| _id | dd4b9beda |
| title |  |
| text | 17 .
leases we lease certain locomotives , freight cars , and other property .
the consolidated statements of financial position as of december 31 , 2016 , and 2015 included $ 1997 million , net of $ 1121 million of accumulated depreciation , and $ 2273 million , net of $ 1189 million of accumulated depreciation , respectively , for properties held under capital leases .

a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .
future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2016 , were as follows : millions operating leases capital leases .

approximately 96% ( 96 % ) of capital lease payments relate to locomotives .
rent expense for operating leases with terms exceeding one month was $ 535 million in 2016 , $ 590 million in 2015 , and $ 593 million in 2014 .
when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .
contingent rentals and sub-rentals are not significant .
18 .

18 .
commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .
we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity .
to the extent possible , we have recorded a liability where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated .

we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters .

personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .
we use an actuarial analysis to measure the expense and liability , including unasserted claims .
the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .
under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .

we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work .
our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments .
approximately 94% ( 94 % ) of the recorded liability is related to asserted claims and approximately 6% ( 6 % ) is related to unasserted claims at december 31 , 2016 .

because of the uncertainty surrounding the ultimate outcome of personal injury claims , it is reasonably possible that future costs to settle these claims may range from approximately $ 290 million to $ 317 million .
we record an accrual at the low end of the range as no amount of loss within the range is more probable than any other .
estimates can vary over time due to evolving trends in litigation.

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


| _id | dd4ba3c48 |
| title |  |
| text | 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 .

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 .

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.

 |
| table | | 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 ) |


| _id | dd4be9e5a |
| title |  |
| text | american tower corporation and subsidiaries notes to consolidated financial statements loss on retirement of long-term obligations 2014loss on retirement of long-term obligations primarily includes cash paid to retire debt in excess of its carrying value , cash paid to holders of convertible notes in connection with note conversions and non-cash charges related to the write-off of deferred financing fees .

loss on retirement of long-term obligations also includes gains from repurchasing or refinancing certain of the company 2019s debt obligations .
earnings per common share 2014basic and diluted 2014basic income from continuing operations per common share for the years ended december 31 , 2012 , 2011 and 2010 represents income from continuing operations attributable to american tower corporation divided by the weighted average number of common shares outstanding during the period .

diluted income from continuing operations per common share for the years ended december 31 , 2012 , 2011 and 2010 represents income from continuing operations attributable to american tower corporation divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents , including unvested restricted stock , shares issuable upon exercise of stock options and warrants as determined under the treasury stock method and upon conversion of the company

stock method and upon conversion of the company 2019s convertible notes , as determined under the if-converted method .

retirement plan 2014the company has a 401 ( k ) plan covering substantially all employees who meet certain age and employment requirements .
the company 2019s matching contribution for the years ended december 31 , 2012 , 2011 and 2010 is 50% ( 50 % ) up to a maximum 6% ( 6 % ) of a participant 2019s contributions .
for the years ended december 31 , 2012 , 2011 and 2010 , the company contributed approximately $ 4.4 million , $ 2.9 million and $ 1.9 million to the plan , respectively .
2 .

2 .
prepaid and other current assets prepaid and other current assets consist of the following as of december 31 , ( in thousands ) : .

( 1 ) december 31 , 2011 balances have been revised to reflect purchase accounting measurement period adjustments.

 |
| table | | 2012     | 2011 ( 1 )
----------------------------------------------------- | -------- | ----------
prepaid income tax                                    | $ 57665  | $ 31384
prepaid operating ground leases                       | 56916    | 49585
value added tax and other consumption tax receivables | 22443    | 81276
prepaid assets                                        | 19037    | 28031
other miscellaneous current assets                    | 66790    | 59997
balance as of december 31,                            | $ 222851 | $ 250273 |


| _id | dd4be5a08 |
| title |  |
| text | hologic , inc .
notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) its supply chain and improve manufacturing margins .
the combination of the companies should also facilitate further manufacturing efficiencies and accelerate research and development of new detector products .
aeg was a privately held group of companies headquartered in warstein , germany , with manufacturing operations in germany , china and the united states .

the aggregate purchase price for aeg was approximately $ 31300 ( subject to adjustment ) consisting of eur $ 24100 in cash and 110 shares of hologic common stock valued at $ 5300 , and approximately $ 1900 for acquisition related fees and expenses .
the company determined the fair value of the shares issued in connection with the acquisition in accordance with eitf issue no .

99-12 , determination of the measurement date for the market price of acquirer securities issued in a purchase business combination .
these 110 shares were subject to contingent put options pursuant to which the holders had the option to resell the shares to the company during a period of one year following the completion of the acquisition if the closing price of the company 2019s stock falls and remains below a threshold price .
the put options were never exercised and expired on may 2 , 2007 .

the acquisition also provided for a one-year earn out of eur 1700 ( approximately $ 2000 usd ) which was payable in cash if aeg calendar year 2006 earnings , as defined , exceeded a pre-determined amount .
aeg 2019s 2006 earnings did not exceed such pre-determined amounts and no payment was made .
the components and allocation of the purchase price , consists of the following approximate amounts: .

the company implemented a plan to restructure certain of aeg 2019s historical activities .
the company originally recorded a liability of approximately $ 2100 in accordance with eitf issue no .
95-3 , recognition of liabilities in connection with a purchase business combination , related to the termination of certain employees under this plan .
upon completion of the plan in fiscal 2007 the company reduced this liability by approximately $ 241 with a corresponding reduction in goodwill .

all amounts have been paid as of september 29 , 2007 .
as part of the aeg acquisition the company acquired a minority interest in the equity securities of a private german company .
the company estimated the fair value of these securities to be approximately $ 1400 in its original purchase price allocation .
during the year ended september 29 , 2007 , the company sold these securities for proceeds of approximately $ 2150 .

the difference of approximately $ 750 between the preliminary fair value estimate and proceeds upon sale has been recorded as a reduction of goodwill .
the final purchase price allocations were completed within one year of the acquisition and the adjustments did not have a material impact on the company 2019s financial position or results of operations .

there have been no other material changes to the purchase price allocation as disclosed in the company 2019s form 10-k for the year ended september 30 , 2006 .
as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued .
it was determined that only customer relationship , trade name , developed technology and know how and in-process research and development had separately identifiable values .

the fair value of these intangible assets was determined through the application of the income approach .
customer relationship represents aeg 2019s high dependency on a small number of large accounts .
aeg markets its products through distributors as well as directly to its own customers .
trade name represents aeg 2019s product names that the company intends to continue to use .
developed technology and know how represents currently marketable

 |
| table | net tangible assets acquired as of may 2 2006 | $ 24800
--------------------------------------------- | --------------
in-process research and development           | 600
developed technology and know how             | 1900
customer relationship                         | 800
trade name                                    | 400
deferred income taxes                         | -3000 ( 3000 )
goodwill                                      | 5800
estimated purchase price                      | $ 31300 |


| _id | dd4b8a46e |
| title |  |
| text | mill in the fourth quarter of 2008 .
this compares with 635000 tons of total downtime in 2008 of which 305000 tons were lack-of-order downtime .
printing papers in millions 2009 2008 2007 .

north american printing papers net sales in 2009 were $ 2.8 billion compared with $ 3.4 billion in 2008 and $ 3.5 billion in 2007 .
operating earnings in 2009 were $ 746 million ( $ 307 million excluding alter- native fuel mixture credits and plant closure costs ) compared with $ 405 million ( $ 435 million excluding shutdown costs for a paper machine ) in 2008 and $ 415 million in 2007 .

sales volumes decreased sig- nificantly in 2009 compared with 2008 reflecting weak customer demand and reduced production capacity resulting from the shutdown of a paper machine at the franklin mill in december 2008 and the conversion of the bastrop mill to pulp production in june 2008 .
average sales price realizations were lower reflecting slight declines for uncoated freesheet paper in domestic markets and significant declines in export markets .

margins were also unfavorably affected by a higher proportion of shipments to lower-margin export markets .
input costs , however , were favorable due to lower wood and chemical costs and sig- nificantly lower energy costs .
freight costs were also lower .
planned maintenance downtime costs in 2009 were comparable with 2008 .
operating costs were favorable , reflecting cost control efforts and strong machine performance .

lack-of-order downtime increased to 525000 tons in 2009 , including 120000 tons related to the shutdown of a paper machine at our franklin mill in the 2008 fourth quarter , from 135000 tons in 2008 .

operating earnings in 2009 included $ 671 million of alternative fuel mixture cred- its , $ 223 million of costs associated with the shutdown of our franklin mill and $ 9 million of other shutdown costs , while operating earnings in 2008 included $ 30 million of costs for the shutdown of a paper machine at our franklin mill .
looking ahead to 2010 , first-quarter sales volumes are expected to increase slightly from fourth-quarter 2009 levels .

average sales price realizations should be higher , reflecting the full-quarter impact of sales price increases announced in the fourth quarter for converting and envelope grades of uncoated free- sheet paper and an increase in prices to export markets .
however , input costs for wood , energy and chemicals are expected to continue to increase .
planned maintenance downtime costs should be lower and operating costs should be favorable .

brazil ian papers net sales for 2009 of $ 960 mil- lion increased from $ 950 million in 2008 and $ 850 million in 2007 .
operating profits for 2009 were $ 112 million compared with $ 186 million in 2008 and $ 174 million in 2007 .
sales volumes increased in 2009 compared with 2008 for both paper and pulp reflect- ing higher export shipments .

average sales price realizations were lower due to strong competitive pressures in the brazilian domestic market in the second half of the year , lower export prices and unfavorable foreign exchange rates .
margins were unfavorably affected by a higher proportion of lower margin export sales .
input costs for wood and chem- icals were favorable , but these benefits were partially offset by higher energy costs .
planned maintenance downtime costs were lower , and operating costs were also favorable .

earnings in 2009 were adversely impacted by unfavorable foreign exchange effects .
entering 2010 , sales volumes are expected to be seasonally lower compared with the fourth quarter of 2009 .
profit margins are expected to be slightly higher reflecting a more favorable geographic sales mix and improving sales price realizations in export markets , partially offset by higher planned main- tenance outage costs .

european papers net sales in 2009 were $ 1.3 bil- lion compared with $ 1.7 billion in 2008 and $ 1.5 bil- lion in 2007 .
operating profits in 2009 of $ 92 million ( $ 115 million excluding expenses associated with the closure of the inverurie mill ) compared with $ 39 mil- lion ( $ 146 million excluding a charge to reduce the carrying value of the fixed assets at the inverurie , scotland mill to their estimated realizable value ) in 2008 and $ 171 million in 2007 .

sales volumes in 2009 were lower than in 2008 primarily due to reduced sales of uncoated freesheet paper following the closure of the inverurie mill in 2009 .
average sales price realizations decreased significantly in 2009 across most of western europe , but margins increased in poland and russia reflecting the effect of local currency devaluations .

input costs were favorable as lower wood costs , particularly in russia , were only partially offset by higher energy costs in poland and higher chemical costs .
planned main- tenance downtime costs were higher in 2009 than in 2008 , while manufacturing operating costs were lower .
operating profits in 2009 also reflect favorable foreign exchange impacts .
looking ahead to 2010 , sales volumes are expected to decline from strong 2009 fourth-quarter levels despite solid customer demand .

average sales price realizations are expected to increase over the quar- ter , primarily in eastern europe , as price increases

 |
| table | in millions      | 2009   | 2008   | 2007
---------------- | ------ | ------ | ------
sales            | $ 5680 | $ 6810 | $ 6530
operating profit | 1091   | 474    | 839 |


| _id | dd4bb6b4a |
| title |  |
| text | reach in the united states , adding a 1400-person direct sales force , over 300000 merchants and $ 130 billion in annual payments volume .
goodwill of $ 3.2 billion arising from the merger , included in the north america segment , was attributable to expected growth opportunities , potential synergies from combining our existing businesses and an assembled workforce , and is not deductible for income tax purposes .

due to the timing of our merger with heartland , we are still in the process of assigning goodwill to our reporting units .
during the year ended may 31 , 2016 , we incurred transaction costs in connection with the merger of $ 24.4 million , which are recorded in selling , general and administrative expenses in the consolidated statements of income .
the following reflects the preliminary estimated fair values of the identified intangible assets ( in thousands ) : .

the preliminary estimated fair value of customer-related intangible assets was determined using the income approach , which is based on projected cash flows discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows .
the discount rate used is the average estimated value of a market participant 2019s cost of capital and debt , derived using customary market metrics .

other significant assumptions include terminal value margin rates , future capital expenditures and future working capital requirements .
acquired technology was valued using the replacement cost method , which required us to estimate the cost to construct an asset of equivalent utility at prices available at the time of the valuation analysis , with adjustments in value for physical deterioration and functional and economic obsolescence .

trademarks and trade names were valued using the relief-from-royalty approach .
this method assumes that trade marks and trade names have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them .
this method required us to estimate the future revenue for the related brands , the appropriate royalty rate and the weighted-average cost of capital .

the discount rate used is the average estimated value of a market participant 2019s cost of capital and debt , derived using customary market metrics .
the weighted-average estimated amortization period for the total estimated acquired intangible assets is approximately 11 years .
the customer-related intangible assets have an estimated amortization period range of 7-20 years .
the acquired technology has an estimated amortization period of 5 years .

the trademarks and trade names have an estimated amortization period of 7 years .
covenants-not-to-compete have an estimated amortization period range of 1-4 years .
heartland 2019s revenues and operating income represented approximately 4% ( 4 % ) and less than 0.5% ( 0.5 % ) of our total consolidated revenues and operating income , respectively , for the year ended may 31 , 2016 .

the following unaudited pro forma information shows the results of our operations for the years ended may 31 , 2016 and may 31 , 2015 as if our merger with heartland had occurred on june 1 , 2014 .
the unaudited pro forma information reflects the effects of applying our accounting policies and certain pro forma adjustments to the combined historical financial information of global payments and heartland .

the pro forma adjustments include incremental amortization and depreciation expense , incremental interest expense associated with new long-term debt , a reduction of revenues and operating expenses associated with fair value adjustments made in applying the acquisition-method of accounting and the elimination of nonrecurring transaction costs directly related to the merger .
global payments inc .
| 2016 form 10-k annual report 2013 67

 |
| table | customer-related intangible assets         | $ 977400
------------------------------------------ | ---------
acquired technology                        | 457000
trademarks and trade names                 | 176000
covenants-not-to-compete                   | 28640
total estimated acquired intangible assets | $ 1639040 |


| _id | dd4baf3ea |
| title |  |
| text | net unfunded credit commitments .

commitments to extend credit represent arrangements to lend funds subject to specified contractual conditions .
at december 31 , 2007 , commercial commitments are reported net of $ 8.9 billion of participations , assignments and syndications , primarily to financial services companies .
the comparable amount at december 31 , 2006 was $ 8.3 billion .

commitments generally have fixed expiration dates , may require payment of a fee , and contain termination clauses in the event the customer 2019s credit quality deteriorates .
based on our historical experience , most commitments expire unfunded , and therefore cash requirements are substantially less than the total commitment .
consumer home equity lines of credit accounted for 80% ( 80 % ) of consumer unfunded credit commitments .

unfunded credit commitments related to market street totaled $ 8.8 billion at december 31 , 2007 and $ 5.6 billion at december 31 , 2006 and are included in the preceding table primarily within the 201ccommercial 201d and 201cconsumer 201d categories .
note 24 commitments and guarantees includes information regarding standby letters of credit and bankers 2019 acceptances .

at december 31 , 2007 , the largest industry concentration was for general medical and surgical hospitals , which accounted for approximately 5% ( 5 % ) of the total letters of credit and bankers 2019 acceptances .
at december 31 , 2007 , we pledged $ 1.6 billion of loans to the federal reserve bank ( 201cfrb 201d ) and $ 33.5 billion of loans to the federal home loan bank ( 201cfhlb 201d ) as collateral for the contingent ability to borrow , if necessary .

certain directors and executive officers of pnc and its subsidiaries , as well as certain affiliated companies of these directors and officers , were customers of and had loans with subsidiary banks in the ordinary course of business .

all such loans were on substantially the same terms , including interest rates and collateral , as those prevailing at the time for comparable transactions with other customers and did not involve more than a normal risk of collectibility or present other unfavorable features .
the aggregate principal amounts of these loans were $ 13 million at december 31 , 2007 and $ 18 million at december 31 , 2006 .
during 2007 , new loans of $ 48 million were funded and repayments totaled $ 53 million.

 |
| table | december 31 - in millions | 2007    | 2006
------------------------- | ------- | -------
commercial                | $ 39171 | $ 31009
consumer                  | 10875   | 10495
commercial real estate    | 2734    | 2752
other                     | 567     | 579
total                     | $ 53347 | $ 44835 |


| _id | dd4bc9f60 |
| title |  |
| text | o .
segment information 2013 ( concluded ) ( 1 ) included in net sales were export sales from the u.s .
of $ 246 million , $ 277 million and $ 275 million in 2010 , 2009 and 2008 , respectively .
( 2 ) intra-company sales between segments represented approximately two percent of net sales in 2010 , three percent of net sales in 2009 and one percent of net sales in 2008 .

( 3 ) included in net sales were sales to one customer of $ 1993 million , $ 2053 million and $ 2058 million in 2010 , 2009 and 2008 , respectively .
such net sales were included in the following segments : cabinets and related products , plumbing products , decorative architectural products and other specialty products .
( 4 ) net sales from the company 2019s operations in the u.s .
were $ 5618 million , $ 5952 million and $ 7150 million in 2010 , 2009 and 2008 , respectively .

( 5 ) net sales , operating ( loss ) profit , property additions and depreciation and amortization expense for 2010 , 2009 and 2008 excluded the results of businesses reported as discontinued operations in 2010 , 2009 and 2008 .
( 6 ) included in segment operating ( loss ) profit for 2010 were impairment charges for goodwill and other intangible assets as follows : plumbing products 2013 $ 1 million ; and installation and other services 2013 $ 720 million .

included in segment operating profit ( loss ) for 2009 were impairment charges for goodwill as follows : plumbing products 2013 $ 39 million ; other specialty products 2013 $ 223 million .

included in segment operating profit ( loss ) for 2008 were impairment charges for goodwill and other intangible assets as follows : cabinets and related products 2013 $ 59 million ; plumbing products 2013 $ 203 million ; installation and other services 2013 $ 52 million ; and other specialty products 2013 $ 153 million .
( 7 ) general corporate expense , net included those expenses not specifically attributable to the company 2019s segments .

( 8 ) during 2009 , the company recognized a curtailment loss related to the plan to freeze all future benefit accruals beginning january 1 , 2010 under substantially all of the company 2019s domestic qualified and non-qualified defined-benefit pension plans .
see note m to the consolidated financial statements .
( 9 ) the charge for litigation settlement in 2009 relates to a business unit in the cabinets and related products segment .

the charge for litigation settlement in 2008 relates to a business unit in the installation and other services segment .
( 10 ) see note l to the consolidated financial statements .
( 11 ) long-lived assets of the company 2019s operations in the u.s .
and europe were $ 3684 million and $ 617 million , $ 4628 million and $ 690 million , and $ 4887 million and $ 770 million at december 31 , 2010 , 2009 and 2008 , respectively .

( 12 ) segment assets for 2009 and 2008 excluded the assets of businesses reported as discontinued operations .
p .
other income ( expense ) , net other , net , which is included in other income ( expense ) , net , was as follows , in millions: .

masco corporation notes to consolidated financial statements 2014 ( continued )

 |
| table | | 2010     | 2009 | 2008
------------------------------------------------ | -------- | ---- | ----------
income from cash and cash investments            | $ 6      | $ 7  | $ 22
other interest income                            | 1        | 2    | 2
income from financial investments net ( note e ) | 9        | 3    | 1
other items net                                  | -9 ( 9 ) | 17   | -22 ( 22 )
total other net                                  | $ 7      | $ 29 | $ 3 |


| _id | dd4bf2852 |
| title |  |
| text | notional amounts and derivative receivables marked to market ( 201cmtm 201d ) notional amounts ( a ) derivative receivables mtm as of december 31 .

( a ) the notional amounts represent the gross sum of long and short third-party notional derivative contracts , excluding written options and foreign exchange spot contracts , which significantly exceed the possible credit losses that could arise from such transactions .
for most derivative transactions , the notional principal amount does not change hands ; it is used simply as a reference to calculate payments .

( b ) the firm held $ 33 billion of collateral against derivative receivables as of december 31 , 2005 , consisting of $ 27 billion in net cash received under credit support annexes to legally enforceable master netting agreements , and $ 6 billion of other liquid securities collateral .
the benefit of the $ 27 billion is reflected within the $ 50 billion of derivative receivables mtm .

excluded from the $ 33 billion of collateral is $ 10 billion of collateral delivered by clients at the initiation of transactions ; this collateral secures exposure that could arise in the derivatives portfolio should the mtm of the client 2019s transactions move in the firm 2019s favor .
also excluded are credit enhancements in the form of letters of credit and surety receivables .

( c ) the firm held $ 41 billion of collateral against derivative receivables as of december 31 , 2004 , consisting of $ 32 billion in net cash received under credit support annexes to legally enforceable master netting agreements , and $ 9 billion of other liquid securities collateral .
the benefit of the $ 32 billion is reflected within the $ 66 billion of derivative receivables mtm .

excluded from the $ 41 billion of collateral is $ 10 billion of collateral delivered by clients at the initiation of transactions ; this collateral secures exposure that could arise in the derivatives portfolio should the mtm of the client 2019s transactions move in the firm 2019s favor .
also excluded are credit enhancements in the form of letters of credit and surety receivables .
management 2019s discussion and analysis jpmorgan chase & co .
68 jpmorgan chase & co .

/ 2005 annual report 1 year 2 years 5 years 10 years mdp avgavgdredre exposure profile of derivatives measures december 31 , 2005 ( in billions ) the following table summarizes the aggregate notional amounts and the reported derivative receivables ( i.e. , the mtm or fair value of the derivative contracts after taking into account the effects of legally enforceable master netting agreements ) at each of the dates indicated : the mtm of derivative receivables contracts represents the cost to replace the

contracts represents the cost to replace the contracts at current market rates should the counterparty default .

when jpmorgan chase has more than one transaction outstanding with a counter- party , and a legally enforceable master netting agreement exists with that counterparty , the netted mtm exposure , less collateral held , represents , in the firm 2019s view , the appropriate measure of current credit risk .
while useful as a current view of credit exposure , the net mtm value of the derivative receivables does not capture the potential future variability of that credit exposure .

to capture the potential future variability of credit exposure , the firm calculates , on a client-by-client basis , three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) and average exposure ( 201cavg 201d ) .
these measures all incorporate netting and collateral benefits , where applicable .
peak exposure to a counterparty is an extreme measure of exposure calculated at a 97.5% ( 97.5 % ) confidence level .

however , the total potential future credit risk embedded in the firm 2019s derivatives portfolio is not the simple sum of all peak client credit risks .
this is because , at the portfolio level , credit risk is reduced by the fact that when offsetting transactions are done with separate counter- parties , only one of the two trades can generate a credit loss , even if both counterparties were to default simultaneously .

the firm refers to this effect as market diversification , and the market-diversified peak ( 201cmdp 201d ) measure is a portfolio aggregation of counterparty peak measures , representing the maximum losses at the 97.5% ( 97.5 % ) confidence level that would occur if all coun- terparties defaulted under any one given market scenario and time frame .

derivative risk equivalent ( 201cdre 201d ) exposure is a measure that expresses the riskiness of derivative exposure on a basis intended to be equivalent to the riskiness of loan exposures .
the measurement is done by equating the unexpected loss in a derivative counterparty exposure ( which takes into consideration both the loss volatility and the credit rating of the counterparty ) with the unexpected loss in a loan exposure ( which takes into consideration only the credit rating of the counterparty ) .

dre is a less extreme measure of potential credit loss than peak and is the primary measure used by the firm for credit approval of derivative transactions .
finally , average exposure ( 201cavg 201d ) is a measure of the expected mtm value of the firm 2019s derivative receivables at future time periods , including the benefit of collateral .

avg exposure over the total life of the derivative contract is used as the primary metric for pricing purposes and is used to calculate credit capital and the credit valuation adjustment ( 201ccva 201d ) , as further described below .
average exposure was $ 36 billion and $ 38 billion at december 31 , 2005 and 2004 , respectively , compared with derivative receivables mtm net of other highly liquid collateral of $ 44 billion and $ 57 billion at december 31 , 2005 and 2004 , respectively .

the graph below shows exposure profiles to derivatives over the next 10 years as calculated by the mdp , dre and avg metrics .
all three measures generally show declining exposure after the first year , if no new trades were added to the portfolio.

 |
| table | as of december 31 , ( in billions )           | as of december 31 , 2005 | as of december 31 , 2004 | 2005       | 2004
--------------------------------------------- | ------------------------ | ------------------------ | ---------- | ----------
interest rate                                 | $ 38493                  | $ 37022                  | $ 30       | $ 46
foreign exchange                              | 2136                     | 1886                     | 3          | 8
equity                                        | 458                      | 434                      | 6          | 6
credit derivatives                            | 2241                     | 1071                     | 4          | 3
commodity                                     | 265                      | 101                      | 7          | 3
total                                         | $ 43593                  | $ 40514                  | 50         | 66
collateral held againstderivative receivables | na                       | na                       | -6 ( 6 )   | -9 ( 9 )
exposure net of collateral                    | na                       | na                       | $ 44 ( b ) | $ 57 ( c ) |


| _id | dd4bd18a0 |
| title |  |
| text | jpmorgan chase & co./2012 annual report 167 the chart shows that for year ended december 31 , 2012 , the firm posted market risk related gains on 220 of the 261 days in this period , with gains on eight days exceeding $ 200 million .
the chart includes year to date losses incurred in the synthetic credit portfolio .
cib and credit portfolio posted market risk-related gains on 254 days in the period .

the inset graph looks at those days on which the firm experienced losses and depicts the amount by which var exceeded the actual loss on each of those days .
of the losses that were sustained on the 41 days of the 261 days in the trading period , the firm sustained losses that exceeded the var measure on three of those days .

these losses in excess of the var all occurred in the second quarter of 2012 and were due to the adverse effect of market movements on risk positions in the synthetic credit portfolio held by cio .
during the year ended december 31 , 2012 , cib and credit portfolio experienced seven loss days ; none of the losses on those days exceeded their respective var measures .

other risk measures debit valuation adjustment sensitivity the following table provides information about the gross sensitivity of dva to a one-basis-point increase in jpmorgan chase 2019s credit spreads .
this sensitivity represents the impact from a one-basis-point parallel shift in jpmorgan chase 2019s entire credit curve .

however , the sensitivity at a single point in time multiplied by the change in credit spread at a single maturity point may not be representative of the actual dva gain or loss realized within a period .
the actual results reflect the movement in credit spreads across various maturities , which typically do not move in a parallel fashion , and is the product of a constantly changing exposure profile , among other factors .

debit valuation adjustment sensitivity ( in millions ) one basis-point increase in jpmorgan chase 2019s credit spread .

economic-value stress testing along with var , stress testing is important in measuring and controlling risk .
while var reflects the risk of loss due to adverse changes in markets using recent historical market behavior as an indicator of losses , stress testing captures the firm 2019s exposure to unlikely but plausible events in abnormal markets .

the firm runs weekly stress tests on market-related risks across the lines of business using multiple scenarios that assume significant changes in risk factors such as credit spreads , equity prices , interest rates , currency rates or commodity prices .
the framework uses a grid-based approach , which calculates multiple magnitudes of stress for both market rallies and market sell-offs for

 |
| table | ( in millions )  | one basis-point increase injpmorgan chase 2019s credit spread
---------------- | -------------------------------------------------------------
december 31 2012 | $ 34
december 31 2011 | 35 |


| _id | dd4b90684 |
| title |  |
| text | 92 | 2017 form 10-k finite-lived intangible assets are amortized over their estimated useful lives and tested for impairment if events or changes in circumstances indicate that the asset may be impaired .
in 2016 , gross customer relationship intangibles of $ 96 million and related accumulated amortization of $ 27 million as well as gross intellectual property intangibles of $ 111 million and related accumulated amortization of $ 48 million from the resource industries segment were impaired .

the fair value of these intangibles was determined to be insignificant based on an income approach using expected cash flows .
the fair value determination is categorized as level 3 in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs .
the total impairment of $ 132 million was a result of restructuring activities and is included in other operating ( income ) expense in statement 1 .
see note 25 for information on restructuring costs .

amortization expense related to intangible assets was $ 323 million , $ 326 million and $ 337 million for 2017 , 2016 and 2015 , respectively .
as of december 31 , 2017 , amortization expense related to intangible assets is expected to be : ( millions of dollars ) .

b .
goodwill there were no goodwill impairments during 2017 or 2015 .
our annual impairment tests completed in the fourth quarter of 2016 indicated the fair value of each reporting unit was substantially above its respective carrying value , including goodwill , with the exception of our surface mining & technology reporting unit .
the surface mining & technology reporting unit , which primarily serves the mining industry , is a part of our resource industries segment .

the goodwill assigned to this reporting unit is largely from our acquisition of bucyrus international , inc .
in 2011 .
its product portfolio includes large mining trucks , electric rope shovels , draglines , hydraulic shovels and related parts .
in addition to equipment , surface mining & technology also develops and sells technology products and services to provide customer fleet management , equipment management analytics and autonomous machine capabilities .

the annual impairment test completed in the fourth quarter of 2016 indicated that the fair value of surface mining & technology was below its carrying value requiring the second step of the goodwill impairment test process .
the fair value of surface mining & technology was determined primarily using an income approach based on a discounted ten year cash flow .

we assigned the fair value to surface mining & technology 2019s assets and liabilities using various valuation techniques that required assumptions about royalty rates , dealer attrition , technological obsolescence and discount rates .
the resulting implied fair value of goodwill was below the carrying value .
accordingly , we recognized a goodwill impairment charge of $ 595 million , which resulted in goodwill of $ 629 million remaining for surface mining & technology as of october 1 , 2016 .

the fair value determination is categorized as level 3 in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs .
there was a $ 17 million tax benefit associated with this impairment charge.

 |
| table | 2018  | 2019  | 2020  | 2021  | 2022  | thereafter
----- | ----- | ----- | ----- | ----- | ----------
$ 322 | $ 316 | $ 305 | $ 287 | $ 268 | $ 613 |


| _id | dd4979e04 |
| title |  |
| text | the analysis of our depreciation studies .
changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively .
under group depreciation , the historical cost ( net of salvage ) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized .

the historical cost of certain track assets is estimated using ( i ) inflation indices published by the bureau of labor statistics and ( ii ) the estimated useful lives of the assets as determined by our depreciation studies .
the indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes .

because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired , we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate .

in addition , we determine if the recorded amount of accumulated depreciation is deficient ( or in excess ) of the amount indicated by our depreciation studies .
any deficiency ( or excess ) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets .

for retirements of depreciable railroad properties that do not occur in the normal course of business , a gain or loss may be recognized if the retirement meets each of the following three conditions : ( i ) is unusual , ( ii ) is material in amount , and ( iii ) varies significantly from the retirement profile identified through our depreciation studies .
a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations .

when we purchase an asset , we capitalize all costs necessary to make the asset ready for its intended use .
however , many of our assets are self-constructed .
a large portion of our capital expenditures is for replacement of existing track assets and other road properties , which is typically performed by our employees , and for track line expansion and other capacity projects .
costs that are directly attributable to capital projects ( including overhead costs ) are capitalized .

direct costs that are capitalized as part of self- constructed assets include material , labor , and work equipment .
indirect costs are capitalized if they clearly relate to the construction of the asset .
general and administrative expenditures are expensed as incurred .
normal repairs and maintenance are also expensed as incurred , while costs incurred that extend the useful life of an asset , improve the safety of our operations or improve operating efficiency are capitalized .

these costs are allocated using appropriate statistical bases .
total expense for repairs and maintenance incurred was $ 2.4 billion for 2014 , $ 2.3 billion for 2013 , and $ 2.1 billion for 2012 .
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 2014 2013 .

 |
| table | millions                                            | dec . 31 2014 | dec . 312013
--------------------------------------------------- | ------------- | ------------
accounts payable                                    | $ 877         | $ 803
dividends payable                                   | 438           | 356
income and other taxes payable                      | 412           | 491
accrued wages and vacation                          | 409           | 385
accrued casualty costs                              | 249           | 207
interest payable                                    | 178           | 169
equipment rents payable                             | 100           | 96
other                                               | 640           | 579
total accounts payable and othercurrent liabilities | $ 3303        | $ 3086 |


| _id | dd4c50f60 |
| title |  |
| text | the company financed the acquisition with the proceeds from a $ 1.0 billion three-year term loan credit facility , $ 1.5 billion in unsecured notes , and the issuance of 61 million shares of aon common stock .
in addition , as part of the consideration , certain outstanding hewitt stock options were converted into options to purchase 4.5 million shares of aon common stock .
these items are detailed further in note 9 2018 2018debt 2019 2019 and note 12 2018 2018stockholders 2019 equity 2019 2019 .

the transaction has been accounted for using the acquisition method of accounting which requires , among other things , that most assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date .
the following table summarizes the preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date .
certain estimated values are not yet finalized ( see below ) and are subject to change , which could be significant .

the company will finalize the amounts recognized as information necessary to complete the analyses is obtained .
the company expects to finalize these amounts as soon as possible but no later than one year from the acquisition the following table summarizes the preliminary values of assets acquired and liabilities assumed as of the acquisition date ( in millions ) : amounts recorded as of the acquisition .

( 1 ) includes cash and cash equivalents , short-term investments , client receivables , other current assets , accounts payable and other current liabilities .
( 2 ) includes primarily deferred contract costs and long-term investments .
( 3 ) includes primarily unfavorable lease obligations and deferred contract revenues .

( 4 ) included in other current assets ( $ 31 million ) , deferred tax assets ( $ 62 million ) , other current liabilities ( $ 32 million ) and deferred tax liabilities ( $ 1.1 billion ) in the company 2019s consolidated statements of financial position .
the acquired customer relationships are being amortized over a weighted average life of 12 years .
the technology asset is being amortized over 7 years and trademarks have been determined to have indefinite useful lives .

goodwill is calculated as the excess of the consideration transferred over the net assets acquired and represents the synergies and other benefits that are expected to arise from combining the operations of hewitt with the operations of aon , and the future economic benefits arising from other

 |
| table | | amountsrecorded as ofthe acquisitiondate
------------------------------------------- | ----------------------------------------
working capital ( 1 )                       | $ 391
property equipment and capitalized software | 319
identifiable intangible assets:             |
customer relationships                      | 1800
trademarks                                  | 890
technology                                  | 215
other noncurrent assets ( 2 )               | 344
long-term debt                              | 346
other noncurrent liabilities ( 3 )          | 361
net deferred tax liability ( 4 )            | 1035
net assets acquired                         | 2217
goodwill                                    | 2715
total consideration transferred             | $ 4932 |


| _id | dd4c4c91a |
| title |  |
| text | 2 0 1 9 a n n u a l r e p o r t1 6 performance graph the following chart presents a comparison for the five-year period ended june 30 , 2019 , of the market performance of the company 2019s common stock with the s&p 500 index and an index of peer companies selected by the company .
historic stock price performance is not necessarily indicative of future stock price performance .

comparison of 5 year cumulative total return among jack henry & associates , inc. , the s&p 500 index , and a peer group the following information depicts a line graph with the following values: .

this comparison assumes $ 100 was invested on june 30 , 2014 , and assumes reinvestments of dividends .
total returns are calculated according to market capitalization of peer group members at the beginning of each period .
peer companies selected are in the business of providing specialized computer software , hardware and related services to financial institutions and other businesses .
some peer participant companies were different for fiscal year ended 2019 compared to fiscal year ended 2018 .

the company 2019s compensation committee of the board of directors adjusted the peer participants due to consolidations within the industry during the 2019 fiscal year .

companies in the 2019 peer group are aci worldwide , inc. ; black knight , inc. ; bottomline technologies , inc. ; broadridge financial solutions , inc. ; cardtronics plc ; corelogic , inc. ; euronet worldwide , inc. ; exlservice holdings , inc. ; fair isaac corp. ; fidelity national information services , inc. ; fiserv , inc. ; fleetcor technologies , inc. ; global payments , inc. ; square , inc. ; ss&c technologies holdings , inc. ; total system services , inc. ; tyler technologies , inc. ; verint

, inc. ; tyler technologies , inc. ; verint systems , inc. ; and wex , inc .

companies in the 2018 peer group were aci worldwide , inc. ; bottomline technology , inc. ; broadridge financial solutions ; cardtronics , inc. ; corelogic , inc. ; euronet worldwide , inc. ; fair isaac corp. ; fidelity national information services , inc. ; fiserv , inc. ; global payments , inc. ; moneygram international , inc. ; ss&c technologies holdings , inc. ; total systems services , inc. ; tyler technologies , inc. ; verifone

 |
| table | | 2014   | 2015   | 2016   | 2017   | 2018   | 2019
--------------- | ------ | ------ | ------ | ------ | ------ | ------
jkhy            | 100.00 | 110.51 | 151.12 | 182.15 | 231.36 | 240.29
2019 peer group | 100.00 | 126.23 | 142.94 | 166.15 | 224.73 | 281.09
2018 peer group | 100.00 | 127.40 | 151.16 | 177.26 | 228.97 | 286.22
s&p 500         | 100.00 | 107.42 | 111.71 | 131.70 | 150.64 | 166.33 |


| _id | dd4c4ef80 |
| title |  |
| text | 2011 2012 2013 2014 2015 2016 comparison of five-year cumulative total shareholder return altria group , inc .
altria peer group s&p 500 part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities .

performance graph the graph below compares the cumulative total shareholder return of altria group , inc . 2019s common stock for the last ive years with the cumulative total return for the same period of the s&p 500 index and the altria group , inc .
peer group ( 1 ) .
the graph assumes the investment of $ 100 in common stock and each of the indices as of the market close on december 31 , 2011 and the reinvestment of all dividends on a quarterly basis .

source : bloomberg - 201ctotal return analysis 201d calculated on a daily basis and assumes reinvestment of dividends as of the ex-dividend date .
( 1 ) in 2016 , the altria group , inc .

peer group consisted of u.s.-headquartered consumer product companies that are competitors to altria group , inc . 2019s tobacco operating companies subsidiaries or that have been selected on the basis of revenue or market capitalization : campbell soup company , the coca-cola company , colgate-palmolive company , conagra brands , inc. , general mills , inc. , the hershey company , kellogg company , kimberly-clark corporation , the kraft heinz company , mondel 0113z international , inc. , pepsico , inc .

and reynolds american inc .
note - on october 1 , 2012 , kraft foods inc .
( kft ) spun off kraft foods group , inc .
( krft ) to its shareholders and then changed its name from kraft foods inc .
to mondel 0113z international , inc .
( mdlz ) .
on july 2 , 2015 , kraft foods group , inc .
merged with and into a wholly owned subsidiary of h.j .
heinz holding corporation , which was renamed the kraft heinz company ( khc ) .
on june 12 , 2015 , reynolds american inc .
( rai ) acquired lorillard , inc .

( rai ) acquired lorillard , inc .
( lo ) .
on november 9 , 2016 , conagra foods , inc .
( cag ) spun off lamb weston holdings , inc .
( lw ) to its shareholders and then changed its name from conagra foods , inc .
to conagra brands , inc .
( cag ) . .

altria altria group , inc .
group , inc .
peer group s&p 500

 |
| table | date          | altria group inc . | altria group inc . peer group | s&p 500
------------- | ------------------ | ----------------------------- | --------
december 2011 | $ 100.00           | $ 100.00                      | $ 100.00
december 2012 | $ 111.77           | $ 108.78                      | $ 115.99
december 2013 | $ 143.69           | $ 135.61                      | $ 153.55
december 2014 | $ 193.28           | $ 151.74                      | $ 174.55
december 2015 | $ 237.92           | $ 177.04                      | $ 176.94
december 2016 | $ 286.61           | $ 192.56                      | $ 198.09 |


| _id | dd4c040c0 |
| title |  |
| text | changes in our performance retention awards during 2009 were as follows : shares ( thous. ) weighted-average grant-date fair value .

at december 31 , 2009 , there was $ 22 million of total unrecognized compensation expense related to nonvested performance retention awards , which is expected to be recognized over a weighted-average period of 1.3 years .
a portion of this expense is subject to achievement of the roic levels established for the performance stock unit grants .
5 .

5 .
retirement plans pension and other postretirement benefits pension plans 2013 we provide defined benefit retirement income to eligible non-union employees through qualified and non-qualified ( supplemental ) pension plans .
qualified and non-qualified pension benefits are based on years of service and the highest compensation during the latest years of employment , with specific reductions made for early retirements .

other postretirement benefits ( opeb ) 2013 we provide defined contribution medical and life insurance benefits for eligible retirees .
these benefits are funded as medical claims and life insurance premiums are plan amendment effective january 1 , 2010 , medicare-eligible retirees who are enrolled in the union pacific retiree medical program will receive a contribution to a health reimbursement account , which can be used to pay eligible out-of-pocket medical expenses .

the impact of the plan amendment is reflected in the projected benefit obligation ( pbo ) at december 31 , 2009 .
funded status we are required by gaap to separately recognize the overfunded or underfunded status of our pension and opeb plans as an asset or liability .
the funded status represents the difference between the pbo and the fair value of the plan assets .
the pbo is the present value of benefits earned to date by plan participants , including the effect of assumed future salary increases .

the pbo of the opeb plan is equal to the accumulated benefit obligation , as the present value of the opeb liabilities is not affected by salary increases .
plan assets are measured at fair value .
we use a december 31 measurement date for plan assets and obligations for all our retirement plans.

 |
| table | | shares ( thous. ) | weighted-averagegrant-date fair value
----------------------------- | ----------------- | -------------------------------------
nonvested at january 1 2009   | 873               | $ 50.70
granted                       | 449               | 47.28
vested                        | -240 ( 240 )      | 43.23
forfeited                     | -22 ( 22 )        | 53.86
nonvested at december 31 2009 | 1060              | $ 50.88 |


| _id | dd4bc86ce |
| title |  |
| text | entergy arkansas , inc .
management's financial discussion and analysis fuel and purchased power expenses increased primarily due to increased recovery of deferred fuel and purchased power costs primarily due to an increase in april 2004 in the energy cost recovery rider and the true-ups to the 2003 and 2002 energy cost recovery rider filings .
other regulatory credits decreased primarily due to the over-recovery of grand gulf costs due to an increase in the grand gulf rider effective january 2004 .

2003 compared to 2002 net revenue , which is entergy arkansas' measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory credits .
following is an analysis of the change in net revenue comparing 2003 to 2002. .

the march 2002 settlement agreement resolved a request for recovery of ice storm costs incurred in december 2000 with an offset of those costs for funds contributed to pay for future stranded costs .
a 1997 settlement provided for the collection of earnings in excess of an 11% ( 11 % ) return on equity in a transition cost account ( tca ) to offset stranded costs if retail open access were implemented .

in mid- and late december 2000 , two separate ice storms left 226000 and 212500 entergy arkansas customers , respectively , without electric power in its service area .
entergy arkansas filed a proposal to recover costs plus carrying charges associated with power restoration caused by the ice storms .
entergy arkansas' final storm damage cost determination reflected costs of approximately $ 195 million .

the apsc approved a settlement agreement submitted in march 2002 by entergy arkansas , the apsc staff , and the arkansas attorney general .

in the march 2002 settlement , the parties agreed that $ 153 million of the ice storm costs would be classified as incremental ice storm expenses that can be offset against the tca on a rate class basis , and any excess of ice storm costs over the amount available in the tca would be deferred and amortized over 30 years , although such excess costs were not allowed to be included as a separate component of rate base .

the allocated ice storm expenses exceeded the available tca funds by $ 15.8 million which was recorded as a regulatory asset in june 2002 .
in accordance with the settlement agreement and following the apsc's approval of the 2001 earnings review related to the tca , entergy arkansas filed to return $ 18.1 million of the tca to certain large general service class customers that paid more into the tca than their allocation of storm costs .

the apsc approved the return of funds to the large general service customer class in the form of refund checks in august 2002 .
as part of the implementation of the march 2002 settlement agreement provisions , the tca procedure ceased with the 2001 earnings evaluation .

of the remaining ice storm costs , $ 32.2 million was addressed through established ratemaking procedures , including $ 22.2 million classified as capital additions , while $ 3.8 million of the ice storm costs was not recovered through rates .
the effect on net income of the march 2002 settlement agreement and 2001 earnings review was a $ 2.2 million increase in 2003 , because the decrease in net revenue was offset by the decrease in operation and maintenance expenses discussed below.

 |
| table | | ( in millions )
------------------------------- | ----------------
2002 net revenue                | $ 1095.9
march 2002 settlement agreement | -154.0 ( 154.0 )
volume/weather                  | -7.7 ( 7.7 )
asset retirement obligation     | 30.1
net wholesale revenue           | 16.6
deferred fuel cost revisions    | 10.2
other                           | 7.6
2003 net revenue                | $ 998.7 |


| _id | dd4b96ca0 |
| title |  |
| text | lkq corporation and subsidiaries notes to consolidated financial statements ( continued ) note 5 .
long-term obligations ( continued ) as part of the consideration for business acquisitions completed during 2007 , 2006 and 2005 , we issued promissory notes totaling approximately $ 1.7 million , $ 7.2 million and $ 6.4 million , respectively .
the notes bear interest at annual rates of 3.0% ( 3.0 % ) to 6.0% ( 6.0 % ) , and interest is payable at maturity or in monthly installments .

we also assumed certain liabilities in connection with a business acquisition during the second quarter of 2005 , including a promissory note with a remaining principle balance of approximately $ 0.2 million .
the annual interest rate on the note , which was retired during 2006 , was note 6 .
commitments and contingencies operating leases we are obligated under noncancelable operating leases for corporate office space , warehouse and distribution facilities , trucks and certain equipment .

the future minimum lease commitments under these leases at december 31 , 2007 are as follows ( in thousands ) : years ending december 31: .

rental expense for operating leases was approximately $ 27.4 million , $ 18.6 million and $ 12.2 million during the years ended december 31 , 2007 , 2006 and 2005 , respectively .
we guaranty the residual values of the majority of our truck and equipment operating leases .
the residual values decline over the lease terms to a defined percentage of original cost .

in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall .
similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value .
had we terminated all of our operating leases subject to these guaranties at december 31 , 2007 , the guarantied residual value would have totaled approximately $ 24.0 million .

litigation and related contingencies on december 2 , 2005 , ford global technologies , llc ( 2018 2018ford 2019 2019 ) filed a complaint with the united states international trade commission ( 2018 2018usitc 2019 2019 ) against keystone and five other named respondents , including four taiwan-based manufacturers .
on december 12 , 2005 , ford filed an amended complaint .

both the complaint and the amended complaint contended that keystone and the other respondents infringed 14 design patents that ford alleges cover eight parts on the 2004-2005

 |
| table | 2008                          | $ 42335
----------------------------- | --------
2009                          | 33249
2010                          | 25149
2011                          | 17425
2012                          | 11750
thereafter                    | 28581
future minimum lease payments | $ 158489 |


| _id | dd4b88920 |
| title |  |
| text | 2mar201707015999 ( c ) in october 2016 , our accelerated share repurchase ( 2018 2018asr 2019 2019 ) agreement concluded and we received an additional 44 thousand shares of our common stock .
shares purchased pursuant to the asr agreement are presented in the table above in the periods in which they were received .
performance graph the following graph compares the performance of our common stock with that of the s&p 500 index and the s&p 500 healthcare equipment index .

the cumulative total return listed below assumes an initial investment of $ 100 at the market close on december 30 , 2011 and reinvestment of dividends .
comparison of 5 year cumulative total return 2011 2012 2016201520142013 edwards lifesciences corporation s&p 500 s&p 500 healthcare equipment index december 31 .

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


| _id | dd4c1618a |
| title |  |
| text | the goldman sachs group , inc .
and subsidiaries management 2019s discussion and analysis operating expenses our operating expenses are primarily influenced by compensation , headcount and levels of business activity .
compensation and benefits includes salaries , discretionary compensation , amortization of equity awards and other items such as benefits .

discretionary compensation is significantly impacted by , among other factors , the level of net revenues , overall financial performance , prevailing labor markets , business mix , the structure of our share- based compensation programs and the external environment .
in addition , see 201cuse of estimates 201d for additional information about expenses that may arise from litigation and regulatory proceedings .

the table below presents our operating expenses and total staff ( which includes employees , consultants and temporary staff ) . .

1 .
consists of changes in reserves related to our americas reinsurance business , including interest credited to policyholder account balances , and expenses related to property catastrophe reinsurance claims .
in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business .
2 .
includes provisions of $ 3.37 billion recorded during 2015 for the agreement in principle with the rmbs working group .

see note 27 to the consolidated financial statements for further information about this agreement in principle .
2015 versus 2014 .
operating expenses on the consolidated statements of earnings were $ 25.04 billion for 2015 , 13% ( 13 % ) higher than 2014 .
compensation and benefits expenses on the consolidated statements of earnings were $ 12.68 billion for 2015 , essentially unchanged compared with 2014 .

the ratio of compensation and benefits to net revenues for 2015 was 37.5% ( 37.5 % ) compared with 36.8% ( 36.8 % ) for 2014 .
total staff increased 8% ( 8 % ) during 2015 , primarily due to activity levels in certain businesses and continued investment in regulatory compliance .

non-compensation expenses on the consolidated statements of earnings were $ 12.36 billion for 2015 , 30% ( 30 % ) higher than 2014 , due to significantly higher net provisions for mortgage-related litigation and regulatory matters , which are included in other expenses .

this increase was partially offset by lower depreciation and amortization expenses , primarily reflecting lower impairment charges related to consolidated investments , and a reduction in expenses related to the sale of metro in the fourth quarter of 2014 .
net provisions for litigation and regulatory proceedings for 2015 were $ 4.01 billion compared with $ 754 million for 2014 ( both primarily comprised of net provisions for mortgage-related matters ) .

2015 included a $ 148 million charitable contribution to goldman sachs gives , our donor-advised fund .
compensation was reduced to fund this charitable contribution to goldman sachs gives .
the firm asks its participating managing directors to make recommendations regarding potential charitable recipients for this contribution .
2014 versus 2013 .
operating expenses on the consolidated statements of earnings were $ 22.17 billion for 2014 , essentially unchanged compared with 2013 .

compensation and benefits expenses on the consolidated statements of earnings were $ 12.69 billion for 2014 , essentially unchanged compared with 2013 .
the ratio of compensation and benefits to net revenues for 2014 was 36.8% ( 36.8 % ) compared with 36.9% ( 36.9 % ) for 2013 .
total staff increased 3% ( 3 % ) during 2014 .
non-compensation expenses on the consolidated statements of earnings were $ 9.48 billion for 2014 , 4% ( 4 % ) lower than 2013 .

the decrease compared with 2013 included a decrease in other expenses , due to lower net provisions for litigation and regulatory proceedings and lower operating expenses related to consolidated investments , as well as a decline in insurance reserves , reflecting the sale of our americas reinsurance business in 2013 .
these decreases were partially offset by an increase in brokerage , clearing , exchange and distribution fees .

net provisions for litigation and regulatory proceedings for 2014 were $ 754 million compared with $ 962 million for 2013 ( both primarily comprised of net provisions for mortgage-related matters ) .
2014 included a charitable contribution of $ 137 million to goldman sachs gives , our donor-advised fund .
compensation was reduced to fund this charitable contribution to goldman sachs gives .

the firm asks its participating managing directors to make recommendations regarding potential charitable recipients for this contribution .
58 goldman sachs 2015 form 10-k

 |
| table | $ in millions                                    | year ended december 2015 | year ended december 2014 | year ended december 2013
------------------------------------------------ | ------------------------ | ------------------------ | ------------------------
compensation and benefits                        | $ 12678                  | $ 12691                  | $ 12613
brokerage clearing exchange anddistribution fees | 2576                     | 2501                     | 2341
market development                               | 557                      | 549                      | 541
communications and technology                    | 806                      | 779                      | 776
depreciation and amortization                    | 991                      | 1337                     | 1322
occupancy                                        | 772                      | 827                      | 839
professional fees                                | 963                      | 902                      | 930
insurance reserves1                              | 2014                     | 2014                     | 176
other expenses2                                  | 5699                     | 2585                     | 2931
total non-compensation expenses                  | 12364                    | 9480                     | 9856
total operating expenses                         | $ 25042                  | $ 22171                  | $ 22469
total staff at period-end                        | 36800                    | 34000                    | 32900 |


| _id | dd4b953dc |
| title |  |
| text | five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 .
the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2009 and that all dividends were reinvested .
the information below is historical in nature and is not necessarily indicative of future performance .

purchases of equity securities 2013 during 2014 , we repurchased 33035204 shares of our common stock at an average price of $ 100.24 .
the following table presents common stock repurchases during each month for the fourth quarter of 2014 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares that may yet be purchased under the plan or program [b] .

[a] total number of shares purchased during the quarter includes approximately 15587 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares .
[b] effective january 1 , 2014 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2017 .

these repurchases may be made on the open market or through other transactions .
our management has sole discretion with respect to determining the timing and amount of these transactions.

 |
| table | period                   | total number ofsharespurchased[a] | averageprice paidpershare | total number of sharespurchased as part of apublicly announcedplan or program [b] | maximum number ofshares that may yetbe purchased under the planor program [b]
------------------------ | --------------------------------- | ------------------------- | --------------------------------------------------------------------------------- | -----------------------------------------------------------------------------
oct . 1 through oct . 31 | 3087549                           | $ 107.59                  | 3075000                                                                           | 92618000
nov . 1 through nov . 30 | 1877330                           | 119.84                    | 1875000                                                                           | 90743000
dec . 1 through dec . 31 | 2787108                           | 116.54                    | 2786400                                                                           | 87956600
total                    | 7751987                           | $ 113.77                  | 7736400                                                                           | n/a |


| _id | dd4b9ae72 |
| title |  |
| text | the graph below shows a five-year comparison of the cumulative shareholder return on our common stock with the cumulative total return of the standard & poor 2019s ( s&p ) mid cap 400 index and the russell 1000 index , both of which are published indices .
comparison of five-year cumulative total return from december 31 , 2011 to december 31 , 2016 assumes $ 100 invested with reinvestment of dividends period indexed returns .

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

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


| _id | dd4b92e48 |
| title |  |
| text | the grand gulf recovery variance is primarily due to increased recovery of higher costs resulting from the grand gulf uprate .
the volume/weather variance is primarily due to the effects of more favorable weather on residential sales and an increase in industrial sales primarily due to growth in the refining segment .

the fuel recovery variance is primarily due to : 2022 the deferral of increased capacity costs that will be recovered through fuel adjustment clauses ; 2022 the expiration of the evangeline gas contract on january 1 , 2013 ; and 2022 an adjustment to deferred fuel costs recorded in the third quarter 2012 in accordance with a rate order from the puct issued in september 2012 .
see note 2 to the financial statements for further discussion of this puct order issued in entergy texas's 2011 rate case .

the miso deferral variance is primarily due to the deferral in april 2013 , as approved by the apsc , of costs incurred since march 2010 related to the transition and implementation of joining the miso rto .
the decommissioning trusts variance is primarily due to lower regulatory credits resulting from higher realized income on decommissioning trust fund investments .
there is no effect on net income as the credits are offset by interest and investment income .

entergy wholesale commodities following is an analysis of the change in net revenue comparing 2013 to 2012 .
amount ( in millions ) .

as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 52 million in 2013 primarily due to : 2022 the effect of rising forward power prices on electricity derivative instruments that are not designated as hedges , including additional financial power sales conducted in the fourth quarter 2013 to offset the planned exercise of in-the-money protective call options and to lock in margins .

these additional sales did not qualify for hedge accounting treatment , and increases in forward prices after those sales were made accounted for the majority of the negative mark-to-market variance .
it is expected that the underlying transactions will result in earnings in first quarter 2014 as these positions settle .

see note 16 to the financial statements for discussion of derivative instruments ; 2022 the decrease in net revenue compared to prior year resulting from the exercise of resupply options provided for in purchase power agreements where entergy wholesale commodities may elect to supply power from another source when the plant is not running .

amounts related to the exercise of resupply options are included in the gwh billed in the table below ; and entergy corporation and subsidiaries management's financial discussion and analysis

 |
| table | | amount ( in millions )
------------------------------ | ----------------------
2012 net revenue               | $ 1854
mark-to-market                 | -58 ( 58 )
nuclear volume                 | -24 ( 24 )
nuclear fuel expenses          | -20 ( 20 )
nuclear realized price changes | 58
other                          | -8 ( 8 )
2013 net revenue               | $ 1802 |


| _id | dd4bef5da |
| title |  |
| text | page 26 of 100 our calculation of adjusted net earnings is summarized below: .

debt facilities and refinancing interest-bearing debt at december 31 , 2010 , increased $ 216.1 million to $ 2.8 billion from $ 2.6 billion at december 31 , 2009 .
in december 2010 , ball replaced its senior credit facilities due october 2011 with new senior credit facilities due december 2015 .
the senior credit facilities bear interest at variable rates and include a $ 200 million term a loan denominated in u.s .

dollars , a a351 million term b loan denominated in british sterling and a 20ac100 million term c loan denominated in euros .
the facilities also include ( 1 ) a multi-currency , long-term revolving credit facility that provides the company with up to approximately $ 850 million and ( 2 ) a french multi-currency revolving facility that provides the company with up to $ 150 million .
the revolving credit facilities expire in december 2015 .

in november 2010 , ball issued $ 500 million of new 5.75 percent senior notes due in may 2021 .
the net proceeds from this offering were used to repay the borrowings under our term d loan facility and for general corporate purposes .
in march 2010 , ball issued $ 500 million of new 6.75 percent senior notes due in september 2020 .

on that same date , the company issued a notice of redemption to call $ 509 million in 6.875 percent senior notes due december 2012 at a redemption price of 101.146 percent of the outstanding principal amount plus accrued interest .
the redemption of the bonds occurred on april 21 , 2010 , and resulted in a charge of $ 8.1 million for the call premium and the write off of unamortized financing costs and unamortized premiums .

the charge is included in the 2010 statement of earnings as a component of interest expense .
at december 31 , 2010 , approximately $ 976 million was available under the company 2019s committed multi-currency revolving credit facilities .
the company 2019s prc operations also had approximately $ 20 million available under a committed credit facility of approximately $ 52 million .

in addition to the long-term committed credit facilities , the company had $ 372 million of short-term uncommitted credit facilities available at the end of 2010 , of which $ 76.2 million was outstanding and due on demand , as well as approximately $ 175 million of available borrowings under its accounts receivable securitization program .
in october 2010 , the company renewed its receivables sales agreement for a period of one year .

the size of the new program will vary between a maximum of $ 125 million for settlement dates in january through april and a maximum of $ 175 million for settlement dates in the remaining months .
given our free cash flow projections and unused credit facilities that are available until december 2015 , our liquidity is strong and is expected to meet our ongoing operating cash flow and debt service requirements .

while the recent financial and economic conditions have raised concerns about credit risk with counterparties to derivative transactions , the company mitigates its exposure by spreading the risk among various counterparties and limiting exposure to any one party .
we also monitor the credit ratings of our suppliers , customers , lenders and counterparties on a regular basis .

we were in compliance with all loan agreements at december 31 , 2010 , and all prior years presented , and have met all debt payment obligations .
the u.s .
note agreements , bank credit agreement and industrial development revenue bond agreements contain certain restrictions relating to dividends , investments , financial ratios , guarantees and the incurrence of additional indebtedness .

additional details about our debt and receivables sales agreements are available in notes 12 and 6 , respectively , accompanying the consolidated financial statements within item 8 of this report.

 |
| table | ( $ in millions except per share amounts )                   | 2010             | 2009           | 2008
------------------------------------------------------------ | ---------------- | -------------- | ------------
net earnings attributable to ball corporation as reported    | $ 468.0          | $ 387.9        | $ 319.5
discontinued operations net of tax                           | 74.9             | 2.2            | -4.6 ( 4.6 )
business consolidation activities net of tax                 | -9.3 ( 9.3 )     | 13.0           | 27.1
gains and equity earnings related to acquisitions net of tax | -105.9 ( 105.9 ) | 2212           | 2212
gain on dispositions net of tax                              | 2212             | -30.7 ( 30.7 ) | -4.4 ( 4.4 )
debt refinancing costs net of tax                            | 5.3              | 2212           | 2212
adjusted net earnings                                        | $ 433.0          | $ 372.4        | $ 337.6
per diluted share from continuing operations as reported     | $ 2.96           | $ 2.05         | $ 1.62
per diluted share as adjusted                                | 2.36             | 1.96           | 1.74 |


| _id | dd4bd1de6 |
| title |  |
| text | on either a straight-line or accelerated basis .
amortization expense for intangibles was approximately $ 4.2 million , $ 4.1 million and $ 4.1 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively .
estimated annual amortization expense of the december 31 , 2010 balance for the years ended december 31 , 2011 through 2015 is approximately $ 4.8 million .

impairment of long-lived assets long-lived assets are reviewed for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable .
if such review indicates that the carrying amount of long- lived assets is not recoverable , the carrying amount of such assets is reduced to fair value .
during the year ended december 31 , 2010 , we recognized impairment charges on certain long-lived assets during the normal course of business of $ 1.3 million .

there were no adjustments to the carrying value of long-lived assets of continuing operations during the years ended december 31 , 2009 or 2008 .
fair value of financial instruments our debt is reflected on the balance sheet at cost .
based on market conditions as of december 31 , 2010 , the fair value of our term loans ( see note 5 , 201clong-term obligations 201d ) reasonably approximated the carrying value of $ 590 million .

at december 31 , 2009 , the fair value of our term loans at $ 570 million was below the carrying value of $ 596 million because our interest rate margins were below the rate available in the market .
we estimated the fair value of our term loans by calculating the upfront cash payment a market participant would require to assume our obligations .

the upfront cash payment , excluding any issuance costs , is the amount that a market participant would be able to lend at december 31 , 2010 and 2009 to an entity with a credit rating similar to ours and achieve sufficient cash inflows to cover the scheduled cash outflows under our term loans .
the carrying amounts of our cash and equivalents , net trade receivables and accounts payable approximate fair value .

we apply the market and income approaches to value our financial assets and liabilities , which include the cash surrender value of life insurance , deferred compensation liabilities and interest rate swaps .
required fair value disclosures are included in note 7 , 201cfair value measurements . 201d product warranties some of our salvage mechanical products are sold with a standard six-month warranty against defects .

additionally , some of our remanufactured engines are sold with a standard three-year warranty against defects .
we record the estimated warranty costs at the time of sale using historical warranty claim information to project future warranty claims activity and related expenses .
the changes in the warranty reserve are as follows ( in thousands ) : .

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

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


| _id | dd4b90c74 |
| title |  |
| text | entergy new orleans , inc .
and subsidiaries management 2019s financial discussion and analysis entergy new orleans 2019s receivables from the money pool were as follows as of december 31 for each of the following years. .

see note 4 to the financial statements for a description of the money pool .
entergy new orleans has a credit facility in the amount of $ 25 million scheduled to expire in november 2018 .
the credit facility allows entergy new orleans to issue letters of credit against $ 10 million of the borrowing capacity of the facility .
as of december 31 , 2016 , there were no cash borrowings and a $ 0.8 million letter of credit was outstanding under the facility .

in addition , entergy new orleans is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations under miso .
as of december 31 , 2016 , a $ 6.2 million letter of credit was outstanding under entergy new orleans 2019s letter of credit facility .
see note 4 to the financial statements for additional discussion of the credit facilities .

entergy new orleans obtained authorization from the ferc through october 2017 for short-term borrowings not to exceed an aggregate amount of $ 100 million at any time outstanding .
see note 4 to the financial statements for further discussion of entergy new orleans 2019s short-term borrowing limits .
the long-term securities issuances of entergy new orleans are limited to amounts authorized by the city council , and the current authorization extends through june 2018 .

state and local rate regulation the rates that entergy new orleans charges for electricity and natural gas significantly influence its financial position , results of operations , and liquidity .
entergy new orleans is regulated and the rates charged to its customers are determined in regulatory proceedings .
a governmental agency , the city council , is primarily responsible for approval of the rates charged to customers .

retail rates see 201calgiers asset transfer 201d below for discussion of the transfer from entergy louisiana to entergy new orleans of certain assets that serve algiers customers .
in march 2013 , entergy louisiana filed a rate case for the algiers area , which is in new orleans and is regulated by the city council .

entergy louisiana requested a rate increase of $ 13 million over three years , including a 10.4% ( 10.4 % ) return on common equity and a formula rate plan mechanism identical to its lpsc request .
in january 2014 the city council advisors filed direct testimony recommending a rate increase of $ 5.56 million over three years , including an 8.13% ( 8.13 % ) return on common equity .

in june 2014 the city council unanimously approved a settlement that includes the following : 2022 a $ 9.3 million base rate revenue increase to be phased in on a levelized basis over four years ; 2022 recovery of an additional $ 853 thousand annually through a miso recovery rider ; and 2022 the adoption of a four-year formula rate plan requiring the filing of annual evaluation reports in may of each year , commencing may 2015 , with resulting rates being implemented in october of each year .

the formula rate plan includes a midpoint target authorized return on common equity of 9.95% ( 9.95 % ) with a +/- 40 basis point bandwidth .
the rate increase was effective with bills rendered on and after the first billing cycle of july 2014 .
additional compliance filings were made with the city council in october 2014 for approval of the form of certain rate riders , including among others , a ninemile 6 non-fuel cost recovery interim rider , allowing for contemporaneous recovery of capacity

 |
| table | 2016             | 2015             | 2014             | 2013
---------------- | ---------------- | ---------------- | ----------------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
$ 14215          | $ 15794          | $ 442            | $ 4737 |