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[ "the income approach indicates value for an asset or liability based on the present value of cash flow projected to be generated over the remaining economic life of the asset or liability being measured .", "both the amount and the duration of the cash flows are considered from a market participant perspective .", "our estimates of market participant net cash flows considered historical and projected pricing , remaining developmental effort , operational performance including company- specific synergies , aftermarket retention , product life cycles , material and labor pricing , and other relevant customer , contractual and market factors .", "where appropriate , the net cash flows are adjusted to reflect the uncertainties associated with the underlying assumptions , as well as the risk profile of the net cash flows utilized in the valuation .", "the adjusted future cash flows are then discounted to present value using an appropriate discount rate .", "projected cash flow is discounted at a required rate of return that reflects the relative risk of achieving the cash flows and the time value of money .", "the market approach is a valuation technique that uses prices and other relevant information generated by market transactions involving identical or comparable assets , liabilities , or a group of assets and liabilities .", "valuation techniques consistent with the market approach often use market multiples derived from a set of comparables .", "the cost approach , which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility , was used , as appropriate , for property , plant and equipment .", "the cost to replace a given asset reflects the estimated reproduction or replacement cost , less an allowance for loss in value due to depreciation .", "the purchase price allocation resulted in the recognition of $ 2.8 billion of goodwill , all of which is expected to be amortizable for tax purposes .", "substantially all of the goodwill was assigned to our rms business .", "the goodwill recognized is attributable to expected revenue synergies generated by the integration of our products and technologies with those of sikorsky , costs synergies resulting from the consolidation or elimination of certain functions , and intangible assets that do not qualify for separate recognition , such as the assembled workforce of sikorsky .", "determining the fair value of assets acquired and liabilities assumed requires the exercise of significant judgments , including the amount and timing of expected future cash flows , long-term growth rates and discount rates .", "the cash flows employed in the dcf analyses are based on our best estimate of future sales , earnings and cash flows after considering factors such as general market conditions , customer budgets , existing firm orders , expected future orders , contracts with suppliers , labor agreements , changes in working capital , long term business plans and recent operating performance .", "use of different estimates and judgments could yield different results .", "impact to 2015 financial results sikorsky 2019s 2015 financial results have been included in our consolidated financial results only for the period from the november 6 , 2015 acquisition date through december 31 , 2015 .", "as a result , our consolidated financial results for the year ended december 31 , 2015 do not reflect a full year of sikorsky 2019s results .", "from the november 6 , 2015 acquisition date through december 31 , 2015 , sikorsky generated net sales of approximately $ 400 million and operating loss of approximately $ 45 million , inclusive of intangible amortization and adjustments required to account for the acquisition .", "we incurred approximately $ 38 million of non-recoverable transaction costs associated with the sikorsky acquisition in 2015 that were expensed as incurred .", "these costs are included in other income , net on our consolidated statements of earnings .", "we also incurred approximately $ 48 million in costs associated with issuing the $ 7.0 billion november 2015 notes used to repay all outstanding borrowings under the 364-day facility used to finance the acquisition .", "the financing costs were recorded as a reduction of debt and will be amortized to interest expense over the term of the related debt .", "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 years in 2015 and 2014 ( in millions ) : ." ]

[ "the unaudited supplemental pro forma financial data above has been calculated after applying our accounting policies and adjusting the historical results of sikorsky with pro forma adjustments , net of tax , that assume the acquisition occurred on january 1 , 2014 .", "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 ." ]

[ [ "", "2015", "2014" ], [ "Net sales", "$45,366", "$47,369" ], [ "Net earnings", "3,534", "3,475" ], [ "Basic earnings per common share", "11.39", "10.97" ], [ "Diluted earnings per common share", "11.23", "10.78" ] ]

[ [ "", "2015", "2014" ], [ "net sales", "$ 45366", "$ 47369" ], [ "net earnings", "3534", "3475" ], [ "basic earnings per common share", "11.39", "10.97" ], [ "diluted earnings per common share", "11.23", "10.78" ] ]

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

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

[ [ "Benchmark", "2012", "2011", "2010" ], [ "WTI crude oil(Dollars per bbl)", "$94.15", "$95.11", "$79.61" ], [ "Brent (Europe) crude oil(Dollars per bbl)", "$111.65", "$111.26", "$79.51" ], [ "Henry Hub natural gas(Dollars per mmbtu)^(a)", "$2.79", "$4.04", "$4.39" ] ]

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

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[ "performance graph the following graph compares the total return , assuming reinvestment of dividends , on an investment in the company , based on performance of the company's common stock , with the total return of the standard & poor's 500 composite stock index and the dow jones united states travel and leisure index for a five year period by measuring the changes in common stock prices from december 31 , 2011 to december 31 , 2016. ." ]

[ "the stock performance graph assumes for comparison that the value of the company's common stock and of each index was $ 100 on december 31 , 2011 and that all dividends were reinvested .", "past performance is not necessarily an indicator of future results. ." ]

[ [ "", "12/11", "12/12", "12/13", "12/14", "12/15", "12/16" ], [ "Royal Caribbean Cruises Ltd.", "100.00", "139.36", "198.03", "350.40", "437.09", "362.38" ], [ "S&P 500", "100.00", "116.00", "153.58", "174.60", "177.01", "198.18" ], [ "Dow Jones US Travel & Leisure", "100.00", "113.33", "164.87", "191.85", "203.17", "218.56" ] ]

[ [ "", "12/11", "12/12", "12/13", "12/14", "12/15", "12/16" ], [ "royal caribbean cruises ltd .", "100.00", "139.36", "198.03", "350.40", "437.09", "362.38" ], [ "s&p 500", "100.00", "116.00", "153.58", "174.60", "177.01", "198.18" ], [ "dow jones us travel & leisure", "100.00", "113.33", "164.87", "191.85", "203.17", "218.56" ] ]

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[ "long-term product offerings include active and index strategies .", "our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile .", "we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction .", "in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index .", "index strategies include both our non-etf index products and ishares etfs .", "although many clients use both active and index strategies , the application of these strategies may differ .", "for example , clients may use index products to gain exposure to a market or asset class , or may use a combination of index strategies to target active returns .", "in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates .", "this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings .", "equity year-end 2016 equity aum totaled $ 2.657 trillion , reflecting net inflows of $ 51.4 billion .", "net inflows included $ 74.9 billion into ishares , driven by net inflows into the core ranges and broad developed and emerging market equities .", "ishares net inflows were partially offset by active and non-etf index net outflows of $ 20.2 billion and $ 3.3 billion , respectively .", "blackrock 2019s effective fee rates fluctuate due to changes in aum mix .", "approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s .", "equity strategies .", "accordingly , fluctuations in international equity markets , which may not consistently move in tandem with u.s .", "markets , have a greater impact on blackrock 2019s effective equity fee rates and revenues .", "fixed income fixed income aum ended 2016 at $ 1.572 trillion , reflecting net inflows of $ 120.0 billion .", "in 2016 , active net inflows of $ 16.6 billion were diversified across fixed income offerings , and included strong inflows from insurance clients .", "fixed income ishares net inflows of $ 59.9 billion were led by flows into the core ranges , emerging market , high yield and corporate bond funds .", "non-etf index net inflows of $ 43.4 billion were driven by demand for liability-driven investment solutions .", "multi-asset blackrock 2019s multi-asset team manages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities .", "investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays .", "component changes in multi-asset aum for 2016 are presented below .", "( in millions ) december 31 , net inflows ( outflows ) market change impact december 31 ." ]

[ "( 1 ) the futureadvisor amount does not include aum that was held in ishares holdings .", "multi-asset net inflows reflected ongoing institutional demand for our solutions-based advice with $ 13.2 billion of net inflows coming from institutional clients .", "defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 11.3 billion to institutional multi-asset net inflows in 2016 , primarily into target date and target risk product offerings .", "retail net outflows of $ 9.4 billion were primarily due to outflows from world allocation strategies .", "the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 45% ( 45 % ) of multi-asset aum at year-end .", "these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget .", "in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions .", "flagship products in this category include our global allocation and multi-asset income fund families .", "2022 target date and target risk products grew 11% ( 11 % ) organically in 2016 , with net inflows of $ 13.5 billion .", "institutional investors represented 94% ( 94 % ) of target date and target risk aum , with defined contribution plans accounting for 88% ( 88 % ) of aum .", "flows were driven by defined contribution investments in our lifepath and lifepath retirement income ae offerings .", "lifepath products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing .", "2022 fiduciary management services are complex mandates in which pension plan sponsors or endowments and foundations retain blackrock to assume responsibility for some or all aspects of plan management .", "these customized services require strong partnership with the clients 2019 investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives. ." ]

[ [ "(in millions)", "December 31,2015", "Net inflows (outflows)", "Marketchange", "FX impact", "December 31,2016" ], [ "Asset allocation and balanced", "$185,836", "$(10,332)", "$6,705", "$(5,534)", "$176,675" ], [ "Target date/risk", "125,664", "13,500", "10,189", "79", "149,432" ], [ "Fiduciary", "64,433", "998", "5,585", "(2,621)", "68,395" ], [ "FutureAdvisor⁽¹⁾", "403", "61", "41", "—", "505" ], [ "Total", "$376,336", "$4,227", "$22,520", "$(8,076)", "$395,007" ] ]

[ [ "( in millions )", "december 312015", "net inflows ( outflows )", "marketchange", "fx impact", "december 312016" ], [ "asset allocation and balanced", "$ 185836", "$ -10332 ( 10332 )", "$ 6705", "$ -5534 ( 5534 )", "$ 176675" ], [ "target date/risk", "125664", "13500", "10189", "79", "149432" ], [ "fiduciary", "64433", "998", "5585", "-2621 ( 2621 )", "68395" ], [ "futureadvisor ( 1 )", "403", "61", "41", "2014", "505" ], [ "total", "$ 376336", "$ 4227", "$ 22520", "$ -8076 ( 8076 )", "$ 395007" ] ]

[ { "arg1": "149432", "arg2": "125664", "op": "minus1-1", "res": "23768" }, { "arg1": "#0", "arg2": "125664", "op": "divide1-2", "res": "18.9%" } ]

[ "shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the sec , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing .", "the following graph shows a five year comparison of cumulative total shareowners 2019 returns for our class b common stock , the standard & poor 2019s 500 index , and the dow jones transportation average .", "the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2009 in the standard & poor 2019s 500 index , the dow jones transportation average , and our class b common stock. ." ]

[ "." ]

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

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

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[ "additions to property , plant and equipment are our most significant use of cash and cash equivalents .", "the following table shows capital expenditures related to continuing operations by segment and reconciles to additions to property , plant and equipment as presented in the consolidated statements of cash flows for 2014 , 2013 and 2012: ." ]

[ "as of december 31 , 2014 , we had repurchased a total of 121 million common shares at a cost of $ 4.7 billion , including 29 million shares at a cost of $ 1 billion in the first six months of 2014 and 14 million shares at a cost of $ 500 million in the third quarter of 2013 .", "see item 8 .", "financial statements and supplementary data 2013 note 22 to the consolidated financial statements for discussion of purchases of common stock .", "liquidity and capital resources our main sources of liquidity are cash and cash equivalents , internally generated cash flow from operations , continued access to capital markets , our committed revolving credit facility and sales of non-strategic assets .", "our working capital requirements are supported by these sources and we may issue commercial paper backed by our $ 2.5 billion revolving credit facility to meet short-term cash requirements .", "because of the alternatives available to us as discussed above and access to capital markets through the shelf registration discussed below , we believe that our short-term and long-term liquidity is adequate to fund not only our current operations , but also our near-term and long-term funding requirements including our capital spending programs , dividend payments , defined benefit plan contributions , repayment of debt maturities and other amounts that may ultimately be paid in connection with contingencies .", "at december 31 , 2014 , we had approximately $ 4.9 billion of liquidity consisting of $ 2.4 billion in cash and cash equivalents and $ 2.5 billion availability under our revolving credit facility .", "as discussed in more detail below in 201coutlook 201d , we are targeting a $ 3.5 billion budget for 2015 .", "based on our projected 2015 cash outlays for our capital program and dividends , we expect to outspend our cash flows from operations for the year .", "we will be constantly monitoring our available liquidity during 2015 and we have the flexibility to adjust our budget throughout the year in response to the commodity price environment .", "we will also continue to drive the fundamentals of expense management , including organizational capacity and operational reliability .", "capital resources credit arrangements and borrowings in may 2014 , we amended our $ 2.5 billion unsecured revolving credit facility and extended the maturity to may 2019 .", "see note 16 to the consolidated financial statements for additional terms and rates .", "at december 31 , 2014 , we had no borrowings against our revolving credit facility and no amounts outstanding under our u.s .", "commercial paper program that is backed by the revolving credit facility .", "at december 31 , 2014 , we had $ 6391 million in long-term debt outstanding , and $ 1068 million is due within one year , of which the majority is due in the fourth quarter of 2015 .", "we do not have any triggers on any of our corporate debt that would cause an event of default in the case of a downgrade of our credit ratings .", "shelf registration we have a universal shelf registration statement filed with the sec , under which we , as \"well-known seasoned issuer\" for purposes of sec rules , have the ability to issue and sell an indeterminate amount of various types of debt and equity securities from time to time. ." ]

[ [ "", "Year Ended December 31," ], [ "(In millions)", "2014", "2013", "2012" ], [ "North America E&P", "$4,698", "$3,649", "$3,988" ], [ "International E&P", "534", "456", "235" ], [ "Oil Sands Mining", "212", "286", "188" ], [ "Corporate", "51", "58", "115" ], [ "Total capital expenditures", "5,495", "4,449", "4,526" ], [ "Change in capital expenditure accrual", "(335)", "(6)", "(165)" ], [ "Additions to property, plant and equipment", "$5,160", "$4,443", "$4,361" ] ]

[ [ "( in millions )", "year ended december 31 , 2014", "year ended december 31 , 2013", "year ended december 31 , 2012" ], [ "north america e&p", "$ 4698", "$ 3649", "$ 3988" ], [ "international e&p", "534", "456", "235" ], [ "oil sands mining", "212", "286", "188" ], [ "corporate", "51", "58", "115" ], [ "total capital expenditures", "5495", "4449", "4526" ], [ "change in capital expenditure accrual", "-335 ( 335 )", "-6 ( 6 )", "-165 ( 165 )" ], [ "additions to property plant and equipment", "$ 5160", "$ 4443", "$ 4361" ] ]

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[ "2022 the ability to identify suitable acquisition candidates and the ability to finance such acquisitions , which depends upon the availability of adequate cash reserves from operations or of acceptable financing terms and the variability of our stock price ; 2022 our ability to integrate any acquired business 2019 operations , services , clients , and personnel ; 2022 the effect of our substantial leverage , which may limit the funds available to make acquisitions and invest in our business ; 2022 changes in , or the failure to comply with , government regulations , including privacy regulations ; and 2022 other risks detailed elsewhere in this risk factors section and in our other filings with the securities and exchange commission .", "we are not under any obligation ( and expressly disclaim any such obligation ) to update or alter our forward- looking statements , whether as a result of new information , future events or otherwise .", "you should carefully consider the possibility that actual results may differ materially from our forward-looking statements .", "item 1b .", "unresolved staff comments .", "item 2 .", "properties .", "our corporate headquarters are located in jacksonville , florida , in an owned facility .", "fnf occupies and pays us rent for approximately 86000 square feet in this facility .", "we lease office space as follows : number of locations ( 1 ) ." ]

[ "( 1 ) represents the number of locations in each state listed .", "we also lease approximately 72 locations outside the united states .", "we believe our properties are adequate for our business as presently conducted .", "item 3 .", "legal proceedings .", "in the ordinary course of business , the company is involved in various pending and threatened litigation matters related to operations , some of which include claims for punitive or exemplary damages .", "the company believes that no actions , other than the matters listed below , depart from customary litigation incidental to its business .", "as background to the disclosure below , please note the following : 2022 these matters raise difficult and complicated factual and legal issues and are subject to many uncertainties and complexities .", "2022 the company reviews these matters on an on-going basis and follows the provisions of statement of financial accounting standards no .", "5 , accounting for contingencies ( 201csfas 5 201d ) , when making accrual and disclosure decisions .", "when assessing reasonably possible and probable outcomes , the company bases decisions on the assessment of the ultimate outcome following all appeals. ." ]

[ [ "State", "Number of Locations(1)" ], [ "California", "44" ], [ "Texas", "21" ], [ "Florida", "18" ], [ "Georgia, New York", "10" ], [ "New Jersey", "8" ], [ "Illinois, Massachusetts", "7" ], [ "Alabama, Arizona, Minnesota, North Carolina", "6" ], [ "Other", "64" ] ]

[ [ "state", "number of locations ( 1 )" ], [ "california", "44" ], [ "texas", "21" ], [ "florida", "18" ], [ "georgia new york", "10" ], [ "new jersey", "8" ], [ "illinois massachusetts", "7" ], [ "alabama arizona minnesota north carolina", "6" ], [ "other", "64" ] ]

[ { "arg1": "72", "arg2": "64", "op": "add2-1", "res": "136" }, { "arg1": "64", "arg2": "#0", "op": "divide2-2", "res": "47.1%" } ]

[ "visa indemnification our payment services business issues and acquires credit and debit card transactions through visa u.s.a .", "inc .", "card association or its affiliates ( visa ) .", "in october 2007 , visa completed a restructuring and issued shares of visa inc .", "common stock to its financial institution members ( visa reorganization ) in contemplation of its initial public offering ( ipo ) .", "as part of the visa reorganization , we received our proportionate share of class b visa inc .", "common stock allocated to the u.s .", "members .", "prior to the ipo , the u.s .", "members , which included pnc , were obligated to indemnify visa for judgments and settlements related to certain specified litigation .", "as a result of the acquisition of national city , we became party to judgment and loss sharing agreements with visa and certain other banks .", "the judgment and loss sharing agreements were designed to apportion financial responsibilities arising from any potential adverse judgment or negotiated settlements related to the specified litigation .", "in september 2014 , visa funded $ 450 million into its litigation escrow account and reduced the conversion rate of visa b to a shares .", "we continue to have an obligation to indemnify visa for judgments and settlements for the remaining specified litigation .", "recourse and repurchase obligations as discussed in note 2 loan sale and servicing activities and variable interest entities , pnc has sold commercial mortgage , residential mortgage and home equity loans/ lines of credit directly or indirectly through securitization and loan sale transactions in which we have continuing involvement .", "one form of continuing involvement includes certain recourse and loan repurchase obligations associated with the transferred assets .", "commercial mortgage loan recourse obligations we originate and service certain multi-family commercial mortgage loans which are sold to fnma under fnma 2019s delegated underwriting and servicing ( dus ) program .", "we participated in a similar program with the fhlmc .", "under these programs , we generally assume up to a one-third pari passu risk of loss on unpaid principal balances through a loss share arrangement .", "at december 31 , 2014 and december 31 , 2013 , the unpaid principal balance outstanding of loans sold as a participant in these programs was $ 12.3 billion and $ 11.7 billion , respectively .", "the potential maximum exposure under the loss share arrangements was $ 3.7 billion at december 31 , 2014 and $ 3.6 billion at december 31 , 2013 .", "we maintain a reserve for estimated losses based upon our exposure .", "the reserve for losses under these programs totaled $ 35 million and $ 33 million as of december 31 , 2014 and december 31 , 2013 , respectively , and is included in other liabilities on our consolidated balance sheet .", "if payment is required under these programs , we would not have a contractual interest in the collateral underlying the mortgage loans on which losses occurred , although the value of the collateral is taken into account in determining our share of such losses .", "our exposure and activity associated with these recourse obligations are reported in the corporate & institutional banking segment .", "table 150 : analysis of commercial mortgage recourse obligations ." ]

[ "residential mortgage loan and home equity loan/ line of credit repurchase obligations while residential mortgage loans are sold on a non-recourse basis , we assume certain loan repurchase obligations associated with mortgage loans we have sold to investors .", "these loan repurchase obligations primarily relate to situations where pnc is alleged to have breached certain origination covenants and representations and warranties made to purchasers of the loans in the respective purchase and sale agreements .", "repurchase obligation activity associated with residential mortgages is reported in the residential mortgage banking segment .", "in the fourth quarter of 2013 , pnc reached agreements with both fnma and fhlmc to resolve their repurchase claims with respect to loans sold between 2000 and 2008 .", "pnc paid a total of $ 191 million related to these settlements .", "pnc 2019s repurchase obligations also include certain brokered home equity loans/lines of credit that were sold to a limited number of private investors in the financial services industry by national city prior to our acquisition of national city .", "pnc is no longer engaged in the brokered home equity lending business , and our exposure under these loan repurchase obligations is limited to repurchases of loans sold in these transactions .", "repurchase activity associated with brokered home equity loans/lines of credit is reported in the non-strategic assets portfolio segment .", "214 the pnc financial services group , inc .", "2013 form 10-k ." ]

[ [ "In millions", "2014", "2013" ], [ "January 1", "$33", "$43" ], [ "Reserve adjustments, net", "2", "(9)" ], [ "Losses – loan repurchases and settlements", "", "(1)" ], [ "December 31", "$35", "$33" ] ]

[ [ "in millions", "2014", "2013" ], [ "january 1", "$ 33", "$ 43" ], [ "reserve adjustments net", "2", "-9 ( 9 )" ], [ "losses 2013 loan repurchases and settlements", "", "-1 ( 1 )" ], [ "december 31", "$ 35", "$ 33" ] ]

[]

[ "of these options during fiscal 2010 , fiscal 2009 and fiscal 2008 was $ 240.4 million , $ 15.1 million and $ 100.6 mil- lion , respectively .", "the total grant-date fair value of stock options that vested during fiscal 2010 , fiscal 2009 and fiscal 2008 was approximately $ 67.2 million , $ 73.6 million and $ 77.6 million , respectively .", "proceeds from stock option exercises pursuant to employee stock plans in the company 2019s statement of cash flows of $ 216.1 million , $ 12.4 million and $ 94.2 million for fiscal 2010 , fiscal 2009 and fiscal 2008 , respectively , are net of the value of shares surrendered by employees in certain limited circumstances to satisfy the exercise price of options , and to satisfy employee tax obligations upon vesting of restricted stock or restricted stock units and in connection with the exercise of stock options granted to the company 2019s employees under the company 2019s equity compensation plans .", "the withholding amount is based on the company 2019s minimum statutory withholding requirement .", "a summary of the company 2019s restricted stock unit award activity as of october 30 , 2010 and changes during the year then ended is presented below : restricted outstanding weighted- average grant- date fair value per share ." ]

[ "as of october 30 , 2010 there was $ 95 million of total unrecognized compensation cost related to unvested share-based awards comprised of stock options and restricted stock units .", "that cost is expected to be recognized over a weighted-average period of 1.4 years .", "common stock repurchase program the company 2019s common stock repurchase program has been in place since august 2004 .", "in the aggregate , the board of directors has authorized the company to repurchase $ 4 billion of the company 2019s common stock under the program .", "under the program , the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions .", "unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program .", "as of october 30 , 2010 , the company had repurchased a total of approximately 116.0 million shares of its common stock for approximately $ 3948.2 million under this program .", "an additional $ 51.8 million remains available for repurchase of shares under the current authorized program .", "the repurchased shares are held as authorized but unissued shares of common stock .", "any future common stock repurchases will be dependent upon several factors including the amount of cash available to the company in the united states , and the company 2019s financial performance , outlook and liquidity .", "the company also from time to time repurchases shares in settlement of employee tax withholding obligations due upon the vesting of restricted stock or restricted stock units , or in certain limited circumstances to satisfy the exercise price of options granted to the company 2019s employees under the company 2019s equity compensation plans .", "preferred stock the company has 471934 authorized shares of $ 1.00 par value preferred stock , none of which is issued or outstanding .", "the board of directors is authorized to fix designations , relative rights , preferences and limitations on the preferred stock at the time of issuance .", "analog devices , inc .", "notes to consolidated financial statements 2014 ( continued ) ." ]

[ [ "", "Restricted Stock Units Outstanding", "Weighted- Average Grant- Date Fair Value Per Share" ], [ "Restricted stock units outstanding at October 31, 2009", "135", "$22.19" ], [ "Units granted", "1,171", "$28.86" ], [ "Restrictions lapsed", "(19)", "$24.70" ], [ "Units forfeited", "(22)", "$29.10" ], [ "Restricted stock units outstanding at October 30, 2010", "1,265", "$28.21" ] ]

[ [ "", "restricted stock units outstanding", "weighted- average grant- date fair value per share" ], [ "restricted stock units outstanding at october 31 2009", "135", "$ 22.19" ], [ "units granted", "1171", "$ 28.86" ], [ "restrictions lapsed", "-19 ( 19 )", "$ 24.70" ], [ "units forfeited", "-22 ( 22 )", "$ 29.10" ], [ "restricted stock units outstanding at october 30 2010", "1265", "$ 28.21" ] ]

[]

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

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

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

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

[]

[ "zimmer biomet holdings , inc .", "and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) substantially complete .", "the following table summarizes the liabilities related to these integration plans ( in millions ) : employee termination benefits contract terminations total ." ]

[ "we have also recognized other employee termination benefits related to ldr , other acquisitions and our operational excellence initiatives .", "dedicated project personnel expenses include the salary , benefits , travel expenses and other costs directly associated with employees who are 100 percent dedicated to our integration of acquired businesses , employees who have been notified of termination , but are continuing to work on transferring their responsibilities and employees working on our quality enhancement and remediation efforts and operational excellence initiatives .", "relocated facilities expenses are the moving costs , lease expenses and other facility costs incurred during the relocation period in connection with relocating certain facilities .", "certain litigation matters relate to net expenses recognized during the year for the estimated or actual settlement of certain pending litigation and similar claims , including matters where we recognized income from a settlement on more favorable terms than our previous estimate , or we reduced our estimate of a previously recorded contingent liability .", "these litigation matters have included royalty disputes , patent litigation matters , product liability litigation matters and commercial litigation matters .", "contract termination costs relate to terminated agreements in connection with the integration of acquired companies and changes to our distribution model as part of business restructuring and operational excellence initiatives .", "the terminated contracts primarily relate to sales agents and distribution agreements .", "information technology integration costs are non- capitalizable costs incurred related to integrating information technology platforms of acquired companies or other significant software implementations as part of our quality and operational excellence initiatives .", "as part of the biomet merger , we recognized $ 209.0 million of intangible assets for in-process research and development ( 201cipr&d 201d ) projects .", "during 2017 and 2016 , we recorded impairment losses of $ 18.8 million and $ 30.0 million , respectively , related to these ipr&d intangible assets .", "the impairments were primarily due to the termination of certain ipr&d projects .", "we also recognized $ 479.0 million of intangible assets for trademarks that we designated as having an indefinite life .", "during 2017 , we reclassified one of these trademarks to a finite life asset which resulted in an impairment of $ 8.0 million .", "loss/impairment on disposal of assets relates to assets that we have sold or intend to sell , or for which the economic useful life of the asset has been significantly reduced due to integration or our quality and operational excellence initiatives .", "contingent consideration adjustments represent the changes in the fair value of contingent consideration obligations to be paid to the prior owners of acquired businesses .", "certain r&d agreements relate to agreements with upfront payments to obtain intellectual property to be used in r&d projects that have no alternative future use in other projects .", "cash and cash equivalents 2013 we consider all highly liquid investments with an original maturity of three months or less to be cash equivalents .", "the carrying amounts reported in the balance sheet for cash and cash equivalents are valued at cost , which approximates their fair value .", "accounts receivable 2013 accounts receivable consists of trade and other miscellaneous receivables .", "we grant credit to customers in the normal course of business and maintain an allowance for doubtful accounts for potential credit losses .", "we determine the allowance for doubtful accounts by geographic market and take into consideration historical credit experience , creditworthiness of the customer and other pertinent information .", "we make concerted efforts to collect all accounts receivable , but sometimes we have to write-off the account against the allowance when we determine the account is uncollectible .", "the allowance for doubtful accounts was $ 60.2 million and $ 51.6 million as of december 31 , 2017 and 2016 , respectively .", "inventories 2013 inventories are stated at the lower of cost or market , with cost determined on a first-in first-out basis .", "property , plant and equipment 2013 property , plant and equipment is carried at cost less accumulated depreciation .", "depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements and three to eight years for machinery and equipment .", "maintenance and repairs are expensed as incurred .", "we review property , plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable .", "an impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount .", "an impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value .", "software costs 2013 we capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended .", "capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related ." ]

[ [ "", "Employee Termination Benefits", "Contract Terminations", "Total" ], [ "Balance, December 31, 2016", "$38.1", "$35.1", "$73.2" ], [ "Additions", "12.1", "5.2", "17.3" ], [ "Cash payments", "(36.7)", "(10.4)", "(47.1)" ], [ "Foreign currency exchange rate changes", "1.3", "0.4", "1.7" ], [ "Balance, December 31, 2017", "$14.8", "$30.3", "$45.1" ] ]

[ [ "", "employee termination benefits", "contract terminations", "total" ], [ "balance december 31 2016", "$ 38.1", "$ 35.1", "$ 73.2" ], [ "additions", "12.1", "5.2", "17.3" ], [ "cash payments", "-36.7 ( 36.7 )", "-10.4 ( 10.4 )", "-47.1 ( 47.1 )" ], [ "foreign currency exchange rate changes", "1.3", "0.4", "1.7" ], [ "balance december 31 2017", "$ 14.8", "$ 30.3", "$ 45.1" ] ]

[ { "arg1": "60.2", "arg2": "51.6", "op": "minus2-1", "res": "8.6" }, { "arg1": "#0", "arg2": "51.6", "op": "divide2-2", "res": "17%" } ]

[ "on the underlying exposure .", "for derivative contracts that are designated and qualify as cash fl ow hedges , the effective portion of gains and losses on these contracts is reported as a component of other comprehensive income and reclassifi ed into earnings in the same period the hedged transaction affects earnings .", "hedge ineffectiveness is immediately recognized in earnings .", "derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized in current earnings during the period of change .", "we may enter into foreign currency forward and option contracts to reduce the effect of fl uctuating currency exchange rates ( principally the euro , the british pound , and the japanese yen ) .", "foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures .", "forward contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies .", "these contracts are recorded at fair value with the gain or loss recognized in other 2014net .", "the purchased option contracts are used to hedge anticipated foreign currency transactions , primarily intercompany inventory activities expected to occur within the next year .", "these contracts are designated as cash fl ow hedges of those future transactions and the impact on earnings is included in cost of sales .", "we may enter into foreign currency forward contracts and currency swaps as fair value hedges of fi rm commitments .", "forward and option contracts generally have maturities not exceeding 12 months .", "in the normal course of business , our operations are exposed to fl uctuations in interest rates .", "these fl uctuations can vary the costs of fi nancing , investing , and operating .", "we address a portion of these risks through a controlled program of risk management that includes the use of derivative fi nancial instruments .", "the objective of controlling these risks is to limit the impact of fl uctuations in interest rates on earnings .", "our primary interest rate risk exposure results from changes in short-term u.s .", "dollar interest rates .", "in an effort to manage interest rate exposures , we strive to achieve an acceptable balance between fi xed and fl oating rate debt and investment positions and may enter into interest rate swaps or collars to help maintain that balance .", "interest rate swaps or collars that convert our fi xed- rate debt or investments to a fl oating rate are designated as fair value hedges of the underlying instruments .", "interest rate swaps or collars that convert fl oating rate debt or investments to a fi xed rate are designated as cash fl ow hedg- es .", "interest expense on the debt is adjusted to include the payments made or received under the swap agreements .", "goodwill and other intangibles : goodwill is not amortized .", "all other intangibles arising from acquisitions and research alliances have fi nite lives and are amortized over their estimated useful lives , ranging from 5 to 20 years , using the straight-line method .", "the weighted-average amortization period for developed product technology is approximately 12 years .", "amortization expense for 2008 , 2007 , and 2006 was $ 193.4 million , $ 172.8 million , and $ 7.6 million before tax , respectively .", "the estimated amortization expense for each of the fi ve succeeding years approximates $ 280 million before tax , per year .", "substantially all of the amortization expense is included in cost of sales .", "see note 3 for further discussion of goodwill and other intangibles acquired in 2008 and 2007 .", "goodwill and other intangible assets at december 31 were as follows: ." ]

[ "goodwill and net other intangibles are reviewed to assess recoverability at least annually and when certain impairment indicators are present .", "no signifi cant impairments occurred with respect to the carrying value of our goodwill or other intangible assets in 2008 , 2007 , or 2006 .", "property and equipment : property and equipment is stated on the basis of cost .", "provisions for depreciation of buildings and equipment are computed generally by the straight-line method at rates based on their estimated useful lives ( 12 to 50 years for buildings and 3 to 18 years for equipment ) .", "we review the carrying value of long-lived assets for potential impairment on a periodic basis and whenever events or changes in circumstances indicate the ." ]

[ [ "", "2008", "2007" ], [ "Goodwill", "$1,167.5", "$745.7" ], [ "Developed product technology — gross", "3,035.4", "1,767.5" ], [ "Less accumulated amortization", "(346.6)", "(162.6)" ], [ "Developed product technology — net", "2,688.8", "1,604.9" ], [ "Other intangibles — gross", "243.2", "142.8" ], [ "Less accumulated amortization", "(45.4)", "(38.0)" ], [ "Other intangibles — net", "197.8", "104.8" ], [ "Total intangibles — net", "$4,054.1", "$2,455.4" ] ]

[ [ "", "2008", "2007" ], [ "goodwill", "$ 1167.5", "$ 745.7" ], [ "developed product technology 2014 gross", "3035.4", "1767.5" ], [ "less accumulated amortization", "-346.6 ( 346.6 )", "-162.6 ( 162.6 )" ], [ "developed product technology 2014 net", "2688.8", "1604.9" ], [ "other intangibles 2014 gross", "243.2", "142.8" ], [ "less accumulated amortization", "-45.4 ( 45.4 )", "-38.0 ( 38.0 )" ], [ "other intangibles 2014 net", "197.8", "104.8" ], [ "total intangibles 2014 net", "$ 4054.1", "$ 2455.4" ] ]

[]

[ "table of contents ( 4 ) the decline in cash flows was driven by the timing of inventory purchases at the end of 2014 versus 2013 .", "in order to manage our working capital and operating cash needs , we monitor our cash conversion cycle , defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable , based on a rolling three-month average .", "components of our cash conversion cycle are as follows: ." ]

[ "( 1 ) represents the rolling three-month average of the balance of trade accounts receivable , net at the end of the period divided by average daily net sales for the same three-month period .", "also incorporates components of other miscellaneous receivables .", "( 2 ) represents the rolling three-month average of the balance of merchandise inventory at the end of the period divided by average daily cost of goods sold for the same three-month period .", "( 3 ) represents the rolling three-month average of the combined balance of accounts payable-trade , excluding cash overdrafts , and accounts payable-inventory financing at the end of the period divided by average daily cost of goods sold for the same three-month period .", "the cash conversion cycle remained at 21 days at december 31 , 2015 and december 31 , 2014 .", "the increase in dso was primarily driven by a higher accounts receivable balance at december 31 , 2015 driven by higher public segment sales where customers generally take longer to pay than customers in our corporate segment , slower government payments in certain states due to budget issues and an increase in net sales and related accounts receivable for third-party services such as software assurance and warranties .", "these services have an unfavorable impact on dso as the receivable is recognized on the balance sheet on a gross basis while the corresponding sales amount in the statement of operations is recorded on a net basis .", "these services have a favorable impact on dpo as the payable is recognized on the balance sheet without a corresponding cost of sale in the statement of operations because the cost paid to the vendor or third-party service provider is recorded as a reduction to net sales .", "in addition to the impact of these services on dpo , dpo also increased due to the mix of payables with certain vendors that have longer payment terms .", "the cash conversion cycle decreased to 21 days at december 31 , 2014 compared to 23 days at december 31 , 2013 , primarily driven by improvement in dso .", "the decline in dso was primarily driven by improved collections and early payments from certain customers .", "additionally , the timing of inventory receipts at the end of 2014 had a favorable impact on dio and an unfavorable impact on dpo .", "investing activities net cash used in investing activities increased $ 189.6 million in 2015 compared to 2014 .", "the increase was primarily due to the completion of the acquisition of kelway by purchasing the remaining 65% ( 65 % ) of its outstanding common stock on august 1 , 2015 .", "additionally , capital expenditures increased $ 35.1 million to $ 90.1 million from $ 55.0 million for 2015 and 2014 , respectively , primarily for our new office location and an increase in spending related to improvements to our information technology systems .", "net cash used in investing activities increased $ 117.7 million in 2014 compared to 2013 .", "we paid $ 86.8 million in the fourth quarter of 2014 to acquire a 35% ( 35 % ) non-controlling interest in kelway .", "additionally , capital expenditures increased $ 7.9 million to $ 55.0 million from $ 47.1 million in 2014 and 2013 , respectively , primarily for improvements to our information technology systems during both years .", "financing activities net cash used in financing activities increased $ 114.5 million in 2015 compared to 2014 .", "the increase was primarily driven by share repurchases during the year ended december 31 , 2015 which resulted in an increase in cash used for financing activities of $ 241.3 million .", "for more information on our share repurchase program , see item 5 , 201cmarket for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . 201d the increase was partially offset by the changes in accounts payable-inventory financing , which resulted in an increase in cash provided for financing activities of $ 20.4 million , and the net impact of our debt transactions which resulted in cash outflows of $ 7.1 million and $ 145.9 million during the years ." ]

[ [ "", "December 31," ], [ "(in days)", "2015", "2014", "2013" ], [ "Days of sales outstanding (DSO)⁽¹⁾", "48", "42", "44" ], [ "Days of supply in inventory (DIO)⁽²⁾", "13", "13", "14" ], [ "Days of purchases outstanding (DPO)⁽³⁾", "(40)", "(34)", "(35)" ], [ "Cash conversion cycle", "21", "21", "23" ] ]

[ [ "( in days )", "december 31 , 2015", "december 31 , 2014", "december 31 , 2013" ], [ "days of sales outstanding ( dso ) ( 1 )", "48", "42", "44" ], [ "days of supply in inventory ( dio ) ( 2 )", "13", "13", "14" ], [ "days of purchases outstanding ( dpo ) ( 3 )", "-40 ( 40 )", "-34 ( 34 )", "-35 ( 35 )" ], [ "cash conversion cycle", "21", "21", "23" ] ]

[ { "arg1": "48", "arg2": "42", "op": "minus1-1", "res": "6" }, { "arg1": "#0", "arg2": "42", "op": "divide1-2", "res": "14.3%" } ]

[ "liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders .", "cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively .", "higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 .", "cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings .", "operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities .", "see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital .", "we believe operating working capital represents the key components of working capital under the operating control of our businesses .", "operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively .", "a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) .", "( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 .", "this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities .", "trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 .", "days sales outstanding was 66 days in 2011 , level with 2010 .", "inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 .", "inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 .", "total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively .", "spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 .", "capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively .", "capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively .", "we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings .", "in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company .", "the cost of these acquisitions , including assumed debt , was $ 193 million .", "dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively .", "ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders .", "we did not have a mandatory contribution to our u.s .", "defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million .", "in 2010 and 2009 , we made voluntary contributions to our u.s .", "defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively .", "we expect to make voluntary contributions to our u.s .", "defined benefit pension plans in 2012 of up to $ 60 million .", "contributions were made to our non-u.s .", "defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements .", "we expect to make mandatory contributions to our non-u.s .", "plans in 2012 of approximately $ 90 million .", "the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively .", "we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth .", "the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 .", "we can repurchase about 9 million shares under the current authorization from the board of directors .", "26 2011 ppg annual report and form 10-k ." ]

[ "liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders .", "cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively .", "higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 .", "cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings .", "operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities .", "see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital .", "we believe operating working capital represents the key components of working capital under the operating control of our businesses .", "operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively .", "a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) .", "( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 .", "this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities .", "trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 .", "days sales outstanding was 66 days in 2011 , level with 2010 .", "inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 .", "inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 .", "total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively .", "spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 .", "capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively .", "capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively .", "we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings .", "in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company .", "the cost of these acquisitions , including assumed debt , was $ 193 million .", "dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively .", "ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders .", "we did not have a mandatory contribution to our u.s .", "defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million .", "in 2010 and 2009 , we made voluntary contributions to our u.s .", "defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively .", "we expect to make voluntary contributions to our u.s .", "defined benefit pension plans in 2012 of up to $ 60 million .", "contributions were made to our non-u.s .", "defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements .", "we expect to make mandatory contributions to our non-u.s .", "plans in 2012 of approximately $ 90 million .", "the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively .", "we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth .", "the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 .", "we can repurchase about 9 million shares under the current authorization from the board of directors .", "26 2011 ppg annual report and form 10-k ." ]

[ [ "<i>(Millions)</i>", "2011", "<i>2010</i>", "" ], [ "<i>Operating Working Capital</i>", "$2,739", "$2,595", "<i></i>" ], [ "<i>Operating Working Capital as % of Sales</i>", "19.5%", "19.2", "<i>%</i>" ] ]

[ [ "( millions )", "2011", "2010", "" ], [ "operating working capital", "$ 2739", "$ 2595", "" ], [ "operating working capital as % ( % ) of sales", "19.5% ( 19.5 % )", "19.2", "% ( % )" ] ]

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[ "latin american investments during 2009 , the company acquired a land parcel located in rio clara , brazil through a newly formed consolidated joint venture in which the company has a 70% ( 70 % ) controlling ownership interest for a purchase price of 3.3 million brazilian reals ( approximately usd $ 1.5 million ) .", "this parcel will be developed into a 48000 square foot retail shopping center .", "additionally , during 2009 , the company acquired a land parcel located in san luis potosi , mexico , through an unconsolidated joint venture in which the company has a noncontrolling interest , for an aggregate purchase price of approximately $ 0.8 million .", "the company recognized equity in income from its unconsolidated mexican investments in real estate joint ventures of approximately $ 7.0 million , $ 17.1 million , and $ 5.2 million during 2009 , 2008 and 2007 , respectively .", "the company recognized equity in income from its unconsolidated chilean investments in real estate joint ventures of approximately $ 0.4 million , $ 0.2 and $ 0.1 million during 2009 , 2008 and 2007 , respectively .", "the company 2019s revenues from its consolidated mexican subsidiaries aggregated approximately $ 23.4 million , $ 20.3 million , $ 8.5 million during 2009 , 2008 and 2007 , respectively .", "the company 2019s revenues from its consolidated brazilian subsidiaries aggregated approximately $ 1.5 million and $ 0.4 million during 2009 and 2008 , respectively .", "the company 2019s revenues from its consolidated chilean subsidiaries aggregated less than $ 100000 during 2009 and 2008 , respectively .", "mortgages and other financing receivables during 2009 , the company provided financing to five borrowers for an aggregate amount of approximately $ 8.3 million .", "during 2009 , the company received an aggregate of approximately $ 40.4 million which fully paid down the outstanding balance on four mortgage receivables .", "as of december 31 , 2009 , the company had 37 loans with total commitments of up to $ 178.9 million , of which approximately $ 131.3 million has been funded .", "availability under the company 2019s revolving credit facilities are expected to be sufficient to fund these remaining commitments .", "( see note 10 of the notes to consolidated financial statements included in this annual report on form 10-k. ) asset impairments on a continuous basis , management assesses whether there are any indicators , including property operating performance and general market conditions , that the value of the company 2019s assets ( including any related amortizable intangible assets or liabilities ) may be impaired .", "to the extent impairment has occurred , the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset .", "during 2009 , economic conditions had continued to experience volatility resulting in further declines in the real estate and equity markets .", "year over year increases in capitalization rates , discount rates and vacancies as well as the deterioration of real estate market fundamentals , negatively impacted net operating income and leasing which further contributed to declines in real estate markets in general .", "as a result of the volatility and declining market conditions described above , as well as the company 2019s strategy in relation to certain of its non-retail assets , the company recognized non-cash impairment charges during 2009 , aggregating approximately $ 175.1 million , before income tax benefit of approximately $ 22.5 million and noncontrolling interests of approximately $ 1.2 million .", "details of these non-cash impairment charges are as follows ( in millions ) : ." ]

[ "( see notes 2 , 6 , 8 , 9 , 10 and 11 of the notes to consolidated financial statements included in this annual report on form 10-k. ) ." ]

[ [ "Impairment of property carrying values", "$50.0" ], [ "Real estate under development", "2.1" ], [ "Investments in other real estate investments", "49.2" ], [ "Marketable securities and other investments", "30.1" ], [ "Investments in real estate joint ventures", "43.7" ], [ "Total impairment charges", "$175.1" ] ]

[ [ "impairment of property carrying values", "$ 50.0" ], [ "real estate under development", "2.1" ], [ "investments in other real estate investments", "49.2" ], [ "marketable securities and other investments", "30.1" ], [ "investments in real estate joint ventures", "43.7" ], [ "total impairment charges", "$ 175.1" ] ]

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[ "the following table provides the weighted average assumptions used in the black-scholes option-pricing model for grants and the resulting weighted average grant date fair value per share of stock options granted for the years ended december 31: ." ]

[ "stock units during 2018 , 2017 and 2016 , the company granted rsus to certain employees under the 2007 plan and 2017 omnibus plan , as applicable .", "rsus generally vest based on continued employment with the company over periods ranging from one to three years. ." ]

[ [ "", "2018", "2017", "2016" ], [ "Intrinsic value", "$9", "$10", "$18" ], [ "Exercise proceeds", "7", "11", "15" ], [ "Income tax benefit realized", "2", "3", "6" ] ]

[ [ "", "2018", "2017", "2016" ], [ "intrinsic value", "$ 9", "$ 10", "$ 18" ], [ "exercise proceeds", "7", "11", "15" ], [ "income tax benefit realized", "2", "3", "6" ] ]

[]

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

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

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

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

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[ "benefits as an increase to earnings of $ 152 million ( $ 0.50 per share ) during the year ended december 31 , 2016 .", "additionally , we recognized additional income tax benefits as an increase to operating cash flows of $ 152 million during the year ended december 31 , 2016 .", "the new accounting standard did not impact any periods prior to january 1 , 2016 , as we applied the changes in the asu on a prospective basis .", "in september 2015 , the fasb issued asu no .", "2015-16 , business combinations ( topic 805 ) , which simplifies the accounting for adjustments made to preliminary amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments .", "instead , adjustments will be recognized in the period in which the adjustments are determined , including the effect on earnings of any amounts that would have been recorded in previous periods if the accounting had been completed at the acquisition date .", "we adopted the asu on january 1 , 2016 and are prospectively applying the asu to business combination adjustments identified after the date of adoption .", "in november 2015 , the fasb issued asu no .", "2015-17 , income taxes ( topic 740 ) , which simplifies the presentation of deferred income taxes and requires that deferred tax assets and liabilities , as well as any related valuation allowance , be classified as noncurrent in our consolidated balance sheets .", "we applied the provisions of the asu retrospectively and reclassified approximately $ 1.6 billion from current to noncurrent assets and approximately $ 140 million from current to noncurrent liabilities in our consolidated balance sheet as of december 31 , 2015 .", "note 2 2013 earnings per share the weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) : ." ]

[ "we compute basic and diluted earnings per common share by dividing net earnings by the respective weighted average number of common shares outstanding for the periods presented .", "our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units and exercise of outstanding stock options based on the treasury stock method .", "there were no anti-dilutive equity awards for the years ended december 31 , 2016 , 2015 and 2014 .", "note 3 2013 acquisitions and divestitures acquisitions acquisition of sikorsky aircraft corporation on november 6 , 2015 , we completed the acquisition of sikorsky aircraft corporation and certain affiliated companies ( collectively 201csikorsky 201d ) from united technologies corporation ( utc ) and certain of utc 2019s subsidiaries .", "the purchase price of the acquisition was $ 9.0 billion , net of cash acquired .", "as a result of the acquisition , sikorsky became a wholly- owned subsidiary of ours .", "sikorsky is a global company primarily engaged in the research , design , development , manufacture and support of military and commercial helicopters .", "sikorsky 2019s products include military helicopters such as the black hawk , seahawk , ch-53k , h-92 ; and commercial helicopters such as the s-76 and s-92 .", "the acquisition enables us to extend our core business into the military and commercial rotary wing markets , allowing us to strengthen our position in the aerospace and defense industry .", "further , this acquisition will expand our presence in commercial and international markets .", "sikorsky has been aligned under our rms business segment .", "to fund the $ 9.0 billion acquisition price , we utilized $ 6.0 billion of proceeds borrowed under a temporary 364-day revolving credit facility ( the 364-day facility ) , $ 2.0 billion of cash on hand and $ 1.0 billion from the issuance of commercial paper .", "in the fourth quarter of 2015 , we repaid all outstanding borrowings under the 364-day facility with the proceeds from the issuance of $ 7.0 billion of fixed interest-rate long-term notes in a public offering ( the november 2015 notes ) .", "in the fourth quarter of 2015 , we also repaid the $ 1.0 billion in commercial paper borrowings ( see 201cnote 10 2013 debt 201d ) . ." ]

[ [ "", "2016", "2015", "2014" ], [ "Weighted average common shares outstanding for basic computations", "299.3", "310.3", "316.8" ], [ "Weighted average dilutive effect of equity awards", "3.8", "4.4", "5.6" ], [ "Weighted average common shares outstanding for dilutedcomputations", "303.1", "314.7", "322.4" ] ]

[ [ "", "2016", "2015", "2014" ], [ "weighted average common shares outstanding for basic computations", "299.3", "310.3", "316.8" ], [ "weighted average dilutive effect of equity awards", "3.8", "4.4", "5.6" ], [ "weighted average common shares outstanding for dilutedcomputations", "303.1", "314.7", "322.4" ] ]

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[ "bhge 2018 form 10-k | 39 outstanding under the commercial paper program .", "the maximum combined borrowing at any time under both the 2017 credit agreement and the commercial paper program is $ 3 billion .", "if market conditions were to change and our revenue was reduced significantly or operating costs were to increase , our cash flows and liquidity could be reduced .", "additionally , it could cause the rating agencies to lower our credit rating .", "there are no ratings triggers that would accelerate the maturity of any borrowings under our committed credit facility .", "however , a downgrade in our credit ratings could increase the cost of borrowings under the credit facility and could also limit or preclude our ability to issue commercial paper .", "should this occur , we could seek alternative sources of funding , including borrowing under the credit facility .", "during the year ended december 31 , 2018 , we used cash to fund a variety of activities including certain working capital needs and restructuring costs , capital expenditures , the repayment of debt , payment of dividends , distributions to ge and share repurchases .", "we believe that cash on hand , cash flows generated from operations and the available credit facility will provide sufficient liquidity to manage our global cash needs .", "cash flows cash flows provided by ( used in ) each type of activity were as follows for the years ended december 31: ." ]

[ "operating activities our largest source of operating cash is payments from customers , of which the largest component is collecting cash related to product or services sales including advance payments or progress collections for work to be performed .", "the primary use of operating cash is to pay our suppliers , employees , tax authorities and others for a wide range of material and services .", "cash flows from operating activities generated cash of $ 1762 million and used cash of $ 799 million for the years ended december 31 , 2018 and 2017 , respectively .", "cash flows from operating activities increased $ 2561 million in 2018 primarily driven by better operating performance .", "these cash inflows were supported by strong working capital cash flows , especially in the fourth quarter of 2018 , including approximately $ 300 million for a progress collection payment from a customer .", "included in our cash flows from operating activities for 2018 and 2017 are payments of $ 473 million and $ 612 million , respectively , made primarily for employee severance as a result of our restructuring activities and merger and related costs .", "cash flows from operating activities used $ 799 million and generated $ 262 million for the years ended december 31 , 2017 and 2016 , respectively .", "cash flows from operating activities decreased $ 1061 million in 2017 primarily driven by a $ 1201 million negative impact from ending our receivables monetization program in the fourth quarter , and restructuring related payments throughout the year .", "these cash outflows were partially offset by strong working capital cash flows , especially in the fourth quarter of 2017 .", "included in our cash flows from operating activities for 2017 and 2016 are payments of $ 612 million and $ 177 million , respectively , made for employee severance as a result of our restructuring activities and merger and related costs .", "investing activities cash flows from investing activities used cash of $ 578 million , $ 4123 million and $ 472 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively .", "our principal recurring investing activity is the funding of capital expenditures to ensure that we have the appropriate levels and types of machinery and equipment in place to generate revenue from operations .", "expenditures for capital assets totaled $ 995 million , $ 665 million and $ 424 million for 2018 , 2017 and 2016 , respectively , partially offset by cash flows from the sale of property , plant and equipment of $ 458 million , $ 172 million and $ 20 million in 2018 , 2017 and 2016 , respectively .", "proceeds from the disposal of assets related primarily ." ]

[ [ "(In millions)", "2018", "2017", "2016" ], [ "Operating activities", "$1,762", "$(799)", "$262" ], [ "Investing activities", "(578)", "(4,123)", "(472)" ], [ "Financing activities", "(4,363)", "10,919", "(102)" ] ]

[ [ "( in millions )", "2018", "2017", "2016" ], [ "operating activities", "$ 1762", "$ -799 ( 799 )", "$ 262" ], [ "investing activities", "-578 ( 578 )", "-4123 ( 4123 )", "-472 ( 472 )" ], [ "financing activities", "-4363 ( 4363 )", "10919", "-102 ( 102 )" ] ]

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[ "2022 net derivative losses of $ 13 million .", "review by segment general we serve clients through the following segments : 2022 risk solutions 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 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 closely correlated with employment levels , corporate revenue and asset values .", "during 2011 we began to see some improvement in pricing ; however , we would still consider this to be a 2018 2018soft market , 2019 2019 which began in 2007 .", "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 premiums paid by insureds .", "in 2011 , pricing showed signs of stabilization and improvement in both our retail and reinsurance brokerage product lines and we expect this trend to slowly continue into 2012 .", "additionally , beginning in late 2008 and continuing through 2011 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets .", "weak global economic conditions have reduced our customers 2019 demand for our brokerage products , which have had a negative impact on our operational results .", "risk solutions generated approximately 60% ( 60 % ) of our consolidated total revenues in 2011 .", "revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients .", "our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates .", "we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage .", "specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , health care providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability ." ]

[ [ "Years ended December 31,", "2011", "2010", "2009" ], [ "Revenue", "$6,817", "$6,423", "$6,305" ], [ "Operating income", "1,314", "1,194", "900" ], [ "Operating margin", "19.3%", "18.6%", "14.3%" ] ]

[ [ "years ended december 31,", "2011", "2010", "2009" ], [ "revenue", "$ 6817", "$ 6423", "$ 6305" ], [ "operating income", "1314", "1194", "900" ], [ "operating margin", "19.3% ( 19.3 % )", "18.6% ( 18.6 % )", "14.3% ( 14.3 % )" ] ]

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[ "equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2018 .", "equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( a ) ( b ) ( c ) equity compensation plans approved by security holders 399165 $ 0.00 3995600 equity compensation plans not approved by security holders ( 2 ) 2014 2014 2014 ." ]

[ "( 1 ) includes grants made under the huntington ingalls industries , inc .", "2012 long-term incentive stock plan ( the \"2012 plan\" ) , which was approved by our stockholders on may 2 , 2012 , and the huntington ingalls industries , inc .", "2011 long-term incentive stock plan ( the \"2011 plan\" ) , which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation .", "of these shares , 27123 were stock rights granted under the 2011 plan .", "in addition , this number includes 31697 stock rights , 5051 restricted stock rights , and 335293 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement .", "( 2 ) there are no awards made under plans not approved by security holders .", "item 13 .", "certain relationships and related transactions , and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2019 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year .", "item 14 .", "principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2019 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year. ." ]

[ [ "Plan category", "Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights⁽¹⁾ (a)(b)", "Weighted-Average Exercise Price of Outstanding Options,Warrants and Rights", "Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding SecuritiesReflected in Column (a)) (c)" ], [ "Equity compensation plans approved by security holders", "399,165", "$0.00", "3,995,600" ], [ "Equity compensation plans not approved by security holders⁽²⁾", "—", "—", "—" ], [ "Total", "399,165", "$0.00", "3,995,600" ] ]

[ [ "plan category", "number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b )", "weighted-average exercise price of outstanding optionswarrants and rights", "number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )" ], [ "equity compensation plans approved by security holders", "399165", "$ 0.00", "3995600" ], [ "equity compensation plans not approved by security holders ( 2 )", "2014", "2014", "2014" ], [ "total", "399165", "$ 0.00", "3995600" ] ]

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[ "consolidated results of operations year ended december 31 , 2018 compared to year ended december 31 , 2017 net revenues increased $ 203.9 million , or 4.1% ( 4.1 % ) , to $ 5193.2 million in 2018 from $ 4989.2 million in 2017 .", "net revenues by product category are summarized below: ." ]

[ "the increase in net sales was driven primarily by : 2022 apparel unit sales growth driven by the train category ; and 2022 footwear unit sales growth , led by the run category .", "the increase was partially offset by unit sales decline in accessories .", "license revenues increased $ 8.2 million , or 7.0% ( 7.0 % ) , to $ 124.8 million in 2018 from $ 116.6 million in 2017 .", "connected fitness revenue increased $ 18.5 million , or 18.1% ( 18.1 % ) , to $ 120.4 million in 2018 from $ 101.9 million in 2017 primarily driven by increased subscribers on our fitness applications .", "gross profit increased $ 89.1 million to $ 2340.5 million in 2018 from $ 2251.4 million in 2017 .", "gross profit as a percentage of net revenues , or gross margin , was unchanged at 45.1% ( 45.1 % ) in 2018 compared to 2017 .", "gross profit percentage was favorably impacted by lower promotional activity , improvements in product cost , lower air freight , higher proportion of international and connected fitness revenue and changes in foreign currency ; these favorable impacts were offset by channel mix including higher sales to our off-price channel and restructuring related charges .", "with the exception of improvements in product input costs and air freight improvements , we do not expect these trends to have a material impact on the full year 2019 .", "selling , general and administrative expenses increased $ 82.8 million to $ 2182.3 million in 2018 from $ 2099.5 million in 2017 .", "as a percentage of net revenues , selling , general and administrative expenses decreased slightly to 42.0% ( 42.0 % ) in 2018 from 42.1% ( 42.1 % ) in 2017 .", "selling , general and administrative expense was impacted by the following : 2022 marketing costs decreased $ 21.3 million to $ 543.8 million in 2018 from $ 565.1 million in 2017 .", "this decrease was primarily due to restructuring efforts , resulting in lower compensation and contractual sports marketing .", "this decrease was partially offset by higher costs in connection with brand marketing campaigns and increased marketing investments with the growth of our international business .", "as a percentage of net revenues , marketing costs decreased to 10.5% ( 10.5 % ) in 2018 from 11.3% ( 11.3 % ) in 2017 .", "2022 other costs increased $ 104.1 million to $ 1638.5 million in 2018 from $ 1534.4 million in 2017 .", "this increase was primarily due to higher incentive compensation expense and higher costs incurred for the continued expansion of our direct to consumer distribution channel and international business .", "as a percentage of net revenues , other costs increased to 31.6% ( 31.6 % ) in 2018 from 30.8% ( 30.8 % ) in 2017 .", "restructuring and impairment charges increased $ 59.1 million to $ 183.1 million from $ 124.0 million in 2017 .", "refer to the restructuring plans section above for a summary of charges .", "income ( loss ) from operations decreased $ 52.8 million , or 189.9% ( 189.9 % ) , to a loss of $ 25.0 million in 2018 from income of $ 27.8 million in 2017 .", "as a percentage of net revenues , income from operations decreased to a loss of 0.4% ( 0.4 % ) in 2018 from income of 0.5% ( 0.5 % ) in 2017 .", "income from operations for the year ended december 31 , 2018 was negatively impacted by $ 203.9 million of restructuring , impairment and related charges in connection with the 2018 restructuring plan .", "income from operations for the year ended december 31 , 2017 was negatively impacted by $ 129.1 million of restructuring , impairment and related charges in connection with the 2017 restructuring plan .", "interest expense , net decreased $ 0.9 million to $ 33.6 million in 2018 from $ 34.5 million in 2017. ." ]

[ [ "", "Year Ended December 31," ], [ "(In thousands)", "2018", "2017", "$ Change", "% Change" ], [ "Apparel", "$3,462,372", "$3,287,121", "$175,251", "5.3%" ], [ "Footwear", "1,063,175", "1,037,840", "25,335", "2.4" ], [ "Accessories", "422,496", "445,838", "(23,342)", "(5.2)" ], [ "Total net sales", "4,948,043", "4,770,799", "177,244", "3.7" ], [ "License", "124,785", "116,575", "8,210", "7.0" ], [ "Connected Fitness", "120,357", "101,870", "18,487", "18.1" ], [ "Total net revenues", "$5,193,185", "$4,989,244", "$203,941", "4.1%" ] ]

[ [ "( in thousands )", "year ended december 31 , 2018", "year ended december 31 , 2017", "year ended december 31 , $ change", "year ended december 31 , % ( % ) change" ], [ "apparel", "$ 3462372", "$ 3287121", "$ 175251", "5.3% ( 5.3 % )" ], [ "footwear", "1063175", "1037840", "25335", "2.4" ], [ "accessories", "422496", "445838", "-23342 ( 23342 )", "-5.2 ( 5.2 )" ], [ "total net sales", "4948043", "4770799", "177244", "3.7" ], [ "license", "124785", "116575", "8210", "7.0" ], [ "connected fitness", "120357", "101870", "18487", "18.1" ], [ "total net revenues", "$ 5193185", "$ 4989244", "$ 203941", "4.1% ( 4.1 % )" ] ]

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[ "2022 expand client relationships - the overall market we serve continues to gravitate beyond single-application purchases to multi-solution partnerships .", "as the market dynamics shift , we expect our clients and prospects to rely more on our multidimensional service offerings .", "our leveraged solutions and processing expertise can produce meaningful value and cost savings for our clients through more efficient operating processes , improved service quality and convenience for our clients' customers .", "2022 build global diversification - we continue to deploy resources in global markets where we expect to achieve meaningful scale .", "revenues by segment the table below summarizes our revenues by reporting segment ( in millions ) : ." ]

[ "integrated financial solutions ( \"ifs\" ) the ifs segment is focused primarily on serving north american regional and community bank and savings institutions for transaction and account processing , payment solutions , channel solutions , digital channels , fraud , risk management and compliance solutions , lending and wealth and retirement solutions , and corporate liquidity , capitalizing on the continuing trend to outsource these solutions .", "clients in this segment include regional and community banks , credit unions and commercial lenders , as well as government institutions , merchants and other commercial organizations .", "these markets are primarily served through integrated solutions and characterized by multi-year processing contracts that generate highly recurring revenues .", "the predictable nature of cash flows generated from this segment provides opportunities for further investments in innovation , integration , information and security , and compliance in a cost-effective manner .", "our solutions in this segment include : 2022 core processing and ancillary applications .", "our core processing software applications are designed to run banking processes for our financial institution clients , including deposit and lending systems , customer management , and other central management systems , serving as the system of record for processed activity .", "our diverse selection of market- focused core systems enables fis to compete effectively in a wide range of markets .", "we also offer a number of services that are ancillary to the primary applications listed above , including branch automation , back-office support systems and compliance support .", "2022 digital solutions , including internet , mobile and ebanking .", "our comprehensive suite of retail delivery applications enables financial institutions to integrate and streamline customer-facing operations and back-office processes , thereby improving customer interaction across all channels ( e.g. , branch offices , internet , atm , mobile , call centers ) .", "fis' focus on consumer access has driven significant market innovation in this area , with multi-channel and multi-host solutions and a strategy that provides tight integration of services and a seamless customer experience .", "fis is a leader in mobile banking solutions and electronic banking enabling clients to manage banking and payments through the internet , mobile devices , accounting software and telephone .", "our corporate electronic banking solutions provide commercial treasury capabilities including cash management services and multi-bank collection and disbursement services that address the specialized needs of corporate clients .", "fis systems provide full accounting and reconciliation for such transactions , serving also as the system of record. ." ]

[ [ "", "2017", "2016", "2015" ], [ "IFS", "$4,630", "$4,525", "$3,809" ], [ "GFS", "4,138", "4,250", "2,361" ], [ "Corporate and Other", "355", "466", "426" ], [ "Total Consolidated Revenues", "$9,123", "$9,241", "$6,596" ] ]

[ [ "", "2017", "2016", "2015" ], [ "ifs", "$ 4630", "$ 4525", "$ 3809" ], [ "gfs", "4138", "4250", "2361" ], [ "corporate and other", "355", "466", "426" ], [ "total consolidated revenues", "$ 9123", "$ 9241", "$ 6596" ] ]

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[ "of sales , competitive supply gross margin declined in south america , europe/africa and the caribbean and remained relatively flat in north america and asia .", "large utilities gross margin increased $ 201 million , or 37% ( 37 % ) , to $ 739 million in 2001 from $ 538 million in 2000 .", "excluding businesses acquired or that commenced commercial operations during 2001 and 2000 , large utilities gross margin increased 10% ( 10 % ) to $ 396 million in 2001 .", "large utilities gross margin as a percentage of revenues increased to 30% ( 30 % ) in 2001 from 25% ( 25 % ) in 2000 .", "in the caribbean ( which includes venezuela ) , large utility gross margin increased $ 166 million and was due to a full year of contribution from edc which was acquired in june 2000 .", "also , in north america , the gross margin contributions from both ipalco and cilcorp increased .", "growth distribution gross margin increased $ 165 million , or 126% ( 126 % ) to $ 296 million in 2001 from $ 131 million in 2000 .", "excluding businesses acquired during 2001 and 2000 , growth distribution gross margin increased 93% ( 93 % ) to $ 268 million in 2001 .", "growth distribution gross margin as a percentage of revenue increased to 18% ( 18 % ) in 2001 from 10% ( 10 % ) in 2000 .", "growth distribution business gross margin , as well as gross margin as a percentage of sales , increased in south america and the caribbean , but decreased in europe/africa and asia .", "in south america , growth distribution margin increased $ 157 million and was 38% ( 38 % ) of revenues .", "the increase is due primarily to sul 2019s sales of excess energy into the southeast market where rationing was taking place .", "in the caribbean , growth distribution margin increased $ 39 million and was 5% ( 5 % ) of revenues .", "the increase is due mainly to lower losses at ede este and an increase in contribution from caess .", "in europe/africa , growth distribution margin decreased $ 10 million and was negative due to losses at sonel .", "in asia , growth distribution margin decreased $ 18 million and was negative due primarily to an increase in losses at telasi .", "the breakdown of aes 2019s gross margin for the years ended december 31 , 2001 and 2000 , based on the geographic region in which they were earned , is set forth below. ." ]

[ "* includes venezuela and colombia .", "selling , general and administrative expenses selling , general and administrative expenses increased $ 38 million , or 46% ( 46 % ) , to $ 120 million in 2001 from $ 82 million in 2000 .", "selling , general and administrative expenses as a percentage of revenues remained constant at 1% ( 1 % ) in 2001 and 2000 .", "the overall increase in selling , general and administrative expenses is due to increased development activities .", "interest expense , net net interest expense increased $ 327 million , or 29% ( 29 % ) , to $ 1.5 billion in 2001 from $ 1.1 billion in 2000 .", "net interest expense as a percentage of revenues increased to 16% ( 16 % ) in 2001 from 15% ( 15 % ) in 2000 .", "net interest expense increased overall primarily due to interest expense at new businesses , additional corporate interest expense arising from senior debt issued during 2001 to finance new investments and mark-to-market losses on interest rate related derivative instruments. ." ]

[ [ "", "2001", "% of Revenue", "2000", "% of Revenue", "% change" ], [ "North America", "$912 million", "25%", "$844 million", "25%", "8%" ], [ "South America", "$522 million", "30%", "$416 million", "36%", "25%" ], [ "Caribbean*", "$457 million", "25%", "$226 million", "21%", "102%" ], [ "Europe/Africa", "$310 million", "22%", "$371 million", "29%", "(16%)" ], [ "Asia", "$101 million", "15%", "$138 million", "22%", "(27%)" ] ]

[ [ "north america", "2001 $ 912 million", "% ( % ) of revenue 25% ( 25 % )", "2000 $ 844 million", "% ( % ) of revenue 25% ( 25 % )", "% ( % ) change 8% ( 8 % )" ], [ "south america", "$ 522 million", "30% ( 30 % )", "$ 416 million", "36% ( 36 % )", "25% ( 25 % )" ], [ "caribbean*", "$ 457 million", "25% ( 25 % )", "$ 226 million", "21% ( 21 % )", "102% ( 102 % )" ], [ "europe/africa", "$ 310 million", "22% ( 22 % )", "$ 371 million", "29% ( 29 % )", "( 16% ( 16 % ) )" ], [ "asia", "$ 101 million", "15% ( 15 % )", "$ 138 million", "22% ( 22 % )", "( 27% ( 27 % ) )" ] ]

[]

[ "part ii item 5 .", "market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our class a common stock trades on the new york stock exchange under the symbol 201cma 201d .", "at february 8 , 2019 , we had 73 stockholders of record for our class a common stock .", "we believe that the number of beneficial owners is substantially greater than the number of record holders because a large portion of our class a common stock is held in 201cstreet name 201d by brokers .", "there is currently no established public trading market for our class b common stock .", "there were approximately 287 holders of record of our non-voting class b common stock as of february 8 , 2019 , constituting approximately 1.1% ( 1.1 % ) of our total outstanding equity .", "stock performance graph the graph and table below compare the cumulative total stockholder return of mastercard 2019s class a common stock , the s&p 500 financials and the s&p 500 index for the five-year period ended december 31 , 2018 .", "the graph assumes a $ 100 investment in our class a common stock and both of the indices and the reinvestment of dividends .", "mastercard 2019s class b common stock is not publicly traded or listed on any exchange or dealer quotation system .", "total returns to stockholders for each of the years presented were as follows : indexed returns base period for the years ended december 31 ." ]

[ "." ]

[ [ "", "Base period", "Indexed Returns For the Years Ended December 31," ], [ "Company/Index", "2013", "2014", "2015", "2016", "2017", "2018" ], [ "Mastercard", "$100.00", "$103.73", "$118.05", "$126.20", "$186.37", "$233.56" ], [ "S&P 500 Financials", "100.00", "115.20", "113.44", "139.31", "170.21", "148.03" ], [ "S&P 500 Index", "100.00", "113.69", "115.26", "129.05", "157.22", "150.33" ] ]

[ [ "company/index", "base period 2013", "base period 2014", "base period 2015", "base period 2016", "base period 2017", "2018" ], [ "mastercard", "$ 100.00", "$ 103.73", "$ 118.05", "$ 126.20", "$ 186.37", "$ 233.56" ], [ "s&p 500 financials", "100.00", "115.20", "113.44", "139.31", "170.21", "148.03" ], [ "s&p 500 index", "100.00", "113.69", "115.26", "129.05", "157.22", "150.33" ] ]

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[ "stockholders 2019 equity derivative instruments activity , net of tax , included in non-owner changes to equity within the consolidated statements of stockholders 2019 equity for the years ended december 31 , 2008 , 2007 and 2006 is as follows: ." ]

[ "net investment in foreign operations hedge at december 31 , 2008 and 2007 , the company did not have any hedges of foreign currency exposure of net investments in foreign operations .", "investments hedge during the first quarter of 2006 , the company entered into a zero-cost collar derivative ( the 201csprint nextel derivative 201d ) to protect itself economically against price fluctuations in its 37.6 million shares of sprint nextel corporation ( 201csprint nextel 201d ) non-voting common stock .", "during the second quarter of 2006 , as a result of sprint nextel 2019s spin-off of embarq corporation through a dividend to sprint nextel shareholders , the company received approximately 1.9 million shares of embarq corporation .", "the floor and ceiling prices of the sprint nextel derivative were adjusted accordingly .", "the sprint nextel derivative was not designated as a hedge under the provisions of sfas no .", "133 , 201caccounting for derivative instruments and hedging activities . 201d accordingly , to reflect the change in fair value of the sprint nextel derivative , the company recorded a net gain of $ 99 million for the year ended december 31 , 2006 , included in other income ( expense ) in the company 2019s consolidated statements of operations .", "in december 2006 , the sprint nextel derivative was terminated and settled in cash and the 37.6 million shares of sprint nextel were converted to common shares and sold .", "the company received aggregate cash proceeds of approximately $ 820 million from the settlement of the sprint nextel derivative and the subsequent sale of the 37.6 million sprint nextel shares .", "the company recognized a loss of $ 126 million in connection with the sale of the remaining shares of sprint nextel common stock .", "as described above , the company recorded a net gain of $ 99 million in connection with the sprint nextel derivative .", "fair value of financial instruments the company 2019s financial instruments include cash equivalents , sigma fund investments , short-term investments , accounts receivable , long-term receivables , accounts payable , accrued liabilities , derivatives and other financing commitments .", "the company 2019s sigma fund , available-for-sale investment portfolios and derivatives are recorded in the company 2019s consolidated balance sheets at fair value .", "all other financial instruments , with the exception of long-term debt , are carried at cost , which is not materially different than the instruments 2019 fair values .", "using quoted market prices and market interest rates , the company determined that the fair value of long- term debt at december 31 , 2008 was $ 2.8 billion , compared to a carrying value of $ 4.1 billion .", "since considerable judgment is required in interpreting market information , the fair value of the long-term debt is not necessarily indicative of the amount which could be realized in a current market exchange .", "equity price market risk at december 31 , 2008 , the company 2019s available-for-sale equity securities portfolio had an approximate fair market value of $ 128 million , which represented a cost basis of $ 125 million and a net unrealized loss of $ 3 million .", "these equity securities are held for purposes other than trading .", "%%transmsg*** transmitting job : c49054 pcn : 105000000 ***%%pcmsg|102 |00022|yes|no|02/23/2009 19:17|0|0|page is valid , no graphics -- color : n| ." ]

[ [ "", "2008", "2007", "2006" ], [ "Balance at January 1", "$—", "$16", "$2" ], [ "Increase (decrease) in fair value", "(9)", "(6)", "75" ], [ "Reclassifications to earnings", "2", "(10)", "(61)" ], [ "Balance at December 31", "$(7)", "$—", "$16" ] ]

[ [ "", "2008", "2007", "2006" ], [ "balance at january 1", "$ 2014", "$ 16", "$ 2" ], [ "increase ( decrease ) in fair value", "-9 ( 9 )", "-6 ( 6 )", "75" ], [ "reclassifications to earnings", "2", "-10 ( 10 )", "-61 ( 61 )" ], [ "balance at december 31", "$ -7 ( 7 )", "$ 2014", "$ 16" ] ]

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

[ "." ]

[ [ "Measurement PointDecember 31", "Booking Holdings Inc.", "NASDAQComposite Index", "S&P 500Index", "RDG InternetComposite" ], [ "2013", "100.00", "100.00", "100.00", "100.00" ], [ "2014", "98.09", "114.62", "113.69", "96.39" ], [ "2015", "109.68", "122.81", "115.26", "133.20" ], [ "2016", "126.12", "133.19", "129.05", "140.23" ], [ "2017", "149.50", "172.11", "157.22", "202.15" ], [ "2018", "148.18", "165.84", "150.33", "201.16" ] ]

[ [ "measurement pointdecember 31", "booking holdings inc .", "nasdaqcomposite index", "s&p 500index", "rdg internetcomposite" ], [ "2013", "100.00", "100.00", "100.00", "100.00" ], [ "2014", "98.09", "114.62", "113.69", "96.39" ], [ "2015", "109.68", "122.81", "115.26", "133.20" ], [ "2016", "126.12", "133.19", "129.05", "140.23" ], [ "2017", "149.50", "172.11", "157.22", "202.15" ], [ "2018", "148.18", "165.84", "150.33", "201.16" ] ]

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[ "american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the following table illustrates the effect on net loss and net loss per share if the company had applied the fair value recognition provisions of sfas no .", "123 to stock-based compensation .", "the estimated fair value of each option is calculated using the black-scholes option-pricing model ( in thousands , except per share amounts ) : ." ]

[ "fair value of financial instruments 2014as of december 31 , 2002 , the carrying amounts of the company 2019s 5.0% ( 5.0 % ) convertible notes , the 2.25% ( 2.25 % ) convertible notes , the 6.25% ( 6.25 % ) convertible notes and the senior notes were approximately $ 450.0 million , $ 210.9 million , $ 212.7 million and $ 1.0 billion , respectively , and the fair values of such notes were $ 291.4 million , $ 187.2 million , $ 144.4 million and $ 780.0 million , respectively .", "as of december 31 , 2001 , the carrying amount of the company 2019s 5.0% ( 5.0 % ) convertible notes , the 2.25% ( 2.25 % ) convertible notes , the 6.25% ( 6.25 % ) convertible notes and the senior notes were approximately $ 450.0 million , $ 204.1 million , $ 212.8 million and $ 1.0 billion , respectively , and the fair values of such notes were $ 268.3 million , $ 173.1 million , $ 158.2 million and $ 805.0 million , respectively .", "fair values were determined based on quoted market prices .", "the carrying values of all other financial instruments reasonably approximate the related fair values as of december 31 , 2002 and 2001 .", "retirement plan 2014the company has a 401 ( k ) plan covering substantially all employees who meet certain age and employment requirements .", "under the plan , the company matches 35% ( 35 % ) of participants 2019 contributions up to a maximum 5% ( 5 % ) of a participant 2019s compensation .", "the company contributed approximately $ 979000 , $ 1540000 and $ 1593000 to the plan for the years ended december 31 , 2002 , 2001 and 2000 , respectively .", "recent accounting pronouncements 2014in june 2001 , the fasb issued sfas no .", "143 , 201caccounting for asset retirement obligations . 201d this statement establishes accounting standards for the recognition and measurement of liabilities associated with the retirement of tangible long-lived assets and the related asset retirement costs .", "the requirements of sfas no .", "143 are effective for the company as of january 1 , 2003 .", "the company will adopt this statement in the first quarter of 2003 and does not expect the impact of adopting this statement to have a material impact on its consolidated financial position or results of operations .", "in august 2001 , the fasb issued sfas no .", "144 , 201caccounting for the impairment or disposal of long-lived assets . 201d sfas no .", "144 supersedes sfas no .", "121 , 201caccounting for the impairment of long-lived assets and for long-lived assets to be disposed of , 201d but retains many of its fundamental provisions .", "sfas no .", "144 also clarifies certain measurement and classification issues from sfas no .", "121 .", "in addition , sfas no .", "144 supersedes the accounting and reporting provisions for the disposal of a business segment as found in apb no .", "30 , 201creporting the results of operations 2014reporting the effects of disposal of a segment of a business and extraordinary , unusual and infrequently occurring events and transactions 201d .", "however , sfas no .", "144 retains the requirement in apb no .", "30 to separately report discontinued operations , and broadens the scope of such requirement to include more types of disposal transactions .", "the scope of sfas no .", "144 excludes goodwill and other intangible assets that are not to be amortized , as the accounting for such items is prescribed by sfas no .", "142 .", "the company implemented sfas no .", "144 on january 1 , 2002 .", "accordingly , all relevant impairment assessments and decisions concerning discontinued operations have been made under this standard in 2002. ." ]

[ [ "", "2002", "2001", "2000" ], [ "Net loss as reported", "$(1,141,879)", "$(450,094)", "$(194,628)" ], [ "Less: Total stock-based employee compensation expense determined under fair value basedmethod for all awards, net of related tax effect", "(38,126)", "(50,540)", "(51,186)" ], [ "Pro-forma net loss", "$(1,180,005)", "$(500,634)", "$(245,814)" ], [ "Basic and diluted net loss per share—as reported", "$(5.84)", "$(2.35)", "$(1.15)" ], [ "Basic and diluted net loss per share—pro-forma", "$(6.04)", "$(2.61)", "$(1.46)" ] ]

[ [ "", "2002", "2001", "2000" ], [ "net loss as reported", "$ -1141879 ( 1141879 )", "$ -450094 ( 450094 )", "$ -194628 ( 194628 )" ], [ "less : total stock-based employee compensation expense determined under fair value basedmethod for all awards net of related tax effect", "-38126 ( 38126 )", "-50540 ( 50540 )", "-51186 ( 51186 )" ], [ "pro-forma net loss", "$ -1180005 ( 1180005 )", "$ -500634 ( 500634 )", "$ -245814 ( 245814 )" ], [ "basic and diluted net loss per share 2014as reported", "$ -5.84 ( 5.84 )", "$ -2.35 ( 2.35 )", "$ -1.15 ( 1.15 )" ], [ "basic and diluted net loss per share 2014pro-forma", "$ -6.04 ( 6.04 )", "$ -2.61 ( 2.61 )", "$ -1.46 ( 1.46 )" ] ]

[ { "arg1": "979000", "arg2": "1540000", "op": "minus2-1", "res": "-561000" }, { "arg1": "#0", "arg2": "1540000", "op": "divide2-2", "res": "-36.4%" } ]

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

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

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

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

[ { "arg1": "391", "arg2": "409", "op": "minus1-1", "res": "-18" }, { "arg1": "#0", "arg2": "409", "op": "divide1-2", "res": "-4%" } ]

[ "entergy louisiana , llc management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .", "following is an analysis of the change in net revenue comparing 2008 to 2007 .", "amount ( in millions ) ." ]

[ "the retail electric price variance is primarily due to the cessation of the interim storm recovery through the formula rate plan upon the act 55 financing of storm costs and a credit passed on to customers as a result of the act 55 storm cost financing , partially offset by increases in the formula rate plan effective october 2007 .", "refer to \"hurricane rita and hurricane katrina\" and \"state and local rate regulation\" below for a discussion of the interim recovery of storm costs , the act 55 storm cost financing , and the formula rate plan filing .", "the purchased power capacity variance is due to the amortization of deferred capacity costs effective september 2007 as a result of the formula rate plan filing in may 2007 .", "purchased power capacity costs are offset in base revenues due to a base rate increase implemented to recover incremental deferred and ongoing purchased power capacity charges .", "see \"state and local rate regulation\" below for a discussion of the formula rate plan filing .", "the net wholesale revenue variance is primarily due to provisions recorded for potential rate refunds related to the treatment of interruptible load in pricing entergy system affiliate sales .", "gross operating revenue and , fuel and purchased power expenses gross operating revenues increased primarily due to an increase of $ 364.7 million in fuel cost recovery revenues due to higher fuel rates offset by decreased usage .", "the increase was partially offset by a decrease of $ 56.8 million in gross wholesale revenue due to a decrease in system agreement rough production cost equalization credits .", "fuel and purchased power expenses increased primarily due to increases in the average market prices of natural gas and purchased power , partially offset by a decrease in the recovery from customers of deferred fuel costs. ." ]

[ [ "", "Amount (In Millions)" ], [ "2007 net revenue", "$991.1" ], [ "Retail electric price", "(17.1)" ], [ "Purchased power capacity", "(12.0)" ], [ "Net wholesale revenue", "(7.4)" ], [ "Other", "4.6" ], [ "2008 net revenue", "$959.2" ] ]

[ [ "", "amount ( in millions )" ], [ "2007 net revenue", "$ 991.1" ], [ "retail electric price", "-17.1 ( 17.1 )" ], [ "purchased power capacity", "-12.0 ( 12.0 )" ], [ "net wholesale revenue", "-7.4 ( 7.4 )" ], [ "other", "4.6" ], [ "2008 net revenue", "$ 959.2" ] ]

[]

[ "management 2019s discussion and analysis sensitivity measures certain portfolios and individual positions are not included in var because var is not the most appropriate risk measure .", "other sensitivity measures we use to analyze market risk are described below .", "10% ( 10 % ) sensitivity measures .", "the table below presents market risk for inventory positions that are not included in var .", "the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% ( 10 % ) decline in the underlying asset value .", "equity positions below relate to private and restricted public equity securities , including interests in funds that invest in corporate equities and real estate and interests in hedge funds , which are included in 201cfinancial instruments owned , at fair value . 201d debt positions include interests in funds that invest in corporate mezzanine and senior debt instruments , loans backed by commercial and residential real estate , corporate bank loans and other corporate debt , including acquired portfolios of distressed loans .", "these debt positions are included in 201cfinancial instruments owned , at fair value . 201d see note 6 to the consolidated financial statements for further information about cash instruments .", "these measures do not reflect diversification benefits across asset categories or across other market risk measures .", "asset categories 10% ( 10 % ) sensitivity amount as of december in millions 2013 2012 equity 1 $ 2256 $ 2471 ." ]

[ "1 .", "december 2012 includes $ 208 million related to our investment in the ordinary shares of icbc , which was sold in the first half of 2013 .", "credit spread sensitivity on derivatives and borrowings .", "var excludes the impact of changes in counterparty and our own credit spreads on derivatives as well as changes in our own credit spreads on unsecured borrowings for which the fair value option was elected .", "the estimated sensitivity to a one basis point increase in credit spreads ( counterparty and our own ) on derivatives was a gain of $ 4 million and $ 3 million ( including hedges ) as of december 2013 and december 2012 , respectively .", "in addition , the estimated sensitivity to a one basis point increase in our own credit spreads on unsecured borrowings for which the fair value option was elected was a gain of $ 8 million and $ 7 million ( including hedges ) as of december 2013 and december 2012 , respectively .", "however , the actual net impact of a change in our own credit spreads is also affected by the liquidity , duration and convexity ( as the sensitivity is not linear to changes in yields ) of those unsecured borrowings for which the fair value option was elected , as well as the relative performance of any hedges undertaken .", "interest rate sensitivity .", "as of december 2013 and december 2012 , the firm had $ 14.90 billion and $ 6.50 billion , respectively , of loans held for investment which were accounted for at amortized cost and included in 201creceivables from customers and counterparties , 201d substantially all of which had floating interest rates .", "as of december 2013 and december 2012 , the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 136 million and $ 62 million , respectively , of additional interest income over a 12-month period , which does not take into account the potential impact of an increase in costs to fund such loans .", "see note 8 to the consolidated financial statements for further information about loans held for investment .", "goldman sachs 2013 annual report 95 ." ]

[ [ "Asset Categories", "10% Sensitivity Amount as of December" ], [ "<i>in millions</i>", "2013", "2012" ], [ "Equity¹", "$2,256", "$2,471" ], [ "Debt", "1,522", "1,676" ], [ "Total", "$3,778", "$4,147" ] ]

[ [ "asset categories", "asset categories", "" ], [ "in millions", "2013", "2012" ], [ "equity1", "$ 2256", "$ 2471" ], [ "debt", "1522", "1676" ], [ "total", "$ 3778", "$ 4147" ] ]

[]

[ "management 2019s discussion and analysis 164 jpmorgan chase & co./2013 annual report firm ) is required to hold more than the additional 2.5% ( 2.5 % ) of tier 1 common .", "in addition , basel iii establishes a 6.5% ( 6.5 % ) tier i common equity standard for the definition of 201cwell capitalized 201d under the prompt corrective action ( 201cpca 201d ) requirements of the fdic improvement act ( 201cfdicia 201d ) .", "the tier i common equity standard is effective from the first quarter of 2015 .", "the following chart presents the basel iii minimum risk-based capital ratios during the transitional periods and on a fully phased-in basis .", "the chart also includes management 2019s target for the firm 2019s tier 1 common ratio .", "it is the firm 2019s current expectation that its basel iii tier 1 common ratio will exceed the regulatory minimums , both during the transition period and upon full implementation in 2019 and thereafter .", "the firm estimates that its tier 1 common ratio under the basel iii advanced approach on a fully phased-in basis would be 9.5% ( 9.5 % ) as of december 31 , 2013 , achieving management 2019s previously stated objectives .", "the tier 1 common ratio as calculated under the basel iii standardized approach is estimated at 9.4% ( 9.4 % ) as of december 31 , 2013 .", "the tier 1 common ratio under both basel i and basel iii are non-gaap financial measures .", "however , such measures are used by bank regulators , investors and analysts to assess the firm 2019s capital position and to compare the firm 2019s capital to that of other financial services companies .", "the following table presents a comparison of the firm 2019s tier 1 common under basel i rules to its estimated tier 1 common under the advanced approach of the basel iii rules , along with the firm 2019s estimated risk-weighted assets .", "key differences in the calculation of rwa between basel i and basel iii advanced approach include : ( 1 ) basel iii credit risk rwa is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters , whereas basel i rwa is based on fixed supervisory risk- weightings which vary only by counterparty type and asset class ; and ( 2 ) basel iii includes rwa for operational risk , whereas basel i does not .", "operational risk capital takes into consideration operational losses in the quarter following the period in which those losses were realized , and the calculation generally incorporates such losses irrespective of whether the issues or business activity giving rise to the losses have been remediated or reduced .", "the firm 2019s operational risk capital model continues to be refined in conjunction with the firm 2019s basel iii advanced approach parallel run .", "as a result of model enhancements in 2013 , as well as taking into consideration the legal expenses incurred by the firm in 2013 , the firm 2019s operational risk capital increased substantially in 2013 over 2012 .", "tier 1 common under basel iii includes additional adjustments and deductions not included in basel i tier 1 common , such as the inclusion of accumulated other comprehensive income ( 201caoci 201d ) related to afs securities and defined benefit pension and other postretirement employee benefit ( 201copeb 201d ) plans .", "december 31 , 2013 ( in millions , except ratios ) ." ]

[ "estimated risk-weighted assets under basel iii advanced approach ( b ) $ 1590873 estimated tier 1 common ratio under basel iii advanced approach ( c ) 9.5% ( 9.5 % ) ( a ) certain exposures , which are deducted from capital under basel i , are risked-weighted under basel iii. ." ]

[ [ "Tier 1 common under Basel I rules", "$148,887" ], [ "Adjustments related to AOCI for AFS securities and defined benefit pension and OPEB plans", "1,474" ], [ "Add back of Basel I deductions^(a)", "1,780" ], [ "Deduction for deferred tax asset related to net operating loss and foreign tax credit carryforwards", "(741)" ], [ "All other adjustments", "(198)" ], [ "Estimated Tier 1 common under Basel III rules", "$151,202" ], [ "Estimated risk-weighted assets under Basel III Advanced Approach^(b)", "$1,590,873" ], [ "Estimated Tier 1 common ratio under Basel III Advanced Approach^(c)", "9.5%" ] ]

[ [ "tier 1 common under basel i rules", "$ 148887" ], [ "adjustments related to aoci for afs securities and defined benefit pension and opeb plans", "1474" ], [ "add back of basel i deductions ( a )", "1780" ], [ "deduction for deferred tax asset related to net operating loss and foreign tax credit carryforwards", "-741 ( 741 )" ], [ "all other adjustments", "-198 ( 198 )" ], [ "estimated tier 1 common under basel iii rules", "$ 151202" ], [ "estimated risk-weighted assets under basel iii advanced approach ( b )", "$ 1590873" ], [ "estimated tier 1 common ratio under basel iii advanced approach ( c )", "9.5% ( 9.5 % )" ] ]

[]

[ "we also record an inventory obsolescence reserve , which represents the difference between the cost of the inventory and its estimated realizable value , based on various product sales projections .", "this reserve is calcu- lated using an estimated obsolescence percentage applied to the inventory based on age , historical trends and requirements to support forecasted sales .", "in addition , and as necessary , we may establish specific reserves for future known or anticipated events .", "pension and other post-retirement benefit costs we offer the following benefits to some or all of our employees : a domestic trust-based noncontributory qual- ified defined benefit pension plan ( 201cu.s .", "qualified plan 201d ) and an unfunded , non-qualified domestic noncon- tributory pension plan to provide benefits in excess of statutory limitations ( collectively with the u.s .", "qualified plan , the 201cdomestic plans 201d ) ; a domestic contributory defined contribution plan ; international pension plans , which vary by country , consisting of both defined benefit and defined contribution pension plans ; deferred compensation arrangements ; and certain other post- retirement benefit plans .", "the amounts needed to fund future payouts under our defined benefit pension and post-retirement benefit plans are subject to numerous assumptions and variables .", "cer- tain significant variables require us to make assumptions that are within our control such as an anticipated discount rate , expected rate of return on plan assets and future compensation levels .", "we evaluate these assumptions with our actuarial advisors and select assumptions that we believe reflect the economics underlying our pension and post-retirement obligations .", "while we believe these assumptions are within accepted industry ranges , an increase or decrease in the assumptions or economic events outside our control could have a direct impact on reported net earnings .", "the discount rate for each plan used for determining future net periodic benefit cost is based on a review of highly rated long-term bonds .", "for fiscal 2013 , we used a discount rate for our domestic plans of 3.90% ( 3.90 % ) and vary- ing rates on our international plans of between 1.00% ( 1.00 % ) and 7.00% ( 7.00 % ) .", "the discount rate for our domestic plans is based on a bond portfolio that includes only long-term bonds with an aa rating , or equivalent , from a major rating agency .", "as of june 30 , 2013 , we used an above-mean yield curve , rather than the broad-based yield curve we used before , because we believe it represents a better estimate of an effective settlement rate of the obligation , and the timing and amount of cash flows related to the bonds included in this portfolio are expected to match the estimated defined benefit payment streams of our domestic plans .", "the benefit obligation of our domestic plans would have been higher by approximately $ 34 mil- lion at june 30 , 2013 had we not used the above-mean yield curve .", "for our international plans , the discount rate in a particular country was principally determined based on a yield curve constructed from high quality corporate bonds in each country , with the resulting portfolio having a duration matching that particular plan .", "for fiscal 2013 , we used an expected return on plan assets of 7.50% ( 7.50 % ) for our u.s .", "qualified plan and varying rates of between 2.25% ( 2.25 % ) and 7.00% ( 7.00 % ) for our international plans .", "in determining the long-term rate of return for a plan , we consider the historical rates of return , the nature of the plan 2019s investments and an expectation for the plan 2019s investment strategies .", "see 201cnote 12 2014 pension , deferred compensation and post-retirement benefit plans 201d of notes to consolidated financial statements for details regarding the nature of our pension and post-retirement plan invest- ments .", "the difference between actual and expected return on plan assets is reported as a component of accu- mulated other comprehensive income .", "those gains/losses that are subject to amortization over future periods will be recognized as a component of the net periodic benefit cost in such future periods .", "for fiscal 2013 , our pension plans had actual return on assets of approximately $ 74 million as compared with expected return on assets of approximately $ 64 million .", "the resulting net deferred gain of approximately $ 10 million , when combined with gains and losses from previous years , will be amortized over periods ranging from approximately 7 to 22 years .", "the actual return on plan assets from our international pen- sion plans exceeded expectations , primarily reflecting a strong performance from fixed income and equity invest- ments .", "the lower than expected return on assets from our u.s .", "qualified plan was primarily due to weakness in our fixed income investments , partially offset by our strong equity returns .", "a 25 basis-point change in the discount rate or the expected rate of return on plan assets would have had the following effect on fiscal 2013 pension expense : 25 basis-point 25 basis-point increase decrease ( in millions ) ." ]

[ "our post-retirement plans are comprised of health care plans that could be impacted by health care cost trend rates , which may have a significant effect on the amounts the est{e lauder companies inc .", "115 ." ]

[ [ "(In millions)", "25 Basis-Point Increase", "25 Basis-Point Decrease" ], [ "Discount rate", "$(3.5)", "$3.9" ], [ "Expected return on assets", "$(2.5)", "$2.7" ] ]

[ [ "( in millions )", "25 basis-point increase", "25 basis-point decrease" ], [ "discount rate", "$ -3.5 ( 3.5 )", "$ 3.9" ], [ "expected return on assets", "$ -2.5 ( 2.5 )", "$ 2.7" ] ]

[ { "arg1": "2.25%", "arg2": "7.00%", "op": "add2-1", "res": "9.25%" }, { "arg1": "#0", "arg2": "const_2", "op": "divide2-2", "res": "4.62%" } ]

[ "jpmorgan chase & co./2017 annual report 53 net interest income excluding cib 2019s markets businesses in addition to reviewing net interest income on a managed basis , management also reviews net interest income excluding net interest income arising from cib 2019s markets businesses to assess the performance of the firm 2019s lending , investing ( including asset-liability management ) and deposit-raising activities .", "this net interest income is referred to as non-markets related net interest income .", "cib 2019s markets businesses are fixed income markets and equity markets .", "management believes that disclosure of non-markets related net interest income provides investors and analysts with another measure by which to analyze the non-markets-related business trends of the firm and provides a comparable measure to other financial institutions that are primarily focused on lending , investing and deposit-raising activities .", "the data presented below are non-gaap financial measures due to the exclusion of markets related net interest income arising from cib .", "year ended december 31 , ( in millions , except rates ) 2017 2016 2015 net interest income 2013 managed basis ( a ) ( b ) $ 51410 $ 47292 $ 44620 less : cib markets net interest income ( c ) 4630 6334 5298 net interest income excluding cib markets ( a ) $ 46780 $ 40958 $ 39322 average interest-earning assets $ 2180592 $ 2101604 $ 2088242 less : average cib markets interest-earning assets ( c ) 540835 520307 510292 average interest-earning assets excluding cib markets $ 1639757 $ 1581297 $ 1577950 net interest yield on average interest-earning assets 2013 managed basis 2.36% ( 2.36 % ) 2.25% ( 2.25 % ) 2.14% ( 2.14 % ) net interest yield on average cib markets interest-earning assets ( c ) 0.86 1.22 1.04 net interest yield on average interest-earning assets excluding cib markets 2.85% ( 2.85 % ) 2.59% ( 2.59 % ) 2.49% ( 2.49 % ) ( a ) interest includes the effect of related hedges .", "taxable-equivalent amounts are used where applicable .", "( b ) for a reconciliation of net interest income on a reported and managed basis , see reconciliation from the firm 2019s reported u.s .", "gaap results to managed basis on page 52 .", "( c ) the amounts in this table differ from the prior-period presentation to align with cib 2019s markets businesses .", "for further information on cib 2019s markets businesses , see page 65 .", "calculation of certain u.s .", "gaap and non-gaap financial measures certain u.s .", "gaap and non-gaap financial measures are calculated as follows : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares at period-end * represents net income applicable to common equity ." ]

[ "jpmorgan chase & co./2017 annual report 53 net interest income excluding cib 2019s markets businesses in addition to reviewing net interest income on a managed basis , management also reviews net interest income excluding net interest income arising from cib 2019s markets businesses to assess the performance of the firm 2019s lending , investing ( including asset-liability management ) and deposit-raising activities .", "this net interest income is referred to as non-markets related net interest income .", "cib 2019s markets businesses are fixed income markets and equity markets .", "management believes that disclosure of non-markets related net interest income provides investors and analysts with another measure by which to analyze the non-markets-related business trends of the firm and provides a comparable measure to other financial institutions that are primarily focused on lending , investing and deposit-raising activities .", "the data presented below are non-gaap financial measures due to the exclusion of markets related net interest income arising from cib .", "year ended december 31 , ( in millions , except rates ) 2017 2016 2015 net interest income 2013 managed basis ( a ) ( b ) $ 51410 $ 47292 $ 44620 less : cib markets net interest income ( c ) 4630 6334 5298 net interest income excluding cib markets ( a ) $ 46780 $ 40958 $ 39322 average interest-earning assets $ 2180592 $ 2101604 $ 2088242 less : average cib markets interest-earning assets ( c ) 540835 520307 510292 average interest-earning assets excluding cib markets $ 1639757 $ 1581297 $ 1577950 net interest yield on average interest-earning assets 2013 managed basis 2.36% ( 2.36 % ) 2.25% ( 2.25 % ) 2.14% ( 2.14 % ) net interest yield on average cib markets interest-earning assets ( c ) 0.86 1.22 1.04 net interest yield on average interest-earning assets excluding cib markets 2.85% ( 2.85 % ) 2.59% ( 2.59 % ) 2.49% ( 2.49 % ) ( a ) interest includes the effect of related hedges .", "taxable-equivalent amounts are used where applicable .", "( b ) for a reconciliation of net interest income on a reported and managed basis , see reconciliation from the firm 2019s reported u.s .", "gaap results to managed basis on page 52 .", "( c ) the amounts in this table differ from the prior-period presentation to align with cib 2019s markets businesses .", "for further information on cib 2019s markets businesses , see page 65 .", "calculation of certain u.s .", "gaap and non-gaap financial measures certain u.s .", "gaap and non-gaap financial measures are calculated as follows : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares at period-end * represents net income applicable to common equity ." ]

[ [ "Year ended December 31,(in millions, except rates)", "2017", "2016", "2015" ], [ "Net interest income – managed basis^(a)(b)", "$51,410", "$47,292", "$44,620" ], [ "Less: CIB Markets net interest income^(c)", "4,630", "6,334", "5,298" ], [ "Net interest income excluding CIB Markets^(a)", "$46,780", "$40,958", "$39,322" ], [ "Average interest-earning assets", "$2,180,592", "$2,101,604", "$2,088,242" ], [ "Less: Average CIB Markets interest-earning assets^(c)", "540,835", "520,307", "510,292" ], [ "Average interest-earning assets excluding CIB Markets", "$1,639,757", "$1,581,297", "$1,577,950" ], [ "Net interest yield on average interest-earning assets – managed basis", "2.36%", "2.25%", "2.14%" ], [ "Net interest yield on average CIB Markets interest-earning assets^(c)", "0.86", "1.22", "1.04" ], [ "Net interest yield on average interest-earning assets excluding CIB Markets", "2.85%", "2.59%", "2.49%" ] ]

[ [ "year ended december 31 ( in millions except rates )", "2017", "2016", "2015" ], [ "net interest income 2013 managed basis ( a ) ( b )", "$ 51410", "$ 47292", "$ 44620" ], [ "less : cib markets net interest income ( c )", "4630", "6334", "5298" ], [ "net interest income excluding cib markets ( a )", "$ 46780", "$ 40958", "$ 39322" ], [ "average interest-earning assets", "$ 2180592", "$ 2101604", "$ 2088242" ], [ "less : average cib markets interest-earning assets ( c )", "540835", "520307", "510292" ], [ "average interest-earning assets excluding cib markets", "$ 1639757", "$ 1581297", "$ 1577950" ], [ "net interest yield on average interest-earning assets 2013 managed basis", "2.36% ( 2.36 % )", "2.25% ( 2.25 % )", "2.14% ( 2.14 % )" ], [ "net interest yield on average cib markets interest-earning assets ( c )", "0.86", "1.22", "1.04" ], [ "net interest yield on average interest-earning assets excluding cib markets", "2.85% ( 2.85 % )", "2.59% ( 2.59 % )", "2.49% ( 2.49 % )" ] ]

[]

[ "allowance for doubtful accounts is as follows: ." ]

[ "discontinued operations during the fourth quarter of 2009 , schlumberger recorded a net $ 22 million charge related to the resolution of a customs assessment pertaining to its former offshore contract drilling business , as well as the resolution of certain contingencies associated with other previously disposed of businesses .", "this amount is included in income ( loss ) from discontinued operations in the consolidated statement of income .", "during the first quarter of 2008 , schlumberger recorded a gain of $ 38 million related to the resolution of a contingency associated with a previously disposed of business .", "this gain is included in income ( loss ) from discon- tinued operations in the consolidated statement of income .", "part ii , item 8 ." ]

[ [ "", "2010", "2009", "2008" ], [ "Balance at beginning of year", "$160", "$133", "$86" ], [ "Provision", "38", "54", "65" ], [ "Amounts written off", "(13)", "(27)", "(18)" ], [ "Balance at end of year", "$185", "$160", "$133" ] ]

[ [ "", "2010", "2009", "2008" ], [ "balance at beginning of year", "$ 160", "$ 133", "$ 86" ], [ "provision", "38", "54", "65" ], [ "amounts written off", "-13 ( 13 )", "-27 ( 27 )", "-18 ( 18 )" ], [ "balance at end of year", "$ 185", "$ 160", "$ 133" ] ]

[ { "arg1": "185", "arg2": "160", "op": "minus2-1", "res": "25" }, { "arg1": "#0", "arg2": "160", "op": "divide2-2", "res": "15.6%" } ]

[ "the following table summarizes the total contractual amount of credit-related , off-balance sheet financial instruments at december 31 .", "amounts reported do not reflect participations to independent third parties. ." ]

[ "approximately 81% ( 81 % ) of the unfunded commitments to extend credit expire within one year from the date of issue .", "since many of the commitments are expected to expire or renew without being drawn upon , the total commitment amounts do 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 $ 333.07 billion and $ 572.93 billion as collateral for indemnified securities on loan at december 31 , 2008 and 2007 , respectively , presented in the table above .", "the collateral held by us is invested on behalf of our customers .", "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 $ 333.07 billion at december 31 , 2008 and $ 572.93 billion at december 31 , 2007 referenced above , $ 68.37 billion at december 31 , 2008 and $ 106.13 billion at december 31 , 2007 was invested in indemnified repurchase agreements .", "we held , as agent , cash and securities with an aggregate fair value of $ 71.87 billion and $ 111.02 billion as collateral for indemnified investments in repurchase agreements at december 31 , 2008 and december 31 , 2007 , respectively .", "asset-backed commercial paper program : in the normal course of our business , we provide liquidity and credit enhancement to an asset-backed commercial paper program sponsored and administered by us , described in note 12 .", "the commercial paper issuances and commitments of the commercial paper conduits to provide funding are supported by liquidity asset purchase agreements and back-up liquidity lines of credit , the majority of which are provided by us .", "in addition , we provide direct credit support to the conduits in the form of standby letters of credit .", "our commitments under liquidity asset purchase agreements and back-up lines of credit totaled $ 23.59 billion at december 31 , 2008 , and are included in the preceding table .", "our commitments under standby letters of credit totaled $ 1.00 billion at december 31 , 2008 , and are also included in the preceding table .", "legal proceedings : several customers have filed litigation claims against us , some of which are putative class actions purportedly on behalf of customers invested in certain of state street global advisors 2019 , or ssga 2019s , active fixed-income strategies .", "these claims related to investment losses in one or more of ssga 2019s strategies that included sub-prime investments .", "in 2007 , we established a reserve of approximately $ 625 million to address legal exposure associated with the under-performance of certain active fixed-income strategies managed by ssga and customer concerns as to whether the execution of these strategies was consistent with the customers 2019 investment intent .", "these strategies were adversely impacted by exposure to , and the lack of liquidity in ." ]

[ [ "(In millions)", "2008", "2007" ], [ "Indemnified securities financing", "$324,590", "$558,368" ], [ "Liquidity asset purchase agreements", "28,800", "35,339" ], [ "Unfunded commitments to extend credit", "20,981", "17,533" ], [ "Standby letters of credit", "6,061", "4,711" ] ]

[ [ "( in millions )", "2008", "2007" ], [ "indemnified securities financing", "$ 324590", "$ 558368" ], [ "liquidity asset purchase agreements", "28800", "35339" ], [ "unfunded commitments to extend credit", "20981", "17533" ], [ "standby letters of credit", "6061", "4711" ] ]

[ { "arg1": "6061", "arg2": "4711", "op": "minus2-1", "res": "1350" }, { "arg1": "#0", "arg2": "4711", "op": "divide2-2", "res": ".2866" } ]

[ "management 2019s discussion and analysis 132 jpmorgan chase & co./2010 annual report unpaid principal balance due to negative amortization of option arms was $ 24 million and $ 78 million at december 31 , 2010 and 2009 , respectively .", "the firm estimates the following balances of option arm loans will experience a recast that results in a payment increase : $ 72 million in 2011 , $ 241 million in 2012 and $ 784 million in 2013 .", "the firm did not originate option arms and new originations of option arms were discontinued by washington mutual prior to the date of jpmorgan chase 2019s acquisition of its banking operations .", "subprime mortgages at december 31 , 2010 were $ 11.3 billion , compared with $ 12.5 billion at december 31 , 2009 .", "the decrease was due to paydowns and charge-offs on delinquent loans , partially offset by the addition of loans as a result of the adoption of the accounting guidance related to vies .", "late-stage delinquencies remained elevated but continued to improve , albeit at a slower rate during the second half of the year , while early-stage delinquencies stabilized at an elevated level during this period .", "nonaccrual loans improved largely as a result of the improvement in late-stage delinquencies .", "charge-offs reflected modest improvement .", "auto : auto loans at december 31 , 2010 , were $ 48.4 billion , compared with $ 46.0 billion at december 31 , 2009 .", "delinquent and nonaccrual loans have decreased .", "in addition , net charge-offs have declined 52% ( 52 % ) from the prior year .", "provision expense de- creased due to favorable loss severity as a result of a strong used- car market nationwide and reduced loss frequency due to the tightening of underwriting criteria in earlier periods .", "the auto loan portfolio reflected a high concentration of prime quality credits .", "business banking : business banking loans at december 31 , 2010 , were $ 16.8 billion , compared with $ 17.0 billion at december 31 , 2009 .", "the decrease was primarily a result of run-off of the washington mutual portfolio and charge-offs on delinquent loans .", "these loans primarily include loans which are highly collateralized , often with personal loan guarantees .", "nonaccrual loans continued to remain elevated .", "after having increased during the first half of 2010 , nonaccrual loans as of december 31 , 2010 , declined to year-end 2009 levels .", "student and other : student and other loans at december 31 , 2010 , including loans held-for-sale , were $ 15.3 billion , compared with $ 16.4 billion at december 31 , 2009 .", "other loans primarily include other secured and unsecured consumer loans .", "delinquencies reflected some stabilization in the second half of 2010 , but remained elevated .", "charge-offs during 2010 remained relatively flat with 2009 levels reflecting the impact of elevated unemployment levels .", "purchased credit-impaired loans : pci loans at december 31 , 2010 , were $ 72.8 billion compared with $ 81.2 billion at december 31 , 2009 .", "this portfolio represents loans acquired in the washing- ton mutual transaction that were recorded at fair value at the time of acquisition .", "that fair value included an estimate of credit losses expected to be realized over the remaining lives of the loans , and therefore no allowance for loan losses was recorded for these loans as of the acquisition date .", "the firm regularly updates the amount of principal and interest cash flows expected to be collected for these loans .", "probable decreases in expected loan principal cash flows would trigger the recognition of impairment through the provision for loan losses .", "probable and significant increases in expected cash flows ( e.g. , decreased principal credit losses , the net benefit of modifications ) would first reverse any previously recorded allowance for loan losses , with any remaining increase in the expected cash flows recognized prospectively in interest income over the remaining estimated lives of the underlying loans .", "during 2010 , management concluded as part of the firm 2019s regular assessment of the pci pools that it was probable that higher expected principal credit losses would result in a decrease in expected cash flows .", "accordingly , the firm recognized an aggregate $ 3.4 billion impairment related to the home equity , prime mortgage , option arm and subprime mortgage pci portfolios .", "as a result of this impairment , the firm 2019s allowance for loan losses for the home equity , prime mortgage , option arm and subprime mortgage pci portfolios was $ 1.6 billion , $ 1.8 billion , $ 1.5 billion and $ 98 million , respectively , at december 31 , 2010 , compared with an allowance for loan losses of $ 1.1 billion and $ 491 million for the prime mortgage and option arm pci portfolios , respectively , at december 31 , 2009 .", "approximately 39% ( 39 % ) of the option arm borrowers were delinquent , 5% ( 5 % ) were making interest-only or negatively amortizing payments , and 56% ( 56 % ) were making amortizing payments .", "approximately 50% ( 50 % ) of current borrowers are subject to risk of payment shock due to future payment recast ; substantially all of the remaining loans have been modified to a fixed rate fully amortizing loan .", "the cumulative amount of unpaid interest added to the unpaid principal balance of the option arm pci pool was $ 1.4 billion and $ 1.9 billion at de- cember 31 , 2010 and 2009 , respectively .", "the firm estimates the following balances of option arm pci loans will experience a recast that results in a payment increase : $ 1.2 billion in 2011 , $ 2.7 billion in 2012 and $ 508 million in 2013 .", "the following table provides a summary of lifetime loss estimates included in both the nonaccretable difference and the allowance for loan losses .", "principal charge-offs will not be recorded on these pools until the nonaccretable difference has been fully depleted .", "lifetime loss estimates ( a ) ltd liquidation losses ( b ) ." ]

[ "( a ) includes the original nonaccretable difference established in purchase accounting of $ 30.5 billion for principal losses only .", "the remaining nonaccretable difference for principal losses only was $ 14.1 billion and $ 21.1 billion at december 31 , 2010 and 2009 , respectively .", "all probable increases in principal losses and foregone interest subsequent to the purchase date are reflected in the allowance for loan losses .", "( b ) life-to-date ( 201cltd 201d ) liquidation losses represent realization of loss upon loan resolution. ." ]

[ [ "", "Lifetime loss estimates^(a)", "LTD liquidation losses^(b)" ], [ "December 31, (in millions)", "2010", "2009", "2010", "2009" ], [ "Option ARMs", "$11,588", "$10,650", "$4,860", "$1,744" ], [ "Home equity", "14,698", "13,138", "8,810", "6,060" ], [ "Prime mortgage", "4,870", "4,240", "1,495", "794" ], [ "Subprime mortgage", "3,732", "3,842", "1,250", "796" ], [ "Total", "$34,888", "$31,870", "$16,415", "$9,394" ] ]

[ [ "december 31 ( in millions )", "lifetime loss estimates ( a ) 2010", "lifetime loss estimates ( a ) 2009", "lifetime loss estimates ( a ) 2010", "2009" ], [ "option arms", "$ 11588", "$ 10650", "$ 4860", "$ 1744" ], [ "home equity", "14698", "13138", "8810", "6060" ], [ "prime mortgage", "4870", "4240", "1495", "794" ], [ "subprime mortgage", "3732", "3842", "1250", "796" ], [ "total", "$ 34888", "$ 31870", "$ 16415", "$ 9394" ] ]

[]

[ "while we have remediated the previously-identified material weakness in our internal control over financial reporting , we may identify other material weaknesses in the future .", "in november 2017 , we restated our consolidated financial statements for the quarters ended april 1 , 2017 and july 1 , 2017 in order to correctly classify cash receipts from the payments on sold receivables ( which are cash receipts on the underlying trade receivables that have already been securitized ) to cash provided by investing activities ( from cash provided by operating activities ) within our condensed consolidated statements of cash flows .", "in connection with these restatements , management identified a material weakness in our internal control over financial reporting related to the misapplication of accounting standards update 2016-15 .", "specifically , we did not maintain effective controls over the adoption of new accounting standards , including communication with the appropriate individuals in coming to our conclusions on the application of new accounting standards .", "as a result of this material weakness , our management concluded that we did not maintain effective internal control over financial reporting as of april 1 , 2017 and july 1 , 2017 .", "while we have remediated the material weakness and our management has determined that our disclosure controls and procedures were effective as of december 30 , 2017 , there can be no assurance that our controls will remain adequate .", "the effectiveness of our internal control over financial reporting is subject to various inherent limitations , including judgments used in decision-making , the nature and complexity of the transactions we undertake , assumptions about the likelihood of future events , the soundness of our systems , cost limitations , and other limitations .", "if other material weaknesses or significant deficiencies in our internal control are discovered or occur in the future or we otherwise must restate our financial statements , it could materially and adversely affect our business and results of operations or financial condition , restrict our ability to access the capital markets , require us to expend significant resources to correct the weaknesses or deficiencies , subject us to fines , penalties , investigations or judgments , harm our reputation , or otherwise cause a decline in investor confidence .", "item 1b .", "unresolved staff comments .", "item 2 .", "properties .", "our corporate co-headquarters are located in pittsburgh , pennsylvania and chicago , illinois .", "our co-headquarters are leased and house certain executive offices , our u.s .", "business units , and our administrative , finance , legal , and human resource functions .", "we maintain additional owned and leased offices throughout the regions in which we operate .", "we manufacture our products in our network of manufacturing and processing facilities located throughout the world .", "as of december 30 , 2017 , we operated 83 manufacturing and processing facilities .", "we own 80 and lease three of these facilities .", "our manufacturing and processing facilities count by segment as of december 30 , 2017 was: ." ]

[ "we maintain all of our manufacturing and processing facilities in good condition and believe they are suitable and are adequate for our present needs .", "we also enter into co-manufacturing arrangements with third parties if we determine it is advantageous to outsource the production of any of our products .", "item 3 .", "legal proceedings .", "we are routinely involved in legal proceedings , claims , and governmental inquiries , inspections or investigations ( 201clegal matters 201d ) arising in the ordinary course of our business .", "while we cannot predict with certainty the results of legal matters in which we are currently involved or may in the future be involved , we do not expect that the ultimate costs to resolve any of the legal matters that are currently pending will have a material adverse effect on our financial condition or results of operations .", "item 4 .", "mine safety disclosures .", "not applicable. ." ]

[ [ "", "Owned", "Leased" ], [ "United States", "41", "1" ], [ "Canada", "2", "—" ], [ "Europe", "11", "—" ], [ "Rest of World", "26", "2" ] ]

[ [ "", "owned", "leased" ], [ "united states", "41", "1" ], [ "canada", "2", "2014" ], [ "europe", "11", "2014" ], [ "rest of world", "26", "2" ] ]

[ { "arg1": "41", "arg2": "2", "op": "add1-1", "res": "43" }, { "arg1": "#0", "arg2": "11", "op": "add1-2", "res": "54" }, { "arg1": "#1", "arg2": "26", "op": "add1-3", "res": "80" }, { "arg1": "#2", "arg2": "83", "op": "divide1-4", "res": "96.4%" } ]

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

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

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

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

[]

[ "( a ) the net change in the total valuation allowance for the years ended december 31 , 2018 and 2017 was an increase of $ 12 million and an increase of $ 26 million , respectively .", "deferred income tax assets and liabilities are recorded in the accompanying consolidated balance sheet under the captions deferred charges and other assets and deferred income taxes .", "there was a decrease in deferred income tax assets principally relating to the utilization of u.s .", "federal alternative minimum tax credits as permitted under tax reform .", "deferred tax liabilities increased primarily due to the tax deferral of the book gain recognized on the transfer of the north american consumer packaging business to a subsidiary of graphic packaging holding company .", "of the $ 1.5 billion of deferred tax liabilities for forestlands , related installment sales , and investment in subsidiary , $ 884 million is attributable to an investment in subsidiary and relates to a 2006 international paper installment sale of forestlands and $ 538 million is attributable to a 2007 temple-inland installment sale of forestlands ( see note 14 ) .", "a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended december 31 , 2018 , 2017 and 2016 is as follows: ." ]

[ "if the company were to prevail on the unrecognized tax benefits recorded , substantially all of the balances at december 31 , 2018 , 2017 and 2016 would benefit the effective tax rate .", "the company accrues interest on unrecognized tax benefits as a component of interest expense .", "penalties , if incurred , are recognized as a component of income tax expense .", "the company had approximately $ 21 million and $ 17 million accrued for the payment of estimated interest and penalties associated with unrecognized tax benefits at december 31 , 2018 and 2017 , respectively .", "the major jurisdictions where the company files income tax returns are the united states , brazil , france , poland and russia .", "generally , tax years 2006 through 2017 remain open and subject to examination by the relevant tax authorities .", "the company frequently faces challenges regarding the amount of taxes due .", "these challenges include positions taken by the company related to the timing , nature , and amount of deductions and the allocation of income among various tax jurisdictions .", "pending audit settlements and the expiration of statute of limitations could reduce the uncertain tax positions by $ 30 million during the next twelve months .", "the brazilian federal revenue service has challenged the deductibility of goodwill amortization generated in a 2007 acquisition by international paper do brasil ltda. , a wholly-owned subsidiary of the company .", "the company received assessments for the tax years 2007-2015 totaling approximately $ 150 million in tax , and $ 380 million in interest and penalties as of december 31 , 2018 ( adjusted for variation in currency exchange rates ) .", "after a previous favorable ruling challenging the basis for these assessments , we received an unfavorable decision in october 2018 from the brazilian administrative council of tax appeals .", "the company intends to further appeal the matter in the brazilian federal courts in 2019 ; however , this tax litigation matter may take many years to resolve .", "the company believes that it has appropriately evaluated the transaction underlying these assessments , and has concluded based on brazilian tax law , that its tax position would be sustained .", "the company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for tax years subsequent to 2015 .", "international paper uses the flow-through method to account for investment tax credits earned on eligible open-loop biomass facilities and combined heat and power system expenditures .", "under this method , the investment tax credits are recognized as a reduction to income tax expense in the year they are earned rather than a reduction in the asset basis .", "the company recorded a tax benefit of $ 6 million during 2018 and recorded a tax benefit of $ 68 million during 2017 related to investment tax credits earned in tax years 2013-2017. ." ]

[ [ "In millions", "2018", "2017", "2016" ], [ "Balance at January 1", "$(188)", "$(98)", "$(150)" ], [ "(Additions) reductions based on tax positions related to current year", "(7)", "(54)", "(4)" ], [ "(Additions) for tax positions of prior years", "(37)", "(40)", "(3)" ], [ "Reductions for tax positions of prior years", "5", "4", "33" ], [ "Settlements", "2", "6", "19" ], [ "Expiration of statutes oflimitations", "2", "1", "5" ], [ "Currency translation adjustment", "3", "(7)", "2" ], [ "Balance at December 31", "$(220)", "$(188)", "$(98)" ] ]

[ [ "in millions", "2018", "2017", "2016" ], [ "balance at january 1", "$ -188 ( 188 )", "$ -98 ( 98 )", "$ -150 ( 150 )" ], [ "( additions ) reductions based on tax positions related to current year", "-7 ( 7 )", "-54 ( 54 )", "-4 ( 4 )" ], [ "( additions ) for tax positions of prior years", "-37 ( 37 )", "-40 ( 40 )", "-3 ( 3 )" ], [ "reductions for tax positions of prior years", "5", "4", "33" ], [ "settlements", "2", "6", "19" ], [ "expiration of statutes oflimitations", "2", "1", "5" ], [ "currency translation adjustment", "3", "-7 ( 7 )", "2" ], [ "balance at december 31", "$ -220 ( 220 )", "$ -188 ( 188 )", "$ -98 ( 98 )" ] ]

[ { "arg1": "220", "arg2": "188", "op": "minus1-1", "res": "32" }, { "arg1": "#0", "arg2": "188", "op": "divide1-2", "res": "17%" } ]

[ "a valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized .", "changes to our valuation allowance during the year ended december 31 , 2017 , the 2016 fiscal transition period and the years ended may 31 , 2016 and 2015 are summarized below ( in thousands ) : ." ]

[ "the increase in the valuation allowance related to net operating loss carryforwards of $ 10.3 million for the year ended december 31 , 2017 relates primarily to carryforward assets recorded as part of the acquisition of active network .", "the increase in the valuation allowance related to domestic net operating loss carryforwards of $ 1.5 million and $ 4.5 million for the 2016 fiscal transition period and the year ended may 31 , 2016 , respectively , relates to acquired carryforwards from the merger with heartland .", "foreign net operating loss carryforwards of $ 43.2 million and domestic net operating loss carryforwards of $ 28.9 million at december 31 , 2017 will expire between december 31 , 2026 and december 31 , 2037 if not utilized .", "we conduct business globally and file income tax returns in the domestic federal jurisdiction and various state and foreign jurisdictions .", "in the normal course of business , we are subject to examination by taxing authorities around the world .", "we are no longer subjected to state income tax examinations for years ended on or before may 31 , 2008 , u.s .", "federal income tax examinations for years ended on or before december 31 , 2013 and u.k .", "federal income tax examinations for years ended on or before may 31 , 2014 .", "88 2013 global payments inc .", "| 2017 form 10-k annual report ." ]

[ [ "Balance at May 31, 2014", "$(7,199)" ], [ "Utilization of foreign net operating loss carryforwards", "3,387" ], [ "Other", "(11)" ], [ "Balance at May 31, 2015", "(3,823)" ], [ "Allowance for foreign income tax credit carryforward", "(7,140)" ], [ "Allowance for domestic net operating loss carryforwards", "(4,474)" ], [ "Allowance for domestic net unrealized capital loss", "(1,526)" ], [ "Release of allowance of domestic capital loss carryforward", "1,746" ], [ "Other", "98" ], [ "Balance at May 31, 2016", "(15,119)" ], [ "Allowance for domestic net operating loss carryforwards", "(1,504)" ], [ "Release of allowance of domestic net unrealized capital loss", "12" ], [ "Balance at December 31, 2016", "(16,611)" ], [ "Allowance for foreign net operating loss carryforwards", "(6,469)" ], [ "Allowance for domestic net operating loss carryforwards", "(3,793)" ], [ "Allowance for state credit carryforwards", "(685)" ], [ "Rate change on domestic net operating loss and capital loss carryforwards", "3,868" ], [ "Utilization of foreign income tax credit carryforward", "7,140" ], [ "Balance at December 31, 2017", "$(16,550)" ] ]

[ [ "balance at may 31 2014", "$ -7199 ( 7199 )" ], [ "utilization of foreign net operating loss carryforwards", "3387" ], [ "other", "-11 ( 11 )" ], [ "balance at may 31 2015", "-3823 ( 3823 )" ], [ "allowance for foreign income tax credit carryforward", "-7140 ( 7140 )" ], [ "allowance for domestic net operating loss carryforwards", "-4474 ( 4474 )" ], [ "allowance for domestic net unrealized capital loss", "-1526 ( 1526 )" ], [ "release of allowance of domestic capital loss carryforward", "1746" ], [ "other", "98" ], [ "balance at may 31 2016", "-15119 ( 15119 )" ], [ "allowance for domestic net operating loss carryforwards", "-1504 ( 1504 )" ], [ "release of allowance of domestic net unrealized capital loss", "12" ], [ "balance at december 31 2016", "-16611 ( 16611 )" ], [ "allowance for foreign net operating loss carryforwards", "-6469 ( 6469 )" ], [ "allowance for domestic net operating loss carryforwards", "-3793 ( 3793 )" ], [ "allowance for state credit carryforwards", "-685 ( 685 )" ], [ "rate change on domestic net operating loss and capital loss carryforwards", "3868" ], [ "utilization of foreign income tax credit carryforward", "7140" ], [ "balance at december 31 2017", "$ -16550 ( 16550 )" ] ]

[]

[ "74 2012 ppg annual report and form 10-k 25 .", "separation and merger transaction on january , 28 , 2013 , the company completed the previously announced separation of its commodity chemicals business and merger of its wholly-owned subsidiary , eagle spinco inc. , with a subsidiary of georgia gulf corporation in a tax efficient reverse morris trust transaction ( the 201ctransaction 201d ) .", "pursuant to the merger , eagle spinco , the entity holding ppg's former commodity chemicals business , is now a wholly-owned subsidiary of georgia gulf .", "the closing of the merger followed the expiration of the related exchange offer and the satisfaction of certain other conditions .", "the combined company formed by uniting georgia gulf with ppg's former commodity chemicals business is named axiall corporation ( 201caxiall 201d ) .", "ppg holds no ownership interest in axiall .", "ppg received the necessary ruling from the internal revenue service and as a result this transaction was generally tax free to ppg and its shareholders .", "under the terms of the exchange offer , 35249104 shares of eagle spinco common stock were available for distribution in exchange for shares of ppg common stock accepted in the offer .", "following the merger , each share of eagle spinco common stock automatically converted into the right to receive one share of axiall corporation common stock .", "accordingly , ppg shareholders who tendered their shares of ppg common stock as part of this offer received 3.2562 shares of axiall common stock for each share of ppg common stock accepted for exchange .", "ppg was able to accept the maximum of 10825227 shares of ppg common stock for exchange in the offer , and thereby , reduced its outstanding shares by approximately 7% ( 7 % ) .", "under the terms of the transaction , ppg received $ 900 million of cash and 35.2 million shares of axiall common stock ( market value of $ 1.8 billion on january 25 , 2013 ) which was distributed to ppg shareholders by the exchange offer as described above .", "the cash consideration is subject to customary post-closing adjustment , including a working capital adjustment .", "in the transaction , ppg transferred environmental remediation liabilities , defined benefit pension plan assets and liabilities and other post-employment benefit liabilities related to the commodity chemicals business to axiall .", "ppg will report a gain on the transaction reflecting the excess of the sum of the cash proceeds received and the cost ( closing stock price on january 25 , 2013 ) of the ppg shares tendered and accepted in the exchange for the 35.2 million shares of axiall common stock over the net book value of the net assets of ppg's former commodity chemicals business .", "the transaction will also result in a net partial settlement loss associated with the spin out and termination of defined benefit pension liabilities and the transfer of other post-retirement benefit liabilities under the terms of the transaction .", "during 2012 , the company incurred $ 21 million of pretax expense , primarily for professional services , related to the transaction .", "additional transaction-related expenses will be incurred in 2013 .", "ppg will report the results of its commodity chemicals business for january 2013 and a net gain on the transaction as results from discontinued operations when it reports its results for the quarter ending march 31 , 2013 .", "in the ppg results for prior periods , presented for comparative purposes beginning with the first quarter 2013 , the results of its former commodity chemicals business will be reclassified from continuing operations and presented as the results from discontinued operations .", "the net sales and income before income taxes of the commodity chemicals business that will be reclassified and reported as discontinued operations are presented in the table below for the years ended december 31 , 2012 , 2011 and 2010: ." ]

[ "income before income taxes for the year ended december 31 , 2012 , 2011 and 2010 is $ 4 million lower , $ 6 million higher and $ 2 million lower , respectively , than segment earnings for the ppg commodity chemicals segment reported for these periods .", "these differences are due to the inclusion of certain gains , losses and expenses associated with the chlor-alkali and derivatives business that were not reported in the ppg commodity chemicals segment earnings in accordance with the accounting guidance on segment reporting .", "table of contents notes to the consolidated financial statements ." ]

[ [ "", "Year-ended" ], [ "Millions", "2012", "2011", "2010" ], [ "Net sales", "$1,700", "$1,741", "$1,441" ], [ "Income before income taxes", "$368", "$376", "$187" ] ]

[ [ "millions", "year-ended 2012", "year-ended 2011", "year-ended 2010" ], [ "net sales", "$ 1700", "$ 1741", "$ 1441" ], [ "income before income taxes", "$ 368", "$ 376", "$ 187" ] ]

[ { "arg1": "1700", "arg2": "1741", "op": "minus2-1", "res": "-41" }, { "arg1": "#0", "arg2": "1741", "op": "divide2-2", "res": "-2%" } ]

[ "jpmorgan chase & co./2012 annual report 119 implementing further revisions to the capital accord in the u.s .", "( such further revisions are commonly referred to as 201cbasel iii 201d ) .", "basel iii revised basel ii by , among other things , narrowing the definition of capital , and increasing capital requirements for specific exposures .", "basel iii also includes higher capital ratio requirements and provides that the tier 1 common capital requirement will be increased to 7% ( 7 % ) , comprised of a minimum ratio of 4.5% ( 4.5 % ) plus a 2.5% ( 2.5 % ) capital conservation buffer .", "implementation of the 7% ( 7 % ) tier 1 common capital requirement is required by january 1 , in addition , global systemically important banks ( 201cgsibs 201d ) will be required to maintain tier 1 common requirements above the 7% ( 7 % ) minimum in amounts ranging from an additional 1% ( 1 % ) to an additional 2.5% ( 2.5 % ) .", "in november 2012 , the financial stability board ( 201cfsb 201d ) indicated that it would require the firm , as well as three other banks , to hold the additional 2.5% ( 2.5 % ) of tier 1 common ; the requirement will be phased in beginning in 2016 .", "the basel committee also stated it intended to require certain gsibs to hold an additional 1% ( 1 % ) of tier 1 common under certain circumstances , to act as a disincentive for the gsib from taking actions that would further increase its systemic importance .", "currently , no gsib ( including the firm ) is required to hold this additional 1% ( 1 % ) of tier 1 common .", "in addition , pursuant to the requirements of the dodd-frank act , u.s .", "federal banking agencies have proposed certain permanent basel i floors under basel ii and basel iii capital calculations .", "the following table presents a comparison of the firm 2019s tier 1 common under basel i rules to its estimated tier 1 common under basel iii rules , along with the firm 2019s estimated risk-weighted assets .", "tier 1 common under basel iii includes additional adjustments and deductions not included in basel i tier 1 common , such as the inclusion of aoci related to afs securities and defined benefit pension and other postretirement employee benefit ( 201copeb 201d ) plans .", "the firm estimates that its tier 1 common ratio under basel iii rules would be 8.7% ( 8.7 % ) as of december 31 , 2012 .", "the tier 1 common ratio under both basel i and basel iii are non- gaap financial measures .", "however , such measures are used by bank regulators , investors and analysts as a key measure to assess the firm 2019s capital position and to compare the firm 2019s capital to that of other financial services companies .", "december 31 , 2012 ( in millions , except ratios ) ." ]

[ "estimated risk-weighted assets under basel iii rules ( a ) $ 1647903 estimated tier 1 common ratio under basel iii rules ( b ) 8.7% ( 8.7 % ) ( a ) key differences in the calculation of risk-weighted assets between basel i and basel iii include : ( 1 ) basel iii credit risk rwa is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters , whereas basel i rwa is based on fixed supervisory risk weightings which vary only by counterparty type and asset class ; ( 2 ) basel iii market risk rwa reflects the new capital requirements related to trading assets and securitizations , which include incremental capital requirements for stress var , correlation trading , and re-securitization positions ; and ( 3 ) basel iii includes rwa for operational risk , whereas basel i does not .", "the actual impact on the firm 2019s capital ratios upon implementation could differ depending on final implementation guidance from the regulators , as well as regulatory approval of certain of the firm 2019s internal risk models .", "( b ) the tier 1 common ratio is tier 1 common divided by rwa .", "the firm 2019s estimate of its tier 1 common ratio under basel iii reflects its current understanding of the basel iii rules based on information currently published by the basel committee and u.s .", "federal banking agencies and on the application of such rules to its businesses as currently conducted ; it excludes the impact of any changes the firm may make in the future to its businesses as a result of implementing the basel iii rules , possible enhancements to certain market risk models , and any further implementation guidance from the regulators .", "the basel iii capital requirements are subject to prolonged transition periods .", "the transition period for banks to meet the tier 1 common requirement under basel iii was originally scheduled to begin in 2013 , with full implementation on january 1 , 2019 .", "in november 2012 , the u.s .", "federal banking agencies announced a delay in the implementation dates for the basel iii capital requirements .", "the additional capital requirements for gsibs will be phased in starting january 1 , 2016 , with full implementation on january 1 , 2019 .", "management 2019s current objective is for the firm to reach , by the end of 2013 , an estimated basel iii tier i common ratio of 9.5% ( 9.5 % ) .", "additional information regarding the firm 2019s capital ratios and the federal regulatory capital standards to which it is subject is presented in supervision and regulation on pages 1 20138 of the 2012 form 10-k , and note 28 on pages 306 2013 308 of this annual report .", "broker-dealer regulatory capital jpmorgan chase 2019s principal u.s .", "broker-dealer subsidiaries are j.p .", "morgan securities llc ( 201cjpmorgan securities 201d ) and j.p .", "morgan clearing corp .", "( 201cjpmorgan clearing 201d ) .", "jpmorgan clearing is a subsidiary of jpmorgan securities and provides clearing and settlement services .", "jpmorgan securities and jpmorgan clearing are each subject to rule 15c3-1 under the securities exchange act of 1934 ( the 201cnet capital rule 201d ) .", "jpmorgan securities and jpmorgan clearing are also each registered as futures commission merchants and subject to rule 1.17 of the commodity futures trading commission ( 201ccftc 201d ) .", "jpmorgan securities and jpmorgan clearing have elected to compute their minimum net capital requirements in accordance with the 201calternative net capital requirements 201d of the net capital rule .", "at december 31 , 2012 , jpmorgan securities 2019 net capital , as defined by the net capital rule , was $ 13.5 billion , exceeding the minimum requirement by ." ]

[ [ "Tier 1 common under Basel I rules", "$140,342" ], [ "Adjustments related to AOCI for AFS securities and defined benefit pension and OPEB plans", "4,077" ], [ "All other adjustments", "(453)" ], [ "Estimated Tier 1 common under Basel III rules", "$143,966" ], [ "Estimated risk-weighted assets under Basel III rules^(a)", "$1,647,903" ], [ "Estimated Tier 1 common ratio under Basel III rules^(b)", "8.7%" ] ]

[ [ "tier 1 common under basel i rules", "$ 140342" ], [ "adjustments related to aoci for afs securities and defined benefit pension and opeb plans", "4077" ], [ "all other adjustments", "-453 ( 453 )" ], [ "estimated tier 1 common under basel iii rules", "$ 143966" ], [ "estimated risk-weighted assets under basel iii rules ( a )", "$ 1647903" ], [ "estimated tier 1 common ratio under basel iii rules ( b )", "8.7% ( 8.7 % )" ] ]

[]

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

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

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

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

[ { "arg1": "11.6", "arg2": "8.6", "op": "minus1-1", "res": "3.0" }, { "arg1": "#0", "arg2": "8.6", "op": "divide1-2", "res": "34.9%" } ]

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

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

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

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

[ { "arg1": "2.1", "arg2": "const_1000", "op": "multiply2-1", "res": "2100" }, { "arg1": "#0", "arg2": "5720", "op": "divide2-2", "res": "37%" } ]

[ "tax benefits recognized for stock-based compensation during the years ended december 31 , 2011 , 2010 and 2009 , were $ 16 million , $ 6 million and $ 5 million , respectively .", "the amount of northrop grumman shares issued before the spin-off to satisfy stock-based compensation awards are recorded by northrop grumman and , accordingly , are not reflected in hii 2019s consolidated financial statements .", "the company realized tax benefits during the year ended december 31 , 2011 , of $ 2 million from the exercise of stock options and $ 10 million from the issuance of stock in settlement of rpsrs and rsrs .", "unrecognized compensation expense at december 31 , 2011 there was $ 1 million of unrecognized compensation expense related to unvested stock option awards , which will be recognized over a weighted average period of 1.1 years .", "in addition , at december 31 , 2011 , there was $ 19 million of unrecognized compensation expense associated with the 2011 rsrs , which will be recognized over a period of 2.2 years ; $ 10 million of unrecognized compensation expense associated with the rpsrs converted as part of the spin-off , which will be recognized over a weighted average period of one year ; and $ 18 million of unrecognized compensation expense associated with the 2011 rpsrs which will be recognized over a period of 2.0 years .", "stock options the compensation expense for the outstanding converted stock options was determined at the time of grant by northrop grumman .", "there were no additional options granted during the year ended december 31 , 2011 .", "the fair value of the stock option awards is expensed on a straight-line basis over the vesting period of the options .", "the fair value of each of the stock option award was estimated on the date of grant using a black-scholes option pricing model based on the following assumptions : dividend yield 2014the dividend yield was based on northrop grumman 2019s historical dividend yield level .", "volatility 2014expected volatility was based on the average of the implied volatility from traded options and the historical volatility of northrop grumman 2019s stock .", "risk-free interest rate 2014the risk-free rate for periods within the contractual life of the stock option award was based on the yield curve of a zero-coupon u.s .", "treasury bond on the date the award was granted with a maturity equal to the expected term of the award .", "expected term 2014the expected term of awards granted was derived from historical experience and represents the period of time that awards granted are expected to be outstanding .", "a stratification of expected terms based on employee populations ( executive and non-executive ) was considered in the analysis .", "the following significant weighted-average assumptions were used to value stock options granted during the years ended december 31 , 2010 and 2009: ." ]

[ "the weighted-average grant date fair value of stock options granted during the years ended december 31 , 2010 and 2009 , was $ 11 and $ 7 , per share , respectively. ." ]

[ [ "", "2010", "2009" ], [ "Dividend yield", "2.9%", "3.6%" ], [ "Volatility Rate", "25%", "25%" ], [ "Risk-free interest rate", "2.3%", "1.7%" ], [ "Expected option life (years)", "6", "5 & 6" ] ]

[ [ "", "2010", "2009" ], [ "dividend yield", "2.9% ( 2.9 % )", "3.6% ( 3.6 % )" ], [ "volatility rate", "25% ( 25 % )", "25% ( 25 % )" ], [ "risk-free interest rate", "2.3% ( 2.3 % )", "1.7% ( 1.7 % )" ], [ "expected option life ( years )", "6", "5 & 6" ] ]

[ { "arg1": "2.9", "arg2": "3.6", "op": "minus2-1", "res": "-0.7" }, { "arg1": "#0", "arg2": "3.6", "op": "divide2-2", "res": "-19.4%" } ]

[ "kimco realty corporation and subsidiaries notes to consolidated financial statements , continued other 2014 in connection with the construction of its development projects and related infrastructure , certain public agencies require posting of performance and surety bonds to guarantee that the company 2019s obligations are satisfied .", "these bonds expire upon the completion of the improvements and infrastructure .", "as of december 31 , 2010 , there were approximately $ 45.3 million in performance and surety bonds outstanding .", "as of december 31 , 2010 , the company had accrued $ 3.8 million in connection with a legal claim related to a previously sold ground-up development project .", "the company is currently negotiating with the plaintiff to settle this claim and believes that the prob- able settlement amount will approximate the amount accrued .", "the company is subject to various other legal proceedings and claims that arise in the ordinary course of business .", "management believes that the final outcome of such matters will not have a material adverse effect on the financial position , results of operations or liquidity of the company .", "23 .", "incentive plans : the company maintains two equity participation plans , the second amended and restated 1998 equity participation plan ( the 201cprior plan 201d ) and the 2010 equity participation plan ( the 201c2010 plan 201d ) ( collectively , the 201cplans 201d ) .", "the prior plan provides for a maxi- mum of 47000000 shares of the company 2019s common stock to be issued for qualified and non-qualified options and restricted stock grants .", "the 2010 plan provides for a maximum of 5000000 shares of the company 2019s common stock to be issued for qualified and non-qualified options , restricted stock , performance awards and other awards , plus the number of shares of common stock which are or become available for issuance under the prior plan and which are not thereafter issued under the prior plan , subject to certain conditions .", "unless otherwise determined by the board of directors at its sole discretion , options granted under the plans generally vest ratably over a range of three to five years , expire ten years from the date of grant and are exercisable at the market price on the date of grant .", "restricted stock grants generally vest ( i ) 100% ( 100 % ) on the fourth or fifth anniversary of the grant , ( ii ) ratably over three or four years or ( iii ) over three years at 50% ( 50 % ) after two years and 50% ( 50 % ) after the third year .", "performance share awards may provide a right to receive shares of restricted stock based on the company 2019s performance relative to its peers , as defined , or based on other performance criteria as determined by the board of directors .", "in addition , the plans provide for the granting of certain options and restricted stock to each of the company 2019s non-employee directors ( the 201cindependent directors 201d ) and permits such independent directors to elect to receive deferred stock awards in lieu of directors 2019 fees .", "the company accounts for stock options in accordance with fasb 2019s compensation 2014stock compensation guidance which requires that all share based payments to employees , including grants of employee stock options , be recognized in the statement of operations over the service period based on their fair values .", "the fair value of each option award is estimated on the date of grant using the black-scholes option pricing formula .", "the assump- tion for expected volatility has a significant affect on the grant date fair value .", "volatility is determined based on the historical equity of common stock for the most recent historical period equal to the expected term of the options plus an implied volatility measure .", "the more significant assumptions underlying the determination of fair values for options granted during 2010 , 2009 and 2008 were as follows : year ended december 31 , 2010 2009 2008 ." ]

[ "." ]

[ [ "", "Year Ended December 31, 2010" ], [ "2009", "2008" ], [ "Weighted average fair value of options granted", "$3.82", "$3.16", "$5.73" ], [ "Weighted average risk-free interest rates", "2.40%", "2.54%", "3.13%" ], [ "Weighted average expected option lives (in years)", "6.25", "6.25", "6.38" ], [ "Weighted average expected volatility", "37.98%", "45.81%", "26.16%" ], [ "Weighted average expected dividend yield", "4.21%", "5.48%", "4.33%" ] ]

[ [ "2009", "year ended december 31 2010 2009", "year ended december 31 2010 2009", "year ended december 31 2010" ], [ "weighted average fair value of options granted", "$ 3.82", "$ 3.16", "$ 5.73" ], [ "weighted average risk-free interest rates", "2.40% ( 2.40 % )", "2.54% ( 2.54 % )", "3.13% ( 3.13 % )" ], [ "weighted average expected option lives ( in years )", "6.25", "6.25", "6.38" ], [ "weighted average expected volatility", "37.98% ( 37.98 % )", "45.81% ( 45.81 % )", "26.16% ( 26.16 % )" ], [ "weighted average expected dividend yield", "4.21% ( 4.21 % )", "5.48% ( 5.48 % )", "4.33% ( 4.33 % )" ] ]

[]

[ "the hartford financial services group , inc .", "notes to consolidated financial statements ( continued ) 10 .", "sales inducements accounting policy the company currently offers enhanced crediting rates or bonus payments to contract holders on certain of its individual and group annuity products .", "the expense associated with offering a bonus is deferred and amortized over the life of the related contract in a pattern consistent with the amortization of deferred policy acquisition costs .", "amortization expense associated with expenses previously deferred is recorded over the remaining life of the contract .", "consistent with the unlock , the company unlocked the amortization of the sales inducement asset .", "see note 7 for more information concerning the unlock .", "changes in deferred sales inducement activity were as follows for the years ended december 31: ." ]

[ "11 .", "reserves for future policy benefits and unpaid losses and loss adjustment expenses life insurance products accounting policy liabilities for future policy benefits are calculated by the net level premium method using interest , withdrawal and mortality assumptions appropriate at the time the policies were issued .", "the methods used in determining the liability for unpaid losses and future policy benefits are standard actuarial methods recognized by the american academy of actuaries .", "for the tabular reserves , discount rates are based on the company 2019s earned investment yield and the morbidity/mortality tables used are standard industry tables modified to reflect the company 2019s actual experience when appropriate .", "in particular , for the company 2019s group disability known claim reserves , the morbidity table for the early durations of claim is based exclusively on the company 2019s experience , incorporating factors such as gender , elimination period and diagnosis .", "these reserves are computed such that they are expected to meet the company 2019s future policy obligations .", "future policy benefits are computed at amounts that , with additions from estimated premiums to be received and with interest on such reserves compounded annually at certain assumed rates , are expected to be sufficient to meet the company 2019s policy obligations at their maturities or in the event of an insured 2019s death .", "changes in or deviations from the assumptions used for mortality , morbidity , expected future premiums and interest can significantly affect the company 2019s reserve levels and related future operations and , as such , provisions for adverse deviation are built into the long-tailed liability assumptions .", "liabilities for the company 2019s group life and disability contracts , as well as its individual term life insurance policies , include amounts for unpaid losses and future policy benefits .", "liabilities for unpaid losses include estimates of amounts to fully settle known reported claims , as well as claims related to insured events that the company estimates have been incurred but have not yet been reported .", "these reserve estimates are based on known facts and interpretations of circumstances , and consideration of various internal factors including the hartford 2019s experience with similar cases , historical trends involving claim payment patterns , loss payments , pending levels of unpaid claims , loss control programs and product mix .", "in addition , the reserve estimates are influenced by consideration of various external factors including court decisions , economic conditions and public attitudes .", "the effects of inflation are implicitly considered in the reserving process. ." ]

[ [ "", "2011", "2010", "2009" ], [ "Balance, beginning of year", "$459", "$438", "$553" ], [ "Sales inducements deferred", "20", "31", "59" ], [ "Amortization charged to income", "(17)", "(8)", "(105)" ], [ "Amortization — Unlock", "(28)", "(2)", "(69)" ], [ "Balance, end of year", "$434", "$459", "$438" ] ]

[ [ "", "2011", "2010", "2009" ], [ "balance beginning of year", "$ 459", "$ 438", "$ 553" ], [ "sales inducements deferred", "20", "31", "59" ], [ "amortization charged to income", "-17 ( 17 )", "-8 ( 8 )", "-105 ( 105 )" ], [ "amortization 2014 unlock", "-28 ( 28 )", "-2 ( 2 )", "-69 ( 69 )" ], [ "balance end of year", "$ 434", "$ 459", "$ 438" ] ]

[]

[ "the company recognizes the effect of income tax positions only if sustaining those positions is more likely than not .", "changes in recognition or measurement are reflected in the period in which a change in judgment occurs .", "the company records penalties and interest related to unrecognized tax benefits in income taxes in the company 2019s consolidated statements of income .", "changes in accounting principles business combinations and noncontrolling interests on january 1 , 2009 , the company adopted revised principles related to business combinations and noncontrolling interests .", "the revised principle on business combinations applies to all transactions or other events in which an entity obtains control over one or more businesses .", "it requires an acquirer to recognize the assets acquired , the liabilities assumed , and any noncontrolling interest in the acquiree at the acquisition date , measured at their fair values as of that date .", "business combinations achieved in stages require recognition of the identifiable assets and liabilities , as well as the noncontrolling interest in the acquiree , at the full amounts of their fair values when control is obtained .", "this revision also changes the requirements for recognizing assets acquired and liabilities assumed arising from contingencies , and requires direct acquisition costs to be expensed .", "in addition , it provides certain changes to income tax accounting for business combinations which apply to both new and previously existing business combinations .", "in april 2009 , additional guidance was issued which revised certain business combination guidance related to accounting for contingent liabilities assumed in a business combination .", "the company has adopted this guidance in conjunction with the adoption of the revised principles related to business combinations .", "the adoption of the revised principles related to business combinations has not had a material impact on the consolidated financial statements .", "the revised principle related to noncontrolling interests establishes accounting and reporting standards for the noncontrolling interests in a subsidiary and for the deconsolidation of a subsidiary .", "the revised principle clarifies that a noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as a separate component of equity in the consolidated statements of financial position .", "the revised principle requires retrospective adjustments , for all periods presented , of stockholders 2019 equity and net income for noncontrolling interests .", "in addition to these financial reporting changes , the revised principle provides for significant changes in accounting related to changes in ownership of noncontrolling interests .", "changes in aon 2019s controlling financial interests in consolidated subsidiaries that do not result in a loss of control are accounted for as equity transactions similar to treasury stock transactions .", "if a change in ownership of a consolidated subsidiary results in a loss of control and deconsolidation , any retained ownership interests are remeasured at fair value with the gain or loss reported in net income .", "in previous periods , noncontrolling interests for operating subsidiaries were reported in other general expenses in the consolidated statements of income .", "prior period amounts have been restated to conform to the current year 2019s presentation .", "the principal effect on the prior years 2019 balance sheets related to the adoption of the new guidance related to noncontrolling interests is summarized as follows ( in millions ) : ." ]

[ "the revised principle also requires that net income be adjusted to include the net income attributable to the noncontrolling interests and a new separate caption for net income attributable to aon stockholders be presented in the consolidated statements of income .", "the adoption of this new guidance increased net income by $ 16 million and $ 13 million for 2008 and 2007 , respectively .", "net ." ]

[ [ "As of December 31", "2008", "2007" ], [ "Equity, as previously reported", "$5,310", "$6,221" ], [ "Increase for reclassification of non-controlling interests", "105", "40" ], [ "Equity, as adjusted", "$5,415", "$6,261" ] ]

[ [ "as of december 31", "2008", "2007" ], [ "equity as previously reported", "$ 5310", "$ 6221" ], [ "increase for reclassification of non-controlling interests", "105", "40" ], [ "equity as adjusted", "$ 5415", "$ 6261" ] ]

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[ "key operating and financial activities significant operating and financial activities during 2012 include : 2022 net proved reserve additions for the e&p and osm segments combined of 389 mmboe , for a 226 percent reserve replacement 2022 increased proved liquid hydrocarbon and synthetic crude oil reserves by 316 mmbbls , for a reserve replacement of 268 percent for these commodities 2022 recorded more than 95 percent average operational availability for operated e&p assets 2022 increased e&p net sales volumes , excluding libya , by 8 percent 2022 eagle ford shale average net sales volumes of 65 mboed for december 2012 , a fourfold increase over december 2011 2022 bakken shale average net sales volumes of 29 mboed , a 71 percent increase over last year 2022 resumed sales from libya and reached pre-conflict production levels 2022 international liquid hydrocarbon sales volumes , for which average realizations have exceeded wti , were 62 percent of net e&p liquid hydrocarbon sales 2022 closed $ 1 billion of acquisitions in the core of the eagle ford shale 2022 assumed operatorship of the vilje field located offshore norway 2022 signed agreements for new exploration positions in e.g. , gabon , kenya and ethiopia 2022 issued $ 1 billion of 3-year senior notes at 0.9 percent interest and $ 1 billion of 10-year senior notes at 2.8 percent interest some significant 2013 activities through february 22 , 2013 include : 2022 closed sale of our alaska assets in january 2013 2022 closed sale of our interest in the neptune gas plant in february 2013 consolidated results of operations : 2012 compared to 2011 consolidated income before income taxes was 38 percent higher in 2012 than consolidated income from continuing operations before income taxes were in 2011 , largely due to higher liquid hydrocarbon sales volumes in our e&p segment , partially offset by lower earnings from our osm and ig segments .", "the 7 percent decrease in income from continuing operations included lower earnings in the u.k .", "and e.g. , partially offset by higher earnings in libya .", "also , in 2011 we were not in an excess foreign tax credit position for the entire year as we were in 2012 .", "the effective income tax rate for continuing operations was 74 percent in 2012 compared to 61 percent in 2011 .", "revenues are summarized in the following table: ." ]

[ "e&p segment revenues increased $ 1055 million from 2011 to 2012 , primarily due to higher average liquid hydrocarbon sales volumes .", "e&p segment revenues included a net realized gain on crude oil derivative instruments of $ 15 million in 2012 while the impact of derivatives was not significant in 2011 .", "see item 8 .", "financial statements and supplementary data 2013 note 16 to the consolidated financial statement for more information about our crude oil derivative instruments .", "included in our e&p segment are supply optimization activities which include the purchase of commodities from third parties for resale .", "see the cost of revenues discussion as revenues from supply optimization approximate the related costs .", "supply optimization serves to aggregate volumes in order to satisfy transportation commitments and to achieve flexibility within product ." ]

[ [ "(In millions)", "2012", "2011" ], [ "E&P", "$14,084", "$13,029" ], [ "OSM", "1,552", "1,588" ], [ "IG", "—", "93" ], [ "Segment revenues", "15,636", "14,710" ], [ "Elimination of intersegment revenues", "—", "(47)" ], [ "Unrealized gain on crude oil derivative instruments", "52", "—" ], [ "Total revenues", "$15,688", "$14,663" ] ]

[ [ "( in millions )", "2012", "2011" ], [ "e&p", "$ 14084", "$ 13029" ], [ "osm", "1552", "1588" ], [ "ig", "2014", "93" ], [ "segment revenues", "15636", "14710" ], [ "elimination of intersegment revenues", "2014", "-47 ( 47 )" ], [ "unrealized gain on crude oil derivative instruments", "52", "2014" ], [ "total revenues", "$ 15688", "$ 14663" ] ]

[ { "arg1": "15688", "arg2": "14663", "op": "minus1-1", "res": "1025" }, { "arg1": "#0", "arg2": "14663", "op": "divide1-2", "res": "7.0%" } ]

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

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

[ [ "", "2010", "2009" ], [ "Financing proceeds", "$39.8", "$93.1" ], [ "Capping, closure and post-closure obligations", "61.8", "62.4" ], [ "Self-insurance", "63.8", "65.1" ], [ "Other", "7.4", "19.9" ], [ "Total restricted cash and marketable securities", "$172.8", "$240.5" ] ]

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

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[ "part ii item 5 .", "market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our class a common stock on the new york stock exchange ( nyse ) for the years 2005 and 2004. ." ]

[ "on march 9 , 2006 , the closing price of our class a common stock was $ 29.83 per share as reported on the nyse .", "as of march 9 , 2006 , we had 419677495 outstanding shares of class a common stock and 687 registered holders .", "in february 2004 , all outstanding shares of our class b common stock were converted into shares of our class a common stock on a one-for-one basis pursuant to the occurrence of the 201cdodge conversion event 201d as defined in our charter .", "also in february 2004 , all outstanding shares of class c common stock were converted into shares of class a common stock on a one-for-one basis .", "in august 2005 , we amended and restated our charter to , among other things , eliminate our class b common stock and class c common stock .", "the information under 201csecurities authorized for issuance under equity compensation plans 201d from the definitive proxy statement is hereby incorporated by reference into item 12 of this annual report .", "dividends we have never paid a dividend on any class of our common stock .", "we anticipate that we may retain future earnings , if any , to fund the development and growth of our business .", "the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 7.50% ( 7.50 % ) notes ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 7.125% ( 7.125 % ) notes ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants .", "our credit facilities and the indentures governing the terms of our debt securities contain covenants that may restrict the ability of our subsidiaries from making to us any direct or indirect distribution , dividend or other payment on account of their limited liability company interests , partnership interests , capital stock or other equity interests .", "under our credit facilities , the borrower subsidiaries may pay cash dividends or make other distributions to us in accordance with the applicable credit facility only if no default exists or would be created thereby .", "the indenture governing the terms of the ati 7.25% ( 7.25 % ) senior subordinated notes due 2011 ( ati 7.25% ( 7.25 % ) notes ) prohibit ati and certain of our other subsidiaries that have guaranteed those notes ( sister guarantors ) from paying dividends and making other payments or distributions to us unless certain financial covenants are satisfied .", "the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes also contain certain restrictive covenants , which prohibit the restricted subsidiaries under these indentures from paying dividends and making other payments or distributions to us unless certain financial covenants are satisfied .", "for more information about the restrictions under our credit facilities and our notes indentures , see note 7 to our consolidated financial statements included in this annual report and the section entitled 201cmanagement 2019s ." ]

[ [ "2005", "High", "Low" ], [ "Quarter ended March 31", "$19.28", "$17.30" ], [ "Quarter ended June 30", "21.16", "16.28" ], [ "Quarter ended September 30", "25.20", "20.70" ], [ "Quarter ended December 31", "28.33", "22.73" ], [ "2004", "High", "Low" ], [ "Quarter ended March 31", "$13.12", "$9.89" ], [ "Quarter ended June 30", "16.00", "11.13" ], [ "Quarter ended September 30", "15.85", "13.10" ], [ "Quarter ended December 31", "18.75", "15.19" ] ]

[ [ "2005", "high", "low" ], [ "quarter ended march 31", "$ 19.28", "$ 17.30" ], [ "quarter ended june 30", "21.16", "16.28" ], [ "quarter ended september 30", "25.20", "20.70" ], [ "quarter ended december 31", "28.33", "22.73" ], [ "2004", "high", "low" ], [ "quarter ended march 31", "$ 13.12", "$ 9.89" ], [ "quarter ended june 30", "16.00", "11.13" ], [ "quarter ended september 30", "15.85", "13.10" ], [ "quarter ended december 31", "18.75", "15.19" ] ]

[ { "arg1": "28.33", "arg2": "18.75", "op": "minus1-1", "res": "9.58" }, { "arg1": "#0", "arg2": "18.75", "op": "divide1-2", "res": "51.1%" } ]

[ "6 .", "debt the following is a summary of outstanding debt ( in millions ) : ." ]

[ "revolving credit facilities as of december 31 , 2015 , aon plc had two committed credit facilities outstanding : its $ 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 .", "effective february 2 , 2016 , the 2020 facility terms were extended for 1 year and will expire in february 2021 .", "each of these facilities included customary representations , warranties and covenants , including financial covenants that require aon plc to maintain specified ratios of adjusted consolidated ebitda to consolidated interest expense and consolidated debt to adjusted consolidated ebitda , in each case , tested quarterly .", "at december 31 , 2015 , aon plc did not have borrowings under either the 2017 facility or the 2020 facility , and was in compliance with these financial covenants and all other covenants contained therein during the twelve months ended december 31 , 2015 .", "on november 13 , 2015 , aon plc issued $ 400 million of 2.80% ( 2.80 % ) senior notes due march 2021 .", "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 may 20 , 2015 , the aon plc issued $ 600 million of 4.750% ( 4.750 % ) senior notes due may 2045 .", "the company used the proceeds of the issuance for general corporate purposes .", "on august 12 , 2014 , aon plc issued $ 350 million of 3.50% ( 3.50 % ) senior notes due june 2024 .", "the 3.50% ( 3.50 % ) notes due 2024 constitute a further issuance of , and were consolidated to form a single series of debt securities with , the $ 250 million of 3.50% ( 3.50 % ) notes due june 2024 that was issued by aon plc on may 20 , 2014 concurrently with aon plc's issuance of $ 550 million of 4.60% ( 4.60 % ) notes due june 2044 .", "aon plc used the proceeds from these issuances for working capital and general corporate purposes. ." ]

[ [ "As of December 31", "2015", "2014" ], [ "5.00% Senior Notes due September 2020", "599", "599" ], [ "4.75% Senior Notes due 2045", "598", "—" ], [ "3.50% Senior Notes due June 2024", "597", "597" ], [ "4.60% Senior Notes due June 2044", "549", "549" ], [ "2.875% Senior Notes due May 2026 (EUR 500M)", "545", "605" ], [ "8.205% Junior Subordinated Notes due January 2027", "521", "521" ], [ "3.125% Senior Notes due May 2016", "500", "500" ], [ "2.80% Senior Notes due 2021", "399", "—" ], [ "4.00% Senior Notes due November 2023", "349", "349" ], [ "6.25% Senior Notes due September 2040", "298", "298" ], [ "4.76% Senior Notes due March 2018 (CAD 375M)", "271", "322" ], [ "4.45% Senior Notes due May 2043", "249", "248" ], [ "4.25% Senior Notes due December 2042", "196", "196" ], [ "3.50% Senior Notes due September 2015", "—", "599" ], [ "Commercial paper", "50", "168" ], [ "Other", "16", "31" ], [ "Total debt", "5,737", "5,582" ], [ "Less short-term and current portion of long-term debt", "562", "783" ], [ "Total long-term debt", "$5,175", "$4,799" ] ]

[ [ "as of december 31", "2015", "2014" ], [ "5.00% ( 5.00 % ) senior notes due september 2020", "599", "599" ], [ "4.75% ( 4.75 % ) senior notes due 2045", "598", "2014" ], [ "3.50% ( 3.50 % ) senior notes due june 2024", "597", "597" ], [ "4.60% ( 4.60 % ) senior notes due june 2044", "549", "549" ], [ "2.875% ( 2.875 % ) senior notes due may 2026 ( eur 500m )", "545", "605" ], [ "8.205% ( 8.205 % ) junior subordinated notes due january 2027", "521", "521" ], [ "3.125% ( 3.125 % ) senior notes due may 2016", "500", "500" ], [ "2.80% ( 2.80 % ) senior notes due 2021", "399", "2014" ], [ "4.00% ( 4.00 % ) senior notes due november 2023", "349", "349" ], [ "6.25% ( 6.25 % ) senior notes due september 2040", "298", "298" ], [ "4.76% ( 4.76 % ) senior notes due march 2018 ( cad 375m )", "271", "322" ], [ "4.45% ( 4.45 % ) senior notes due may 2043", "249", "248" ], [ "4.25% ( 4.25 % ) senior notes due december 2042", "196", "196" ], [ "3.50% ( 3.50 % ) senior notes due september 2015", "2014", "599" ], [ "commercial paper", "50", "168" ], [ "other", "16", "31" ], [ "total debt", "5737", "5582" ], [ "less short-term and current portion of long-term debt", "562", "783" ], [ "total long-term debt", "$ 5175", "$ 4799" ] ]

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[ "other operating and administrative expenses increased slightly in 2015 due to increased expenses asso- ciated with our larger film slate .", "other operating and administrative expenses increased in 2014 primarily due to the inclusion of fandango , which was previously presented in our cable networks segment .", "advertising , marketing and promotion expenses advertising , marketing and promotion expenses consist primarily of expenses associated with advertising for our theatrical releases and the marketing of our films on dvd and in digital formats .", "we incur significant marketing expenses before and throughout the release of a film in movie theaters .", "as a result , we typically incur losses on a film prior to and during the film 2019s exhibition in movie theaters and may not realize profits , if any , until the film generates home entertainment and content licensing revenue .", "the costs associated with producing and marketing films have generally increased in recent years and may continue to increase in the future .", "advertising , marketing and promotion expenses increased in 2015 primarily due to higher promotional costs associated with our larger 2015 film slate and increased advertising expenses for fandango .", "advertising , marketing and promotion expenses decreased in 2014 primarily due to fewer major film releases compared to theme parks segment results of operations year ended december 31 ( in millions ) 2015 2014 2013 % ( % ) change 2014 to 2015 % ( % ) change 2013 to 2014 ." ]

[ "operating income before depreciation and amortization $ 1464 $ 1096 $ 943 33.5% ( 33.5 % ) 16.3% ( 16.3 % ) theme parks segment 2013 revenue in 2015 , our theme parks segment revenue was generated primarily from ticket sales and guest spending at our universal theme parks in orlando , florida and hollywood , california , as well as from licensing and other fees .", "in november 2015 , nbcuniversal acquired a 51% ( 51 % ) interest in universal studios japan .", "guest spending includes in-park spending on food , beverages and merchandise .", "guest attendance at our theme parks and guest spending depend heavily on the general environment for travel and tourism , including consumer spend- ing on travel and other recreational activities .", "licensing and other fees relate primarily to our agreements with third parties that own and operate the universal studios singapore theme park , as well as from the universal studios japan theme park , to license the right to use the universal studios brand name and other intellectual property .", "theme parks segment revenue increased in 2015 and 2014 primarily due to increases in guest attendance and increases in guest spending at our orlando and hollywood theme parks .", "the increase in 2015 was pri- marily due to the continued success of our attractions , including the wizarding world of harry potter 2122 2014 diagon alley 2122 in orlando and the fast & furious 2122 2014 supercharged 2122 studio tour and the simpson 2019s springfield attraction in hollywood , both of which opened in 2015 .", "in addition , theme parks segment revenue in 2015 includes $ 169 million of revenue attributable to universal studios japan for the period from november 13 , 2015 to december 31 , 2015 .", "the increase in 2014 was primarily due to new attractions , such as the wizarding world of harry potter 2122 2014 diagon alley 2122 in orlando , which opened in july 2014 , and despicable me : minion mayhem in hollywood .", "59 comcast 2015 annual report on form 10-k ." ]

[ [ "Year ended December 31 (in millions)", "2015", "2014", "2013", "% Change 2014 to 2015", "% Change 2013 to 2014" ], [ "Revenue", "$3,339", "$2,623", "$2,235", "27.3%", "17.3%" ], [ "Operating costs and expenses", "1,875", "1,527", "1,292", "22.8", "18.1" ], [ "Operating income before depreciation and amortization", "$1,464", "$1,096", "$943", "33.5%", "16.3%" ] ]

[ [ "year ended december 31 ( in millions )", "2015", "2014", "2013", "% ( % ) change 2014 to 2015", "% ( % ) change 2013 to 2014" ], [ "revenue", "$ 3339", "$ 2623", "$ 2235", "27.3% ( 27.3 % )", "17.3% ( 17.3 % )" ], [ "operating costs and expenses", "1875", "1527", "1292", "22.8", "18.1" ], [ "operating income before depreciation and amortization", "$ 1464", "$ 1096", "$ 943", "33.5% ( 33.5 % )", "16.3% ( 16.3 % )" ] ]

[]

[ "customary affirmative and negative covenants and events of default for an unsecured financing arrangement , including , among other things , limitations on consolidations , mergers and sales of assets .", "financial covenants include a maximum leverage ratio of 3.0 to 1.0 and a minimum interest coverage ratio of 3.5 to 1.0 .", "if we fall below an investment grade credit rating , additional restrictions would result , including restrictions on investments , payment of dividends and stock repurchases .", "we were in compliance with all covenants under the senior credit facility as of december 31 , 2007 .", "commitments under the senior credit facility are subject to certain fees , including a facility and a utilization fee .", "the senior credit facility is rated a- by standard & poor 2019s ratings services and is not rated by moody 2019s investors 2019 service , inc .", "we also have available uncommitted credit facilities totaling $ 70.4 million .", "management believes that cash flows from operations , together with available borrowings under the senior credit facility , are sufficient to meet our expected working capital , capital expenditure and debt service needs .", "should investment opportunities arise , we believe that our earnings , balance sheet and cash flows will allow us to obtain additional capital , if necessary .", "contractual obligations we have entered into contracts with various third parties in the normal course of business which will require future payments .", "the following table illustrates our contractual obligations ( in millions ) : contractual obligations total 2008 thereafter ." ]

[ "total contractual obligations $ 591.6 $ 58.6 $ 156.4 $ 203.9 $ 172.7 critical accounting estimates our financial results are affected by the selection and application of accounting policies and methods .", "significant accounting policies which require management 2019s judgment are discussed below .", "excess inventory and instruments 2013 we must determine as of each balance sheet date how much , if any , of our inventory may ultimately prove to be unsaleable or unsaleable at our carrying cost .", "similarly , we must also determine if instruments on hand will be put to productive use or remain undeployed as a result of excess supply .", "reserves are established to effectively adjust inventory and instruments to net realizable value .", "to determine the appropriate level of reserves , we evaluate current stock levels in relation to historical and expected patterns of demand for all of our products and instrument systems and components .", "the basis for the determination is generally the same for all inventory and instrument items and categories except for work-in-progress inventory , which is recorded at cost .", "obsolete or discontinued items are generally destroyed and completely written off .", "management evaluates the need for changes to valuation reserves based on market conditions , competitive offerings and other factors on a regular basis .", "income taxes fffd we estimate income tax expense and income tax liabilities and assets by taxable jurisdiction .", "realization of deferred tax assets in each taxable jurisdiction is dependent on our ability to generate future taxable income sufficient to realize the benefits .", "we evaluate deferred tax assets on an ongoing basis and provide valuation allowances if it is determined to be 201cmore likely than not 201d that the deferred tax benefit will not be realized .", "federal income taxes are provided on the portion of the income of foreign subsidiaries that is expected to be remitted to the u.s .", "we operate within numerous taxing jurisdictions .", "we are subject to regulatory review or audit in virtually all of those jurisdictions and those reviews and audits may require extended periods of time to resolve .", "we make use of all available information and make reasoned judgments regarding matters requiring interpretation in establishing tax expense , liabilities and reserves .", "we believe adequate provisions exist for income taxes for all periods and jurisdictions subject to review or audit .", "commitments and contingencies 2013 accruals for product liability and other claims are established with internal and external legal counsel based on current information and historical settlement information for claims , related fees and for claims incurred but not reported .", "we use an actuarial model to assist management in determining an appropriate level of accruals for product liability claims .", "historical patterns of claim loss development over time are statistically analyzed to arrive at factors which are then applied to loss estimates in the actuarial model .", "the amounts established equate to less than 5 percent of total liabilities and represent management 2019s best estimate of the ultimate costs that we will incur under the various contingencies .", "goodwill and intangible assets 2013 we evaluate the carrying value of goodwill and indefinite life intangible assets annually , or whenever events or circumstances indicate the carrying value may not be recoverable .", "we evaluate the carrying value of finite life intangible assets whenever events or circumstances indicate the carrying value may not be recoverable .", "significant assumptions are required to estimate the fair value of goodwill and intangible assets , most notably estimated future cash flows generated by these assets .", "as such , these fair valuation measurements use significant unobservable inputs as defined under statement of financial accounting standards no .", "157 , fair value measurements .", "changes to these assumptions could require us to record impairment charges on these assets .", "share-based payment 2013 we account for share-based payment expense in accordance with the fair value z i m m e r h o l d i n g s , i n c .", "2 0 0 7 f o r m 1 0 - k a n n u a l r e p o r t ." ]

[ [ "Contractual Obligations", "Total", "2008", "2009 and 2010", "2011 and 2012", "2013 and Thereafter" ], [ "Long-term debt", "$104.3", "$–", "$–", "$104.3", "$–" ], [ "Operating leases", "134.3", "35.4", "50.0", "28.6", "20.3" ], [ "Purchase Obligations", "24.6", "23.2", "1.4", "–", "–" ], [ "Long-term income taxes payable", "137.0", "–", "57.7", "53.9", "25.4" ], [ "Other long-term liabilities", "191.4", "–", "47.3", "17.1", "127.0" ], [ "Total contractual obligations", "$591.6", "$58.6", "$156.4", "$203.9", "$172.7" ] ]

[ [ "contractual obligations", "total", "2008", "2009 and 2010", "2011 and 2012", "2013 and thereafter" ], [ "long-term debt", "$ 104.3", "$ 2013", "$ 2013", "$ 104.3", "$ 2013" ], [ "operating leases", "134.3", "35.4", "50.0", "28.6", "20.3" ], [ "purchase obligations", "24.6", "23.2", "1.4", "2013", "2013" ], [ "long-term income taxes payable", "137.0", "2013", "57.7", "53.9", "25.4" ], [ "other long-term liabilities", "191.4", "2013", "47.3", "17.1", "127.0" ], [ "total contractual obligations", "$ 591.6", "$ 58.6", "$ 156.4", "$ 203.9", "$ 172.7" ] ]

[]

[ "2007 annual report 39 corporate snap-on 2019s general corporate expenses totaled $ 53.8 million in 2006 , up from $ 46.4 million in 2005 , primarily due to $ 15.2 million of increased stock-based and performance-based incentive compensation , including $ 6.3 million from the january 1 , 2006 , adoption of sfas no .", "123 ( r ) .", "increased expenses in 2006 also included $ 4.2 million of higher insurance and other costs .", "these expense increases were partially offset by $ 9.5 million of benefits from rci initiatives .", "see note 13 to the consolidated financial statements for information on the company 2019s adoption of sfas no .", "123 ( r ) .", "financial condition snap-on 2019s growth has historically been funded by a combination of cash provided by operating activities and debt financing .", "snap-on believes that its cash from operations , coupled with its sources of borrowings , are sufficient to fund its anticipated requirements for working capital , capital expenditures , restructuring activities , acquisitions , common stock repurchases and dividend payments .", "due to snap-on 2019s credit rating over the years , external funds have been available at a reasonable cost .", "as of the close of business on february 15 , 2008 , snap-on 2019s long-term debt and commercial paper was rated a3 and p-2 by moody 2019s investors service and a- and a-2 by standard & poor 2019s .", "snap-on believes that the strength of its balance sheet , combined with its cash flows from operating activities , affords the company the financial flexibility to respond to both internal growth opportunities and those available through acquisitions .", "the following discussion focuses on information included in the accompanying consolidated balance sheets .", "snap-on has been focused on improving asset utilization by making more effective use of its investment in certain working capital items .", "the company assesses management 2019s operating performance and effectiveness relative to those components of working capital , particularly accounts receivable and inventories , that are more directly impacted by operational decisions .", "as of december 29 , 2007 , working capital ( current assets less current liabilities ) of $ 548.2 million was up $ 117.0 million from $ 431.2 million as of december 30 , 2006 .", "the increase in year-over-year working capital primarily reflects higher levels of 201ccash and cash equivalents 201d of $ 29.6 million , lower 201cnotes payable and current maturities of long-term debt 201d of $ 27.7 million , and $ 27.7 million of increased 201caccounts receivable 2013 net of allowances . 201d the following represents the company 2019s working capital position as of december 29 , 2007 , and december 30 , 2006 .", "( amounts in millions ) 2007 2006 ." ]

[ "accounts receivable at the end of 2007 was $ 586.9 million , up $ 27.7 million from year-end 2006 levels .", "the year-over- year increase in accounts receivable primarily reflects the impact of higher sales in the fourth quarter of 2007 and $ 25.1 million of currency translation .", "this increase in accounts receivable was partially offset by lower levels of receivables as a result of an improvement in days sales outstanding from 76 days at year-end 2006 to 73 days at year-end 2007. ." ]

[ [ "<i>(Amounts in millions)­</i>", "2007", "2006" ], [ "Cash and cash equivalents", "$93.0", "$63.4" ], [ "Accounts receivable – net of allowances", "586.9", "559.2" ], [ "Inventories", "322.4", "323.0" ], [ "Other current assets", "185.1", "167.6" ], [ "Total current assets", "1,187.4", "1,113.2" ], [ "Accounts payable", "(171.6)", "(178.8)" ], [ "Notes payable and current maturities of long-term debt", "(15.9)", "(43.6)" ], [ "Other current liabilities", "(451.7)", "(459.6)" ], [ "Total current liabilities", "(639.2)", "(682.0)" ], [ "Total working capital", "$548.2", "$431.2" ] ]

[ [ "( amounts in millions ) ad", "2007", "2006" ], [ "cash and cash equivalents", "$ 93.0", "$ 63.4" ], [ "accounts receivable 2013 net of allowances", "586.9", "559.2" ], [ "inventories", "322.4", "323.0" ], [ "other current assets", "185.1", "167.6" ], [ "total current assets", "1187.4", "1113.2" ], [ "accounts payable", "-171.6 ( 171.6 )", "-178.8 ( 178.8 )" ], [ "notes payable and current maturities of long-term debt", "-15.9 ( 15.9 )", "-43.6 ( 43.6 )" ], [ "other current liabilities", "-451.7 ( 451.7 )", "-459.6 ( 459.6 )" ], [ "total current liabilities", "-639.2 ( 639.2 )", "-682.0 ( 682.0 )" ], [ "total working capital", "$ 548.2", "$ 431.2" ] ]

[ { "arg1": "1187.4", "arg2": "1113.2", "op": "minus1-1", "res": "74.2" }, { "arg1": "#0", "arg2": "1113.2", "op": "divide1-2", "res": "6.7%" } ]

[ "the segment had operating earnings of $ 709 million in 2007 , compared to operating earnings of $ 787 million in 2006 .", "the decrease in operating earnings was primarily due to a decrease in gross margin , driven by : ( i ) lower net sales of iden infrastructure equipment , and ( ii ) continued competitive pricing pressure in the market for gsm infrastructure equipment , partially offset by : ( i ) increased net sales of digital entertainment devices , and ( ii ) the reversal of reorganization of business accruals recorded in 2006 relating to employee severance which were no longer needed .", "sg&a expenses increased primarily due to the expenses from recently acquired businesses , partially offset by savings from cost-reduction initiatives .", "r&d expenditures decreased primarily due to savings from cost- reduction initiatives , partially offset by expenditures by recently acquired businesses and continued investment in digital entertainment devices and wimax .", "as a percentage of net sales in 2007 as compared to 2006 , gross margin , sg&a expenses , r&d expenditures and operating margin all decreased .", "in 2007 , sales to the segment 2019s top five customers represented approximately 43% ( 43 % ) of the segment 2019s net sales .", "the segment 2019s backlog was $ 2.6 billion at december 31 , 2007 , compared to $ 3.2 billion at december 31 , 2006 .", "in the home business , demand for the segment 2019s products depends primarily on the level of capital spending by broadband operators for constructing , rebuilding or upgrading their communications systems , and for offering advanced services .", "during the second quarter of 2007 , the segment began shipping digital set-tops that support the federal communications commission ( 201cfcc 201d ) 2014 mandated separable security requirement .", "fcc regulations mandating the separation of security functionality from set-tops went into effect on july 1 , 2007 .", "as a result of these regulations , many cable service providers accelerated their purchases of set-tops in the first half of 2007 .", "additionally , in 2007 , our digital video customers significantly increased their purchases of the segment 2019s products and services , primarily due to increased demand for digital entertainment devices , particularly hd/dvr devices .", "during 2007 , the segment completed the acquisitions of : ( i ) netopia , inc. , a broadband equipment provider for dsl customers , which allows for phone , tv and fast internet connections , ( ii ) tut systems , inc. , a leading developer of edge routing and video encoders , ( iii ) modulus video , inc. , a provider of mpeg-4 advanced coding compression systems designed for delivery of high-value video content in ip set-top devices for the digital video , broadcast and satellite marketplaces , ( iv ) terayon communication systems , inc. , a provider of real-time digital video networking applications to cable , satellite and telecommunication service providers worldwide , and ( v ) leapstone systems , inc. , a provider of intelligent multimedia service delivery and content management applications to networks operators .", "these acquisitions enhance our ability to provide complete end-to-end systems for the delivery of advanced video , voice and data services .", "in december 2007 , motorola completed the sale of ecc to emerson for $ 346 million in cash .", "enterprise mobility solutions segment the enterprise mobility solutions segment designs , manufactures , sells , installs and services analog and digital two-way radio , voice and data communications products and systems for private networks , wireless broadband systems and end-to-end enterprise mobility solutions to a wide range of enterprise markets , including government and public safety agencies ( which , together with all sales to distributors of two-way communication products , are referred to as the 201cgovernment and public safety market 201d ) , as well as retail , energy and utilities , transportation , manufacturing , healthcare and other commercial customers ( which , collectively , are referred to as the 201ccommercial enterprise market 201d ) .", "in 2008 , the segment 2019s net sales represented 27% ( 27 % ) of the company 2019s consolidated net sales , compared to 21% ( 21 % ) in 2007 and 13% ( 13 % ) in 2006 .", "( dollars in millions ) 2008 2007 2006 2008 20142007 2007 20142006 years ended december 31 percent change ." ]

[ "segment results 20142008 compared to 2007 in 2008 , the segment 2019s net sales increased 5% ( 5 % ) to $ 8.1 billion , compared to $ 7.7 billion in 2007 .", "the 5% ( 5 % ) increase in net sales reflects an 8% ( 8 % ) increase in net sales to the government and public safety market , partially offset by a 2% ( 2 % ) decrease in net sales to the commercial enterprise market .", "the increase in net sales to the government and public safety market was primarily driven by : ( i ) increased net sales outside of north america , and ( ii ) the net sales generated by vertex standard co. , ltd. , a business the company acquired a controlling interest of in january 2008 , partially offset by lower net sales in north america .", "on a geographic basis , the segment 2019s net sales were higher in emea , asia and latin america and lower in north america .", "65management 2019s discussion and analysis of financial condition and results of operations %%transmsg*** transmitting job : c49054 pcn : 068000000 ***%%pcmsg|65 |00024|yes|no|02/24/2009 12:31|0|0|page is valid , no graphics -- color : n| ." ]

[ [ "", "<i>Years Ended December 31</i>", "<i>Percent Change</i>" ], [ "<i>(Dollars in millions)</i>", "<i>2008</i>", "<i>2007</i>", "<i>2006</i>", "<i>2008—2007</i>", "<i>2007—2006</i>" ], [ "Segment net sales", "$8,093", "$7,729", "$5,400", "5%", "43%" ], [ "Operating earnings", "1,496", "1,213", "958", "23%", "27%" ] ]

[ [ "( dollars in millions )", "years ended december 31 2008", "years ended december 31 2007", "years ended december 31 2006", "years ended december 31 2008 20142007", "2007 20142006" ], [ "segment net sales", "$ 8093", "$ 7729", "$ 5400", "5% ( 5 % )", "43% ( 43 % )" ], [ "operating earnings", "1496", "1213", "958", "23% ( 23 % )", "27% ( 27 % )" ] ]

[ { "arg1": "2.6", "arg2": "3.2", "op": "minus2-1", "res": "-0.6" }, { "arg1": "#0", "arg2": "3.2", "op": "divide2-2", "res": "-18.8%" } ]

[ "2011 compared to 2010 mfc 2019s net sales for 2011 increased $ 533 million , or 8% ( 8 % ) , compared to 2010 .", "the increase was attributable to higher volume of about $ 420 million on air and missile defense programs ( primarily pac-3 and thaad ) ; and about $ 245 million from fire control systems programs primarily related to the sof clss program , which began late in the third quarter of 2010 .", "partially offsetting these increases were lower net sales due to decreased volume of approximately $ 75 million primarily from various services programs and approximately $ 20 million from tactical missile programs ( primarily mlrs and jassm ) .", "mfc 2019s operating profit for 2011 increased $ 96 million , or 10% ( 10 % ) , compared to 2010 .", "the increase was attributable to higher operating profit of about $ 60 million for air and missile defense programs ( primarily pac-3 and thaad ) as a result of increased volume and retirement of risks ; and approximately $ 25 million for various services programs .", "adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 35 million higher in 2011 compared to 2010 .", "backlog backlog increased in 2012 compared to 2011 mainly due to increased orders and lower sales on fire control systems programs ( primarily lantirn ae and sniper ae ) and on various services programs , partially offset by lower orders and higher sales volume on tactical missiles programs .", "backlog increased in 2011 compared to 2010 primarily due to increased orders on air and missile defense programs ( primarily thaad ) .", "trends we expect mfc 2019s net sales for 2013 will be comparable with 2012 .", "we expect low double digit percentage growth in air and missile defense programs , offset by an expected decline in volume on logistics services programs .", "operating profit and margin are expected to be comparable with 2012 results .", "mission systems and training our mst business segment provides surface ship and submarine combat systems ; sea and land-based missile defense systems ; radar systems ; mission systems and sensors for rotary and fixed-wing aircraft ; littoral combat ships ; simulation and training services ; unmanned technologies and platforms ; ship systems integration ; and military and commercial training systems .", "mst 2019s major programs include aegis , mk-41 vertical launching system ( vls ) , tpq-53 radar system , mh-60 , lcs , and ptds .", "mst 2019s operating results included the following ( in millions ) : ." ]

[ "2012 compared to 2011 mst 2019s net sales for 2012 increased $ 447 million , or 6% ( 6 % ) , compared to 2011 .", "the increase in net sales for 2012 was attributable to higher volume and risk retirements of approximately $ 395 million from ship and aviation system programs ( primarily ptds ; lcs ; vls ; and mh-60 ) ; about $ 115 million for training and logistics solutions programs primarily due to net sales from sim industries , which was acquired in the fourth quarter of 2011 ; and approximately $ 30 million as a result of increased volume on integrated warfare systems and sensors programs ( primarily aegis ) .", "partially offsetting the increases were lower net sales of approximately $ 70 million from undersea systems programs due to lower volume on an international combat system program and towed array systems ; and about $ 25 million due to lower volume on various other programs .", "mst 2019s operating profit for 2012 increased $ 92 million , or 14% ( 14 % ) , compared to 2011 .", "the increase was attributable to higher operating profit of approximately $ 175 million from ship and aviation system programs , which reflects higher volume and risk retirements on certain programs ( primarily vls ; ptds ; mh-60 ; and lcs ) and reserves of about $ 55 million for contract cost matters on ship and aviation system programs recorded in the fourth quarter of 2011 ( including the terminated presidential helicopter program ) .", "partially offsetting the increase was lower operating profit of approximately $ 40 million from undersea systems programs due to reduced profit booking rates on certain programs and lower volume on an international combat system program and towed array systems ; and about $ 40 million due to lower volume on various other programs .", "adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 150 million higher for 2012 compared to 2011. ." ]

[ [ "", "2012", "2011", "2010" ], [ "Net sales", "$7,579", "$7,132", "$7,443" ], [ "Operating profit", "737", "645", "713" ], [ "Operating margins", "9.7%", "9.0%", "9.6%" ], [ "Backlog at year-end", "10,700", "10,500", "10,600" ] ]

[ [ "", "2012", "2011", "2010" ], [ "net sales", "$ 7579", "$ 7132", "$ 7443" ], [ "operating profit", "737", "645", "713" ], [ "operating margins", "9.7% ( 9.7 % )", "9.0% ( 9.0 % )", "9.6% ( 9.6 % )" ], [ "backlog at year-end", "10700", "10500", "10600" ] ]

[ { "arg1": "7132", "arg2": "7443", "op": "minus1-1", "res": "-311" }, { "arg1": "#0", "arg2": "7443", "op": "divide1-2", "res": "-4.2%" } ]

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

[ "note 14 : employee benefits pension and other postretirement benefits the company maintains noncontributory defined benefit pension plans covering eligible employees of its regulated utility and shared services operations .", "benefits under the plans are based on the employee 2019s years of service and compensation .", "the pension plans have been closed for most employees hired on or after january 1 , 2006 .", "union employees hired on or after january 1 , 2001 had their accrued benefit frozen and will be able to receive this benefit as a lump sum upon termination or retirement .", "union employees hired on or after january 1 , 2001 and non-union employees hired on or after january 1 , 2006 are provided with a 5.25% ( 5.25 % ) of base pay defined contribution plan .", "the company does not participate in a multiemployer plan .", "the company 2019s funding policy is to contribute at least the greater of the minimum amount required by the employee retirement income security act of 1974 or the normal cost , and an additional contribution if needed to avoid 201cat risk 201d status and benefit restrictions under the pension protection act of 2006 .", "the company may also increase its contributions , if appropriate , to its tax and cash position and the plan 2019s funded position .", "pension plan assets are invested in a number of actively managed and indexed investments including equity and bond mutual funds , fixed income securities and guaranteed interest contracts with insurance companies .", "pension expense in excess of the amount contributed to the pension plans is deferred by certain regulated subsidiaries pending future recovery in rates charged for utility services as contributions are made to the plans .", "( see note 6 ) the company also has several unfunded noncontributory supplemental non-qualified pension plans that provide additional retirement benefits to certain employees .", "the company maintains other postretirement benefit plans providing varying levels of medical and life insurance to eligible retirees .", "the retiree welfare plans are closed for union employees hired on or after january 1 , 2006 .", "the plans had previously closed for non-union employees hired on or after january 1 , 2002 .", "the company 2019s policy is to fund other postretirement benefit costs for rate-making purposes .", "plan assets are invested in equity and bond mutual funds , fixed income securities , real estate investment trusts ( 201creits 201d ) and emerging market funds .", "the obligations of the plans are dominated by obligations for active employees .", "because the timing of expected benefit payments is so far in the future and the size of the plan assets are small relative to the company 2019s assets , the investment strategy is to allocate a significant percentage of assets to equities , which the company believes will provide the highest return over the long-term period .", "the fixed income assets are invested in long duration debt securities and may be invested in fixed income instruments , such as futures and options in order to better match the duration of the plan liability. ." ]

[ [ "Balance at January 1, 2010", "$25,621" ], [ "Increases in current period tax positions", "907" ], [ "Decreases in current period tax positions", "(2,740)" ], [ "Balance at December 31, 2010", "$23,788" ], [ "Increases in current period tax positions", "1,525" ], [ "Decreases in current period tax positions", "(3,734)" ], [ "Balance at December 31, 2011", "$21,579" ], [ "Increases in current period tax positions", "0" ], [ "Decreases in current period tax positions", "(2,059)" ], [ "Balance at December 31, 2012", "$19,520" ] ]

[ [ "balance at january 1 2010", "$ 25621" ], [ "increases in current period tax positions", "907" ], [ "decreases in current period tax positions", "-2740 ( 2740 )" ], [ "balance at december 31 2010", "$ 23788" ], [ "increases in current period tax positions", "1525" ], [ "decreases in current period tax positions", "-3734 ( 3734 )" ], [ "balance at december 31 2011", "$ 21579" ], [ "increases in current period tax positions", "0" ], [ "decreases in current period tax positions", "-2059 ( 2059 )" ], [ "balance at december 31 2012", "$ 19520" ] ]

[]

[ "the company entered into agreements with various governmental entities in the states of kentucky , georgia and tennessee to implement tax abatement plans related to its distribution center in franklin , kentucky ( simpson county ) , its distribution center in macon , georgia ( bibb county ) , and its store support center in brentwood , tennessee ( williamson county ) .", "the tax abatement plans provide for reduction of real property taxes for specified time frames by legally transferring title to its real property in exchange for industrial revenue bonds .", "this property was then leased back to the company .", "no cash was exchanged .", "the lease payments are equal to the amount of the payments on the bonds .", "the tax abatement period extends through the term of the lease , which coincides with the maturity date of the bonds .", "at any time , the company has the option to purchase the real property by paying off the bonds , plus $ 1 .", "the terms and amounts authorized and drawn under each industrial revenue bond agreement are outlined as follows , as of december 30 , 2017 : bond term bond authorized amount ( in millions ) amount drawn ( in millions ) ." ]

[ "due to the form of these transactions , the company has not recorded the bonds or the lease obligation associated with the sale lease-back transaction .", "the original cost of the company 2019s property and equipment is recorded on the balance sheet and is being depreciated over its estimated useful life .", "capitalized software costs the company capitalizes certain costs related to the acquisition and development of software and amortizes these costs using the straight-line method over the estimated useful life of the software , which is three to five years .", "computer software consists of software developed for internal use and third-party software purchased for internal use .", "a subsequent addition , modification or upgrade to internal-use software is capitalized to the extent that it enhances the software 2019s functionality or extends its useful life .", "these costs are included in computer software and hardware in the accompanying consolidated balance sheets .", "certain software costs not meeting the criteria for capitalization are expensed as incurred .", "store closing costs the company regularly evaluates the performance of its stores and periodically closes those that are under-performing .", "the company records a liability for costs associated with an exit or disposal activity when the liability is incurred , usually in the period the store closes .", "store closing costs were not significant to the results of operations for any of the fiscal years presented .", "leases assets under capital leases are amortized in accordance with the company 2019s normal depreciation policy for owned assets or over the lease term , if shorter , and the related charge to operations is included in depreciation expense in the consolidated statements of income .", "certain operating leases include rent increases during the lease term .", "for these leases , the company recognizes the related rental expense on a straight-line basis over the term of the lease ( which includes the pre-opening period of construction , renovation , fixturing and merchandise placement ) and records the difference between the expense charged to operations and amounts paid as a deferred rent liability .", "the company occasionally receives reimbursements from landlords to be used towards improving the related store to be leased .", "leasehold improvements are recorded at their gross costs , including items reimbursed by landlords .", "related reimbursements are deferred and amortized on a straight-line basis as a reduction of rent expense over the applicable lease term .", "note 2 - share-based compensation : share-based compensation includes stock option and restricted stock unit awards and certain transactions under the company 2019s espp .", "share-based compensation expense is recognized based on the grant date fair value of all stock option and restricted stock unit awards plus a discount on shares purchased by employees as a part of the espp .", "the discount under the espp represents the difference between the purchase date market value and the employee 2019s purchase price. ." ]

[ [ "", "Bond Term", "Bond Authorized Amount(in millions)", "Amount Drawn(in millions)" ], [ "Franklin, Kentucky Distribution Center", "30 years", "$54.0", "$51.8" ], [ "Macon, Georgia Distribution Center", "15 years", "$58.0", "$49.9" ], [ "Brentwood, Tennessee Store Support Center", "10 years", "$78.0", "$75.3" ] ]

[ [ "", "bond term", "bond authorized amount ( in millions )", "amount drawn ( in millions )" ], [ "franklin kentucky distribution center", "30 years", "$ 54.0", "$ 51.8" ], [ "macon georgia distribution center", "15 years", "$ 58.0", "$ 49.9" ], [ "brentwood tennessee store support center", "10 years", "$ 78.0", "$ 75.3" ] ]

[]

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

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

[ [ "2018", "$9,127" ], [ "2019", "8,336" ], [ "2020", "8,350" ], [ "2021", "7,741" ], [ "2022", "7,577" ], [ "Thereafter", "9,873" ], [ "Total minimum future lease payments", "$51,004" ] ]

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

[]

[ "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 , including rail grinding , 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 $ 2.1 billion for 2012 , $ 2.2 billion for 2011 , and $ 2.0 billion for 2010 .", "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 2012 2011 ." ]

[ "." ]

[ [ "<i>Millions</i>", "<i>Dec. 31,</i> <i>2012</i>", "<i>Dec. 31,</i><i>2011</i>" ], [ "Accounts payable", "$825", "$819" ], [ "Accrued wages and vacation", "376", "363" ], [ "Income and other taxes", "368", "482" ], [ "Dividends payable", "318", "284" ], [ "Accrued casualty costs", "213", "249" ], [ "Interest payable", "172", "197" ], [ "Equipment rents payable", "95", "90" ], [ "Other", "556", "624" ], [ "Total accounts payable and othercurrent liabilities", "$2,923", "$3,108" ] ]

[ [ "millions", "dec . 31 2012", "dec . 312011" ], [ "accounts payable", "$ 825", "$ 819" ], [ "accrued wages and vacation", "376", "363" ], [ "income and other taxes", "368", "482" ], [ "dividends payable", "318", "284" ], [ "accrued casualty costs", "213", "249" ], [ "interest payable", "172", "197" ], [ "equipment rents payable", "95", "90" ], [ "other", "556", "624" ], [ "total accounts payable and othercurrent liabilities", "$ 2923", "$ 3108" ] ]

[ { "arg1": "376", "arg2": "363", "op": "minus1-1", "res": "13" }, { "arg1": "#0", "arg2": "363", "op": "divide1-2", "res": "4%" } ]

[ "adobe systems incorporated notes to consolidated financial statements ( continued ) accounting for uncertainty in income taxes during fiscal 2013 and 2012 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : ." ]

[ "as of november 29 , 2013 , the combined amount of accrued interest and penalties related to tax positions taken on our tax returns and included in non-current income taxes payable was approximately $ 11.4 million .", "we file income tax returns in the u.s .", "on a federal basis and in many u.s .", "state and foreign jurisdictions .", "we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .", "our major tax jurisdictions are the u.s. , ireland and california .", "for california , ireland and the u.s. , the earliest fiscal years open for examination are 2005 , 2006 and 2010 , respectively .", "we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examinations .", "we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .", "in july 2013 , a u.s .", "income tax examination covering our fiscal years 2008 and 2009 was completed .", "our accrued tax and interest related to these years was $ 48.4 million and was previously reported in long-term income taxes payable .", "we settled the tax obligation resulting from this examination with cash and income tax assets totaling $ 41.2 million , and the resulting $ 7.2 million income tax benefit was recorded in the third quarter of fiscal 2013 .", "the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .", "these events could cause large fluctuations in the balance sheet classification of current and non-current assets and liabilities .", "we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .", "given the uncertainties described above , we can only determine a range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 5 million .", "note 10 .", "restructuring fiscal 2011 restructuring plan in the fourth quarter of fiscal 2011 , we initiated a restructuring plan consisting of reductions in workforce and the consolidation of facilities in order to better align our resources around our digital media and digital marketing strategies .", "during fiscal 2013 , we continued to implement restructuring activities under this plan .", "total costs incurred to date and expected to be incurred for closing redundant facilities are $ 12.2 million as all facilities under this plan have been exited as of november 29 , 2013 .", "other restructuring plans other restructuring plans include other adobe plans and other plans associated with certain of our acquisitions that are substantially complete .", "we continue to make cash outlays to settle obligations under these plans , however the current impact to our consolidated financial statements is not significant .", "our other restructuring plans primarily consist of the 2009 restructuring plan , which was implemented in the fourth quarter of fiscal 2009 , in order to appropriately align our costs in connection with our fiscal 2010 operating plan. ." ]

[ [ "", "2013", "2012" ], [ "Beginning balance", "$160,468", "$163,607" ], [ "Gross increases in unrecognized tax benefits – prior year tax positions", "20,244", "1,038" ], [ "Gross increases in unrecognized tax benefits – current year tax positions", "16,777", "23,771" ], [ "Settlements with taxing authorities", "(55,851)", "(1,754)" ], [ "Lapse of statute of limitations", "(4,066)", "(25,387)" ], [ "Foreign exchange gains and losses", "(1,474)", "(807)" ], [ "Ending balance", "$136,098", "$160,468" ] ]

[ [ "", "2013", "2012" ], [ "beginning balance", "$ 160468", "$ 163607" ], [ "gross increases in unrecognized tax benefits 2013 prior year tax positions", "20244", "1038" ], [ "gross increases in unrecognized tax benefits 2013 current year tax positions", "16777", "23771" ], [ "settlements with taxing authorities", "-55851 ( 55851 )", "-1754 ( 1754 )" ], [ "lapse of statute of limitations", "-4066 ( 4066 )", "-25387 ( 25387 )" ], [ "foreign exchange gains and losses", "-1474 ( 1474 )", "-807 ( 807 )" ], [ "ending balance", "$ 136098", "$ 160468" ] ]

[ { "arg1": "136098", "arg2": "160468", "op": "minus1-1", "res": "-24370" }, { "arg1": "#0", "arg2": "160468", "op": "divide1-2", "res": "-15.2%" } ]

[ "kimco realty corporation and subsidiaries notes to consolidated financial statements , continued investment in retail store leases 2014 the company has interests in various retail store leases relating to the anchor store premises in neighborhood and community shopping centers .", "these premises have been sublet to retailers who lease the stores pursuant to net lease agreements .", "income from the investment in these retail store leases during the years ended december 31 , 2010 , 2009 and 2008 , was approximately $ 1.6 million , $ 0.8 million and $ 2.7 million , respectively .", "these amounts represent sublease revenues during the years ended december 31 , 2010 , 2009 and 2008 , of approximately $ 5.9 million , $ 5.2 million and $ 7.1 million , respectively , less related expenses of $ 4.3 million , $ 4.4 million and $ 4.4 million , respectively .", "the company 2019s future minimum revenues under the terms of all non-cancelable tenant subleases and future minimum obligations through the remaining terms of its retail store leases , assuming no new or renegotiated leases are executed for such premises , for future years are as follows ( in millions ) : 2011 , $ 5.2 and $ 3.4 ; 2012 , $ 4.1 and $ 2.6 ; 2013 , $ 3.8 and $ 2.3 ; 2014 , $ 2.9 and $ 1.7 ; 2015 , $ 2.1 and $ 1.3 , and thereafter , $ 2.8 and $ 1.6 , respectively .", "leveraged lease 2014 during june 2002 , the company acquired a 90% ( 90 % ) equity participation interest in an existing leveraged lease of 30 properties .", "the properties are leased under a long-term bond-type net lease whose primary term expires in 2016 , with the lessee having certain renewal option rights .", "the company 2019s cash equity investment was approximately $ 4.0 million .", "this equity investment is reported as a net investment in leveraged lease in accordance with the fasb 2019s lease guidance .", "as of december 31 , 2010 , 18 of these properties were sold , whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $ 31.2 million and the remaining 12 properties were encumbered by third-party non-recourse debt of approximately $ 33.4 million that is scheduled to fully amortize during the primary term of the lease from a portion of the periodic net rents receivable under the net lease .", "as an equity participant in the leveraged lease , the company has no recourse obligation for principal or interest payments on the debt , which is collateralized by a first mortgage lien on the properties and collateral assignment of the lease .", "accordingly , this obligation has been offset against the related net rental receivable under the lease .", "at december 31 , 2010 and 2009 , the company 2019s net investment in the leveraged lease consisted of the following ( in millions ) : ." ]

[ "10 .", "variable interest entities : consolidated operating properties 2014 included within the company 2019s consolidated operating properties at december 31 , 2010 are four consolidated entities that are vies and for which the company is the primary beneficiary .", "all of these entities have been established to own and operate real estate property .", "the company 2019s involvement with these entities is through its majority ownership of the properties .", "these entities were deemed vies primarily based on the fact that the voting rights of the equity investors are not proportional to their obligation to absorb expected losses or receive the expected residual returns of the entity and substantially all of the entity 2019s activities are conducted on behalf of the investor which has disproportionately fewer voting rights .", "the company determined that it was the primary beneficiary of these vies as a result of its controlling financial interest .", "during 2010 , the company sold two consolidated vie 2019s which the company was the primary beneficiary. ." ]

[ [ "", "2010", "2009" ], [ "Remaining net rentals", "$37.6", "$44.1" ], [ "Estimated unguaranteed residual value", "31.7", "31.7" ], [ "Non-recourse mortgage debt", "(30.1)", "(34.5)" ], [ "Unearned and deferred income", "(34.2)", "(37.0)" ], [ "Net investment in leveraged lease", "$5.0", "$4.3" ] ]

[ [ "", "2010", "2009" ], [ "remaining net rentals", "$ 37.6", "$ 44.1" ], [ "estimated unguaranteed residual value", "31.7", "31.7" ], [ "non-recourse mortgage debt", "-30.1 ( 30.1 )", "-34.5 ( 34.5 )" ], [ "unearned and deferred income", "-34.2 ( 34.2 )", "-37.0 ( 37.0 )" ], [ "net investment in leveraged lease", "$ 5.0", "$ 4.3" ] ]

[ { "arg1": "5.9", "arg2": "5.2", "op": "add1-1", "res": "11.1" }, { "arg1": "#0", "arg2": "7.1", "op": "add1-2", "res": "18.2" } ]

[ "adobe systems incorporated notes to consolidated financial statements ( continued ) accounting for uncertainty in income taxes during fiscal 2013 and 2012 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : ." ]

[ "as of november 29 , 2013 , the combined amount of accrued interest and penalties related to tax positions taken on our tax returns and included in non-current income taxes payable was approximately $ 11.4 million .", "we file income tax returns in the u.s .", "on a federal basis and in many u.s .", "state and foreign jurisdictions .", "we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .", "our major tax jurisdictions are the u.s. , ireland and california .", "for california , ireland and the u.s. , the earliest fiscal years open for examination are 2005 , 2006 and 2010 , respectively .", "we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examinations .", "we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .", "in july 2013 , a u.s .", "income tax examination covering our fiscal years 2008 and 2009 was completed .", "our accrued tax and interest related to these years was $ 48.4 million and was previously reported in long-term income taxes payable .", "we settled the tax obligation resulting from this examination with cash and income tax assets totaling $ 41.2 million , and the resulting $ 7.2 million income tax benefit was recorded in the third quarter of fiscal 2013 .", "the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .", "these events could cause large fluctuations in the balance sheet classification of current and non-current assets and liabilities .", "we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .", "given the uncertainties described above , we can only determine a range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 5 million .", "note 10 .", "restructuring fiscal 2011 restructuring plan in the fourth quarter of fiscal 2011 , we initiated a restructuring plan consisting of reductions in workforce and the consolidation of facilities in order to better align our resources around our digital media and digital marketing strategies .", "during fiscal 2013 , we continued to implement restructuring activities under this plan .", "total costs incurred to date and expected to be incurred for closing redundant facilities are $ 12.2 million as all facilities under this plan have been exited as of november 29 , 2013 .", "other restructuring plans other restructuring plans include other adobe plans and other plans associated with certain of our acquisitions that are substantially complete .", "we continue to make cash outlays to settle obligations under these plans , however the current impact to our consolidated financial statements is not significant .", "our other restructuring plans primarily consist of the 2009 restructuring plan , which was implemented in the fourth quarter of fiscal 2009 , in order to appropriately align our costs in connection with our fiscal 2010 operating plan. ." ]

[ [ "", "2013", "2012" ], [ "Beginning balance", "$160,468", "$163,607" ], [ "Gross increases in unrecognized tax benefits – prior year tax positions", "20,244", "1,038" ], [ "Gross increases in unrecognized tax benefits – current year tax positions", "16,777", "23,771" ], [ "Settlements with taxing authorities", "(55,851)", "(1,754)" ], [ "Lapse of statute of limitations", "(4,066)", "(25,387)" ], [ "Foreign exchange gains and losses", "(1,474)", "(807)" ], [ "Ending balance", "$136,098", "$160,468" ] ]

[ [ "", "2013", "2012" ], [ "beginning balance", "$ 160468", "$ 163607" ], [ "gross increases in unrecognized tax benefits 2013 prior year tax positions", "20244", "1038" ], [ "gross increases in unrecognized tax benefits 2013 current year tax positions", "16777", "23771" ], [ "settlements with taxing authorities", "-55851 ( 55851 )", "-1754 ( 1754 )" ], [ "lapse of statute of limitations", "-4066 ( 4066 )", "-25387 ( 25387 )" ], [ "foreign exchange gains and losses", "-1474 ( 1474 )", "-807 ( 807 )" ], [ "ending balance", "$ 136098", "$ 160468" ] ]

[ { "arg1": "160468", "arg2": "163607", "op": "minus2-1", "res": "-3139" }, { "arg1": "#0", "arg2": "163607", "op": "divide2-2", "res": "-1.9%" } ]

[ "certain mortgage loans citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans held-for-sale .", "these loans are intended for sale or securitization and are hedged with derivative instruments .", "the company has elected the fair value option to mitigate accounting mismatches in cases where hedge ." ]

[ "the changes in fair values of these mortgage loans are reported in other revenue in the company 2019s consolidated statement of income .", "the changes in fair value during the years ended december 31 , 2009 and 2008 due to instrument-specific credit risk resulted in a $ 10 million loss and $ 32 million loss , respectively .", "related interest income continues to be measured based on the contractual interest rates and reported as such in the consolidated statement of income .", "mortgage servicing rights the company accounts for mortgage servicing rights ( msrs ) at fair value .", "fair value for msrs is determined using an option-adjusted spread valuation approach .", "this approach consists of projecting servicing cash flows under multiple interest-rate scenarios and discounting these cash flows using risk-adjusted rates .", "the model assumptions used in the valuation of msrs include mortgage prepayment speeds and discount rates .", "the fair value of msrs is primarily affected by changes in prepayments that result from shifts in mortgage interest rates .", "in managing this risk , the company hedges a significant portion of the values of its msrs through the use of interest-rate derivative contracts , forward-purchase commitments of mortgage-backed securities , and purchased securities classified as trading .", "see note 23 to the consolidated financial statements for further discussions regarding the accounting and reporting of msrs .", "these msrs , which totaled $ 6.5 billion and $ 5.7 billion as of december 31 , 2009 and 2008 , respectively , are classified as mortgage servicing rights on citigroup 2019s consolidated balance sheet .", "changes in fair value of msrs are recorded in commissions and fees in the company 2019s consolidated statement of income .", "certain structured liabilities the company has elected the fair value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) .", "the company elected the fair value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair value basis .", "these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form .", "for those structured liabilities classified as long-term debt for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value by $ 125 million and $ 671 million as of december 31 , 2009 and 2008 , respectively .", "the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .", "related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement .", "certain non-structured liabilities the company has elected the fair value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) .", "the company has elected the fair value option where the interest-rate risk of such liabilities is economically hedged with derivative contracts or the proceeds are used to purchase financial assets that will also be accounted for at fair value through earnings .", "the election has been made to mitigate accounting mismatches and to achieve operational simplifications .", "these positions are reported in short-term borrowings and long-term debt on the company 2019s consolidated balance sheet .", "for those non-structured liabilities classified as short-term borrowings for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value of such instruments by $ 220 million as of december 31 , 2008 .", "for non-structured liabilities classified as long-term debt for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value by $ 1542 million and $ 856 million as of december 31 , 2009 and 2008 , respectively .", "the change in fair value for these non-structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .", "related interest expense continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .", "accounting is complex and to achieve operational simplifications .", "the fair value option was not elected for loans held-for-investment , as those loans are not hedged with derivative instruments .", "the following table provides information about certain mortgage loans carried at fair value: ." ]

[ [ "In millions of dollars", "December 31, 2009", "December 31, 2008" ], [ "Carrying amount reported on the Consolidated Balance Sheet", "$3,338", "$4,273" ], [ "Aggregate fair value in excess of unpaid principalbalance", "55", "138" ], [ "Balance of non-accrual loans or loans more than 90 days past due", "4", "9" ], [ "Aggregate unpaid principal balance in excess of fair value for non-accrualloans or loans more than 90 days past due", "3", "2" ] ]

[ [ "in millions of dollars", "december 31 2009", "december 31 2008" ], [ "carrying amount reported on the consolidated balance sheet", "$ 3338", "$ 4273" ], [ "aggregate fair value in excess of unpaid principalbalance", "55", "138" ], [ "balance of non-accrual loans or loans more than 90 days past due", "4", "9" ], [ "aggregate unpaid principal balance in excess of fair value for non-accrualloans or loans more than 90 days past due", "3", "2" ] ]

[]

[ "each clearing firm is required to deposit and maintain balances in the form of cash , u.s .", "government securities , certain foreign government securities , bank letters of credit or other approved investments to satisfy performance bond and guaranty fund requirements .", "all non-cash deposits are marked-to-market and haircut on a daily basis .", "securities deposited by the clearing firms are not reflected in the consolidated financial statements and the clearing house does not earn any interest on these deposits .", "these balances may fluctuate significantly over time due to investment choices available to clearing firms and changes in the amount of contributions required .", "in addition , the rules and regulations of cbot require that collateral be provided for delivery of physical commodities , maintenance of capital requirements and deposits on pending arbitration matters .", "to satisfy these requirements , clearing firms that have accounts that trade certain cbot products have deposited cash , u.s .", "treasury securities or letters of credit .", "the clearing house marks-to-market open positions at least once a day ( twice a day for futures and options contracts ) , and require payment from clearing firms whose positions have lost value and make payments to clearing firms whose positions have gained value .", "the clearing house has the capability to mark-to-market more frequently as market conditions warrant .", "under the extremely unlikely scenario of simultaneous default by every clearing firm who has open positions with unrealized losses , the maximum exposure related to positions other than credit default and interest rate swap contracts would be one half day of changes in fair value of all open positions , before considering the clearing houses 2019 ability to access defaulting clearing firms 2019 collateral deposits .", "for cleared credit default swap and interest rate swap contracts , the maximum exposure related to cme 2019s guarantee would be one full day of changes in fair value of all open positions , before considering cme 2019s ability to access defaulting clearing firms 2019 collateral .", "during 2017 , the clearing house transferred an average of approximately $ 2.4 billion a day through the clearing system for settlement from clearing firms whose positions had lost value to clearing firms whose positions had gained value .", "the clearing house reduces the guarantee exposure through initial and maintenance performance bond requirements and mandatory guaranty fund contributions .", "the company believes that the guarantee liability is immaterial and therefore has not recorded any liability at december 31 , 2017 .", "at december 31 , 2016 , performance bond and guaranty fund contribution assets on the consolidated balance sheets included cash as well as u.s .", "treasury and u.s .", "government agency securities with maturity dates of 90 days or less .", "the u.s .", "treasury and u.s .", "government agency securities were purchased by cme , at its discretion , using cash collateral .", "the benefits , including interest earned , and risks of ownership accrue to cme .", "interest earned is included in investment income on the consolidated statements of income .", "there were no u.s .", "treasury and u.s .", "government agency securities held at december 31 , 2017 .", "the amortized cost and fair value of these securities at december 31 , 2016 were as follows : ( in millions ) amortized ." ]

[ "cme has been designated as a systemically important financial market utility by the financial stability oversight council and maintains a cash account at the federal reserve bank of chicago .", "at december 31 , 2017 and december 31 , 2016 , cme maintained $ 34.2 billion and $ 6.2 billion , respectively , within the cash account at the federal reserve bank of chicago .", "clearing firms , at their option , may instruct cme to deposit the cash held by cme into one of the ief programs .", "the total principal in the ief programs was $ 1.1 billion at december 31 , 2017 and $ 6.8 billion at december 31 ." ]

[ [ "", "2016" ], [ "(in millions)", "AmortizedCost", "FairValue" ], [ "U.S. Treasury securities", "$5,548.9", "$5,549.0" ], [ "U.S. government agency securities", "1,228.3", "1,228.3" ] ]

[ [ "( in millions )", "2016 amortizedcost", "2016 fairvalue" ], [ "u.s . treasury securities", "$ 5548.9", "$ 5549.0" ], [ "u.s . government agency securities", "1228.3", "1228.3" ] ]

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[ "our refining and wholesale marketing gross margin is the difference between the prices of refined products sold and the costs of crude oil and other charge and blendstocks refined , including the costs to transport these inputs to our refineries , the costs of purchased products and manufacturing expenses , including depreciation .", "the crack spread is a measure of the difference between market prices for refined products and crude oil , commonly used by the industry as an indicator of the impact of price on the refining margin .", "crack spreads can fluctuate significantly , particularly when prices of refined products do not move in the same relationship as the cost of crude oil .", "as a performance benchmark and a comparison with other industry participants , we calculate midwest ( chicago ) and u.s .", "gulf coast crack spreads that we feel most closely track our operations and slate of products .", "posted light louisiana sweet ( 201clls 201d ) prices and a 6-3-2-1 ratio of products ( 6 barrels of crude oil producing 3 barrels of gasoline , 2 barrels of distillate and 1 barrel of residual fuel ) are used for the crack spread calculation .", "the following table lists calculated average crack spreads by quarter for the midwest ( chicago ) and gulf coast markets in 2008 .", "crack spreads ( dollars per barrel ) 1st qtr 2nd qtr 3rd qtr 4th qtr 2008 ." ]

[ "in addition to the market changes indicated by the crack spreads , our refining and wholesale marketing gross margin is impacted by factors such as the types of crude oil and other charge and blendstocks processed , the selling prices realized for refined products , the impact of commodity derivative instruments used to mitigate price risk and the cost of purchased products for resale .", "we process significant amounts of sour crude oil which can enhance our profitability compared to certain of our competitors , as sour crude oil typically can be purchased at a discount to sweet crude oil .", "finally , our refining and wholesale marketing gross margin is impacted by changes in manufacturing costs , which are primarily driven by the level of maintenance activities at the refineries and the price of purchased natural gas used for plant fuel .", "our 2008 refining and wholesale marketing gross margin was the key driver of the 43 percent decrease in rm&t segment income when compared to 2007 .", "our average refining and wholesale marketing gross margin per gallon decreased 37 percent , to 11.66 cents in 2008 from 18.48 cents in 2007 , primarily due to the significant and rapid increases in crude oil prices early in 2008 and lagging wholesale price realizations .", "our retail marketing gross margin for gasoline and distillates , which is the difference between the ultimate price paid by consumers and the cost of refined products , including secondary transportation and consumer excise taxes , also impacts rm&t segment profitability .", "while on average demand has been increasing for several years , there are numerous factors including local competition , seasonal demand fluctuations , the available wholesale supply , the level of economic activity in our marketing areas and weather conditions that impact gasoline and distillate demand throughout the year .", "in 2008 , demand began to drop due to the combination of significant increases in retail petroleum prices and a broad slowdown in general activity .", "the gross margin on merchandise sold at retail outlets has historically been more constant .", "the profitability of our pipeline transportation operations is primarily dependent on the volumes shipped through our crude oil and refined products pipelines .", "the volume of crude oil that we transport is directly affected by the supply of , and refiner demand for , crude oil in the markets served directly by our crude oil pipelines .", "key factors in this supply and demand balance are the production levels of crude oil by producers , the availability and cost of alternative modes of transportation , and refinery and transportation system maintenance levels .", "the volume of refined products that we transport is directly affected by the production levels of , and user demand for , refined products in the markets served by our refined product pipelines .", "in most of our markets , demand for gasoline peaks during the summer and declines during the fall and winter months , whereas distillate demand is more ratable throughout the year .", "as with crude oil , other transportation alternatives and system maintenance levels influence refined product movements .", "integrated gas our integrated gas strategy is to link stranded natural gas resources with areas where a supply gap is emerging due to declining production and growing demand .", "our integrated gas operations include marketing and transportation of products manufactured from natural gas , such as lng and methanol , primarily in the u.s. , europe and west africa .", "our most significant lng investment is our 60 percent ownership in a production facility in equatorial guinea , which sells lng under a long-term contract at prices tied to henry hub natural gas prices .", "in 2008 , its ." ]

[ [ "<i></i> Crack spreads<i></i><i>(Dollars per barrel)</i>", "1st Qtr", "2nd Qtr", "3rd Qtr", "4th Qtr", "2008" ], [ "Chicago LLS 6-3-2-1", "$0.07", "$2.71", "$7.81", "$2.31", "$3.27" ], [ "US Gulf Coast LLS 6-3-2-1", "$1.39", "$1.99", "$6.32", "($0.01)", "$2.45" ] ]

[ [ "crack spreads ( dollars per barrel )", "1st qtr", "2nd qtr", "3rd qtr", "4th qtr", "2008" ], [ "chicago lls 6-3-2-1", "$ 0.07", "$ 2.71", "$ 7.81", "$ 2.31", "$ 3.27" ], [ "us gulf coast lls 6-3-2-1", "$ 1.39", "$ 1.99", "$ 6.32", "( $ 0.01 )", "$ 2.45" ] ]

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[ "2016 , as well as significant sponsorship and other marketing agreements entered into during the period after december 31 , 2016 through the date of this report : ( in thousands ) ." ]

[ "total future minimum sponsorship and other payments $ 1355605 the amounts listed above are the minimum compensation obligations and guaranteed royalty fees required to be paid under the company 2019s sponsorship and other marketing agreements .", "the amounts listed above do not include additional performance incentives and product supply obligations provided under certain agreements .", "it is not possible to determine how much the company will spend on product supply obligations on an annual basis as contracts generally do not stipulate specific cash amounts to be spent on products .", "the amount of product provided to the sponsorships depends on many factors including general playing conditions , the number of sporting events in which they participate and the company 2019s decisions regarding product and marketing initiatives .", "in addition , the costs to design , develop , source and purchase the products furnished to the endorsers are incurred over a period of time and are not necessarily tracked separately from similar costs incurred for products sold to customers .", "in connection with various contracts and agreements , the company has agreed to indemnify counterparties against certain third party claims relating to the infringement of intellectual property rights and other items .", "generally , such indemnification obligations do not apply in situations in which the counterparties are grossly negligent , engage in willful misconduct , or act in bad faith .", "based on the company 2019s historical experience and the estimated probability of future loss , the company has determined that the fair value of such indemnifications is not material to its consolidated financial position or results of operations .", "from time to time , the company is involved in litigation and other proceedings , including matters related to commercial and intellectual property disputes , as well as trade , regulatory and other claims related to its business .", "other than as described below , the company believes that all current proceedings are routine in nature and incidental to the conduct of its business , and that the ultimate resolution of any such proceedings will not have a material adverse effect on its consolidated financial position , results of operations or cash flows .", "on february 10 , 2017 , a shareholder filed a securities case in the united states district court for the district of maryland ( the 201ccourt 201d ) against the company , the company 2019s chief executive officer and the company 2019s former chief financial officer ( brian breece v .", "under armour , inc. ) .", "on february 16 , 2017 , a second shareholder filed a securities case in the court against the same defendants ( jodie hopkins v .", "under armour , inc. ) .", "the plaintiff in each case purports to represent a class of shareholders for the period between april 21 , 2016 and january 30 , 2017 , inclusive .", "the complaints allege violations of section 10 ( b ) ( and rule 10b-5 ) of the securities exchange act of 1934 , as amended ( the 201cexchange act 201d ) and section 20 ( a ) control person liability under the exchange act against the officers named in the complaints .", "in general , the allegations in each case concern disclosures and statements made by ." ]

[ [ "2017", "$176,138" ], [ "2018", "166,961" ], [ "2019", "142,987" ], [ "2020", "124,856" ], [ "2021", "118,168" ], [ "2022 and thereafter", "626,495" ], [ "Total future minimum sponsorship and other payments", "$1,355,605" ] ]

[ [ "2017", "$ 176138" ], [ "2018", "166961" ], [ "2019", "142987" ], [ "2020", "124856" ], [ "2021", "118168" ], [ "2022 and thereafter", "626495" ], [ "total future minimum sponsorship and other payments", "$ 1355605" ] ]

[]

[ "foodservice sales volumes increased in 2012 compared with 2011 .", "average sales margins were higher reflecting the realization of sales price increases for the pass-through of earlier cost increases .", "raw material costs for board and resins were lower .", "operating costs and distribution costs were both higher .", "the u.s .", "shorewood business was sold december 31 , 2011 and the non-u.s .", "business was sold in january looking ahead to the first quarter of 2013 , coated paperboard sales volumes are expected to increase slightly from the fourth quarter of 2012 .", "average sales price realizations are expected to be slightly lower , but margins should benefit from a more favorable product mix .", "input costs are expected to be higher for energy and wood .", "no planned main- tenance outages are scheduled in the first quarter .", "in january 2013 the company announced the perma- nent shutdown of a coated paperboard machine at the augusta mill with an annual capacity of 140000 tons .", "foodservice sales volumes are expected to increase .", "average sales margins are expected to decrease due to the realization of sales price decreases effective with our january contract open- ers .", "input costs for board and resin are expected to be lower and operating costs are also expected to decrease .", "european consumer packaging net sales in 2012 were $ 380 million compared with $ 375 million in 2011 and $ 345 million in 2010 .", "operating profits in 2012 were $ 99 million compared with $ 93 million in 2011 and $ 76 million in 2010 .", "sales volumes in 2012 increased from 2011 .", "average sales price realizations were higher in russian markets , but were lower in european markets .", "input costs decreased , primarily for wood , and planned maintenance downtime costs were lower in 2012 than in 2011 .", "looking forward to the first quarter of 2013 , sales volumes are expected to decrease in both europe and russia .", "average sales price realizations are expected to be higher in russia , but be more than offset by decreases in europe .", "input costs are expected to increase for wood and chemicals .", "no maintenance outages are scheduled for the first quarter .", "asian consumer packaging net sales were $ 830 million in 2012 compared with $ 855 million in 2011 and $ 705 million in 2010 .", "operating profits in 2012 were $ 4 million compared with $ 35 million in 2011 and $ 34 million in 2010 .", "sales volumes increased in 2012 compared with 2011 partially due to the start-up of a new coated paperboard machine .", "average sales price realizations were significantly lower , but were partially offset by lower input costs for purchased pulp .", "start-up costs for a new coated paperboard machine adversely impacted operating profits in 2012 .", "in the first quarter of 2013 , sales volumes are expected to increase slightly .", "average sales price realizations for folding carton board and bristols board are expected to be lower reflecting increased competitive pressures and seasonally weaker market demand .", "input costs should be higher for pulp and chemicals .", "however , costs related to the ramp-up of the new coated paperboard machine should be lower .", "distribution xpedx , our distribution business , is one of north america 2019s leading business-to-business distributors to manufacturers , facility managers and printers , providing customized solutions that are designed to improve efficiency , reduce costs and deliver results .", "customer demand is generally sensitive to changes in economic conditions and consumer behavior , along with segment specific activity including corpo- rate advertising and promotional spending , government spending and domestic manufacturing activity .", "distribution 2019s margins are relatively stable across an economic cycle .", "providing customers with the best choice for value in both products and supply chain services is a key competitive factor .", "addition- ally , efficient customer service , cost-effective logis- tics and focused working capital management are key factors in this segment 2019s profitability .", "distribution ." ]

[ "distr ibut ion 2019s 2012 annual sales decreased 9% ( 9 % ) from 2011 , and decreased 10% ( 10 % ) from 2010 .", "operating profits in 2012 were $ 22 million ( $ 71 million exclud- ing reorganization costs ) compared with $ 34 million ( $ 86 million excluding reorganization costs ) in 2011 and $ 78 million in 2010 .", "annual sales of printing papers and graphic arts supplies and equipment totaled $ 3.5 billion in 2012 compared with $ 4.0 billion in 2011 and $ 4.2 billion in 2010 , reflecting declining demand and the exiting of unprofitable businesses .", "trade margins as a percent of sales for printing papers were relatively even with both 2011 and 2010 .", "revenue from packaging prod- ucts was flat at $ 1.6 billion in both 2012 and 2011 and up slightly compared to $ 1.5 billion in 2010 .", "pack- aging margins increased in 2012 from both 2011 and 2010 , reflecting the successful execution of strategic sourcing initiatives .", "facility supplies annual revenue was $ 0.9 billion in 2012 , down compared to $ 1.0 bil- lion in 2011 and 2010 .", "operating profits in 2012 included $ 49 million of reorganization costs for severance , professional services and asset write-downs compared with $ 52 ." ]

[ [ "In millions", "2012", "2011", "2010" ], [ "Sales", "$6,040", "$6,630", "$6,735" ], [ "Operating Profit", "22", "34", "78" ] ]

[ [ "in millions", "2012", "2011", "2010" ], [ "sales", "$ 6040", "$ 6630", "$ 6735" ], [ "operating profit", "22", "34", "78" ] ]

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[ "jpmorgan chase & co./2017 annual report 53 net interest income excluding cib 2019s markets businesses in addition to reviewing net interest income on a managed basis , management also reviews net interest income excluding net interest income arising from cib 2019s markets businesses to assess the performance of the firm 2019s lending , investing ( including asset-liability management ) and deposit-raising activities .", "this net interest income is referred to as non-markets related net interest income .", "cib 2019s markets businesses are fixed income markets and equity markets .", "management believes that disclosure of non-markets related net interest income provides investors and analysts with another measure by which to analyze the non-markets-related business trends of the firm and provides a comparable measure to other financial institutions that are primarily focused on lending , investing and deposit-raising activities .", "the data presented below are non-gaap financial measures due to the exclusion of markets related net interest income arising from cib .", "year ended december 31 , ( in millions , except rates ) 2017 2016 2015 net interest income 2013 managed basis ( a ) ( b ) $ 51410 $ 47292 $ 44620 less : cib markets net interest income ( c ) 4630 6334 5298 net interest income excluding cib markets ( a ) $ 46780 $ 40958 $ 39322 average interest-earning assets $ 2180592 $ 2101604 $ 2088242 less : average cib markets interest-earning assets ( c ) 540835 520307 510292 average interest-earning assets excluding cib markets $ 1639757 $ 1581297 $ 1577950 net interest yield on average interest-earning assets 2013 managed basis 2.36% ( 2.36 % ) 2.25% ( 2.25 % ) 2.14% ( 2.14 % ) net interest yield on average cib markets interest-earning assets ( c ) 0.86 1.22 1.04 net interest yield on average interest-earning assets excluding cib markets 2.85% ( 2.85 % ) 2.59% ( 2.59 % ) 2.49% ( 2.49 % ) ( a ) interest includes the effect of related hedges .", "taxable-equivalent amounts are used where applicable .", "( b ) for a reconciliation of net interest income on a reported and managed basis , see reconciliation from the firm 2019s reported u.s .", "gaap results to managed basis on page 52 .", "( c ) the amounts in this table differ from the prior-period presentation to align with cib 2019s markets businesses .", "for further information on cib 2019s markets businesses , see page 65 .", "calculation of certain u.s .", "gaap and non-gaap financial measures certain u.s .", "gaap and non-gaap financial measures are calculated as follows : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares at period-end * represents net income applicable to common equity ." ]

[ "jpmorgan chase & co./2017 annual report 53 net interest income excluding cib 2019s markets businesses in addition to reviewing net interest income on a managed basis , management also reviews net interest income excluding net interest income arising from cib 2019s markets businesses to assess the performance of the firm 2019s lending , investing ( including asset-liability management ) and deposit-raising activities .", "this net interest income is referred to as non-markets related net interest income .", "cib 2019s markets businesses are fixed income markets and equity markets .", "management believes that disclosure of non-markets related net interest income provides investors and analysts with another measure by which to analyze the non-markets-related business trends of the firm and provides a comparable measure to other financial institutions that are primarily focused on lending , investing and deposit-raising activities .", "the data presented below are non-gaap financial measures due to the exclusion of markets related net interest income arising from cib .", "year ended december 31 , ( in millions , except rates ) 2017 2016 2015 net interest income 2013 managed basis ( a ) ( b ) $ 51410 $ 47292 $ 44620 less : cib markets net interest income ( c ) 4630 6334 5298 net interest income excluding cib markets ( a ) $ 46780 $ 40958 $ 39322 average interest-earning assets $ 2180592 $ 2101604 $ 2088242 less : average cib markets interest-earning assets ( c ) 540835 520307 510292 average interest-earning assets excluding cib markets $ 1639757 $ 1581297 $ 1577950 net interest yield on average interest-earning assets 2013 managed basis 2.36% ( 2.36 % ) 2.25% ( 2.25 % ) 2.14% ( 2.14 % ) net interest yield on average cib markets interest-earning assets ( c ) 0.86 1.22 1.04 net interest yield on average interest-earning assets excluding cib markets 2.85% ( 2.85 % ) 2.59% ( 2.59 % ) 2.49% ( 2.49 % ) ( a ) interest includes the effect of related hedges .", "taxable-equivalent amounts are used where applicable .", "( b ) for a reconciliation of net interest income on a reported and managed basis , see reconciliation from the firm 2019s reported u.s .", "gaap results to managed basis on page 52 .", "( c ) the amounts in this table differ from the prior-period presentation to align with cib 2019s markets businesses .", "for further information on cib 2019s markets businesses , see page 65 .", "calculation of certain u.s .", "gaap and non-gaap financial measures certain u.s .", "gaap and non-gaap financial measures are calculated as follows : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares at period-end * represents net income applicable to common equity ." ]

[ [ "Year ended December 31,(in millions, except rates)", "2017", "2016", "2015" ], [ "Net interest income – managed basis^(a)(b)", "$51,410", "$47,292", "$44,620" ], [ "Less: CIB Markets net interest income^(c)", "4,630", "6,334", "5,298" ], [ "Net interest income excluding CIB Markets^(a)", "$46,780", "$40,958", "$39,322" ], [ "Average interest-earning assets", "$2,180,592", "$2,101,604", "$2,088,242" ], [ "Less: Average CIB Markets interest-earning assets^(c)", "540,835", "520,307", "510,292" ], [ "Average interest-earning assets excluding CIB Markets", "$1,639,757", "$1,581,297", "$1,577,950" ], [ "Net interest yield on average interest-earning assets – managed basis", "2.36%", "2.25%", "2.14%" ], [ "Net interest yield on average CIB Markets interest-earning assets^(c)", "0.86", "1.22", "1.04" ], [ "Net interest yield on average interest-earning assets excluding CIB Markets", "2.85%", "2.59%", "2.49%" ] ]

[ [ "year ended december 31 ( in millions except rates )", "2017", "2016", "2015" ], [ "net interest income 2013 managed basis ( a ) ( b )", "$ 51410", "$ 47292", "$ 44620" ], [ "less : cib markets net interest income ( c )", "4630", "6334", "5298" ], [ "net interest income excluding cib markets ( a )", "$ 46780", "$ 40958", "$ 39322" ], [ "average interest-earning assets", "$ 2180592", "$ 2101604", "$ 2088242" ], [ "less : average cib markets interest-earning assets ( c )", "540835", "520307", "510292" ], [ "average interest-earning assets excluding cib markets", "$ 1639757", "$ 1581297", "$ 1577950" ], [ "net interest yield on average interest-earning assets 2013 managed basis", "2.36% ( 2.36 % )", "2.25% ( 2.25 % )", "2.14% ( 2.14 % )" ], [ "net interest yield on average cib markets interest-earning assets ( c )", "0.86", "1.22", "1.04" ], [ "net interest yield on average interest-earning assets excluding cib markets", "2.85% ( 2.85 % )", "2.59% ( 2.59 % )", "2.49% ( 2.49 % )" ] ]

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[ "interest rate derivatives .", "in connection with the issuance of floating rate debt in august and october 2008 , the company entered into three interest rate swap contracts , designated as cash flow hedges , for purposes of hedging against a change in interest payments due to fluctuations in the underlying benchmark rate .", "in december 2010 , the company approved a plan to refinance the term loan in january 2011 resulting in an $ 8.6 million loss on derivative instruments as a result of ineffectiveness on the associated interest rate swap contract .", "to mitigate counterparty credit risk , the interest rate swap contracts required collateralization by both counterparties for the swaps 2019 aggregate net fair value during their respective terms .", "collateral was maintained in the form of cash and adjusted on a daily basis .", "in february 2010 , the company entered into a forward starting interest rate swap contract , designated as a cash flow hedge , for purposes of hedging against a change in interest payments due to fluctuations in the underlying benchmark rate between the date of the swap and the forecasted issuance of fixed rate debt in march 2010 .", "the swap was highly effective .", "foreign currency derivatives .", "in connection with its purchase of bm&fbovespa stock in february 2008 , cme group purchased a put option to hedge against changes in the fair value of bm&fbovespa stock resulting from foreign currency rate fluctuations between the u.s .", "dollar and the brazilian real ( brl ) beyond the option 2019s exercise price .", "lehman brothers special financing inc .", "( lbsf ) was the sole counterparty to this option contract .", "on september 15 , 2008 , lehman brothers holdings inc .", "( lehman ) filed for protection under chapter 11 of the united states bankruptcy code .", "the bankruptcy filing of lehman was an event of default that gave the company the right to immediately terminate the put option agreement with lbsf .", "in march 2010 , the company recognized a $ 6.0 million gain on derivative instruments as a result of a settlement from the lehman bankruptcy proceedings .", "21 .", "capital stock shares outstanding .", "the following table presents information regarding capital stock: ." ]

[ "cme group has no shares of preferred stock issued and outstanding .", "associated trading rights .", "members of cme , cbot , nymex and comex own or lease trading rights which entitle them to access the trading floors , discounts on trading fees and the right to vote on certain exchange matters as provided for by the rules of the particular exchange and cme group 2019s or the subsidiaries 2019 organizational documents .", "each class of cme group class b common stock is associated with a membership in a specific division for trading at cme .", "a cme trading right is a separate asset that is not part of or evidenced by the associated share of class b common stock of cme group .", "the class b common stock of cme group is intended only to ensure that the class b shareholders of cme group retain rights with respect to representation on the board of directors and approval rights with respect to the core rights described below .", "trading rights at cbot are evidenced by class b memberships in cbot , at nymex by class a memberships in nymex and at comex by comex division memberships in comex .", "members of the cbot , nymex and comex exchanges do not have any rights to elect members of the board of directors and are not entitled to receive dividends or other distributions on their memberships .", "the company is , however , required to have at least 10 cbot directors ( as defined by its bylaws ) until its 2012 annual meeting. ." ]

[ [ "", "December 31," ], [ "(in thousands)", "2010", "2009" ], [ "Shares authorized", "1,000,000", "1,000,000" ], [ "Class A common stock", "66,847", "66,511" ], [ "Class B-1 common stock", "0.6", "0.6" ], [ "Class B-2 common stock", "0.8", "0.8" ], [ "Class B-3 common stock", "1.3", "1.3" ], [ "Class B-4 common stock", "0.4", "0.4" ] ]

[ [ "( in thousands )", "december 31 , 2010", "december 31 , 2009" ], [ "shares authorized", "1000000", "1000000" ], [ "class a common stock", "66847", "66511" ], [ "class b-1 common stock", "0.6", "0.6" ], [ "class b-2 common stock", "0.8", "0.8" ], [ "class b-3 common stock", "1.3", "1.3" ], [ "class b-4 common stock", "0.4", "0.4" ] ]

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[ "competitive supply aes 2019s competitive supply line of business consists of generating facilities that sell electricity directly to wholesale customers in competitive markets .", "additionally , as compared to the contract generation segment discussed above , these generating facilities generally sell less than 75% ( 75 % ) of their output pursuant to long-term contracts with pre-determined pricing provisions and/or sell into power pools , under shorter-term contracts or into daily spot markets .", "the prices paid for electricity under short-term contracts and in the spot markets are unpredictable and can be , and from time to time have been , volatile .", "the results of operations of aes 2019s competitive supply business are also more sensitive to the impact of market fluctuations in the price of electricity , natural gas , coal and other raw materials .", "in the united kingdom , txu europe entered administration in november 2002 and is no longer performing under its contracts with drax and barry .", "as described in the footnotes and in other sections of the discussion and analysis of financial condition and results of operations , txu europe 2019s failure to perform under its contracts has had a material adverse effect on the results of operations of these businesses .", "two aes competitive supply businesses , aes wolf hollow , l.p .", "and granite ridge have fuel supply agreements with el paso merchant energy l.p .", "an affiliate of el paso corp. , which has encountered financial difficulties .", "the company does not believe the financial difficulties of el paso corp .", "will have a material adverse effect on el paso merchant energy l.p . 2019s performance under the supply agreement ; however , there can be no assurance that a further deterioration in el paso corp 2019s financial condition will not have a material adverse effect on the ability of el paso merchant energy l.p .", "to perform its obligations .", "while el paso corp 2019s financial condition may not have a material adverse effect on el paso merchant energy , l.p .", "at this time , it could lead to a default under the aes wolf hollow , l.p . 2019s fuel supply agreement , in which case aes wolf hollow , l.p . 2019s lenders may seek to declare a default under its credit agreements .", "aes wolf hollow , l.p .", "is working in concert with its lenders to explore options to avoid such a default .", "the revenues from our facilities that distribute electricity to end-use customers are generally subject to regulation .", "these businesses are generally required to obtain third party approval or confirmation of rate increases before they can be passed on to the customers through tariffs .", "these businesses comprise the large utilities and growth distribution segments of the company .", "revenues from contract generation and competitive supply are not regulated .", "the distribution of revenues between the segments for the years ended december 31 , 2002 , 2001 and 2000 is as follows: ." ]

[ "development costs certain subsidiaries and affiliates of the company ( domestic and non-u.s. ) are in various stages of developing and constructing greenfield power plants , some but not all of which have signed long-term contracts or made similar arrangements for the sale of electricity .", "successful completion depends upon overcoming substantial risks , including , but not limited to , risks relating to failures of siting , financing , construction , permitting , governmental approvals or the potential for termination of the power sales contract as a result of a failure to meet certain milestones .", "as of december 31 , 2002 , capitalized costs for projects under development and in early stage construction were approximately $ 15 million and capitalized costs for projects under construction were approximately $ 3.2 billion .", "the company believes ." ]

[ [ "", "2002", "2001", "2000" ], [ "Large utilities", "36%", "21%", "22%" ], [ "Growth distribution", "14%", "21%", "21%" ], [ "Contract generation", "29%", "32%", "27%" ], [ "Competitive supply", "21%", "26%", "30%" ] ]

[ [ "", "2002", "2001", "2000" ], [ "large utilities", "36% ( 36 % )", "21% ( 21 % )", "22% ( 22 % )" ], [ "growth distribution", "14% ( 14 % )", "21% ( 21 % )", "21% ( 21 % )" ], [ "contract generation", "29% ( 29 % )", "32% ( 32 % )", "27% ( 27 % )" ], [ "competitive supply", "21% ( 21 % )", "26% ( 26 % )", "30% ( 30 % )" ] ]

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

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

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

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

[ { "arg1": "0.29", "arg2": "0.25", "op": "minus1-1", "res": "0.04" }, { "arg1": "#0", "arg2": "0.25", "op": "divide1-2", "res": "16%" } ]

[ "construction of cvn-79 john f .", "kennedy , construction of the u.s .", "coast guard 2019s fifth national security cutter ( unnamed ) , advance planning efforts for the cvn-72 uss abraham lincoln rcoh , and continued execution of the cvn-71 uss theodore roosevelt rcoh .", "2010 2014the value of new contract awards during the year ended december 31 , 2010 , was approximately $ 3.6 billion .", "significant new awards during this period included $ 480 million for the construction of the u.s .", "coast guard 2019s fourth national security cutter hamilton , $ 480 million for design and long-lead material procurement activities for the cvn-79 john f .", "kennedy aircraft carrier , $ 377 million for cvn-78 gerald r .", "ford , $ 224 million for lha-7 ( unnamed ) , $ 184 million for lpd-26 john p .", "murtha , $ 114 million for ddg-114 ralph johnson and $ 62 million for long-lead material procurement activities for lpd-27 ( unnamed ) .", "liquidity and capital resources we endeavor to ensure the most efficient conversion of operating results into cash for deployment in operating our businesses and maximizing stockholder value .", "we use various financial measures to assist in capital deployment decision making , including net cash provided by operating activities and free cash flow .", "we believe these measures are useful to investors in assessing our financial performance .", "the table below summarizes key components of cash flow provided by ( used in ) operating activities: ." ]

[ "cash flows we discuss below our major operating , investing and financing activities for each of the three years in the period ended december 31 , 2011 , as classified on our consolidated statements of cash flows .", "operating activities 2011 2014cash provided by operating activities was $ 528 million in 2011 compared with $ 359 million in 2010 .", "the increase of $ 169 million was due principally to increased earnings net of impairment charges and lower pension contributions , offset by an increase in trade working capital .", "net cash paid by northrop grumman on our behalf for u.s .", "federal income tax obligations was $ 53 million .", "we expect cash generated from operations for 2012 to be sufficient to service debt , meet contract obligations , and finance capital expenditures .", "although 2012 cash from operations is expected to be sufficient to service these obligations , we may from time to time borrow funds under our credit facility to accommodate timing differences in cash flows .", "2010 2014net cash provided by operating activities was $ 359 million in 2010 compared with cash used of $ 88 million in 2009 .", "the change of $ 447 million was due principally to a decrease in discretionary pension contributions of $ 97 million , a decrease in trade working capital of $ 299 million , and a decrease in deferred income taxes of $ 79 million .", "in 2009 , trade working capital balances included the unfavorable impact of delayed customer billings associated with the negative performance adjustments on the lpd-22 through lpd-25 contract due to projected cost increases at completion .", "see note 7 : contract charges in item 8 .", "the change in deferred taxes was due principally to the timing of contract related deductions .", "u.s .", "federal income tax payments made by northrop grumman on our behalf were $ 89 million in 2010. ." ]

[ [ "", "Year Ended December 31" ], [ "($ in millions)", "2011", "2010", "2009" ], [ "Net earnings (loss)", "$(94)", "$135", "$124" ], [ "Goodwill impairment", "290", "0", "0" ], [ "Deferred income taxes", "27", "(19)", "(98)" ], [ "Depreciation and amortization", "190", "183", "186" ], [ "Stock-based compensation", "42", "0", "0" ], [ "Retiree benefit funding less than (in excess of) expense", "122", "33", "(28)" ], [ "Trade working capital decrease (increase)", "(49)", "27", "(272)" ], [ "Net cash provided by (used in) operating activities", "$528", "$359", "$(88)" ] ]

[ [ "( $ in millions )", "year ended december 31 2011", "year ended december 31 2010", "year ended december 31 2009" ], [ "net earnings ( loss )", "$ -94 ( 94 )", "$ 135", "$ 124" ], [ "goodwill impairment", "290", "0", "0" ], [ "deferred income taxes", "27", "-19 ( 19 )", "-98 ( 98 )" ], [ "depreciation and amortization", "190", "183", "186" ], [ "stock-based compensation", "42", "0", "0" ], [ "retiree benefit funding less than ( in excess of ) expense", "122", "33", "-28 ( 28 )" ], [ "trade working capital decrease ( increase )", "-49 ( 49 )", "27", "-272 ( 272 )" ], [ "net cash provided by ( used in ) operating activities", "$ 528", "$ 359", "$ -88 ( 88 )" ] ]

[ { "arg1": "528", "arg2": "359", "op": "minus1-1", "res": "169" }, { "arg1": "#0", "arg2": "359", "op": "divide1-2", "res": "47.1%" } ]

[ "notes to consolidated financial statements ( continued ) note 8 2014commitments and contingencies ( continued ) the following table reconciles changes in the company 2019s accrued warranties and related costs ( in millions ) : ." ]

[ "the company generally does not indemnify end-users of its operating system and application software against legal claims that the software infringes third-party intellectual property rights .", "other agreements entered into by the company sometimes include indemnification provisions under which the company could be subject to costs and/or damages in the event of an infringement claim against the company or an indemnified third-party .", "however , the company has not been required to make any significant payments resulting from such an infringement claim asserted against itself or an indemnified third-party and , in the opinion of management , does not have a potential liability related to unresolved infringement claims subject to indemnification that would have a material adverse effect on its financial condition or operating results .", "therefore , the company did not record a liability for infringement costs as of either september 29 , 2007 or september 30 , 2006 .", "concentrations in the available sources of supply of materials and product certain key components including , but not limited to , microprocessors , enclosures , certain lcds , certain optical drives , and application-specific integrated circuits ( 2018 2018asics 2019 2019 ) are currently obtained by the company from single or limited sources which subjects the company to supply and pricing risks .", "many of these and other key components that are available from multiple sources including , but not limited to , nand flash memory , dram memory , and certain lcds , are at times subject to industry-wide shortages and significant commodity pricing fluctuations .", "in addition , the company has entered into certain agreements for the supply of critical components at favorable pricing , and there is no guarantee that the company will be able to extend or renew these agreements when they expire .", "therefore , the company remains subject to significant risks of supply shortages and/or price increases that can adversely affect gross margins and operating margins .", "in addition , the company uses some components that are not common to the rest of the global personal computer , consumer electronics and mobile communication industries , and new products introduced by the company often utilize custom components obtained from only one source until the company has evaluated whether there is a need for and subsequently qualifies additional suppliers .", "if the supply of a key single-sourced component to the company were to be delayed or curtailed , or in the event a key manufacturing vendor delays shipments of completed products to the company , the company 2019s ability to ship related products in desired quantities and in a timely manner could be adversely affected .", "the company 2019s business and financial performance could also be adversely affected depending on the time required to obtain sufficient quantities from the original source , or to identify and obtain sufficient quantities from an alternative source .", "continued availability of these components may be affected if producers were to decide to concentrate on the production of common components instead of components customized to meet the company 2019s requirements .", "finally , significant portions of the company 2019s cpus , ipods , iphones , logic boards , and other assembled products are now manufactured by outsourcing partners , primarily in various parts of asia .", "a significant concentration of this outsourced manufacturing is currently performed by only a few of the company 2019s outsourcing partners , often in single locations .", "certain of these outsourcing partners are the sole-sourced supplier of components and manufacturing outsourcing for many of the company 2019s key products , including but not limited to , assembly ." ]

[ [ "", "2007", "2006", "2005" ], [ "Beginning accrued warranty and related costs", "$284", "$188", "$105" ], [ "Cost of warranty claims", "(281)", "(267)", "(188)" ], [ "Accruals for product warranties", "227", "363", "271" ], [ "Ending accrued warranty and related costs", "$230", "$284", "$188" ] ]

[ [ "", "2007", "2006", "2005" ], [ "beginning accrued warranty and related costs", "$ 284", "$ 188", "$ 105" ], [ "cost of warranty claims", "-281 ( 281 )", "-267 ( 267 )", "-188 ( 188 )" ], [ "accruals for product warranties", "227", "363", "271" ], [ "ending accrued warranty and related costs", "$ 230", "$ 284", "$ 188" ] ]

[ { "arg1": "230", "arg2": "284", "op": "minus2-1", "res": "-54" }, { "arg1": "#0", "arg2": "284", "op": "divide2-2", "res": "-19%" } ]

[ "technical and research personnel and lab facilities , and significantly expanded the portfolio of patents available to us via license and through a cooperative development program .", "in addition , we have acquired a 20 percent interest in grt , inc .", "the gtftm technology is protected by an intellectual property protection program .", "the u.s .", "has granted 17 patents for the technology , with another 22 pending .", "worldwide , there are over 300 patents issued or pending , covering over 100 countries including regional and direct foreign filings .", "another innovative technology that we are developing focuses on reducing the processing and transportation costs of natural gas by artificially creating natural gas hydrates , which are more easily transportable than natural gas in its gaseous form .", "much like lng , gas hydrates would then be regasified upon delivery to the receiving market .", "we have an active pilot program in place to test and further develop a proprietary natural gas hydrates manufacturing system .", "the above discussion of the integrated gas segment contains forward-looking statements with respect to the possible expansion of the lng production facility .", "factors that could potentially affect the possible expansion of the lng production facility include partner and government approvals , access to sufficient natural gas volumes through exploration or commercial negotiations with other resource owners and access to sufficient regasification capacity .", "the foregoing factors ( among others ) could cause actual results to differ materially from those set forth in the forward-looking statements .", "refining , marketing and transportation we have refining , marketing and transportation operations concentrated primarily in the midwest , upper great plains , gulf coast and southeast regions of the u.s .", "we rank as the fifth largest crude oil refiner in the u.s .", "and the largest in the midwest .", "our operations include a seven-plant refining network and an integrated terminal and transportation system which supplies wholesale and marathon-brand customers as well as our own retail operations .", "our wholly-owned retail marketing subsidiary speedway superamerica llc ( 201cssa 201d ) is the third largest chain of company-owned and -operated retail gasoline and convenience stores in the u.s .", "and the largest in the midwest .", "refining we own and operate seven refineries with an aggregate refining capacity of 1.188 million barrels per day ( 201cmmbpd 201d ) of crude oil as of december 31 , 2009 .", "during 2009 , our refineries processed 957 mbpd of crude oil and 196 mbpd of other charge and blend stocks .", "the table below sets forth the location and daily crude oil refining capacity of each of our refineries as of december 31 , 2009 .", "crude oil refining capacity ( thousands of barrels per day ) 2009 ." ]

[ "our refineries include crude oil atmospheric and vacuum distillation , fluid catalytic cracking , catalytic reforming , desulfurization and sulfur recovery units .", "the refineries process a wide variety of crude oils and produce numerous refined products , ranging from transportation fuels , such as reformulated gasolines , blend- grade gasolines intended for blending with fuel ethanol and ultra-low sulfur diesel fuel , to heavy fuel oil and asphalt .", "additionally , we manufacture aromatics , cumene , propane , propylene , sulfur and maleic anhydride .", "our garyville , louisiana , refinery is located along the mississippi river in southeastern louisiana between new orleans and baton rouge .", "the garyville refinery predominantly processes heavy sour crude oil into products ." ]

[ [ "<i>(Thousands of barrels per day)</i>", "2009" ], [ "Garyville, Louisiana", "436" ], [ "Catlettsburg, Kentucky", "212" ], [ "Robinson, Illinois", "206" ], [ "Detroit, Michigan", "106" ], [ "Canton, Ohio", "78" ], [ "Texas City, Texas", "76" ], [ "St. Paul Park, Minnesota", "74" ], [ "TOTAL", "1,188" ] ]

[ [ "( thousands of barrels per day )", "2009" ], [ "garyville louisiana", "436" ], [ "catlettsburg kentucky", "212" ], [ "robinson illinois", "206" ], [ "detroit michigan", "106" ], [ "canton ohio", "78" ], [ "texas city texas", "76" ], [ "st . paul park minnesota", "74" ], [ "total", "1188" ] ]

[]

[ "sales of unregistered securities not applicable .", "repurchases of equity securities the following table provides information regarding our purchases of our equity securities during the period from october 1 , 2017 to december 31 , 2017 .", "total number of shares ( or units ) purchased 1 average price paid per share ( or unit ) 2 total number of shares ( or units ) purchased as part of publicly announced plans or programs 3 maximum number ( or approximate dollar value ) of shares ( or units ) that may yet be purchased under the plans or programs 3 ." ]

[ "1 included shares of our common stock , par value $ 0.10 per share , withheld under the terms of grants under employee stock-based compensation plans to offset tax withholding obligations that occurred upon vesting and release of restricted shares ( the 201cwithheld shares 201d ) .", "we repurchased 1474 withheld shares in october 2017 , 893 withheld shares in november 2017 and 10639 withheld shares in december 2017 , for a total of 13006 withheld shares during the three-month period .", "2 the average price per share for each of the months in the fiscal quarter and for the three-month period was calculated by dividing the sum of the applicable period of the aggregate value of the tax withholding obligations and the aggregate amount we paid for shares acquired under our share repurchase program , described in note 5 to the consolidated financial statements , by the sum of the number of withheld shares and the number of shares acquired in our share repurchase program .", "3 in february 2017 , the board authorized a share repurchase program to repurchase from time to time up to $ 300.0 million , excluding fees , of our common stock ( the 201c2017 share repurchase program 201d ) .", "on february 14 , 2018 , we announced that our board had approved a new share repurchase program to repurchase from time to time up to $ 300.0 million , excluding fees , of our common stock .", "the new authorization is in addition to any amounts remaining for repurchase under the 2017 share repurchase program .", "there is no expiration date associated with the share repurchase programs. ." ]

[ [ "", "Total Number ofShares (or Units)Purchased¹", "Average Price Paidper Share (or Unit)²", "Total Number ofShares (or Units)Purchased as Part ofPublicly AnnouncedPlans or Programs³", "Maximum Number (orApproximate Dollar Value)of Shares (or Units)that May Yet Be PurchasedUnder the Plans orPrograms³" ], [ "October 1 - 31", "1,231,868", "$20.74", "1,230,394", "$214,001,430" ], [ "November 1 - 30", "1,723,139", "$18.89", "1,722,246", "$181,474,975" ], [ "December 1 - 31", "1,295,639", "$20.25", "1,285,000", "$155,459,545" ], [ "Total", "4,250,646", "$19.84", "4,237,640", "" ] ]

[ [ "", "total number ofshares ( or units ) purchased1", "average price paidper share ( or unit ) 2", "total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3", "maximum number ( orapproximate dollar value ) of shares ( or units ) that may yet be purchasedunder the plans orprograms3" ], [ "october 1 - 31", "1231868", "$ 20.74", "1230394", "$ 214001430" ], [ "november 1 - 30", "1723139", "$ 18.89", "1722246", "$ 181474975" ], [ "december 1 - 31", "1295639", "$ 20.25", "1285000", "$ 155459545" ], [ "total", "4250646", "$ 19.84", "4237640", "" ] ]

[ { "arg1": "4250646", "arg2": "19.84", "op": "multiply1-1", "res": "84332817" }, { "arg1": "#0", "arg2": "const_1000000", "op": "divide1-2", "res": "84.3" } ]

[ "substantially all of the goodwill and other intangible assets recorded related to the acquisition of allied are not deductible for tax purposes .", "pro forma information the consolidated financial statements presented for republic include the operating results of allied from the date of the acquisition .", "the following pro forma information is presented assuming the merger had been completed as of january 1 , 2007 .", "the unaudited pro forma information presented below has been prepared for illustrative purposes and is not intended to be indicative of the results of operations that would have actually occurred had the acquisition been consummated at the beginning of the periods presented or of future results of the combined operations ( in millions , except share and per share amounts ) .", "year ended december 31 , year ended december 31 , ( unaudited ) ( unaudited ) ." ]

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

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

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

[]

[ "higher average borrowings .", "additionally , the recapitalization that occurred late in the first quarter of 2005 resulted in a full year of interest in 2006 as compared to approximately ten months in 2005 .", "the increase in interest expense in 2005 as compared to 2004 also resulted from the recapitalization in 2005 .", "income tax expense income tax expense totaled $ 150.2 million , $ 116.1 million and $ 118.3 million for 2006 , 2005 and 2004 , respectively .", "this resulted in an effective tax rate of 37.2% ( 37.2 % ) , 37.2% ( 37.2 % ) and 37.6% ( 37.6 % ) for 2006 , 2005 and 2004 , respectively .", "net earnings net earnings totaled $ 259.1 million , $ 196.6 and $ 189.4 million for 2006 , 2005 and 2004 , respectively , or $ 1.37 , $ 1.53 and $ 1.48 per diluted share , respectively .", "segment results of operations transaction processing services ( in thousands ) ." ]

[ "revenues for the transaction processing services segment are derived from three main revenue channels ; enterprise solutions , integrated financial solutions and international .", "revenues from transaction processing services totaled $ 2458.8 million , $ 1208.4 and $ 892.0 million for 2006 , 2005 and 2004 , respectively .", "the overall segment increase of $ 1250.4 million during 2006 , as compared to 2005 was primarily attributable to the certegy merger which contributed $ 1067.2 million to the overall increase .", "the majority of the remaining 2006 growth is attributable to organic growth within the historically owned integrated financial solutions and international revenue channels , with international including $ 31.9 million related to the newly formed business process outsourcing operation in brazil .", "the overall segment increase of $ 316.4 in 2005 as compared to 2004 results from the inclusion of a full year of results for the 2004 acquisitions of aurum , sanchez , kordoba , and intercept , which contributed $ 301.1 million of the increase .", "cost of revenues for the transaction processing services segment totaled $ 1914.1 million , $ 904.1 million and $ 667.1 million for 2006 , 2005 and 2004 , respectively .", "the overall segment increase of $ 1010.0 million during 2006 as compared to 2005 was primarily attributable to the certegy merger which contributed $ 848.2 million to the increase .", "gross profit as a percentage of revenues ( 201cgross margin 201d ) was 22.2% ( 22.2 % ) , 25.2% ( 25.2 % ) and 25.2% ( 25.2 % ) for 2006 , 2005 and 2004 , respectively .", "the decrease in gross profit in 2006 as compared to 2005 is primarily due to the february 1 , 2006 certegy merger , which businesses typically have lower margins than those of the historically owned fis businesses .", "incremental intangible asset amortization relating to the certegy merger also contributed to the decrease in gross margin .", "included in cost of revenues was depreciation and amortization of $ 272.4 million , $ 139.8 million , and $ 94.6 million for 2006 , 2005 and 2004 , respectively .", "selling , general and administrative expenses totaled $ 171.1 million , $ 94.9 million and $ 99.6 million for 2006 , 2005 and 2004 , respectively .", "the increase in 2006 compared to 2005 is primarily attributable to the certegy merger which contributed $ 73.7 million to the overall increase of $ 76.2 million .", "the decrease of $ 4.7 million in 2005 as compared to 2004 is primarily attributable to the effect of acquisition related costs in 2004 .", "included in selling , general and administrative expenses was depreciation and amortization of $ 11.0 million , $ 9.1 million and $ 2.3 million for 2006 , 2005 and 2004 , respectively. ." ]

[ [ "", "2006", "2005", "2004" ], [ "Processing and services revenues", "$2,458,777", "$1,208,430", "$892,033" ], [ "Cost of revenues", "1,914,148", "904,124", "667,078" ], [ "Gross profit", "544,629", "304,306", "224,955" ], [ "Selling, general and administrative expenses", "171,106", "94,889", "99,581" ], [ "Research and development costs", "70,879", "85,702", "54,038" ], [ "Operating income", "$302,644", "$123,715", "$71,336" ] ]

[ [ "", "2006", "2005", "2004" ], [ "processing and services revenues", "$ 2458777", "$ 1208430", "$ 892033" ], [ "cost of revenues", "1914148", "904124", "667078" ], [ "gross profit", "544629", "304306", "224955" ], [ "selling general and administrative expenses", "171106", "94889", "99581" ], [ "research and development costs", "70879", "85702", "54038" ], [ "operating income", "$ 302644", "$ 123715", "$ 71336" ] ]

[ { "arg1": "123715", "arg2": "71336", "op": "minus1-1", "res": "52379" }, { "arg1": "#0", "arg2": "71336", "op": "divide1-2", "res": "73%" } ]

[ "table of contents the company concluded that the acquisition of sentinelle medical did not represent a material business combination , and therefore , no pro forma financial information has been provided herein .", "subsequent to the acquisition date , the company 2019s results of operations include the results of sentinelle medical , which is included within the company 2019s breast health reporting segment .", "the company accounted for the sentinelle medical acquisition as a purchase of a business under asc 805 .", "the purchase price was comprised of an $ 84.8 million cash payment , which was net of certain adjustments , plus three contingent payments up to a maximum of an additional $ 250.0 million in cash .", "the contingent payments are based on a multiple of incremental revenue growth during the two-year period following the completion of the acquisition as follows : six months after acquisition , 12 months after acquisition , and 24 months after acquisition .", "pursuant to asc 805 , the company recorded its estimate of the fair value of the contingent consideration liability based on future revenue projections of the sentinelle medical business under various potential scenarios and weighted probability assumptions of these outcomes .", "as of the date of acquisition , these cash flow projections were discounted using a rate of 16.5% ( 16.5 % ) .", "the discount rate is based on the weighted-average cost of capital of the acquired business plus a credit risk premium for non-performance risk related to the liability pursuant to asc 820 .", "this analysis resulted in an initial contingent consideration liability of $ 29.5 million , which will be adjusted periodically as a component of operating expenses based on changes in the fair value of the liability driven by the accretion of the liability for the time value of money and changes in the assumptions pertaining to the achievement of the defined revenue growth milestones .", "this fair value measurement was based on significant inputs not observable in the market and thus represented a level 3 measurement as defined in asc during each quarter in fiscal 2011 , the company has re-evaluated its assumptions and updated the revenue and probability assumptions for future earn-out periods and lowered its projections .", "as a result of these adjustments , which were partially offset by the accretion of the liability , and using a current discount rate of approximately 17.0% ( 17.0 % ) , the company recorded a reversal of expense of $ 14.3 million in fiscal 2011 to record the contingent consideration liability at fair value .", "in addition , during the second quarter of fiscal 2011 , the first earn-out period ended , and the company adjusted the fair value of the contingent consideration liability for actual results during the earn-out period .", "this payment of $ 4.3 million was made in the third quarter of fiscal 2011 .", "at september 24 , 2011 , the fair value of the liability is $ 10.9 million .", "the company did not issue any equity awards in connection with this acquisition .", "the company incurred third-party transaction costs of $ 1.2 million , which were expensed within general and administrative expenses in fiscal 2010 .", "the purchase price was as follows: ." ]

[ "source : hologic inc , 10-k , november 23 , 2011 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .", "the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .", "past financial performance is no guarantee of future results. ." ]

[ [ "Cash", "$84,751" ], [ "Contingent consideration", "29,500" ], [ "Total purchase price", "$114,251" ] ]

[ [ "cash", "$ 84751" ], [ "contingent consideration", "29500" ], [ "total purchase price", "$ 114251" ] ]

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[ "american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the company has selected december 1 as the date to perform its annual impairment test .", "in performing its 2005 and 2004 testing , the company completed an internal appraisal and estimated the fair value of the rental and management reporting unit that contains goodwill utilizing future discounted cash flows and market information .", "based on the appraisals performed , the company determined that goodwill in its rental and management segment was not impaired .", "the company 2019s other intangible assets subject to amortization consist of the following as of december 31 , ( in thousands ) : ." ]

[ "the company amortizes its intangible assets over periods ranging from three to fifteen years .", "amortization of intangible assets for the years ended december 31 , 2005 and 2004 aggregated approximately $ 136.0 million and $ 97.8 million , respectively ( excluding amortization of deferred financing costs , which is included in interest expense ) .", "the company expects to record amortization expense of approximately $ 183.6 million , $ 178.3 million , $ 174.4 million , $ 172.7 million and $ 170.3 million , for the years ended december 31 , 2006 , 2007 , 2008 , 2009 and 2010 , respectively .", "these amounts are subject to changes in estimates until the preliminary allocation of the spectrasite purchase price is finalized .", "6 .", "notes receivable in 2000 , the company loaned tv azteca , s.a .", "de c.v .", "( tv azteca ) , the owner of a major national television network in mexico , $ 119.8 million .", "the loan , which initially bore interest at 12.87% ( 12.87 % ) , payable quarterly , was discounted by the company , as the fair value interest rate at the date of the loan was determined to be 14.25% ( 14.25 % ) .", "the loan was amended effective january 1 , 2003 to increase the original interest rate to 13.11% ( 13.11 % ) .", "as of december 31 , 2005 and 2004 , approximately $ 119.8 million undiscounted ( $ 108.2 million discounted ) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets .", "the term of the loan is seventy years ; however , the loan may be prepaid by tv azteca without penalty during the last fifty years of the agreement .", "the discount on the loan is being amortized to interest income 2014tv azteca , net , using the effective interest method over the seventy-year term of the loan .", "simultaneous with the signing of the loan agreement , the company also entered into a seventy year economic rights agreement with tv azteca regarding space not used by tv azteca on approximately 190 of its broadcast towers .", "in exchange for the issuance of the below market interest rate loan discussed above and the annual payment of $ 1.5 million to tv azteca ( under the economic rights agreement ) , the company has the right to market and lease the unused tower space on the broadcast towers ( the economic rights ) .", "tv azteca retains title to these towers and is responsible for their operation and maintenance .", "the company is entitled to 100% ( 100 % ) of the revenues generated from leases with tenants on the unused space and is responsible for any incremental operating expenses associated with those tenants. ." ]

[ [ "", "2005", "2004" ], [ "Acquired customer base and network location intangibles", "$2,606,546", "$1,369,607" ], [ "Deferred financing costs", "65,623", "89,736" ], [ "Acquired licenses and other intangibles", "51,703", "43,404" ], [ "Total", "2,723,872", "1,502,747" ], [ "Less accumulated amortization", "(646,560)", "(517,444)" ], [ "Other intangible assets, net", "$2,077,312", "$985,303" ] ]

[ [ "", "2005", "2004" ], [ "acquired customer base and network location intangibles", "$ 2606546", "$ 1369607" ], [ "deferred financing costs", "65623", "89736" ], [ "acquired licenses and other intangibles", "51703", "43404" ], [ "total", "2723872", "1502747" ], [ "less accumulated amortization", "-646560 ( 646560 )", "-517444 ( 517444 )" ], [ "other intangible assets net", "$ 2077312", "$ 985303" ] ]

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[ "liquidity and capital resources as of december 31 , 2006 , our principal sources of liquidity included cash , cash equivalents , the sale of receivables , and our revolving credit facilities , as well as the availability of commercial paper and other sources of financing through the capital markets .", "we had $ 2 billion of committed credit facilities available , of which there were no borrowings outstanding as of december 31 , 2006 , and we did not make any short-term borrowings under these facilities during the year .", "the value of the outstanding undivided interest held by investors under the sale of receivables program was $ 600 million as of december 31 , 2006 .", "the sale of receivables program is subject to certain requirements , including the maintenance of an investment grade bond rating .", "if our bond rating were to deteriorate , it could have an adverse impact on our liquidity .", "access to commercial paper is dependent on market conditions .", "deterioration of our operating results or financial condition due to internal or external factors could negatively impact our ability to utilize commercial paper as a source of liquidity .", "liquidity through the capital markets is also dependent on our financial stability .", "at both december 31 , 2006 and 2005 , we had a working capital deficit of approximately $ 1.1 billion .", "a working capital deficit is common in our industry and does not indicate a lack of liquidity .", "we maintain adequate resources to meet our daily cash requirements , and we have sufficient financial capacity to satisfy our current liabilities .", "financial condition cash flows millions of dollars 2006 2005 2004 ." ]

[ "cash provided by operating activities 2013 higher income in 2006 generated the increased cash provided by operating activities , which was partially offset by higher income tax payments , $ 150 million in voluntary pension contributions , higher material and supply inventories , and higher management incentive payments in 2006 .", "higher income , lower management incentive payments in 2005 ( executive bonuses , which would have been paid to individuals in 2005 , were not awarded based on company performance in 2004 and bonuses for the professional workforce that were paid out in 2005 were significantly reduced ) , and working capital performance generated higher cash from operating activities in 2005 .", "a voluntary pension contribution of $ 100 million in 2004 also augmented the positive year-over-year variance in 2005 as no pension contribution was made in 2005 .", "this improvement was partially offset by cash received in 2004 for income tax refunds .", "cash used in investing activities 2013 an insurance settlement for the 2005 january west coast storm and lower balances for work in process decreased the amount of cash used in investing activities in 2006 .", "higher capital investments and lower proceeds from asset sales partially offset this decrease .", "increased capital spending , partially offset by higher proceeds from asset sales , increased the amount of cash used in investing activities in 2005 compared to 2004 .", "cash used in financing activities 2013 the increase in cash used in financing activities primarily resulted from lower net proceeds from equity compensation plans ( $ 189 million in 2006 compared to $ 262 million in 2005 ) .", "the increase in 2005 results from debt issuances in 2004 and higher debt repayments in 2005 .", "we did not issue debt in 2005 versus $ 745 million of debt issuances in 2004 , and we repaid $ 699 million of debt in 2005 compared to $ 588 million in 2004 .", "the higher outflows in 2005 were partially offset by higher net proceeds from equity compensation plans ( $ 262 million in 2005 compared to $ 80 million in 2004 ) . ." ]

[ [ "<i>Cash Flows</i><i>Millions of Dollars</i>", "2006", "2005", "2004" ], [ "Cash provided by operating activities", "$2,880", "$2,595", "$2,257" ], [ "Cash used in investing activities", "(2,042)", "(2,047)", "(1,732)" ], [ "Cash used in financing activities", "(784)", "(752)", "(75)" ], [ "Net change in cash and cash equivalents", "$54", "$(204)", "$450" ] ]

[ [ "cash flowsmillions of dollars", "2006", "2005", "2004" ], [ "cash provided by operating activities", "$ 2880", "$ 2595", "$ 2257" ], [ "cash used in investing activities", "-2042 ( 2042 )", "-2047 ( 2047 )", "-1732 ( 1732 )" ], [ "cash used in financing activities", "-784 ( 784 )", "-752 ( 752 )", "-75 ( 75 )" ], [ "net change in cash and cash equivalents", "$ 54", "$ -204 ( 204 )", "$ 450" ] ]

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[ "35% ( 35 % ) due primarily to certain undistributed foreign earnings for which no u.s .", "taxes are provided because such earnings are intended to be indefinitely reinvested outside the u.s .", "as of september 29 , 2012 , the company had deferred tax assets arising from deductible temporary differences , tax losses , and tax credits of $ 4.0 billion , and deferred tax liabilities of $ 14.9 billion .", "management believes it is more likely than not that forecasted income , including income that may be generated as a result of certain tax planning strategies , together with future reversals of existing taxable temporary differences , will be sufficient to fully recover the deferred tax assets .", "the company will continue to evaluate the realizability of deferred tax assets quarterly by assessing the need for and amount of a valuation allowance .", "the internal revenue service ( the 201cirs 201d ) has completed its field audit of the company 2019s federal income tax returns for the years 2004 through 2006 and proposed certain adjustments .", "the company has contested certain of these adjustments through the irs appeals office .", "the irs is currently examining the years 2007 through 2009 .", "all irs audit issues for years prior to 2004 have been resolved .", "in addition , the company is subject to audits by state , local , and foreign tax authorities .", "management believes that adequate provisions have been made for any adjustments that may result from tax examinations .", "however , the outcome of tax audits cannot be predicted with certainty .", "if any issues addressed in the company 2019s tax audits are resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income taxes in the period such resolution occurs .", "liquidity and capital resources the following table presents selected financial information and statistics as of and for the years ended september 29 , 2012 , september 24 , 2011 , and september 25 , 2010 ( in millions ) : ." ]

[ "as of september 29 , 2012 , the company had $ 121.3 billion in cash , cash equivalents and marketable securities , an increase of $ 39.7 billion or 49% ( 49 % ) from september 24 , 2011 .", "the principal components of this net increase was the cash generated by operating activities of $ 50.9 billion , which was partially offset by payments for acquisition of property , plant and equipment of $ 8.3 billion , payments for acquisition of intangible assets of $ 1.1 billion and payments of dividends and dividend equivalent rights of $ 2.5 billion .", "the company 2019s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer .", "the policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss .", "as of september 29 , 2012 and september 24 , 2011 , $ 82.6 billion and $ 54.3 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s .", "dollar-denominated holdings .", "amounts held by foreign subsidiaries are generally subject to u.s .", "income taxation on repatriation to the u.s .", "the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments , common stock repurchases , dividends on its common stock , and other liquidity requirements associated with its existing operations over the next 12 months .", "capital assets the company 2019s capital expenditures were $ 10.3 billion during 2012 , consisting of $ 865 million for retail store facilities and $ 9.5 billion for other capital expenditures , including product tooling and manufacturing process ." ]

[ [ "", "2012", "2011", "2010" ], [ "Cash, cash equivalents and marketable securities", "$121,251", "$81,570", "$51,011" ], [ "Accounts receivable, net", "$10,930", "$5,369", "$5,510" ], [ "Inventories", "$791", "$776", "$1,051" ], [ "Working capital", "$19,111", "$17,018", "$20,956" ], [ "Annual operating cash flow", "$50,856", "$37,529", "$18,595" ] ]

[ [ "", "2012", "2011", "2010" ], [ "cash cash equivalents and marketable securities", "$ 121251", "$ 81570", "$ 51011" ], [ "accounts receivable net", "$ 10930", "$ 5369", "$ 5510" ], [ "inventories", "$ 791", "$ 776", "$ 1051" ], [ "working capital", "$ 19111", "$ 17018", "$ 20956" ], [ "annual operating cash flow", "$ 50856", "$ 37529", "$ 18595" ] ]

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[ "management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) operating income increased during 2017 when compared to 2016 , comprised of a decrease in revenue of $ 42.1 , as discussed above , a decrease in salaries and related expenses of $ 28.0 and a decrease in office and general expenses of $ 16.9 .", "the decrease in salaries and related expenses was primarily due to lower discretionary bonuses and incentive expense as well as a decrease in base salaries , benefits and tax .", "the decrease in office and general expenses was primarily due to decreases in adjustments to contingent acquisition obligations , as compared to the prior year .", "operating income increased during 2016 when compared to 2015 due to an increase in revenue of $ 58.8 , as discussed above , and a decrease in office and general expenses of $ 3.7 , partially offset by an increase in salaries and related expenses of $ 38.8 .", "the increase in salaries and related expenses was attributable to an increase in base salaries , benefits and tax primarily due to increases in our workforce to support business growth over the last twelve months .", "the decrease in office and general expenses was primarily due to lower production expenses related to pass-through costs , which are also reflected in revenue , for certain projects in which we acted as principal that decreased in size or did not recur during the current year .", "corporate and other certain corporate and other charges are reported as a separate line item within total segment operating income and include corporate office expenses , as well as shared service center and certain other centrally managed expenses that are not fully allocated to operating divisions .", "salaries and related expenses include salaries , long-term incentives , annual bonuses and other miscellaneous benefits for corporate office employees .", "office and general expenses primarily include professional fees related to internal control compliance , financial statement audits and legal , information technology and other consulting services that are engaged and managed through the corporate office .", "office and general expenses also include rental expense and depreciation of leasehold improvements for properties occupied by corporate office employees .", "a portion of centrally managed expenses are allocated to operating divisions based on a formula that uses the planned revenues of each of the operating units .", "amounts allocated also include specific charges for information technology-related projects , which are allocated based on utilization .", "corporate and other expenses decreased during 2017 by $ 20.6 to $ 126.6 compared to 2016 , primarily due to lower annual incentive expense .", "corporate and other expenses increased during 2016 by $ 5.4 to $ 147.2 compared to 2015 .", "liquidity and capital resources cash flow overview the following tables summarize key financial data relating to our liquidity , capital resources and uses of capital. ." ]

[ "1 reflects net income adjusted primarily for depreciation and amortization of fixed assets and intangible assets , amortization of restricted stock and other non-cash compensation , net losses on sales of businesses and deferred income taxes .", "2 reflects changes in accounts receivable , expenditures billable to clients , other current assets , accounts payable and accrued liabilities .", "operating activities due to the seasonality of our business , we typically use cash from working capital in the first nine months of a year , with the largest impact in the first quarter , and generate cash from working capital in the fourth quarter , driven by the seasonally strong media spending by our clients .", "quarterly and annual working capital results are impacted by the fluctuating annual media spending budgets of our clients as well as their changing media spending patterns throughout each year across various countries. ." ]

[ [ "", "Years ended December 31," ], [ "Cash Flow Data", "2017", "2016", "2015" ], [ "Net income, adjusted to reconcile to net cash provided by operating activities¹", "$887.3", "$1,023.2", "$848.8" ], [ "Net cash used in working capital²", "(29.9)", "(414.9)", "(99.9)" ], [ "Changes in other non-current assets and liabilities", "24.4", "(95.5)", "(60.4)" ], [ "Net cash provided by operating activities", "$881.8", "$512.8", "$688.5" ], [ "Net cash used in investing activities", "(196.2)", "(263.9)", "(199.7)" ], [ "Net cash used in financing activities", "(1,004.9)", "(666.4)", "(490.9)" ] ]

[ [ "cash flow data", "years ended december 31 , 2017", "years ended december 31 , 2016", "years ended december 31 , 2015" ], [ "net income adjusted to reconcile to net cash provided by operating activities1", "$ 887.3", "$ 1023.2", "$ 848.8" ], [ "net cash used in working capital2", "-29.9 ( 29.9 )", "-414.9 ( 414.9 )", "-99.9 ( 99.9 )" ], [ "changes in other non-current assets and liabilities", "24.4", "-95.5 ( 95.5 )", "-60.4 ( 60.4 )" ], [ "net cash provided by operating activities", "$ 881.8", "$ 512.8", "$ 688.5" ], [ "net cash used in investing activities", "-196.2 ( 196.2 )", "-263.9 ( 263.9 )", "-199.7 ( 199.7 )" ], [ "net cash used in financing activities", "-1004.9 ( 1004.9 )", "-666.4 ( 666.4 )", "-490.9 ( 490.9 )" ] ]

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[ "zimmer holdings , inc .", "2013 form 10-k annual report notes to consolidated financial statements ( continued ) fees paid to collaborative partners .", "where contingent milestone payments are due to third parties under research and development arrangements , the milestone payment obligations are expensed when the milestone results are achieved .", "litigation 2013 we record a liability for contingent losses , including future legal costs , settlements and judgments , when we consider it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated .", "special items 2013 we recognize expenses resulting directly from our business combinations , employee termination benefits , certain r&d agreements , certain contract terminations , consulting and professional fees and asset impairment or loss on disposal charges connected with global restructuring , operational and quality excellence initiatives , and other items as 201cspecial items 201d in our consolidated statement of earnings .", "201cspecial items 201d included ( in millions ) : ." ]

[ "impairment/ loss on disposal of assets relates to impairment of intangible assets that were acquired in business combinations or impairment of or a loss on the disposal of other assets .", "consulting and professional fees relate to third-party consulting , professional fees and contract labor related to our quality and operational excellence initiatives , third-party consulting fees related to certain information system implementations , third-party integration consulting performed in a variety of areas such as tax , compliance , logistics and human resources for our business combinations , third-party fees related to severance and termination benefits matters and legal fees related to certain product liability matters .", "our quality and operational excellence initiatives are company- wide and include improvements in quality , distribution , sourcing , manufacturing and information technology , among other areas .", "in 2013 , 2012 and 2011 , we eliminated positions as we reduced management layers , restructured certain areas , announced closures of certain facilities , and commenced initiatives to focus on business opportunities that best support our strategic priorities .", "in 2013 , 2012 and 2011 , approximately 170 , 400 and 500 positions , respectively , from across the globe were affected by these actions .", "as a result of these changes in our work force and headcount reductions in connection with acquisitions , we incurred expenses related to severance benefits , redundant salaries as we worked through transition periods , share-based compensation acceleration and other employee termination-related costs .", "the majority of these termination benefits were provided in accordance with our existing or local government policies and are considered ongoing benefits .", "these costs were accrued when they became probable and estimable and were recorded as part of other current liabilities .", "the majority of these costs were paid during the year they were incurred .", "dedicated project personnel expenses include the salary , benefits , travel expenses and other costs directly associated with employees who are 100 percent dedicated to our operational and quality excellence initiatives or integration of acquired businesses .", "certain r&d agreements relate to agreements with upfront payments to obtain intellectual property to be used in r&d projects that have no alternative future use in other projects .", "relocated facilities expenses are the moving costs and the lease expenses incurred during the relocation period in connection with relocating certain facilities .", "over the past few years we have acquired a number of u.s .", "and foreign-based distributors .", "we have incurred various costs related to the consummation and integration of those businesses .", "certain litigation matters relate to costs and adjustments recognized during the year for the estimated or actual settlement of various legal matters , including royalty disputes , patent litigation matters , commercial litigation matters and matters arising from our acquisitions of certain competitive distributorships in prior years .", "contract termination costs relate to terminated agreements in connection with the integration of acquired companies and changes to our distribution model as part of business restructuring and operational excellence initiatives .", "the terminated contracts primarily relate to sales agents and distribution agreements .", "contingent consideration adjustments represent the changes in the fair value of contingent consideration obligations to be paid to the prior owners of acquired businesses .", "accelerated software amortization is the incremental amortization resulting from a reduction in the estimated life of certain software .", "in 2012 , we approved a plan to replace certain software .", "as a result , the estimated economic useful life of the existing software was decreased to represent the period of time expected to implement replacement software .", "as a result , the amortization from the shortened life of this software is substantially higher than the previous amortization being recognized .", "cash and cash equivalents 2013 we consider all highly liquid investments with an original maturity of three months or less to be cash equivalents .", "the carrying amounts reported in the balance sheet for cash and cash equivalents are valued at cost , which approximates their fair value. ." ]

[ [ "For the Years Ended December 31,", "2013", "2012", "2011" ], [ "Impairment/loss on disposal of assets", "$10.9", "$14.6", "$8.4" ], [ "Consulting and professional fees", "99.1", "90.1", "26.0" ], [ "Employee severance and retention, including share-based compensation acceleration", "14.2", "8.2", "23.1" ], [ "Dedicated project personnel", "34.0", "15.1", "3.2" ], [ "Certain R&D agreements", "0.8", "–", "–" ], [ "Relocated facilities", "3.6", "1.8", "–" ], [ "Distributor acquisitions", "0.4", "0.8", "2.0" ], [ "Certain litigation matters", "26.9", "13.7", "0.1" ], [ "Contract terminations", "3.9", "6.6", "6.3" ], [ "Contingent consideration adjustments", "9.0", "(2.8)", "–" ], [ "Accelerated software amortization", "6.0", "4.5", "–" ], [ "Other", "7.9", "2.8", "6.1" ], [ "Special items", "$216.7", "$155.4", "$75.2" ] ]

[ [ "for the years ended december 31,", "2013", "2012", "2011" ], [ "impairment/loss on disposal of assets", "$ 10.9", "$ 14.6", "$ 8.4" ], [ "consulting and professional fees", "99.1", "90.1", "26.0" ], [ "employee severance and retention including share-based compensation acceleration", "14.2", "8.2", "23.1" ], [ "dedicated project personnel", "34.0", "15.1", "3.2" ], [ "certain r&d agreements", "0.8", "2013", "2013" ], [ "relocated facilities", "3.6", "1.8", "2013" ], [ "distributor acquisitions", "0.4", "0.8", "2.0" ], [ "certain litigation matters", "26.9", "13.7", "0.1" ], [ "contract terminations", "3.9", "6.6", "6.3" ], [ "contingent consideration adjustments", "9.0", "-2.8 ( 2.8 )", "2013" ], [ "accelerated software amortization", "6.0", "4.5", "2013" ], [ "other", "7.9", "2.8", "6.1" ], [ "special items", "$ 216.7", "$ 155.4", "$ 75.2" ] ]

[ { "arg1": "6.6", "arg2": "6.3", "op": "minus1-1", "res": "0.3" }, { "arg1": "#0", "arg2": "6.3", "op": "divide1-2", "res": "4.76%" } ]

[ "future minimum lease commitments for office premises and equipment under non-cancelable leases , along with minimum sublease rental income to be received under non-cancelable subleases , are as follows : period rent obligations sublease rental income net rent ." ]

[ "guarantees we have certain contingent obligations under guarantees of certain of our subsidiaries ( 201cparent company guarantees 201d ) relating principally to credit facilities , guarantees of certain media payables and operating leases .", "the amount of such parent company guarantees was $ 327.1 and $ 327.9 as of december 31 , 2007 and 2006 , 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 , 2007 , there are no material assets pledged as security for such parent company guarantees .", "contingent acquisition obligations we have structured certain acquisitions with additional contingent purchase price obligations in order to reduce the potential risk associated with negative future performance of the acquired entity .", "in addition , we have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries .", "the amounts relating to these transactions are based on estimates of the future financial performance of the acquired entity , the timing of the exercise of these rights , changes in foreign currency exchange rates and other factors .", "we have not recorded a liability for these items since the definitive amounts payable are not determinable or distributable .", "when the contingent acquisition obligations have been met and consideration is determinable and distributable , we record the fair value of this consideration as an additional cost of the acquired entity .", "however , we recognize deferred payments and purchases of additional interests after the effective date of purchase that are contingent upon the future employment of owners as compensation expense .", "compensation expense is determined based on the terms and conditions of the respective acquisition agreements and employment terms of the former owners of the acquired businesses .", "this future expense will not be allocated to the assets and liabilities acquired and is amortized over the required employment terms of the former owners .", "the following table details the estimated liability with respect to our contingent acquisition obligations and the estimated amount that would be paid under the options , in the event of exercise at the earliest exercise date .", "all payments are contingent upon achieving projected operating performance targets and satisfying other notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) ." ]

[ [ "Period", "Rent Obligations", "Sublease Rental Income", "Net Rent" ], [ "2008", "$323.9", "$(40.9)", "$283.0" ], [ "2009", "300.9", "(37.5)", "263.4" ], [ "2010", "267.7", "(31.0)", "236.7" ], [ "2011", "233.7", "(25.7)", "208.0" ], [ "2012", "197.9", "(20.2)", "177.7" ], [ "2013 and thereafter", "871.0", "(33.1)", "837.9" ], [ "Total", "$2,195.1", "$(188.4)", "$2,006.7" ] ]

[ [ "period", "rent obligations", "sublease rental income", "net rent" ], [ "2008", "$ 323.9", "$ -40.9 ( 40.9 )", "$ 283.0" ], [ "2009", "300.9", "-37.5 ( 37.5 )", "263.4" ], [ "2010", "267.7", "-31.0 ( 31.0 )", "236.7" ], [ "2011", "233.7", "-25.7 ( 25.7 )", "208.0" ], [ "2012", "197.9", "-20.2 ( 20.2 )", "177.7" ], [ "2013 and thereafter", "871.0", "-33.1 ( 33.1 )", "837.9" ], [ "total", "$ 2195.1", "$ -188.4 ( 188.4 )", "$ 2006.7" ] ]

[ { "arg1": "327.1", "arg2": "327.9", "op": "add2-1", "res": "655" }, { "arg1": "#0", "arg2": "const_2", "op": "divide2-2", "res": "327.5" } ]

[ "risks relating to our business fluctuations in the financial markets could result in investment losses .", "prolonged and severe disruptions in the overall public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio .", "although financial markets have significantly improved since 2008 , they could deteriorate in the future .", "there could also be disruption in individual market sectors , such as occurred in the energy sector in recent years .", "such declines in the financial markets could result in significant realized and unrealized losses on investments and could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings .", "our results could be adversely affected by catastrophic events .", "we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism .", "any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations .", "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: ." ]

[ "our losses from future catastrophic events could exceed our projections .", "we use projections of possible losses from future catastrophic events of varying types and magnitudes as a strategic underwriting tool .", "we use these loss projections to estimate our potential catastrophe losses in certain geographic areas and decide on the placement of retrocessional coverage or other actions to limit the extent of potential losses in a given geographic area .", "these loss projections are approximations , reliant on a mix of quantitative and qualitative processes , and actual losses may exceed the projections by a material amount , resulting in a material adverse effect on our financial condition and results of operations. ." ]

[ [ "Calendar year:", "Pre-tax catastrophe losses" ], [ "(Dollars in millions)", "" ], [ "2016", "$301.2" ], [ "2015", "53.8" ], [ "2014", "56.3" ], [ "2013", "194.0" ], [ "2012", "410.0" ] ]

[ [ "calendar year:", "pre-tax catastrophe losses" ], [ "( dollars in millions )", "" ], [ "2016", "$ 301.2" ], [ "2015", "53.8" ], [ "2014", "56.3" ], [ "2013", "194.0" ], [ "2012", "410.0" ] ]

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[ "welltower inc .", "notes to consolidated financial statements is no longer present ( and additional weight may be given to subjective evidence such as our projections for growth ) .", "the valuation allowance rollforward is summarized as follows for the periods presented ( in thousands ) : year ended december 31 , 2017 2016 2015 ." ]

[ "as a result of certain acquisitions , we are subject to corporate level taxes for any related asset dispositions that may occur during the five-year period immediately after such assets were owned by a c corporation ( 201cbuilt-in gains tax 201d ) .", "the amount of income potentially subject to this special corporate level tax is generally equal to the lesser of ( a ) the excess of the fair value of the asset over its adjusted tax basis as of the date it became a reit asset , or ( b ) the actual amount of gain .", "some but not all gains recognized during this period of time could be offset by available net operating losses and capital loss carryforwards .", "during the year ended december 31 , 2016 , we acquired certain additional assets with built-in gains as of the date of acquisition that could be subject to the built-in gains tax if disposed of prior to the expiration of the applicable ten-year period .", "we have not recorded a deferred tax liability as a result of the potential built-in gains tax based on our intentions with respect to such properties and available tax planning strategies .", "under the provisions of the reit investment diversification and empowerment act of 2007 ( 201cridea 201d ) , for taxable years beginning after july 30 , 2008 , the reit may lease 201cqualified health care properties 201d on an arm 2019s-length basis to a trs if the property is operated on behalf of such subsidiary by a person who qualifies as an 201celigible independent contractor . 201d generally , the rent received from the trs will meet the related party rent exception and will be treated as 201crents from real property . 201d a 201cqualified health care property 201d includes real property and any personal property that is , or is necessary or incidental to the use of , a hospital , nursing facility , assisted living facility , congregate care facility , qualified continuing care facility , or other licensed facility which extends medical or nursing or ancillary services to patients .", "we have entered into various joint ventures that were structured under ridea .", "resident level rents and related operating expenses for these facilities are reported in the consolidated financial statements and are subject to federal , state and foreign income taxes as the operations of such facilities are included in a trs .", "certain net operating loss carryforwards could be utilized to offset taxable income in future years .", "given the applicable statute of limitations , we generally are subject to audit by the internal revenue service ( 201cirs 201d ) for the year ended december 31 , 2014 and subsequent years .", "the statute of limitations may vary in the states in which we own properties or conduct business .", "we do not expect to be subject to audit by state taxing authorities for any year prior to the year ended december 31 , 2011 .", "we are also subject to audit by the canada revenue agency and provincial authorities generally for periods subsequent to may 2012 related to entities acquired or formed in connection with acquisitions , and by the u.k . 2019s hm revenue & customs for periods subsequent to august 2012 related to entities acquired or formed in connection with acquisitions .", "at december 31 , 2017 , we had a net operating loss ( 201cnol 201d ) carryforward related to the reit of $ 448475000 .", "due to our uncertainty regarding the realization of certain deferred tax assets , we have not recorded a deferred tax asset related to nols generated by the reit .", "these amounts can be used to offset future taxable income ( and/or taxable income for prior years if an audit determines that tax is owed ) , if any .", "the reit will be entitled to utilize nols and tax credit carryforwards only to the extent that reit taxable income exceeds our deduction for dividends paid .", "the nol carryforwards generated through december 31 , 2017 will expire through 2036 .", "beginning with tax years after december 31 , 2017 , the tax cuts and jobs act ( 201ctax act 201d ) eliminates the carryback period , limits the nols to 80% ( 80 % ) of taxable income and replaces the 20-year carryforward period with an indefinite carryforward period. ." ]

[ [ "", "Year Ended December 31, 2017" ], [ "2016", "2015" ], [ "Beginning balance", "$96,838", "$98,966", "$85,207" ], [ "Expense (benefit)", "30,445", "(2,128)", "13,759" ], [ "Ending balance", "$127,283", "$96,838", "$98,966" ] ]

[ [ "2016", "year ended december 31 2017 2016", "year ended december 31 2017 2016", "year ended december 31 2017" ], [ "beginning balance", "$ 96838", "$ 98966", "$ 85207" ], [ "expense ( benefit )", "30445", "-2128 ( 2128 )", "13759" ], [ "ending balance", "$ 127283", "$ 96838", "$ 98966" ] ]

[]

[ "humana inc .", "notes to consolidated financial statements 2014 ( continued ) the grant-date fair value of the award will be estimated using option-pricing models .", "in addition , certain tax effects of stock option exercises will be reported as a financing activity rather than an operating activity in the statements of cash flows .", "we adopted sfas 123r on january 1 , 2006 under the retrospective transition method using the black-scholes pricing model .", "the effect of expensing stock options under a fair value approach using the black-scholes pricing model on diluted earnings per common share for the years ended december 31 , 2005 , 2004 and 2003 is disclosed on page 69 .", "in addition , the classification of cash inflows from any excess tax benefit associated with exercising stock options will change from an operating activity to a financing activity in the consolidated statements of cash flows with no impact on total cash flows .", "we estimate the impact of this change in classification will decrease operating cash flows ( and increase financing cash flows ) by approximately $ 15.5 million in 2005 , $ 3.7 million in 2004 , and $ 15.2 million in 2003 .", "stock option expense after adopting sfas 123r is not expected to be materially different than our pro forma disclosure on page 69 and is dependent on levels of stock options granted during 2006 .", "3 .", "acquisitions in january 2006 , our commercial segment reached an agreement to acquire cha service company , or cha health , a health plan serving employer groups in kentucky , for cash consideration of approximately $ 60.0 million plus any excess statutory surplus .", "this transaction , which is subject to regulatory approval , is expected to close effective in the second quarter of 2006 .", "on december 20 , 2005 , our commercial segment acquired corphealth , inc. , or corphealth , a behavioral health care management company , for cash consideration of approximately $ 54.2 million , including transaction costs .", "this acquisition allows humana to integrate coverage of medical and behavior health benefits .", "net tangible assets acquired of $ 6.0 million primarily consisted of cash and cash equivalents .", "the purchase price exceeded the estimated fair value of the net tangible assets acquired by approximately $ 48.2 million .", "we preliminarily allocated this excess purchase price to other intangible assets of $ 8.6 million and associated deferred tax liabilities of $ 3.2 million , and non-deductible goodwill of $ 42.8 million .", "the other intangible assets , which consist primarily of customer contracts , have a weighted average useful life of 14.7 years .", "the allocation is subject to change pending completion of the valuation by a third party valuation specialist firm assisting us in evaluating the fair value of the assets acquired .", "on february 16 , 2005 , our government segment acquired careplus health plans of florida , or careplus , as well as its affiliated 10 medical centers and pharmacy company .", "careplus provides medicare advantage hmo plans and benefits to medicare advantage members in miami-dade , broward and palm beach counties .", "this acquisition enhances our medicare market position in south florida .", "we paid approximately $ 444.9 million in cash , including transaction costs .", "we financed the transaction with $ 294.0 million of borrowings under our credit agreement and $ 150.9 million of cash on hand .", "the purchase price is subject to a balance sheet settlement process with a nine month claims run-out period .", "this settlement , which will be reflected as an adjustment to goodwill , is not expected to be material .", "the fair value of the acquired tangible assets ( assumed liabilities ) consisted of the following: ." ]

[ "." ]

[ [ "", "(in thousands)" ], [ "Cash and cash equivalents", "$92,116" ], [ "Premiums receivable and other current assets", "6,510" ], [ "Property and equipment and other assets", "21,315" ], [ "Medical and other expenses payable", "(37,375)" ], [ "Other current liabilities", "(23,359)" ], [ "Other liabilities", "(5,915)" ], [ "Net tangible assets acquired", "$53,292" ] ]

[ [ "", "( in thousands )" ], [ "cash and cash equivalents", "$ 92116" ], [ "premiums receivable and other current assets", "6510" ], [ "property and equipment and other assets", "21315" ], [ "medical and other expenses payable", "-37375 ( 37375 )" ], [ "other current liabilities", "-23359 ( 23359 )" ], [ "other liabilities", "-5915 ( 5915 )" ], [ "net tangible assets acquired", "$ 53292" ] ]

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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 2012 ( in mmboe ) . ." ]

[ "at december 31 , 2012 , devon had 840 mmboe of proved undeveloped reserves .", "this represents a 7 percent increase as compared to 2011 and represents 28 percent of its total proved reserves .", "drilling and development activities increased devon 2019s proved undeveloped reserves 203 mmboe and resulted in the conversion of 90 mmboe , or 12 percent , of the 2011 proved undeveloped reserves to proved developed reserves .", "costs incurred related to the development and conversion of devon 2019s proved undeveloped reserves were $ 1.3 billion for 2012 .", "additionally , revisions other than price decreased devon 2019s proved undeveloped reserves 16 mmboe primarily due to its evaluation of certain u.s .", "onshore dry-gas areas , which it does not expect to develop in the next five years .", "the largest revisions relate to the dry-gas areas at carthage in east texas and the barnett shale in north texas .", "a significant amount of devon 2019s proved undeveloped reserves at the end of 2012 largely related to its jackfish operations .", "at december 31 , 2012 and 2011 , devon 2019s jackfish proved undeveloped reserves were 429 mmboe and 367 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 2012 - 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 - 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 .", "2010 - reserves increased 72 mmboe due to higher gas prices , partially offset by the effect of higher oil prices .", "the higher oil prices increased devon 2019s canadian royalty burden , which reduced devon 2019s oil reserves .", "of the 72 mmboe price revisions , 43 mmboe related to the barnett shale and 22 mmboe related to the rocky mountain area .", "revisions other than price total revisions other than price for 2012 and 2011 primarily related to devon 2019s evaluation of certain dry gas regions noted in the proved undeveloped reserves discussion above .", "total revisions other than price for 2010 primarily related to devon 2019s drilling and development in the barnett shale. ." ]

[ [ "", "U.S.", "Canada", "Total" ], [ "Proved undeveloped reserves as of December 31, 2011", "403", "379", "782" ], [ "Extensions and discoveries", "134", "68", "202" ], [ "Revisions due to prices", "(47)", "9", "(38)" ], [ "Revisions other than price", "(10)", "(6)", "(16)" ], [ "Conversion to proved developed reserves", "(73)", "(17)", "(90)" ], [ "Proved undeveloped reserves as of December 31, 2012", "407", "433", "840" ] ]

[ [ "", "u.s .", "canada", "total" ], [ "proved undeveloped reserves as of december 31 2011", "403", "379", "782" ], [ "extensions and discoveries", "134", "68", "202" ], [ "revisions due to prices", "-47 ( 47 )", "9", "-38 ( 38 )" ], [ "revisions other than price", "-10 ( 10 )", "-6 ( 6 )", "-16 ( 16 )" ], [ "conversion to proved developed reserves", "-73 ( 73 )", "-17 ( 17 )", "-90 ( 90 )" ], [ "proved undeveloped reserves as of december 31 2012", "407", "433", "840" ] ]

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[ "13 .", "pension and other postretirement benefit plans the company has defined benefit pension plans covering eligible employees in the united states and in certain of its international subsidiaries .", "as a result of plan design changes approved in 2011 , beginning on january 1 , 2013 , active participants in merck 2019s primary u.s .", "defined benefit pension plans are accruing pension benefits using new cash balance formulas based on age , service , pay and interest .", "however , during a transition period from january 1 , 2013 through december 31 , 2019 , participants will earn the greater of the benefit as calculated under the employee 2019s legacy final average pay formula or their new cash balance formula .", "for all years of service after december 31 , 2019 , participants will earn future benefits under only the cash balance formula .", "in addition , the company provides medical benefits , principally to its eligible u.s .", "retirees and their dependents , through its other postretirement benefit plans .", "the company uses december 31 as the year-end measurement date for all of its pension plans and other postretirement benefit plans .", "net periodic benefit cost the net periodic benefit cost for pension and other postretirement benefit plans consisted of the following components: ." ]

[ "the increase in net periodic benefit cost for pension and other postretirement benefit plans in 2013 as compared with 2012 is largely attributable to a change in the discount rate .", "the net periodic benefit cost attributable to u.s .", "pension plans included in the above table was $ 348 million in 2013 , $ 268 million in 2012 and $ 406 million in in connection with restructuring actions ( see note 3 ) , termination charges were recorded in 2013 , 2012 and 2011 on pension and other postretirement benefit plans related to expanded eligibility for certain employees exiting merck .", "also , in connection with these restructuring activities , curtailments were recorded in 2013 , 2012 and 2011 on pension and other postretirement benefit plans .", "in addition , settlements were recorded in 2013 , 2012 and 2011 on certain domestic and international pension plans .", "table of contents ." ]

[ [ "", "Pension Benefits", "Other Postretirement Benefits" ], [ "Years Ended December 31", "2013", "2012", "2011", "2013", "2012", "2011" ], [ "Service cost", "$682", "$555", "$619", "$102", "$82", "$110" ], [ "Interest cost", "665", "661", "718", "107", "121", "141" ], [ "Expected return on plan assets", "(1,097)", "(970)", "(972)", "(126)", "(136)", "(142)" ], [ "Net amortization", "336", "185", "201", "(50)", "(35)", "(17)" ], [ "Termination benefits", "58", "27", "59", "50", "18", "29" ], [ "Curtailments", "(23)", "(10)", "(86)", "(11)", "(7)", "1" ], [ "Settlements", "23", "18", "4", "—", "—", "—" ], [ "Net periodic benefit cost", "$644", "$466", "$543", "$72", "$43", "$122" ] ]

[ [ "years ended december 31", "pension benefits 2013", "pension benefits 2012", "pension benefits 2011", "pension benefits 2013", "pension benefits 2012", "2011" ], [ "service cost", "$ 682", "$ 555", "$ 619", "$ 102", "$ 82", "$ 110" ], [ "interest cost", "665", "661", "718", "107", "121", "141" ], [ "expected return on plan assets", "-1097 ( 1097 )", "-970 ( 970 )", "-972 ( 972 )", "-126 ( 126 )", "-136 ( 136 )", "-142 ( 142 )" ], [ "net amortization", "336", "185", "201", "-50 ( 50 )", "-35 ( 35 )", "-17 ( 17 )" ], [ "termination benefits", "58", "27", "59", "50", "18", "29" ], [ "curtailments", "-23 ( 23 )", "-10 ( 10 )", "-86 ( 86 )", "-11 ( 11 )", "-7 ( 7 )", "1" ], [ "settlements", "23", "18", "4", "2014", "2014", "2014" ], [ "net periodic benefit cost", "$ 644", "$ 466", "$ 543", "$ 72", "$ 43", "$ 122" ] ]

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[ "interest expense , net was $ 26.4 million , $ 14.6 million , and $ 5.3 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .", "interest expense includes the amortization of deferred financing costs , bank fees , capital and built-to-suit lease interest and interest expense under the credit and other long term debt facilities .", "amortization of deferred financing costs was $ 1.2 million , $ 0.8 million , and $ 0.6 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .", "the company monitors the financial health and stability of its lenders under the credit and other long term debt facilities , however during any period of significant instability in the credit markets lenders could be negatively impacted in their ability to perform under these facilities .", "6 .", "commitments and contingencies obligations under operating leases the company leases warehouse space , office facilities , space for its brand and factory house stores and certain equipment under non-cancelable operating leases .", "the leases expire at various dates through 2033 , excluding extensions at the company 2019s option , and include provisions for rental adjustments .", "the table below includes executed lease agreements for brand and factory house stores that the company did not yet occupy as of december 31 , 2016 and does not include contingent rent the company may incur at its stores based on future sales above a specified minimum or payments made for maintenance , insurance and real estate taxes .", "the following is a schedule of future minimum lease payments for non-cancelable real property operating leases as of december 31 , 2016 as well as significant operating lease agreements entered into during the period after december 31 , 2016 through the date of this report : ( in thousands ) ." ]

[ "included in selling , general and administrative expense was rent expense of $ 109.0 million , $ 83.0 million and $ 59.0 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively , under non-cancelable operating lease agreements .", "included in these amounts was contingent rent expense of $ 13.0 million , $ 11.0 million and $ 11.0 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .", "sports marketing and other commitments within the normal course of business , the company enters into contractual commitments in order to promote the company 2019s brand and products .", "these commitments include sponsorship agreements with teams and athletes on the collegiate and professional levels , official supplier agreements , athletic event sponsorships and other marketing commitments .", "the following is a schedule of the company 2019s future minimum payments under its sponsorship and other marketing agreements as of december 31 ." ]

[ [ "2017", "$114,857" ], [ "2018", "127,504" ], [ "2019", "136,040" ], [ "2020", "133,092" ], [ "2021", "122,753" ], [ "2022 and thereafter", "788,180" ], [ "Total future minimum lease payments", "$1,422,426" ] ]

[ [ "2017", "$ 114857" ], [ "2018", "127504" ], [ "2019", "136040" ], [ "2020", "133092" ], [ "2021", "122753" ], [ "2022 and thereafter", "788180" ], [ "total future minimum lease payments", "$ 1422426" ] ]

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[ "2011 compared to 2010 is&gs 2019 net sales for 2011 decreased $ 540 million , or 5% ( 5 % ) , compared to 2010 .", "the decrease primarily was attributable to lower volume of approximately $ 665 million due to the absence of the dris program that supported the 2010 u.s .", "census and a decline in activities on the jtrs program .", "this decrease partially was offset by increased net sales on numerous programs .", "is&gs 2019 operating profit for 2011 increased $ 60 million , or 7% ( 7 % ) , compared to 2010 .", "operating profit increased approximately $ 180 million due to volume and the retirement of risks in 2011 and the absence of reserves recognized in 2010 on numerous programs ( including among others , odin ( about $ 60 million ) and twic and automated flight service station programs ) .", "the increases in operating profit partially were offset by the absence of the dris program and a decline in activities on the jtrs program of about $ 120 million .", "adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 130 million higher in 2011 compared to 2010 .", "backlog backlog decreased in 2012 compared to 2011 primarily due to the substantial completion of various programs in 2011 ( primarily odin , u.k .", "census , and jtrs ) .", "the decrease in backlog during 2011 compared to 2010 mainly was due to declining activities on the jtrs program and several other smaller programs .", "trends we expect is&gs 2019 net sales to decline in 2013 in the mid single digit percentage range as compared to 2012 primarily due to the continued downturn in federal information technology budgets .", "operating profit is expected to decline in 2013 in the mid single digit percentage range consistent with the expected decline in net sales , resulting in margins that are comparable with 2012 results .", "missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; fire control systems ; mission operations support , readiness , engineering support , and integration services ; logistics and other technical services ; and manned and unmanned ground vehicles .", "mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system ( mlrs ) , hellfire , javelin , joint air-to-surface standoff missile ( jassm ) , apache fire control system ( apache ) , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) , and sof clss .", "mfc 2019s operating results included the following ( in millions ) : ." ]

[ "2012 compared to 2011 mfc 2019s net sales for 2012 were comparable to 2011 .", "net sales decreased approximately $ 130 million due to lower volume and risk retirements on various services programs , and about $ 60 million due to lower volume from fire control systems programs ( primarily sniper ae ; lantirn ae ; and apache ) .", "the decreases largely were offset by higher net sales of approximately $ 95 million due to higher volume from tactical missile programs ( primarily javelin and hellfire ) and approximately $ 80 million for air and missile defense programs ( primarily pac-3 and thaad ) .", "mfc 2019s operating profit for 2012 increased $ 187 million , or 17% ( 17 % ) , compared to 2011 .", "the increase was attributable to higher risk retirements and volume of about $ 95 million from tactical missile programs ( primarily javelin and hellfire ) ; increased risk retirements and volume of approximately $ 60 million for air and missile defense programs ( primarily thaad and pac-3 ) ; and about $ 45 million from a resolution of contractual matters .", "partially offsetting these increases was lower risk retirements and volume on various programs , including $ 25 million for services programs .", "adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 145 million higher for 2012 compared to 2011. ." ]

[ [ "", "2012", "2011", "2010" ], [ "Net sales", "$7,457", "$7,463", "$6,930" ], [ "Operating profit", "1,256", "1,069", "973" ], [ "Operating margins", "16.8%", "14.3%", "14.0%" ], [ "Backlog at year-end", "14,700", "14,400", "12,800" ] ]

[ [ "", "2012", "2011", "2010" ], [ "net sales", "$ 7457", "$ 7463", "$ 6930" ], [ "operating profit", "1256", "1069", "973" ], [ "operating margins", "16.8% ( 16.8 % )", "14.3% ( 14.3 % )", "14.0% ( 14.0 % )" ], [ "backlog at year-end", "14700", "14400", "12800" ] ]

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[ "entergy texas , inc .", "management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .", "following is an analysis of the change in net revenue comparing 2008 to 2007 .", "amount ( in millions ) ." ]

[ "the volume/weather variance is primarily due to decreased usage during the unbilled sales period .", "see \"critical accounting estimates\" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues .", "the reserve equalization variance is primarily due to lower reserve equalization revenue related to changes in the entergy system generation mix compared to the same period in 2007 .", "the securitization transition charge variance is primarily due to the issuance of securitization bonds .", "in june 2007 , entergy gulf states reconstruction funding i , a company wholly-owned and consolidated by entergy texas , issued securitization bonds and with the proceeds purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds .", "see note 5 to the financial statements for additional information regarding the securitization bonds .", "the fuel recovery variance is primarily due to a reserve for potential rate refunds made in the first quarter 2007 as a result of a puct ruling related to the application of past puct rulings addressing transition to competition in texas .", "the other variance is primarily caused by various operational effects of the jurisdictional separation on revenues and fuel and purchased power expenses .", "gross operating revenues , fuel and purchased power expenses , and other regulatory charges gross operating revenues increased $ 229.3 million primarily due to the following reasons : an increase of $ 157 million in fuel cost recovery revenues due to higher fuel rates and increased usage , partially offset by interim fuel refunds to customers for fuel cost recovery over-collections through november 2007 .", "the refund was distributed over a two-month period beginning february 2008 .", "the interim refund and the puct approval is discussed in note 2 to the financial statements ; an increase of $ 37.1 million in affiliated wholesale revenue primarily due to increases in the cost of energy ; an increase in transition charge amounts collected from customers to service the securitization bonds as discussed above .", "see note 5 to the financial statements for additional information regarding the securitization bonds ; and implementation of an interim surcharge to collect $ 10.3 million in under-recovered incremental purchased capacity costs incurred through july 2007 .", "the surcharge was collected over a two-month period beginning february 2008 .", "the incremental capacity recovery rider and puct approval is discussed in note 2 to the financial statements. ." ]

[ [ "", "Amount (In Millions)" ], [ "2007 net revenue", "$442.3" ], [ "Volume/weather", "(4.6)" ], [ "Reserve equalization", "(3.3)" ], [ "Securitization transition charge", "9.1" ], [ "Fuel recovery", "7.5" ], [ "Other", "(10.1)" ], [ "2008 net revenue", "$440.9" ] ]

[ [ "", "amount ( in millions )" ], [ "2007 net revenue", "$ 442.3" ], [ "volume/weather", "-4.6 ( 4.6 )" ], [ "reserve equalization", "-3.3 ( 3.3 )" ], [ "securitization transition charge", "9.1" ], [ "fuel recovery", "7.5" ], [ "other", "-10.1 ( 10.1 )" ], [ "2008 net revenue", "$ 440.9" ] ]

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[ "concentration of credit risk credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed to perform as contracted .", "the company believes the likelihood of incurring material losses due to concentration of credit risk is remote .", "the principal financial instruments subject to credit risk are as follows : cash and cash equivalents - the company maintains cash deposits with major banks , which from time to time may exceed insured limits .", "the possibility of loss related to financial condition of major banks has been deemed minimal .", "additionally , the company 2019s investment policy limits exposure to concentrations of credit risk and changes in market conditions .", "accounts receivable - a large number of customers in diverse industries and geographies , as well as the practice of establishing reasonable credit lines , limits credit risk .", "based on historical trends and experiences , the allowance for doubtful accounts is adequate to cover potential credit risk losses .", "foreign currency and interest rate contracts and derivatives - exposure to credit risk is limited by internal policies and active monitoring of counterparty risks .", "in addition , the company uses a diversified group of major international banks and financial institutions as counterparties .", "the company does not anticipate nonperformance by any of these counterparties .", "cash and cash equivalents cash equivalents include highly-liquid investments with a maturity of three months or less when purchased .", "accounts receivable and allowance for doubtful accounts accounts receivable are carried at their face amounts less an allowance for doubtful accounts .", "accounts receivable are recorded at the invoiced amount and generally do not bear interest .", "the company estimates the balance of allowance for doubtful accounts by analyzing accounts receivable balances by age and applying historical write-off and collection trend rates .", "the company 2019s estimates include separately providing for customer balances based on specific circumstances and credit conditions , and when it is deemed probable that the balance is uncollectible .", "account balances are charged off against the allowance when it is determined the receivable will not be recovered .", "the company 2019s allowance for doubtful accounts balance also includes an allowance for the expected return of products shipped and credits related to pricing or quantities shipped of $ 15 million as of december 31 , 2015 and 2014 and $ 14 million as of december 31 , 2013 .", "returns and credit activity is recorded directly to sales .", "the following table summarizes the activity in the allowance for doubtful accounts: ." ]

[ "( a ) other amounts are primarily the effects of changes in currency translations and the impact of allowance for returns and credits .", "inventory valuations inventories are valued at the lower of cost or market .", "certain u.s .", "inventory costs are determined on a last-in , first-out ( lifo ) basis .", "lifo inventories represented 39% ( 39 % ) and 37% ( 37 % ) of consolidated inventories as of december 31 , 2015 and 2014 , respectively .", "lifo inventories include certain legacy nalco u.s .", "inventory acquired at fair value as part of the nalco merger .", "all other inventory costs are determined using either the average cost or first-in , first-out ( fifo ) methods .", "inventory values at fifo , as shown in note 5 , approximate replacement during the fourth quarter of 2015 , the company improved estimates related to its inventory reserves and product costing , resulting in a net pre-tax charge of approximately $ 6 million .", "separately , the actions resulted in charge of $ 20.6 million related to inventory reserve calculations , partially offset by a gain of $ 14.5 million related to the capitalization of certain cost components into inventory .", "both of these items are reflected in note 3. ." ]

[ [ "(millions)", "2015", "2014", "2013" ], [ "Beginning balance", "$77", "$81", "$73" ], [ "Bad debt expense", "26", "23", "28" ], [ "Write-offs", "(22)", "(20)", "(21)" ], [ "Other (a)", "(6)", "(7)", "1" ], [ "Ending balance", "$75", "$77", "$81" ] ]

[ [ "( millions )", "2015", "2014", "2013" ], [ "beginning balance", "$ 77", "$ 81", "$ 73" ], [ "bad debt expense", "26", "23", "28" ], [ "write-offs", "-22 ( 22 )", "-20 ( 20 )", "-21 ( 21 )" ], [ "other ( a )", "-6 ( 6 )", "-7 ( 7 )", "1" ], [ "ending balance", "$ 75", "$ 77", "$ 81" ] ]

[ { "arg1": "39", "arg2": "37", "op": "add2-1", "res": "76.0" }, { "arg1": "#0", "arg2": "const_2", "op": "divide0-0", "res": "38" } ]

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

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

[ [ "", "Amount (In Millions)" ], [ "2016 net revenue", "$1,542" ], [ "FitzPatrick sale", "(158)" ], [ "Nuclear volume", "(89)" ], [ "FitzPatrick reimbursement agreement", "57" ], [ "Nuclear fuel expenses", "108" ], [ "Other", "9" ], [ "2017 net revenue", "$1,469" ] ]

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

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

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

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

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

[]

[ "amount of unrecognized tax benefit related to permanent differences because a portion of those unrecognized benefits relate to state tax matters .", "it is reasonably possible that the liability for uncertain tax positions could increase or decrease in the next twelve months due to completion of tax authorities 2019 exams or the expiration of statutes of limitations .", "management estimates that the liability for uncertain tax positions could decrease by $ 5 million within the next twelve months .", "the consolidated federal income tax returns of the pnc financial services group , inc .", "and subsidiaries through 2003 have been audited by the internal revenue service and we have resolved all disputed matters through the irs appeals division .", "the internal revenue service is currently examining the 2004 through 2006 consolidated federal income tax returns of the pnc financial services group , inc .", "and subsidiaries .", "the consolidated federal income tax returns of national city corporation and subsidiaries through 2004 have been audited by the internal revenue service and we have reached agreement in principle on resolution of all disputed matters through the irs appeals division .", "however , because the agreement is still subject to execution of a closing agreement we have not treated it as effectively settled .", "the internal revenue service is currently examining the 2005 through 2007 consolidated federal income tax returns of national city corporation and subsidiaries , and we expect the 2008 federal income tax return to begin being audited as soon as it is filed .", "new york , new jersey , maryland and new york city are principally where we were subject to state and local income tax prior to our acquisition of national city .", "the state of new york is currently in the process of closing the 2002 to 2004 audit and will begin auditing the years 2005 and 2006 .", "new york city is currently auditing 2004 and 2005 .", "however , years 2002 and 2003 remain subject to examination by new york city pending completion of the new york state audit .", "through 2006 , blackrock is included in our new york and new york city combined tax filings and constituted most of the tax liability .", "years subsequent to 2004 remain subject to examination by new jersey and years subsequent to 2005 remain subject to examination by maryland .", "national city was principally subject to state and local income tax in california , florida , illinois , indiana , and missouri .", "audits currently in process for these states include : california ( 2003-2004 ) , illinois ( 2004-2006 ) and missouri ( 2003-2005 ) .", "we will now also be principally subject to tax in those states .", "in the ordinary course of business we are routinely subject to audit by the taxing authorities of these states and at any given time a number of audits will be in process .", "our policy is to classify interest and penalties associated with income taxes as income taxes .", "at january 1 , 2008 , we had accrued $ 91 million of interest related to tax positions , most of which related to our cross-border leasing transactions .", "the total accrued interest and penalties at december 31 , 2008 was $ 164 million .", "while the leasing related interest decreased with a payment to the irs , the $ 73 million net increase primarily resulted from our acquisition of national city .", "note 22 summarized financial information of blackrock as required by sec regulation s-x , summarized consolidated financial information of blackrock follows ( in millions ) . ." ]

[ "note 23 regulatory matters we are subject to the regulations of certain federal and state agencies and undergo periodic examinations by such regulatory authorities .", "the access to and cost of funding new business initiatives including acquisitions , the ability to pay dividends , the level of deposit insurance costs , and the level and nature of regulatory oversight depend , in large part , on a financial institution 2019s capital strength .", "the minimum us regulatory capital ratios are 4% ( 4 % ) for tier 1 risk-based , 8% ( 8 % ) for total risk- based and 4% ( 4 % ) for leverage .", "however , regulators may require higher capital levels when particular circumstances warrant .", "to qualify as 201cwell capitalized , 201d regulators require banks to maintain capital ratios of at least 6% ( 6 % ) for tier 1 risk-based , 10% ( 10 % ) for total risk-based and 5% ( 5 % ) for leverage .", "at december 31 , 2008 and december 31 , 2007 , each of our domestic bank subsidiaries met the 201cwell capitalized 201d capital ratio requirements. ." ]

[ [ "December 31", "2008", "2007" ], [ "Total assets", "$19,924", "$22,561" ], [ "Total liabilities", "$7,367", "$10,387" ], [ "Non-controlling interest", "491", "578" ], [ "Stockholders’ equity", "12,066", "11,596" ], [ "Total liabilities, non-controlling interest and stockholders’ equity", "$19,924", "$22,561" ], [ "Year ended December 31", "2008", "2007" ], [ "Total revenue", "$5,064", "$4,845" ], [ "Total expenses", "3,471", "3,551" ], [ "Operating income", "1,593", "1,294" ], [ "Non-operating income (expense)", "(574)", "529" ], [ "Income before income taxes and non-controlling interest", "1,019", "1,823" ], [ "Income taxes", "388", "464" ], [ "Non-controlling interest", "(155)", "364" ], [ "Net income", "$786", "$995" ] ]

[ [ "december 31", "2008", "2007" ], [ "total assets", "$ 19924", "$ 22561" ], [ "total liabilities", "$ 7367", "$ 10387" ], [ "non-controlling interest", "491", "578" ], [ "stockholders 2019 equity", "12066", "11596" ], [ "total liabilities non-controlling interest and stockholders 2019 equity", "$ 19924", "$ 22561" ], [ "year ended december 31", "2008", "2007" ], [ "total revenue", "$ 5064", "$ 4845" ], [ "total expenses", "3471", "3551" ], [ "operating income", "1593", "1294" ], [ "non-operating income ( expense )", "-574 ( 574 )", "529" ], [ "income before income taxes and non-controlling interest", "1019", "1823" ], [ "income taxes", "388", "464" ], [ "non-controlling interest", "-155 ( 155 )", "364" ], [ "net income", "$ 786", "$ 995" ] ]

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[ "stock-based compensation 2013 we have several stock-based compensation plans under which employees and non-employee directors receive stock options , nonvested retention shares , and nonvested stock units .", "we refer to the nonvested shares and stock units collectively as 201cretention awards 201d .", "we issue treasury shares to cover option exercises and stock unit vestings , while new shares are issued when retention shares vest .", "we adopted fasb statement no .", "123 ( r ) , share-based payment ( fas 123 ( r ) ) , on january 1 , 2006 .", "fas 123 ( r ) requires us to measure and recognize compensation expense for all stock-based awards made to employees and directors , including stock options .", "compensation expense is based on the calculated fair value of the awards as measured at the grant date and is expensed ratably over the service period of the awards ( generally the vesting period ) .", "the fair value of retention awards is the stock price on the date of grant , while the fair value of stock options is determined by using the black-scholes option pricing model .", "we elected to use the modified prospective transition method as permitted by fas 123 ( r ) and did not restate financial results for prior periods .", "we did not make an adjustment for the cumulative effect of these estimated forfeitures , as the impact was not material .", "as a result of the adoption of fas 123 ( r ) , we recognized expense for stock options in 2006 , in addition to retention awards , which were expensed prior to 2006 .", "stock-based compensation expense for the year ended december 31 , 2006 was $ 22 million , after tax , or $ 0.08 per basic and diluted share .", "this includes $ 9 million for stock options and $ 13 million for retention awards for 2006 .", "before taxes , stock-based compensation expense included $ 14 million for stock options and $ 21 million for retention awards for 2006 .", "we recorded $ 29 million of excess tax benefits as an inflow of financing activities in the consolidated statement of cash flows for the year ended december 31 , 2006 .", "prior to the adoption of fas 123 ( r ) , we applied the recognition and measurement principles of accounting principles board opinion no .", "25 , accounting for stock issued to employees , and related interpretations .", "no stock- based employee compensation expense related to stock option grants was reflected in net income , as all options granted under those plans had a grant price equal to the market value of our common stock on the date of grant .", "stock-based compensation expense related to retention shares , stock units , and other incentive plans was reflected in net income .", "the following table details the effect on net income and earnings per share had compensation expense for all of our stock-based awards , including stock options , been recorded in the years ended december 31 , 2005 and 2004 based on the fair value method under fasb statement no .", "123 , accounting for stock-based compensation .", "pro forma stock-based compensation expense year ended december 31 , millions of dollars , except per share amounts 2005 2004 ." ]

[ "[a] stock options for executives granted in 2003 and 2002 included a reload feature .", "this reload feature allowed executives to exercise their options using shares of union pacific corporation common stock that they already owned and obtain a new grant of options in the amount of the shares used for exercise plus any shares withheld for tax purposes .", "the reload feature of these option grants could only be exercised if the ." ]

[ [ "<i>Pro Forma Stock-Based Compensation Expense</i>", "Year Ended December 31," ], [ "<i>Millions of Dollars, Except Per Share Amounts</i>", "2005", "2004" ], [ "Net income, as reported", "$1,026", "$604" ], [ "Stock-based employee compensation expense, reported in net income, net of tax", "13", "13" ], [ "Total stock-based employee compensation expense determined under fair value–based method for allawards, net of tax [a]", "(50)", "(35)" ], [ "Pro forma net income", "$989", "$582" ], [ "Earnings per share – basic, as reported", "$3.89", "$2.33" ], [ "Earnings per share – basic, pro forma", "$3.75", "$2.25" ], [ "Earnings per share – diluted, as reported", "$3.85", "$2.30" ], [ "Earnings per share – diluted, pro forma", "$3.71", "$2.22" ] ]

[ [ "pro forma stock-based compensation expense", "pro forma stock-based compensation expense", "" ], [ "millions of dollars except per share amounts", "2005", "2004" ], [ "net income as reported", "$ 1026", "$ 604" ], [ "stock-based employee compensation expense reported in net income net of tax", "13", "13" ], [ "total stock-based employee compensation expense determined under fair value 2013based method for allawards net of tax [a]", "-50 ( 50 )", "-35 ( 35 )" ], [ "pro forma net income", "$ 989", "$ 582" ], [ "earnings per share 2013 basic as reported", "$ 3.89", "$ 2.33" ], [ "earnings per share 2013 basic pro forma", "$ 3.75", "$ 2.25" ], [ "earnings per share 2013 diluted as reported", "$ 3.85", "$ 2.30" ], [ "earnings per share 2013 diluted pro forma", "$ 3.71", "$ 2.22" ] ]

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