaged with every insured account posing significant potential asbestos exposure to mt .", "mckinley .", "such engagement can take the form of pursuing a final settlement , negotiation , litigation , or the monitoring of claim activity under settlement in place ( 201csip 201d ) agreements .", "sip agreements generally condition an insurer 2019s payment upon the actual claim experience of the insured and may have annual payment caps or other measures to control the insurer 2019s payments .", "the company 2019s mt .", "mckinley operation is currently managing eight sip agreements , three of which were executed prior to the acquisition of mt .", "mckinley in 2000 .", "the company 2019s preference with respect to coverage settlements is to exe- cute settlements that call for a fixed schedule of payments , because such settlements eliminate future uncertainty .", "the company has significantly enhanced its classification of insureds by exposure characteristics over time , as well as its analysis by insured for those it considers to be more exposed or active .", "those insureds identified as relatively less exposed or active are subject to less rigorous , but still active management , with an emphasis on monitoring those characteristics , which may indicate an increasing exposure or levels of activity .", "the company continually focuses on further enhancement of the detailed estimation processes used to evaluate potential exposure of policyholders , including those that may not have reported significant a&e losses .", "everest re 2019s book of assumed reinsurance is relatively concentrated within a modest number of a&e exposed relationships .", "it also arises from a limited period , effectively 1977 to 1984 .", "because the book of business is relatively concentrated and the company has been managing the a&e exposures for many years , its claim staff is familiar with the ceding companies that have generated most of these liabilities in the past and which are therefore most likely to generate future liabilities .", "the company 2019s claim staff has developed familiarity both with the nature of the business written by its ceding companies and the claims handling and reserving practices of those companies .", "this level of familiarity enhances the quality of the company 2019s analysis of its exposure through those companies .", "as a result , the company believes that it can identify those claims on which it has unusual exposure , such as non-products asbestos claims , for concentrated attention .", "however , in setting reserves for its reinsurance liabilities , the company relies on claims data supplied , both formally and informally by its ceding companies and brokers .", "this furnished information is not always timely or accurate and can impact the accuracy and timeli- ness of the company 2019s ultimate loss projections .", "the following table summarizes the composition of the company 2019s total reserves for a&e losses , gross and net of reinsurance , for the years ended december 31: ." ]

[ "( 1 ) additional reserves are case specific reserves determined by the company to be needed over and above those reported by the ceding company .", "81790fin_a 4/13/07 11:08 am page 15 ." ]

[ [ "(Dollars in millions)", "2006", "2005", "2004" ], [ "Case reserves reported by ceding companies", "$135.6", "$125.2", "$148.5" ], [ "Additional case reserves established by the Company (assumed reinsurance) (1)", "152.1", "157.6", "151.3" ], [ "Case reserves established by the Company (direct insurance)", "213.7", "243.5", "272.1" ], [ "Incurred but not reported reserves", "148.7", "123.3", "156.4" ], [ "Gross reserves", "650.1", "649.6", "728.3" ], [ "Reinsurance receivable", "(138.7)", "(199.1)", "(221.6)" ], [ "Net reserves", "$511.4", "$450.5", "$506.7" ] ]

[ [ "( dollars in millions )", "2006", "2005", "2004" ], [ "case reserves reported by ceding companies", "$ 135.6", "$ 125.2", "$ 148.5" ], [ "additional case reserves established by the company ( assumed reinsurance ) ( 1 )", "152.1", "157.6", "151.3" ], [ "case reserves established by the company ( direct insurance )", "213.7", "243.5", "272.1" ], [ "incurred but not reported reserves", "148.7", "123.3", "156.4" ], [ "gross reserves", "650.1", "649.6", "728.3" ], [ "reinsurance receivable", "-138.7 ( 138.7 )", "-199.1 ( 199.1 )", "-221.6 ( 221.6 )" ], [ "net reserves", "$ 511.4", "$ 450.5", "$ 506.7" ] ]

[ { "arg1": "511.4", "arg2": "450.5", "op": "minus1-1", "res": "60.9" }, { "arg1": "#0", "arg2": "450.5", "op": "divide1-2", "res": "13.5%" } ]

[ "table of contents extinguishment costs incurred as a result of the repayment of certain aircraft secured indebtedness , including cash interest charges and non-cash write offs of unamortized debt issuance costs .", "as a result of the 2013 refinancing activities and the early extinguishment of american 2019s 7.50% ( 7.50 % ) senior secured notes in 2014 , we recognized $ 100 million less interest expense in 2014 as compared to the 2013 period .", "other nonoperating expense , net in 2014 consisted principally of net foreign currency losses of $ 114 million and early debt extinguishment charges of $ 56 million .", "other nonoperating expense , net in 2013 consisted principally of net foreign currency losses of $ 56 million and early debt extinguishment charges of $ 29 million .", "other nonoperating expense , net increased $ 64 million , or 73.1% ( 73.1 % ) , during 2014 primarily due to special charges recognized as a result of early debt extinguishment and an increase in foreign currency losses driven by the strengthening of the u.s .", "dollar in foreign currency transactions , principally in latin american markets .", "we recorded a $ 43 million special charge for venezuelan foreign currency losses in 2014 .", "see part ii , item 7a .", "quantitative and qualitative disclosures about market risk for further discussion of our cash held in venezuelan bolivars .", "in addition , our 2014 nonoperating special items included $ 56 million primarily related to the early extinguishment of american 2019s 7.50% ( 7.50 % ) senior secured notes and other indebtedness .", "reorganization items , net reorganization items refer to revenues , expenses ( including professional fees ) , realized gains and losses and provisions for losses that are realized or incurred as a direct result of the chapter 11 cases .", "the following table summarizes the components included in reorganization items , net on aag 2019s consolidated statement of operations for the year ended december 31 , 2013 ( in millions ) : ." ]

[ "( 1 ) in exchange for employees 2019 contributions to the successful reorganization , including agreeing to reductions in pay and benefits , we agreed in the plan to provide each employee group a deemed claim , which was used to provide a distribution of a portion of the equity of the reorganized entity to those employees .", "each employee group received a deemed claim amount based upon a portion of the value of cost savings provided by that group through reductions to pay and benefits as well as through certain work rule changes .", "the total value of this deemed claim was approximately $ 1.7 billion .", "( 2 ) amounts include allowed claims ( claims approved by the bankruptcy court ) and estimated allowed claims relating to ( i ) the rejection or modification of financings related to aircraft and ( ii ) entry of orders treated as unsecured claims with respect to facility agreements supporting certain issuances of special facility revenue bonds .", "the debtors recorded an estimated claim associated with the rejection or modification of a financing or facility agreement when the applicable motion was filed with the bankruptcy court to reject or modify such financing or facility agreement and the debtors believed that it was probable the motion would be approved , and there was sufficient information to estimate the claim .", "see note 2 to aag 2019s consolidated financial statements in part ii , item 8a for further information .", "( 3 ) pursuant to the plan , the debtors agreed to allow certain post-petition unsecured claims on obligations .", "as a result , during the year ended december 31 , 2013 , we recorded reorganization charges to adjust estimated allowed claim amounts previously recorded on rejected special facility revenue bonds of $ 180 million , allowed general unsecured claims related to the 1990 and 1994 series of special facility revenue bonds that financed certain improvements at jfk , and rejected bonds that financed certain improvements at ord , which are included in the table above. ." ]

[ [ "", "2013" ], [ "Labor-related deemed claim (1)", "$1,733" ], [ "Aircraft and facility financing renegotiations and rejections (2), (3)", "325" ], [ "Fair value of conversion discount (4)", "218" ], [ "Professional fees", "199" ], [ "Other", "180" ], [ "Total reorganization items, net", "$2,655" ] ]

[ [ "", "2013" ], [ "labor-related deemed claim ( 1 )", "$ 1733" ], [ "aircraft and facility financing renegotiations and rejections ( 2 ) ( 3 )", "325" ], [ "fair value of conversion discount ( 4 )", "218" ], [ "professional fees", "199" ], [ "other", "180" ], [ "total reorganization items net", "$ 2655" ] ]

[]

[ "subscription cost of subscription revenue consists of third-party royalties and expenses related to operating our network infrastructure , including depreciation expenses and operating lease payments associated with computer equipment , data center costs , salaries and related expenses of network operations , implementation , account management and technical support personnel , amortization of intangible assets and allocated overhead .", "we enter into contracts with third-parties for the use of their data center facilities and our data center costs largely consist of the amounts we pay to these third parties for rack space , power and similar items .", "cost of subscription revenue increased due to the following : % ( % ) change 2014-2013 % ( % ) change 2013-2012 ." ]

[ "cost of subscription revenue increased during fiscal 2014 as compared to fiscal 2013 primarily due to data center costs , compensation cost and related benefits , deprecation expense , and royalty cost .", "data center costs increased as compared with the year-ago period primarily due to higher transaction volumes in our adobe marketing cloud and creative cloud services .", "compensation cost and related benefits increased as compared to the year-ago period primarily due to additional headcount in fiscal 2014 , including from our acquisition of neolane in the third quarter of fiscal 2013 .", "depreciation expense increased as compared to the year-ago period primarily due to higher capital expenditures in recent periods as we continue to invest in our network and data center infrastructure to support the growth of our business .", "royalty cost increased primarily due to increases in subscriptions and downloads of our saas offerings .", "cost of subscription revenue increased during fiscal 2013 as compared to fiscal 2012 primarily due to increased hosted server costs and amortization of purchased intangibles .", "hosted server costs increased primarily due to increases in data center costs related to higher transaction volumes in our adobe marketing cloud and creative cloud services , depreciation expense from higher capital expenditures in prior years and compensation and related benefits driven by additional headcount .", "amortization of purchased intangibles increased primarily due to increased amortization of intangible assets purchased associated with our acquisitions of behance and neolane in fiscal 2013 .", "services and support cost of services and support revenue is primarily comprised of employee-related costs and associated costs incurred to provide consulting services , training and product support .", "cost of services and support revenue increased during fiscal 2014 as compared to fiscal 2013 primarily due to increases in compensation and related benefits driven by additional headcount and third-party fees related to training and consulting services provided to our customers .", "cost of services and support revenue increased during fiscal 2013 as compared to fiscal 2012 primarily due to increases in third-party fees related to training and consulting services provided to our customers and compensation and related benefits driven by additional headcount , including headcount from our acquisition of neolane in fiscal 2013. ." ]

[ [ "", "% Change2014-2013", "% Change2013-2012" ], [ "Data center cost", "10%", "11%" ], [ "Compensation cost and related benefits associated with headcount", "4", "5" ], [ "Depreciation expense", "3", "3" ], [ "Royalty cost", "3", "4" ], [ "Amortization of purchased intangibles", "—", "4" ], [ "Various individually insignificant items", "1", "—" ], [ "Total change", "21%", "27%" ] ]

[ [ "", "% ( % ) change2014-2013", "% ( % ) change2013-2012" ], [ "data center cost", "10% ( 10 % )", "11% ( 11 % )" ], [ "compensation cost and related benefits associated with headcount", "4", "5" ], [ "depreciation expense", "3", "3" ], [ "royalty cost", "3", "4" ], [ "amortization of purchased intangibles", "2014", "4" ], [ "various individually insignificant items", "1", "2014" ], [ "total change", "21% ( 21 % )", "27% ( 27 % )" ] ]

[]

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

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

[ [ "", "2018", "2017", "2016" ], [ "Balance as of January 1", "$(42)", "$(40)", "$(39)" ], [ "Amounts charged to expense", "(33)", "(29)", "(27)" ], [ "Amounts written off", "34", "30", "29" ], [ "Recoveries of amounts written off", "(4)", "(3)", "(3)" ], [ "Balance as of December 31", "$(45)", "$(42)", "$(40)" ] ]

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

[ { "arg1": "42", "arg2": "const_m1", "op": "multiply0-0", "res": "-42" }, { "arg1": "-42", "arg2": "-45", "op": "minus2-1", "res": "3" } ]

[ "other expense , net increased $ 0.8 million to $ 7.2 million in 2015 from $ 6.4 million in 2014 .", "this increase was due to higher net losses on the combined foreign currency exchange rate changes on transactions denominated in foreign currencies and our foreign currency derivative financial instruments in 2015 .", "provision for income taxes increased $ 19.9 million to $ 154.1 million in 2015 from $ 134.2 million in 2014 .", "our effective tax rate was 39.9% ( 39.9 % ) in 2015 compared to 39.2% ( 39.2 % ) in 2014 .", "our effective tax rate for 2015 was higher than the effective tax rate for 2014 primarily due to increased non-deductible costs incurred in connection with our connected fitness acquisitions in 2015 .", "year ended december 31 , 2014 compared to year ended december 31 , 2013 net revenues increased $ 752.3 million , or 32.3% ( 32.3 % ) , to $ 3084.4 million in 2014 from $ 2332.1 million in 2013 .", "net revenues by product category are summarized below: ." ]

[ "the increase in net sales were driven primarily by : 2022 apparel unit sales growth and new offerings in multiple lines led by training , hunt and golf ; and 2022 footwear unit sales growth , led by running and basketball .", "license revenues increased $ 13.3 million , or 24.7% ( 24.7 % ) , to $ 67.2 million in 2014 from $ 53.9 million in 2013 .", "this increase in license revenues was primarily a result of increased distribution and continued unit volume growth by our licensees .", "connected fitness revenue increased $ 18.1 million to $ 19.2 million in 2014 from $ 1.1 million in 2013 primarily due to a full year of revenue from our connected fitness business in 2014 compared to one month in gross profit increased $ 375.5 million to $ 1512.2 million in 2014 from $ 1136.7 million in 2013 .", "gross profit as a percentage of net revenues , or gross margin , increased 30 basis points to 49.0% ( 49.0 % ) in 2014 compared to 48.7% ( 48.7 % ) in 2013 .", "the increase in gross margin percentage was primarily driven by the following : 2022 approximate 20 basis point increase driven primarily by decreased sales mix of excess inventory through our factory house outlet stores ; and 2022 approximate 20 basis point increase as a result of higher duty costs recorded during the prior year on certain products imported in previous years .", "the above increases were partially offset by : 2022 approximate 10 basis point decrease by unfavorable foreign currency exchange rate fluctuations. ." ]

[ [ "", "Year Ended December 31," ], [ "(In thousands)", "2014", "2013", "$ Change", "% Change" ], [ "Apparel", "$2,291,520", "$1,762,150", "$529,370", "30.0%" ], [ "Footwear", "430,987", "298,825", "132,162", "44.2" ], [ "Accessories", "275,409", "216,098", "59,311", "27.4" ], [ "Total net sales", "2,997,916", "2,277,073", "720,843", "31.7" ], [ "License revenues", "67,229", "53,910", "13,319", "24.7" ], [ "Connected Fitness", "19,225", "1,068", "18,157", "1,700.1" ], [ "Total net revenues", "$3,084,370", "$2,332,051", "$752,319", "32.3%" ] ]

[ [ "( in thousands )", "year ended december 31 , 2014", "year ended december 31 , 2013", "year ended december 31 , $ change", "year ended december 31 , % ( % ) change" ], [ "apparel", "$ 2291520", "$ 1762150", "$ 529370", "30.0% ( 30.0 % )" ], [ "footwear", "430987", "298825", "132162", "44.2" ], [ "accessories", "275409", "216098", "59311", "27.4" ], [ "total net sales", "2997916", "2277073", "720843", "31.7" ], [ "license revenues", "67229", "53910", "13319", "24.7" ], [ "connected fitness", "19225", "1068", "18157", "1700.1" ], [ "total net revenues", "$ 3084370", "$ 2332051", "$ 752319", "32.3% ( 32.3 % )" ] ]

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[ "part i item 1 .", "business .", "general development of business general : altria group , inc .", "is a holding company incorporated in the commonwealth of virginia in 1985 .", "at december 31 , 2014 , altria group , inc . 2019s wholly-owned subsidiaries included philip morris usa inc .", "( 201cpm usa 201d ) , which is engaged predominantly in the manufacture and sale of cigarettes in the united states ; john middleton co .", "( 201cmiddleton 201d ) , which is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco , and is a wholly- owned subsidiary of pm usa ; and ust llc ( 201cust 201d ) , which through its wholly-owned subsidiaries , including u.s .", "smokeless tobacco company llc ( 201cusstc 201d ) and ste .", "michelle wine estates ltd .", "( 201cste .", "michelle 201d ) , is engaged in the manufacture and sale of smokeless tobacco products and wine .", "altria group , inc . 2019s other operating companies included nu mark llc ( 201cnu mark 201d ) , a wholly-owned subsidiary that is engaged in the manufacture and sale of innovative tobacco products , and philip morris capital corporation ( 201cpmcc 201d ) , a wholly-owned subsidiary that maintains a portfolio of finance assets , substantially all of which are leveraged leases .", "other altria group , inc .", "wholly-owned subsidiaries included altria group distribution company , which provides sales , distribution and consumer engagement services to certain altria group , inc .", "operating subsidiaries , and altria client services inc. , which provides various support services , such as legal , regulatory , finance , human resources and external affairs , to altria group , inc .", "and its subsidiaries .", "at december 31 , 2014 , altria group , inc .", "also held approximately 27% ( 27 % ) of the economic and voting interest of sabmiller plc ( 201csabmiller 201d ) , which altria group , inc .", "accounts for under the equity method of accounting .", "source of funds : because altria group , inc .", "is a holding company , its access to the operating cash flows of its wholly- owned subsidiaries consists of cash received from the payment of dividends and distributions , and the payment of interest on intercompany loans by its subsidiaries .", "at december 31 , 2014 , altria group , inc . 2019s principal wholly-owned subsidiaries were not limited by long-term debt or other agreements in their ability to pay cash dividends or make other distributions with respect to their equity interests .", "in addition , altria group , inc .", "receives cash dividends on its interest in sabmiller if and when sabmiller pays such dividends .", "financial information about segments altria group , inc . 2019s reportable segments are smokeable products , smokeless products and wine .", "the financial services and the innovative tobacco products businesses are included in an all other category due to the continued reduction of the lease portfolio of pmcc and the relative financial contribution of altria group , inc . 2019s innovative tobacco products businesses to altria group , inc . 2019s consolidated results .", "altria group , inc . 2019s chief operating decision maker reviews operating companies income to evaluate the performance of , and allocate resources to , the segments .", "operating companies income for the segments is defined as operating income before amortization of intangibles and general corporate expenses .", "interest and other debt expense , net , and provision for income taxes are centrally managed at the corporate level and , accordingly , such items are not presented by segment since they are excluded from the measure of segment profitability reviewed by altria group , inc . 2019s chief operating decision maker .", "net revenues and operating companies income ( together with a reconciliation to earnings before income taxes ) attributable to each such segment for each of the last three years are set forth in note 15 .", "segment reporting to the consolidated financial statements in item 8 .", "financial statements and supplementary data of this annual report on form 10-k ( 201citem 8 201d ) .", "information about total assets by segment is not disclosed because such information is not reported to or used by altria group , inc . 2019s chief operating decision maker .", "segment goodwill and other intangible assets , net , are disclosed in note 4 .", "goodwill and other intangible assets , net to the consolidated financial statements in item 8 ( 201cnote 4 201d ) .", "the accounting policies of the segments are the same as those described in note 2 .", "summary of significant accounting policies to the consolidated financial statements in item 8 ( 201cnote 2 201d ) .", "the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: ." ]

[ "for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 15 .", "segment reporting to the consolidated financial statements in item 8 ( 201cnote 15 201d ) .", "narrative description of business portions of the information called for by this item are included in item 7 .", "management 2019s discussion and analysis of financial condition and results of operations - operating results by business segment of this annual report on form 10-k .", "tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton and nu mark .", "altria group distribution company provides sales , distribution and consumer engagement services to altria group , inc . 2019s tobacco operating companies .", "the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products comprised of cigarettes manufactured and sold by pm usa and machine-made large altria_mdc_2014form10k_nolinks_crops.pdf 3 2/25/15 5:56 pm ." ]

[ [ "", "2014", "2013", "2012" ], [ "Smokeable products", "87.2%", "84.5%", "83.7%" ], [ "Smokeless products", "13.4", "12.2", "12.5" ], [ "Wine", "1.7", "1.4", "1.4" ], [ "All other", "(2.3)", "1.9", "2.4" ], [ "Total", "100.0%", "100.0%", "100.0%" ] ]

[ [ "", "2014", "2013", "2012" ], [ "smokeable products", "87.2% ( 87.2 % )", "84.5% ( 84.5 % )", "83.7% ( 83.7 % )" ], [ "smokeless products", "13.4", "12.2", "12.5" ], [ "wine", "1.7", "1.4", "1.4" ], [ "all other", "-2.3 ( 2.3 )", "1.9", "2.4" ], [ "total", "100.0% ( 100.0 % )", "100.0% ( 100.0 % )", "100.0% ( 100.0 % )" ] ]

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[ "the analysis of our depreciation studies .", "changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively .", "under group depreciation , the historical cost ( net of salvage ) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized .", "the historical cost of certain track assets is estimated using ( i ) inflation indices published by the bureau of labor statistics and ( ii ) the estimated useful lives of the assets as determined by our depreciation studies .", "the indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes .", "because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired , we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate .", "in addition , we determine if the recorded amount of accumulated depreciation is deficient ( or in excess ) of the amount indicated by our depreciation studies .", "any deficiency ( or excess ) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets .", "for retirements of depreciable railroad properties that do not occur in the normal course of business , a gain or loss may be recognized if the retirement meets each of the following three conditions : ( i ) is 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 track assets and other road properties , which is typically performed by our employees , and for track line expansion and other capacity projects .", "costs that are directly attributable to capital projects ( including overhead costs ) 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 .", "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 .", "these costs are allocated using appropriate statistical bases .", "total expense for repairs and maintenance incurred was $ 2.3 billion for 2013 , $ 2.1 billion for 2012 , and $ 2.2 billion for 2011 .", "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 .", "12 .", "accounts payable and other current liabilities dec .", "31 , dec .", "31 , millions 2013 2012 ." ]

[ "." ]

[ [ "<i>Millions</i>", "<i>Dec. 31,</i> <i>2013</i>", "<i>Dec. 31,</i><i>2012</i>" ], [ "Accounts payable", "$803", "$825" ], [ "Income and other taxes payable", "491", "368" ], [ "Accrued wages and vacation", "385", "376" ], [ "Dividends payable", "356", "318" ], [ "Accrued casualty costs", "207", "213" ], [ "Interest payable", "169", "172" ], [ "Equipment rents payable", "96", "95" ], [ "Other", "579", "556" ], [ "Total accounts payable and othercurrent liabilities", "$3,086", "$2,923" ] ]

[ [ "millions", "dec . 31 2013", "dec . 312012" ], [ "accounts payable", "$ 803", "$ 825" ], [ "income and other taxes payable", "491", "368" ], [ "accrued wages and vacation", "385", "376" ], [ "dividends payable", "356", "318" ], [ "accrued casualty costs", "207", "213" ], [ "interest payable", "169", "172" ], [ "equipment rents payable", "96", "95" ], [ "other", "579", "556" ], [ "total accounts payable and othercurrent liabilities", "$ 3086", "$ 2923" ] ]

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[ "december 31 , december 31 , december 31 , december 31 , december 31 , december 31 ." ]

[ "equity compensation plan information information regarding securities authorized for issuance under equity compensation plans will be set forth in our definitive proxy statement for our 2017 annual meeting of stockholders under the caption 201csecurities authorized for issuance under equity compensation plans , 201d which is incorporated herein by reference .", "item 6 .", "selected financial data .", "the table set forth below presents our selected financial information for each of the past five years ( in millions , except per share amounts ) .", "the selected statement of operations information for each of the three years ended december 31 , 2016 and the selected balance sheet information as of december 31 , 2016 and 2015 have been derived from and should be read in conjunction with the information in item 7 , 201cmanagement 2019s discussion and analysis of financial condition and results of operations , 201d the audited consolidated financial statements included in item 8 , 201cfinancial statements and supplementary data , 201d and other financial information included elsewhere in this annual report on form 10-k .", "the selected statement of operations information for each of the two years ended december 31 , 2013 and 2012 and the selected balance sheet information as of december 31 , 2014 , 2013 and 2012 have been derived from financial statements not included in this annual report on form 10-k .", "2016 2015 2014 2013 2012 selected statement of operations information : revenues $ 6497 $ 6394 $ 6265 $ 5535 $ 4487 operating income 2058 1985 2061 1975 1859 income from continuing operations , net of taxes 1218 1048 1137 1077 956 loss from discontinued operations , net of taxes 2014 2014 2014 2014 ( 11 ) net income 1218 1048 1137 1077 945 net income available to discovery communications , inc .", "1194 1034 1139 1075 943 basic earnings per share available to discovery communications , inc .", "series a , b and c common stockholders : continuing operations $ 1.97 $ 1.59 $ 1.67 $ 1.50 $ 1.27 discontinued operations 2014 2014 2014 2014 ( 0.01 ) net income 1.97 1.59 1.67 1.50 1.25 diluted earnings per share available to discovery communications , inc .", "series a , b and c common stockholders : continuing operations $ 1.96 $ 1.58 $ 1.66 $ 1.49 $ 1.26 discontinued operations 2014 2014 2014 2014 ( 0.01 ) net income 1.96 1.58 1.66 1.49 1.24 weighted average shares outstanding : basic 401 432 454 484 498 diluted 610 656 687 722 759 selected balance sheet information : cash and cash equivalents $ 300 $ 390 $ 367 $ 408 $ 1201 total assets 15758 15864 15970 14934 12892 long-term debt : current portion 82 119 1107 17 31 long-term portion 7841 7616 6002 6437 5174 total liabilities 10348 10172 9619 8701 6599 redeemable noncontrolling interests 243 241 747 36 2014 equity attributable to discovery communications , inc .", "5167 5451 5602 6196 6291 total equity $ 5167 $ 5451 $ 5604 $ 6197 $ 6293 2022 income per share amounts may not sum since each is calculated independently .", "2022 on september 30 , 2016 , the company recorded an other-than-temporary impairment of $ 62 million related to its investment in lionsgate .", "on december 2 , 2016 , the company acquired a 39% ( 39 % ) minority interest in group nine media , a newly formed media holding company , in exchange for contributions of $ 100 million and the company's digital network businesses seeker and sourcefed , resulting in a gain of $ 50 million upon deconsolidation of the businesses .", "( see note 4 to the accompanying consolidated financial statements. ) ." ]

[ [ "", "December 31,2011", "December 31,2012", "December 31,2013", "December 31,2014", "December 31,2015", "December 31,2016" ], [ "DISCA", "$100.00", "$154.94", "$220.70", "$168.17", "$130.24", "$133.81" ], [ "DISCB", "$100.00", "$150.40", "$217.35", "$175.04", "$127.80", "$137.83" ], [ "DISCK", "$100.00", "$155.17", "$222.44", "$178.89", "$133.79", "$142.07" ], [ "S&P 500", "$100.00", "$113.41", "$146.98", "$163.72", "$162.53", "$178.02" ], [ "Peer Group", "$100.00", "$134.98", "$220.77", "$253.19", "$243.93", "$271.11" ] ]

[ [ "", "december 312011", "december 312012", "december 312013", "december 312014", "december 312015", "december 312016" ], [ "disca", "$ 100.00", "$ 154.94", "$ 220.70", "$ 168.17", "$ 130.24", "$ 133.81" ], [ "discb", "$ 100.00", "$ 150.40", "$ 217.35", "$ 175.04", "$ 127.80", "$ 137.83" ], [ "disck", "$ 100.00", "$ 155.17", "$ 222.44", "$ 178.89", "$ 133.79", "$ 142.07" ], [ "s&p 500", "$ 100.00", "$ 113.41", "$ 146.98", "$ 163.72", "$ 162.53", "$ 178.02" ], [ "peer group", "$ 100.00", "$ 134.98", "$ 220.77", "$ 253.19", "$ 243.93", "$ 271.11" ] ]

[]

[ "a lump sum buyout cost of approximately $ 1.1 million .", "total rent expense under these leases , included in the accompanying consolidated statements of operations , was approximately $ 893000 , $ 856000 and $ 823000 for the fiscal years ended march 31 , 2001 , 2002 and 2003 , respectively .", "during the fiscal year ended march 31 , 2000 , the company entered into 36-month operating leases totaling approximately $ 644000 for the lease of office furniture .", "these leases ended in fiscal year 2003 and at the company 2019s option the furniture was purchased at its fair market value .", "rental expense recorded for these leases during the fiscal years ended march 31 , 2001 , 2002 and 2003 was approximately $ 215000 , $ 215000 and $ 127000 respectively .", "during fiscal 2000 , the company entered into a 36-month capital lease for computer equipment and software for approximately $ 221000 .", "this lease ended in fiscal year 2003 and at the company 2019s option these assets were purchased at the stipulated buyout price .", "future minimum lease payments under all non-cancelable operating leases as of march 31 , 2003 are approximately as follows ( in thousands ) : ." ]

[ "from time to time , the company is involved in legal and administrative proceedings and claims of various types .", "while any litigation contains an element of uncertainty , management , in consultation with the company 2019s general counsel , presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , will not have a material adverse effect on the company .", "7 .", "stock option and purchase plans all stock options granted by the company under the below-described plans were granted at the fair value of the underlying common stock at the date of grant .", "outstanding stock options , if not exercised , expire 10 years from the date of grant .", "the 1992 combination stock option plan ( the combination plan ) , as amended , was adopted in september 1992 as a combination and restatement of the company 2019s then outstanding incentive stock option plan and nonqualified plan .", "a total of 2670859 options were awarded from the combination plan during its ten-year restatement term that ended on may 1 , 2002 .", "as of march 31 , 2003 , 1286042 of these options remain outstanding and eligible for future exercise .", "these options are held by company employees and generally become exercisable ratably over five years .", "the 1998 equity incentive plan , ( the equity incentive plan ) , was adopted by the company in august 1998 .", "the equity incentive plan provides for grants of options to key employees , directors , advisors and consultants as either incentive stock options or nonqualified stock options as determined by the company 2019s board of directors .", "a maximum of 1000000 shares of common stock may be awarded under this plan .", "options granted under the equity incentive plan are exercisable at such times and subject to such terms as the board of directors may specify at the time of each stock option grant .", "options outstanding under the equity incentive plan have vesting periods of 3 to 5 years from the date of grant .", "the 2000 stock incentive plan , ( the 2000 plan ) , was adopted by the company in august 2000 .", "the 2000 plan provides for grants of options to key employees , directors , advisors and consultants to the company or its subsidiaries as either incentive or nonqualified stock options as determined by the company 2019s board of directors .", "up to 1400000 shares of common stock may be awarded under the 2000 plan and are exercisable at such times and subject to such terms as the board of directors may specify at the time of each stock option grant .", "options outstanding under the 2000 plan generally vested 4 years from the date of grant .", "the company has a nonqualified stock option plan for non-employee directors ( the directors 2019 plan ) .", "the directors 2019 plan , as amended , was adopted in july 1989 and provides for grants of options to purchase shares of the company 2019s common stock to non-employee directors of the company .", "up to 400000 shares of common stock may be awarded under the directors 2019 plan .", "options outstanding under the directors 2019 plan have vesting periods of 1 to 5 years from the date of grant .", "notes to consolidated financial statements ( continued ) march 31 , 2003 page 25 ." ]

[ [ "Year ending March 31,", "Operating Leases" ], [ "2004", "$781" ], [ "2005", "776" ], [ "2006", "776" ], [ "2007", "769" ], [ "2008", "772" ], [ "Thereafter", "1,480" ], [ "Total future minimum lease payments", "$5,354" ] ]

[ [ "year ending march 31,", "operating leases" ], [ "2004", "$ 781" ], [ "2005", "776" ], [ "2006", "776" ], [ "2007", "769" ], [ "2008", "772" ], [ "thereafter", "1480" ], [ "total future minimum lease payments", "$ 5354" ] ]

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[ "17 .", "leases we lease certain locomotives , freight cars , and other property .", "the consolidated statements of financial position as of december 31 , 2016 , and 2015 included $ 1997 million , net of $ 1121 million of accumulated depreciation , and $ 2273 million , net of $ 1189 million of accumulated depreciation , 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 , 2016 , were as follows : millions operating leases capital leases ." ]

[ "approximately 96% ( 96 % ) of capital lease payments relate to locomotives .", "rent expense for operating leases with terms exceeding one month was $ 535 million in 2016 , $ 590 million in 2015 , and $ 593 million in 2014 .", "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 approximately 6% ( 6 % ) is related to unasserted claims at december 31 , 2016 .", "because of the uncertainty surrounding the ultimate outcome of personal injury claims , it is reasonably possible that future costs to settle these claims may range from approximately $ 290 million to $ 317 million .", "we record an accrual at the low end of the range as no amount of loss within the range is more probable than any other .", "estimates can vary over time due to evolving trends in litigation. ." ]

[ [ "Millions", "OperatingLeases", "CapitalLeases" ], [ "2017", "$461", "$221" ], [ "2018", "390", "193" ], [ "2019", "348", "179" ], [ "2020", "285", "187" ], [ "2021", "245", "158" ], [ "Later years", "1,314", "417" ], [ "Total minimum lease payments", "$3,043", "$1,355" ], [ "Amount representing interest", "N/A", "(250)" ], [ "Present value of minimum lease payments", "N/A", "$1,105" ] ]

[ [ "millions", "operatingleases", "capitalleases" ], [ "2017", "$ 461", "$ 221" ], [ "2018", "390", "193" ], [ "2019", "348", "179" ], [ "2020", "285", "187" ], [ "2021", "245", "158" ], [ "later years", "1314", "417" ], [ "total minimum lease payments", "$ 3043", "$ 1355" ], [ "amount representing interest", "n/a", "-250 ( 250 )" ], [ "present value of minimum lease payments", "n/a", "$ 1105" ] ]

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[ "the goldman sachs group , inc .", "and subsidiaries management 2019s discussion and analysis net revenues in equities were $ 6.60 billion , 4% ( 4 % ) lower than 2016 , primarily due to lower commissions and fees , reflecting a decline in our listed cash equity volumes in the u.s .", "market volumes in the u.s .", "also declined .", "in addition , net revenues in equities client execution were lower , reflecting lower net revenues in derivatives , partially offset by higher net revenues in cash products .", "net revenues in securities services were essentially unchanged .", "operating expenses were $ 9.69 billion for 2017 , essentially unchanged compared with 2016 , due to decreased compensation and benefits expenses , reflecting lower net revenues , largely offset by increased technology expenses , reflecting higher expenses related to cloud-based services and software depreciation , and increased consulting costs .", "pre-tax earnings were $ 2.21 billion in 2017 , 54% ( 54 % ) lower than 2016 .", "investing & lending investing & lending includes our investing activities and the origination of loans , including our relationship lending activities , to provide financing to clients .", "these investments and loans are typically longer-term in nature .", "we make investments , some of which are consolidated , including through our merchant banking business and our special situations group , in debt securities and loans , public and private equity securities , infrastructure and real estate entities .", "some of these investments are made indirectly through funds that we manage .", "we also make unsecured loans through our digital platform , marcus : by goldman sachs and secured loans through our digital platform , goldman sachs private bank select .", "the table below presents the operating results of our investing & lending segment. ." ]

[ "operating environment .", "during 2018 , our investments in private equities benefited from company-specific events , including sales , and strong corporate performance , while investments in public equities reflected losses , as global equity prices generally decreased .", "results for our investments in debt securities and loans reflected continued growth in loans receivables , resulting in higher net interest income .", "if macroeconomic concerns negatively affect corporate performance or the origination of loans , or if global equity prices continue to decline , net revenues in investing & lending would likely be negatively impacted .", "during 2017 , generally higher global equity prices and tighter credit spreads contributed to a favorable environment for our equity and debt investments .", "results also reflected net gains from company-specific events , including sales , and corporate performance .", "2018 versus 2017 .", "net revenues in investing & lending were $ 8.25 billion for 2018 , 14% ( 14 % ) higher than 2017 .", "net revenues in equity securities were $ 4.46 billion , 3% ( 3 % ) lower than 2017 , reflecting net losses from investments in public equities ( 2018 included $ 183 million of net losses ) compared with net gains in the prior year , partially offset by significantly higher net gains from investments in private equities ( 2018 included $ 4.64 billion of net gains ) , driven by company-specific events , including sales , and corporate performance .", "for 2018 , 60% ( 60 % ) of the net revenues in equity securities were generated from corporate investments and 40% ( 40 % ) were generated from real estate .", "net revenues in debt securities and loans were $ 3.80 billion , 43% ( 43 % ) higher than 2017 , primarily driven by significantly higher net interest income .", "2018 included net interest income of approximately $ 2.70 billion compared with approximately $ 1.80 billion in 2017 .", "provision for credit losses was $ 674 million for 2018 , compared with $ 657 million for 2017 , as the higher provision for credit losses primarily related to consumer loan growth in 2018 was partially offset by an impairment of approximately $ 130 million on a secured loan in 2017 .", "operating expenses were $ 3.37 billion for 2018 , 20% ( 20 % ) higher than 2017 , primarily due to increased expenses related to consolidated investments and our digital lending and deposit platform , and increased compensation and benefits expenses , reflecting higher net revenues .", "pre-tax earnings were $ 4.21 billion in 2018 , 11% ( 11 % ) higher than 2017 versus 2016 .", "net revenues in investing & lending were $ 7.24 billion for 2017 , 70% ( 70 % ) higher than 2016 .", "net revenues in equity securities were $ 4.58 billion , 78% ( 78 % ) higher than 2016 , primarily reflecting a significant increase in net gains from private equities ( 2017 included $ 3.82 billion of net gains ) , which were positively impacted by company-specific events and corporate performance .", "in addition , net gains from public equities ( 2017 included $ 762 million of net gains ) were significantly higher , as global equity prices increased during the year .", "for 2017 , 64% ( 64 % ) of the net revenues in equity securities were generated from corporate investments and 36% ( 36 % ) were generated from real estate .", "net revenues in debt securities and loans were $ 2.66 billion , 57% ( 57 % ) higher than 2016 , reflecting significantly higher net interest income ( 2017 included approximately $ 1.80 billion of net interest income ) .", "60 goldman sachs 2018 form 10-k ." ]

[ [ "", "Year Ended December" ], [ "<i>$ in millions</i>", "2018", "2017", "2016" ], [ "Equity securities", "$4,455", "$4,578", "$2,573" ], [ "Debt securities and loans", "3,795", "2,660", "1,689" ], [ "Total net revenues", "8,250", "7,238", "4,262" ], [ "Provision for credit losses", "674", "657", "182" ], [ "Operating expenses", "3,365", "2,796", "2,386" ], [ "Pre-taxearnings", "$4,211", "$3,785", "$1,694" ] ]

[ [ "$ in millions", "year ended december 2018", "year ended december 2017", "year ended december 2016" ], [ "equity securities", "$ 4455", "$ 4578", "$ 2573" ], [ "debt securities and loans", "3795", "2660", "1689" ], [ "total net revenues", "8250", "7238", "4262" ], [ "provision for credit losses", "674", "657", "182" ], [ "operating expenses", "3365", "2796", "2386" ], [ "pre-taxearnings", "$ 4211", "$ 3785", "$ 1694" ] ]

[ { "arg1": "4211", "arg2": "3785", "op": "minus2-1", "res": "426" }, { "arg1": "#0", "arg2": "3785", "op": "divide2-2", "res": "11.3%" } ]

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

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

[ [ "<i>(Millions)</i>", "<i>2010</i>", "2009", "<i>2008</i>" ], [ "Interest income", "$34", "$28", "$26" ], [ "Royalty income", "58", "45", "52" ], [ "Share of net earnings (loss) of equity affiliates (See Note 6)", "45", "(5)", "3" ], [ "Gain on sale of assets", "8", "36", "23" ], [ "Other", "69", "74", "61" ], [ "<i></i> <i>Total</i>", "$214", "$178", "$165" ] ]

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

[]

[ "management 2019s discussion and analysis we believe our credit ratings are primarily based on the credit rating agencies 2019 assessment of : 2030 our liquidity , market , credit and operational risk management practices ; 2030 the level and variability of our earnings ; 2030 our capital base ; 2030 our franchise , reputation and management ; 2030 our corporate governance ; and 2030 the external operating environment , including , in some cases , the assumed level of government or other systemic support .", "certain of our derivatives have been transacted 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 bilateral agreements by determining the collateral or termination payments that would occur assuming a downgrade by all rating agencies .", "a downgrade by any one rating agency , depending on the agency 2019s relative ratings of us at the time of the downgrade , may have an impact which is comparable to the impact of a downgrade by all rating agencies .", "we allocate a portion of our gcla to ensure we would be able to make the additional collateral or termination payments that may be required in the event of a two-notch reduction in our long-term credit ratings , as well as collateral that has not been called by counterparties , but is available to them .", "the table below presents the additional collateral or termination payments related to our net derivative liabilities under bilateral agreements that could have been called at the reporting date by counterparties in the event of a one-notch and two-notch downgrade in our credit ratings. ." ]

[ "$ in millions 2014 2013 additional collateral or termination payments for a one-notch downgrade $ 1072 $ 911 additional collateral or termination payments for a two-notch downgrade 2815 2989 cash flows as a global financial institution , our cash flows are complex and bear little relation to our net earnings and net assets .", "consequently , we believe that traditional cash flow analysis is less meaningful in evaluating our liquidity position than the liquidity and asset-liability management policies described above .", "cash flow analysis may , however , be helpful in highlighting certain macro trends and strategic initiatives in our businesses .", "year ended december 2014 .", "our cash and cash equivalents decreased by $ 3.53 billion to $ 57.60 billion at the end of 2014 .", "we used $ 22.53 billion in net cash for operating and investing activities , which reflects an initiative to reduce our balance sheet , and the funding of loans receivable .", "we generated $ 19.00 billion in net cash from financing activities from an increase in bank deposits and net proceeds from issuances of unsecured long-term borrowings , partially offset by repurchases of common stock .", "year ended december 2013 .", "our cash and cash equivalents decreased by $ 11.54 billion to $ 61.13 billion at the end of 2013 .", "we generated $ 4.54 billion in net cash from operating activities .", "we used net cash of $ 16.08 billion for investing and financing activities , primarily to fund loans receivable and repurchases of common stock .", "year ended december 2012 .", "our cash and cash equivalents increased by $ 16.66 billion to $ 72.67 billion at the end of 2012 .", "we generated $ 9.14 billion in net cash from operating and investing activities .", "we generated $ 7.52 billion in net cash from financing activities from an increase in bank deposits , partially offset by net repayments of unsecured and secured long-term borrowings .", "78 goldman sachs 2014 annual report ." ]

[ [ "", "As of December" ], [ "<i>$ in millions</i>", "2014", "2013" ], [ "Additional collateral or termination payments for a one-notch downgrade", "$1,072", "$ 911" ], [ "Additional collateral or termination payments for a two-notch downgrade", "2,815", "2,989" ] ]

[ [ "$ in millions", "as of december 2014", "as of december 2013" ], [ "additional collateral or termination payments for a one-notch downgrade", "$ 1072", "$ 911" ], [ "additional collateral or termination payments for a two-notch downgrade", "2815", "2989" ] ]

[]

[ "part ii item 5 : market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities motorola 2019s common stock is listed on the new york and chicago stock exchanges .", "the number of stockholders of record of motorola common stock on january 31 , 2008 was 79907 .", "information regarding securities authorized for issuance under equity compensation plans is incorporated by reference to the information under the caption 201cequity compensation plan information 201d of motorola 2019s proxy statement for the 2008 annual meeting of stockholders .", "the remainder of the response to this item incorporates by reference note 16 , 201cquarterly and other financial data ( unaudited ) 201d of the notes to consolidated financial statements appearing under 201citem 8 : financial statements and supplementary data 201d .", "the following table provides information with respect to acquisitions by the company of shares of its common stock during the quarter ended december 31 , 2007 .", "issuer purchases of equity securities period ( a ) total number of shares purchased ( 1 ) ( 2 ) ( b ) average price paid per share ( 1 ) ( 3 ) ( c ) total number of shares purchased as part of publicly announced plans or programs ( 2 ) ( d ) maximum number ( or approximate dollar value ) of shares that may yet be purchased under the plans or programs ( 2 ) ." ]

[ "( 1 ) in addition to purchases under the 2006 stock repurchase program ( as defined below ) , included in this column are transactions under the company 2019s equity compensation plans involving the delivery to the company of 12043 shares of motorola common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock granted to company employees .", "( 2 ) through actions taken on july 24 , 2006 and march 21 , 2007 , the board of directors has authorized the company to repurchase an aggregate amount of up to $ 7.5 billion of its outstanding shares of common stock over a period ending in june 2009 , subject to market conditions ( the 201c2006 stock repurchase program 201d ) .", "( 3 ) average price paid per share of common stock repurchased under the 2006 stock repurchase program is execution price , excluding commissions paid to brokers. ." ]

[ [ "<i>Period</i>", "<i>(a) Total Number</i> <i>of Shares</i> <i>Purchased⁽¹⁾⁽²⁾</i>", "<i>(b) Average Price</i> <i>Paid per</i> <i>Share⁽¹⁾⁽³⁾</i>", "<i>(c) Total Number</i> <i>of Shares Purchased</i> <i>as Part of Publicly</i> <i>Announced Plans</i> <i>or Programs⁽²⁾</i>", "<i>(d) Maximum Number</i> <i>(or Approximate Dollar</i> <i>Value) of Shares that</i> <i>May Yet Be Purchased</i> <i>Under the Plans or</i> <i>Programs⁽²⁾</i>" ], [ "9/30/07 to 10/26/07", "2,972,951", "$18.84", "2,964,225", "$4,267,375,081" ], [ "10/27/07 to 11/23/07", "5,709,917", "$17.23", "5,706,600", "$4,169,061,854" ], [ "11/24/07 to 12/31/07", "25,064,045", "$16.04", "25,064,045", "$3,767,061,887" ], [ "Total", "33,746,913", "$16.49", "33,734,870", "" ] ]

[ [ "period", "( a ) total number of shares purchased ( 1 ) ( 2 )", "( b ) average price paid per share ( 1 ) ( 3 )", "( c ) total number of shares purchased as part of publicly announced plans or programs ( 2 )", "( d ) maximum number ( or approximate dollar value ) of shares that may yet be purchased under the plans or programs ( 2 )" ], [ "9/30/07 to 10/26/07", "2972951", "$ 18.84", "2964225", "$ 4267375081" ], [ "10/27/07 to 11/23/07", "5709917", "$ 17.23", "5706600", "$ 4169061854" ], [ "11/24/07 to 12/31/07", "25064045", "$ 16.04", "25064045", "$ 3767061887" ], [ "total", "33746913", "$ 16.49", "33734870", "" ] ]

[]

[ "58| | duke realty corporation annual report 2009 we recognized a loss of $ 1.1 million upon acquisition , which represents the difference between the fair value of the recognized assets and the carrying value of our pre-existing equity interest .", "the acquisition date fair value of the net recognized assets as compared to the acquisition date carrying value of our outstanding advances and accrued interest , as well as the acquisition date carrying value of our pre-existing equity interests , is shown as follows ( in thousands ) : ." ]

[ "since april 1 , 2009 , the results of operations for both acquired entities have been included in continuing operations in our consolidated financial statements .", "due to our significant pre-existing ownership and financing positions in the two acquired entities , the inclusion of their results of operations did not have a material effect on our operating income .", "acquisitions we acquired income producing real estate related assets of $ 32.1 million , $ 60.5 million and $ 219.9 million in 2009 , 2008 and 2007 , respectively .", "in december 2007 , in order to further establish our property positions around strategic port locations , we purchased a portfolio of five industrial buildings in seattle , virginia and houston , as well as approximately 161 acres of undeveloped land and a 12-acre container storage facility in houston .", "the total price was $ 89.7 million and was financed in part through assumption of secured debt that had a fair value of $ 34.3 million .", "of the total purchase price , $ 64.1 million was allocated to in-service real estate assets , $ 20.0 million was allocated to undeveloped land and the container storage facility , $ 5.4 million was allocated to lease related intangible assets , and the remaining amount was allocated to acquired working capital related assets and liabilities .", "the results of operations for the acquired properties since the date of acquisition have been included in continuing rental operations in our consolidated financial statements .", "all other acquisitions were not individually material .", "dispositions we disposed of income producing real estate related assets with gross proceeds of $ 267.0 million , $ 426.2 million and $ 590.4 million in 2009 , 2008 and 2007 , respectively .", "we sold five properties in 2009 and seven properties in 2008 to an unconsolidated joint venture .", "the gross proceeds totaled $ 84.3 million and $ 226.2 million for the years ended december 31 , 2009 and 2008 , respectively .", "in march 2007 , as part of our capital recycling program , we sold a portfolio of eight suburban office properties totaling 894000 square feet in the cleveland market .", "the sales price totaled $ 140.4 million , of which we received net proceeds of $ 139.3 million .", "we also sold a portfolio of twelve flex and light industrial properties in july 2007 , totaling 865000 square feet in the st .", "louis market , for a sales price of $ 65.0 million , of which we received net proceeds of $ 64.2 million .", "all other dispositions were not individually material .", "( 4 ) related party transactions we provide property management , leasing , construction and other tenant related services to unconsolidated companies in which we have equity interests .", "for the years ended december 31 , 2009 , 2008 and 2007 , respectively , we earned management fees of $ 8.4 million , $ 7.8 million and $ 7.1 million , leasing fees of $ 4.2 million , $ 2.8 million and $ 4.2 million and construction and development fees of $ 10.2 million , $ 12.7 million and $ 13.1 million from these companies .", "we recorded these fees based on contractual terms that approximate market rates for these types of ." ]

[ [ "Net fair value of acquired assets and liabilities", "$206,852" ], [ "Less advances to acquired entities eliminated upon consolidation", "(173,006)" ], [ "Less acquisition date carrying value of equity in acquired entities", "(34,908)" ], [ "Loss on business combination", "$(1,062)" ] ]

[ [ "net fair value of acquired assets and liabilities", "$ 206852" ], [ "less advances to acquired entities eliminated upon consolidation", "-173006 ( 173006 )" ], [ "less acquisition date carrying value of equity in acquired entities", "-34908 ( 34908 )" ], [ "loss on business combination", "$ -1062 ( 1062 )" ] ]

[ { "arg1": "173006", "arg2": "34908", "op": "add2-1", "res": "207914" }, { "arg1": "#0", "arg2": "206852", "op": "divide2-2", "res": "0.99" } ]

[ "stock performance graph the following performance graph compares the cumulative total return ( including dividends ) to the holders of our common stock from december 31 , 2002 through december 31 , 2007 , with the cumulative total returns of the nyse composite index , the ftse nareit composite reit index ( the 201call reit index 201d ) , the ftse nareit healthcare equity reit index ( the 201chealthcare reit index 201d ) and the russell 1000 index over the same period .", "the comparison assumes $ 100 was invested on december 31 , 2002 in our common stock and in each of the foregoing indices and assumes reinvestment of dividends , as applicable .", "we have included the nyse composite index in the performance graph because our common stock is listed on the nyse .", "we have included the other indices because we believe that they are either most representative of the industry in which we compete , or otherwise provide a fair basis for comparison with ventas , and are therefore particularly relevant to an assessment of our performance .", "the figures in the table below are rounded to the nearest dollar. ." ]

[ "ventas nyse composite index all reit index healthcare reit index russell 1000 index ." ]

[ [ "", "12/31/2002", "12/31/2003", "12/31/2004", "12/31/2005", "12/31/2006", "12/31/2007" ], [ "Ventas", "$100", "$206", "$270", "$331", "$457", "$512" ], [ "NYSE Composite Index", "$100", "$132", "$151", "$166", "$200", "$217" ], [ "All REIT Index", "$100", "$138", "$181", "$196", "$262", "$215" ], [ "Healthcare REIT Index", "$100", "$154", "$186", "$189", "$273", "$279" ], [ "Russell 1000 Index", "$100", "$130", "$145", "$154", "$178", "$188" ] ]

[ [ "", "12/31/2002", "12/31/2003", "12/31/2004", "12/31/2005", "12/31/2006", "12/31/2007" ], [ "ventas", "$ 100", "$ 206", "$ 270", "$ 331", "$ 457", "$ 512" ], [ "nyse composite index", "$ 100", "$ 132", "$ 151", "$ 166", "$ 200", "$ 217" ], [ "all reit index", "$ 100", "$ 138", "$ 181", "$ 196", "$ 262", "$ 215" ], [ "healthcare reit index", "$ 100", "$ 154", "$ 186", "$ 189", "$ 273", "$ 279" ], [ "russell 1000 index", "$ 100", "$ 130", "$ 145", "$ 154", "$ 178", "$ 188" ] ]

[ { "arg1": "206", "arg2": "const_100", "op": "minus1-1", "res": "106" }, { "arg1": "#0", "arg2": "const_100", "op": "divide1-2", "res": "106%" } ]

[ "measurement point december 31 booking holdings nasdaq composite index s&p 500 rdg internet composite ." ]

[ "sales of unregistered securities between october 1 , 2017 and december 31 , 2017 , we issued 103343 shares of our common stock in connection with the conversion of $ 196.1 million principal amount of our 1.0% ( 1.0 % ) convertible senior notes due 2018 .", "the conversions were effected in accordance with the indenture , which provides that the principal amount of converted notes be paid in cash and the conversion premium be paid in cash and/or shares of common stock at our election .", "in each case , we chose to pay the conversion premium in shares of common stock ( fractional shares are paid in cash ) .", "the issuances of the shares were not registered under the securities act of 1933 , as amended ( the \"act\" ) pursuant to section 3 ( a ) ( 9 ) of the act. ." ]

[ [ "Measurement PointDecember 31", "Booking Holdings Inc.", "NASDAQComposite Index", "S&P 500Index", "RDG InternetComposite" ], [ "2012", "100.00", "100.00", "100.00", "100.00" ], [ "2013", "187.37", "141.63", "132.39", "163.02" ], [ "2014", "183.79", "162.09", "150.51", "158.81" ], [ "2015", "205.51", "173.33", "152.59", "224.05" ], [ "2016", "236.31", "187.19", "170.84", "235.33" ], [ "2017", "280.10", "242.29", "208.14", "338.52" ] ]

[ [ "measurement pointdecember 31", "booking holdings inc .", "nasdaqcomposite index", "s&p 500index", "rdg internetcomposite" ], [ "2012", "100.00", "100.00", "100.00", "100.00" ], [ "2013", "187.37", "141.63", "132.39", "163.02" ], [ "2014", "183.79", "162.09", "150.51", "158.81" ], [ "2015", "205.51", "173.33", "152.59", "224.05" ], [ "2016", "236.31", "187.19", "170.84", "235.33" ], [ "2017", "280.10", "242.29", "208.14", "338.52" ] ]

[ { "arg1": "280.10", "arg2": "const_100", "op": "minus1-1", "res": "180.10" }, { "arg1": "#0", "arg2": "const_100", "op": "divide1-2", "res": "180.10%" } ]

[ "when the likelihood of clawback is considered mathematically improbable .", "the company records a deferred carried interest liability to the extent it receives cash or capital allocations related to carried interest prior to meeting the revenue recognition criteria .", "at december 31 , 2017 and 2016 , the company had $ 219 million and $ 152 million , respectively , of deferred carried interest recorded in other liabilities/other liabilities of consolidated vies on the consolidated statements of financial condition .", "a portion of the deferred carried interest liability will be paid to certain employees .", "the ultimate timing of the recognition of performance fee revenue , if any , for these products is unknown .", "the following table presents changes in the deferred carried interest liability ( including the portion related to consolidated vies ) for 2017 and 2016: ." ]

[ "for 2017 , 2016 and 2015 , performance fee revenue ( which included recognized carried interest ) totaled $ 594 million , $ 295 million and $ 621 million , respectively .", "fees earned for technology and risk management revenue are recorded as services are performed and are generally determined using the value of positions on the aladdin platform or on a fixed-rate basis .", "for 2017 , 2016 and 2016 , technology and risk management revenue totaled $ 677 million , $ 595 million and $ 528 million , respectively .", "adjustments to revenue arising from initial estimates recorded historically have been immaterial since the majority of blackrock 2019s investment advisory and administration revenue is calculated based on aum and since the company does not record performance fee revenue until performance thresholds have been exceeded and the likelihood of clawback is mathematically improbable .", "accounting developments recent accounting pronouncements not yet adopted .", "revenue from contracts with customers .", "in may 2014 , the financial accounting standards board ( 201cfasb 201d ) issued accounting standards update ( 201casu 201d ) 2014-09 , revenue from contracts with customers ( 201casu 2014-09 201d ) .", "asu 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance , including industry-specific guidance .", "the guidance also changes the accounting for certain contract costs and revises the criteria for determining if an entity is acting as a principal or agent in certain arrangements .", "the key changes in the standard that impact the company 2019s revenue recognition relate to the presentation of certain revenue contracts and associated contract costs .", "the most significant of these changes relates to the presentation of certain distribution costs , which are currently presented net against revenues ( contra-revenue ) and will be presented as an expense on a gross basis .", "the company adopted asu 2014-09 effective january 1 , 2018 on a full retrospective basis , which will require 2016 and 2017 to be restated in future filings .", "the cumulative effect adjustment to the 2016 opening retained earnings was not material .", "the company currently expects the net gross up to revenue to be approximately $ 1 billion with a corresponding gross up to expense for both 2016 and 2017 .", "consequently , the company expects its gaap operating margin to decline upon adoption due to the gross up of revenue .", "however , no material impact is expected on the company 2019s as adjusted operating margin .", "for accounting pronouncements that the company adopted during the year ended december 31 , 2017 and for additional recent accounting pronouncements not yet adopted , see note 2 , significant accounting policies , in the consolidated financial statements contained in part ii , item 8 of this filing .", "item 7a .", "quantitative and qualitative disclosures about market risk aum market price risk .", "blackrock 2019s investment advisory and administration fees are primarily comprised of fees based on a percentage of the value of aum and , in some cases , performance fees expressed as a percentage of the returns realized on aum .", "at december 31 , 2017 , the majority of the company 2019s investment advisory and administration fees were based on average or period end aum of the applicable investment funds or separate accounts .", "movements in equity market prices , interest rates/credit spreads , foreign exchange rates or all three could cause the value of aum to decline , which would result in lower investment advisory and administration fees .", "corporate investments portfolio risks .", "as a leading investment management firm , blackrock devotes significant resources across all of its operations to identifying , measuring , monitoring , managing and analyzing market and operating risks , including the management and oversight of its own investment portfolio .", "the board of directors of the company has adopted guidelines for the review of investments to be made by the company , requiring , among other things , that investments be reviewed by certain senior officers of the company , and that certain investments may be referred to the audit committee or the board of directors , depending on the circumstances , for approval .", "in the normal course of its business , blackrock is exposed to equity market price risk , interest rate/credit spread risk and foreign exchange rate risk associated with its corporate investments .", "blackrock has investments primarily in sponsored investment products that invest in a variety of asset classes , including real assets , private equity and hedge funds .", "investments generally are made for co-investment purposes , to establish a performance track record , to hedge exposure to certain deferred compensation plans or for regulatory purposes .", "currently , the company has a seed capital hedging program in which it enters into swaps to hedge market and interest rate exposure to certain investments .", "at december 31 , 2017 , the company had outstanding total return swaps with an aggregate notional value of approximately $ 587 million .", "at december 31 , 2017 , there were no outstanding interest rate swaps. ." ]

[ [ "(in millions)", "2017", "2016" ], [ "Beginning balance", "$152", "$143" ], [ "Net increase (decrease) in unrealized allocations", "75", "37" ], [ "Performance fee revenue recognized", "(21)", "(28)" ], [ "Acquisition", "13", "—" ], [ "Ending balance", "$219", "$152" ] ]

[ [ "( in millions )", "2017", "2016" ], [ "beginning balance", "$ 152", "$ 143" ], [ "net increase ( decrease ) in unrealized allocations", "75", "37" ], [ "performance fee revenue recognized", "-21 ( 21 )", "-28 ( 28 )" ], [ "acquisition", "13", "2014" ], [ "ending balance", "$ 219", "$ 152" ] ]

[ { "arg1": "595", "arg2": "528", "op": "minus2-1", "res": "67" }, { "arg1": "#0", "arg2": "528", "op": "divide2-2", "res": "12.7%" } ]

[ "international networks international networks generated revenues of $ 3.0 billion and adjusted oibda of $ 848 million during 2016 , which represented 47% ( 47 % ) and 35% ( 35 % ) of our total consolidated revenues and adjusted oibda , respectively .", "our international networks segment principally consists of national and pan-regional television networks and brands that are delivered across multiple distribution platforms .", "this segment generates revenue from operations in virtually every pay-tv market in the world through an infrastructure that includes operational centers in london , warsaw , milan , singapore and miami .", "global brands include discovery channel , animal planet , tlc , id , science channel and turbo ( known as velocity in the u.s. ) , along with brands exclusive to international networks , including eurosport , real time , dmax and discovery kids .", "as of december 31 , 2016 , international networks operated over 400 unique distribution feeds in over 40 languages with channel feeds customized according to language needs and advertising sales opportunities .", "international networks also has fta and broadcast networks in europe and the middle east and broadcast networks in germany , norway and sweden , and continues to pursue further international expansion .", "fta networks generate a significant portion of international networks' revenue .", "the penetration and growth rates of television services vary across countries and territories depending on numerous factors including the dominance of different television platforms in local markets .", "while pay-tv services have greater penetration in certain markets , fta or broadcast television is dominant in others .", "international networks has a large international distribution platform for its 37 networks , with as many as 13 networks distributed in any particular country or territory across the more than 220 countries and territories around the world .", "international networks pursues distribution across all television platforms based on the specific dynamics of local markets and relevant commercial agreements .", "in addition to the global networks described in the overview section above , we operate networks internationally that utilize the following brands : 2022 eurosport is the leading sports entertainment provider across europe with the following tv brands : eurosport , eurosport 2 and eurosportnews , reaching viewers across europe and asia , as well as eurosport digital , which includes eurosport player and eurosport.com .", "2022 viewing subscribers reached by each brand as of december 31 , 2016 were as follows : eurosport : 133 million ; eurosport 2 : 65 million ; and eurosportnews : 9 million .", "2022 eurosport telecasts live sporting events with both local and pan-regional appeal and its events focus on winter sports , cycling and tennis , including the tour de france and it is the home of grand slam tennis with all four tournaments .", "important local sports rights include bundesliga and motogp .", "in addition , eurosport has increasingly invested in more exclusive and localized rights to drive local audience and commercial relevance .", "2022 we have acquired the exclusive broadcast rights across all media platforms throughout europe for the four olympic games between 2018 and 2024 for 20ac1.3 billion ( $ 1.5 billion as of december 31 , 2016 ) .", "the broadcast rights exclude france for the olympic games in 2018 and 2020 , and exclude russia .", "in addition to fta broadcasts for the olympic games , many of these events are set to air on eurosport's pay-tv and digital platforms .", "2022 on november 2 , 2016 , we announced a long-term agreement and joint venture partnership with bamtech ( \"mlbam\" ) a technology services and video streaming company , and subsidiary of major league baseball's digital business , that includes the formation of bamtech europe , a joint venture that will provide digital technology services to a broad set of both sports and entertainment clients across europe .", "2022 as of december 31 , 2016 , dmax reached approximately 103 million viewers through fta networks , according to internal estimates .", "2022 dmax is a men 2019s factual entertainment channel in asia and europe .", "2022 discovery kids reached approximately 121 million viewers , according to internal estimates , as of december 31 , 2016 .", "2022 discovery kids is a leading children's network in latin america and asia .", "our international networks segment also owns and operates the following regional television networks , which reached the following number of subscribers and viewers via pay and fta or broadcast networks , respectively , as of december 31 , 2016 : television service international subscribers/viewers ( millions ) ." ]

[ "( a ) number of subscribers corresponds to the sum of the subscribers to each of the nordic broadcast networks in sweden , norway , finland and denmark subject to retransmission agreements with pay-tv providers .", "the nordic broadcast networks include kanal 5 , kanal 9 , and kanal 11 in sweden , tv norge , max , fem and vox in norway , tv 5 , kutonen , and frii in finland , and kanal 4 , kanal 5 , 6'eren , and canal 9 in denmark .", "similar to u.s .", "networks , a significant source of revenue for international networks relates to fees charged to operators who distribute our linear networks .", "such operators primarily include cable and dth satellite service providers .", "international television markets vary in their stages of development .", "some markets , such as the u.k. , are more advanced digital television markets , while others remain in the analog environment with varying degrees of investment from operators to expand channel capacity or convert to digital technologies .", "common practice in some markets results in long-term contractual distribution relationships , while customers in other markets renew contracts annually .", "distribution revenue for our international networks segment is largely dependent on the number of subscribers that receive our networks or content , the rates negotiated in the distributor agreements , and the market demand for the content that we provide .", "the other significant source of revenue for international networks relates to advertising sold on our television networks and across distribution platforms , similar to u.s .", "networks .", "advertising revenue is dependent upon a number of factors , including the development of pay and fta television markets , the number of subscribers to and viewers of our channels , viewership demographics , the popularity of our programming , and our ability to sell commercial time over a portfolio of channels on multiple platforms .", "in certain markets , our advertising sales business operates with in-house sales teams , while we rely on external sales representation services in other markets .", "in developing television markets , advertising revenue growth results from continued subscriber growth , our localization strategy , and the shift of advertising spending from traditional broadcast networks to channels ." ]

[ [ "", "Television Service", "InternationalSubscribers/Viewers(millions)" ], [ "Quest", "FTA", "77" ], [ "Nordic broadcast networks^(a)", "Broadcast", "35" ], [ "Giallo", "FTA", "25" ], [ "Frisbee", "FTA", "25" ], [ "Focus", "FTA", "25" ], [ "K2", "FTA", "25" ], [ "DeeJay TV", "FTA", "25" ], [ "Discovery HD World", "Pay", "24" ], [ "Shed", "Pay", "12" ], [ "Discovery History", "Pay", "10" ], [ "Discovery World", "Pay", "6" ], [ "Discovery en Espanol (U.S.)", "Pay", "6" ], [ "Discovery Familia (U.S.)", "Pay", "6" ] ]

[ [ "", "television service", "internationalsubscribers/viewers ( millions )" ], [ "quest", "fta", "77" ], [ "nordic broadcast networks ( a )", "broadcast", "35" ], [ "giallo", "fta", "25" ], [ "frisbee", "fta", "25" ], [ "focus", "fta", "25" ], [ "k2", "fta", "25" ], [ "deejay tv", "fta", "25" ], [ "discovery hd world", "pay", "24" ], [ "shed", "pay", "12" ], [ "discovery history", "pay", "10" ], [ "discovery world", "pay", "6" ], [ "discovery en espanol ( u.s. )", "pay", "6" ], [ "discovery familia ( u.s. )", "pay", "6" ] ]

[ { "arg1": "133", "arg2": "65", "op": "add2-1", "res": "198" }, { "arg1": "#0", "arg2": "const_9", "op": "add2-2", "res": "207" }, { "arg1": "133", "arg2": "#1", "op": "divide2-3", "res": "64%" } ]

[ "amount of commitment expiration per period other commercial commitments after millions total 2013 2014 2015 2016 2017 2017 ." ]

[ "[a] none of the credit facility was used as of december 31 , 2012 .", "[b] $ 100 million of the receivables securitization facility was utilized at december 31 , 2012 , which is accounted for as debt .", "the full program matures in july 2013 .", "[c] includes guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .", "[d] none of the letters of credit were drawn upon as of december 31 , 2012 .", "off-balance sheet arrangements guarantees 2013 at december 31 , 2012 , we were contingently liable for $ 307 million in guarantees .", "we have recorded a liability of $ 2 million for the fair value of these obligations as of december 31 , 2012 and 2011 .", "we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .", "the final guarantee expires in 2022 .", "we are not aware of any existing event of default that would require us to satisfy these guarantees .", "we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .", "other matters labor agreements 2013 approximately 86% ( 86 % ) of our 45928 full-time-equivalent employees are represented by 14 major rail unions .", "during the year , we concluded the most recent round of negotiations , which began in 2010 , with the ratification of new agreements by several unions that continued negotiating into 2012 .", "all of the unions executed similar multi-year agreements that provide for higher employee cost sharing of employee health and welfare benefits and higher wages .", "the current agreements will remain in effect until renegotiated under provisions of the railway labor act .", "the next round of negotiations will begin in early 2015 .", "inflation 2013 long periods of inflation significantly increase asset replacement costs for capital-intensive companies .", "as a result , assuming that we replace all operating assets at current price levels , depreciation charges ( on an inflation-adjusted basis ) would be substantially greater than historically reported amounts .", "derivative financial instruments 2013 we may use derivative financial instruments in limited instances 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 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 , 2012 and 2011 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities. ." ]

[ [ "", "", "<i>Amount of Commitment Expiration per Period</i>" ], [ "<i>Other Commercial Commitments</i><i>Millions</i>", "<i>Total</i>", "<i>2013</i>", "<i>2014</i>", "<i>2015</i>", "<i>2016</i>", "<i>2017</i>", "<i>After 2017</i>" ], [ "Credit facilities [a]", "$1,800", "$-", "$-", "$1,800", "$-", "$-", "$-" ], [ "Receivables securitization facility [b]", "600", "600", "-", "-", "-", "-", "-" ], [ "Guarantees [c]", "307", "8", "214", "12", "30", "10", "33" ], [ "Standby letters of credit [d]", "25", "24", "1", "-", "-", "-", "-" ], [ "Total commercialcommitments", "$2,732", "$632", "$215", "$1,812", "$30", "$10", "$33" ] ]

[ [ "other commercial commitmentsmillions", "total", "amount of commitment expiration per period 2013", "amount of commitment expiration per period 2014", "amount of commitment expiration per period 2015", "amount of commitment expiration per period 2016", "amount of commitment expiration per period 2017", "amount of commitment expiration per period after 2017" ], [ "credit facilities [a]", "$ 1800", "$ -", "$ -", "$ 1800", "$ -", "$ -", "$ -" ], [ "receivables securitization facility [b]", "600", "600", "-", "-", "-", "-", "-" ], [ "guarantees [c]", "307", "8", "214", "12", "30", "10", "33" ], [ "standby letters of credit [d]", "25", "24", "1", "-", "-", "-", "-" ], [ "total commercialcommitments", "$ 2732", "$ 632", "$ 215", "$ 1812", "$ 30", "$ 10", "$ 33" ] ]

[]

[ "for the valuation of the 4199466 performance-based options granted in 2005 : the risk free interest rate was 4.2% ( 4.2 % ) , the volatility factor for the expected market price of the common stock was 44% ( 44 % ) , the expected dividend yield was zero and the objective time to exercise was 4.7 years with an objective in the money assumption of 2.95 years .", "it was also expected that the initial public offering assumption would occur within a 9 month period from grant date .", "the fair value of the performance-based options was calculated to be $ 5.85 .", "the fair value for fis options granted in 2006 was estimated at the date of grant using a black-scholes option- pricing model with the following weighted average assumptions .", "the risk free interest rates used in the calculation are the rate that corresponds to the weighted average expected life of an option .", "the risk free interest rate used for options granted during 2006 was 4.9% ( 4.9 % ) .", "a volatility factor for the expected market price of the common stock of 30% ( 30 % ) was used for options granted in 2006 .", "the expected dividend yield used for 2006 was 0.5% ( 0.5 % ) .", "a weighted average expected life of 6.4 years was used for 2006 .", "the weighted average fair value of each option granted during 2006 was $ 15.52 .", "at december 31 , 2006 , the total unrecognized compensation cost related to non-vested stock option grants is $ 86.1 million , which is expected to be recognized in pre-tax income over a weighted average period of 1.9 years .", "the company intends to limit dilution caused by option exercises , including anticipated exercises , by repurchasing shares on the open market or in privately negotiated transactions .", "during 2006 , the company repurchased 4261200 shares at an average price of $ 37.60 .", "on october 25 , 2006 , the company 2019s board of directors approved a plan authorizing the repurchase of up to an additional $ 200 million worth of the company 2019s common stock .", "defined benefit plans certegy pension plan in connection with the certegy merger , the company announced that it will terminate and settle the certegy u.s .", "retirement income plan ( usrip ) .", "the estimated impact of this settlement was reflected in the purchase price allocation as an increase in the pension liability , less the fair value of the pension plan assets , based on estimates of the total cost to settle the liability through the purchase of annuity contracts or lump sum settlements to the beneficiaries .", "the final settlement will not occur until after an irs determination has been obtained , which is expected to be received in 2007 .", "in addition to the net pension plan obligation of $ 21.6 million , the company assumed liabilities of $ 8.0 million for certegy 2019s supplemental executive retirement plan ( 201cserp 201d ) and $ 3.0 mil- lion for a postretirement benefit plan .", "a reconciliation of the changes in the fair value of plan assets of the usrip for the period from february 1 , 2006 through december 31 , 2006 is as follows ( in thousands ) : ." ]

[ "benefits paid in the above table include only those amounts paid directly from plan assets .", "as of december 31 , 2006 and for 2007 through the pay out of the pension liability , the assets are being invested in u.s .", "treasury bonds due to the short duration until final payment .", "fidelity national information services , inc .", "and subsidiaries and affiliates consolidated and combined financial statements notes to consolidated and combined financial statements 2014 ( continued ) ." ]

[ [ "", "2006" ], [ "Fair value of plan assets at acquisition date", "$57,369" ], [ "Actual return on plan assets", "8,200" ], [ "Benefits paid", "(797)" ], [ "Fair value of plan assets at end of year", "$64,772" ] ]

[ [ "", "2006" ], [ "fair value of plan assets at acquisition date", "$ 57369" ], [ "actual return on plan assets", "8200" ], [ "benefits paid", "-797 ( 797 )" ], [ "fair value of plan assets at end of year", "$ 64772" ] ]

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[ "15 .", "leases in january 1996 , the company entered into a lease agreement with an unrelated third party for a new corporate office facility , which the company occupied in february 1997 .", "in may 2004 , the company entered into the first amendment to this lease agreement , effective january 1 , 2004 .", "the lease was extended from an original period of 10 years , with an option for five additional years , to a period of 18 years from the inception date , with an option for five additional years .", "the company incurred lease rental expense related to this facility of $ 1.3 million in 2008 , 2007 and 2006 .", "the future minimum lease payments are $ 1.4 million per annum from january 1 , 2009 to december 31 , 2014 .", "the future minimum lease payments from january 1 , 2015 through december 31 , 2019 will be determined based on prevailing market rental rates at the time of the extension , if elected .", "the amended lease also provided for the lessor to reimburse the company for up to $ 550000 in building refurbishments completed through march 31 , 2006 .", "these amounts have been recorded as a reduction of lease expense over the remaining term of the lease .", "the company has also entered into various noncancellable operating leases for equipment and office space .", "office space lease expense totaled $ 9.3 million , $ 6.3 million and $ 4.7 million for the years ended december 31 , 2008 , 2007 and 2006 , respectively .", "future minimum lease payments under noncancellable operating leases for office space in effect at december 31 , 2008 are $ 8.8 million in 2009 , $ 6.6 million in 2010 , $ 3.0 million in 2011 , $ 1.8 million in 2012 and $ 1.1 million in 2013 .", "16 .", "royalty agreements the company has entered into various renewable , nonexclusive license agreements under which the company has been granted access to the licensor 2019s technology and the right to sell the technology in the company 2019s product line .", "royalties are payable to developers of the software at various rates and amounts , which generally are based upon unit sales or revenue .", "royalty fees are reported in cost of goods sold and were $ 6.3 million , $ 5.2 million and $ 3.9 million for the years ended december 31 , 2008 , 2007 and 2006 , respectively .", "17 .", "geographic information revenue to external customers is attributed to individual countries based upon the location of the customer .", "revenue by geographic area is as follows: ." ]

[ "." ]

[ [ "", "Year Ended December 31," ], [ "<i>(in thousands)</i>", "2008", "2007", "2006" ], [ "United States", "$151,688", "$131,777", "$94,282" ], [ "Germany", "68,390", "50,973", "34,567" ], [ "Japan", "66,960", "50,896", "35,391" ], [ "Canada", "8,033", "4,809", "4,255" ], [ "Other European", "127,246", "108,971", "70,184" ], [ "Other international", "56,022", "37,914", "24,961" ], [ "Total revenue", "$478,339", "$385,340", "$263,640" ] ]

[ [ "( in thousands )", "year ended december 31 , 2008", "year ended december 31 , 2007", "year ended december 31 , 2006" ], [ "united states", "$ 151688", "$ 131777", "$ 94282" ], [ "germany", "68390", "50973", "34567" ], [ "japan", "66960", "50896", "35391" ], [ "canada", "8033", "4809", "4255" ], [ "other european", "127246", "108971", "70184" ], [ "other international", "56022", "37914", "24961" ], [ "total revenue", "$ 478339", "$ 385340", "$ 263640" ] ]

[]

[ "issuer purchases of equity securities during the three months ended december 31 , 2007 , we repurchased 8895570 shares of our class a common stock for an aggregate of $ 385.1 million pursuant to the $ 1.5 billion stock repurchase program publicly announced in february 2007 , 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 ) issuer repurchases pursuant to the $ 1.5 billion stock repurchase program publicly announced in february 2007 .", "under this program , our management was authorized through february 2008 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 typically made purchases pursuant to trading plans under rule 10b5-1 of the exchange act , which allow 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 .", "subsequent to december 31 , 2007 , we repurchased 4.3 million shares of our class a common stock for an aggregate of $ 163.7 million pursuant to this program .", "in february 2008 , our board of directors approved a new stock repurchase program , pursuant to which we are authorized to purchase up to an additional $ 1.5 billion of our class a common stock .", "purchases under this stock repurchase program are subject to us having available cash to fund repurchases , as further described in item 1a of this annual report under the caption 201crisk factors 2014we anticipate that we may need additional financing to fund our stock repurchase programs , to refinance our existing indebtedness and to fund future growth and expansion initiatives 201d and item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources . 201d ." ]

[ [ "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)" ], [ "October 2007", "3,493,426", "$43.30", "3,493,426", "$449.9" ], [ "November 2007", "2,891,719", "$44.16", "2,891,719", "$322.2" ], [ "December 2007", "2,510,425", "$44.20", "2,510,425", "$216.2" ], [ "Total Fourth Quarter", "8,895,570", "$43.27", "8,895,570", "$216.2" ] ]

[ [ "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 )" ], [ "october 2007", "3493426", "$ 43.30", "3493426", "$ 449.9" ], [ "november 2007", "2891719", "$ 44.16", "2891719", "$ 322.2" ], [ "december 2007", "2510425", "$ 44.20", "2510425", "$ 216.2" ], [ "total fourth quarter", "8895570", "$ 43.27", "8895570", "$ 216.2" ] ]

[ { "arg1": "163.7", "arg2": "const_1000000", "op": "multiply2-1", "res": "163700000" }, { "arg1": "4.3", "arg2": "const_1000000", "op": "multiply2-2", "res": "4300000" }, { "arg1": "#0", "arg2": "#1", "op": "divide2-3", "res": "38.07" } ]

[ "consolidated income statement review our consolidated income statement is presented in item 8 of this report .", "net income for 2012 was $ 3.0 billion compared with $ 3.1 billion for 2011 .", "revenue growth of 8 percent and a decline in the provision for credit losses were more than offset by a 16 percent increase in noninterest expense in 2012 compared to 2011 .", "further detail is included in the net interest income , noninterest income , provision for credit losses and noninterest expense portions of this consolidated income statement review .", "net interest income table 2 : net interest income and net interest margin year ended december 31 dollars in millions 2012 2011 ." ]

[ "changes in net interest income and margin result from the interaction of the volume and composition of interest-earning assets and related yields , interest-bearing liabilities and related rates paid , and noninterest-bearing sources of funding .", "see the statistical information ( unaudited ) 2013 average consolidated balance sheet and net interest analysis and analysis of year-to-year changes in net interest income in item 8 of this report and the discussion of purchase accounting accretion of purchased impaired loans in the consolidated balance sheet review in this item 7 for additional information .", "the increase in net interest income in 2012 compared with 2011 was primarily due to the impact of the rbc bank ( usa ) acquisition , organic loan growth and lower funding costs .", "purchase accounting accretion remained stable at $ 1.1 billion in both periods .", "the net interest margin was 3.94% ( 3.94 % ) for 2012 and 3.92% ( 3.92 % ) for 2011 .", "the increase in the comparison was primarily due to a decrease in the weighted-average rate accrued on total interest- bearing liabilities of 29 basis points , largely offset by a 21 basis point decrease on the yield on total interest-earning assets .", "the decrease in the rate on interest-bearing liabilities was primarily due to the runoff of maturing retail certificates of deposit and the redemption of additional trust preferred and hybrid capital securities during 2012 , in addition to an increase in fhlb borrowings and commercial paper as lower-cost funding sources .", "the decrease in the yield on interest-earning assets was primarily due to lower rates on new loan volume and lower yields on new securities in the current low rate environment .", "with respect to the first quarter of 2013 , we expect net interest income to decline by two to three percent compared to fourth quarter 2012 net interest income of $ 2.4 billion , due to a decrease in purchase accounting accretion of up to $ 50 to $ 60 million , including lower expected cash recoveries .", "for the full year 2013 , we expect net interest income to decrease compared with 2012 , assuming an expected decline in purchase accounting accretion of approximately $ 400 million , while core net interest income is expected to increase in the year-over-year comparison .", "we believe our net interest margin will come under pressure in 2013 , due to the expected decline in purchase accounting accretion and assuming that the current low rate environment continues .", "noninterest income noninterest income totaled $ 5.9 billion for 2012 and $ 5.6 billion for 2011 .", "the overall increase in the comparison was primarily due to an increase in residential mortgage loan sales revenue driven by higher loan origination volume , gains on sales of visa class b common shares and higher corporate service fees , largely offset by higher provision for residential mortgage repurchase obligations .", "asset management revenue , including blackrock , totaled $ 1.2 billion in 2012 compared with $ 1.1 billion in 2011 .", "this increase was primarily due to higher earnings from our blackrock investment .", "discretionary assets under management increased to $ 112 billion at december 31 , 2012 compared with $ 107 billion at december 31 , 2011 driven by stronger average equity markets , positive net flows and strong sales performance .", "for 2012 , consumer services fees were $ 1.1 billion compared with $ 1.2 billion in 2011 .", "the decline reflected the regulatory impact of lower interchange fees on debit card transactions partially offset by customer growth .", "as further discussed in the retail banking portion of the business segments review section of this item 7 , the dodd-frank limits on interchange rates were effective october 1 , 2011 and had a negative impact on revenue of approximately $ 314 million in 2012 and $ 75 million in 2011 .", "this impact was partially offset by higher volumes of merchant , customer credit card and debit card transactions and the impact of the rbc bank ( usa ) acquisition .", "corporate services revenue increased by $ .3 billion , or 30 percent , to $ 1.2 billion in 2012 compared with $ .9 billion in 2011 due to higher commercial mortgage servicing revenue and higher merger and acquisition advisory fees in 2012 .", "the major components of corporate services revenue are treasury management revenue , corporate finance fees , including revenue from capital markets-related products and services , and commercial mortgage servicing revenue , including commercial mortgage banking activities .", "see the product revenue portion of this consolidated income statement review for further detail .", "the pnc financial services group , inc .", "2013 form 10-k 39 ." ]

[ [ "Year ended December 31Dollars in millions", "2012", "2011" ], [ "Net interest income", "$9,640", "$8,700" ], [ "Net interest margin", "3.94%", "3.92%" ] ]

[ [ "year ended december 31dollars in millions", "2012", "2011" ], [ "net interest income", "$ 9640", "$ 8700" ], [ "net interest margin", "3.94% ( 3.94 % )", "3.92% ( 3.92 % )" ] ]

[ { "arg1": "9640", "arg2": "8700", "op": "add1-1", "res": "18340" }, { "arg1": "#0", "arg2": "2", "op": "divide1-2", "res": "9170" } ]

[ "synopsys , inc .", "notes to consolidated financial statements 2014continued the aggregate purchase price consideration was approximately us$ 417.0 million .", "as of october 31 , 2012 , the total purchase consideration and the preliminary purchase price allocation were as follows: ." ]

[ "goodwill of $ 247.5 million , which is generally not deductible for tax purposes , primarily resulted from the company 2019s expectation of sales growth and cost synergies from the integration of springsoft 2019s technology and operations with the company 2019s technology and operations .", "identifiable intangible assets , consisting primarily of technology , customer relationships , backlog and trademarks , were valued using the income method , and are being amortized over three to eight years .", "acquisition-related costs directly attributable to the business combination were $ 6.6 million for fiscal 2012 and were expensed as incurred in the consolidated statements of operations .", "these costs consisted primarily of employee separation costs and professional services .", "fair value of equity awards : pursuant to the merger agreement , the company assumed all the unvested outstanding stock options of springsoft upon the completion of the merger and the vested options were exchanged for cash in the merger .", "on october 1 , 2012 , the date of the completion of the tender offer , the fair value of the awards to be assumed and exchanged was $ 9.9 million , calculated using the black-scholes option pricing model .", "the black-scholes option-pricing model incorporates various subjective assumptions including expected volatility , expected term and risk-free interest rates .", "the expected volatility was estimated by a combination of implied and historical stock price volatility of the options .", "non-controlling interest : non-controlling interest represents the fair value of the 8.4% ( 8.4 % ) of outstanding springsoft shares that were not acquired during the tender offer process completed on october 1 , 2012 and the fair value of the option awards that were to be assumed or exchanged for cash upon the follow-on merger .", "the fair value of the non-controlling interest included as part of the aggregate purchase consideration was $ 42.8 million and is disclosed as a separate line in the october 31 , 2012 consolidated statements of stockholders 2019 equity .", "during the period between the completion of the tender offer and the end of the company 2019s fiscal year on october 31 , 2012 , the non-controlling interest was adjusted by $ 0.5 million to reflect the non-controlling interest 2019s share of the operating loss of springsoft in that period .", "as the amount is not significant , it has been included as part of other income ( expense ) , net , in the consolidated statements of operations. ." ]

[ [ "", "(in thousands)" ], [ "Cash paid", "$373,519" ], [ "Fair value of shares to be acquired through a follow-on merger", "34,054" ], [ "Fair value of equity awards allocated to purchase consideration", "9,383" ], [ "Total purchase consideration", "$416,956" ], [ "Goodwill", "247,482" ], [ "Identifiable intangibles assets acquired", "108,867" ], [ "Cash and other assets acquired", "137,222" ], [ "Liabilities assumed", "(76,615)" ], [ "Total purchase allocation", "$416,956" ] ]

[ [ "", "( in thousands )" ], [ "cash paid", "$ 373519" ], [ "fair value of shares to be acquired through a follow-on merger", "34054" ], [ "fair value of equity awards allocated to purchase consideration", "9383" ], [ "total purchase consideration", "$ 416956" ], [ "goodwill", "247482" ], [ "identifiable intangibles assets acquired", "108867" ], [ "cash and other assets acquired", "137222" ], [ "liabilities assumed", "-76615 ( 76615 )" ], [ "total purchase allocation", "$ 416956" ] ]

[]

[ "do so , cme invests such contributions in assets that mirror the assumed investment choices .", "the balances in these plans are subject to the claims of general creditors of the exchange and totaled $ 38.7 million and $ 31.8 million at december 31 , 2012 and 2011 respectively .", "although the value of the plans is recorded as an asset in marketable securities in the consolidated balance sheets , there is an equal and offsetting liability .", "the investment results of these plans have no impact on net income as the investment results are recorded in equal amounts to both investment income and compensation and benefits expense .", "supplemental savings plan .", "cme maintains a supplemental plan to provide benefits for employees who have been impacted by statutory limits under the provisions of the qualified pension and savings plan .", "employees in this plan are subject to the vesting requirements of the underlying qualified plans .", "deferred compensation plan .", "a deferred compensation plan is maintained by cme , under which eligible officers and members of the board of directors may contribute a percentage of their compensation and defer income taxes thereon until the time of distribution .", "comex members 2019 retirement plan and benefits .", "comex maintains a retirement and benefit plan under the comex members 2019 recognition and retention plan ( mrrp ) .", "this plan provides benefits to certain members of the comex division based on long-term membership , and participation is limited to individuals who were comex division members prior to nymex 2019s acquisition of comex in 1994 .", "no new participants were permitted into the plan after the date of this acquisition .", "under the terms of the mrrp , the company is required to fund the plan with a minimum annual contribution of $ 0.8 million until it is fully funded .", "all benefits to be paid under the mrrp are based on reasonable actuarial assumptions which are based upon the amounts that are available and are expected to be available to pay benefits .", "total contributions to the plan were $ 0.8 million for each of 2010 through 2012 .", "at december 31 , 2012 and 2011 , the obligation for the mrrp totaled $ 22.7 million and $ 21.6 million , respectively .", "assets with a fair value of $ 18.4 million and $ 17.7 million have been allocated to this plan at december 31 , 2012 and 2011 , respectively , and are included in marketable securities and cash and cash equivalents in the consolidated balance sheets .", "the balances in these plans are subject to the claims of general creditors of comex .", "13 .", "commitments operating leases .", "cme group has entered into various non-cancellable operating lease agreements , with the most significant being as follows : 2022 in april 2012 , the company sold two buildings in chicago at 141 w .", "jackson and leased back a portion of the property .", "the operating lease , which has an initial lease term ending on april 30 , 2027 , contains four consecutive renewal options for five years .", "2022 in january 2011 , the company entered into an operating lease for office space in london .", "the initial lease term , which became effective on january 20 , 2011 , terminates on march 24 , 2026 , with an option to terminate without penalty in january 2021 .", "2022 in july 2008 , the company renegotiated the operating lease for its headquarters at 20 south wacker drive in chicago .", "the lease , which has an initial term ending on november 30 , 2022 , contains two consecutive renewal options for seven and ten years and a contraction option which allows the company to reduce its occupied space after november 30 , 2018 .", "in addition , the company may exercise a lease expansion option in december 2017 .", "2022 in august 2006 , the company entered into an operating lease for additional office space in chicago .", "the initial lease term , which became effective on august 10 , 2006 , terminates on november 30 , 2023 .", "the lease contains two 5-year renewal options beginning in 2023 .", "at december 31 , 2012 , future minimum payments under non-cancellable operating leases were payable as follows ( in millions ) : ." ]

[ "." ]

[ [ "2013", "$28.7" ], [ "2014", "29.1" ], [ "2015", "28.9" ], [ "2016", "28.9" ], [ "2017", "29.3" ], [ "Thereafter", "152.9" ], [ "Total", "$297.8" ] ]

[ [ "2013", "$ 28.7" ], [ "2014", "29.1" ], [ "2015", "28.9" ], [ "2016", "28.9" ], [ "2017", "29.3" ], [ "thereafter", "152.9" ], [ "total", "$ 297.8" ] ]

[]

[ "aggregate notional amounts associated with interest rate caps in place as of december 31 , 2004 and interest rate detail by contractual maturity dates ( in thousands , except percentages ) ." ]

[ "( a ) as of december 31 , 2005 , variable rate debt consists of the new american tower and spectrasite credit facilities ( $ 1493.0 million ) that were refinanced on october 27 , 2005 , which are included above based on their october 27 , 2010 maturity dates .", "as of december 31 , 2005 , fixed rate debt consists of : the 2.25% ( 2.25 % ) convertible notes due 2009 ( 2.25% ( 2.25 % ) notes ) ( $ 0.1 million ) ; the 7.125% ( 7.125 % ) notes ( $ 500.0 million principal amount due at maturity ; the balance as of december 31 , 2005 is $ 501.9 million ) ; the 5.0% ( 5.0 % ) notes ( $ 275.7 million ) ; the 3.25% ( 3.25 % ) notes ( $ 152.9 million ) ; the 7.50% ( 7.50 % ) notes ( $ 225.0 million ) ; the ati 7.25% ( 7.25 % ) notes ( $ 400.0 million ) ; the ati 12.25% ( 12.25 % ) notes ( $ 227.7 million principal amount due at maturity ; the balance as of december 31 , 2005 is $ 160.3 million accreted value , net of the allocated fair value of the related warrants of $ 7.2 million ) ; the 3.00% ( 3.00 % ) notes ( $ 345.0 million principal amount due at maturity ; the balance as of december 31 , 2005 is $ 344.4 million accreted value ) and other debt of $ 60.4 million .", "interest on our credit facilities is payable in accordance with the applicable london interbank offering rate ( libor ) agreement or quarterly and accrues at our option either at libor plus margin ( as defined ) or the base rate plus margin ( as defined ) .", "the weighted average interest rate in effect at december 31 , 2005 for our credit facilities was 4.71% ( 4.71 % ) .", "for the year ended december 31 , 2005 , the weighted average interest rate under our credit facilities was 5.03% ( 5.03 % ) .", "as of december 31 , 2004 , variable rate debt consists of our previous credit facility ( $ 698.0 million ) and fixed rate debt consists of : the 2.25% ( 2.25 % ) notes ( $ 0.1 million ) ; the 7.125% ( 7.125 % ) notes ( $ 500.0 million principal amount due at maturity ; the balance as of december 31 , 2004 is $ 501.9 million ) ; the 5.0% ( 5.0 % ) notes ( $ 275.7 million ) ; the 3.25% ( 3.25 % ) notes ( $ 210.0 million ) ; the 7.50% ( 7.50 % ) notes ( $ 225.0 million ) ; the ati 7.25% ( 7.25 % ) notes ( $ 400.0 million ) ; the ati 12.25% ( 12.25 % ) notes ( $ 498.3 million principal amount due at maturity ; the balance as of december 31 , 2004 is $ 303.8 million accreted value , net of the allocated fair value of the related warrants of $ 21.6 million ) ; the 9 3 20448% ( 20448 % ) notes ( $ 274.9 million ) ; the 3.00% ( 3.00 % ) notes ( $ 345.0 million principal amount due at maturity ; the balance as of december 31 , 2004 is $ 344.3 million accreted value ) and other debt of $ 60.0 million .", "interest on the credit facility was payable in accordance with the applicable london interbank offering rate ( libor ) agreement or quarterly and accrues at our option either at libor plus margin ( as defined ) or the base rate plus margin ( as defined ) .", "the weighted average interest rate in effect at december 31 , 2004 for the credit facility was 4.35% ( 4.35 % ) .", "for the year ended december 31 , 2004 , the weighted average interest rate under the credit facility was 3.81% ( 3.81 % ) .", "( b ) includes notional amount of $ 175000 that expires in february 2006 .", "( c ) includes notional amount of $ 25000 that expires in september 2007 .", "( d ) includes notional amounts of $ 250000 and $ 100000 that expire in june and july 2006 , respectively .", "( e ) represents the weighted-average fixed rate or range of interest based on contractual notional amount as a percentage of total notional amounts in a given year .", "( f ) includes notional amounts of $ 75000 , $ 75000 and $ 150000 that expire in december 2009 .", "( g ) includes notional amounts of $ 100000 , $ 50000 , $ 50000 , $ 50000 and $ 50000 that expire in october 2010 .", "( h ) includes notional amounts of $ 50000 and $ 50000 that expire in october 2010 .", "( i ) includes notional amount of $ 50000 that expires in october 2010 .", "our foreign operations include rental and management segment divisions in mexico and brazil .", "the remeasurement gain for the year ended december 31 , 2005 was $ 396000 , and the remeasurement losses for the years ended december 31 , 2004 , and 2003 approximated $ 146000 , and $ 1142000 , respectively .", "changes in interest rates can cause interest charges to fluctuate on our variable rate debt , comprised of $ 1493.0 million under our credit facilities as of december 31 , 2005 .", "a 10% ( 10 % ) increase , or approximately 47 basis points , in current interest rates would have caused an additional pre-tax charge our net loss and an increase in our cash outflows of $ 7.0 million for the year ended december 31 , 2005 .", "item 8 .", "financial statements and supplementary data see item 15 ( a ) .", "item 9 .", "changes in and disagreements with accountants on accounting and financial disclosure ." ]

[ [ "Interest Rate CAPS", "2005", "2006" ], [ "Notional Amount(d)", "$350,000", "$350,000" ], [ "Cap Rate(e)", "6.00%", "6.00%" ] ]

[ [ "interest rate caps", "2005", "2006" ], [ "notional amount ( d )", "$ 350000", "$ 350000" ], [ "cap rate ( e )", "6.00% ( 6.00 % )", "6.00% ( 6.00 % )" ] ]

[]

[ "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" ] ]

[ { "arg1": "100", "arg2": "const_1000000", "op": "multiply1-1", "res": "100000000" }, { "arg1": "25035519", "arg2": "#0", "op": "divide1-2", "res": "25.0%" } ]

[ "the activity related to the restructuring liability for 2004 is as follows ( in thousands ) : non-operating items interest income increased $ 1.7 million to $ 12.0 million in 2005 from $ 10.3 million in 2004 .", "the increase was mainly the result of higher returns on invested funds .", "interest expense decreased $ 1.0 million , or 5% ( 5 % ) , to $ 17.3 million in 2005 from $ 18.3 million in 2004 as a result of the exchange of newly issued stock for a portion of our outstanding convertible debt in the second half of 2005 .", "in addition , as a result of the issuance during 2005 of common stock in exchange for convertible subordinated notes , we recorded a non- cash charge of $ 48.2 million .", "this charge related to the incremental shares issued in the transactions over the number of shares that would have been issued upon the conversion of the notes under their original terms .", "liquidity and capital resources we have incurred operating losses since our inception and historically have financed our operations principally through public and private offerings of our equity and debt securities , strategic collaborative agreements that include research and/or development funding , development milestones and royalties on the sales of products , investment income and proceeds from the issuance of stock under our employee benefit programs .", "at december 31 , 2006 , we had cash , cash equivalents and marketable securities of $ 761.8 million , which was an increase of $ 354.2 million from $ 407.5 million at december 31 , 2005 .", "the increase was primarily a result of : 2022 $ 313.7 million in net proceeds from our september 2006 public offering of common stock ; 2022 $ 165.0 million from an up-front payment we received in connection with signing the janssen agreement ; 2022 $ 52.4 million from the issuance of common stock under our employee benefit plans ; and 2022 $ 30.0 million from the sale of shares of altus pharmaceuticals inc .", "common stock and warrants to purchase altus common stock .", "these cash inflows were partially offset by the significant cash expenditures we made in 2006 related to research and development expenses and sales , general and administrative expenses .", "capital expenditures for property and equipment during 2006 were $ 32.4 million .", "at december 31 , 2006 , we had $ 42.1 million in aggregate principal amount of the 2007 notes and $ 59.6 million in aggregate principal amount of the 2011 notes outstanding .", "the 2007 notes are due in september 2007 and are convertible into common stock at the option of the holder at a price equal to $ 92.26 per share , subject to adjustment under certain circumstances .", "in february 2007 , we announced that we will redeem our 2011 notes on march 5 , 2007 .", "the 2011 notes are convertible into shares of our common stock at the option of the holder at a price equal to $ 14.94 per share .", "we expect the holders of the 2011 notes will elect to convert their notes into stock , in which case we will issue approximately 4.0 million .", "we will be required to repay any 2011 notes that are not converted at the rate of $ 1003.19 per $ 1000 principal amount , which includes principal and interest that will accrue to the redemption date .", "liability as of december 31 , payments in 2004 cash received from sublease , net of operating costs in 2004 additional charge in liability as of december 31 , lease restructuring liability and other operating lease liability $ 69526 $ ( 31550 ) $ 293 $ 17574 $ 55843 ." ]

[ "the activity related to the restructuring liability for 2004 is as follows ( in thousands ) : non-operating items interest income increased $ 1.7 million to $ 12.0 million in 2005 from $ 10.3 million in 2004 .", "the increase was mainly the result of higher returns on invested funds .", "interest expense decreased $ 1.0 million , or 5% ( 5 % ) , to $ 17.3 million in 2005 from $ 18.3 million in 2004 as a result of the exchange of newly issued stock for a portion of our outstanding convertible debt in the second half of 2005 .", "in addition , as a result of the issuance during 2005 of common stock in exchange for convertible subordinated notes , we recorded a non- cash charge of $ 48.2 million .", "this charge related to the incremental shares issued in the transactions over the number of shares that would have been issued upon the conversion of the notes under their original terms .", "liquidity and capital resources we have incurred operating losses since our inception and historically have financed our operations principally through public and private offerings of our equity and debt securities , strategic collaborative agreements that include research and/or development funding , development milestones and royalties on the sales of products , investment income and proceeds from the issuance of stock under our employee benefit programs .", "at december 31 , 2006 , we had cash , cash equivalents and marketable securities of $ 761.8 million , which was an increase of $ 354.2 million from $ 407.5 million at december 31 , 2005 .", "the increase was primarily a result of : 2022 $ 313.7 million in net proceeds from our september 2006 public offering of common stock ; 2022 $ 165.0 million from an up-front payment we received in connection with signing the janssen agreement ; 2022 $ 52.4 million from the issuance of common stock under our employee benefit plans ; and 2022 $ 30.0 million from the sale of shares of altus pharmaceuticals inc .", "common stock and warrants to purchase altus common stock .", "these cash inflows were partially offset by the significant cash expenditures we made in 2006 related to research and development expenses and sales , general and administrative expenses .", "capital expenditures for property and equipment during 2006 were $ 32.4 million .", "at december 31 , 2006 , we had $ 42.1 million in aggregate principal amount of the 2007 notes and $ 59.6 million in aggregate principal amount of the 2011 notes outstanding .", "the 2007 notes are due in september 2007 and are convertible into common stock at the option of the holder at a price equal to $ 92.26 per share , subject to adjustment under certain circumstances .", "in february 2007 , we announced that we will redeem our 2011 notes on march 5 , 2007 .", "the 2011 notes are convertible into shares of our common stock at the option of the holder at a price equal to $ 14.94 per share .", "we expect the holders of the 2011 notes will elect to convert their notes into stock , in which case we will issue approximately 4.0 million .", "we will be required to repay any 2011 notes that are not converted at the rate of $ 1003.19 per $ 1000 principal amount , which includes principal and interest that will accrue to the redemption date .", "liability as of december 31 , payments in 2004 cash received from sublease , net of operating costs in 2004 additional charge in liability as of december 31 , lease restructuring liability and other operating lease liability $ 69526 $ ( 31550 ) $ 293 $ 17574 $ 55843 ." ]

[ [ "", "Liability as of December 31, 2003", "Cash Payments in 2004", "Cash received from sublease, net of operating costs in 2004", "Additional Charge in 2004", "Liability as of December 31, 2004" ], [ "Lease restructuring liability and other operating lease liability", "$69,526", "$(31,550)", "$293", "$17,574", "$55,843" ] ]

[ [ "", "liability as of december 31 2003", "cash payments in 2004", "cash received from sublease net of operating costs in 2004", "additional charge in 2004", "liability as of december 31 2004" ], [ "lease restructuring liability and other operating lease liability", "$ 69526", "$ -31550 ( 31550 )", "$ 293", "$ 17574", "$ 55843" ] ]

[]

[ "to , rather than as a substitute for , cash provided by operating activities .", "the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : ." ]

[ "2017 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve .", "we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , training and employee engagement , quality control , and targeted capital investments .", "we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety .", "we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network .", "f0b7 network operations 2013 in 2017 , we will continue to align resources with customer demand , maintain an efficient network , and ensure surge capability with our assets .", "f0b7 fuel prices 2013 fuel price projections for crude oil and natural gas continue to fluctuate in the current environment .", "we again 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 .", "as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail increases or decreases in fuel price by approximately two months .", "continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport .", "alternatively , lower fuel prices could likely have a negative impact on other commodities such as coal and domestic drilling-related shipments .", "f0b7 capital plan 2013 in 2017 , we expect our capital plan to be approximately $ 3.1 billion , including expenditures for ptc , approximately 60 locomotives scheduled to be delivered , and intermodal containers and chassis , and freight cars .", "the capital plan 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. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels .", "we expect volume to grow in the low single digit range in 2017 compared to 2016 , but it will depend on the overall economy and market conditions .", "one of the more significant uncertainties is the outlook for energy markets , which will bring both challenges and opportunities .", "in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise .", "over the longer term , we expect the overall u.s .", "economy to continue to improve at a modest pace , with some markets outperforming others. ." ]

[ [ "Millions", "2016", "2015", "2014" ], [ "Cash provided by operating activities", "$7,525", "$7,344", "$7,385" ], [ "Cash used in investing activities", "(3,393)", "(4,476)", "(4,249)" ], [ "Dividends paid", "(1,879)", "(2,344)", "(1,632)" ], [ "Free cash flow", "$2,253", "$524", "$1,504" ] ]

[ [ "millions", "2016", "2015", "2014" ], [ "cash provided by operating activities", "$ 7525", "$ 7344", "$ 7385" ], [ "cash used in investing activities", "-3393 ( 3393 )", "-4476 ( 4476 )", "-4249 ( 4249 )" ], [ "dividends paid", "-1879 ( 1879 )", "-2344 ( 2344 )", "-1632 ( 1632 )" ], [ "free cash flow", "$ 2253", "$ 524", "$ 1504" ] ]

[ { "arg1": "7525", "arg2": "7344", "op": "minus1-1", "res": "181" }, { "arg1": "#0", "arg2": "7344", "op": "divide1-2", "res": "2.5%" } ]

[ "discount rate 2014the assumed discount rate is used to determine the current retirement related benefit plan expense and obligations , and represents the interest rate that is used to determine the present value of future cash flows currently expected to be required to effectively settle a plan 2019s benefit obligations .", "the discount rate assumption is determined for each plan by constructing a portfolio of high quality bonds with cash flows that match the estimated outflows for future benefit payments to determine a single equivalent discount rate .", "benefit payments are not only contingent on the terms of a plan , but also on the underlying participant demographics , including current age , and assumed mortality .", "we use only bonds that are denominated in u.s .", "dollars , rated aa or better by two of three nationally recognized statistical rating agencies , have a minimum outstanding issue of $ 50 million as of the measurement date , and are not callable , convertible , or index linked .", "since bond yields are generally unavailable beyond 30 years , we assume those rates will remain constant beyond that point .", "taking into consideration the factors noted above , our weighted average discount rate for pensions was 5.23% ( 5.23 % ) and 5.84% ( 5.84 % ) , as of december 31 , 2011 and 2010 , respectively .", "our weighted average discount rate for other postretirement benefits was 4.94% ( 4.94 % ) and 5.58% ( 5.58 % ) as of december 31 , 2011 and 2010 , respectively .", "expected long-term rate of return 2014the expected long-term rate of return on assets is used to calculate net periodic expense , and is based on such factors as historical returns , targeted asset allocations , investment policy , duration , expected future long-term performance of individual asset classes , inflation trends , portfolio volatility , and risk management strategies .", "while studies are helpful in understanding current trends and performance , the assumption is based more on longer term and prospective views .", "in order to reflect expected lower future market returns , we have reduced the expected long-term rate of return assumption from 8.50% ( 8.50 % ) , used to record 2011 expense , to 8.00% ( 8.00 % ) for 2012 .", "the decrease in the expected return on assets assumption is primarily related to lower bond yields and updated return assumptions for equities .", "unless plan assets and benefit obligations are subject to remeasurement during the year , the expected return on pension assets is based on the fair value of plan assets at the beginning of the year .", "an increase or decrease of 25 basis points in the discount rate and the expected long-term rate of return assumptions would have had the following approximate impacts on pensions : ( $ in millions ) increase ( decrease ) in 2012 expense increase ( decrease ) in december 31 , 2011 obligations ." ]

[ "differences arising from actual experience or changes in assumptions might materially affect retirement related benefit plan obligations and the funded status .", "actuarial gains and losses arising from differences from actual experience or changes in assumptions are deferred in accumulated other comprehensive income .", "this unrecognized amount is amortized to the extent it exceeds 10% ( 10 % ) of the greater of the plan 2019s benefit obligation or plan assets .", "the amortization period for actuarial gains and losses is the estimated average remaining service life of the plan participants , which is approximately 10 years .", "cas expense 2014in addition to providing the methodology for calculating retirement related benefit plan costs , cas also prescribes the method for assigning those costs to specific periods .", "while the ultimate liability for such costs under fas and cas is similar , the pattern of cost recognition is different .", "the key drivers of cas pension expense include the funded status and the method used to calculate cas reimbursement for each of our plans as well as our expected long-term rate of return on assets assumption .", "unlike fas , cas requires the discount rate to be consistent with the expected long-term rate of return on assets assumption , which changes infrequently given its long-term nature .", "as a result , changes in bond or other interest rates generally do not impact cas .", "in addition , unlike under fas , we can only allocate pension costs for a plan under cas until such plan is fully funded as determined under erisa requirements .", "other fas and cas considerations 2014we update our estimates of future fas and cas costs at least annually based on factors such as calendar year actual plan asset returns , final census data from the end of the prior year , and other actual and projected experience .", "a key driver of the difference between fas and cas expense ( and consequently , the fas/cas adjustment ) is the pattern of earnings and expense recognition for gains and losses that arise when our asset and liability experiences differ from our assumptions under each set of requirements .", "under fas , our net gains and losses exceeding the 10% ( 10 % ) corridor are amortized ." ]

[ [ "($ in millions)", "Increase (Decrease) in 2012 Expense", "Increase (Decrease) in December 31, 2011 Obligations" ], [ "25 basis point decrease in discount rate", "$18", "$146" ], [ "25 basis point increase in discount rate", "(17)", "(154)" ], [ "25 basis point decrease in expected return on assets", "8", "n.a." ], [ "25 basis point increase in expected return on assets", "(8)", "n.a." ] ]

[ [ "( $ in millions )", "increase ( decrease ) in 2012 expense", "increase ( decrease ) in december 31 2011 obligations" ], [ "25 basis point decrease in discount rate", "$ 18", "$ 146" ], [ "25 basis point increase in discount rate", "-17 ( 17 )", "-154 ( 154 )" ], [ "25 basis point decrease in expected return on assets", "8", "n.a ." ], [ "25 basis point increase in expected return on assets", "-8 ( 8 )", "n.a ." ] ]

[ { "arg1": "4.94", "arg2": "5.58", "op": "minus2-1", "res": "-0.64" }, { "arg1": "#0", "arg2": "5.58", "op": "divide2-2", "res": "-11.5%" } ]

[ "the following table presents the net periodic pension and opeb cost/ ( benefit ) for the years ended december 31 : millions 2013 2012 2011 2010 ." ]

[ "our net periodic pension cost is expected to increase to approximately $ 111 million in 2013 from $ 89 million in 2012 .", "the increase is driven mainly by a decrease in the discount rate to 3.78% ( 3.78 % ) , our net periodic opeb expense is expected to increase to approximately $ 15 million in 2013 from $ 13 million in 2012 .", "the increase in our net periodic opeb cost is primarily driven by a decrease in the discount rate to 3.48% ( 3.48 % ) .", "cautionary information certain statements in this report , and statements in other reports or information filed or to be filed with the sec ( as well as information included in oral statements or other written statements made or to be made by us ) , are , or will be , forward-looking statements as defined by the securities act of 1933 and the securities exchange act of 1934 .", "these forward-looking statements and information include , without limitation , ( a ) statements in the ceo 2019s letter preceding part i ; statements regarding planned capital expenditures under the caption 201c2013 capital expenditures 201d in item 2 of part i ; statements regarding dividends in item 5 ; and statements and information set forth under the captions 201c2013 outlook 201d and 201cliquidity and capital resources 201d in this item 7 , and ( b ) any other statements or information in this report ( including information incorporated herein by reference ) regarding : expectations as to financial performance , revenue growth and cost savings ; the time by which goals , targets , or objectives will be achieved ; projections , predictions , expectations , estimates , or forecasts as to our business , financial and operational results , future economic performance , and general economic conditions ; expectations as to operational or service performance or improvements ; expectations as to the effectiveness of steps taken or to be taken to improve operations and/or service , including capital expenditures for infrastructure improvements and equipment acquisitions , any strategic business acquisitions , and modifications to our transportation plans ( including statements set forth in item 2 as to expectations related to our planned capital expenditures ) ; expectations as to existing or proposed new products and services ; expectations as to the impact of any new regulatory activities or legislation on our operations or financial results ; estimates of costs relating to environmental remediation and restoration ; estimates and expectations regarding tax matters ; expectations that claims , litigation , environmental costs , commitments , contingent liabilities , labor negotiations or agreements , or other matters will not have a material adverse effect on our consolidated results of operations , financial condition , or liquidity and any other similar expressions concerning matters that are not historical facts .", "forward-looking statements may be identified by their use of forward-looking terminology , such as 201cbelieves , 201d 201cexpects , 201d 201cmay , 201d 201cshould , 201d 201cwould , 201d 201cwill , 201d 201cintends , 201d 201cplans , 201d 201cestimates , 201d 201canticipates , 201d 201cprojects 201d and similar words , phrases or expressions .", "forward-looking statements should not be read as a guarantee of future performance or results , and will not necessarily be accurate indications of the times that , or by which , such performance or results will be achieved .", "forward-looking statements and information are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements and information .", "forward-looking statements and information reflect the good faith consideration by management of currently available information , and may be based on underlying assumptions believed to be reasonable under the circumstances .", "however , such information and assumptions ( and , therefore , such forward-looking statements and information ) are or may be subject to variables or unknown or unforeseeable events or circumstances over which management has little or no influence or control .", "the risk factors in item 1a of this report could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in any forward-looking statements or information .", "to the extent circumstances require or we deem it otherwise necessary , we will update or amend these risk factors in a form 10-q , form 8-k or subsequent form 10-k .", "all forward-looking statements are qualified by , and should be read in conjunction with , these risk factors .", "forward-looking statements speak only as of the date the statement was made .", "we assume no obligation to update forward-looking information to reflect actual results , changes in assumptions or changes in other factors affecting forward-looking information .", "if we do update one or more forward-looking ." ]

[ [ "<i>Millions</i>", "<i>Est.2013</i>", "<i>2012</i>", "<i>2011</i>", "<i>2010</i>" ], [ "Net periodic pension cost", "$111", "$89", "$78", "$51" ], [ "Net periodic OPEB cost/(benefit)", "15", "13", "(6)", "(14)" ] ]

[ [ "millions", "est.2013", "2012", "2011", "2010" ], [ "net periodic pension cost", "$ 111", "$ 89", "$ 78", "$ 51" ], [ "net periodic opeb cost/ ( benefit )", "15", "13", "-6 ( 6 )", "-14 ( 14 )" ] ]

[ { "arg1": "89", "arg2": "78", "op": "minus2-1", "res": "11" }, { "arg1": "#0", "arg2": "78", "op": "divide2-2", "res": "14.1%" } ]

[ "available , we do not expect any transactions to have a significant impact on our reported income tax expense .", "in connection with the completion of the reorganization , we will reevaluate the ability to realize our deferred tax assets related to u.s .", "operations under the new aon uk corporate structure and we may recognize a non-cash , deferred tax expense upon the conclusion of this evaluation .", "based on information currently available , we do not expect the additional deferred tax expense , if any , to be significant .", "the reorganization will result in additional ongoing costs to us .", "the completion of the reorganization will result in an increase in some of our ongoing expenses and require us to incur some new expenses .", "some costs , including those related to employees in our u.k .", "offices and holding board meetings in the u.k. , are expected to be higher than would be the case if our principal executive offices were not relocated to the u.k. .", "we also expect to incur new expenses , including professional fees and sdrt in connection with settlement of equity-based awards under our stock or share incentive plans , to comply with u.k .", "corporate and tax laws .", "item 1b .", "unresolved staff comments .", "item 2 .", "properties .", "we have offices in various locations throughout the world .", "substantially all of our offices are located in leased premises .", "we maintain our corporate headquarters at 200 e .", "randolph street in chicago , illinois , where we occupy approximately 355000 square feet of space under an operating lease agreement that expires in 2013 .", "there are two five-year renewal options at current market rates .", "we own one building at pallbergweg 2-4 , amsterdam , the netherlands ( 150000 square feet ) .", "the following are additional significant leased properties , along with the occupied square footage and expiration. ." ]

[ "7201 hewitt associates drive , charlotte , north carolina .", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", ".", "218000 2015 the locations in lincolnshire , illinois , the woodlands , texas , orlando , florida , and charlotte north carolina , each of which were acquired as part of the hewitt acquisition in 2010 , are primarily dedicated to our hr solutions segment .", "the other locations listed above house personnel from each of our business segments .", "in november 2011 , aon entered into an agreement to lease 190000 square feet in a new building to be constructed in london , united kingdom .", "the agreement is contingent upon the completion of the building construction .", "aon expects to move into the new building in 2015 when it exercises an early break option at the devonshire square location. ." ]

[ [ "Property:", "Occupied Square Footage", "Lease Expiration Dates" ], [ "4 Overlook Point and other locations, Lincolnshire, Illinois", "1,224,000", "2014 – 2019" ], [ "2601 Research Forest Drive, The Woodlands, Texas", "414,000", "2020" ], [ "DLF City and Unitech Cyber Park, Gurgaan, India", "383,000", "2012 – 2014" ], [ "2300 Discovery Drive, Orlando, Florida", "364,000", "2020" ], [ "Devonshire Square and other locations, London, UK", "327,000", "2018 – 2023" ], [ "199 Water Street, New York, New York", "319,000", "2018" ], [ "7201 Hewitt Associates Drive, Charlotte, North Carolina", "218,000", "2015" ] ]

[ [ "property:", "occupied square footage", "lease expiration dates" ], [ "4 overlook point and other locations lincolnshire illinois", "1224000", "2014 2013 2019" ], [ "2601 research forest drive the woodlands texas", "414000", "2020" ], [ "dlf city and unitech cyber park gurgaan india", "383000", "2012 2013 2014" ], [ "2300 discovery drive orlando florida", "364000", "2020" ], [ "devonshire square and other locations london uk", "327000", "2018 2013 2023" ], [ "199 water street new york new york", "319000", "2018" ], [ "7201 hewitt associates drive charlotte north carolina", "218000", "2015" ] ]

[ { "arg1": "414000", "arg2": "364000", "op": "add1-1", "res": "778000" }, { "arg1": "#0", "arg2": "const_2", "op": "divide1-2", "res": "389000" } ]

[ "operating expenses operating expenses were $ 2.9 billion , an increase of 8% ( 8 % ) over 2000 .", "adjusted for the formation of citistreet , operating expenses grew 10% ( 10 % ) .", "expense growth in 2001 of 10% ( 10 % ) is significantly lower than the comparable 20% ( 20 % ) expense growth for 2000 compared to 1999 .", "state street successfully reduced the growth rate of expenses as revenue growth slowed during the latter half of 2000 and early 2001 .", "the expense growth in 2001 reflects higher expenses for salaries and employee benefits , as well as information systems and communications .", "o p e r a t i n g e x p e n s e s ( dollars in millions ) 2001 2000 1999 change adjusted change 00-01 ( 1 ) ." ]

[ "( 1 ) 2000 results adjusted for the formation of citistreet expenses related to salaries and employee benefits increased $ 139million in 2001 , or $ 163millionwhen adjusted for the formation of citistreet .", "the adjusted increase reflects more than 2100 additional staff to support the large client wins and new business from existing clients and acquisitions .", "this expense increase was partially offset by lower incentive-based compensation .", "information systems and communications expense was $ 365 million in 2001 , up 20% ( 20 % ) from the prior year .", "adjusted for the formation of citistreet , information systems and communications expense increased 22% ( 22 % ) .", "this growth reflects both continuing investment in software and hardware , aswell as the technology costs associated with increased staffing levels .", "expenses related to transaction processing services were $ 247 million , down $ 21 million , or 8% ( 8 % ) .", "these expenses are volume related and include external contract services , subcustodian fees , brokerage services and fees related to securities settlement .", "lower mutual fund shareholder activities , and lower subcustodian fees resulting from both the decline in asset values and lower transaction volumes , drove the decline .", "occupancy expensewas $ 229million , up 15% ( 15 % ) .", "the increase is due to expenses necessary to support state street 2019s global growth , and expenses incurred for leasehold improvements and other operational costs .", "other expenses were $ 363 million , up $ 17 million , or 5% ( 5 % ) .", "these expenses include professional services , advertising and sales promotion , and internal operational expenses .", "the increase over prior year is due to a $ 21 million increase in the amortization of goodwill , primarily from acquisitions in 2001 .", "in accordance with recent accounting pronouncements , goodwill amortization expense will be eliminated in 2002 .", "state street recorded approximately $ 38 million , or $ .08 per share after tax , of goodwill amortization expense in 2001 .", "state street 2019s cost containment efforts , which reduced discretionary spending , partially offset the increase in other expenses .", "state street corporation 9 ." ]

[ [ "(Dollars in millions)", "2001", "2000", "1999", "Change 00-01", "Adjusted Change 00-01(1)" ], [ "Salaries and employee benefits", "$1,663", "$1,524", "$1,313", "9%", "11%" ], [ "Information systems and communications", "365", "305", "287", "20", "22" ], [ "Transaction processing services", "247", "268", "237", "(8)", "(7)" ], [ "Occupancy", "229", "201", "188", "15", "16" ], [ "Other", "363", "346", "311", "5", "7" ], [ "Total operating expenses", "$2,867", "$2,644", "$2,336", "8", "10" ], [ "Number of employees", "19,753", "17,604", "17,213", "12", "" ] ]

[ [ "( dollars in millions )", "2001", "2000", "1999", "change 00-01", "adjusted change 00-01 ( 1 )" ], [ "salaries and employee benefits", "$ 1663", "$ 1524", "$ 1313", "9% ( 9 % )", "11% ( 11 % )" ], [ "information systems and communications", "365", "305", "287", "20", "22" ], [ "transaction processing services", "247", "268", "237", "-8 ( 8 )", "-7 ( 7 )" ], [ "occupancy", "229", "201", "188", "15", "16" ], [ "other", "363", "346", "311", "5", "7" ], [ "total operating expenses", "$ 2867", "$ 2644", "$ 2336", "8", "10" ], [ "number of employees", "19753", "17604", "17213", "12", "" ] ]

[ { "arg1": "19753", "arg2": "17604", "op": "minus1-1", "res": "2149" }, { "arg1": "#0", "arg2": "17604", "op": "divide1-2", "res": "12.2%" } ]

[ "maturities of debt the scheduled maturities of the outstanding debt balances , excluding debt fair value adjustments as of december 31 , 2014 , are summarized as follows ( in millions ) : ." ]

[ "_______ interest rates , interest rate swaps and contingent debt the weighted average interest rate on all of our borrowings was 5.02% ( 5.02 % ) during 2014 and 5.08% ( 5.08 % ) during 2013 .", "information on our interest rate swaps is contained in note 13 .", "for information about our contingent debt agreements , see note 12 .", "subsequent event subsequent to december 31 , 2014 , additional ep trust i preferred securities were converted , primarily consisting of 969117 ep trust i preferred securities converted on january 14 , 2015 , into ( i ) 697473 of our class p common stock ; ( ii ) approximately $ 24 million in cash ; and ( iii ) 1066028 in warrants .", "9 .", "share-based compensation and employee benefits share-based compensation kinder morgan , inc .", "class p shares stock compensation plan for non-employee directors we have a stock compensation plan for non-employee directors , in which our eligible non-employee directors participate .", "the plan recognizes that the compensation paid to each eligible non-employee director is fixed by our board , generally annually , and that the compensation is payable in cash .", "pursuant to the plan , in lieu of receiving some or all of the cash compensation , each eligible non-employee director may elect to receive shares of class p common stock .", "each election will be generally at or around the first board meeting in january of each calendar year and will be effective for the entire calendar year .", "an eligible director may make a new election each calendar year .", "the total number of shares of class p common stock authorized under the plan is 250000 .", "during 2014 , 2013 and 2012 , we made restricted class p common stock grants to our non-employee directors of 6210 , 5710 and 5520 , respectively .", "these grants were valued at time of issuance at $ 220000 , $ 210000 and $ 185000 , respectively .", "all of the restricted stock grants made to non-employee directors vest during a six-month period .", "table of contents ." ]

[ [ "Year", "Total" ], [ "2015", "$2,717" ], [ "2016", "1,684" ], [ "2017", "3,059" ], [ "2018", "2,328" ], [ "2019", "2,819" ], [ "Thereafter", "28,422" ], [ "Total", "$41,029" ] ]

[ [ "year", "total" ], [ "2015", "$ 2717" ], [ "2016", "1684" ], [ "2017", "3059" ], [ "2018", "2328" ], [ "2019", "2819" ], [ "thereafter", "28422" ], [ "total", "$ 41029" ] ]

[ { "arg1": "41029", "arg2": "28422", "op": "minus2-1", "res": "12607" }, { "arg1": "#0", "arg2": "41029", "op": "divide2-2", "res": "31%" } ]

[ "abiomed , inc .", "and subsidiaries notes to consolidated financial statements 2014 ( continued ) evidence of an arrangement exists , ( 2 ) delivery has occurred or services have been rendered , ( 3 ) the seller 2019s price to the buyer is fixed or determinable , and ( 4 ) collectibility is reasonably assured .", "further , sab 104 requires that both title and the risks and rewards of ownership be transferred to the buyer before revenue can be recognized .", "in addition to sab 104 , we follow the guidance of eitf 00-21 , revenue arrangements with multiple deliverables .", "we derive our revenues primarily from product sales , including maintenance service agreements .", "the great majority of our product revenues are derived from shipments of our ab5000 and bvs 5000 product lines to fulfill customer orders for a specified number of consoles and/or blood pumps for a specified price .", "we recognize revenues and record costs related to such sales upon product shipment .", "maintenance and service support contract revenues are recognized ratably over the term of the service contracts based upon the elapsed term of the service contract .", "government-sponsored research and development contracts and grants generally provide for payment on a cost-plus-fixed-fee basis .", "revenues from these contracts and grants are recognized as work is performed , provided the government has appropriated sufficient funds for the work .", "under contracts in which the company elects to spend significantly more on the development project during the term of the contract than the total contract amount , the company prospectively recognizes revenue on such contracts ratably over the term of the contract as it incurs related research and development costs , provided the government has appropriated sufficient funds for the work .", "( d ) translation of foreign currencies all assets and liabilities of the company 2019s non-u.s .", "subsidiaries are translated at year-end exchange rates , and revenues and expenses are translated at average exchange rates for the year in accordance with sfas no .", "52 , foreign currency translation .", "resulting translation adjustments are reflected in the accumulated other comprehensive loss component of shareholders 2019 equity .", "currency transaction gains and losses are included in the accompanying statement of income and are not material for the three years presented .", "( e ) warranties the company routinely accrues for estimated future warranty costs on its product sales at the time of sale .", "our products are subject to rigorous regulation and quality standards .", "warranty costs are included in cost of product revenues within the consolidated statements of operations .", "the following table summarizes the activities in the warranty reserve for the two fiscal years ended march 31 , 2006 ( in thousands ) ." ]

[ "." ]

[ [ "", "2005", "2006" ], [ "Balance at the beginning of the year", "$245", "$231" ], [ "Accrual for warranties", "198", "193" ], [ "Warranty expense incurred for the year", "(212)", "(257)" ], [ "Balance at the end of the year", "$231", "$167" ] ]

[ [ "", "2005", "2006" ], [ "balance at the beginning of the year", "$ 245", "$ 231" ], [ "accrual for warranties", "198", "193" ], [ "warranty expense incurred for the year", "-212 ( 212 )", "-257 ( 257 )" ], [ "balance at the end of the year", "$ 231", "$ 167" ] ]

[ { "arg1": "257", "arg2": "212", "op": "minus2-1", "res": "45" }, { "arg1": "257", "arg2": "#0", "op": "add2-2", "res": "302" } ]

[ "advance auto parts , inc .", "and subsidiaries notes to consolidated financial statements 2013 ( continued ) december 30 , 2006 , december 31 , 2005 and january 1 , 2005 ( in thousands , except per share data ) 8 .", "inventories , net inventories are stated at the lower of cost or market , cost being determined using the last-in , first-out ( \"lifo\" ) method for approximately 93% ( 93 % ) of inventories at both december 30 , 2006 and december 31 , 2005 .", "under the lifo method , the company 2019s cost of sales reflects the costs of the most currently purchased inventories while the inventory carrying balance represents the costs relating to prices paid in prior years .", "the company 2019s costs to acquire inventory have been generally decreasing in recent years as a result of its significant growth .", "accordingly , the cost to replace inventory is less than the lifo balances carried for similar product .", "as a result of the lifo method and the ability to obtain lower product costs , the company recorded a reduction to cost of sales of $ 9978 for fiscal year ended 2006 , an increase in cost of sales of $ 526 for fiscal year ended 2005 and a reduction to cost of sales of $ 11212 for fiscal year ended 2004 .", "the remaining inventories are comprised of product cores , which consist of the non-consumable portion of certain parts and batteries and are valued under the first-in , first-out ( \"fifo\" ) method .", "core values are included as part of our merchandise costs and are either passed on to the customer or returned to the vendor .", "additionally , these products are not subject to the frequent cost changes like our other merchandise inventory , thus , there is no material difference from applying either the lifo or fifo valuation methods .", "the company capitalizes certain purchasing and warehousing costs into inventory .", "purchasing and warehousing costs included in inventory , at fifo , at december 30 , 2006 and december 31 , 2005 , were $ 95576 and $ 92833 , respectively .", "inventories consist of the following : december 30 , december 31 , 2006 2005 ." ]

[ "replacement cost approximated fifo cost at december 30 , 2006 and december 31 , 2005 .", "inventory quantities are tracked through a perpetual inventory system .", "the company uses a cycle counting program in all distribution centers , parts delivered quickly warehouses , or pdqs , local area warehouses , or laws , and retail stores to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory .", "the company establishes reserves for estimated shrink based on historical accuracy and effectiveness of the cycle counting program .", "the company also establishes reserves for potentially excess and obsolete inventories based on current inventory levels and the historical analysis of product sales and current market conditions .", "the nature of the company 2019s inventory is such that the risk of obsolescence is minimal and excess inventory has historically been returned to the company 2019s vendors for credit .", "the company provides reserves when less than full credit is expected from a vendor or when liquidating product will result in retail prices below recorded costs .", "the company 2019s reserves against inventory for these matters were $ 31376 and $ 22825 at december 30 , 2006 and december 31 , 2005 , respectively .", "9 .", "property and equipment : property and equipment are stated at cost , less accumulated depreciation .", "expenditures for maintenance and repairs are charged directly to expense when incurred ; major improvements are capitalized .", "when items are sold or retired , the related cost and accumulated depreciation are removed from the accounts , with any gain or loss reflected in the consolidated statements of operations .", "depreciation of land improvements , buildings , furniture , fixtures and equipment , and vehicles is provided over the estimated useful lives , which range from 2 to 40 years , of the respective assets using the straight-line method. ." ]

[ [ "", "December 30, 2006", "December 31, 2005" ], [ "Inventories at FIFO, net", "$1,380,573", "$1,294,310" ], [ "Adjustments to state inventories at LIFO", "82,767", "72,789" ], [ "Inventories at LIFO, net", "$1,463,340", "$1,367,099" ] ]

[ [ "", "december 30 2006", "december 31 2005" ], [ "inventories at fifo net", "$ 1380573", "$ 1294310" ], [ "adjustments to state inventories at lifo", "82767", "72789" ], [ "inventories at lifo net", "$ 1463340", "$ 1367099" ] ]

[ { "arg1": "31376", "arg2": "22825", "op": "minus2-1", "res": "8551" }, { "arg1": "#0", "arg2": "22825", "op": "divide2-2", "res": "37.5%" } ]

[ "air mobility sales declined by $ 535 million primarily due to c-130j deliveries ( 12 in 2006 compared to 15 in 2005 ) and lower volume on the c-5 program .", "combat aircraft sales increased by $ 292 million mainly due to higher f-35 and f-22 volume , partially offset by reduced volume on f-16 programs .", "other aeronautics programs sales increased by $ 83 million primarily due to higher volume in sustainment services activities .", "operating profit for the segment increased 21% ( 21 % ) in 2007 compared to 2006 .", "operating profit increases in combat aircraft more than offset decreases in other aeronautics programs and air mobility .", "combat aircraft operating profit increased $ 326 million mainly due to improved performance on f-22 and f-16 programs .", "air mobility and other aeronautics programs declined $ 77 million due to lower operating profit in support and sustainment activities .", "operating profit for the segment increased 20% ( 20 % ) in 2006 compared to 2005 .", "operating profit increased in both combat aircraft and air mobility .", "combat aircraft increased $ 114 million , mainly due to higher volume on the f-35 and f-22 programs , and improved performance on f-16 programs .", "the improvement for the year was also attributable in part to the fact that in 2005 , operating profit included a reduction in earnings on the f-35 program .", "air mobility operating profit increased $ 84 million , mainly due to improved performance on c-130j sustainment activities in 2006 .", "backlog decreased in 2007 as compared to 2006 primarily as a result of sales volume on the f-35 program .", "this decrease was offset partially by increased orders on the f-22 and c-130j programs .", "electronic systems electronic systems 2019 operating results included the following : ( in millions ) 2007 2006 2005 ." ]

[ "net sales for electronic systems increased by 6% ( 6 % ) in 2007 compared to 2006 .", "sales increased in missiles & fire control ( m&fc ) , maritime systems & sensors ( ms2 ) , and platform , training & energy ( pt&e ) .", "m&fc sales increased $ 258 million mainly due to higher volume in fire control systems and air defense programs , which more than offset declines in tactical missile programs .", "ms2 sales grew $ 254 million due to volume increases in undersea and radar systems activities that were offset partially by decreases in surface systems activities .", "pt&e sales increased $ 113 million , primarily due to higher volume in platform integration activities , which more than offset declines in distribution technology activities .", "net sales for electronic systems increased by 7% ( 7 % ) in 2006 compared to 2005 .", "higher volume in platform integration activities led to increased sales of $ 329 million at pt&e .", "ms2 sales increased $ 267 million primarily due to surface systems activities .", "air defense programs contributed to increased sales of $ 118 million at m&fc .", "operating profit for the segment increased by 12% ( 12 % ) in 2007 compared to 2006 , representing an increase in all three lines of business during the year .", "operating profit increased $ 70 million at pt&e primarily due to higher volume and improved performance on platform integration activities .", "ms2 operating profit increased $ 32 million due to higher volume on undersea and tactical systems activities that more than offset lower volume on surface systems activities .", "at m&fc , operating profit increased $ 32 million due to higher volume in fire control systems and improved performance in tactical missile programs , which partially were offset by performance on certain international air defense programs in 2006 .", "operating profit for the segment increased by 17% ( 17 % ) in 2006 compared to 2005 .", "operating profit increased by $ 74 million at ms2 mainly due to higher volume on surface systems and undersea programs .", "pt&e operating profit increased $ 61 million mainly due to improved performance on distribution technology activities .", "higher volume on air defense programs contributed to a $ 52 million increase in operating profit at m&fc .", "the increase in backlog during 2007 over 2006 resulted primarily from increased orders for certain tactical missile programs and fire control systems at m&fc and platform integration programs at pt&e. ." ]

[ [ "<i>(In millions)</i>", "<i>2007</i>", "<i>2006</i>", "<i>2005</i>" ], [ "Net sales", "$11,143", "$10,519", "$9,811" ], [ "Operating profit", "1,410", "1,264", "1,078" ], [ "Backlog at year-end", "21,200", "19,700", "18,600" ] ]

[ [ "( in millions )", "2007", "2006", "2005" ], [ "net sales", "$ 11143", "$ 10519", "$ 9811" ], [ "operating profit", "1410", "1264", "1078" ], [ "backlog at year-end", "21200", "19700", "18600" ] ]

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[ "lkq corporation and subsidiaries notes to consolidated financial statements ( continued ) note 5 .", "long-term obligations ( continued ) as part of the consideration for business acquisitions completed during 2007 , 2006 and 2005 , we issued promissory notes totaling approximately $ 1.7 million , $ 7.2 million and $ 6.4 million , respectively .", "the notes bear interest at annual rates of 3.0% ( 3.0 % ) to 6.0% ( 6.0 % ) , and interest is payable at maturity or in monthly installments .", "we also assumed certain liabilities in connection with a business acquisition during the second quarter of 2005 , including a promissory note with a remaining principle balance of approximately $ 0.2 million .", "the annual interest rate on the note , which was retired during 2006 , was note 6 .", "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 , 2007 are as follows ( in thousands ) : years ending december 31: ." ]

[ "rental expense for operating leases was approximately $ 27.4 million , $ 18.6 million and $ 12.2 million during the years ended december 31 , 2007 , 2006 and 2005 , respectively .", "we guaranty 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 guaranties at december 31 , 2007 , the guarantied residual value would have totaled approximately $ 24.0 million .", "litigation and related contingencies on december 2 , 2005 , ford global technologies , llc ( 2018 2018ford 2019 2019 ) filed a complaint with the united states international trade commission ( 2018 2018usitc 2019 2019 ) against keystone and five other named respondents , including four taiwan-based manufacturers .", "on december 12 , 2005 , ford filed an amended complaint .", "both the complaint and the amended complaint contended that keystone and the other respondents infringed 14 design patents that ford alleges cover eight parts on the 2004-2005 ." ]

[ [ "2008", "$42,335" ], [ "2009", "33,249" ], [ "2010", "25,149" ], [ "2011", "17,425" ], [ "2012", "11,750" ], [ "Thereafter", "28,581" ], [ "Future Minimum Lease Payments", "$158,489" ] ]

[ [ "2008", "$ 42335" ], [ "2009", "33249" ], [ "2010", "25149" ], [ "2011", "17425" ], [ "2012", "11750" ], [ "thereafter", "28581" ], [ "future minimum lease payments", "$ 158489" ] ]

[]

[ "celanese purchases of its equity securities information regarding repurchases of our common stock during the three months ended december 31 , 2014 is as follows : period number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced program approximate dollar value of shares remaining that may be purchased under the program ( 2 ) ." ]

[ "___________________________ ( 1 ) includes 27780 and 9537 for october and december 2014 , respectively , related to shares withheld from employees to cover their statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock units .", "( 2 ) our board of directors has authorized the aggregate repurchase of $ 1.4 billion of our common stock since february 2008 .", "see note 17 - stockholders' equity in the accompanying consolidated financial statements for further information .", "performance graph the following performance graph and related information shall not be deemed \"soliciting material\" or to be \"filed\" with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that we specifically incorporate it by reference into such filing .", "comparison of cumulative total return ." ]

[ [ "Period", "TotalNumberof SharesPurchased⁽¹⁾", "AveragePrice Paidper Share", "Total Numberof SharesPurchased asPart of PubliclyAnnounced Program", "ApproximateDollarValue of SharesRemaining thatmay bePurchased Underthe Program⁽²⁾" ], [ "October 1 - 31, 2014", "192,580", "$58.02", "164,800", "$490,000,000" ], [ "November 1 - 30, 2014", "468,128", "$59.25", "468,128", "$463,000,000" ], [ "December 1 - 31, 2014", "199,796", "$60.78", "190,259", "$451,000,000" ], [ "Total", "860,504", "", "823,187", "" ] ]

[ [ "period", "totalnumberof sharespurchased ( 1 )", "averageprice paidper share", "total numberof sharespurchased aspart of publiclyannounced program", "approximatedollarvalue of sharesremaining thatmay bepurchased underthe program ( 2 )" ], [ "october 1 - 31 2014", "192580", "$ 58.02", "164800", "$ 490000000" ], [ "november 1 - 30 2014", "468128", "$ 59.25", "468128", "$ 463000000" ], [ "december 1 - 31 2014", "199796", "$ 60.78", "190259", "$ 451000000" ], [ "total", "860504", "", "823187", "" ] ]

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[ "we operated the following factory stores as of march 29 , 2014: ." ]

[ "( a ) includes australia , china , hong kong , japan , malaysia , south korea , and taiwan .", "our factory stores in the americas offer selections of our menswear , womenswear , childrenswear , accessories , home furnishings , and fragrances .", "ranging in size from approximately 2700 to 20000 square feet , with an average of approximately 10400 square feet , these stores are principally located in major outlet centers in 40 states in the u.s. , canada , and puerto rico .", "our factory stores in europe offer selections of our menswear , womenswear , childrenswear , accessories , home furnishings , and fragrances .", "ranging in size from approximately 1400 to 19700 square feet , with an average of approximately 7000 square feet , these stores are located in 12 countries , principally in major outlet centers .", "our factory stores in asia offer selections of our menswear , womenswear , childrenswear , accessories , and fragrances .", "ranging in size from approximately 1100 to 11800 square feet , with an average of approximately 6200 square feet , these stores are primarily located throughout china and japan , in hong kong , and in or near other major cities in asia and australia .", "our factory stores are principally located in major outlet centers .", "factory stores obtain products from our suppliers , our product licensing partners , and our other retail stores and e-commerce operations , and also serve as a secondary distribution channel for our excess and out-of-season products .", "concession-based shop-within-shops the terms of trade for shop-within-shops are largely conducted on a concession basis , whereby inventory continues to be owned by us ( not the department store ) until ultimate sale to the end consumer .", "the salespeople involved in the sales transactions are generally our employees and not those of the department store .", "as of march 29 , 2014 , we had 503 concession-based shop-within-shops at 243 retail locations dedicated to our products , which were located in asia , australia , new zealand , and europe .", "the size of our concession-based shop-within-shops ranges from approximately 140 to 7400 square feet .", "we may share in the cost of building-out certain of these shop-within-shops with our department store partners .", "e-commerce websites in addition to our stores , our retail segment sells products online through our e-commerce channel , which includes : 2022 our north american e-commerce sites located at www.ralphlauren.com and www.clubmonaco.com , as well as our club monaco site in canada located at www.clubmonaco.ca ; 2022 our ralph lauren e-commerce sites in europe , including www.ralphlauren.co.uk ( servicing the united kingdom ) , www.ralphlauren.fr ( servicing belgium , france , italy , luxembourg , the netherlands , portugal , and spain ) , and www.ralphlauren.de ( servicing germany and austria ) ; and 2022 our ralph lauren e-commerce sites in asia , including www.ralphlauren.co.jp servicing japan and www.ralphlauren.co.kr servicing south korea .", "our ralph lauren e-commerce sites in the u.s. , europe , and asia offer our customers access to a broad array of ralph lauren , rrl , polo , and denim & supply apparel , accessories , fragrance , and home products , and reinforce the luxury image of our brands .", "while investing in e-commerce operations remains a primary focus , it is an extension of our investment in the integrated omni-channel strategy used to operate our overall retail business , in which our e-commerce operations are interdependent with our physical stores .", "our club monaco e-commerce sites in the u.s .", "and canada offer our domestic and canadian customers access to our club monaco global assortment of womenswear , menswear , and accessories product lines , as well as select online exclusives. ." ]

[ [ "Location", "Factory Stores" ], [ "The Americas", "150" ], [ "Europe", "50" ], [ "Asia^(a)", "35" ], [ "Total", "235" ] ]

[ [ "location", "factory stores" ], [ "the americas", "150" ], [ "europe", "50" ], [ "asia ( a )", "35" ], [ "total", "235" ] ]

[]

[ "32| | duke realty corporation annual report 2012 2022 in 2010 , we sold approximately 60 acres of land , in two separate transactions , which resulted in impairment charges of $ 9.8 million .", "these sales were opportunistic in nature and we had not identified or actively marketed this land for disposition , as it was previously intended to be held for development .", "general and administrative expenses general and administrative expenses increased from $ 41.3 million in 2010 to $ 43.1 million in 2011 .", "the following table sets forth the factors that led to the increase in general and administrative expenses from 2010 to 2011 ( in millions ) : ." ]

[ "interest expense interest expense from continuing operations increased from $ 186.4 million in 2010 to $ 220.5 million in 2011 .", "the increase was primarily a result of increased average outstanding debt during 2011 compared to 2010 , which was driven by our acquisition activities as well as other uses of capital .", "a $ 7.2 million decrease in the capitalization of interest costs , the result of developed properties no longer meeting the criteria for interest capitalization , also contributed to the increase in interest expense .", "gain ( loss ) on debt transactions there were no gains or losses on debt transactions during 2011 .", "during 2010 , through a cash tender offer and open market transactions , we repurchased certain of our outstanding series of unsecured notes scheduled to mature in 2011 and 2013 .", "in total , we paid $ 292.2 million for unsecured notes that had a face value of $ 279.9 million .", "we recognized a net loss on extinguishment of $ 16.3 million after considering the write-off of unamortized deferred financing costs , discounts and other accounting adjustments .", "acquisition-related activity during 2011 , we recognized approximately $ 2.3 million in acquisition costs , compared to $ 1.9 million of such costs in 2010 .", "during 2011 , we also recognized a $ 1.1 million gain related to the acquisition of a building from one of our 50%-owned unconsolidated joint ventures , compared to a $ 57.7 million gain in 2010 on the acquisition of our joint venture partner 2019s 50% ( 50 % ) interest in dugan .", "critical accounting policies the preparation of our consolidated financial statements in conformity with gaap requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period .", "our estimates , judgments and assumptions are inherently subjective and based on the existing business and market conditions , and are therefore continually evaluated based upon available information and experience .", "note 2 to the consolidated financial statements includes further discussion of our significant accounting policies .", "our management has assessed the accounting policies used in the preparation of our financial statements and discussed them with our audit committee and independent auditors .", "the following accounting policies are considered critical based upon materiality to the financial statements , degree of judgment involved in estimating reported amounts and sensitivity to changes in industry and economic conditions : ( 1 ) the increase to our overall pool of overhead costs from 2010 is largely due to increased severance pay related to overhead reductions that took place near the end of 2011 .", "( 2 ) our total leasing activity increased and we also increased wholly owned development activities from 2010 .", "we capitalized $ 25.3 million and $ 10.4 million of our total overhead costs to leasing and development , respectively , for consolidated properties during 2011 , compared to capitalizing $ 23.5 million and $ 8.5 million of such costs , respectively , for 2010 .", "combined overhead costs capitalized to leasing and development totaled 20.6% ( 20.6 % ) and 19.1% ( 19.1 % ) of our overall pool of overhead costs for 2011 and 2010 , respectively. ." ]

[ [ "General and administrative expenses - 2010", "$41.3" ], [ "Increase to overall pool of overhead costs (1)", "5.7" ], [ "Increased absorption of costs by wholly-owned development and leasing activities (2)", "(3.7)" ], [ "Increased allocation of costs to Service Operations and Rental Operations", "(0.2)" ], [ "General and administrative expenses - 2011", "$43.1" ] ]

[ [ "general and administrative expenses - 2010", "$ 41.3" ], [ "increase to overall pool of overhead costs ( 1 )", "5.7" ], [ "increased absorption of costs by wholly-owned development and leasing activities ( 2 )", "-3.7 ( 3.7 )" ], [ "increased allocation of costs to service operations and rental operations", "-0.2 ( 0.2 )" ], [ "general and administrative expenses - 2011", "$ 43.1" ] ]

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[ "table of contents ended december 31 , 2015 and 2014 , respectively .", "the increase in cash provided by accounts payable-inventory financing was primarily due to a new vendor added to our previously existing inventory financing agreement .", "for a description of the inventory financing transactions impacting each period , see note 6 ( inventory financing agreements ) to the accompanying consolidated financial statements .", "for a description of the debt transactions impacting each period , see note 8 ( long-term debt ) to the accompanying consolidated financial statements .", "net cash used in financing activities decreased $ 56.3 million in 2014 compared to 2013 .", "the decrease was primarily driven by several debt refinancing transactions during each period and our july 2013 ipo , which generated net proceeds of $ 424.7 million after deducting underwriting discounts , expenses and transaction costs .", "the net impact of our debt transactions resulted in cash outflows of $ 145.9 million and $ 518.3 million during 2014 and 2013 , respectively , as cash was used in each period to reduce our total long-term debt .", "for a description of the debt transactions impacting each period , see note 8 ( long-term debt ) to the accompanying consolidated financial statements .", "long-term debt and financing arrangements as of december 31 , 2015 , we had total indebtedness of $ 3.3 billion , of which $ 1.6 billion was secured indebtedness .", "at december 31 , 2015 , we were in compliance with the covenants under our various credit agreements and indentures .", "the amount of cdw 2019s restricted payment capacity under the senior secured term loan facility was $ 679.7 million at december 31 , 2015 .", "for further details regarding our debt and each of the transactions described below , see note 8 ( long-term debt ) to the accompanying consolidated financial statements .", "during the year ended december 31 , 2015 , the following events occurred with respect to our debt structure : 2022 on august 1 , 2015 , we consolidated kelway 2019s term loan and kelway 2019s revolving credit facility .", "kelway 2019s term loan is denominated in british pounds .", "the kelway revolving credit facility is a multi-currency revolving credit facility under which kelway is permitted to borrow an aggregate amount of a350.0 million ( $ 73.7 million ) as of december 31 , 2015 .", "2022 on march 3 , 2015 , we completed the issuance of $ 525.0 million principal amount of 5.0% ( 5.0 % ) senior notes due 2023 which will mature on september 1 , 2023 .", "2022 on march 3 , 2015 , we redeemed the remaining $ 503.9 million aggregate principal amount of the 8.5% ( 8.5 % ) senior notes due 2019 , plus accrued and unpaid interest through the date of redemption , april 2 , 2015 .", "inventory financing agreements we have entered into agreements with certain financial intermediaries to facilitate the purchase of inventory from various suppliers under certain terms and conditions .", "these amounts are classified separately as accounts payable-inventory financing on the consolidated balance sheets .", "we do not incur any interest expense associated with these agreements as balances are paid when they are due .", "for further details , see note 6 ( inventory financing agreements ) to the accompanying consolidated financial statements .", "contractual obligations we have future obligations under various contracts relating to debt and interest payments , operating leases and asset retirement obligations .", "our estimated future payments , based on undiscounted amounts , under contractual obligations that existed as of december 31 , 2015 , are as follows: ." ]

[ "." ]

[ [ "", "Payments Due by Period" ], [ "(in millions)", "Total", "< 1 year", "1-3 years", "4-5 years", "> 5 years" ], [ "Term Loan⁽¹⁾", "$1,703.4", "$63.9", "$126.3", "$1,513.2", "$—" ], [ "Kelway Term Loan⁽¹⁾", "90.9", "13.5", "77.4", "—", "—" ], [ "Senior Notes due 2022⁽²⁾", "852.0", "36.0", "72.0", "72.0", "672.0" ], [ "Senior Notes due 2023⁽²⁾", "735.1", "26.3", "52.5", "52.5", "603.8" ], [ "Senior Notes due 2024⁽²⁾", "859.7", "31.6", "63.3", "63.3", "701.5" ], [ "Operating leases⁽³⁾", "143.2", "22.5", "41.7", "37.1", "41.9" ], [ "Asset retirement obligations⁽⁴⁾", "1.8", "0.8", "0.5", "0.3", "0.2" ], [ "Total", "$4,386.1", "$194.6", "$433.7", "$1,738.4", "$2,019.4" ] ]

[ [ "( in millions )", "payments due by period total", "payments due by period < 1 year", "payments due by period 1-3 years", "payments due by period 4-5 years", "payments due by period > 5 years" ], [ "term loan ( 1 )", "$ 1703.4", "$ 63.9", "$ 126.3", "$ 1513.2", "$ 2014" ], [ "kelway term loan ( 1 )", "90.9", "13.5", "77.4", "2014", "2014" ], [ "senior notes due 2022 ( 2 )", "852.0", "36.0", "72.0", "72.0", "672.0" ], [ "senior notes due 2023 ( 2 )", "735.1", "26.3", "52.5", "52.5", "603.8" ], [ "senior notes due 2024 ( 2 )", "859.7", "31.6", "63.3", "63.3", "701.5" ], [ "operating leases ( 3 )", "143.2", "22.5", "41.7", "37.1", "41.9" ], [ "asset retirement obligations ( 4 )", "1.8", "0.8", "0.5", "0.3", "0.2" ], [ "total", "$ 4386.1", "$ 194.6", "$ 433.7", "$ 1738.4", "$ 2019.4" ] ]

[]

[ "flows of the company 2019s subsidiaries , the receipt of dividends and repayments of indebtedness from the company 2019s subsidiaries , compliance with delaware corporate and other laws , compliance with the contractual provisions of debt and other agreements , and other factors .", "the company 2019s dividend rate on its common stock is determined by the board of directors on a quarterly basis and takes into consideration , among other factors , current and possible future developments that may affect the company 2019s income and cash flows .", "when dividends on common stock are declared , they are typically paid in march , june , september and december .", "historically , dividends have been paid quarterly to holders of record less than 30 days prior to the distribution date .", "since the dividends on the company 2019s common stock are not cumulative , only declared dividends are paid .", "during 2018 , 2017 and 2016 , the company paid $ 319 million , $ 289 million and $ 261 million in cash dividends , respectively .", "the following table provides the per share cash dividends paid for the years ended december 31: ." ]

[ "on december 7 , 2018 , the company 2019s board of directors declared a quarterly cash dividend payment of $ 0.455 per share payable on march 1 , 2019 , to shareholders of record as of february 7 , 2019 .", "equity forward transaction see note 4 2014acquisitions and divestitures for information regarding the forward sale agreements entered into by the company on april 11 , 2018 , and the subsequent settlement of these agreements on june 7 , 2018 .", "regulatory restrictions the issuance of long-term debt or equity securities by the company or american water capital corp .", "( 201cawcc 201d ) , the company 2019s wholly owned financing subsidiary , does not require authorization of any state puc if no guarantee or pledge of the regulated subsidiaries is utilized .", "however , state puc authorization is required to issue long-term debt at most of the company 2019s regulated subsidiaries .", "the company 2019s regulated subsidiaries normally obtain the required approvals on a periodic basis to cover their anticipated financing needs for a period of time or in connection with a specific financing .", "under applicable law , the company 2019s subsidiaries can pay dividends only from retained , undistributed or current earnings .", "a significant loss recorded at a subsidiary may limit the dividends that the subsidiary can distribute to american water .", "furthermore , the ability of the company 2019s subsidiaries to pay upstream dividends or repay indebtedness to american water is subject to compliance with applicable regulatory restrictions and financial obligations , including , for example , debt service and preferred and preference stock dividends , as well as applicable corporate , tax and other laws and regulations , and other agreements or covenants made or entered into by the company and its subsidiaries .", "note 10 : stock based compensation the company has granted stock options , stock units and dividend equivalents to non-employee directors , officers and other key employees of the company pursuant to the terms of its 2007 omnibus equity compensation plan ( the 201c2007 plan 201d ) .", "stock units under the 2007 plan generally vest based on ( i ) continued employment with the company ( 201crsus 201d ) , or ( ii ) continued employment with the company where distribution of the shares is subject to the satisfaction in whole or in part of stated performance-based goals ( 201cpsus 201d ) .", "the total aggregate number of shares of common stock that may be issued under the 2007 plan is 15.5 million .", "as of ." ]

[ [ "", "2018", "2017", "2016" ], [ "December", "$0.455", "$0.415", "$0.375" ], [ "September", "$0.455", "$0.415", "$0.375" ], [ "June", "$0.455", "$0.415", "$0.375" ], [ "March", "$0.415", "$0.375", "$0.34" ] ]

[ [ "", "2018", "2017", "2016" ], [ "december", "$ 0.455", "$ 0.415", "$ 0.375" ], [ "september", "$ 0.455", "$ 0.415", "$ 0.375" ], [ "june", "$ 0.455", "$ 0.415", "$ 0.375" ], [ "march", "$ 0.415", "$ 0.375", "$ 0.34" ] ]

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[ "business-related metrics as of or for the year ended december 31 ." ]

[ "crb is the no .", "1 bank in the new york tri-state area and a top five bank in texas ( both ranked by retail deposits ) , providing payment , liquidity , investment , insurance and credit products and services to three primary customer segments : small busi- ness , affluent and retail .", "within these segments , crb serves 326000 small businesses , 433000 affluent consumers and 2.6 million mass-market consumers .", "crb 2019s continued focus on expanding customer relationships resulted in a 14% ( 14 % ) increase in core deposits ( for this purpose , core deposits are total deposits less time deposits ) from december 31 , 2002 , and a 77% ( 77 % ) increase in the cross-sell of chase credit products over 2002 .", "in 2003 , mortgage and home equity originations through crb 2019s distribution channels were $ 3.4 billion and $ 4.7 billion , respectively .", "branch-originated credit cards totaled 77000 , contributing to 23% ( 23 % ) of crb customers holding chase credit cards .", "crb is compensated by cfs 2019s credit businesses for the home finance and credit card loans it origi- nates and does not retain these balances .", "chase regional banking while crb continues to position itself for growth , decreased deposit spreads related to the low-rate environment and increased credit costs resulted in an 80% ( 80 % ) decline in crb operating earnings from 2002 .", "this decrease was partly offset by an 8% ( 8 % ) increase in total average deposits .", "operating revenue of $ 2.6 billion decreased by 9% ( 9 % ) compared with 2002 .", "net interest income declined by 11% ( 11 % ) to $ 1.7 billion , primarily attributable to the lower interest rate environment .", "noninterest revenue decreased 6% ( 6 % ) to $ 927 million due to lower deposit service fees , decreased debit card fees and one-time gains in 2002 .", "crb 2019s revenue does not include funding profits earned on its deposit base ; these amounts are included in the results of global treasury .", "operating expense of $ 2.4 billion increased by 7% ( 7 % ) from 2002 .", "the increase was primarily due to investments in technology within the branch network ; also contributing were higher compensation expenses related to increased staff levels and higher severance costs as a result of continued restructuring .", "this increase in operating caf is the largest u.s .", "bank originator of automobile loans and leases , with more than 2.9 million accounts .", "in 2003 , caf had a record number of automobile loan and lease originations , growing by 10% ( 10 % ) over 2002 to $ 27.8 billion .", "loan and lease receivables of $ 43.2 billion at december 31 , 2003 , were 16% ( 16 % ) higher than at the prior year-end .", "despite a challenging operating environment reflecting slightly declining new car sales in 2003 and increased competition , caf 2019s market share among automobile finance companies improved to 6.1% ( 6.1 % ) in 2003 from 5.7% ( 5.7 % ) in 2002 .", "the increase in market share was the result of strong organic growth and an origination strategy that allies the business with manufac- turers and dealers .", "caf 2019s relationships with several major car manufacturers contributed to 2003 growth , as did caf 2019s dealer relationships , which increased from approximately 12700 dealers in 2002 to approximately 13700 dealers in 2003 .", "in 2003 , operating earnings were $ 205 million , 23% ( 23 % ) higher compared with 2002 .", "the increase in earnings was driven by continued revenue growth and improved operating efficiency .", "in 2003 , caf 2019s operating revenue grew by 23% ( 23 % ) to $ 842 million .", "net interest income grew by 33% ( 33 % ) compared with 2002 .", "the increase was driven by strong operating performance due to higher average loans and leases outstanding , reflecting continued strong origination volume and lower funding costs .", "operating expense of $ 292 million increased by 18% ( 18 % ) compared with 2002 .", "the increase in expenses was driven by higher average chase auto finance loans outstanding , higher origination volume and higher perform- ance-based incentives .", "caf 2019s overhead ratio improved from 36% ( 36 % ) in 2002 to 35% ( 35 % ) in 2003 , as a result of strong revenue growth , con- tinued productivity gains and disciplined expense management .", "credit costs increased 18% ( 18 % ) to $ 205 million , primarily reflecting a 32% ( 32 % ) increase in average loan and lease receivables .", "credit quality continued to be strong relative to 2002 , as evidenced by a lower net charge-off ratio and 30+ day delinquency rate .", "caf also comprises chase education finance , a top provider of government-guaranteed and private loans for higher education .", "loans are provided through a joint venture with sallie mae , a government-sponsored enterprise and the leader in funding and servicing education loans .", "chase education finance 2019s origination volume totaled $ 2.7 billion , an increase of 4% ( 4 % ) from last year .", "management 2019s discussion and analysis j.p .", "morgan chase & co .", "42 j.p .", "morgan chase & co .", "/ 2003 annual report ." ]

[ [ "(in billions, except ratios)", "2003", "2002", "Change" ], [ "Loan and lease receivables", "$43.2", "$37.4", "16%" ], [ "Average loan and lease receivables", "41.7", "31.7", "32" ], [ "Automobile origination volume", "27.8", "25.3", "10" ], [ "Automobile market share", "6.1%", "5.7%", "40bp" ], [ "30+ day delinquency rate", "1.46", "1.54", "(8)" ], [ "Net charge-off ratio", "0.41", "0.51", "(10)" ], [ "Overhead ratio", "35", "36", "(100)" ] ]

[ [ "( in billions except ratios )", "2003", "2002", "change" ], [ "loan and lease receivables", "$ 43.2", "$ 37.4", "16% ( 16 % )" ], [ "average loan and lease receivables", "41.7", "31.7", "32" ], [ "automobile origination volume", "27.8", "25.3", "10" ], [ "automobile market share", "6.1% ( 6.1 % )", "5.7% ( 5.7 % )", "40bp" ], [ "30+ day delinquency rate", "1.46", "1.54", "-8 ( 8 )" ], [ "net charge-off ratio", "0.41", "0.51", "-10 ( 10 )" ], [ "overhead ratio", "35", "36", "-100 ( 100 )" ] ]

[]

[ "when the likelihood of clawback is considered mathematically improbable .", "the company records a deferred carried interest liability to the extent it receives cash or capital allocations related to carried interest prior to meeting the revenue recognition criteria .", "at december 31 , 2017 and 2016 , the company had $ 219 million and $ 152 million , respectively , of deferred carried interest recorded in other liabilities/other liabilities of consolidated vies on the consolidated statements of financial condition .", "a portion of the deferred carried interest liability will be paid to certain employees .", "the ultimate timing of the recognition of performance fee revenue , if any , for these products is unknown .", "the following table presents changes in the deferred carried interest liability ( including the portion related to consolidated vies ) for 2017 and 2016: ." ]

[ "for 2017 , 2016 and 2015 , performance fee revenue ( which included recognized carried interest ) totaled $ 594 million , $ 295 million and $ 621 million , respectively .", "fees earned for technology and risk management revenue are recorded as services are performed and are generally determined using the value of positions on the aladdin platform or on a fixed-rate basis .", "for 2017 , 2016 and 2016 , technology and risk management revenue totaled $ 677 million , $ 595 million and $ 528 million , respectively .", "adjustments to revenue arising from initial estimates recorded historically have been immaterial since the majority of blackrock 2019s investment advisory and administration revenue is calculated based on aum and since the company does not record performance fee revenue until performance thresholds have been exceeded and the likelihood of clawback is mathematically improbable .", "accounting developments recent accounting pronouncements not yet adopted .", "revenue from contracts with customers .", "in may 2014 , the financial accounting standards board ( 201cfasb 201d ) issued accounting standards update ( 201casu 201d ) 2014-09 , revenue from contracts with customers ( 201casu 2014-09 201d ) .", "asu 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance , including industry-specific guidance .", "the guidance also changes the accounting for certain contract costs and revises the criteria for determining if an entity is acting as a principal or agent in certain arrangements .", "the key changes in the standard that impact the company 2019s revenue recognition relate to the presentation of certain revenue contracts and associated contract costs .", "the most significant of these changes relates to the presentation of certain distribution costs , which are currently presented net against revenues ( contra-revenue ) and will be presented as an expense on a gross basis .", "the company adopted asu 2014-09 effective january 1 , 2018 on a full retrospective basis , which will require 2016 and 2017 to be restated in future filings .", "the cumulative effect adjustment to the 2016 opening retained earnings was not material .", "the company currently expects the net gross up to revenue to be approximately $ 1 billion with a corresponding gross up to expense for both 2016 and 2017 .", "consequently , the company expects its gaap operating margin to decline upon adoption due to the gross up of revenue .", "however , no material impact is expected on the company 2019s as adjusted operating margin .", "for accounting pronouncements that the company adopted during the year ended december 31 , 2017 and for additional recent accounting pronouncements not yet adopted , see note 2 , significant accounting policies , in the consolidated financial statements contained in part ii , item 8 of this filing .", "item 7a .", "quantitative and qualitative disclosures about market risk aum market price risk .", "blackrock 2019s investment advisory and administration fees are primarily comprised of fees based on a percentage of the value of aum and , in some cases , performance fees expressed as a percentage of the returns realized on aum .", "at december 31 , 2017 , the majority of the company 2019s investment advisory and administration fees were based on average or period end aum of the applicable investment funds or separate accounts .", "movements in equity market prices , interest rates/credit spreads , foreign exchange rates or all three could cause the value of aum to decline , which would result in lower investment advisory and administration fees .", "corporate investments portfolio risks .", "as a leading investment management firm , blackrock devotes significant resources across all of its operations to identifying , measuring , monitoring , managing and analyzing market and operating risks , including the management and oversight of its own investment portfolio .", "the board of directors of the company has adopted guidelines for the review of investments to be made by the company , requiring , among other things , that investments be reviewed by certain senior officers of the company , and that certain investments may be referred to the audit committee or the board of directors , depending on the circumstances , for approval .", "in the normal course of its business , blackrock is exposed to equity market price risk , interest rate/credit spread risk and foreign exchange rate risk associated with its corporate investments .", "blackrock has investments primarily in sponsored investment products that invest in a variety of asset classes , including real assets , private equity and hedge funds .", "investments generally are made for co-investment purposes , to establish a performance track record , to hedge exposure to certain deferred compensation plans or for regulatory purposes .", "currently , the company has a seed capital hedging program in which it enters into swaps to hedge market and interest rate exposure to certain investments .", "at december 31 , 2017 , the company had outstanding total return swaps with an aggregate notional value of approximately $ 587 million .", "at december 31 , 2017 , there were no outstanding interest rate swaps. ." ]

[ [ "(in millions)", "2017", "2016" ], [ "Beginning balance", "$152", "$143" ], [ "Net increase (decrease) in unrealized allocations", "75", "37" ], [ "Performance fee revenue recognized", "(21)", "(28)" ], [ "Acquisition", "13", "—" ], [ "Ending balance", "$219", "$152" ] ]

[ [ "( in millions )", "2017", "2016" ], [ "beginning balance", "$ 152", "$ 143" ], [ "net increase ( decrease ) in unrealized allocations", "75", "37" ], [ "performance fee revenue recognized", "-21 ( 21 )", "-28 ( 28 )" ], [ "acquisition", "13", "2014" ], [ "ending balance", "$ 219", "$ 152" ] ]

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

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

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

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

[ { "arg1": "20", "arg2": "15", "op": "minus2-1", "res": "5" }, { "arg1": "#0", "arg2": "15", "op": "divide2-2", "res": "33.3%" } ]

[ "westrock company notes to consolidated financial statements 2014 ( continued ) note 20 .", "stockholders 2019 equity capitalization our capital stock consists solely of common stock .", "holders of our common stock are entitled to one vote per share .", "our amended and restated certificate of incorporation also authorizes preferred stock , of which no shares have been issued .", "the terms and provisions of such shares will be determined by our board of directors upon any issuance of such shares in accordance with our certificate of incorporation .", "stock repurchase plan in july 2015 , our board of directors authorized a repurchase program of up to 40.0 million shares of our common stock , representing approximately 15% ( 15 % ) of our outstanding common stock as of july 1 , 2015 .", "the shares of our common stock may be repurchased over an indefinite period of time at the discretion of management .", "in fiscal 2019 , we repurchased approximately 2.1 million shares of our common stock for an aggregate cost of $ 88.6 million .", "in fiscal 2018 , we repurchased approximately 3.4 million shares of our common stock for an aggregate cost of $ 195.1 million .", "in fiscal 2017 , we repurchased approximately 1.8 million shares of our common stock for an aggregate cost of $ 93.0 million .", "as of september 30 , 2019 , we had remaining authorization under the repurchase program authorized in july 2015 to purchase approximately 19.1 million shares of our common stock .", "note 21 .", "share-based compensation share-based compensation plans at our annual meeting of stockholders held on february 2 , 2016 , our stockholders approved the westrock company 2016 incentive stock plan .", "the 2016 incentive stock plan was amended and restated on february 2 , 2018 ( the 201camended and restated 2016 incentive stock plan 201d ) .", "the amended and restated 2016 incentive stock plan allows for the granting of options , restricted stock , sars and restricted stock units to certain key employees and directors .", "the table below shows the approximate number of shares : available for issuance , available for future grant , to be issued if restricted awards granted with a performance condition recorded at target achieve the maximum award , and if new grants pursuant to the plan are expected to be issued , each as adjusted as necessary for corporate actions ( in millions ) .", "shares available issuance shares available for future shares to be issued if performance is achieved at maximum expect to awards amended and restated 2016 incentive stock plan ( 1 ) 11.7 5.1 2.3 yes 2004 incentive stock plan ( 1 ) ( 2 ) 15.8 3.1 0.0 no 2005 performance incentive plan ( 1 ) ( 2 ) 12.8 9.0 0.0 no rocktenn ( sscc ) equity inventive plan ( 1 ) ( 3 ) 7.9 5.9 0.0 no ( 1 ) as part of the separation , equity-based incentive awards were generally adjusted to maintain the intrinsic value of awards immediately prior to the separation .", "the number of unvested restricted stock awards and unexercised stock options and sars at the time of the separation were increased by an exchange factor of approximately 1.12 .", "in addition , the exercise price of unexercised stock options and sars at the time of the separation was converted to decrease the exercise price by an exchange factor of approximately 1.12 .", "( 2 ) in connection with the combination , westrock assumed all rocktenn and mwv equity incentive plans .", "we issued awards to certain key employees and our directors pursuant to our rocktenn 2004 incentive stock plan , as amended , and our mwv 2005 performance incentive plan , as amended .", "the awards were converted into westrock awards using the conversion factor as described in the business combination agreement .", "( 3 ) in connection with the smurfit-stone acquisition , we assumed the smurfit-stone equity incentive plan , which was renamed the rock-tenn company ( sscc ) equity incentive plan .", "the awards were converted into shares of rocktenn common stock , options and restricted stock units , as applicable , using the conversion factor as described in the merger agreement. ." ]

[ "westrock company notes to consolidated financial statements 2014 ( continued ) note 20 .", "stockholders 2019 equity capitalization our capital stock consists solely of common stock .", "holders of our common stock are entitled to one vote per share .", "our amended and restated certificate of incorporation also authorizes preferred stock , of which no shares have been issued .", "the terms and provisions of such shares will be determined by our board of directors upon any issuance of such shares in accordance with our certificate of incorporation .", "stock repurchase plan in july 2015 , our board of directors authorized a repurchase program of up to 40.0 million shares of our common stock , representing approximately 15% ( 15 % ) of our outstanding common stock as of july 1 , 2015 .", "the shares of our common stock may be repurchased over an indefinite period of time at the discretion of management .", "in fiscal 2019 , we repurchased approximately 2.1 million shares of our common stock for an aggregate cost of $ 88.6 million .", "in fiscal 2018 , we repurchased approximately 3.4 million shares of our common stock for an aggregate cost of $ 195.1 million .", "in fiscal 2017 , we repurchased approximately 1.8 million shares of our common stock for an aggregate cost of $ 93.0 million .", "as of september 30 , 2019 , we had remaining authorization under the repurchase program authorized in july 2015 to purchase approximately 19.1 million shares of our common stock .", "note 21 .", "share-based compensation share-based compensation plans at our annual meeting of stockholders held on february 2 , 2016 , our stockholders approved the westrock company 2016 incentive stock plan .", "the 2016 incentive stock plan was amended and restated on february 2 , 2018 ( the 201camended and restated 2016 incentive stock plan 201d ) .", "the amended and restated 2016 incentive stock plan allows for the granting of options , restricted stock , sars and restricted stock units to certain key employees and directors .", "the table below shows the approximate number of shares : available for issuance , available for future grant , to be issued if restricted awards granted with a performance condition recorded at target achieve the maximum award , and if new grants pursuant to the plan are expected to be issued , each as adjusted as necessary for corporate actions ( in millions ) .", "shares available issuance shares available for future shares to be issued if performance is achieved at maximum expect to awards amended and restated 2016 incentive stock plan ( 1 ) 11.7 5.1 2.3 yes 2004 incentive stock plan ( 1 ) ( 2 ) 15.8 3.1 0.0 no 2005 performance incentive plan ( 1 ) ( 2 ) 12.8 9.0 0.0 no rocktenn ( sscc ) equity inventive plan ( 1 ) ( 3 ) 7.9 5.9 0.0 no ( 1 ) as part of the separation , equity-based incentive awards were generally adjusted to maintain the intrinsic value of awards immediately prior to the separation .", "the number of unvested restricted stock awards and unexercised stock options and sars at the time of the separation were increased by an exchange factor of approximately 1.12 .", "in addition , the exercise price of unexercised stock options and sars at the time of the separation was converted to decrease the exercise price by an exchange factor of approximately 1.12 .", "( 2 ) in connection with the combination , westrock assumed all rocktenn and mwv equity incentive plans .", "we issued awards to certain key employees and our directors pursuant to our rocktenn 2004 incentive stock plan , as amended , and our mwv 2005 performance incentive plan , as amended .", "the awards were converted into westrock awards using the conversion factor as described in the business combination agreement .", "( 3 ) in connection with the smurfit-stone acquisition , we assumed the smurfit-stone equity incentive plan , which was renamed the rock-tenn company ( sscc ) equity incentive plan .", "the awards were converted into shares of rocktenn common stock , options and restricted stock units , as applicable , using the conversion factor as described in the merger agreement. ." ]

[ [ "", "Shares Available For Issuance", "Shares Available For Future Grant", "Shares To Be Issued If Performance Is Achieved At Maximum", "Expect To Make New Awards" ], [ "Amended and Restated 2016 Incentive Stock Plan⁽¹⁾", "11.7", "5.1", "2.3", "Yes" ], [ "2004 Incentive Stock Plan⁽¹⁾⁽²⁾", "15.8", "3.1", "0.0", "No" ], [ "2005 Performance Incentive Plan⁽¹⁾⁽²⁾", "12.8", "9.0", "0.0", "No" ], [ "RockTenn (SSCC) Equity Inventive Plan⁽¹⁾⁽³⁾", "7.9", "5.9", "0.0", "No" ] ]

[ [ "", "shares available for issuance", "shares available for future grant", "shares to be issued if performance is achieved at maximum", "expect to make new awards" ], [ "amended and restated 2016 incentive stock plan ( 1 )", "11.7", "5.1", "2.3", "yes" ], [ "2004 incentive stock plan ( 1 ) ( 2 )", "15.8", "3.1", "0.0", "no" ], [ "2005 performance incentive plan ( 1 ) ( 2 )", "12.8", "9.0", "0.0", "no" ], [ "rocktenn ( sscc ) equity inventive plan ( 1 ) ( 3 )", "7.9", "5.9", "0.0", "no" ] ]

[ { "arg1": "3.4", "arg2": "2.1", "op": "add1-1", "res": "5.5" }, { "arg1": "#0", "arg2": "1.8", "op": "add1-2", "res": "7.3" }, { "arg1": "88.6", "arg2": "195.1", "op": "add1-3", "res": "283.7" }, { "arg1": "#2", "arg2": "93.0", "op": "add1-4", "res": "376.7" }, { "arg1": "#3", "arg2": "#1", "op": "divide1-5", "res": "51.6" } ]

[ "backlog applied manufactures systems to meet demand represented by order backlog and customer commitments .", "backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months .", "backlog by reportable segment as of october 25 , 2015 and october 26 , 2014 was as follows : 2015 2014 ( in millions , except percentages ) ." ]

[ "applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or order cancellations .", "customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties .", "delays in delivery schedules or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations .", "manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies that are used to manufacture systems .", "applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including germany , israel , italy , singapore , taiwan , the united states and other countries in asia .", "applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products , including some systems being completed at customer sites .", "although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible .", "accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers .", "applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by selecting and qualifying alternate suppliers for key parts ; monitoring the financial condition of key suppliers ; maintaining appropriate inventories of key parts ; qualifying new parts on a timely basis ; and ensuring quality and performance of parts. ." ]

[ [ "", "2015", "2014", "", "(In millions, except percentages)" ], [ "Silicon Systems", "$1,720", "55%", "$1,400", "48%" ], [ "Applied Global Services", "812", "26%", "775", "27%" ], [ "Display", "525", "16%", "593", "20%" ], [ "Energy and Environmental Solutions", "85", "3%", "149", "5%" ], [ "Total", "$3,142", "100%", "$2,917", "100%" ] ]

[ [ "", "2015", "2014", "", "( in millions except percentages )" ], [ "silicon systems", "$ 1720", "55% ( 55 % )", "$ 1400", "48% ( 48 % )" ], [ "applied global services", "812", "26% ( 26 % )", "775", "27% ( 27 % )" ], [ "display", "525", "16% ( 16 % )", "593", "20% ( 20 % )" ], [ "energy and environmental solutions", "85", "3% ( 3 % )", "149", "5% ( 5 % )" ], [ "total", "$ 3142", "100% ( 100 % )", "$ 2917", "100% ( 100 % )" ] ]

[ { "arg1": "525", "arg2": "593", "op": "minus2-1", "res": "-68" }, { "arg1": "#0", "arg2": "593", "op": "divide2-2", "res": "-11.5%" } ]

[ "management 2019s discussion and analysis net interest income 2012 versus 2011 .", "net interest income on the consolidated statements of earnings was $ 3.88 billion for 2012 , 25% ( 25 % ) lower than 2011 .", "the decrease compared with 2011 was primarily due to lower average yields on financial instruments owned , at fair value , and collateralized agreements .", "2011 versus 2010 .", "net interest income on the consolidated statements of earnings was $ 5.19 billion for 2011 , 6% ( 6 % ) lower than 2010 .", "the decrease compared with 2010 was primarily due to higher interest expense related to our long-term borrowings and higher dividend expense related to financial instruments sold , but not yet purchased , partially offset by an increase in interest income from higher yielding collateralized agreements .", "operating expenses our operating expenses are primarily influenced by compensation , headcount and levels of business activity .", "compensation and benefits includes salaries , discretionary compensation , amortization of equity awards and other items such as benefits .", "discretionary compensation is significantly impacted by , among other factors , the level of net revenues , overall financial performance , prevailing labor markets , business mix , the structure of our share-based compensation programs and the external environment .", "in the context of more difficult economic and financial conditions , the firm launched an initiative during the second quarter of 2011 to identify areas where we can operate more efficiently and reduce our operating expenses .", "during 2012 and 2011 , we announced targeted annual run rate compensation and non-compensation reductions of approximately $ 1.9 billion in aggregate .", "the table below presents our operating expenses and total staff. ." ]

[ "total staff at period-end 2 32400 33300 35700 1 .", "related revenues are included in 201cmarket making 201d on the consolidated statements of earnings .", "2 .", "includes employees , consultants and temporary staff .", "48 goldman sachs 2012 annual report ." ]

[ [ "", "Year Ended December" ], [ "<i>$ in millions</i>", "2012", "2011", "2010" ], [ "Compensation and benefits", "$12,944", "$12,223", "$15,376" ], [ "U.K. bank payrolltax", "—", "—", "465" ], [ "Brokerage, clearing, exchange anddistribution fees", "2,208", "2,463", "2,281" ], [ "Market development", "509", "640", "530" ], [ "Communications and technology", "782", "828", "758" ], [ "Depreciation and amortization", "1,738", "1,865", "1,889" ], [ "Occupancy", "875", "1,030", "1,086" ], [ "Professional fees", "867", "992", "927" ], [ "Insurance reserves¹", "598", "529", "398" ], [ "Other expenses", "2,435", "2,072", "2,559" ], [ "Total non-compensation expenses", "10,012", "10,419", "10,428" ], [ "Total operating expenses", "$22,956", "$22,642", "$26,269" ], [ "Total staff atperiod-end²", "32,400", "33,300", "35,700" ] ]

[ [ "$ in millions", "year ended december 2012", "year ended december 2011", "year ended december 2010" ], [ "compensation and benefits", "$ 12944", "$ 12223", "$ 15376" ], [ "u.k . bank payrolltax", "2014", "2014", "465" ], [ "brokerage clearing exchange anddistribution fees", "2208", "2463", "2281" ], [ "market development", "509", "640", "530" ], [ "communications and technology", "782", "828", "758" ], [ "depreciation and amortization", "1738", "1865", "1889" ], [ "occupancy", "875", "1030", "1086" ], [ "professional fees", "867", "992", "927" ], [ "insurance reserves1", "598", "529", "398" ], [ "other expenses", "2435", "2072", "2559" ], [ "total non-compensation expenses", "10012", "10419", "10428" ], [ "total operating expenses", "$ 22956", "$ 22642", "$ 26269" ], [ "total staff atperiod-end2", "32400", "33300", "35700" ] ]

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[ "considered to be the primary beneficiary of either entity and have therefore deconsolidated both entities .", "at december 31 , 2010 , we held a 36% ( 36 % ) interest in juniperus which is accounted for using the equity method of accounting .", "our potential loss at december 31 , 2010 is limited to our investment of $ 73 million in juniperus , which is recorded in investments in the consolidated statements of financial position .", "we have not provided any financing to juniperus other than previously contractually required amounts .", "juniperus and jchl had combined assets and liabilities of $ 121 million and $ 22 million , respectively , at december 31 , 2008 .", "for the year ended december 31 , 2009 , we recognized $ 36 million of pretax income from juniperus and jchl .", "we recognized $ 16 million of after-tax income , after allocating the appropriate share of net income to the non-controlling interests .", "we previously owned an 85% ( 85 % ) economic equity interest in globe re limited ( 2018 2018globe re 2019 2019 ) , a vie , which provided reinsurance coverage for a defined portfolio of property catastrophe reinsurance contracts underwritten by a third party for a limited period which ended june 1 , 2009 .", "we consolidated globe re as we were deemed to be the primary beneficiary .", "in connection with the winding up of its operations , globe re repaid its $ 100 million of short-term debt and our equity investment from available cash in 2009 .", "we recognized $ 2 million of after-tax income from globe re in 2009 , taking into account the share of net income attributable to non-controlling interests .", "globe re was fully liquidated in the third quarter of 2009 .", "review by segment general we serve clients through the following segments : 2022 risk solutions ( formerly risk and insurance brokerage services ) acts as an advisor and insurance and reinsurance broker , helping clients manage their risks , via consultation , as well as negotiation and placement of insurance risk with insurance carriers through our global distribution network .", "2022 hr solutions ( formerly consulting ) partners with organizations to solve their most complex benefits , talent and related financial challenges , and improve business performance by designing , implementing , communicating and administering a wide range of human capital , retirement , investment management , health care , compensation and talent management strategies .", "risk solutions ." ]

[ "the demand for property and casualty insurance generally rises as the overall level of economic activity increases and generally falls as such activity decreases , affecting both the commissions and fees generated by our brokerage business .", "the economic activity that impacts property and casualty insurance is described as exposure units , and is most closely correlated with employment levels , corporate revenue and asset values .", "during 2010 we continued to see a 2018 2018soft market 2019 2019 , which began in 2007 , in our retail brokerage product line .", "in a soft market , premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity .", "changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the ." ]

[ [ "Years ended December 31,", "2010", "2009", "2008" ], [ "Revenue", "$6,423", "$6,305", "$6,197" ], [ "Operating income", "1,194", "900", "846" ], [ "Operating margin", "18.6%", "14.3%", "13.7%" ] ]

[ [ "years ended december 31,", "2010", "2009", "2008" ], [ "revenue", "$ 6423", "$ 6305", "$ 6197" ], [ "operating income", "1194", "900", "846" ], [ "operating margin", "18.6% ( 18.6 % )", "14.3% ( 14.3 % )", "13.7% ( 13.7 % )" ] ]

[]

[ "page 59 of 94 notes to consolidated financial statements ball corporation and subsidiaries 13 .", "debt and interest costs ( continued ) long-term debt obligations outstanding at december 31 , 2007 , have maturities of $ 127.1 million , $ 160 million , $ 388.4 million , $ 625.1 million and $ 550.3 million for the years ending december 31 , 2008 through 2012 , respectively , and $ 456.1 million thereafter .", "ball provides letters of credit in the ordinary course of business to secure liabilities recorded in connection with industrial development revenue bonds and certain self-insurance arrangements .", "letters of credit outstanding at december 31 , 2007 and 2006 , were $ 41 million and $ 52.4 million , respectively .", "the notes payable and senior credit facilities are guaranteed on a full , unconditional and joint and several basis by certain of the company 2019s domestic wholly owned subsidiaries .", "certain foreign denominated tranches of the senior credit facilities are similarly guaranteed by certain of the company 2019s wholly owned foreign subsidiaries .", "note 22 contains further details as well as condensed , consolidating financial information for the company , segregating the guarantor subsidiaries and non-guarantor subsidiaries .", "the company was not in default of any loan agreement at december 31 , 2007 , and has met all debt payment obligations .", "the u.s .", "note agreements , bank credit agreement and industrial development revenue bond agreements contain certain restrictions relating to dividend payments , share repurchases , investments , financial ratios , guarantees and the incurrence of additional indebtedness .", "on march 27 , 2006 , ball expanded its senior secured credit facilities with the addition of a $ 500 million term d loan facility due in installments through october 2011 .", "also on march 27 , 2006 , ball issued at a price of 99.799 percent $ 450 million of 6.625% ( 6.625 % ) senior notes ( effective yield to maturity of 6.65 percent ) due in march 2018 .", "the proceeds from these financings were used to refinance existing u.s .", "can debt with ball corporation debt at lower interest rates , acquire certain north american plastic container net assets from alcan and reduce seasonal working capital debt .", "( see note 3 for further details of the acquisitions. ) on october 13 , 2005 , ball refinanced its senior secured credit facilities to extend debt maturities at lower interest rate spreads and provide the company with additional borrowing capacity for future growth .", "during the third and fourth quarters of 2005 , ball redeemed its 7.75% ( 7.75 % ) senior notes due in august 2006 .", "the refinancing and senior note redemptions resulted in a debt refinancing charge of $ 19.3 million ( $ 12.3 million after tax ) for the related call premium and unamortized debt issuance costs .", "a summary of total interest cost paid and accrued follows: ." ]

[ "( a ) includes $ 6.6 million paid in 2005 in connection with the redemption of the company 2019s senior and senior subordinated notes. ." ]

[ [ "($ in millions)", "2007", "2006", "2005" ], [ "Interest costs before refinancing costs", "$155.8", "$142.5", "$102.4" ], [ "Debt refinancing costs", "–", "–", "19.3" ], [ "Total interest costs", "155.8", "142.5", "121.7" ], [ "Amounts capitalized", "(6.4)", "(8.1)", "(5.3)" ], [ "Interest expense", "$149.4", "$134.4", "$116.4" ], [ "Interest paid during the year(a)", "$153.9", "$125.4", "$138.5" ] ]

[ [ "( $ in millions )", "2007", "2006", "2005" ], [ "interest costs before refinancing costs", "$ 155.8", "$ 142.5", "$ 102.4" ], [ "debt refinancing costs", "2013", "2013", "19.3" ], [ "total interest costs", "155.8", "142.5", "121.7" ], [ "amounts capitalized", "-6.4 ( 6.4 )", "-8.1 ( 8.1 )", "-5.3 ( 5.3 )" ], [ "interest expense", "$ 149.4", "$ 134.4", "$ 116.4" ], [ "interest paid during the year ( a )", "$ 153.9", "$ 125.4", "$ 138.5" ] ]

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[ "analog devices , inc .", "notes to consolidated financial statements 2014 ( continued ) depreciation expense for property , plant and equipment was $ 134.5 million , $ 130.1 million and $ 114.1 million in fiscal 2016 , 2015 and 2014 , respectively .", "the company reviews property , plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable .", "recoverability of these assets is determined by comparison of their carrying amount to the future undiscounted cash flows the assets are expected to generate over their remaining economic lives .", "if such assets are considered to be impaired , the impairment to be recognized in earnings equals the amount by which the carrying value of the assets exceeds their fair value determined by either a quoted market price , if any , or a value determined by utilizing a discounted cash flow technique .", "if such assets are not impaired , but their useful lives have decreased , the remaining net book value is depreciated over the revised useful life .", "we have not recorded any material impairment charges related to our property , plant and equipment in fiscal 2016 , fiscal 2015 or fiscal 2014 .", "f .", "goodwill and intangible assets goodwill the company evaluates goodwill for impairment annually , as well as whenever events or changes in circumstances suggest that the carrying value of goodwill may not be recoverable .", "the company tests goodwill for impairment at the reporting unit level ( operating segment or one level below an operating segment ) on an annual basis on the first day of the fourth quarter ( on or about august 1 ) or more frequently if indicators of impairment exist .", "for the company 2019s latest annual impairment assessment that occurred as of july 31 , 2016 , the company identified its reporting units to be its seven operating segments .", "the performance of the test involves a two-step process .", "the first step of the quantitative impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values , including goodwill .", "the company determines the fair value of its reporting units using a weighting of the income and market approaches .", "under the income approach , the company uses a discounted cash flow methodology which requires management to make significant estimates and assumptions related to forecasted revenues , gross profit margins , operating income margins , working capital cash flow , perpetual growth rates , and long-term discount rates , among others .", "for the market approach , the company uses the guideline public company method .", "under this method the company utilizes information from comparable publicly traded companies with similar operating and investment characteristics as the reporting units , to create valuation multiples that are applied to the operating performance of the reporting unit being tested , in order to obtain their respective fair values .", "in order to assess the reasonableness of the calculated reporting unit fair values , the company reconciles the aggregate fair values of its reporting units determined , as described above , to its current market capitalization , allowing for a reasonable control premium .", "if the carrying amount of a reporting unit , calculated using the above approaches , exceeds the reporting unit 2019s fair value , the company performs the second step of the goodwill impairment test to determine the amount of impairment loss .", "the second step of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit 2019s goodwill with the carrying value of that reporting unit .", "there was no impairment of goodwill in any of the fiscal years presented .", "the company 2019s next annual impairment assessment will be performed as of the first day of the fourth quarter of the fiscal year ending october 28 , 2017 ( fiscal 2017 ) unless indicators arise that would require the company to reevaluate at an earlier date .", "the following table presents the changes in goodwill during fiscal 2016 and fiscal 2015: ." ]

[ "( 1 ) amount in fiscal 2015 represents changes to goodwill as a result of finalizing the acquisition accounting related to the hittite acquisition .", "( 2 ) represents goodwill related to other acquisitions that were not material to the company on either an individual or aggregate basis .", "intangible assets the company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of assets may not be recoverable .", "recoverability of these assets is determined by comparison of their carrying value to the estimated future undiscounted cash flows the assets are expected to generate over their remaining ." ]

[ [ "", "2016", "2015" ], [ "Balance at beginning of year", "$1,636,526", "$1,642,438" ], [ "Acquisition of Hittite (Note 6) (1)", "—", "(1,105)" ], [ "Goodwill adjustment related to other acquisitions (2)", "44,046", "3,663" ], [ "Foreign currency translation adjustment", "(1,456)", "(8,470)" ], [ "Balance at end of year", "$1,679,116", "$1,636,526" ] ]

[ [ "", "2016", "2015" ], [ "balance at beginning of year", "$ 1636526", "$ 1642438" ], [ "acquisition of hittite ( note 6 ) ( 1 )", "2014", "-1105 ( 1105 )" ], [ "goodwill adjustment related to other acquisitions ( 2 )", "44046", "3663" ], [ "foreign currency translation adjustment", "-1456 ( 1456 )", "-8470 ( 8470 )" ], [ "balance at end of year", "$ 1679116", "$ 1636526" ] ]

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[ "american tower corporation and subsidiaries notes to consolidated financial statements recognizing customer revenue , the company must assess the collectability of both the amounts billed and the portion recognized on a straight-line basis .", "this assessment takes customer credit risk and business and industry conditions into consideration to ultimately determine the collectability of the amounts billed .", "to the extent the amounts , based on management 2019s estimates , may not be collectible , recognition is deferred until such point as the uncertainty is resolved .", "any amounts which were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense .", "accounts receivable are reported net of allowances for doubtful accounts related to estimated losses resulting from a customer 2019s inability to make required payments and reserves for amounts invoiced whose collectability is not reasonably assured .", "these allowances are generally estimated based on payment patterns , days past due and collection history , and incorporate changes in economic conditions that may not be reflected in historical trends , such as customers in bankruptcy , liquidation or reorganization .", "receivables are written-off against the allowances when they are determined uncollectible .", "such determination includes analysis and consideration of the particular conditions of the account .", "changes in the allowances were as follows for the years ended december 31 , ( in thousands ) : ." ]

[ "the company 2019s largest international customer is iusacell , which is the brand name under which a group of companies controlled by grupo iusacell , s.a .", "de c.v .", "( 201cgrupo iusacell 201d ) operates .", "iusacell represented approximately 4% ( 4 % ) of the company 2019s total revenue for the year ended december 31 , 2010 .", "grupo iusacell has been engaged in a refinancing of a majority of its u.s .", "dollar denominated debt , and in connection with this process , two of the legal entities of the group , including grupo iusacell , voluntarily filed for a pre-packaged concurso mercantil ( a process substantially equivalent to chapter 11 of u.s .", "bankruptcy law ) with the backing of a majority of their financial creditors in december 2010 .", "as of december 31 , 2010 , iusacell notes receivable , net , and related assets ( which include financing lease commitments and a deferred rent asset that are primarily long-term in nature ) were $ 19.7 million and $ 51.2 million , respectively .", "functional currency 2014as a result of changes to the organizational structure of the company 2019s subsidiaries in latin america in 2010 , the company determined that effective january 1 , 2010 , the functional currency of its foreign subsidiary in brazil is the brazilian real .", "from that point forward , all assets and liabilities held by the subsidiary in brazil are translated into u.s .", "dollars at the exchange rate in effect at the end of the applicable reporting period .", "revenues and expenses are translated at the average monthly exchange rates and the cumulative translation effect is included in stockholders 2019 equity .", "the change in functional currency from u.s .", "dollars to brazilian real gave rise to an increase in the net value of certain non-monetary assets and liabilities .", "the aggregate impact on such assets and liabilities was $ 39.8 million with an offsetting increase in accumulated other comprehensive income ( loss ) .", "as a result of the renegotiation of the company 2019s agreements with its largest international customer , iusacell , which included , among other changes , converting all of iusacell 2019s contractual obligations to the company from u.s .", "dollars to mexican pesos , the company has determined that effective april 1 , 2010 , the functional currency of certain of its foreign subsidiaries in mexico is the mexican peso .", "from that point forward , all assets and liabilities held by those subsidiaries in mexico are translated into u.s .", "dollars at the exchange rate in effect at the end of the applicable reporting period .", "revenues and expenses are translated at the average monthly exchange rates and the cumulative translation effect is included in stockholders 2019 equity .", "the change in functional ." ]

[ [ "", "2010", "2009", "2008" ], [ "Balance as of January 1,", "$28,520", "$11,482", "$8,850" ], [ "Current year increases", "16,219", "26,771", "12,059" ], [ "Recoveries and other", "(22,234)", "(9,733)", "(9,427)" ], [ "Balance as of December 31,", "$22,505", "$28,520", "$11,482" ] ]

[ [ "", "2010", "2009", "2008" ], [ "balance as of january 1,", "$ 28520", "$ 11482", "$ 8850" ], [ "current year increases", "16219", "26771", "12059" ], [ "recoveries and other", "-22234 ( 22234 )", "-9733 ( 9733 )", "-9427 ( 9427 )" ], [ "balance as of december 31,", "$ 22505", "$ 28520", "$ 11482" ] ]

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[ "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.everestre.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 .", "for the year ended december 31 , 2008 , we incurred $ 695.8 million of realized investment gains and $ 310.4 million of unrealized investment losses .", "although financial markets significantly improved during 2009 and 2010 , they could deteriorate in the future and again result in substantial realized and unrealized losses , which 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)", "" ], [ "2010", "$571.1" ], [ "2009", "67.4" ], [ "2008", "364.3" ], [ "2007", "160.0" ], [ "2006", "287.9" ] ]

[ [ "calendar year:", "pre-tax catastrophe losses" ], [ "( dollars in millions )", "" ], [ "2010", "$ 571.1" ], [ "2009", "67.4" ], [ "2008", "364.3" ], [ "2007", "160.0" ], [ "2006", "287.9" ] ]

[]

[ "december 18 , 2007 , we issued an additional 23182197 shares of common stock to citadel .", "the issuances were exempt from registration pursuant to section 4 ( 2 ) of the securities act of 1933 , and each purchaser has represented to us that it is an 201caccredited investor 201d as defined in regulation d promulgated under the securities act of 1933 , and that the common stock was being acquired for investment .", "we did not engage in a general solicitation or advertising with regard to the issuances of the common stock and have not offered securities to the public in connection with the issuances .", "see item 1 .", "business 2014citadel investment .", "performance graph the following performance graph shows the cumulative total return to a holder of the company 2019s common stock , assuming dividend reinvestment , compared with the cumulative total return , assuming dividend reinvestment , of the standard & poor 2019s ( 201cs&p 201d ) 500 and the s&p super cap diversified financials during the period from december 31 , 2002 through december 31 , 2007. ." ]

[ "2022 $ 100 invested on 12/31/02 in stock or index-including reinvestment of dividends .", "fiscal year ending december 31 .", "2022 copyright a9 2008 , standard & poor 2019s , a division of the mcgraw-hill companies , inc .", "all rights reserved .", "www.researchdatagroup.com/s&p.htm ." ]

[ [ "", "12/02", "12/03", "12/04", "12/05", "12/06", "12/07" ], [ "E*TRADE Financial Corporation", "100.00", "260.29", "307.61", "429.22", "461.32", "73.05" ], [ "S&P 500", "100.00", "128.68", "142.69", "149.70", "173.34", "182.87" ], [ "S&P Super Cap Diversified Financials", "100.00", "139.29", "156.28", "170.89", "211.13", "176.62" ] ]

[ [ "", "12/02", "12/03", "12/04", "12/05", "12/06", "12/07" ], [ "e*trade financial corporation", "100.00", "260.29", "307.61", "429.22", "461.32", "73.05" ], [ "s&p 500", "100.00", "128.68", "142.69", "149.70", "173.34", "182.87" ], [ "s&p super cap diversified financials", "100.00", "139.29", "156.28", "170.89", "211.13", "176.62" ] ]

[ { "arg1": "73.05", "arg2": "const_100", "op": "minus1-1", "res": "-26.95" }, { "arg1": "#0", "arg2": "const_100", "op": "divide1-2", "res": "-26.95%" } ]

[ "united parcel service , inc .", "and subsidiaries notes to consolidated financial statements capital lease obligations we have certain property , plant and equipment subject to capital leases .", "some of the obligations associated with these capital leases have been legally defeased .", "the recorded value of our property , plant and equipment subject to capital leases is as follows as of december 31 ( in millions ) : ." ]

[ "these capital lease obligations have principal payments due at various dates from 2016 through 3005 .", "facility notes and bonds we have entered into agreements with certain municipalities to finance the construction of , or improvements to , facilities that support our u.s .", "domestic package and supply chain & freight operations in the united states .", "these facilities are located around airport properties in louisville , kentucky ; dallas , texas ; and philadelphia , pennsylvania .", "under these arrangements , we enter into a lease or loan agreement that covers the debt service obligations on the bonds issued by the municipalities , as follows : 2022 bonds with a principal balance of $ 149 million issued by the louisville regional airport authority associated with our worldport facility in louisville , kentucky .", "the bonds , which are due in january 2029 , bear interest at a variable rate , and the average interest rates for 2015 and 2014 were 0.03% ( 0.03 % ) and 0.05% ( 0.05 % ) , respectively .", "2022 bonds with a principal balance of $ 42 million and due in november 2036 issued by the louisville regional airport authority associated with our air freight facility in louisville , kentucky .", "the bonds bear interest at a variable rate , and the average interest rates for 2015 and 2014 were 0.02% ( 0.02 % ) and 0.05% ( 0.05 % ) , respectively .", "2022 bonds with a principal balance of $ 29 million issued by the dallas / fort worth international airport facility improvement corporation associated with our dallas , texas airport facilities .", "the bonds are due in may 2032 and bear interest at a variable rate , however the variable cash flows on the obligation have been swapped to a fixed 5.11% ( 5.11 % ) .", "2022 bonds with a principal balance of $ 100 million issued by the delaware county , pennsylvania industrial development authority associated with our philadelphia , pennsylvania airport facilities .", "the bonds , which were due in december 2015 , had a variable interest rate , and the average interest rates for 2015 and 2014 were 0.02% ( 0.02 % ) and 0.04% ( 0.04 % ) , respectively .", "as of december 2015 , these $ 100 million bonds were repaid in full .", "2022 in september 2015 , we entered into an agreement with the delaware county , pennsylvania industrial development authority , associated with our philadelphia , pennsylvania airport facilities , for bonds issued with a principal balance of $ 100 million .", "these bonds , which are due september 2045 , bear interest at a variable rate .", "the average interest rate for 2015 was 0.00% ( 0.00 % ) .", "pound sterling notes the pound sterling notes consist of two separate tranches , as follows : 2022 notes with a principal amount of a366 million accrue interest at a 5.50% ( 5.50 % ) fixed rate , and are due in february 2031 .", "these notes are not callable .", "2022 notes with a principal amount of a3455 million accrue interest at a 5.125% ( 5.125 % ) fixed rate , and are due in february 2050 .", "these notes are callable at our option at a redemption price equal to the greater of 100% ( 100 % ) of the principal amount and accrued interest , or the sum of the present values of the remaining scheduled payout of principal and interest thereon discounted to the date of redemption at a benchmark u.k .", "government bond yield plus 15 basis points and accrued interest. ." ]

[ [ "", "2015", "2014" ], [ "Vehicles", "$74", "$86" ], [ "Aircraft", "2,289", "2,289" ], [ "Buildings", "207", "197" ], [ "Accumulated amortization", "(849)", "(781)" ], [ "Property, plant and equipment subject to capital leases", "$1,721", "$1,791" ] ]

[ [ "", "2015", "2014" ], [ "vehicles", "$ 74", "$ 86" ], [ "aircraft", "2289", "2289" ], [ "buildings", "207", "197" ], [ "accumulated amortization", "-849 ( 849 )", "-781 ( 781 )" ], [ "property plant and equipment subject to capital leases", "$ 1721", "$ 1791" ] ]

[ { "arg1": "74", "arg2": "86", "op": "minus2-1", "res": "-12" }, { "arg1": "#0", "arg2": "86", "op": "divide2-2", "res": "-14%" } ]

[ "note 8 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 .", "on september 9 , 2011 , we issued $ 2.0 billion of long-term notes in a registered public offering consisting of $ 500 million maturing in 2016 with a fixed interest rate of 2.13% ( 2.13 % ) , $ 900 million maturing in 2021 with a fixed interest rate of 3.35% ( 3.35 % ) , and $ 600 million maturing in 2041 with a fixed interest rate of 4.85% ( 4.85 % ) .", "we may , at our option , redeem some or all of the 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 notes is payable on march 15 and september 15 of each year , beginning on march 15 , 2012 .", "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 .", "in august 2011 , we entered into a $ 1.5 billion revolving credit facility with a group of banks and terminated our existing $ 1.5 billion revolving credit facility that was to expire in june 2012 .", "the credit facility expires august 2016 , and 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 either facility through december 31 , 2012 .", "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 to , among other things , our compliance with various representations , warranties and covenants , including covenants limiting our ability and certain of our subsidiaries 2019 ability to encumber assets and a covenant not to exceed a maximum leverage ratio , as defined in the credit facility .", "the leverage ratio covenant excludes the adjustments recognized in stockholders 2019 equity related to postretirement benefit plans .", "as of december 31 , 2012 , we were in compliance with all covenants contained in the credit facility , as well as in our debt agreements .", "we have agreements in place with banking institutions to provide for the issuance of commercial paper .", "there were no commercial paper borrowings outstanding during 2012 or 2011 .", "if we were to issue commercial paper , the borrowings would be supported by the credit facility .", "during the next five years , we have scheduled long-term debt maturities of $ 150 million due in 2013 and $ 952 million due in 2016 .", "interest payments were $ 378 million in 2012 , $ 326 million in 2011 , and $ 337 million in 2010. ." ]

[ [ "", "2012", "2011" ], [ "Notes with rates from 2.13% to 6.15%, due 2016 to 2042", "$5,642", "$5,308" ], [ "Notes with rates from 7.00% to 7.75%, due 2013 to 2036", "1,080", "1,239" ], [ "Other debt", "478", "19" ], [ "Total long-term debt", "7,200", "6,966" ], [ "Less: unamortized discounts", "(892)", "(506)" ], [ "Total long-term debt, net of unamortized discounts", "6,308", "6,460" ], [ "Less: current maturities of long-term debt", "(150)", "—" ], [ "Total long-term debt, net", "$6,158", "$6,460" ] ]

[ [ "", "2012", "2011" ], [ "notes with rates from 2.13% ( 2.13 % ) to 6.15% ( 6.15 % ) due 2016 to 2042", "$ 5642", "$ 5308" ], [ "notes with rates from 7.00% ( 7.00 % ) to 7.75% ( 7.75 % ) due 2013 to 2036", "1080", "1239" ], [ "other debt", "478", "19" ], [ "total long-term debt", "7200", "6966" ], [ "less : unamortized discounts", "-892 ( 892 )", "-506 ( 506 )" ], [ "total long-term debt net of unamortized discounts", "6308", "6460" ], [ "less : current maturities of long-term debt", "-150 ( 150 )", "2014" ], [ "total long-term debt net", "$ 6158", "$ 6460" ] ]

[ { "arg1": "7200", "arg2": "6966", "op": "minus1-1", "res": "234" }, { "arg1": "#0", "arg2": "6966", "op": "divide1-2", "res": "3.4%" } ]

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

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

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

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

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[ "devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) proved undeveloped reserves the following table presents the changes in devon 2019s total proved undeveloped reserves during 2013 ( in mmboe ) . ." ]

[ "at december 31 , 2013 , devon had 701 mmboe of proved undeveloped reserves .", "this represents a 17 percent decrease as compared to 2012 and represents 24 percent of total proved reserves .", "drilling and development activities increased devon 2019s proved undeveloped reserves 95 mmboe and resulted in the conversion of 147 mmboe , or 18 percent , of the 2012 proved undeveloped reserves to proved developed reserves .", "costs incurred related to the development and conversion of devon 2019s proved undeveloped reserves were $ 1.9 billion for 2013 .", "additionally , revisions other than price decreased devon 2019s proved undeveloped reserves 78 mmboe primarily due to evaluations of certain u.s .", "onshore dry-gas areas , which devon does not expect to develop in the next five years .", "the largest revisions relate to the dry-gas areas in the cana-woodford shale in western oklahoma , carthage in east texas and the barnett shale in north texas .", "a significant amount of devon 2019s proved undeveloped reserves at the end of 2013 related to its jackfish operations .", "at december 31 , 2013 and 2012 , devon 2019s jackfish proved undeveloped reserves were 441 mmboe and 429 mmboe , respectively .", "development schedules for the jackfish reserves are primarily controlled by the need to keep the processing plants at their 35000 barrel daily facility capacity .", "processing plant capacity is controlled by factors such as total steam processing capacity , steam-oil ratios and air quality discharge permits .", "as a result , these reserves are classified as proved undeveloped for more than five years .", "currently , the development schedule for these reserves extends though the year 2031 .", "price revisions 2013 2013 reserves increased 94 mmboe primarily due to higher gas prices .", "of this increase , 43 mmboe related to the barnett shale and 19 mmboe related to the rocky mountain area .", "2012 2013 reserves decreased 171 mmboe primarily due to lower gas prices .", "of this decrease , 100 mmboe related to the barnett shale and 25 mmboe related to the rocky mountain area .", "2011 2013 reserves decreased 21 mmboe due to lower gas prices and higher oil prices .", "the higher oil prices increased devon 2019s canadian royalty burden , which reduced devon 2019s oil reserves .", "revisions other than price total revisions other than price for 2013 , 2012 and 2011 primarily related to devon 2019s evaluation of certain dry gas regions , with the largest revisions being made in the cana-woodford shale , barnett shale and carthage ." ]

[ [ "", "U.S.", "Canada", "Total" ], [ "Proved undeveloped reserves as of December 31, 2012", "407", "433", "840" ], [ "Extensions and discoveries", "57", "38", "95" ], [ "Revisions due to prices", "1", "(10)", "(9)" ], [ "Revisions other than price", "(91)", "13", "(78)" ], [ "Conversion to proved developed reserves", "(116)", "(31)", "(147)" ], [ "Proved undeveloped reserves as of December 31, 2013", "258", "443", "701" ] ]

[ [ "", "u.s .", "canada", "total" ], [ "proved undeveloped reserves as of december 31 2012", "407", "433", "840" ], [ "extensions and discoveries", "57", "38", "95" ], [ "revisions due to prices", "1", "-10 ( 10 )", "-9 ( 9 )" ], [ "revisions other than price", "-91 ( 91 )", "13", "-78 ( 78 )" ], [ "conversion to proved developed reserves", "-116 ( 116 )", "-31 ( 31 )", "-147 ( 147 )" ], [ "proved undeveloped reserves as of december 31 2013", "258", "443", "701" ] ]

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[ "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" ] ]

[]

[ "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" ] ]

[]

[ "jpmorgan chase & co./2015 annual report 67 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co .", "( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index .", "the s&p 500 index is a commonly referenced united states of america ( 201cu.s . 201d ) equity benchmark consisting of leading companies from different economic sectors .", "the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s .", "and is composed of 24 leading national money center and regional banks and thrifts .", "the s&p financial index is an index of 87 financial companies , all of which are components of the s&p 500 .", "the firm is a component of all three industry indices .", "the following table and graph assume simultaneous investments of $ 100 on december 31 , 2010 , in jpmorgan chase common stock and in each of the above indices .", "the comparison assumes that all dividends are reinvested .", "december 31 , ( in dollars ) 2010 2011 2012 2013 2014 2015 ." ]

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

[ [ "December 31,(in dollars)", "2010", "2011", "2012", "2013", "2014", "2015" ], [ "JPMorgan Chase", "$100.00", "$80.03", "$108.98", "$148.98", "$163.71", "$177.40" ], [ "KBW Bank Index", "100.00", "76.82", "102.19", "140.77", "153.96", "154.71" ], [ "S&P Financial Index", "100.00", "82.94", "106.78", "144.79", "166.76", "164.15" ], [ "S&P 500 Index", "100.00", "102.11", "118.44", "156.78", "178.22", "180.67" ] ]

[ [ "december 31 ( in dollars )", "2010", "2011", "2012", "2013", "2014", "2015" ], [ "jpmorgan chase", "$ 100.00", "$ 80.03", "$ 108.98", "$ 148.98", "$ 163.71", "$ 177.40" ], [ "kbw bank index", "100.00", "76.82", "102.19", "140.77", "153.96", "154.71" ], [ "s&p financial index", "100.00", "82.94", "106.78", "144.79", "166.76", "164.15" ], [ "s&p 500 index", "100.00", "102.11", "118.44", "156.78", "178.22", "180.67" ] ]

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[ "the graph below shows a five-year comparison of the cumulative shareholder return on the company's common stock with the cumulative total return of the s&p smallcap 600 index and the s&p 600 electrical equipment index , all of which are published indices .", "comparison of five-year cumulative total return from december 31 , 2002 to december 31 , 2007 assumes $ 100 invested with reinvestment of dividends period indexed returns ." ]

[ "12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 smith ( a o ) corp s&p smallcap 600 index s&p 600 electrical equipment ." ]

[ [ "", "BasePeriod", "INDEXED RETURNS" ], [ "Company/Index", "12/31/02", "12/31/03", "12/31/04", "12/31/05", "12/31/06", "12/31/07" ], [ "A O SMITH CORP", "100.00", "132.23", "115.36", "138.20", "150.26", "142.72" ], [ "S&P SMALLCAP 600 INDEX", "100.00", "138.79", "170.22", "183.30", "211.01", "210.39" ], [ "S&P 600 ELECTRICAL EQUIPMENT", "100.00", "126.12", "152.18", "169.07", "228.83", "253.33" ] ]

[ [ "company/index", "baseperiod 12/31/02", "baseperiod 12/31/03", "baseperiod 12/31/04", "baseperiod 12/31/05", "baseperiod 12/31/06", "12/31/07" ], [ "a o smith corp", "100.00", "132.23", "115.36", "138.20", "150.26", "142.72" ], [ "s&p smallcap 600 index", "100.00", "138.79", "170.22", "183.30", "211.01", "210.39" ], [ "s&p 600 electrical equipment", "100.00", "126.12", "152.18", "169.07", "228.83", "253.33" ] ]

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[ "royal caribbean cruises ltd .", "15 from two to 17 nights throughout south america , the caribbean and europe .", "additionally , we announced that majesty of the seas will be redeployed from royal caribbean international to pullmantur in 2016 .", "pullmantur serves the contemporary segment of the spanish , portuguese and latin american cruise mar- kets .", "pullmantur 2019s strategy is to attract cruise guests from these target markets by providing a variety of cruising options and onboard activities directed at couples and families traveling with children .", "over the last few years , pullmantur has systematically increased its focus on latin america and has expanded its pres- ence in that market .", "in order to facilitate pullmantur 2019s ability to focus on its core cruise business , on march 31 , 2014 , pullmantur sold the majority of its interest in its non-core busi- nesses .", "these non-core businesses included pullmantur 2019s land-based tour operations , travel agency and 49% ( 49 % ) interest in its air business .", "in connection with the sale agreement , we retained a 19% ( 19 % ) interest in each of the non-core businesses as well as 100% ( 100 % ) ownership of the aircraft which are being dry leased to pullmantur air .", "see note 1 .", "general and note 6 .", "other assets to our consolidated financial statements under item 8 .", "financial statements and supplementary data for further details .", "cdf croisi e8res de france we currently operate two ships with an aggregate capacity of approximately 2800 berths under our cdf croisi e8res de france brand .", "cdf croisi e8res de france offers seasonal itineraries to the mediterranean , europe and caribbean .", "during the winter season , zenith is deployed to the pullmantur brand for sailings in south america .", "cdf croisi e8res de france is designed to serve the contemporary segment of the french cruise market by providing a brand tailored for french cruise guests .", "tui cruises tui cruises is a joint venture owned 50% ( 50 % ) by us and 50% ( 50 % ) by tui ag , a german tourism and shipping com- pany , and is designed to serve the contemporary and premium segments of the german cruise market by offering a product tailored for german guests .", "all onboard activities , services , shore excursions and menu offerings are designed to suit the preferences of this target market .", "tui cruises operates three ships , mein schiff 1 , mein schiff 2 and mein schiff 3 , with an aggregate capacity of approximately 6300 berths .", "in addition , tui cruises currently has three newbuild ships on order at the finnish meyer turku yard with an aggregate capacity of approximately 7500 berths : mein schiff 4 , scheduled for delivery in the second quarter of 2015 , mein schiff 5 , scheduled for delivery in the third quarter of 2016 and mein schiff 6 , scheduled for delivery in the second quarter of 2017 .", "in november 2014 , we formed a strategic partnership with ctrip.com international ltd .", "( 201cctrip 201d ) , a chinese travel service provider , to operate a new cruise brand known as skysea cruises .", "skysea cruises will offer a custom-tailored product for chinese cruise guests operating the ship purchased from celebrity cruises .", "the new cruise line will begin service in the second quarter of 2015 .", "we and ctrip each own 35% ( 35 % ) of the new company , skysea holding , with the balance being owned by skysea holding management and a private equity fund .", "industry cruising is considered a well-established vacation sector in the north american market , a growing sec- tor over the long term in the european market and a developing but promising sector in several other emerging markets .", "industry data indicates that market penetration rates are still low and that a significant portion of cruise guests carried are first-time cruisers .", "we believe this presents an opportunity for long-term growth and a potential for increased profitability .", "the following table details market penetration rates for north america and europe computed based on the number of annual cruise guests as a percentage of the total population : america ( 1 ) europe ( 2 ) ." ]

[ "( 1 ) source : our estimates are based on a combination of data obtained from publicly available sources including the interna- tional monetary fund and cruise lines international association ( 201cclia 201d ) .", "rates are based on cruise guests carried for at least two consecutive nights .", "includes the united states of america and canada .", "( 2 ) source : our estimates are based on a combination of data obtained from publicly available sources including the interna- tional monetary fund and clia europe , formerly european cruise council .", "we estimate that the global cruise fleet was served by approximately 457000 berths on approximately 283 ships at the end of 2014 .", "there are approximately 33 ships with an estimated 98650 berths that are expected to be placed in service in the global cruise market between 2015 and 2019 , although it is also possible that ships could be ordered or taken out of service during these periods .", "we estimate that the global cruise industry carried 22.0 million cruise guests in 2014 compared to 21.3 million cruise guests carried in 2013 and 20.9 million cruise guests carried in 2012 .", "part i ." ]

[ [ "Year", "North America(1)", "Europe(2)" ], [ "2010", "3.1%", "1.1%" ], [ "2011", "3.4%", "1.1%" ], [ "2012", "3.3%", "1.2%" ], [ "2013", "3.4%", "1.2%" ], [ "2014", "3.5%", "1.3%" ] ]

[ [ "year", "north america ( 1 )", "europe ( 2 )" ], [ "2010", "3.1% ( 3.1 % )", "1.1% ( 1.1 % )" ], [ "2011", "3.4% ( 3.4 % )", "1.1% ( 1.1 % )" ], [ "2012", "3.3% ( 3.3 % )", "1.2% ( 1.2 % )" ], [ "2013", "3.4% ( 3.4 % )", "1.2% ( 1.2 % )" ], [ "2014", "3.5% ( 3.5 % )", "1.3% ( 1.3 % )" ] ]

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[ "9 .", "junior subordinated debt securities payable in accordance with the provisions of the junior subordinated debt securities which were issued on march 29 , 2004 , holdings elected to redeem the $ 329897 thousand of 6.2% ( 6.2 % ) junior subordinated debt securities outstanding on may 24 , 2013 .", "as a result of the early redemption , the company incurred pre-tax expense of $ 7282 thousand related to the immediate amortization of the remaining capitalized issuance costs on the trust preferred securities .", "interest expense incurred in connection with these junior subordinated debt securities is as follows for the periods indicated: ." ]

[ "holdings considered the mechanisms and obligations relating to the trust preferred securities , taken together , constituted a full and unconditional guarantee by holdings of capital trust ii 2019s payment obligations with respect to their trust preferred securities .", "10 .", "reinsurance and trust agreements certain subsidiaries of group have established trust agreements , which effectively use the company 2019s investments as collateral , as security for assumed losses payable to certain non-affiliated ceding companies .", "at december 31 , 2015 , the total amount on deposit in trust accounts was $ 454384 thousand .", "on april 24 , 2014 , the company entered into two collateralized reinsurance agreements with kilimanjaro re limited ( 201ckilimanjaro 201d ) , a bermuda based special purpose reinsurer , to provide the company with catastrophe reinsurance coverage .", "these agreements are multi-year reinsurance contracts which cover specified named storm and earthquake events .", "the first agreement provides up to $ 250000 thousand of reinsurance coverage from named storms in specified states of the southeastern united states .", "the second agreement provides up to $ 200000 thousand of reinsurance coverage from named storms in specified states of the southeast , mid-atlantic and northeast regions of the united states and puerto rico as well as reinsurance coverage from earthquakes in specified states of the southeast , mid-atlantic , northeast and west regions of the united states , puerto rico and british columbia .", "on november 18 , 2014 , the company entered into a collateralized reinsurance agreement with kilimanjaro re to provide the company with catastrophe reinsurance coverage .", "this agreement is a multi-year reinsurance contract which covers specified earthquake events .", "the agreement provides up to $ 500000 thousand of reinsurance coverage from earthquakes in the united states , puerto rico and canada .", "on december 1 , 2015 the company entered into two collateralized reinsurance agreements with kilimanjaro re to provide the company with catastrophe reinsurance coverage .", "these agreements are multi-year reinsurance contracts which cover named storm and earthquake events .", "the first agreement provides up to $ 300000 thousand of reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .", "the second agreement provides up to $ 325000 thousand of reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .", "kilimanjaro has financed the various property catastrophe reinsurance coverage by issuing catastrophe bonds to unrelated , external investors .", "on april 24 , 2014 , kilimanjaro issued $ 450000 thousand of notes ( 201cseries 2014-1 notes 201d ) .", "on november 18 , 2014 , kilimanjaro issued $ 500000 thousand of notes ( 201cseries 2014-2 notes 201d ) .", "on december 1 , 2015 , kilimanjaro issued $ 625000 thousand of notes ( 201cseries 2015-1 notes ) .", "the proceeds from the issuance of the series 2014-1 notes , the series 2014-2 notes and the series 2015-1 notes are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in us government money market funds with a rating of at least 201caaam 201d by standard & poor 2019s. ." ]

[ [ "", "Years Ended December 31," ], [ "(Dollars in thousands)", "2015", "2014", "2013" ], [ "Interest expense incurred", "$-", "$-", "$8,181" ] ]

[ [ "( dollars in thousands )", "years ended december 31 , 2015", "years ended december 31 , 2014", "years ended december 31 , 2013" ], [ "interest expense incurred", "$ -", "$ -", "$ 8181" ] ]

[]

[ "entergy louisiana , inc .", "management's financial discussion and analysis setting any of entergy louisiana's rates .", "therefore , to the extent entergy louisiana's use of the proceeds would ordinarily have reduced its rate base , no change in rate base shall be reflected for ratemaking purposes .", "the sec approval for additional return of equity capital is now expired .", "entergy louisiana's receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: ." ]

[ "money pool activity used $ 81.9 million of entergy louisiana's operating cash flow in 2004 , provided $ 60.2 million in 2003 , and used $ 15.0 million in 2002 .", "see note 4 to the domestic utility companies and system energy financial statements for a description of the money pool .", "investing activities the decrease of $ 25.1 million in net cash used by investing activities in 2004 was primarily due to decreased spending on customer service projects , partially offset by increases in spending on transmission projects and fossil plant projects .", "the increase of $ 56.0 million in net cash used by investing activities in 2003 was primarily due to increased spending on customer service , transmission , and nuclear projects .", "financing activities the decrease of $ 404.4 million in net cash used by financing activities in 2004 was primarily due to : 2022 the net issuance of $ 98.0 million of long-term debt in 2004 compared to the retirement of $ 261.0 million in 2022 a principal payment of $ 14.8 million in 2004 for the waterford lease obligation compared to a principal payment of $ 35.4 million in 2003 ; and 2022 a decrease of $ 29.0 million in common stock dividends paid .", "the decrease of $ 105.5 million in net cash used by financing activities in 2003 was primarily due to : 2022 a decrease of $ 125.9 million in common stock dividends paid ; and 2022 the repurchase of $ 120 million of common stock from entergy corporation in 2002 .", "the decrease in net cash used in 2003 was partially offset by the following : 2022 the retirement in 2003 of $ 150 million of 8.5% ( 8.5 % ) series first mortgage bonds compared to the net retirement of $ 134.6 million of first mortgage bonds in 2002 ; and 2022 principal payments of $ 35.4 million in 2003 for the waterford 3 lease obligation compared to principal payments of $ 15.9 million in 2002 .", "see note 5 to the domestic utility companies and system energy financial statements for details of long-term debt .", "uses of capital entergy louisiana requires capital resources for : 2022 construction and other capital investments ; 2022 debt and preferred stock maturities ; 2022 working capital purposes , including the financing of fuel and purchased power costs ; and 2022 dividend and interest payments. ." ]

[ [ "2004", "2003", "2002", "2001" ], [ "(In Thousands)" ], [ "$40,549", "($41,317)", "$18,854", "$3,812" ] ]

[ [ "2004", "2003", "2002", "2001" ], [ "( in thousands )", "( in thousands )", "( in thousands )", "( in thousands )" ], [ "$ 40549", "( $ 41317 )", "$ 18854", "$ 3812" ] ]

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[ "as noted above , as a result of these sales , these regulated subsidiaries are presented as discontinued operations for all periods presented .", "therefore , the amounts , statistics and tables presented in this section refer only to on-going operations , unless otherwise noted .", "the following table sets forth our regulated businesses operating revenue for 2012 and number of customers from continuing operations as well as an estimate of population served as of december 31 , 2012 : operating revenues ( in millions ) % ( % ) of total number of customers % ( % ) of total estimated population served ( in millions ) % ( % ) of total ." ]

[ "( a ) includes illinois-american water company , which we refer to as ilawc and american lake water company , also a regulated subsidiary in illinois .", "( b ) west virginia-american water company , which we refer to as wvawc , and its subsidiary bluefield valley water works company .", "( c ) includes data from our operating subsidiaries in the following states : georgia , hawaii , iowa , kentucky , maryland , michigan , new york , tennessee , and virginia .", "approximately 87.7% ( 87.7 % ) of operating revenue from our regulated businesses in 2012 was generated from approximately 2.7 million customers in our seven largest states , as measured by operating revenues .", "in fiscal year 2012 , no single customer accounted for more than 10% ( 10 % ) of our annual operating revenue .", "overview of networks , facilities and water supply our regulated businesses operate in approximately 1500 communities in 16 states in the united states .", "our primary operating assets include approximately 80 surface water treatment plants , 500 groundwater treatment plants , 1000 groundwater wells , 100 wastewater treatment facilities , 1200 treated water storage facilities , 1300 pumping stations , 90 dams and 46000 miles of mains and collection pipes .", "our regulated utilities own substantially all of the assets used by our regulated businesses .", "we generally own the land and physical assets used to store , extract and treat source water .", "typically , we do not own the water itself , which is held in public trust and is allocated to us through contracts and allocation rights granted by federal and state agencies or through the ownership of water rights pursuant to local law .", "maintaining the reliability of our networks is a key activity of our regulated businesses .", "we have ongoing infrastructure renewal programs in all states in which our regulated businesses operate .", "these programs consist of both rehabilitation of existing mains and replacement of mains that have reached the end of their useful service lives .", "our ability to meet the existing and future water demands of our customers depends on an adequate supply of water .", "drought , governmental restrictions , overuse of sources of water , the protection of threatened species or habitats or other factors may limit the availability of ground and surface water .", "we employ a variety of measures to ensure that we have adequate sources of water supply , both in the short-term and over the long-term .", "the geographic diversity of our service areas tends to mitigate some of the economic effect of weather extremes we ." ]

[ [ "", "Operating Revenues (in millions)", "% of Total", "Number of Customers", "% of Total", "Estimated Population Served (in millions)", "% of Total" ], [ "New Jersey", "$639.0", "24.9%", "639,838", "20.3%", "2.5", "21.9%" ], [ "Pennsylvania", "557.7", "21.7%", "658,153", "20.8%", "2.2", "19.3%" ], [ "Missouri", "279.5", "10.9%", "455,730", "14.4%", "1.5", "13.2%" ], [ "Illinois(a)", "256.4", "10.0%", "308,014", "9.8%", "1.2", "10.5%" ], [ "Indiana", "198.7", "7.8%", "289,068", "9.2%", "1.2", "10.5%" ], [ "California", "193.3", "7.5%", "174,188", "5.5%", "0.6", "5.3%" ], [ "West Virginia(b)", "125.0", "4.9%", "172,159", "5.4%", "0.6", "5.3%" ], [ "Subtotal (Top Seven States)", "2,249.6", "87.7%", "2,697,150", "85.4%", "9.8", "86.0%" ], [ "Other(c)", "314.8", "12.3%", "461,076", "14.6%", "1.6", "14.0%" ], [ "Total Regulated Businesses", "$2,564.4", "100.0%", "3,158,226", "100.0%", "11.4", "100.0%" ] ]

[ [ "new jersey", "operating revenues ( in millions ) $ 639.0", "% ( % ) of total 24.9% ( 24.9 % )", "number of customers 639838", "% ( % ) of total 20.3% ( 20.3 % )", "estimated population served ( in millions ) 2.5", "% ( % ) of total 21.9% ( 21.9 % )" ], [ "pennsylvania", "557.7", "21.7% ( 21.7 % )", "658153", "20.8% ( 20.8 % )", "2.2", "19.3% ( 19.3 % )" ], [ "missouri", "279.5", "10.9% ( 10.9 % )", "455730", "14.4% ( 14.4 % )", "1.5", "13.2% ( 13.2 % )" ], [ "illinois ( a )", "256.4", "10.0% ( 10.0 % )", "308014", "9.8% ( 9.8 % )", "1.2", "10.5% ( 10.5 % )" ], [ "indiana", "198.7", "7.8% ( 7.8 % )", "289068", "9.2% ( 9.2 % )", "1.2", "10.5% ( 10.5 % )" ], [ "california", "193.3", "7.5% ( 7.5 % )", "174188", "5.5% ( 5.5 % )", "0.6", "5.3% ( 5.3 % )" ], [ "west virginia ( b )", "125.0", "4.9% ( 4.9 % )", "172159", "5.4% ( 5.4 % )", "0.6", "5.3% ( 5.3 % )" ], [ "subtotal ( top seven states )", "2249.6", "87.7% ( 87.7 % )", "2697150", "85.4% ( 85.4 % )", "9.8", "86.0% ( 86.0 % )" ], [ "other ( c )", "314.8", "12.3% ( 12.3 % )", "461076", "14.6% ( 14.6 % )", "1.6", "14.0% ( 14.0 % )" ], [ "total regulated businesses", "$ 2564.4", "100.0% ( 100.0 % )", "3158226", "100.0% ( 100.0 % )", "11.4", "100.0% ( 100.0 % )" ] ]

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[ "the weighted average fair value of options granted during 2010 , 2009 and 2008 was estimated to be $ 7.84 , $ 7.18 and $ 3.84 , respectively , using the black-scholes option pricing model with the assumptions below: ." ]

[ "at december 31 , 2010 and 2009 , the total unrecognized compensation cost related to non-vested stock awards is $ 129.3 million and $ 93.5 million , respectively , which is expected to be recognized in pre-tax income over a weighted average period of 1.7 years as of both year ends .", "the company granted a total of 1.5 million restricted stock awards at prices ranging from $ 25.76 to $ 28.15 on various dates in 2010 .", "these awards vest annually over three years .", "the company also granted 0.9 million performance restricted stock units during 2010 .", "these performance restricted stock units have been granted at the maximum achievable level and the number of shares that can vest is based on specific revenue and ebitda goals for periods from 2010 through 2012 .", "during 2009 , we granted 0.5 million shares of restricted stock at a price of $ 22.55 that vest annually over 3 years .", "on october 1 , 2009 , the company granted 0.4 million restricted stock units at a price of $ 24.85 per share that vested over six months .", "on march 20 , 2008 , we granted 0.4 million shares of restricted stock at a price of $ 38.75 that were to vest quarterly over 2 years .", "on july 2 , 2008 , 0.2 million of these shares were canceled and assumed by lps .", "the remaining unvested restricted shares were converted by the conversion factor of 1.7952 .", "these awards vested as of october 1 , 2009 , under the change in control provisions due to the metavante acquisition .", "on october 27 , 2008 , we granted 0.8 million shares of restricted stock at a price of $ 14.35 that vest annually over 3 years .", "as of december 31 , 2010 and 2009 , we have approximately 2.2 million and 1.4 million unvested restricted shares remaining .", "as of december 31 , 2010 we also have 0.6 million of restricted stock units that have not vested .", "share repurchase plans on october 25 , 2006 , our board of directors approved a plan authorizing repurchases of up to $ 200.0 million worth of our common stock ( the 201cold plan 201d ) .", "on april 17 , 2008 , our board of directors approved a plan authorizing repurchases of up to an additional $ 250.0 million worth of our common stock ( the 201cnew plan 201d ) .", "under the new plan we repurchased 5.8 million shares of our stock for $ 226.2 million , at an average price of $ 38.97 for the year ended december 31 , 2008 .", "during the year ended december 31 , 2008 , we also repurchased an additional 0.2 million shares of our stock for $ 10.0 million at an average price of $ 40.56 under the old plan .", "during 2007 , the company repurchased 1.6 million shares at an average price of $ 49.15 under the old plan .", "on february 4 , 2010 our board of directors approved a plan authorizing repurchases of up to 15.0 million shares of our common stock in the open market , at prevailing market prices or in privately negotiated transactions , through january 31 , 2013 .", "we repurchased 1.4 million shares of our common stock for $ 32.2 million , at an average price of $ 22.97 through march 31 , 2010 .", "no additional shares were repurchased under this plan during the year ended december 31 , 2010 .", "approximately 13.6 million shares of our common stock remain available to repurchase under this plan as of december 31 , 2010 .", "on may 25 , 2010 , our board of directors authorized a leveraged recapitalization plan to repurchase up to $ 2.5 billion of our common stock at a price range of $ 29.00 2014 $ 31.00 per share of common stock through a modified 201cdutch auction 201d tender offer ( the 201ctender offer 201d ) .", "the tender offer commenced on july 6 , 2010 and expired on august 3 , 2010 .", "the tender offer was oversubscribed at $ 29.00 , resulting in the purchase of 86.2 million shares , including 6.4 million shares underlying previously unexercised stock options .", "the repurchased shares were added to treasury stock .", "fidelity national information services , inc .", "and subsidiaries notes to consolidated financial statements 2014 ( continued ) %%transmsg*** transmitting job : g26369 pcn : 087000000 ***%%pcmsg|87 |00008|yes|no|03/28/2011 17:32|0|0|page is valid , no graphics -- color : n| ." ]

[ [ "", "2010", "2009", "2008" ], [ "Risk free interest rate", "1.1%", "2.3%", "2.8%" ], [ "Volatility", "35.6%", "35.0%", "26.0%" ], [ "Dividend yield", "0.7%", "1.0%", "1.0%" ], [ "Weighted average expected life (years)", "4.4", "5.0", "5.3" ] ]

[ [ "", "2010", "2009", "2008" ], [ "risk free interest rate", "1.1% ( 1.1 % )", "2.3% ( 2.3 % )", "2.8% ( 2.8 % )" ], [ "volatility", "35.6% ( 35.6 % )", "35.0% ( 35.0 % )", "26.0% ( 26.0 % )" ], [ "dividend yield", "0.7% ( 0.7 % )", "1.0% ( 1.0 % )", "1.0% ( 1.0 % )" ], [ "weighted average expected life ( years )", "4.4", "5.0", "5.3" ] ]

[]

[ "hr solutions ." ]

[ "in october 2010 , we completed the acquisition of hewitt , one of the world 2019s leading human resource consulting and outsourcing companies .", "hewitt operates globally together with aon 2019s existing consulting and outsourcing operations under the newly created aon hewitt brand .", "hewitt 2019s operating results are included in aon 2019s results of operations beginning october 1 , 2010 .", "our hr solutions segment generated approximately 25% ( 25 % ) of our consolidated total revenues in 2010 and provides a broad range of human capital services , as follows : consulting services : 2022 health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees .", "benefits consulting includes health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services .", "2022 retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration .", "2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries .", "2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management .", "outsourcing services : 2022 benefits outsourcing applies our hr expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services .", "our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions .", "2022 human resource business processing outsourcing ( 2018 2018hr bpo 2019 2019 ) provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core hr process transactions as well as other complementary services such as absence management , flexible spending , dependent audit and participant advocacy .", "beginning in late 2008 , the disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace .", "weak economic conditions globally continued throughout 2010 .", "the prolonged economic downturn is adversely impacting our clients 2019 financial condition and therefore the levels of business activities in the industries and geographies where we operate .", "while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting ." ]

[ [ "Years ended December 31,", "2010", "2009", "2008" ], [ "Revenue", "$2,111", "$1,267", "$1,356" ], [ "Operating income", "234", "203", "208" ], [ "Operating margin", "11.1%", "16.0%", "15.3%" ] ]

[ [ "years ended december 31,", "2010", "2009", "2008" ], [ "revenue", "$ 2111", "$ 1267", "$ 1356" ], [ "operating income", "234", "203", "208" ], [ "operating margin", "11.1% ( 11.1 % )", "16.0% ( 16.0 % )", "15.3% ( 15.3 % )" ] ]

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[ "stock option gains previously deferred by those participants pursuant to the terms of the deferred compensation plan and earnings on those deferred amounts .", "as a result of certain provisions of the american jobs creation act , participants had the opportunity until december 31 , 2005 to elect to withdraw amounts previously deferred .", "11 .", "lease commitments the company leases certain of its facilities , equipment and software under various operating leases that expire at various dates through 2022 .", "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 approximately $ 43 million in fiscal 2007 , $ 45 million in fiscal 2006 and $ 44 million in fiscal 2005 .", "the following is a schedule of future minimum rental payments required under long-term operating leases at november 3 , 2007 : fiscal years operating leases ." ]

[ "12 .", "commitments and contingencies tentative settlement of the sec 2019s previously announced stock option investigation in the company 2019s 2004 form 10-k filing , the company disclosed that the securities and exchange com- mission ( sec ) had initiated an inquiry into its stock option granting practices , focusing on options that were granted shortly before the issuance of favorable financial results .", "on november 15 , 2005 , the company announced that it had reached a tentative settlement with the sec .", "at all times since receiving notice of this inquiry , the company has cooperated with the sec .", "in november 2005 , the company and its president and ceo , mr .", "jerald g .", "fishman , made an offer of settlement to the staff of the sec .", "the settlement has been submitted to the commission for approval .", "there can be no assurance a final settlement will be so approved .", "the sec 2019s inquiry focused on two separate issues .", "the first issue concerned the company 2019s disclosure regarding grants of options to employees and directors prior to the release of favorable financial results .", "specifically , the issue related to options granted to employees ( including officers ) of the company on november 30 , 1999 and to employees ( including officers ) and directors of the company on november 10 , 2000 .", "the second issue concerned the grant dates for options granted to employees ( including officers ) in 1998 and 1999 , and the grant date for options granted to employees ( including officers ) and directors in 2001 .", "specifically , the settlement would conclude that the appropriate grant date for the september 4 , 1998 options should have been september 8th ( which is one trading day later than the date that was used to price the options ) ; the appropriate grant date for the november 30 , 1999 options should have been november 29th ( which is one trading day earlier than the date that was used ) ; and the appropriate grant date for the july 18 , 2001 options should have been july 26th ( which is five trading days after the original date ) .", "analog devices , inc .", "notes to consolidated financial statements 2014 ( continued ) ." ]

[ [ "Fiscal Years", "Operating Leases" ], [ "2008", "$30,774" ], [ "2009", "$25,906" ], [ "2010", "$13,267" ], [ "2011", "$5,430" ], [ "2012", "$3,842" ], [ "Later Years", "$12,259" ], [ "Total", "$91,478" ] ]

[ [ "fiscal years", "operating leases" ], [ "2008", "$ 30774" ], [ "2009", "$ 25906" ], [ "2010", "$ 13267" ], [ "2011", "$ 5430" ], [ "2012", "$ 3842" ], [ "later years", "$ 12259" ], [ "total", "$ 91478" ] ]

[ { "arg1": "30774", "arg2": "const_1000", "op": "divide2-1", "res": "30.8" }, { "arg1": "#0", "arg2": "43", "op": "minus2-2", "res": "-12.2" }, { "arg1": "#1", "arg2": "43", "op": "divide2-3", "res": "-28.4%" } ]

[ "conduit assets by asset origin ." ]

[ "the conduits meet the definition of a vie , as defined by fin 46 ( r ) .", "we have determined that we are not the primary beneficiary of the conduits , as defined by fin 46 ( r ) , and do not record them in our consolidated financial statements .", "we hold no direct or indirect ownership interest in the conduits , but we provide subordinated financial support to them through contractual arrangements .", "standby letters of credit absorb certain actual credit losses from the conduit assets ; our commitment under these letters of credit totaled $ 1.00 billion and $ 1.04 billion at december 31 , 2008 and 2007 , respectively .", "liquidity asset purchase agreements provide liquidity to the conduits in the event they cannot place commercial paper in the ordinary course of their business ; these facilities , which require us to purchase assets from the conduits at par , would provide the needed liquidity to repay maturing commercial paper if there was a disruption in the asset-backed commercial paper market .", "the aggregate commitment under the liquidity asset purchase agreements was approximately $ 23.59 billion and $ 28.37 billion at december 31 , 2008 and 2007 , respectively .", "we did not accrue for any losses associated with either our commitment under the standby letters of credit or the liquidity asset purchase agreements in our consolidated statement of condition at december 31 , 2008 or 2007 .", "during the first quarter of 2008 , pursuant to the contractual terms of our liquidity asset purchase agreements with the conduits , we were required to purchase $ 850 million of conduit assets .", "the purchase was the result of various factors , including the continued illiquidity in the commercial paper markets .", "the securities were purchased at prices determined in accordance with existing contractual terms in the liquidity asset purchase agreements , and which exceeded their fair value .", "accordingly , during the first quarter of 2008 , the securities were written down to their fair value through a $ 12 million reduction of processing fees and other revenue in our consolidated statement of income , and are carried at fair value in securities available for sale in our consolidated statement of condition .", "none of our liquidity asset purchase agreements with the conduits were drawn upon during the remainder of 2008 , and no draw-downs on the standby letters of credit occurred during 2008 .", "the conduits generally sell commercial paper to independent third-party investors .", "however , we sometimes purchase commercial paper from the conduits .", "as of december 31 , 2008 , we held an aggregate of approximately $ 230 million of commercial paper issued by the conduits , and $ 2 million at december 31 , 2007 .", "in addition , approximately $ 5.70 billion of u.s .", "conduit-issued commercial paper had been sold to the cpff .", "the cpff is scheduled to expire on october 31 , 2009 .", "the weighted-average maturity of the conduits 2019 commercial paper in the aggregate was approximately 25 days as of december 31 , 2008 , compared to approximately 20 days as of december 31 , 2007 .", "each of the conduits has issued first-loss notes to independent third parties , which third parties absorb first- dollar losses related to credit risk .", "aggregate first-loss notes outstanding at december 31 , 2008 for the four conduits totaled $ 67 million , compared to $ 32 million at december 31 , 2007 .", "actual credit losses of the conduits ." ]

[ [ "", "2008", "2007" ], [ "(Dollars in billions)", "Amount", "Percent of Total Conduit Assets", "Amount", "Percent of Total Conduit Assets" ], [ "United States", "$11.09", "46%", "$12.14", "42%" ], [ "Australia", "4.30", "17", "6.10", "21" ], [ "Great Britain", "1.97", "8", "2.93", "10" ], [ "Spain", "1.71", "7", "1.90", "7" ], [ "Italy", "1.66", "7", "1.86", "7" ], [ "Portugal", "0.62", "3", "0.70", "2" ], [ "Germany", "0.57", "3", "0.70", "2" ], [ "Netherlands", "0.40", "2", "0.55", "2" ], [ "Belgium", "0.29", "1", "0.31", "1" ], [ "Greece", "0.27", "1", "0.31", "1" ], [ "Other", "1.01", "5", "1.26", "5" ], [ "Total conduit assets", "$23.89", "100%", "$28.76", "100%" ] ]

[ [ "( dollars in billions )", "2008 amount", "2008 percent of total conduit assets", "2008 amount", "percent of total conduit assets" ], [ "united states", "$ 11.09", "46% ( 46 % )", "$ 12.14", "42% ( 42 % )" ], [ "australia", "4.30", "17", "6.10", "21" ], [ "great britain", "1.97", "8", "2.93", "10" ], [ "spain", "1.71", "7", "1.90", "7" ], [ "italy", "1.66", "7", "1.86", "7" ], [ "portugal", "0.62", "3", "0.70", "2" ], [ "germany", "0.57", "3", "0.70", "2" ], [ "netherlands", "0.40", "2", "0.55", "2" ], [ "belgium", "0.29", "1", "0.31", "1" ], [ "greece", "0.27", "1", "0.31", "1" ], [ "other", "1.01", "5", "1.26", "5" ], [ "total conduit assets", "$ 23.89", "100% ( 100 % )", "$ 28.76", "100% ( 100 % )" ] ]

[ { "arg1": "11.09", "arg2": "12.14", "op": "minus2-1", "res": "-1.05" }, { "arg1": "#0", "arg2": "12.14", "op": "divide2-2", "res": "-8.6%" } ]

[ "notes to consolidated financial statements 2014 ( continued ) the weighted average grant-date fair value of share awards granted in the years ended may 31 , 2007 and 2006 was $ 45 and $ 36 , respectively .", "the total fair value of share awards vested during the years ended may 31 , 2008 , 2007 and 2006 was $ 4.1 million , $ 1.7 million and $ 1.4 million , respectively .", "we recognized compensation expenses for restricted stock of $ 5.7 million , $ 2.7 million , and $ 1.6 million in the years ended may 31 , 2008 , 2007 and 2006 .", "as of may 31 , 2008 , there was $ 15.2 million of total unrecognized compensation cost related to unvested restricted stock awards that is expected to be recognized over a weighted average period of 2.9 years .", "employee stock purchase plan we have an employee stock purchase plan under which the sale of 2.4 million shares of our common stock has been authorized .", "employees may designate up to the lesser of $ 25 thousand or 20% ( 20 % ) of their annual compensation for the purchase of stock .", "for periods prior to october 1 , 2006 , the price for shares purchased under the plan was the lower of 85% ( 85 % ) of the market value on the first day or the last day of the quarterly purchase period .", "with the quarterly purchase period beginning on october 1 , 2006 , the price for shares purchased under the plan is 85% ( 85 % ) of the market value on the last day of the quarterly purchase period ( the 201cpurchase date 201d ) .", "at may 31 , 2008 , 0.7 million shares had been issued under this plan , with 1.7 million shares reserved for future issuance .", "the weighted average grant-date fair value of each designated share purchased under this plan was $ 6 , $ 8 and $ 8 in the years ended may 31 , 2008 , 2007 and 2006 , respectively .", "for the quarterly purchases after october 1 , 2006 , the fair value of each designated share purchased under the employee stock purchase plan is based on the 15% ( 15 % ) discount on the purchase date .", "for purchases prior to october 1 , 2006 , the fair value of each designated share purchased under the employee stock purchase plan was estimated on the date of grant using the black-scholes valuation model using the following weighted average assumptions: ." ]

[ "the risk-free interest rate is based on the yield of a zero coupon united states treasury security with a maturity equal to the expected life of the option from the date of the grant .", "our assumption on expected volatility is based on our historical volatility .", "the dividend yield assumption is calculated using our average stock price over the preceding year and the annualized amount of our current quarterly dividend .", "since the purchase price for shares under the plan is based on the market value on the first day or last day of the quarterly purchase period , we use an expected life of three months to determine the fair value of each designated share. ." ]

[ [ "", "2007", "2006" ], [ "Risk-free interest rates", "4.93%", "3.72%" ], [ "Expected volatility", "37.02%", "26.06%" ], [ "Dividend yields", "0.19%", "0.34%" ], [ "Expected lives", "3 months", "3 months" ] ]

[ [ "", "2007", "2006" ], [ "risk-free interest rates", "4.93% ( 4.93 % )", "3.72% ( 3.72 % )" ], [ "expected volatility", "37.02% ( 37.02 % )", "26.06% ( 26.06 % )" ], [ "dividend yields", "0.19% ( 0.19 % )", "0.34% ( 0.34 % )" ], [ "expected lives", "3 months", "3 months" ] ]

[ { "arg1": "45", "arg2": "36", "op": "minus1-1", "res": "9" }, { "arg1": "#0", "arg2": "36", "op": "divide1-2", "res": "25.0%" } ]

[ "during fiscal 2006 , we repurchased 19 million shares of common stock for an aggregate purchase price of $ 892 million , of which $ 7 million settled after the end of our fiscal year .", "in fiscal 2005 , we repurchased 17 million shares of common stock for an aggregate purchase price of $ 771 million .", "a total of 146 million shares were held in treasury at may 28 , 2006 .", "we also used cash from operations to repay $ 189 million in outstanding debt in fiscal 2006 .", "in fiscal 2005 , we repaid nearly $ 2.2 billion of debt , including the purchase of $ 760 million principal amount of our 6 percent notes due in 2012 .", "fiscal 2005 debt repurchase costs were $ 137 million , consisting of $ 73 million of noncash interest rate swap losses reclassified from accumulated other comprehen- sive income , $ 59 million of purchase premium and $ 5 million of noncash unamortized cost of issuance expense .", "capital structure in millions may 28 , may 29 ." ]

[ "we have $ 2.1 billion of long-term debt maturing in the next 12 months and classified as current , including $ 131 million that may mature in fiscal 2007 based on the put rights of those note holders .", "we believe that cash flows from operations , together with available short- and long- term debt financing , will be adequate to meet our liquidity and capital needs for at least the next 12 months .", "on october 28 , 2005 , we repurchased a significant portion of our zero coupon convertible debentures pursuant to put rights of the holders for an aggregate purchase price of $ 1.33 billion , including $ 77 million of accreted original issue discount .", "these debentures had an aggregate prin- cipal amount at maturity of $ 1.86 billion .", "we incurred no gain or loss from this repurchase .", "as of may 28 , 2006 , there were $ 371 million in aggregate principal amount at matu- rity of the debentures outstanding , or $ 268 million of accreted value .", "we used proceeds from the issuance of commercial paper to fund the purchase price of the deben- tures .", "we also have reclassified the remaining zero coupon convertible debentures to long-term debt based on the october 2008 put rights of the holders .", "on march 23 , 2005 , we commenced a cash tender offer for our outstanding 6 percent notes due in 2012 .", "the tender offer resulted in the purchase of $ 500 million principal amount of the notes .", "subsequent to the expiration of the tender offer , we purchased an additional $ 260 million prin- cipal amount of the notes in the open market .", "the aggregate purchases resulted in the debt repurchase costs as discussed above .", "our minority interests consist of interests in certain of our subsidiaries that are held by third parties .", "general mills cereals , llc ( gmc ) , our subsidiary , holds the manufac- turing assets and intellectual property associated with the production and retail sale of big g ready-to-eat cereals , progresso soups and old el paso products .", "in may 2002 , one of our wholly owned subsidiaries sold 150000 class a preferred membership interests in gmc to an unrelated third-party investor in exchange for $ 150 million , and in october 2004 , another of our wholly owned subsidiaries sold 835000 series b-1 preferred membership interests in gmc in exchange for $ 835 million .", "all interests in gmc , other than the 150000 class a interests and 835000 series b-1 interests , but including all managing member inter- ests , are held by our wholly owned subsidiaries .", "in fiscal 2003 , general mills capital , inc .", "( gm capital ) , a subsidiary formed for the purpose of purchasing and collecting our receivables , sold $ 150 million of its series a preferred stock to an unrelated third-party investor .", "the class a interests of gmc receive quarterly preferred distributions at a floating rate equal to ( i ) the sum of three- month libor plus 90 basis points , divided by ( ii ) 0.965 .", "this rate will be adjusted by agreement between the third- party investor holding the class a interests and gmc every five years , beginning in june 2007 .", "under certain circum- stances , gmc also may be required to be dissolved and liquidated , including , without limitation , the bankruptcy of gmc or its subsidiaries , failure to deliver the preferred distributions , failure to comply with portfolio requirements , breaches of certain covenants , lowering of our senior debt rating below either baa3 by moody 2019s or bbb by standard & poor 2019s , and a failed attempt to remarket the class a inter- ests as a result of a breach of gmc 2019s obligations to assist in such remarketing .", "in the event of a liquidation of gmc , each member of gmc would receive the amount of its then current capital account balance .", "the managing member may avoid liquidation in most circumstances by exercising an option to purchase the class a interests .", "the series b-1 interests of gmc are entitled to receive quarterly preferred distributions at a fixed rate of 4.5 percent per year , which is scheduled to be reset to a new fixed rate through a remarketing in october 2007 .", "beginning in october 2007 , the managing member of gmc may elect to repurchase the series b-1 interests for an amount equal to the holder 2019s then current capital account balance plus any applicable make-whole amount .", "gmc is not required to purchase the series b-1 interests nor may these investors put these interests to us .", "the series b-1 interests will be exchanged for shares of our perpetual preferred stock upon the occurrence of any of the following events : our senior unsecured debt rating falling below either ba3 as rated by moody 2019s or bb- as rated by standard & poor 2019s or fitch , inc. ." ]

[ [ "In Millions", "May 28,2006", "May 29,2005" ], [ "Notes payable", "$1,503", "$299" ], [ "Current portion of long-term debt", "2,131", "1,638" ], [ "Long-term debt", "2,415", "4,255" ], [ "Total debt", "6,049", "6,192" ], [ "Minority interests", "1,136", "1,133" ], [ "Stockholders’ equity", "5,772", "5,676" ], [ "Total Capital", "$12,957", "$13,001" ] ]

[ [ "in millions", "may 282006", "may 292005" ], [ "notes payable", "$ 1503", "$ 299" ], [ "current portion of long-term debt", "2131", "1638" ], [ "long-term debt", "2415", "4255" ], [ "total debt", "6049", "6192" ], [ "minority interests", "1136", "1133" ], [ "stockholders 2019 equity", "5772", "5676" ], [ "total capital", "$ 12957", "$ 13001" ] ]

[]

[ "to determine stock-based compensation expense , the grant- date fair value is applied to the options granted with a reduction for estimated forfeitures .", "we recognize compensation expense for stock options on a straight-line basis over the pro rata vesting period .", "at december 31 , 2011 and 2010 , options for 12337000 and 13397000 shares of common stock were exercisable at a weighted-average price of $ 106.08 and $ 118.21 , respectively .", "the total intrinsic value of options exercised during 2012 , 2011 and 2010 was $ 37 million , $ 4 million and $ 5 million .", "cash received from option exercises under all incentive plans for 2012 , 2011 and 2010 was approximately $ 118 million , $ 41 million and $ 15 million , respectively .", "the actual tax benefit realized for tax deduction purposes from option exercises under all incentive plans for 2012 , 2011 and 2010 was approximately $ 41 million , $ 14 million and $ 5 million , respectively .", "there were no options granted in excess of market value in 2012 , 2011 or 2010 .", "shares of common stock available during the next year for the granting of options and other awards under the incentive plans were 29192854 at december 31 , 2012 .", "total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 30537674 shares at december 31 , 2012 , which includes shares available for issuance under the incentive plans and the employee stock purchase plan ( espp ) as described below .", "during 2012 , we issued approximately 1.7 million shares from treasury stock in connection with stock option exercise activity .", "as with past exercise activity , we currently intend to utilize primarily treasury stock for any future stock option exercises .", "awards granted to non-employee directors in 2012 , 2011 and 2010 include 25620 , 27090 and 29040 deferred stock units , respectively , awarded under the outside directors deferred stock unit plan .", "a deferred stock unit is a phantom share of our common stock , which requires liability accounting treatment until such awards are paid to the participants as cash .", "as there are no vesting or service requirements on these awards , total compensation expense is recognized in full on awarded deferred stock units on the date of grant .", "incentive/performance unit share awards and restricted stock/unit awards the fair value of nonvested incentive/performance unit share awards and restricted stock/unit awards is initially determined based on prices not less than the market value of our common stock price on the date of grant .", "the value of certain incentive/ performance unit share awards is subsequently remeasured based on the achievement of one or more financial and other performance goals generally over a three-year period .", "the personnel and compensation committee of the board of directors approves the final award payout with respect to incentive/performance unit share awards .", "restricted stock/unit awards have various vesting periods generally ranging from 36 months to 60 months .", "beginning in 2012 , we incorporated several risk-related performance changes to certain incentive compensation programs .", "in addition to achieving certain financial performance metrics relative to our peers , the final payout amount will be subject to a negative adjustment if pnc fails to meet certain risk-related performance metrics as specified in the award agreement .", "however , the p&cc has the discretion to reduce any or all of this negative adjustment under certain circumstances .", "these awards have a three-year performance period and are payable in either stock or a combination of stock and cash .", "additionally , performance-based restricted share units were granted in 2012 to certain of our executives in lieu of stock options , with generally the same terms and conditions as the 2011 awards of the same .", "the weighted-average grant-date fair value of incentive/ performance unit share awards and restricted stock/unit awards granted in 2012 , 2011 and 2010 was $ 60.68 , $ 63.25 and $ 54.59 per share , respectively .", "we recognize compensation expense for such awards ratably over the corresponding vesting and/or performance periods for each type of program .", "table 130 : nonvested incentive/performance unit share awards and restricted stock/unit awards 2013 rollforward shares in thousands nonvested incentive/ performance unit shares weighted- average date fair nonvested restricted stock/ shares weighted- average date fair ." ]

[ "in the chart above , the unit shares and related weighted- average grant-date fair value of the incentive/performance awards exclude the effect of dividends on the underlying shares , as those dividends will be paid in cash .", "at december 31 , 2012 , there was $ 86 million of unrecognized deferred compensation expense related to nonvested share- based compensation arrangements granted under the incentive plans .", "this cost is expected to be recognized as expense over a period of no longer than five years .", "the total fair value of incentive/performance unit share and restricted stock/unit awards vested during 2012 , 2011 and 2010 was approximately $ 55 million , $ 52 million and $ 39 million , respectively .", "the pnc financial services group , inc .", "2013 form 10-k 203 ." ]

[ [ "Shares in thousands", "Nonvested Incentive/ Performance Unit Shares", "Weighted-AverageGrantDate FairValue", "Nonvested Restricted Stock/ Unit Shares", "Weighted-AverageGrantDate FairValue" ], [ "December 31, 2011", "830", "$61.68", "2,512", "$54.87" ], [ "Granted", "465", "60.70", "1,534", "60.67" ], [ "Vested", "(100)", "64.21", "(831)", "45.47" ], [ "Forfeited", "(76)", "60.27", "(154)", "60.51" ], [ "December 31, 2012", "1,119", "$61.14", "3,061", "$60.04" ] ]

[ [ "shares in thousands december 31 2011", "nonvested incentive/ performance unit shares 830", "weighted-averagegrantdate fairvalue $ 61.68", "nonvested restricted stock/ unit shares 2512", "weighted-averagegrantdate fairvalue $ 54.87" ], [ "granted", "465", "60.70", "1534", "60.67" ], [ "vested", "-100 ( 100 )", "64.21", "-831 ( 831 )", "45.47" ], [ "forfeited", "-76 ( 76 )", "60.27", "-154 ( 154 )", "60.51" ], [ "december 31 2012", "1119", "$ 61.14", "3061", "$ 60.04" ] ]

[ { "arg1": "60.68", "arg2": "63.25", "op": "add2-1", "res": "123.93" }, { "arg1": "#0", "arg2": "54.59", "op": "add2-2", "res": "178.52" }, { "arg1": "#1", "arg2": "const_3", "op": "divide2-3", "res": "59.5" } ]

[ "2000 non-employee director stock option plan ( the 201cdirector stock option plan 201d ) , and the global payments inc .", "2011 incentive plan ( the 201c2011 plan 201d ) ( collectively , the 201cplans 201d ) .", "we made no further grants under the 2000 plan after the 2005 plan was effective , and the director stock option plan expired by its terms on february 1 , 2011 .", "we will make no future grants under the 2000 plan , the 2005 plan or the director stock option plan .", "the 2011 plan permits grants of equity to employees , officers , directors and consultants .", "a total of 14.0 million shares of our common stock was reserved and made available for issuance pursuant to awards granted under the 2011 plan .", "the following table summarizes share-based compensation expense and the related income tax benefit recognized for our share-based awards and stock options ( in thousands ) : 2016 2015 2014 ( in thousands ) ." ]

[ "we grant various share-based awards pursuant to the plans under what we refer to as our 201clong-term incentive plan . 201d the awards are held in escrow and released upon the grantee 2019s satisfaction of conditions of the award certificate .", "restricted stock restricted stock awards vest over a period of time , provided , however , that if the grantee is not employed by us on the vesting date , the shares are forfeited .", "restricted shares cannot be sold or transferred until they have vested .", "restricted stock granted before fiscal 2015 vests in equal installments on each of the first four anniversaries of the grant date .", "restricted stock granted during fiscal 2015 and thereafter either vest in equal installments on each of the first three anniversaries of the grant date or cliff vest at the end of a three-year service period .", "the grant date fair value of restricted stock , which is based on the quoted market value of our common stock at the closing of the award date , is recognized as share-based compensation expense on a straight-line basis over the vesting period .", "performance units certain of our executives have been granted performance units under our long-term incentive plan .", "performance units are performance-based restricted stock units that , after a performance period , convert into common shares , which may be restricted .", "the number of shares is dependent upon the achievement of certain performance measures during the performance period .", "the target number of performance units and any market-based performance measures ( 201cat threshold , 201d 201ctarget , 201d and 201cmaximum 201d ) are set by the compensation committee of our board of directors .", "performance units are converted only after the compensation committee certifies performance based on pre-established goals .", "the performance units granted to certain executives in fiscal 2014 were based on a one-year performance period .", "after the compensation committee certified the performance results , 25% ( 25 % ) of the performance units converted to unrestricted shares .", "the remaining 75% ( 75 % ) converted to restricted shares that vest in equal installments on each of the first three anniversaries of the conversion date .", "the performance units granted to certain executives during fiscal 2015 and fiscal 2016 were based on a three-year performance period .", "after the compensation committee certifies the performance results for the three-year period , performance units earned will convert into unrestricted common stock .", "the compensation committee may set a range of possible performance-based outcomes for performance units .", "depending on the achievement of the performance measures , the grantee may earn up to 200% ( 200 % ) of the target number of shares .", "for awards with only performance conditions , we recognize compensation expense on a straight-line basis over the performance period using the grant date fair value of the award , which is based on the number of shares expected to be earned according to the level of achievement of performance goals .", "if the number of shares expected to be earned were to change at any time during the performance period , we would make a cumulative adjustment to share-based compensation expense based on the revised number of shares expected to be earned .", "global payments inc .", "| 2016 form 10-k annual report 2013 83 ." ]

[ [ "", "2016", "2015 (in thousands)", "2014" ], [ "Share-based compensation expense", "$30,809", "$21,056", "$29,793" ], [ "Income tax benefit", "$9,879", "$6,907", "$7,126" ] ]

[ [ "", "2016", "2015 ( in thousands )", "2014" ], [ "share-based compensation expense", "$ 30809", "$ 21056", "$ 29793" ], [ "income tax benefit", "$ 9879", "$ 6907", "$ 7126" ] ]

[]

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

[ "( a ) the weighted-average remaining contractual life was approximately 4.2 years .", "at december 31 , 2007 , there were approximately 13788000 options in total that were vested and are expected to vest .", "the weighted-average exercise price of such options was $ 62.07 per share , the weighted-average remaining contractual life was approximately 5.2 years , and the aggregate intrinsic value at december 31 , 2007 was approximately $ 92 million .", "stock options granted in 2005 include options for 30000 shares that were granted to non-employee directors that year .", "no such options were granted in 2006 or 2007 .", "awards granted to non-employee directors in 2007 include 20944 deferred stock units awarded under the outside directors deferred stock unit plan .", "a deferred stock unit is a phantom share of our common stock , which requires liability accounting treatment under sfas 123r until such awards are paid to the participants as cash .", "as there are no vestings or service requirements on these awards , total compensation expense is recognized in full on all awarded units on the date of grant .", "the weighted-average grant-date fair value of options granted in 2007 , 2006 and 2005 was $ 11.37 , $ 10.75 and $ 9.83 per option , respectively .", "to determine stock-based compensation expense under sfas 123r , the grant-date fair value is applied to the options granted with a reduction made for estimated forfeitures .", "at december 31 , 2006 and 2005 options for 10743000 and 13582000 shares of common stock , respectively , were exercisable at a weighted-average price of $ 58.38 and $ 56.58 , respectively .", "the total intrinsic value of options exercised during 2007 , 2006 and 2005 was $ 52 million , $ 111 million and $ 31 million , respectively .", "at december 31 , 2007 the aggregate intrinsic value of all options outstanding and exercisable was $ 94 million and $ 87 million , respectively .", "cash received from option exercises under all incentive plans for 2007 , 2006 and 2005 was approximately $ 111 million , $ 233 million and $ 98 million , respectively .", "the actual tax benefit realized for tax deduction purposes from option exercises under all incentive plans for 2007 , 2006 and 2005 was approximately $ 39 million , $ 82 million and $ 34 million , respectively .", "there were no options granted in excess of market value in 2007 , 2006 or 2005 .", "shares of common stock available during the next year for the granting of options and other awards under the incentive plans were 40116726 at december 31 , 2007 .", "total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 41787400 shares at december 31 , 2007 , which includes shares available for issuance under the incentive plans , the employee stock purchase plan as described below , and a director plan .", "during 2007 , we issued approximately 2.1 million shares from treasury stock in connection with stock option exercise activity .", "as with past exercise activity , we intend to utilize treasury stock for future stock option exercises .", "as discussed in note 1 accounting policies , we adopted the fair value recognition provisions of sfas 123 prospectively to all employee awards including stock options granted , modified or settled after january 1 , 2003 .", "as permitted under sfas 123 , we recognized compensation expense for stock options on a straight-line basis over the pro rata vesting period .", "total compensation expense recognized related to pnc stock options in 2007 was $ 29 million compared with $ 31 million in 2006 and $ 29 million in 2005 .", "pro forma effects a table is included in note 1 accounting policies that sets forth pro forma net income and basic and diluted earnings per share as if compensation expense had been recognized under sfas 123 and 123r , as amended , for stock options for 2005 .", "for purposes of computing stock option expense and 2005 pro forma results , we estimated the fair value of stock options using the black-scholes option pricing model .", "the model requires the use of numerous assumptions , many of which are very subjective .", "therefore , the 2005 pro forma results are estimates of results of operations as if compensation expense had been recognized for all stock-based compensation awards and are not indicative of the impact on future periods. ." ]

[ [ "", "Options Outstanding", "Options Exercisable(a)" ], [ "December 31, 2007Shares in thousandsRange of exercise prices", "Shares", "Weighted- averageexercise price", "Weighted-average remaining contractual life (in years)", "Shares", "Weighted-averageexercise price" ], [ "$37.43 – $46.99", "1,444", "$43.05", "4.0", "1,444", "$43.05" ], [ "47.00 – 56.99", "3,634", "53.43", "5.4", "3,022", "53.40" ], [ "57.00 – 66.99", "3,255", "60.32", "5.2", "2,569", "58.96" ], [ "67.00 – 76.23", "5,993", "73.03", "5.5", "3,461", "73.45" ], [ "Total", "14,326", "$62.15", "5.3", "10,496", "$59.95" ] ]

[ [ "december 31 2007shares in thousandsrange of exercise prices", "options outstanding shares", "options outstanding weighted- averageexercise price", "options outstanding weighted-average remaining contractual life ( in years )", "options outstanding shares", "weighted-averageexercise price" ], [ "$ 37.43 2013 $ 46.99", "1444", "$ 43.05", "4.0", "1444", "$ 43.05" ], [ "47.00 2013 56.99", "3634", "53.43", "5.4", "3022", "53.40" ], [ "57.00 2013 66.99", "3255", "60.32", "5.2", "2569", "58.96" ], [ "67.00 2013 76.23", "5993", "73.03", "5.5", "3461", "73.45" ], [ "total", "14326", "$ 62.15", "5.3", "10496", "$ 59.95" ] ]

[ { "arg1": "52", "arg2": "111", "op": "add1-1", "res": "163" }, { "arg1": "#0", "arg2": "31", "op": "add1-2", "res": "194" } ]

[ "notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have guaranteed certain obligations of our subsidiaries relating principally to operating leases and credit facilities of certain subsidiaries .", "the amount of parent company guarantees on lease obligations was $ 857.3 and $ 619.4 as of december 31 , 2016 and 2015 , respectively , and the amount of parent company guarantees primarily relating to credit facilities was $ 395.6 and $ 336.5 as of december 31 , 2016 and 2015 , respectively .", "in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee .", "as of december 31 , 2016 , there were no material assets pledged as security for such parent company guarantees .", "contingent acquisition obligations the following table details the estimated future contingent acquisition obligations payable in cash as of december 31 ." ]

[ "1 we have entered into certain acquisitions that contain both redeemable noncontrolling interests and call options with similar terms and conditions .", "the estimated amounts listed would be paid in the event of exercise at the earliest exercise date .", "we have certain redeemable noncontrolling interests that are exercisable at the discretion of the noncontrolling equity owners as of december 31 , 2016 .", "these estimated payments of $ 25.9 are included within the total payments expected to be made in 2017 , and will continue to be carried forward into 2018 or beyond until exercised or expired .", "redeemable noncontrolling interests are included in the table at current exercise price payable in cash , not at applicable redemption value in accordance with the authoritative guidance for classification and measurement of redeemable securities .", "the majority of these payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revision in accordance with the terms of the respective agreements .", "see note 4 for further information relating to the payment structure of our acquisitions .", "legal matters in the normal course of business , we are involved in various legal proceedings , and subject to investigations , inspections , audits , inquiries and similar actions by governmental authorities .", "the types of allegations that arise in connection with such legal proceedings vary in nature , but can include claims related to contract , employment , tax and intellectual property matters .", "we evaluate all cases each reporting period and record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount , or potential range , of loss can be reasonably estimated .", "in certain cases , we cannot reasonably estimate the potential loss because , for example , the litigation is in its early stages .", "while any outcome related to litigation or such governmental proceedings in which we are involved cannot be predicted with certainty , management believes that the outcome of these matters , individually and in the aggregate , will not have a material adverse effect on our financial condition , results of operations or cash flows .", "as previously disclosed , on april 10 , 2015 , a federal judge in brazil authorized the search of the records of an agency 2019s offices in s e3o paulo and brasilia , in connection with an ongoing investigation by brazilian authorities involving payments potentially connected to local government contracts .", "the company had previously investigated the matter and taken a number of remedial and disciplinary actions .", "the company is in the process of concluding a settlement related to these matters with government agencies .", "the company confirmed that one of its standalone domestic agencies has been contacted by the department of justice antitrust division for documents regarding video production practices and is cooperating with the government. ." ]

[ [ "", "2017", "2018", "2019", "2020", "2021", "Thereafter", "Total" ], [ "Deferred acquisition payments", "$76.9", "$31.6", "$25.1", "$8.9", "$26.9", "$11.4", "$180.8" ], [ "Redeemable noncontrolling interests and call options with affiliates¹", "34.7", "76.5", "32.9", "3.9", "3.1", "4.2", "155.3" ], [ "Total contingent acquisition payments", "$111.6", "$108.1", "$58.0", "$12.8", "$30.0", "$15.6", "$336.1" ] ]

[ [ "", "2017", "2018", "2019", "2020", "2021", "thereafter", "total" ], [ "deferred acquisition payments", "$ 76.9", "$ 31.6", "$ 25.1", "$ 8.9", "$ 26.9", "$ 11.4", "$ 180.8" ], [ "redeemable noncontrolling interests and call options with affiliates1", "34.7", "76.5", "32.9", "3.9", "3.1", "4.2", "155.3" ], [ "total contingent acquisition payments", "$ 111.6", "$ 108.1", "$ 58.0", "$ 12.8", "$ 30.0", "$ 15.6", "$ 336.1" ] ]

[]

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

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

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

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

[]

[ "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" ] ]

[ { "arg1": "10222", "arg2": "14239", "op": "minus1-1", "res": "-4017" }, { "arg1": "#0", "arg2": "14239", "op": "divide1-2", "res": "-28.2%" } ]

[ "note 11 2013 stock-based compensation during 2014 , 2013 and 2012 , we recorded non-cash stock-based compensation expense totaling $ 164 million , $ 189 million and $ 167 million , which is included as a component of other unallocated , net on our statements of earnings .", "the net impact to earnings for the respective years was $ 107 million , $ 122 million and $ 108 million .", "as of december 31 , 2014 , we had $ 91 million of unrecognized compensation cost related to nonvested awards , which is expected to be recognized over a weighted average period of 1.6 years .", "we received cash from the exercise of stock options totaling $ 308 million , $ 827 million and $ 440 million during 2014 , 2013 and 2012 .", "in addition , our income tax liabilities for 2014 , 2013 and 2012 were reduced by $ 215 million , $ 158 million , $ 96 million due to recognized tax benefits on stock-based compensation arrangements .", "stock-based compensation plans under plans approved by our stockholders , we are authorized to grant key employees stock-based incentive awards , including options to purchase common stock , stock appreciation rights , restricted stock units ( rsus ) , performance stock units ( psus ) or other stock units .", "the exercise price of options to purchase common stock may not be less than the fair market value of our stock on the date of grant .", "no award of stock options may become fully vested prior to the third anniversary of the grant and no portion of a stock option grant may become vested in less than one year .", "the minimum vesting period for restricted stock or stock units payable in stock is three years .", "award agreements may provide for shorter or pro-rated vesting periods or vesting following termination of employment in the case of death , disability , divestiture , retirement , change of control or layoff .", "the maximum term of a stock option or any other award is 10 years .", "at december 31 , 2014 , inclusive of the shares reserved for outstanding stock options , rsus and psus , we had 19 million shares reserved for issuance under the plans .", "at december 31 , 2014 , 7.8 million of the shares reserved for issuance remained available for grant under our stock-based compensation plans .", "we issue new shares upon the exercise of stock options or when restrictions on rsus and psus have been satisfied .", "the following table summarizes activity related to nonvested rsus during 2014 : number of rsus ( in thousands ) weighted average grant-date fair value per share ." ]

[ "rsus are valued based on the fair value of our common stock on the date of grant .", "employees who are granted rsus receive the right to receive shares of stock after completion of the vesting period ; however , the shares are not issued and the employees cannot sell or transfer shares prior to vesting and have no voting rights until the rsus vest , generally three years from the date of the award .", "employees who are granted rsus receive dividend-equivalent cash payments only upon vesting .", "for these rsu awards , the grant-date fair value is equal to the closing market price of our common stock on the date of grant less a discount to reflect the delay in payment of dividend-equivalent cash payments .", "we recognize the grant-date fair value of rsus , less estimated forfeitures , as compensation expense ratably over the requisite service period , which beginning with the rsus granted in 2013 is shorter than the vesting period if the employee is retirement eligible on the date of grant or will become retirement eligible before the end of the vesting period. ." ]

[ [ "", "Number of RSUs (In thousands)", "Weighted Average Grant-Date Fair Value PerShare" ], [ "Nonvested at December 31, 2011", "4,302", "$ 78.25" ], [ "Granted", "1,987", "81.93" ], [ "Vested", "(1,299)", "80.64" ], [ "Forfeited", "(168)", "79.03" ], [ "Nonvested at December 31, 2012", "4,822", "$ 79.10" ], [ "Granted", "1,356", "89.24" ], [ "Vested", "(2,093)", "79.26" ], [ "Forfeited", "(226)", "81.74" ], [ "Nonvested at December 31, 2013", "3,859", "$ 82.42" ], [ "Granted", "745", "146.85" ], [ "Vested", "(2,194)", "87.66" ], [ "Forfeited", "(84)", "91.11" ], [ "Nonvested at December 31, 2014", "2,326", "$ 97.80" ] ]

[ [ "", "number of rsus ( in thousands )", "weighted average grant-date fair value pershare" ], [ "nonvested at december 31 2011", "4302", "$ 78.25" ], [ "granted", "1987", "81.93" ], [ "vested", "-1299 ( 1299 )", "80.64" ], [ "forfeited", "-168 ( 168 )", "79.03" ], [ "nonvested at december 31 2012", "4822", "$ 79.10" ], [ "granted", "1356", "89.24" ], [ "vested", "-2093 ( 2093 )", "79.26" ], [ "forfeited", "-226 ( 226 )", "81.74" ], [ "nonvested at december 31 2013", "3859", "$ 82.42" ], [ "granted", "745", "146.85" ], [ "vested", "-2194 ( 2194 )", "87.66" ], [ "forfeited", "-84 ( 84 )", "91.11" ], [ "nonvested at december 31 2014", "2326", "$ 97.80" ] ]

[]

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

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

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

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

[ { "arg1": "101", "arg2": "95", "op": "divide1-1", "res": "106%" }, { "arg1": "101", "arg2": "#0", "op": "multiply1-2", "res": "107.4" } ]

[ "determined that it will primarily be subject to the ietu in future periods , and as such it has recorded tax expense of approximately $ 20 million in 2007 for the deferred tax effects of the new ietu system .", "as of december 31 , 2007 , the company had us federal net operating loss carryforwards of approximately $ 206 million which will begin to expire in 2023 .", "of this amount , $ 47 million relates to the pre-acquisition period and is subject to limitation .", "the remaining $ 159 million is subject to limitation as a result of the change in stock ownership in may 2006 .", "this limitation is not expected to have a material impact on utilization of the net operating loss carryforwards .", "the company also had foreign net operating loss carryforwards as of december 31 , 2007 of approximately $ 564 million for canada , germany , mexico and other foreign jurisdictions with various expiration dates .", "net operating losses in canada have various carryforward periods and began expiring in 2007 .", "net operating losses in germany have no expiration date .", "net operating losses in mexico have a ten year carryforward period and begin to expire in 2009 .", "however , these losses are not available for use under the new ietu tax regulations in mexico .", "as the ietu is the primary system upon which the company will be subject to tax in future periods , no deferred tax asset has been reflected in the balance sheet as of december 31 , 2007 for these income tax loss carryforwards .", "the company adopted the provisions of fin 48 effective january 1 , 2007 .", "fin 48 clarifies the accounting for income taxes by prescribing a minimum recognition threshold a tax benefit is required to meet before being recognized in the financial statements .", "fin 48 also provides guidance on derecognition , measurement , classification , interest and penalties , accounting in interim periods , disclosure and transition .", "as a result of the implementation of fin 48 , the company increased retained earnings by $ 14 million and decreased goodwill by $ 2 million .", "in addition , certain tax liabilities for unrecognized tax benefits , as well as related potential penalties and interest , were reclassified from current liabilities to long-term liabilities .", "liabilities for unrecognized tax benefits as of december 31 , 2007 relate to various us and foreign jurisdictions .", "a reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows : year ended december 31 , 2007 ( in $ millions ) ." ]

[ "included in the unrecognized tax benefits of $ 200 million as of december 31 , 2007 is $ 56 million of tax benefits that , if recognized , would reduce the company 2019s effective tax rate .", "the company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes .", "as of december 31 , 2007 , the company has recorded a liability of approximately $ 36 million for interest and penalties .", "this amount includes an increase of approximately $ 13 million for the year ended december 31 , 2007 .", "the company operates in the united states ( including multiple state jurisdictions ) , germany and approximately 40 other foreign jurisdictions including canada , china , france , mexico and singapore .", "examinations are ongoing in a number of those jurisdictions including , most significantly , in germany for the years 2001 to 2004 .", "during the quarter ended march 31 , 2007 , the company received final assessments in germany for the prior examination period , 1997 to 2000 .", "the effective settlement of those examinations resulted in a reduction to goodwill of approximately $ 42 million with a net expected cash outlay of $ 29 million .", "the company 2019s celanese corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) %%transmsg*** transmitting job : y48011 pcn : 122000000 ***%%pcmsg|f-49 |00023|yes|no|02/26/2008 22:07|0|0|page is valid , no graphics -- color : d| ." ]

[ [ "", "Year Ended December 31, 2007 (In $ millions)" ], [ "Balance as of January 1, 2007", "193" ], [ "Increases in tax positions for the current year", "2" ], [ "Increases in tax positions for prior years", "28" ], [ "Decreases in tax positions of prior years", "(21)" ], [ "Settlements", "(2)" ], [ "Balance as of December 31, 2007", "200" ] ]

[ [ "", "year ended december 31 2007 ( in $ millions )" ], [ "balance as of january 1 2007", "193" ], [ "increases in tax positions for the current year", "2" ], [ "increases in tax positions for prior years", "28" ], [ "decreases in tax positions of prior years", "-21 ( 21 )" ], [ "settlements", "-2 ( 2 )" ], [ "balance as of december 31 2007", "200" ] ]

[]

[ "for marketing .", "there are several methods that can be used to determine the estimated fair value of the ipr&d acquired in a business combination .", "we utilized the 201cincome method , 201d which applies a probability weighting to the estimated future net cash fl ows that are derived from projected sales revenues and estimated costs .", "these projec- tions are based on factors such as relevant market size , patent protection , historical pricing of similar products , and expected industry trends .", "the estimated future net cash fl ows are then discounted to the present value using an appropriate discount rate .", "this analysis is performed for each project independently .", "in accordance with fin 4 , applicability of fasb statement no .", "2 to business combinations accounted for by the purchase method , these acquired ipr&d intangible assets totaling $ 4.71 billion and $ 340.5 million in 2008 and 2007 , respectively , were expensed immediately subsequent to the acquisition because the products had no alternative future use .", "the ongoing activities with respect to each of these products in development are not material to our research and development expenses .", "in addition to the acquisitions of businesses , we also acquired several products in development .", "the acquired ipr&d related to these products of $ 122.0 million and $ 405.1 million in 2008 and 2007 , respectively , was also writ- ten off by a charge to income immediately upon acquisition because the products had no alternative future use .", "imclone acquisition on november 24 , 2008 , we acquired all of the outstanding shares of imclone systems inc .", "( imclone ) , a biopharma- ceutical company focused on advancing oncology care , for a total purchase price of approximately $ 6.5 billion , which was fi nanced through borrowings .", "this strategic combination will offer both targeted therapies and oncolytic agents along with a pipeline spanning all phases of clinical development .", "the combination also expands our bio- technology capabilities .", "the acquisition has been accounted for as a business combination under the purchase method of accounting , resulting in goodwill of $ 419.5 million .", "no portion of this goodwill is expected to be deductible for tax purposes .", "allocation of purchase price we are currently determining the fair values of a signifi cant portion of these net assets .", "the purchase price has been preliminarily allocated based on an estimate of the fair value of assets acquired and liabilities assumed as of the date of acquisition .", "the fi nal determination of these fair values will be completed as soon as possible but no later than one year from the acquisition date .", "although the fi nal determination may result in asset and liability fair values that are different than the preliminary estimates of these amounts included herein , it is not expected that those differences will be material to our fi nancial results .", "estimated fair value at november 24 , 2008 ." ]

[ "1this intangible asset will be amortized on a straight-line basis through 2023 in the u.s .", "and 2018 in the rest of the world .", "all of the estimated fair value of the acquired ipr&d is attributable to oncology-related products in develop- ment , including $ 1.33 billion to line extensions for erbitux .", "a signifi cant portion ( 81 percent ) of the remaining value of acquired ipr&d is attributable to two compounds in phase iii clinical testing and one compound in phase ii clini- cal testing , all targeted to treat various forms of cancers .", "the discount rate we used in valuing the acquired ipr&d projects was 13.5 percent , and the charge for acquired ipr&d of $ 4.69 billion recorded in the fourth quarter of 2008 , was not deductible for tax purposes .", "pro forma financial information the following unaudited pro forma fi nancial information presents the combined results of our operations with ." ]

[ [ "Cash and short-term investments", "$982.9" ], [ "Inventories", "136.2" ], [ "Developed product technology (Erbitux)¹", "1,057.9" ], [ "Goodwill", "419.5" ], [ "Property and equipment", "339.8" ], [ "Debt assumed", "(600.0)" ], [ "Deferred taxes", "(315.0)" ], [ "Deferred income", "(127.7)" ], [ "Other assets and liabilities — net", "(72.1)" ], [ "Acquired in-process research and development", "4,685.4" ], [ "Total purchase price", "$6,506.9" ] ]

[ [ "cash and short-term investments", "$ 982.9" ], [ "inventories", "136.2" ], [ "developed product technology ( erbitux ) 1", "1057.9" ], [ "goodwill", "419.5" ], [ "property and equipment", "339.8" ], [ "debt assumed", "-600.0 ( 600.0 )" ], [ "deferred taxes", "-315.0 ( 315.0 )" ], [ "deferred income", "-127.7 ( 127.7 )" ], [ "other assets and liabilities 2014 net", "-72.1 ( 72.1 )" ], [ "acquired in-process research and development", "4685.4" ], [ "total purchase price", "$ 6506.9" ] ]

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[ "during 2014 , the company closed on thirteen acquisitions of various regulated water and wastewater systems for a total aggregate purchase price of $ 9 .", "assets acquired , principally plant , totaled $ 17 .", "liabilities assumed totaled $ 8 , including $ 5 of contributions in aid of construction and assumed debt of $ 2 .", "during 2013 , the company closed on fifteen acquisitions of various regulated water and wastewater systems for a total aggregate net purchase price of $ 24 .", "assets acquired , primarily utility plant , totaled $ 67 .", "liabilities assumed totaled $ 43 , including $ 26 of contributions in aid of construction and assumed debt of $ 13 .", "included in these totals was the company 2019s november 14 , 2013 acquisition of all of the capital stock of dale service corporation ( 201cdale 201d ) , a regulated wastewater utility company , for a total cash purchase price of $ 5 ( net of cash acquired of $ 7 ) , plus assumed liabilities .", "the dale acquisition was accounted for as a business combination ; accordingly , operating results from november 14 , 2013 were included in the company 2019s results of operations .", "the purchase price was allocated to the net tangible and intangible assets based upon their estimated fair values at the date of acquisition .", "the company 2019s regulatory practice was followed whereby property , plant and equipment ( rate base ) was considered fair value for business combination purposes .", "similarly , regulatory assets and liabilities acquired were recorded at book value and are subject to regulatory approval where applicable .", "the acquired debt was valued in a manner consistent with the company 2019s level 3 debt .", "see note 17 2014fair value of financial instruments .", "non-cash assets acquired in the dale acquisition , primarily utility plant , totaled $ 41 ; liabilities assumed totaled $ 36 , including debt assumed of $ 13 and contributions of $ 19 .", "divestitures in november 2014 , the company completed the sale of terratec , previously included in the market-based businesses .", "after post-close adjustments , net proceeds from the sale totaled $ 1 , and the company recorded a pretax loss on sale of $ 1 .", "the following table summarizes the operating results of discontinued operations presented in the accompanying consolidated statements of operations for the years ended december 31: ." ]

[ "the provision for income taxes of discontinued operations includes the recognition of tax expense related to the difference between the tax basis and book basis of assets upon the sales of terratec that resulted in taxable gains , since an election was made under section 338 ( h ) ( 10 ) of the internal revenue code to treat the sales as asset sales .", "there were no assets or liabilities of discontinued operations in the accompanying consolidated balance sheets as of december 31 , 2015 and 2014. ." ]

[ [ "", "2014", "2013" ], [ "Operating revenues", "$13", "$23" ], [ "Total operating expenses, net", "19", "26" ], [ "Loss from discontinued operations before income taxes", "(6)", "(3)" ], [ "Provision (benefit) for income taxes", "1", "(1)" ], [ "Loss from discontinued operations, net of tax", "$(7)", "$(2)" ] ]

[ [ "", "2014", "2013" ], [ "operating revenues", "$ 13", "$ 23" ], [ "total operating expenses net", "19", "26" ], [ "loss from discontinued operations before income taxes", "-6 ( 6 )", "-3 ( 3 )" ], [ "provision ( benefit ) for income taxes", "1", "-1 ( 1 )" ], [ "loss from discontinued operations net of tax", "$ -7 ( 7 )", "$ -2 ( 2 )" ] ]

[ { "arg1": "19", "arg2": "26", "op": "minus2-1", "res": "-7" }, { "arg1": "#0", "arg2": "26", "op": "divide2-2", "res": "-26.9%" } ]

[ "on may 20 , 2015 , aon plc issued $ 600 million of 4.750% ( 4.750 % ) senior notes due may 2045 .", "the 4.750% ( 4.750 % ) notes due may 2045 are fully and unconditionally guaranteed by aon corporation .", "we used the proceeds of the issuance for general corporate purposes .", "on september 30 , 2015 , $ 600 million of 3.50% ( 3.50 % ) senior notes issued by aon corporation matured and were repaid .", "on november 13 , 2015 , aon plc issued $ 400 million of 2.80% ( 2.80 % ) senior notes due march 2021 .", "the 2.80% ( 2.80 % ) notes due march 2021 are fully and unconditionally guaranteed by aon corporation .", "we used the proceeds of the issuance for general corporate purposes .", "credit facilities as of december 31 , 2015 , we had two committed credit facilities outstanding : our $ 400 million u.s .", "credit facility expiring in march 2017 ( the \"2017 facility\" ) and $ 900 million multi-currency u.s .", "credit facility expiring in february 2020 ( the \"2020 facility\" ) .", "the 2020 facility was entered into on february 2 , 2015 and replaced the previous 20ac650 million european credit facility .", "each of these facilities is intended to support our commercial paper obligations and our general working capital needs .", "in addition , each of these facilities includes customary representations , warranties and covenants , including financial covenants that require us to maintain specified ratios of adjusted consolidated ebitda to consolidated interest expense and consolidated debt to adjusted consolidated ebitda , tested quarterly .", "at december 31 , 2015 , we did not have borrowings under either the 2017 facility or the 2020 facility , and we were in compliance with the financial covenants and all other covenants contained therein during the twelve months ended december 31 , 2015 .", "effective february 2 , 2016 , the 2020 facility terms were extended for 1 year and will expire in february 2021 our total debt-to-ebitda ratio at december 31 , 2015 and 2014 , is calculated as follows: ." ]

[ "we use ebitda , as defined by our financial covenants , as a non-gaap measure .", "this supplemental information related to ebitda represents a measure not in accordance with u.s .", "gaap and should be viewed in addition to , not instead of , our consolidated financial statements and notes thereto .", "shelf registration statement on september 3 , 2015 , we filed a shelf registration statement with the sec , registering the offer and sale from time to time of an indeterminate amount of , among other securities , debt securities , preference shares , class a ordinary shares and convertible securities .", "our ability to access the market as a source of liquidity is dependent on investor demand , market conditions and other factors. ." ]

[ [ "Years Ended December 31,", "2015", "2014" ], [ "Net income", "1,422", "1,431" ], [ "Interest expense", "273", "255" ], [ "Income taxes", "267", "334" ], [ "Depreciation of fixed assets", "229", "242" ], [ "Amortization of intangible assets", "314", "352" ], [ "Total EBITDA", "2,505", "2,614" ], [ "Total Debt", "5,737", "5,582" ], [ "Total debt-to-EBITDA ratio", "2.3", "2.1" ] ]

[ [ "years ended december 31,", "2015", "2014" ], [ "net income", "1422", "1431" ], [ "interest expense", "273", "255" ], [ "income taxes", "267", "334" ], [ "depreciation of fixed assets", "229", "242" ], [ "amortization of intangible assets", "314", "352" ], [ "total ebitda", "2505", "2614" ], [ "total debt", "5737", "5582" ], [ "total debt-to-ebitda ratio", "2.3", "2.1" ] ]

[]

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

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

[ [ "", "Amount (In Thousands)" ], [ "2009", "$516,019" ], [ "2010", "$763,036" ], [ "2011", "$897,367" ], [ "2012", "$3,625,459" ], [ "2013", "$579,461" ] ]

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

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[ "entergy arkansas 2019s receivables from or ( payables to ) 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 .", "entergy arkansas has a credit facility in the amount of $ 150 million scheduled to expire in august 2022 .", "entergy arkansas also has a $ 20 million credit facility scheduled to expire in april 2018 . a0 a0the $ 150 million credit facility permits the issuance of letters of credit against $ 5 million of the borrowing capacity of the facility .", "as of december 31 , 2017 , there were no cash borrowings and no letters of credit outstanding under the credit facilities .", "in addition , entergy arkansas is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations to miso .", "as of december 31 , 2017 , a $ 1 million letter of credit was outstanding under entergy arkansas 2019s uncommitted letter of credit facility .", "see note 4 to the financial statements for further discussion of the credit facilities .", "the entergy arkansas nuclear fuel company variable interest entity has a credit facility in the amount of $ 80 million scheduled to expire in may 2019 . a0 a0as of december 31 , 2017 , $ 50 million in letters of credit to support a like amount of commercial paper issued and $ 24.9 million in loans were outstanding under the entergy arkansas nuclear fuel company variable interest entity credit facility .", "see note 4 to the financial statements for further discussion of the nuclear fuel company variable interest entity credit facility .", "entergy arkansas obtained authorizations from the ferc through october 2019 for short-term borrowings not to exceed an aggregate amount of $ 250 million at any time outstanding and borrowings by its nuclear fuel company variable interest entity .", "see note 4 to the financial statements for further discussion of entergy arkansas 2019s short-term borrowing limits .", "the long-term securities issuances of entergy arkansas are limited to amounts authorized by the apsc , and the current authorization extends through december 2018 .", "entergy arkansas , inc .", "and subsidiaries management 2019s financial discussion and analysis state and local rate regulation and fuel-cost recovery retail rates 2015 base rate filing in april 2015 , entergy arkansas filed with the apsc for a general change in rates , charges , and tariffs .", "the filing notified the apsc of entergy arkansas 2019s intent to implement a forward test year formula rate plan pursuant to arkansas legislation passed in 2015 , and requested a retail rate increase of $ 268.4 million , with a net increase in revenue of $ 167 million .", "the filing requested a 10.2% ( 10.2 % ) return on common equity .", "in september 2015 the apsc staff and intervenors filed direct testimony , with the apsc staff recommending a revenue requirement of $ 217.9 million and a 9.65% ( 9.65 % ) return on common equity .", "in december 2015 , entergy arkansas , the apsc staff , and certain of the intervenors in the rate case filed with the apsc a joint motion for approval of a settlement of the case that proposed a retail rate increase of approximately $ 225 million with a net increase in revenue of approximately $ 133 million ; an authorized return on common equity of 9.75% ( 9.75 % ) ; and a formula rate plan tariff that provides a +/- 50 basis point band around the 9.75% ( 9.75 % ) allowed return on common equity .", "a significant portion of the rate increase is related to entergy arkansas 2019s acquisition in march 2016 of union power station power block 2 for a base purchase price of $ 237 million .", "the settlement agreement also provided for amortization over a 10-year period of $ 7.7 million of previously-incurred costs related to ano post-fukushima compliance and $ 9.9 million of previously-incurred costs related to ano flood barrier compliance .", "a settlement hearing was held in january 2016 .", "in february 2016 the apsc approved the settlement with one exception that reduced the retail rate increase proposed in the settlement by $ 5 million .", "the settling parties agreed to the apsc modifications in february 2016 .", "the new rates were effective february 24 , 2016 and began billing with the first billing cycle of april 2016 .", "in march 2016 , entergy arkansas made a compliance filing regarding the ." ]

[ [ "2017", "2016", "2015", "2014" ], [ "(In Thousands)" ], [ "($166,137)", "($51,232)", "($52,742)", "$2,218" ] ]

[ [ "2017", "2016", "2015", "2014" ], [ "( in thousands )", "( in thousands )", "( in thousands )", "( in thousands )" ], [ "( $ 166137 )", "( $ 51232 )", "( $ 52742 )", "$ 2218" ] ]

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

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

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

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

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[ "we include here by reference additional information relating to pnc common stock under the common stock prices/ dividends declared section 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 , 2015 in the table ( with introductory paragraph and notes ) that appears under the caption 201capproval of 2016 incentive award plan 2013 item 3 201d in our proxy statement to be filed for the 2016 annual meeting of shareholders and is incorporated by reference herein and in item 12 of this report .", "our stock transfer agent and registrar is : computershare trust company , n.a .", "250 royall street canton , ma 02021 800-982-7652 registered shareholders may contact the above phone number regarding dividends and other shareholder services .", "we include here by reference the information that appears under the common stock performance graph caption 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 2015 are included in the following table : in thousands , except per share data 2015 period total shares purchased ( a ) average paid per total shares purchased as part of publicly announced programs ( b ) maximum number of shares that may yet be purchased under the programs ( b ) ." ]

[ "( a ) includes pnc common stock purchased in connection with our various employee benefit plans generally related to forfeitures of unvested restricted stock awards and shares used to cover employee payroll tax withholding requirements .", "note 12 employee benefit plans and note 13 stock based compensation plans in the notes to consolidated financial statements in item 8 of this report include additional information regarding our employee benefit and equity compensation plans that use pnc common stock .", "( b ) on march 11 , 2015 , we announced that our board of directors had approved the establishment of a new stock repurchase program authorization in the amount of 100 million shares of pnc common stock , effective april 1 , 2015 .", "repurchases are made in open market or privately negotiated transactions and the timing and exact amount of common stock repurchases 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 results of the supervisory assessment of capital adequacy and capital planning processes undertaken by the federal reserve as part of the ccar process .", "our 2015 capital plan , submitted as part of the ccar process and accepted by the federal reserve , included share repurchase programs of up to $ 2.875 billion for the five quarter period beginning with the second quarter of 2015 .", "this amount does not include share repurchases in connection with various employee benefit plans referenced in note ( a ) .", "in the fourth quarter of 2015 , in accordance with pnc 2019s 2015 capital plan and under the share repurchase authorization in effect during that period , we repurchased 5.8 million shares of common stock on the open market , with an average price of $ 92.26 per share and an aggregate repurchase price of $ .5 billion .", "30 the pnc financial services group , inc .", "2013 form 10-k ." ]

[ [ "2015 period", "Total sharespurchased (a)", "Averagepricepaid pershare", "Total sharespurchased aspartofpubliclyannouncedprograms (b)", "Maximumnumberofshares thatmay yet bepurchasedunder theprograms (b)" ], [ "October 1 – 31", "2,528", "$89.24", "2,506", "85,413" ], [ "November 1 – 30", "1,923", "$94.06", "1,923", "83,490" ], [ "December 1 – 31", "1,379", "$95.20", "1,379", "82,111" ], [ "Total", "5,830", "$92.24", "", "" ] ]

[ [ "2015 period", "total sharespurchased ( a )", "averagepricepaid pershare", "total sharespurchased aspartofpubliclyannouncedprograms ( b )", "maximumnumberofshares thatmay yet bepurchasedunder theprograms ( b )" ], [ "october 1 2013 31", "2528", "$ 89.24", "2506", "85413" ], [ "november 1 2013 30", "1923", "$ 94.06", "1923", "83490" ], [ "december 1 2013 31", "1379", "$ 95.20", "1379", "82111" ], [ "total", "5830", "$ 92.24", "", "" ] ]

[]

[ "guarantees we adopted fasb interpretation no .", "45 ( 201cfin 45 201d ) , 201cguarantor 2019s accounting and disclosure requirements for guarantees , including indirect guarantees of indebtedness of others 201d at the beginning of our fiscal 2003 .", "see 201crecent accounting pronouncements 201d for further information regarding fin 45 .", "the lease agreements for our three office buildings in san jose , california provide for residual value guarantees .", "these lease agreements were in place prior to december 31 , 2002 and are disclosed in note 14 .", "in the normal course of business , we provide indemnifications of varying scope to customers against claims of intellectual property infringement made by third parties arising from the use of our products .", "historically , costs related to these indemnification provisions have not been significant and we are unable to estimate the maximum potential impact of these indemnification provisions on our future results of operations .", "we have commitments to make certain milestone and/or retention payments typically entered into in conjunction with various acquisitions , for which we have made accruals in our consolidated financial statements .", "in connection with our purchases of technology assets during fiscal 2003 , we entered into employee retention agreements totaling $ 2.2 million .", "we are required to make payments upon satisfaction of certain conditions in the agreements .", "as permitted under delaware law , we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is , or was serving , at our request in such capacity .", "the indemnification period covers all pertinent events and occurrences during the officer 2019s or director 2019s lifetime .", "the maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited ; however , we have director and officer insurance coverage that limits our exposure and enables us to recover a portion of any future amounts paid .", "we believe the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal .", "as part of our limited partnership interests in adobe ventures , we have provided a general indemnification to granite ventures , an independent venture capital firm and sole general partner of adobe ventures , for certain events or occurrences while granite ventures is , or was serving , at our request in such capacity provided that granite ventures acts in good faith on behalf of the partnerships .", "we are unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim , but believe the risk of having to make any payments under this general indemnification to be remote .", "we accrue for costs associated with future obligations which include costs for undetected bugs that are discovered only after the product is installed and used by customers .", "the accrual remaining at the end of fiscal 2003 primarily relates to new releases of our creative suites products during the fourth quarter of fiscal 2003 .", "the table below summarizes the activity related to the accrual during fiscal 2003 : balance at november 29 , 2002 accruals payments balance at november 28 , 2003 ." ]

[ "advertising expenses we expense all advertising costs as incurred and classify these costs under sales and marketing expense .", "advertising expenses for fiscal years 2003 , 2002 , and 2001 were $ 24.0 million , $ 26.7 million and $ 30.5 million , respectively .", "foreign currency and other hedging instruments statement of financial accounting standards no .", "133 ( 201csfas no .", "133 201d ) , 201caccounting for derivative instruments and hedging activities , 201d establishes accounting and reporting standards for derivative instruments and hedging activities and requires us to recognize these as either assets or liabilities on the balance sheet and measure them at fair value .", "as described in note 15 , gains and losses resulting from ." ]

[ [ "Balance at November 29, 2002", "Accruals", "Payments", "Balance at November 28, 2003" ], [ "$—", "$5,554", "$(2,369)", "$3,185" ] ]

[ [ "balance at november 29 2002", "accruals", "payments", "balance at november 28 2003" ], [ "$ 2014", "$ 5554", "$ -2369 ( 2369 )", "$ 3185" ] ]

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[ "corporate/other corporate/other includes global staff functions ( includes finance , risk , human resources , legal and compliance ) and other corporate expense , global operations and technology ( o&t ) , residual corporate treasury and corporate items .", "at december 31 , 2009 , this segment had approximately $ 230 billion of assets , consisting primarily of the company 2019s liquidity portfolio , including $ 110 billion of cash and cash equivalents. ." ]

[ "2009 vs .", "2008 revenues , net of interest expense declined , primarily due to the pretax loss on debt extinguishment related to the repayment of the $ 20 billion of tarp trust preferred securities and the pretax loss in connection with the exit from the loss-sharing agreement with the u.s .", "government .", "revenues also declined , due to the absence of the 2008 sale of citigroup global services limited recorded in o&t .", "this was partially offset by a pretax gain related to the exchange offers , revenues and higher intersegment eliminations .", "operating expenses increased , primarily due to intersegment eliminations and increases in compensation , partially offset by lower repositioning reserves .", "2008 vs .", "2007 revenues , net of interest expense increased primarily due to the gain in 2007 on the sale of certain corporate-owned assets and higher intersegment eliminations , partially offset by improved treasury hedging activities .", "operating expenses declined , primarily due to lower restructuring charges in 2008 as well as reductions in incentive compensation and benefits expense. ." ]

[ [ "In millions of dollars", "2009", "2008", "2007" ], [ "Net interest revenue", "$(1,663)", "$(2,680)", "$(2,008)" ], [ "Non-interest revenue", "(8,893)", "422", "(302)" ], [ "Total revenues, net of interest expense", "$(10,556)", "$(2,258)", "$(2,310)" ], [ "Total operating expenses", "$1,420", "$510", "$1,813" ], [ "Provisions for loan losses and for benefits and claims", "(1)", "1", "(3)" ], [ "(Loss) from continuing operations before taxes", "$(11,975)", "$(2,769)", "$(4,120)" ], [ "Income taxes (benefits)", "(4,369)", "(587)", "(1,446)" ], [ "(Loss) from continuing operations", "$(7,606)", "$(2,182)", "$(2,674)" ], [ "Income (loss) from discontinued operations, net of taxes", "(445)", "4,002", "708" ], [ "Net income (loss) before attribution of noncontrolling interests", "$(8,051)", "$1,820", "$(1,966)" ], [ "Net income attributable to noncontrolling interests", "—", "—", "2" ], [ "Net income (loss)", "$(8,051)", "$1,820", "$(1,968)" ] ]

[ [ "in millions of dollars", "2009", "2008", "2007" ], [ "net interest revenue", "$ -1663 ( 1663 )", "$ -2680 ( 2680 )", "$ -2008 ( 2008 )" ], [ "non-interest revenue", "-8893 ( 8893 )", "422", "-302 ( 302 )" ], [ "total revenues net of interest expense", "$ -10556 ( 10556 )", "$ -2258 ( 2258 )", "$ -2310 ( 2310 )" ], [ "total operating expenses", "$ 1420", "$ 510", "$ 1813" ], [ "provisions for loan losses and for benefits and claims", "-1 ( 1 )", "1", "-3 ( 3 )" ], [ "( loss ) from continuing operations before taxes", "$ -11975 ( 11975 )", "$ -2769 ( 2769 )", "$ -4120 ( 4120 )" ], [ "income taxes ( benefits )", "-4369 ( 4369 )", "-587 ( 587 )", "-1446 ( 1446 )" ], [ "( loss ) from continuing operations", "$ -7606 ( 7606 )", "$ -2182 ( 2182 )", "$ -2674 ( 2674 )" ], [ "income ( loss ) from discontinued operations net of taxes", "-445 ( 445 )", "4002", "708" ], [ "net income ( loss ) before attribution of noncontrolling interests", "$ -8051 ( 8051 )", "$ 1820", "$ -1966 ( 1966 )" ], [ "net income attributable to noncontrolling interests", "2014", "2014", "2" ], [ "net income ( loss )", "$ -8051 ( 8051 )", "$ 1820", "$ -1968 ( 1968 )" ] ]

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[ "58 2018 ppg annual report and 10-k the crown group on october 2 , 2017 , ppg acquired the crown group ( 201ccrown 201d ) , a u.s.-based coatings application services business , which is reported as part of ppg's industrial coatings reportable segment .", "crown is one of the leading component and product finishers in north america .", "crown applies coatings to customers 2019 manufactured parts and assembled products at 11 u.s .", "sites .", "most of crown 2019s facilities , which also provide assembly , warehousing and sequencing services , are located at customer facilities or positioned near customer manufacturing sites .", "the company serves manufacturers in the automotive , agriculture , construction , heavy truck and alternative energy industries .", "the pro-forma impact on ppg's sales and results of operations , including the pro forma effect of events that are directly attributable to the acquisition , was not significant .", "the results of this business since the date of acquisition have been reported within the industrial coatings business within the industrial coatings reportable segment .", "taiwan chlorine industries taiwan chlorine industries ( 201ctci 201d ) was established in 1986 as a joint venture between ppg and china petrochemical development corporation ( 201ccpdc 201d ) to produce chlorine-based products in taiwan , at which time ppg owned 60 percent of the venture .", "in conjunction with the 2013 separation of its commodity chemicals business , ppg conveyed to axiall corporation ( \"axiall\" ) its 60% ( 60 % ) ownership interest in tci .", "under ppg 2019s agreement with cpdc , if certain post-closing conditions were not met following the three year anniversary of the separation , cpdc had the option to sell its 40% ( 40 % ) ownership interest in tci to axiall for $ 100 million .", "in turn , axiall had a right to designate ppg as its designee to purchase the 40% ( 40 % ) ownership interest of cpdc .", "in april 2016 , axiall announced that cpdc had decided to sell its ownership interest in tci to axiall .", "in june 2016 , axiall formally designated ppg to purchase the 40% ( 40 % ) ownership interest in tci .", "in august 2016 , westlake chemical corporation acquired axiall , which became a wholly-owned subsidiary of westlake .", "in april 2017 , ppg finalized its purchase of cpdc 2019s 40% ( 40 % ) ownership interest in tci .", "the difference between the acquisition date fair value and the purchase price of ppg 2019s 40% ( 40 % ) ownership interest in tci has been recorded as a loss in discontinued operations during the year-ended december 31 , 2017 .", "ppg 2019s ownership in tci is accounted for as an equity method investment and the related equity earnings are reported within other income in the consolidated statement of income and in legacy in note 20 , 201creportable business segment information . 201d metokote corporation in july 2016 , ppg completed the acquisition of metokote corporation ( \"metokote\" ) , a u.s.-based coatings application services business .", "metokote applies coatings to customers' manufactured parts and assembled products .", "it operates on- site coatings services within several customer manufacturing locations , as well as at regional service centers , located throughout the u.s. , canada , mexico , the united kingdom , germany , hungary and the czech republic .", "customers ship parts to metokote ae service centers where they are treated to enhance paint adhesion and painted with electrocoat , powder or liquid coatings technologies .", "coated parts are then shipped to the customer 2019s next stage of assembly .", "metokote coats an average of more than 1.5 million parts per day .", "the following table summarizes the estimated fair value of assets acquired and liabilities assumed as reflected in the final purchase price allocation for metokote .", "( $ in millions ) ." ]

[ "( a ) the net deferred income tax liability is included in assets due to the company's tax jurisdictional netting .", "the pro-forma impact on ppg's sales and results of operations , including the pro forma effect of events that are directly attributable to the acquisition , was not significant .", "while calculating this impact , no cost savings or operating synergies that may result from the acquisition were included .", "the results of this business since the date of acquisition have been reported within the industrial coatings business within the industrial coatings reportable segment .", "notes to the consolidated financial statements ." ]

[ [ "Current assets", "$38" ], [ "Property, plant, and equipment", "73" ], [ "Identifiable intangible assets with finite lives", "86" ], [ "Goodwill", "166" ], [ "Deferred income taxes^(a)", "(12)" ], [ "Total assets", "$351" ], [ "Current liabilities", "(23)" ], [ "Other long-term liabilities", "(22)" ], [ "Total liabilities", "($45)" ], [ "Total purchase price, net of cash acquired", "$306" ] ]

[ [ "current assets", "$ 38" ], [ "property plant and equipment", "73" ], [ "identifiable intangible assets with finite lives", "86" ], [ "goodwill", "166" ], [ "deferred income taxes ( a )", "-12 ( 12 )" ], [ "total assets", "$ 351" ], [ "current liabilities", "-23 ( 23 )" ], [ "other long-term liabilities", "-22 ( 22 )" ], [ "total liabilities", "( $ 45 )" ], [ "total purchase price net of cash acquired", "$ 306" ] ]

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