| _id | dd498b1f4 |
| title |  |
| text | stock performance graph * $ 100 invested on 11/17/11 in our stock or 10/31/11 in the relevant index , including reinvestment of dividends .
fiscal year ending december 31 , 2014 .

( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index , including american axle & manufacturing , borgwarner inc. , cooper tire & rubber company , dana holding corp. , delphi automotive plc , dorman products inc. , federal-mogul corp. , ford motor co. , fuel systems solutions inc. , general motors co. , gentex corp. , gentherm inc. , genuine parts co. , johnson controls inc. , lkq corp. , lear

co. , johnson controls inc. , lkq corp. , lear corp. , meritor inc. , remy international inc. , standard motor products inc. , stoneridge inc. , superior industries international , trw automotive holdings corp. , tenneco inc. , tesla motors inc. , the goodyear tire & rubber co. , tower international inc. , visteon corp. , and wabco holdings inc .

company index november 17 , december 31 , december 31 , december 31 , december 31 .

dividends on february 26 , 2013 , the board of directors approved the initiation of dividend payments on the company's ordinary shares .
the board of directors declared a regular quarterly cash dividend of $ 0.17 per ordinary share that was paid in each quarter of 2013 .
in january 2014 , the board of directors increased the quarterly dividend rate to $ 0.25 per ordinary share , which was paid in each quarter of 2014 .

in addition , in january 2015 , the board of directors declared a regular quarterly cash dividend of $ 0.25 per ordinary share , payable on february 27 , 2015 to shareholders of record at the close of business on february 18 , 2015.

 |
| table | company index                        | november 17 2011 | december 31 2011 | december 31 2012 | december 31 2013 | december 31 2014
------------------------------------ | ---------------- | ---------------- | ---------------- | ---------------- | ----------------
delphi automotive plc ( 1 )          | $ 100.00         | $ 100.98         | $ 179.33         | $ 285.81         | $ 350.82
s&p 500 ( 2 )                        | 100.00           | 100.80           | 116.93           | 154.80           | 175.99
automotive supplier peer group ( 3 ) | 100.00           | 89.27            | 110.41           | 166.46           | 178.05 |


| _id | dd4b87c00 |
| title |  |
| text | the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2011 , 2010 , and 2009 ( 1 ) weighted average interest rate at december 31 , 2011 .
( 2 ) the company has interest rate swaps and interest rate option agreements in an aggregate notional principal amount of approximately $ 3.6 billion on non-recourse debt outstanding at december 31 , 2011 .

the swap agreements economically change the variable interest rates on the portion of the debt covered by the notional amounts to fixed rates ranging from approximately 1.44% ( 1.44 % ) to 6.98% ( 6.98 % ) .
the option agreements fix interest rates within a range from 1.00% ( 1.00 % ) to 7.00% ( 7.00 % ) .
the agreements expire at various dates from 2016 through 2028 .

( 3 ) multilateral loans include loans funded and guaranteed by bilaterals , multilaterals , development banks and other similar institutions .
( 4 ) non-recourse debt of $ 704 million and $ 945 million as of december 31 , 2011 and 2010 , respectively , was excluded from non-recourse debt and included in current and long-term liabilities of held for sale and discontinued businesses in the accompanying consolidated balance sheets .

non-recourse debt as of december 31 , 2011 is scheduled to reach maturity as set forth in the table below : december 31 , annual maturities ( in millions ) .

as of december 31 , 2011 , aes subsidiaries with facilities under construction had a total of approximately $ 1.4 billion of committed but unused credit facilities available to fund construction and other related costs .
excluding these facilities under construction , aes subsidiaries had approximately $ 1.2 billion in a number of available but unused committed revolving credit lines to support their working capital , debt service reserves and other business needs .

these credit lines can be used in one or more of the following ways : solely for borrowings ; solely for letters of credit ; or a combination of these uses .
the weighted average interest rate on borrowings from these facilities was 14.75% ( 14.75 % ) at december 31 , 2011 .
on october 3 , 2011 , dolphin subsidiary ii , inc .
( 201cdolphin ii 201d ) , a newly formed , wholly-owned special purpose indirect subsidiary of aes , entered into an indenture ( the 201cindenture 201d ) with wells fargo bank , n.a .

( the 201ctrustee 201d ) as part of its issuance of $ 450 million aggregate principal amount of 6.50% ( 6.50 % ) senior notes due 2016 ( the 201c2016 notes 201d ) and $ 800 million aggregate principal amount of 7.25% ( 7.25 % ) senior notes due 2021 ( the 201c7.25% ( 201c7.25 % ) 2021 notes 201d , together with the 2016 notes , the 201cnotes 201d ) to finance the acquisition ( the 201cacquisition 201d ) of dpl .

upon closing of the acquisition on november 28 , 2011 , dolphin ii was merged into dpl with dpl being the surviving entity and obligor .
the 2016 notes and the 7.25% ( 7.25 % ) 2021 notes are included under 201cnotes and bonds 201d in the non-recourse detail table above .
see note 23 2014acquisitions and dispositions for further information .

interest on the 2016 notes and the 7.25% ( 7.25 % ) 2021 notes accrues at a rate of 6.50% ( 6.50 % ) and 7.25% ( 7.25 % ) per year , respectively , and is payable on april 15 and october 15 of each year , beginning april 15 , 2012 .
prior to september 15 , 2016 with respect to the 2016 notes and july 15 , 2021 with respect to the 7.25% ( 7.25 % ) 2021 notes , dpl may redeem some or all of the 2016 notes or 7.25% ( 7.25 % ) 2021 notes at par , plus a 201cmake-whole 201d amount set forth in

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


| _id | dd498d95e |
| title |  |
| text | table of contents notes to consolidated financial statements of american airlines group inc .
information generated by market transactions involving comparable assets , as well as pricing guides and other sources .
the current market for the aircraft , the maintenance condition of the aircraft and the expected proceeds from the sale of the assets , among other factors , were considered .

the market approach was utilized to value certain intangible assets such as airport take off and landing slots when sufficient market information was available .
the income approach was primarily used to value intangible assets , including customer relationships , marketing agreements , certain international route authorities , and the us airways tradename .
the income approach indicates value for a subject asset based on the present value of cash flows projected to be generated by the asset .

projected cash flows are discounted at a required market rate of return that reflects the relative risk of achieving the cash flows and the time value of money .
the cost approach , which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility , was used , as appropriate , for certain assets for which the market and income approaches could not be applied due to the nature of the asset .

the cost to replace a given asset reflects the estimated reproduction or replacement cost for the asset , less an allowance for loss in value due to depreciation .
the fair value of us airways 2019 dividend miles loyalty program liability was determined based on the weighted average equivalent ticket value of outstanding miles which were expected to be redeemed for future travel at december 9 , 2013 .

the weighted average equivalent ticket value contemplates differing classes of service , domestic and international itineraries and the carrier providing the award travel .
pro-forma impact of the merger the company 2019s unaudited pro-forma results presented below include the effects of the merger as if it had been consummated as of january 1 , 2012 .

the pro-forma results include the depreciation and amortization associated with the acquired tangible and intangible assets , lease and debt fair value adjustments , the elimination of any deferred gains or losses , adjustments relating to reflecting the fair value of the loyalty program liability and the impact of income changes on profit sharing expense , among others .

in addition , the pro-forma results below reflect the impact of higher wage rates related to memorandums of understanding with us airways 2019 pilots that became effective upon closing of the merger , as well as the elimination of the company 2019s reorganization items , net and merger transition costs .
however , the pro-forma results do not include any anticipated synergies or other expected benefits of the merger .

accordingly , the unaudited pro-forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of january 1 , 2012 .
december 31 , ( in millions ) .

5 .
basis of presentation and summary of significant accounting policies ( a ) basis of presentation the consolidated financial statements for the full years of 2015 and 2014 and the period from december 9 , 2013 to december 31 , 2013 include the accounts of the company and its wholly-owned subsidiaries .
for the periods prior to december 9 , 2013 , the consolidated financial statements do not include the accounts of us airways group .
all significant intercompany transactions have been eliminated .

the preparation of financial statements in accordance with accounting principles generally accepted in the united states ( gaap ) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities , revenues and expenses , and the disclosure of contingent assets and liabilities at the date of the financial statements .
actual results could differ from those estimates .
the most significant areas

 |
| table | | december 31 2013 ( in millions )
---------- | --------------------------------
revenue    | $ 40678
net income | 2526 |


| _id | dd4c20130 |
| title |  |
| text | securities have historically returned approximately 10% ( 10 % ) annually over long periods of time , while u.s .
debt securities have returned approximately 6% ( 6 % ) annually over long periods .
application of these historical returns to the plan 2019s allocation ranges for equities and bonds produces a result between 7.25% ( 7.25 % ) and 8.75% ( 8.75 % ) and is one point of reference , among many other factors , that is taken into consideration .

we also examine the plan 2019s actual historical returns over various periods and consider the current economic environment .
recent experience is considered in our evaluation with appropriate consideration that , especially for short time periods , recent returns are not reliable indicators of future returns .

while annual returns can vary significantly ( actual returns for 2012 , 2011 , and 2010 were +15.29% ( +15.29 % ) , +.11% ( +.11 % ) , and +14.87% ( +14.87 % ) , respectively ) , the selected assumption represents our estimated long-term average prospective returns .

acknowledging the potentially wide range for this assumption , we also annually examine the assumption used by other companies with similar pension investment strategies , so that we can ascertain whether our determinations markedly differ from others .
in all cases , however , this data simply informs our process , which places the greatest emphasis on our qualitative judgment of future investment returns , given the conditions existing at each annual measurement date .

taking into consideration all of these factors , the expected long-term return on plan assets for determining net periodic pension cost for 2012 was 7.75% ( 7.75 % ) , the same as it was for 2011 .

after considering the views of both internal and external capital market advisors , particularly with regard to the effects of the recent economic environment on long-term prospective fixed income returns , we are reducing our expected long-term return on assets to 7.50% ( 7.50 % ) for determining pension cost for under current accounting rules , the difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods .

each one percentage point difference in actual return compared with our expected return causes expense in subsequent years to increase or decrease by up to $ 8 million as the impact is amortized into results of operations .
we currently estimate a pretax pension expense of $ 73 million in 2013 compared with pretax expense of $ 89 million in 2012 .

this year-over-year expected decrease reflects the impact of favorable returns on plan assets experienced in 2012 as well as the effects of the lower discount rate required to be used in the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2013 estimated expense as a baseline .
table 27 : pension expense - sensitivity analysis change in assumption ( a ) estimated increase to 2013 pension expense ( in millions ) .

( a ) the impact is the effect of changing the specified assumption while holding all other assumptions constant .
our pension plan contribution requirements are not particularly sensitive to actuarial assumptions .
investment performance has the most impact on contribution requirements and will drive the amount of required contributions in future years .

also , current law , including the provisions of the pension protection act of 2006 , sets limits as to both minimum and maximum contributions to the plan .
we do not expect to be required by law to make any contributions to the plan during 2013 .

we maintain other defined benefit plans that have a less significant effect on financial results , including various nonqualified supplemental retirement plans for certain employees , which are described more fully in note 15 employee benefit plans in the notes to consolidated financial statements in item 8 of this report .
the pnc financial services group , inc .
2013 form 10-k 77

 |
| table | change in assumption ( a )                                   | estimatedincrease to 2013pensionexpense ( in millions )
------------------------------------------------------------ | -------------------------------------------------------
.5% ( .5 % ) decrease in discount rate                       | $ 21
.5% ( .5 % ) decrease in expected long-term return on assets | $ 19
.5% ( .5 % ) increase in compensation rate                   | $ 2 |


| _id | dd4c51212 |
| title |  |
| text | management 2019s discussion and analysis 120 jpmorgan chase & co./2014 annual report wholesale credit portfolio the firm 2019s wholesale businesses are exposed to credit risk through underwriting , lending and trading activities with and for clients and counterparties , as well as through various operating services such as cash management and clearing activities .
a portion of the loans originated or acquired by the firm 2019s wholesale businesses is generally retained on the balance sheet .

the firm distributes a significant percentage of the loans it originates into the market as part of its syndicated loan business and to manage portfolio concentrations and credit risk .
the wholesale credit environment remained favorable throughout 2014 driving an increase in client activity .

growth in loans retained was driven primarily by activity in commercial banking , while growth in lending-related commitments reflected increased activity in both the corporate & investment bank and commercial banking .
discipline in underwriting across all areas of lending continues to remain a key point of focus , consistent with evolving market conditions and the firm 2019s risk management activities .

the wholesale portfolio is actively managed , in part by conducting ongoing , in-depth reviews of client credit quality and transaction structure , inclusive of collateral where applicable ; and of industry , product and client concentrations .
during the year , wholesale criticized assets decreased from 2013 , including a reduction in nonaccrual loans by 40% ( 40 % ) .
wholesale credit portfolio december 31 , credit exposure nonperforming ( d ) .

receivables from customers and other ( a ) 28972 26744 2014 2014 total wholesale credit- related assets 438861 414067 899 1459 lending-related commitments ( b ) 472056 446232 103 206 total wholesale credit exposure $ 910917 $ 860299 $ 1002 $ 1665 credit portfolio management derivatives notional , net ( c ) $ ( 26703 ) $ ( 27996 ) $ 2014 $ ( 5 ) liquid securities and other cash collateral held against derivatives ( 19604 ) ( 14435 ) na na ( a ) receivables from customers and other include $ 28.8 billion and

customers and other include $ 28.8 billion and $ 26.5 billion of margin loans at december 31 , 2014 and 2013 , respectively , to prime and retail brokerage customers ; these are classified in accrued interest and accounts receivable on the consolidated balance sheets .

( b ) includes unused advised lines of credit of $ 105.2 billion and $ 102.0 billion as of december 31 , 2014 and 2013 , respectively .
an advised line of credit is a revolving credit line which specifies the maximum amount the firm may make available to an obligor , on a nonbinding basis .
the borrower receives written or oral advice of this facility .
the firm may cancel this facility at any time by providing the borrower notice or , in some cases , without notice as permitted by law .

( c ) represents the net notional amount of protection purchased and sold through credit derivatives used to manage both performing and nonperforming wholesale credit exposures ; these derivatives do not qualify for hedge accounting under u.s .
gaap .
for additional information , see credit derivatives on page 127 , and note 6 .
( d ) excludes assets acquired in loan satisfactions.

 |
| table | december 31 , ( in millions )                                        | december 31 , 2014 | december 31 , 2013 | 2014   | 2013
-------------------------------------------------------------------- | ------------------ | ------------------ | ------ | ----------
loans retained                                                       | $ 324502           | $ 308263           | $ 599  | $ 821
loans held-for-sale                                                  | 3801               | 11290              | 4      | 26
loans at fair value                                                  | 2611               | 2011               | 21     | 197
loans 2013 reported                                                  | 330914             | 321564             | 624    | 1044
derivative receivables                                               | 78975              | 65759              | 275    | 415
receivables from customers and other ( a )                           | 28972              | 26744              | 2014   | 2014
total wholesale credit-related assets                                | 438861             | 414067             | 899    | 1459
lending-related commitments ( b )                                    | 472056             | 446232             | 103    | 206
total wholesale credit exposure                                      | $ 910917           | $ 860299           | $ 1002 | $ 1665
credit portfolio management derivatives notional net ( c )           | $ -26703 ( 26703 ) | $ -27996 ( 27996 ) | $ 2014 | $ -5 ( 5 )
liquid securities and other cash collateral held against derivatives | -19604 ( 19604 )   | -14435 ( 14435 )   | na     | na |


| _id | dd4bf3fd6 |
| title |  |
| text | new accounting pronouncements information regarding new accounting pronouncements is included in note 1 to the consolidated financial statements .
financial condition and liquidity the company generates significant ongoing cash flow .
increases in long-term debt have been used , in part , to fund share repurchase activities and acquisitions .

on november 15 , 2007 , 3m ( safety , security and protection services business ) announced that it had entered into a definitive agreement for 3m 2019s acquisition of 100 percent of the outstanding shares of aearo holding corp .
e83a a global leader in the personal protection industry that manufactures and markets personal protection and energy absorbing products e83a for approximately $ 1.2 billion .
the sale is expected to close towards the end of the first quarter of 2008 .
at december 31 .

cash , cash equivalents and marketable securities at december 31 , 2007 totaled approximately $ 3 billion , helped by strong cash flow generation and by the timing of debt issuances .
at december 31 , 2006 , cash balances were higher due to the significant pharmaceuticals sales proceeds received in december 2006 .
3m believes its ongoing cash flows provide ample cash to fund expected investments and capital expenditures .

the company has sufficient access to capital markets to meet currently anticipated growth and acquisition investment funding needs .
the company does not utilize derivative instruments linked to the company 2019s stock .
however , the company does have contingently convertible debt that , if conditions for conversion are met , is convertible into shares of 3m common stock ( refer to note 10 in this document ) .
the company 2019s financial condition and liquidity are strong .

various assets and liabilities , including cash and short-term debt , can fluctuate significantly from month to month depending on short-term liquidity needs .
working capital ( defined as current assets minus current liabilities ) totaled $ 4.476 billion at december 31 , 2007 , compared with $ 1.623 billion at december 31 , 2006 .

working capital was higher primarily due to increases in cash and cash equivalents , short-term marketable securities , receivables and inventories and decreases in short-term debt and accrued income taxes .
the company 2019s liquidity remains strong , with cash , cash equivalents and marketable securities at december 31 , 2007 totaling approximately $ 3 billion .
primary short-term liquidity needs are provided through u.s .
commercial paper and euro commercial paper issuances .

as of december 31 , 2007 , outstanding total commercial paper issued totaled $ 349 million and averaged $ 1.249 billion during 2007 .
the company believes it unlikely that its access to the commercial paper market will be restricted .
in june 2007 , the company established a medium-term notes program through which up to $ 3 billion of medium-term notes may be offered , with remaining shelf borrowing capacity of $ 2.5 billion as of december 31 , 2007 .

on april 30 , 2007 , the company replaced its $ 565-million credit facility with a new $ 1.5-billion five-year credit facility , which has provisions for the company to request an increase of the facility up to $ 2 billion ( at the lenders 2019 discretion ) , and providing for up to $ 150 million in letters of credit .
as of december 31 , 2007 , there are $ 110 million in letters of credit drawn against the facility .

at december 31 , 2007 , available short-term committed lines of credit internationally totaled approximately $ 67 million , of which $ 13 million was utilized .
debt covenants do not restrict the payment of dividends .
the company has a "well-known seasoned issuer" shelf registration statement , effective february 24 , 2006 , to register an indeterminate amount of debt or equity securities for future sales .

the company intends to use the proceeds from future securities sales off this shelf for general corporate purposes .
at december 31 , 2007 , certain debt agreements ( $ 350 million of dealer remarketable securities and $ 87 million of esop debt ) had ratings triggers ( bbb-/baa3 or lower ) that would require repayment of debt .
the company has an aa credit rating , with a stable outlook , from standard & poor 2019s and an aa1 credit rating , with a negative outlook , from moody 2019s investors service .

in addition , under the $ 1.5-billion five-year credit facility agreement , 3m is required to maintain its ebitda to interest ratio as of the end of each fiscal quarter at not less than 3.0 to 1 .
this is calculated ( as defined in the agreement ) as the ratio of consolidated total ebitda for the four consecutive quarters then ended to total interest expense on all funded debt for the same period .
at december 31 , 2007 , this ratio was approximately 35 to 1.

 |
| table | ( millions )                                           | 2007   | 2006   | 2005
------------------------------------------------------ | ------ | ------ | ------
total debt                                             | $ 4920 | $ 3553 | $ 2381
less : cash cash equivalents and marketable securities | 2955   | 2084   | 1072
net debt                                               | $ 1965 | $ 1469 | $ 1309 |


| _id | dd4c4bdc6 |
| title |  |
| text | in july , 2002 , marathon received a notice of enforcement from the state of texas for alleged excess air emissions from its yates gas plant and production operations on its kloh lease .
a settlement of this matter was finalized in 2004 , with marathon and its co-owners paying a civil penalty of $ 74000 and the donation of land as a supplemental environmental project in lieu of a further penalty of $ 74000 .
marathon is owner of a 38% ( 38 % ) interest in the facilities .

in may , 2003 , marathon received a consolidated compliance order & notice or potential penalty from the state of louisiana for alleged various air permit regulatory violations .
this matter was settled for a civil penalty of $ 148628 and awaits formal closure with the state .

in august of 2004 , the west virginia department of environmental protection ( 2018 2018wvdep 2019 2019 ) submitted a draft consent order to map regarding map 2019s handling of alleged hazardous waste generated from tank cleanings in the state of west virginia .
the proposed order seeks a civil penalty of $ 337900 .
map has met with the wvdep and discussions are ongoing in an attempt to resolve this matter .
item 4 .
submission of matters to a vote of security holders not applicable .
part ii item 5 .

part ii item 5 .
market for registrant 2019s common equity and related stockholder matters and issuer purchases of equity securities the principal market on which the company 2019s common stock is traded is the new york stock exchange .
the company 2019s common stock is also traded on the chicago stock exchange and the pacific exchange .

information concerning the high and low sales prices for the common stock as reported in the consolidated transaction reporting system and the frequency and amount of dividends paid during the last two years is set forth in 2018 2018selected quarterly financial data ( unaudited ) 2019 2019 on page f-41 .
as of january 31 , 2005 , there were 58340 registered holders of marathon common stock .

the board of directors intends to declare and pay dividends on marathon common stock based on the financial condition and results of operations of marathon oil corporation , although it has no obligation under delaware law or the restated certificate of incorporation to do so .
in determining its dividend policy with respect to marathon common stock , the board will rely on the financial statements of marathon .
dividends on marathon common stock are limited to legally available funds of marathon .

the following table provides information about purchases by marathon and its affiliated purchaser during the fourth quarter ended december 31 , 2004 of equity securities that are registered by marathon pursuant to section 12 of the exchange act : issuer purchases of equity securities .

( 1 ) 42749 shares were repurchased in open-market transactions under the marathon oil corporation dividend reinvestment and direct stock purchase plan ( the 2018 2018plan 2019 2019 ) by the administrator of the plan .
stock needed to meet the requirements of the plan are either purchased in the open market or issued directly by marathon .
( 2 ) 2936 shares of restricted stock were delivered by employees to marathon , upon vesting , to satisfy tax withholding requirements .
item 6 .

item 6 .
selected financial data see page f-49 through f-51.

 |
| table | | ( a )                                        | ( b )                        | ( c )                                                                                | ( d )
---------------------- | -------------------------------------------- | ---------------------------- | -------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------
period                 | total number of shares purchased ( 1 ) ( 2 ) | average price paid per share | total number of shares purchased as part of publicly announced plans or programs ( 1 ) | maximum number of shares that may yet be purchased under the plans or programs
10/01/04 2013 10/31/04 | 6015                                         | $ 40.51                      | n/a                                                                                | n/a
11/01/04 2013 11/30/04 | 5145                                         | $ 38.94                      | n/a                                                                                | n/a
12/01/04 2013 12/31/04 | 34526                                        | $ 37.07                      | n/a                                                                                | n/a
total:                 | 45686                                        | $ 37.73                      | n/a                                                                                | n/a |


| _id | dd4c46786 |
| title |  |
| text | security ownership of 5% ( 5 % ) holders , directors , nominees and executive officers shares of common stock percent of common stock name of beneficial owner beneficially owned ( 1 ) outstanding .

all current executive officers and directors as a group ( 14 persons ) 8352396 ( 13 ) 1.00% ( 1.00 % ) ( 1 ) represents shares of the company 2019s common stock held and options held by such individuals that were exercisable at the table date or within 60 days thereafter .
this does not include options or restricted stock units that vest more than 60 days after the table date .
( 2 ) based on a form 13g/a filed february 14 , 2007 by fmr corp .
fmr corp .

fmr corp .
lists its address as 82 devonshire street , boston , ma 02109 , in such filing .
( 3 ) includes 110000 shares of the company 2019s common stock that mr .
campbell has the right to acquire by exercise of stock options .
( 4 ) excludes 600000 unvested restricted stock units .
( 5 ) includes 40000 shares of the company 2019s common stock that mr .
drexler holds indirectly and 190000 shares of the company 2019s common stock that mr .
drexler has the right to acquire by exercise of stock options .

( 6 ) includes 275 shares of the company 2019s common stock that mr .
fadell holds indirectly , 165875 shares of the company 2019s common stock that mr .
fadell has the right to acquire by exercise of stock options within 60 days after the table date , 1157 shares of the company 2019s common stock held by mr .
fadell 2019s spouse , and 117375 shares of the company 2019s common stock that mr .
fadell 2019s spouse has the right to acquire by exercise of stock options within 60 days after the table date .

excludes 210000 unvested restricted stock units held by mr .
fadell and 40000 unvested restricted stock units held by mr .
fadell 2019s spouse .
( 7 ) consists of 70000 shares of the company 2019s common stock that mr .
gore has the right to acquire by exercise of stock options .
( 8 ) includes 1300000 shares of the company 2019s common stock that mr .
johnson has the right to acquire by exercise of stock options and excludes 450000 unvested restricted stock units .

( 9 ) includes 2000 shares of the company 2019s common stock held by dr .
levinson 2019s spouse and 110000 shares of the company 2019s common stock that dr .
levinson has the right to acquire by exercise of stock options .
( 10 ) excludes 450000 unvested restricted stock units.

 |
| table | name of beneficial owner                                               | shares of common stock beneficially owned ( 1 ) |            | percent of common stock outstanding
---------------------------------------------------------------------- | ----------------------------------------------- | ---------- | -----------------------------------
fidelity investments                                                   | 56583870                                        | -2 ( 2 )   | 6.49% ( 6.49 % )
steven p . jobs                                                        | 5546451                                         |            | *
william v . campbell                                                   | 112900                                          | -3 ( 3 )   | *
timothy d . cook                                                       | 13327                                           | -4 ( 4 )   | *
millard s . drexler                                                    | 230000                                          | -5 ( 5 )   | *
tony fadell                                                            | 288702                                          | -6 ( 6 )   | *
albert a . gore jr .                                                   | 70000                                           | -7 ( 7 )   | *
ronald b . johnson                                                     | 1450620                                         | -8 ( 8 )   | *
arthur d . levinson                                                    | 365015                                          | -9 ( 9 )   | *
peter oppenheimer                                                      | 14873                                           | -10 ( 10 ) | *
eric e . schmidt                                                       | 12284                                           | -11 ( 11 ) | *
jerome b . york                                                        | 90000                                           | -12 ( 12 ) | *
all current executive officers and directors as a group ( 14 persons ) | 8352396                                         | -13 ( 13 ) | 1.00% ( 1.00 % ) |


| _id | dd4c49d50 |
| title |  |
| text | contractual obligations we summarize our enforceable and legally binding contractual obligations at september 30 , 2018 , and the effect these obligations are expected to have on our liquidity and cash flow in future periods in the following table .

certain amounts in this table are based on management fffds estimates and assumptions about these obligations , including their duration , the possibility of renewal , anticipated actions by third parties and other factors , including estimated minimum pension plan contributions and estimated benefit payments related to postretirement obligations , supplemental retirement plans and deferred compensation plans .

because these estimates and assumptions are subjective , the enforceable and legally binding obligations we actually pay in future periods may vary from those presented in the table. .

( 1 ) includes only principal payments owed on our debt assuming that all of our long-term debt will be held to maturity , excluding scheduled payments .
we have excluded $ 205.2 million of fair value of debt step-up , deferred financing costs and unamortized bond discounts from the table to arrive at actual debt obligations .
see fffdnote 13 .
debt fffd fffd of the notes to consolidated financial statements for information on the interest rates that apply to our various debt instruments .

( 2 ) see fffdnote 14 .
operating leases fffd of the notes to consolidated financial statements for additional information .
( 3 ) the fair value step-up of $ 18.5 million is excluded .
see fffdnote 13 .
debt fffd fffd capital lease and other indebtednesstt fffd of the notes to consolidated financial statements for additional information .

( 4 ) purchase obligations include agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms , including : fixed or minimum quantities to be purchased ; fixed , minimum or variable price provision ; and the approximate timing of the transaction .
purchase obligations exclude agreements that are cancelable without penalty .

( 5 ) we have included in the table future estimated minimum pension plan contributions and estimated benefit payments related to postretirement obligations , supplemental retirement plans and deferred compensation plans .
our estimates are based on factors , such as discount rates and expected returns on plan assets .
future contributions are subject to changes in our underfunded status based on factors such as investment performance , discount rates , returns on plan assets and changes in legislation .

it is possible that our assumptions may change , actual market performance may vary or we may decide to contribute different amounts .
we have excluded $ 247.8 million of multiemployer pension plan withdrawal liabilities recorded as of september 30 , 2018 due to lack of definite payout terms for certain of the obligations .
see fffdnote 4 .
retirement plans fffd multiemployer plans fffd of the notes to consolidated financial statements for additional information .

( 6 ) we have not included the following items in the table : fffd an item labeled fffdother long-term liabilities fffd reflected on our consolidated balance sheet because these liabilities do not have a definite pay-out scheme .

fffd $ 158.4 million from the line item fffdpurchase obligations and other fffd for certain provisions of the financial accounting standards board fffds ( fffdfasb fffd ) accounting standards codification ( fffdasc fffd ) 740 , fffdincome taxes fffd associated with liabilities for uncertain tax positions due to the uncertainty as to the amount and timing of payment , if any .

in addition to the enforceable and legally binding obligations presented in the table above , we have other obligations for goods and services and raw materials entered into in the normal course of business .
these contracts , however , are subject to change based on our business decisions .
expenditures for environmental compliance see item 1 .

fffdbusiness fffd fffd governmental regulation fffd environmental and other matters fffd , fffdbusiness fffd fffd governmental regulation fffd cercla and other remediation costs fffd , and fffd fffdbusiness fffd fffd governmental regulation fffd climate change fffd for a discussion of our expenditures for environmental compliance.

 |
| table | ( in millions )                                                                   | payments due by period total | payments due by period fiscal 2019 | payments due by period fiscal 2020and 2021 | payments due by period fiscal 2022and 2023 | payments due by period thereafter
--------------------------------------------------------------------------------- | ---------------------------- | ---------------------------------- | ------------------------------------------ | ------------------------------------------ | ---------------------------------
long-term debt including current portionexcluding capital lease obligations ( 1 ) | $ 6039.0                     | $ 726.6                            | $ 824.8                                    | $ 1351.0                                   | $ 3136.6
operating lease obligations ( 2 )                                                 | 615.8                        | 132.1                              | 199.9                                      | 118.4                                      | 165.4
capital lease obligations ( 3 )                                                   | 152.5                        | 5.0                                | 6.7                                        | 2.7                                        | 138.1
purchase obligations and other ( 4 ) ( 5 ) ( 6 )                                  | 2210.5                       | 1676.6                             | 224.1                                      | 114.9                                      | 194.9
total                                                                             | $ 9017.8                     | $ 2540.3                           | $ 1255.5                                   | $ 1587.0                                   | $ 3635.0 |


| _id | dd4bd938e |
| title |  |
| text | 14 .
capital stock and earnings per share we are authorized to issue 250 million shares of preferred stock , none of which were issued or outstanding as of december 31 , 2009 .
the numerator for both basic and diluted earnings per share is net earnings available to common stockholders .
the denominator for basic earnings per share is the weighted average number of common shares outstanding during the period .

the denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive stock options and other equity awards .
the following is a reconciliation of weighted average shares for the basic and diluted share computations for the years ending december 31 ( in millions ) : .

weighted average shares outstanding for basic net earnings per share 215.0 227.3 235.5 effect of dilutive stock options and other equity awards 0.8 1.0 2.0 weighted average shares outstanding for diluted net earnings per share 215.8 228.3 237.5 for the year ended december 31 , 2009 , an average of 14.3 million options to purchase shares of common stock were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of the

were greater than the average market price of the common stock .

for the years ended december 31 , 2008 and 2007 , an average of 11.2 million and 3.1 million options , respectively , were not included .
during 2009 , we repurchased approximately 19.8 million shares of our common stock at an average price of $ 46.56 per share for a total cash outlay of $ 923.7 million , including commissions .
in april 2008 , we announced that our board of directors authorized a $ 1.25 billion share repurchase program which was originally set to expire on december 31 , 2009 .

in september 2009 , the board of directors extended this program to december 31 , 2010 .
approximately $ 211.1 million remains authorized for future repurchases under this plan .
15 .
segment data we design , develop , manufacture and market orthopaedic reconstructive implants , dental implants , spinal implants , trauma products and related surgical products which include surgical supplies and instruments designed to aid in surgical procedures and post-operation rehabilitation .

we also provide other healthcare-related services .
revenue related to these services currently represents less than 1 percent of our total net sales .

we manage operations through three major geographic segments 2013 the americas , which is comprised principally of the united states and includes other north , central and south american markets ; europe , which is comprised principally of europe and includes the middle east and africa ; and asia pacific , which is comprised primarily of japan and includes other asian and pacific markets .
this structure is the basis for our reportable segment information discussed below .

management evaluates reportable segment performance based upon segment operating profit exclusive of operating expenses pertaining to global operations and corporate expenses , share-based compensation expense , settlement , certain claims , acquisition , integration , realignment and other expenses , net curtailment and settlement , inventory step-up , in-process research and development write-offs and intangible asset amortization expense .

global operations include research , development engineering , medical education , brand management , corporate legal , finance , and human resource functions and u.s .
and puerto rico-based manufacturing operations and logistics .
intercompany transactions have been eliminated from segment operating profit .
management reviews accounts receivable , inventory , property , plant and equipment , goodwill and intangible assets by reportable segment exclusive of u.s .

and puerto rico-based manufacturing operations and logistics and corporate assets .
z i m m e r h o l d i n g s , i n c .
2 0 0 9 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c55340 pcn : 060000000 ***%%pcmsg|60 |00007|yes|no|02/24/2010 01:32|0|0|page is valid , no graphics -- color : d|

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


| _id | dd4c391d0 |
| title |  |
| text | edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 .
acquisitions ( continued ) transaction closed on january 23 , 2017 , and the consideration paid included the issuance of approximately 2.8 million shares of the company 2019s common stock ( fair value of $ 266.5 million ) and cash of $ 86.2 million .
the company recognized in 201ccontingent consideration liabilities 201d a $ 162.9 million liability for the estimated fair value of the contingent milestone payments .

the fair value of the contingent milestone payments will be remeasured each quarter , with changes in the fair value recognized within operating expenses on the consolidated statements of operations .
for further information on the fair value of the contingent milestone payments , see note 10 .
in connection with the acquisition , the company placed $ 27.6 million of the purchase price into escrow to satisfy any claims for indemnification made in accordance with the merger agreement .

any funds remaining 15 months after the acquisition date will be disbursed to valtech 2019s former shareholders .
acquisition-related costs of $ 0.6 million and $ 4.1 million were recorded in 201cselling , general , and administrative expenses 201d during the years ended december 31 , 2017 and 2016 , respectively .
prior to the close of the transaction , valtech spun off its early- stage transseptal mitral valve replacement technology program .

concurrent with the closing , the company entered into an agreement for an exclusive option to acquire that program and its associated intellectual property for approximately $ 200.0 million , subject to certain adjustments , plus an additional $ 50.0 million if a certain european regulatory approval is obtained within 10 years of the acquisition closing date .

the option expires two years after the closing date of the transaction , but can be extended by up to one year depending on the results of certain clinical trials .
valtech is a developer of a transcatheter mitral and tricuspid valve repair system .
the company plans to add this technology to its portfolio of mitral and tricuspid repair products .
the acquisition was accounted for as a business combination .

tangible and intangible assets acquired were recorded based on their estimated fair values at the acquisition date .
the excess of the purchase price over the fair value of net assets acquired was recorded to goodwill .
the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : .

goodwill includes expected synergies and other benefits the company believes will result from the acquisition .
goodwill was assigned to the company 2019s rest of world segment and is not deductible for tax purposes .
ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods .
the fair value of the ipr&d was determined using the income approach .

this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return .
the discount rates used to determine the fair value of the ipr&d ranged from 18.0% ( 18.0 % ) to 20.0% ( 20.0 % ) .
completion of successful design developments , bench testing , pre-clinical studies

 |
| table | current assets                            | $ 22.7
----------------------------------------- | --------------
property and equipment net                | 1.2
goodwill                                  | 316.5
developed technology                      | 109.2
ipr&d                                     | 87.9
other assets                              | 0.8
current liabilities assumed               | -5.1 ( 5.1 )
deferred income taxes                     | -17.6 ( 17.6 )
total purchase price                      | 515.6
less : cash acquired                      | -4.3 ( 4.3 )
total purchase price net of cash acquired | $ 511.3 |


| _id | dd4bf7820 |
| title |  |
| text | impairment of long-lived assets , goodwill and intangible assets - we assess our long-lived assets for impairment based on statement 144 , 201caccounting for the impairment or disposal of long-lived assets . 201d a long-lived asset is tested for impairment whenever events or changes in circumstances indicate that its carrying amount may exceed its fair value .
fair values are based on the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of the assets .

we assess our goodwill and intangible assets for impairment at least annually based on statement 142 , 201cgoodwill and other intangible assets . 201d there were no impairment charges resulting from the july 1 , 2007 , impairment tests and no events indicating an impairment have occurred subsequent to that date .
an initial assessment is made by comparing the fair value of the operations with goodwill , as determined in accordance with statement 142 , to the book value of each reporting unit .

if the fair value is less than the book value , an impairment is indicated , and we must perform a second test to measure the amount of the impairment .
in the second test , we calculate the implied fair value of the goodwill by deducting the fair value of all tangible and intangible net assets of the operations with goodwill from the fair value determined in step one of the assessment .

if the carrying value of the goodwill exceeds this calculated implied fair value of the goodwill , we will record an impairment charge .
at december 31 , 2007 , we had $ 600.7 million of goodwill recorded on our consolidated balance sheet as shown below. .

( thousands of dollars ) intangible assets with a finite useful life are amortized over their estimated useful life , while intangible assets with an indefinite useful life are not amortized .
all intangible assets are subject to impairment testing .

our oneok partners segment had $ 443.0 million of intangible assets recorded on our consolidated balance sheet as of december 31 , 2007 , of which $ 287.5 million is being amortized over an aggregate weighted-average period of 40 years , while the remaining balance has an indefinite life .
during 2006 , we recorded a goodwill and asset impairment related to oneok partners 2019 black mesa pipeline of $ 8.4 million and $ 3.6 million , respectively , which were recorded as depreciation and amortization .

the reduction to our net income , net of minority interests and income taxes , was $ 3.0 million .
in the third quarter of 2005 , we made the decision to sell our spring creek power plant , located in oklahoma , and exit the power generation business .
in october 2005 , we concluded that our spring creek power plant had been impaired and recorded an impairment expense of $ 52.2 million .

this conclusion was based on our statement 144 impairment analysis of the results of operations for this plant through september 30 , 2005 , and also the net sales proceeds from the anticipated sale of the plant .
the sale was completed on october 31 , 2006 .
this component of our business is accounted for as discontinued operations in accordance with statement 144 .
see 201cdiscontinued operations 201d on page 46 for additional information .

our total unamortized excess cost over underlying fair value of net assets accounted for under the equity method was $ 185.6 million as of december 31 , 2007 and 2006 .
based on statement 142 , this amount , referred to as equity method goodwill , should continue to be recognized in accordance with apb opinion no .

18 , 201cthe equity method of accounting for investments in common stock . 201d accordingly , we included this amount in investment in unconsolidated affiliates on our accompanying consolidated balance sheets .
pension and postretirement employee benefits - we have defined benefit retirement plans covering certain full-time employees .
we sponsor welfare plans that provide postretirement medical and life insurance benefits to certain employees who retire with at least five years of service .

our actuarial consultant calculates the expense and liability related to these plans and uses statistical and other factors that attempt to anticipate future events .
these factors include assumptions about the discount rate , expected return on plan assets , rate of future compensation increases , age and employment periods .
in determining the projected benefit obligations and costs , assumptions can change from period to period and result in material changes in the costs and liabilities we recognize .

see note j of the notes to consolidated financial statements in this annual report on form 10-k for additional information.

 |
| table | | ( thousands of dollars )
--------------- | ------------------------
oneok partners  | $ 431418
distribution    | 157953
energy services | 10255
other           | 1099
total goodwill  | $ 600725 |


| _id | dd4bf481e |
| title |  |
| text | 29 annual report 2012 duke realty corporation | | those indirect costs not allocated to or absorbed by these operations are charged to general and administrative expenses .
we regularly review our total overhead cost structure relative to our leasing , development and construction volume and adjust the level of total overhead , generally through changes in our level of staffing in various functional departments , as necessary in order to control overall general and administrative expense .

general and administrative expenses increased from $ 43.1 million in 2011 to $ 46.4 million in 2012 .
the following table sets forth the factors that led to the increase in general and administrative expenses from 2011 to 2012 ( in millions ) : .

( 1 ) we reduced our total pool of overhead costs , through staff reductions and other measures , as the result of changes in our product mix and anticipated future levels of third-party construction , leasing , management and other operational activities .
( 2 ) we increased our focus on development of wholly-owned properties , and also significantly increased our leasing activity during 2012 , which resulted in an increased absorption of overhead costs .

we capitalized $ 30.4 million and $ 20.0 million of our total overhead costs to leasing and development , respectively , for consolidated properties during 2012 , compared to capitalizing $ 25.3 million and $ 10.4 million of such costs , respectively , for 2011 .
combined overhead costs capitalized to leasing and development totaled 31.1% ( 31.1 % ) and 20.6% ( 20.6 % ) of our overall pool of overhead costs for 2012 and 2011 , respectively .

( 3 ) the reduction in the allocation of overhead costs to service operations and rental operations resulted from reduced volumes of third-party construction projects as well as due to reducing our overall investment in office properties , which are more management intensive .
interest expense interest expense allocable to continuing operations increased from $ 220.5 million in 2011 to $ 245.2 million in 2012 .

we had $ 47.4 million of interest expense allocated to discontinued operations in 2011 , associated with the properties that were disposed of during 2011 , compared to the allocation of only $ 3.1 million of interest expense to discontinued operations for 2012 .
total interest expense , combined for continuing and discontinued operations , decreased from $ 267.8 million in 2011 to $ 248.3 million in 2012 .

the reduction in total interest expense was primarily the result of a lower weighted average borrowing rate in 2012 , due to refinancing some higher rate bonds in 2011 and 2012 , as well as a slight decrease in our average level of borrowings compared to 2011 .

also , due to an increase in properties under development from 2011 , which met the criteria for capitalization of interest and were financed in part by common equity issuances during 2012 , a $ 5.0 million increase in capitalized interest also contributed to the decrease in total interest expense in 2012 .
acquisition-related activity during 2012 , we recognized approximately $ 4.2 million in acquisition costs , compared to $ 2.3 million of such costs in 2011 .

the increase from 2011 to 2012 is the result of acquiring a higher volume of medical office properties , where a higher level of acquisition costs are incurred than other property types , in 2012 .
during 2011 , we also recognized a $ 1.1 million gain related to the acquisition of a building from one of our 50%-owned unconsolidated joint ventures .

discontinued operations subject to certain criteria , the results of operations for properties sold during the year to unrelated parties , or classified as held-for-sale at the end of the period , are required to be classified as discontinued operations .

the property specific components of earnings that are classified as discontinued operations include rental revenues , rental expenses , real estate taxes , allocated interest expense and depreciation expense , as well as the net gain or loss on the disposition of properties .
the operations of 150 buildings are currently classified as discontinued operations .
these 150 buildings consist of 114 office , 30 industrial , four retail , and two medical office properties .

as a result , we classified operating losses , before gain on sales , of $ 1.5 million , $ 1.8 million and $ 7.1 million in discontinued operations for the years ended december 31 , 2012 , 2011 and 2010 , respectively .
of these properties , 28 were sold during 2012 , 101 properties were sold during 2011 and 19 properties were sold during 2010 .
the gains on disposal of these properties of $ 13.5 million , $ 100.9 million and $ 33.1 million for the years ended december 31 , 2012 , 2011 and

 |
| table | general and administrative expenses - 2011                                             | $ 43.1
-------------------------------------------------------------------------------------- | --------------
reduction to overall pool of overhead costs ( 1 )                                      | -11.0 ( 11.0 )
increased absorption of costs by wholly-owned development and leasing activities ( 2 ) | -14.7 ( 14.7 )
reduced allocation of costs to service operations and rental operations ( 3 )          | 29.0
general and administrative expenses - 2012                                             | $ 46.4 |


| _id | dd4c0f3ee |
| title |  |
| text | our international networks segment also owns and operates the following regional television networks , which reached the following number of subscribers and viewers via pay and fta or broadcast networks , respectively , as of december 31 , 2017 : television service international subscribers/viewers ( millions ) .

( a ) number of subscribers corresponds to the sum of the subscribers to each of the nordic broadcast networks in sweden , norway , finland and denmark subject to retransmission agreements with pay-tv providers .
the nordic broadcast networks include kanal 5 , kanal 9 , and kanal 11 in sweden , tv norge , max , fem and vox in norway , tv 5 , kutonen , and frii in finland , and kanal 4 , kanal 5 , 6'eren , and canal 9 in denmark .
similar to u.s .

similar to u.s .
networks , a significant source of revenue for international networks relates to fees charged to operators who distribute our linear networks .
such operators primarily include cable and dth satellite service providers , internet protocol television ( "iptv" ) and over-the-top operators ( "ott" ) .
international television markets vary in their stages of development .

some markets , such as the u.k. , are more advanced digital television markets , while others remain in the analog environment with varying degrees of investment from operators to expand channel capacity or convert to digital technologies .
common practice in international markets results in long-term contractual distribution relationships with terms generally shorter than similar customers in the u.s .

distribution revenue for our international networks segment is largely dependent on the number of subscribers that receive our networks or content , the rates negotiated in the distributor agreements , and the market demand for the content that we provide .
the other significant source of revenue for international networks relates to advertising sold on our television networks and across other distribution platforms , similar to u.s .
networks .

networks .
advertising revenue is dependent upon a number of factors , including the development of pay and fta television markets , the number of subscribers to and viewers of our channels , viewership demographics , the popularity of our programming , and our ability to sell commercial time over all media platforms .
in certain markets , our advertising sales business operates with in-house sales teams , while we rely on external sales representation services in other markets .

during 2017 , distribution , advertising and other revenues were 57% ( 57 % ) , 41% ( 41 % ) and 2% ( 2 % ) , respectively , of total net revenues for this segment .
while the company has traditionally operated cable networks , in recent years an increasing portion of the company's international advertising revenue is generated by fta or broadcast networks , unlike u.s .
networks .

networks .
during 2017 , fta or broadcast networks generated 54% ( 54 % ) of international networks' advertising revenue and pay-tv networks generated 46% ( 46 % ) of international networks' advertising revenue .
international networks' largest cost is content expense for localized programming disseminated via more than 400 unique distribution feeds .
while our international networks segment maximizes the use of programming from u.s .

networks , we also develop local programming that is tailored to individual market preferences and license the rights to air films , television series and sporting events from third parties .

international networks amortizes the cost of capitalized content rights based on the proportion of current estimated revenues relative to the estimated remaining total lifetime revenues , which results in either an accelerated method or a straight-line method over the estimated useful lives of the content of up to five years .
content acquired from u.s .
networks and content developed locally airing on the same network is amortized similarly , as amortization rates vary by network .

more than half of international networks' content is amortized using an accelerated amortization method , while the remainder is amortized on a straight-line basis .
the costs for multi-year sports programming arrangements are expensed when the event is broadcast based on the estimated relative value of each component of the arrangement .
while international networks and u.s .

while international networks and u.s .
networks have similarities with respect to the nature of operations , the generation of revenue and the categories of expense , international networks have a lower segment margin due to lower economies of scale from being in over 220 markets requiring additional cost for localization to satisfy market variations .

international networks also include sports and fta broadcast channels , which drive higher costs from sports rights and production and investment in broad entertainment programming for broadcast networks .
on june 23 , 2016 , the u.k .
held a referendum in which voters approved an exit from the european union ( 201ce.u . 201d ) , commonly referred to as 201cbrexit . 201d after a preliminary phase of negotiations towards the end of 2017 , the u.k .
government and the e.u .

government and the e.u .
will in 2018 negotiate the main principles of the u.k . 2019s future relationship with the e.u. , as well as a transitional period .
brexit may have an adverse impact on advertising , subscribers , distributors and employees , as described in item 1a , risk factors , below .

we continue to monitor the situation and plan for potential effects to our distribution and licensing agreements , unusual foreign currency exchange rate fluctuations , and changes to the legal and regulatory landscape .
education and other education and other generated revenues of $ 158 million during 2017 , which represented 2% ( 2 % ) of our total consolidated revenues .

education is comprised of curriculum-based product and service offerings and generates revenues primarily from subscriptions charged to k-12 schools for access to an online suite of curriculum-based vod tools , professional development services , digital textbooks and , to a lesser extent , student assessments and publication of hard copy curriculum-based content .
other is comprised of our wholly-owned production studio , which provides services to our u.s .

networks and international networks segments at cost .
on february 26 , 2018 , the company announced the planned sale of a controlling equity stake in its education business in the first half of 2018 , to francisco partners for cash of $ 120 million .
no loss is expected upon sale .
the company will retain an equity interest .
additionally , the company will have ongoing license agreements which are considered to be at fair value .

as of december 31 , 2017 , the company determined that the education business did not meet the held for sale criteria , as defined in gaap as management had not committed to a plan to sell the assets .
on april 28 , 2017 , the company sold raw and betty to all3media .
all3media is a u.k .
based television , film and digital production and distribution company .
the company owns 50% ( 50 % ) of all3media and accounts for its investment in all3media under the equity method of accounting .

raw and betty were components of the studios operating segment reported with education and other .
on november 12 , 2015 , we paid $ 195 million to acquire 5 million shares , or approximately 3% ( 3 % ) , of lions gate entertainment corp .
( "lionsgate" ) , an entertainment company involved in the production of movies and television which is accounted for as an available-for-sale ( "afs" ) security .

during 2016 , we determined that the decline in value of our investment in lionsgate is other- than-temporary in nature and , as such , the cost basis was adjusted to the fair value of the investment as of september 30 , 2016 .
( see note 4 to the accompanying consolidated financial statements. ) content development our content development strategy is designed to increase viewership , maintain innovation and quality leadership , and provide value for our network distributors and advertising customers .

our content is sourced from a wide range of third-party producers , which include some of the world 2019s leading nonfiction production companies , as well as independent producers and wholly-owned production studios .
our production arrangements fall into three categories : produced , coproduced and licensed .
produced content includes content that we engage third parties or wholly owned production studios to develop and produce .

we retain editorial control and own most or all of the rights , in exchange for paying all development and production costs .
production of digital-first content such as virtual reality and short-form video is typically done through wholly-owned production studios .

coproduced content refers to program rights on which we have collaborated with third parties to finance and develop either because at times world-wide rights are not available for acquisition or we save costs by collaborating with third parties .
licensed content is comprised of films or

 |
| table | | television service | internationalsubscribers/viewers ( millions )
------------------------------- | ------------------ | ---------------------------------------------
quest                           | fta                | 66
dsport                          | fta                | 43
nordic broadcast networks ( a ) | broadcast          | 34
quest red                       | fta                | 27
giallo                          | fta                | 25
frisbee                         | fta                | 25
focus                           | fta                | 25
k2                              | fta                | 25
nove                            | fta                | 25
discovery hd world              | pay                | 17
dkiss                           | pay                | 15
shed                            | pay                | 12
discovery hd theater            | pay                | 11
discovery history               | pay                | 10
discovery civilization          | pay                | 8
discovery world                 | pay                | 6
discovery en espanol ( u.s. )   | pay                | 6
discovery familia ( u.s. )      | pay                | 6
discovery historia              | pay                | 6 |


| _id | dd4bedf0a |
| title |  |
| text | discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014 factors affecting sources of liquidity . 201d recent sales of unregistered securities during the year ended december 31 , 2005 , we issued an aggregate of 4670335 shares of our class a common stock upon conversion of $ 57.1 million principal amount of our 3.25% ( 3.25 % ) notes .

pursuant to the terms of the indenture , the holders of the 3.25% ( 3.25 % ) notes received 81.808 shares of class a common stock for every $ 1000 principal amount of notes converted .
the shares were issued to the noteholders in reliance on the exemption from registration set forth in section 3 ( a ) ( 9 ) of the securities act of 1933 , as amended .
no underwriters were engaged in connection with such issuances .

in connection with the conversion , we paid such holders an aggregate of $ 4.9 million , calculated based on the accrued and unpaid interest on the notes and the discounted value of the future interest payments on the notes .

subsequent to december 31 , 2005 , we issued shares of class a common stock upon conversions of additional 3.25% ( 3.25 % ) notes , as set forth in item 9b of this annual report under the caption 201cother information . 201d during the year ended december 31 , 2005 , we issued an aggregate of 398412 shares of our class a common stock upon exercises of 55729 warrants assumed in our merger with spectrasite , inc .

in august 2005 , in connection with our merger with spectrasite , inc. , we assumed approximately 1.0 million warrants to purchase shares of spectrasite , inc .
common stock .
upon completion of the merger , each warrant to purchase shares of spectrasite , inc .
common stock automatically converted into a warrant to purchase 7.15 shares of class a common stock at an exercise price of $ 32 per warrant .
net proceeds from these warrant exercises were approximately $ 1.8 million .

the shares of class a common stock issued to the warrantholders upon exercise of the warrants were issued in reliance on the exemption from registration set forth in section 3 ( a ) ( 9 ) of the securities act of 1933 , as amended .
no underwriters were engaged in connection with such issuances .

subsequent to december 31 , 2005 , we issued shares of class a common stock upon exercises of additional warrants , as set forth in item 9b of this annual report under the caption 201cother information . 201d issuer purchases of equity securities in november 2005 , we announced that our board of directors had approved a stock repurchase program pursuant to which we intend to repurchase up to $ 750.0 million of our class a common stock through december 2006 .

during the fourth quarter of 2005 , we repurchased 2836519 shares of our class a common stock for an aggregate of $ 76.6 million pursuant to our stock repurchase program , as follows : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced plans or programs ( 1 ) approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions ) .

( 1 ) all issuer repurchases were made pursuant to the stock repurchase program publicly announced in november 2005 .
pursuant to the program , we intend to repurchase up to $ 750.0 million of our class a common stock during the period november 2005 through december 2006 .

under the program , our management is authorized to purchase shares from time to time in open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements , and subject to market conditions and other factors .

to facilitate repurchases , we entered into a trading plan under rule 10b5-1 of the securities exchange act of 1934 , which allows us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self- imposed trading blackout periods .
the program may be discontinued at any time .
since december 31 , 2005 , we have continued to repurchase shares of our class a common stock pursuant to our stock repurchase program .

between january 1 , 2006 and march 9 , 2006 , we repurchased 3.9 million shares of class a common stock for an aggregate of $ 117.4 million pursuant to the stock repurchase program.

 |
| table | period                 | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announced plans or programs ( 1 ) | approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions )
---------------------- | -------------------------------------- | ---------------------------- | -------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------
11/17/05 2013 11/30/05 | 874306                                 | $ 26.25                      | 874306                                                                                | $ 727.0
12/1/05 2013 12/31/05  | 1962213                                | $ 27.29                      | 1962213                                                                                | $ 673.4
total fourth quarter   | 2836519                                | $ 26.97                      | 2836519                                                                                | $ 673.4 |


| _id | dd4be669c |
| title |  |
| text | guarantees to third parties .
we have , however , issued guar- antees and comfort letters of $ 171 million for the debt and other obligations of unconsolidated affiliates , primarily for cpw .
in addition , off-balance sheet arrangements are gener- ally limited to the future payments under noncancelable operating leases , which totaled $ 408 million at may 28 , at may 28 , 2006 , we had invested in four variable interest entities ( vies ) .

we are the primary beneficiary ( pb ) of general mills capital , inc .
( gm capital ) , a subsidiary that we consolidate as set forth in note eight to the consoli- dated financial statements appearing on pages 43 and 44 in item eight of this report .
we also have an interest in a contract manufacturer at our former facility in geneva , illi- nois .

even though we are the pb , we have not consolidated this entity because it is not material to our results of oper- ations , financial condition , or liquidity at may 28 , 2006 .
this entity had property and equipment of $ 50 million and long-term debt of $ 50 million at may 28 , 2006 .
we are not the pb of the remaining two vies .

we are not the pb of the remaining two vies .
our maximum exposure to loss from these vies is limited to the $ 150 million minority interest in gm capital , the contract manufactur- er 2019s debt and our $ 6 million of equity investments in the two remaining vies .
the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period .

the majority of the purchase obligations represent commitments for raw mate- rial and packaging to be utilized in the normal course of business and for consumer-directed marketing commit- ments that support our brands .
the net fair value of our interest rate and equity swaps was $ 159 million at may 28 , 2006 , based on market values as of that date .
future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future .

other long-term obligations primarily consist of income taxes , accrued compensation and benefits , and miscella- neous liabilities .
we are unable to estimate the timing of the payments for these items .
we do not have significant statutory or contractual funding requirements for our defined-benefit retirement and other postretirement benefit plans .

further information on these plans , including our expected contributions for fiscal 2007 , is set forth in note thirteen to the consolidated financial statements appearing on pages 47 through 50 in item eight of this report .
in millions , payments due by fiscal year total 2007 2008-09 2010-11 2012 and thereafter .

significant accounting estimates for a complete description of our significant accounting policies , please see note one to the consolidated financial statements appearing on pages 35 through 37 in item eight of this report .
our significant accounting estimates are those that have meaningful impact on the reporting of our financial condition and results of operations .

these poli- cies include our accounting for trade and consumer promotion activities ; goodwill and other intangible asset impairments ; income taxes ; and pension and other postretirement benefits .
trade and consumer promotion activities we report sales net of certain coupon and trade promotion costs .

the consumer coupon costs recorded as a reduction of sales are based on the estimated redemption value of those coupons , as determined by historical patterns of coupon redemption and consideration of current market conditions such as competitive activity in those product categories .

the trade promotion costs include payments to customers to perform merchandising activities on our behalf , such as advertising or in-store displays , discounts to our list prices to lower retail shelf prices , and payments to gain distribution of new products .
the cost of these activi- ties is recognized as the related revenue is recorded , which generally precedes the actual cash expenditure .
the recog- nition of these costs requires estimation of customer participation and performance levels .

these estimates are made based on the quantity of customer sales , the timing and forecasted costs of promotional activities , and other factors .
differences between estimated expenses and actual costs are normally insignificant and are recognized as a change in management estimate in a subsequent period .
our accrued trade and consumer promotion liability was $ 339 million as of may 28 , 2006 , and $ 283 million as of may 29 , 2005 .

our unit volume in the last week of each quarter is consis- tently higher than the average for the preceding weeks of the quarter .
in comparison to the average daily shipments in the first 12 weeks of a quarter , the final week of each quarter has approximately two to four days 2019 worth of incre- mental shipments ( based on a five-day week ) , reflecting increased promotional activity at the end of the quarter .

this increased activity includes promotions to assure that our customers have sufficient inventory on hand to support major marketing events or increased seasonal demand early in the next quarter , as well as promotions intended to help achieve interim unit volume targets .

if , due to quarter-end promotions or other reasons , our customers purchase more product in any reporting period than end-consumer demand will require in future periods , our sales level in future reporting periods could be adversely affected.

 |
| table | in millionspayments dueby fiscal year | total  | 2007   | 2008-09 | 2010-11 | 2012 andthereafter
------------------------------------- | ------ | ------ | ------- | ------- | ------------------
long-term debt                        | $ 4546 | $ 2131 | $ 971   | $ 55    | $ 1389
accrued interest                      | 152    | 152    | 2013    | 2013    | 2013
operating leases                      | 408    | 92     | 142     | 89      | 85
purchaseobligations                   | 2351   | 2068   | 144     | 75      | 64
total                                 | $ 7457 | $ 4443 | $ 1257  | $ 219   | $ 1538 |


| _id | dd4c0fb0a |
| 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 , 2012 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 2017 , we repurchased 37122405 shares of our common stock at an average price of $ 110.50 .
the following table presents common stock repurchases during each month for the fourth quarter of 2017 : 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 remaining under the plan or program [b] .

[a] total number of shares purchased during the quarter includes approximately 323670 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 , 2017 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2020 .

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 of shares purchased [a] | average price paid per share | total number of shares purchased as part of a publicly announcedplan or program [b] | maximum number of shares remaining under the plan or program [b]
------------------------ | ------------------------------------ | ---------------------------- | ----------------------------------------------------------------------------------- | ----------------------------------------------------------------
oct . 1 through oct . 31 | 3831636                              | $ 113.61                     | 3800000                                                                             | 89078662
nov . 1 through nov . 30 | 3005225                              | 117.07                       | 2937410                                                                             | 86141252
dec . 1 through dec . 31 | 2718319                              | 130.76                       | 2494100                                                                             | 83647152
total                    | 9555180                              | $ 119.58                     | 9231510                                                                             | n/a |


| _id | dd4be678c |
| title |  |
| text | disclosure of , the issuance of certain types of guarantees .
the adoption of fasb interpretation no .
45 did not have a signif- icant impact on the net income or equity of the company .
in january 2003 , fasb interpretation no .
46 , 201cconsolidation of variable interest entities , an interpretation of arb 51 , 201d was issued .

the primary objectives of this interpretation , as amended , are to provide guidance on the identification and consolidation of variable interest entities , or vies , which are entities for which control is achieved through means other than through voting rights .
the company has completed an analysis of this interpretation and has determined that it does not have any vies .
4 .
acquisitions family health plan , inc .

4 .
acquisitions family health plan , inc .
effective january 1 , 2004 , the company commenced opera- tions in ohio through the acquisition from family health plan , inc .
of certain medicaid-related assets for a purchase price of approximately $ 6800 .
the cost to acquire the medicaid-related assets will be allocated to the assets acquired and liabilities assumed according to estimated fair values .

hmo blue texas effective august 1 , 2003 , the company acquired certain medicaid-related contract rights of hmo blue texas in the san antonio , texas market for $ 1045 .
the purchase price was allocated to acquired contracts , which are being amor- tized on a straight-line basis over a period of five years , the expected period of benefit .

group practice affiliates during 2003 , the company acquired a 100% ( 100 % ) ownership interest in group practice affiliates , llc , a behavioral healthcare services company ( 63.7% ( 63.7 % ) in march 2003 and 36.3% ( 36.3 % ) in august 2003 ) .
the consolidated financial state- ments include the results of operations of gpa since march 1 , 2003 .
the company paid $ 1800 for its purchase of gpa .

the company paid $ 1800 for its purchase of gpa .
the cost to acquire the ownership interest has been allocated to the assets acquired and liabilities assumed according to estimated fair values and is subject to adjustment when additional information concerning asset and liability valuations are finalized .
the preliminary allocation has resulted in goodwill of approximately $ 3895 .
the goodwill is not amortized and is not deductible for tax purposes .

pro forma disclosures related to the acquisition have been excluded as immaterial .
scriptassist in march 2003 , the company purchased contract and name rights of scriptassist , llc ( scriptassist ) , a medication com- pliance company .
the purchase price of $ 563 was allocated to acquired contracts , which are being amortized on a straight-line basis over a period of five years , the expected period of benefit .

the investor group who held membership interests in scriptassist included one of the company 2019s executive officers .
university health plans , inc .
on december 1 , 2002 , the company purchased 80% ( 80 % ) of the outstanding capital stock of university health plans , inc .
( uhp ) in new jersey .
in october 2003 , the company exercised its option to purchase the remaining 20% ( 20 % ) of the outstanding capital stock .
centene paid a total purchase price of $ 13258 .

centene paid a total purchase price of $ 13258 .
the results of operations for uhp are included in the consolidated financial statements since december 1 , 2002 .
the acquisition of uhp resulted in identified intangible assets of $ 3800 , representing purchased contract rights and provider network .
the intangibles are being amortized over a ten-year period .
goodwill of $ 7940 is not amortized and is not deductible for tax purposes .

changes during 2003 to the preliminary purchase price allocation primarily consisted of the purchase of the remaining 20% ( 20 % ) of the outstanding stock and the recognition of intangible assets and related deferred tax liabilities .
the following unaudited pro forma information presents the results of operations of centene and subsidiaries as if the uhp acquisition described above had occurred as of january 1 , 2001 .

these pro forma results may not necessar- ily reflect the actual results of operations that would have been achieved , nor are they necessarily indicative of future results of operations. .

diluted earnings per common share 1.48 1.00 texas universities health plan in june 2002 , the company purchased schip contracts in three texas service areas .
the cash purchase price of $ 595 was recorded as purchased contract rights , which are being amortized on a straight-line basis over five years , the expected period of benefit .
bankers reserve in march 2002 , the company acquired bankers reserve life insurance company of wisconsin for a cash purchase price of $ 3527 .

the company allocated the purchase price to net tangible and identifiable intangible assets based on their fair value .
centene allocated $ 479 to identifiable intangible assets , representing the value assigned to acquired licenses , which are being amortized on a straight-line basis over a notes to consolidated financial statements ( continued ) centene corporation and subsidiaries

 |
| table | | 2002     | 2001
--------------------------------- | -------- | --------
revenue                           | $ 567048 | $ 395155
net earnings                      | 25869    | 11573
diluted earnings per common share | 1.48     | 1.00 |


| _id | dd4bd3b46 |
| title |  |
| text | table of contents valero energy corporation and subsidiaries notes to consolidated financial statements ( continued ) commodity price risk we are exposed to market risks related to the volatility in the price of crude oil , refined products ( primarily gasoline and distillate ) , grain ( primarily corn ) , and natural gas used in our operations .

to reduce the impact of price volatility on our results of operations and cash flows , we use commodity derivative instruments , including futures , swaps , and options .
we use the futures markets for the available liquidity , which provides greater flexibility in transacting our hedging and trading operations .
we use swaps primarily to manage our price exposure .

our positions in commodity derivative instruments are monitored and managed on a daily basis by a risk control group to ensure compliance with our stated risk management policy that has been approved by our board of directors .
for risk management purposes , we use fair value hedges , cash flow hedges , and economic hedges .
in addition to the use of derivative instruments to manage commodity price risk , we also enter into certain commodity derivative instruments for trading purposes .

our objective for entering into each type of hedge or trading derivative is described below .
fair value hedges fair value hedges are used to hedge price volatility in certain refining inventories and firm commitments to purchase inventories .
the level of activity for our fair value hedges is based on the level of our operating inventories , and generally represents the amount by which our inventories differ from our previous year-end lifo inventory levels .

as of december 31 , 2012 , we had the following outstanding commodity derivative instruments that were entered into to hedge crude oil and refined product inventories and commodity derivative instruments related to the physical purchase of crude oil and refined products at a fixed price .
the information presents the notional volume of outstanding contracts by type of instrument and year of maturity ( volumes in thousands of barrels ) .

notional contract volumes by year of maturity derivative instrument 2013 .

 |
| table | derivative instrument           | notionalcontractvolumes byyear ofmaturity 2013
------------------------------- | ----------------------------------------------
crude oil and refined products: |
futures 2013 long               | 1052
futures 2013 short              | 4857
physical contracts - long       | 3805 |


| _id | dd496ed24 |
| title |  |
| text | mandatorily redeemable securities of subsidiary trusts total mandatorily redeemable securities of subsidiary trusts ( trust preferred securities ) , which qualify as tier 1 capital , were $ 23.899 billion at december 31 , 2008 , as compared to $ 23.594 billion at december 31 , 2007 .
in 2008 , citigroup did not issue any new enhanced trust preferred securities .

the frb issued a final rule , with an effective date of april 11 , 2005 , which retains trust preferred securities in tier 1 capital of bank holding companies , but with stricter quantitative limits and clearer qualitative standards .

under the rule , after a five-year transition period , the aggregate amount of trust preferred securities and certain other restricted core capital elements included in tier 1 capital of internationally active banking organizations , such as citigroup , would be limited to 15% ( 15 % ) of total core capital elements , net of goodwill , less any associated deferred tax liability .

the amount of trust preferred securities and certain other elements in excess of the limit could be included in tier 2 capital , subject to restrictions .
at december 31 , 2008 , citigroup had approximately 11.8% ( 11.8 % ) against the limit .
the company expects to be within restricted core capital limits prior to the implementation date of march 31 , 2009 .

the frb permits additional securities , such as the equity units sold to adia , to be included in tier 1 capital up to 25% ( 25 % ) ( including the restricted core capital elements in the 15% ( 15 % ) limit ) of total core capital elements , net of goodwill less any associated deferred tax liability .
at december 31 , 2008 , citigroup had approximately 16.1% ( 16.1 % ) against the limit .

the frb granted interim capital relief for the impact of adopting sfas 158 at december 31 , 2008 and december 31 , 2007 .
the frb and the ffiec may propose amendments to , and issue interpretations of , risk-based capital guidelines and reporting instructions .
these may affect reported capital ratios and net risk-weighted assets .

capital resources of citigroup 2019s depository institutions citigroup 2019s subsidiary depository institutions in the united states are subject to risk-based capital guidelines issued by their respective primary federal bank regulatory agencies , which are similar to the frb 2019s guidelines .

to be 201cwell capitalized 201d under federal bank regulatory agency definitions , citigroup 2019s depository institutions must have a tier 1 capital ratio of at least 6% ( 6 % ) , a total capital ( tier 1 + tier 2 capital ) ratio of at least 10% ( 10 % ) and a leverage ratio of at least 5% ( 5 % ) , and not be subject to a regulatory directive to meet and maintain higher capital levels .

at december 31 , 2008 , all of citigroup 2019s subsidiary depository institutions were 201cwell capitalized 201d under the federal regulatory agencies 2019 definitions , including citigroup 2019s primary depository institution , citibank , n.a. , as noted in the following table : citibank , n.a .
components of capital and ratios under regulatory guidelines in billions of dollars at year end 2008 2007 .

leverage ratio ( 1 ) 5.82 6.65 ( 1 ) tier 1 capital divided by adjusted average assets .
citibank , n.a .
had a net loss for 2008 amounting to $ 6.2 billion .
during 2008 , citibank , n.a .
received contributions from its parent company of $ 6.1 billion .
citibank , n.a .
did not issue any additional subordinated notes in 2008 .
total subordinated notes issued to citicorp holdings inc .

that were outstanding at december 31 , 2008 and december 31 , 2007 and included in citibank , n.a . 2019s tier 2 capital , amounted to $ 28.2 billion .
citibank , n.a .
received an additional $ 14.3 billion in capital contribution from its parent company in january 2009 .
the impact of this contribution is not reflected in the table above .

the substantial events in 2008 impacting the capital of citigroup , and the potential future events discussed on page 94 under 201ccitigroup regulatory capital ratios , 201d also affected , or could affect , citibank , n.a.

 |
| table | in billions of dollars at year end        | 2008             | 2007
----------------------------------------- | ---------------- | ----------------
tier 1 capital                            | $ 71.0           | $ 82.0
total capital ( tier 1 and tier 2 )       | 108.4            | 121.6
tier 1 capital ratio                      | 9.94% ( 9.94 % ) | 8.98% ( 8.98 % )
total capital ratio ( tier 1 and tier 2 ) | 15.18            | 13.33
leverage ratio ( 1 )                      | 5.82             | 6.65 |