| _id | dd4bdf95a |
| title |  |
| text | loss on the contract may be recorded , if necessary , and any remaining deferred implementation revenues would typically be recognized over the remaining service period through the termination date .
in connection with our long-term outsourcing service agreements , highly customized implementation efforts are often necessary to set up clients and their human resource or benefit programs on our systems and operating processes .

for outsourcing services sold separately or accounted for as a separate unit of accounting , specific , incremental and direct costs of implementation incurred prior to the services commencing are generally deferred and amortized over the period that the related ongoing services revenue is recognized .
deferred costs are assessed for recoverability on a periodic basis to the extent the deferred cost exceeds related deferred revenue .
pensions we sponsor defined benefit pension plans throughout the world .

our most significant plans are located in the u.s. , the u.k. , the netherlands and canada .
our significant u.s. , u.k. , netherlands and canadian pension plans are closed to new entrants .
we have ceased crediting future benefits relating to salary and service for our u.s. , u.k. , netherlands and canadian plans to the extent statutorily permitted .

in 2016 , we estimate pension and post-retirement net periodic benefit cost for major plans to increase by $ 15 million to a benefit of approximately $ 54 million .
the increase in the benefit is primarily due to a change in our approach to measuring service and interest cost .

effective december 31 , 2015 and for 2016 expense , we have elected to utilize a full yield curve approach in the estimation of the service and interest cost components of net periodic pension and post-retirement benefit cost for our major pension and other post-retirement benefit plans by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows .

in 2015 and prior years , we estimated these components of net periodic pension and post-retirement benefit cost by applying a single weighted-average discount rate , derived from the yield curve used to measure the benefit obligation at the beginning of the period .
we have made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs .

this change does not affect the measurement of the projected benefit obligation as the change in the service cost and interest cost is completely offset in the actuarial ( gain ) loss recorded in other comprehensive income .
we accounted for this change as a change in estimate and , accordingly , will account for it prospectively .

recognition of gains and losses and prior service certain changes in the value of the obligation and in the value of plan assets , which may occur due to various factors such as changes in the discount rate and actuarial assumptions , actual demographic experience and/or plan asset performance are not immediately recognized in net income .
such changes are recognized in other comprehensive income and are amortized into net income as part of the net periodic benefit cost .

unrecognized gains and losses that have been deferred in other comprehensive income , as previously described , are amortized into compensation and benefits expense as a component of periodic pension expense based on the average life expectancy of the u.s. , the netherlands , canada , and u.k .
plan members .
we amortize any prior service expense or credits that arise as a result of plan changes over a period consistent with the amortization of gains and losses .

as of december 31 , 2015 , our pension plans have deferred losses that have not yet been recognized through income in the consolidated financial statements .
we amortize unrecognized actuarial losses outside of a corridor , which is defined as 10% ( 10 % ) of the greater of market-related value of plan assets or projected benefit obligation .

to the extent not offset by future gains , incremental amortization as calculated above will continue to affect future pension expense similarly until fully amortized .
the following table discloses our unrecognized actuarial gains and losses , the number of years over which we are amortizing the experience loss , and the estimated 2016 amortization of loss by country ( amounts in millions ) : .

the unrecognized prior service cost ( income ) at december 31 , 2015 was $ 9 million , $ 46 million , and $ ( 7 ) million in the u.s. , u.k .
and other plans , respectively .
for the u.s .
pension plans we use a market-related valuation of assets approach to determine the expected return on assets , which is a component of net periodic benefit cost recognized in the consolidated statements of income .
this approach

 |
| table | | u.k .   | u.s .  | other
--------------------------------------- | ------- | ------ | -------
unrecognized actuarial gains and losses | $ 1511  | $ 1732 | $ 382
amortization period ( in years )        | 10 - 32 | 7 - 28 | 15 - 41
estimated 2016 amortization of loss     | $ 37    | $ 52   | $ 10 |


| _id | dd4b9c40c |
| title |  |
| text | 58| | duke realty corporation annual report 2009 we recognized a loss of $ 1.1 million upon acquisition , which represents the difference between the fair value of the recognized assets and the carrying value of our pre-existing equity interest .

the acquisition date fair value of the net recognized assets as compared to the acquisition date carrying value of our outstanding advances and accrued interest , as well as the acquisition date carrying value of our pre-existing equity interests , is shown as follows ( in thousands ) : .

since april 1 , 2009 , the results of operations for both acquired entities have been included in continuing operations in our consolidated financial statements .
due to our significant pre-existing ownership and financing positions in the two acquired entities , the inclusion of their results of operations did not have a material effect on our operating income .

acquisitions we acquired income producing real estate related assets of $ 32.1 million , $ 60.5 million and $ 219.9 million in 2009 , 2008 and 2007 , respectively .
in december 2007 , in order to further establish our property positions around strategic port locations , we purchased a portfolio of five industrial buildings in seattle , virginia and houston , as well as approximately 161 acres of undeveloped land and a 12-acre container storage facility in houston .

the total price was $ 89.7 million and was financed in part through assumption of secured debt that had a fair value of $ 34.3 million .
of the total purchase price , $ 64.1 million was allocated to in-service real estate assets , $ 20.0 million was allocated to undeveloped land and the container storage facility , $ 5.4 million was allocated to lease related intangible assets , and the remaining amount was allocated to acquired working capital related assets and liabilities .

the results of operations for the acquired properties since the date of acquisition have been included in continuing rental operations in our consolidated financial statements .
all other acquisitions were not individually material .
dispositions we disposed of income producing real estate related assets with gross proceeds of $ 267.0 million , $ 426.2 million and $ 590.4 million in 2009 , 2008 and 2007 , respectively .

we sold five properties in 2009 and seven properties in 2008 to an unconsolidated joint venture .
the gross proceeds totaled $ 84.3 million and $ 226.2 million for the years ended december 31 , 2009 and 2008 , respectively .
in march 2007 , as part of our capital recycling program , we sold a portfolio of eight suburban office properties totaling 894000 square feet in the cleveland market .
the sales price totaled $ 140.4 million , of which we received net proceeds of $ 139.3 million .

we also sold a portfolio of twelve flex and light industrial properties in july 2007 , totaling 865000 square feet in the st .
louis market , for a sales price of $ 65.0 million , of which we received net proceeds of $ 64.2 million .
all other dispositions were not individually material .
( 4 ) related party transactions we provide property management , leasing , construction and other tenant related services to unconsolidated companies in which we have equity interests .

for the years ended december 31 , 2009 , 2008 and 2007 , respectively , we earned management fees of $ 8.4 million , $ 7.8 million and $ 7.1 million , leasing fees of $ 4.2 million , $ 2.8 million and $ 4.2 million and construction and development fees of $ 10.2 million , $ 12.7 million and $ 13.1 million from these companies .
we recorded these fees based on contractual terms that approximate market rates for these types of

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


| _id | dd49877e8 |
| title |  |
| text | generally , our variable-rate home equity lines of credit have either a seven or ten year draw period , followed by a 20 year amortization term .
during the draw period , we have home equity lines of credit where borrowers pay interest only and home equity lines of credit where borrowers pay principal and interest .
based upon outstanding balances at december 31 , 2011 , the following table presents the periods when home equity lines of credit draw periods are scheduled to end .

home equity lines of credit - draw period end dates in millions interest only product principal and interest product .

( a ) includes approximately $ 306 million , $ 44 million , $ 60 million , $ 100 million , and $ 246 million of home equity lines of credit with balloon payments with draw periods scheduled to end in 2012 , 2013 , 2014 , 2015 , and 2016 and thereafter , respectively .

we view home equity lines of credit where borrowers are paying principal and interest under the draw period as less risky than those where the borrowers are paying interest only , as these borrowers have a demonstrated ability to make some level of principal and interest payments .

based upon outstanding balances , and excluding purchased impaired loans , at december 31 , 2011 , for home equity lines of credit for which the borrower can no longer draw ( e.g. , draw period has ended or borrowing privileges have been terminated ) , approximately 4.32% ( 4.32 % ) were 30-89 days past due and approximately 5.57% ( 5.57 % ) were greater than or equal to 90 days past due .

generally , when a borrower becomes 60 days past due , we terminate borrowing privileges , and those privileges are not subsequently reinstated .
at that point , we continue our collection/recovery processes , which may include a loss mitigation loan modification resulting in a loan that is classified as a tdr .

see note 5 asset quality and allowances for loan and lease losses and unfunded loan commitments and letters of credit in the notes to consolidated financial statements in item 8 of this report for additional information .
loan modifications and troubled debt restructurings consumer loan modifications we modify loans under government and pnc-developed programs based upon our commitment to help eligible homeowners and borrowers avoid foreclosure , where appropriate .

initially , a borrower is evaluated for a modification under a government program .
if a borrower does not qualify under a government program , the borrower is then evaluated under a pnc program .
our programs utilize both temporary and permanent modifications and typically reduce the interest rate , extend the term and/or defer principal .
temporary and permanent modifications under programs involving a change to loan terms are generally classified as tdrs .

further , certain payment plans and trial payment arrangements which do not include a contractual change to loan terms may be classified as tdrs .
additional detail on tdrs is discussed below as well as in note 5 asset quality and allowances for loan and lease losses and unfunded loan commitments and letters of credit in the notes to consolidated financial statements in item 8 of this report .

a temporary modification , with a term between three and 60 months , involves a change in original loan terms for a period of time and reverts to the original loan terms as of a specific date or the occurrence of an event , such as a failure to pay in accordance with the terms of the modification .
typically , these modifications are for a period of up to 24 months after which the interest rate reverts to the original loan rate .

a permanent modification , with a term greater than 60 months , is a modification in which the terms of the original loan are changed .
permanent modifications primarily include the government-created home affordable modification program ( hamp ) or pnc-developed hamp-like modification programs .

for consumer loan programs , such as residential mortgages and home equity loans and lines , we will enter into a temporary modification when the borrower has indicated a temporary hardship and a willingness to bring current the delinquent loan balance .
examples of this situation often include delinquency due to illness or death in the family , or a loss of employment .

permanent modifications are entered into when it is confirmed that the borrower does not possess the income necessary to continue making loan payments at the current amount , but our expectation is that payments at lower amounts can be made .
residential mortgage and home equity loans and lines have been modified with changes in terms for up to 60 months , although the majority involve periods of three to 24 months .

we also monitor the success rates and delinquency status of our loan modification programs to assess their effectiveness in serving our customers 2019 needs while mitigating credit losses .

the following tables provide the number of accounts and unpaid principal balance of modified consumer real estate related loans as well as the number of accounts and unpaid principal balance of modified loans that were 60 days or more past due as of six months , nine months and twelve months after the modification date .
78 the pnc financial services group , inc .
2013 form 10-k

 |
| table | in millions         | interest only product | principal and interest product
------------------- | --------------------- | ------------------------------
2012                | $ 904                 | $ 266
2013                | 1211                  | 331
2014                | 2043                  | 598
2015                | 1988                  | 820
2016 and thereafter | 6961                  | 5601
total ( a )         | $ 13107               | $ 7616 |


| _id | dd4c57ee6 |
| title |  |
| text | years .
the company does not yet have a robust set of annuitization experience because most of its clients 2019 policyholders are not yet eligible to annuitize utilizing the gmib .

however , for certain clients there are several years of annuitization experience 2013 for those clients the annuitization function reflects the actual experience and has a maximum annuitization rate per annum of 8 percent ( a higher maximum applies in the first year a policy is eligible to annuitize utilizing the gmib 2013 it is over 13 percent ) .

for most clients there is no currently observable relevant annuitization behavior data and so we use a weighted aver- age ( with a heavier weighting on the observed experience noted previously ) of three different annuitization functions with maximum annuitization rates per annum of 8 percent , 12 percent , and 30 percent , respectively ( with significantly higher rates in the first year a policy is eligible to annuitize utilizing the gmib ) .

as noted elsewhere , our gmib reinsurance treaties include claim limits to protect ace in the event that actual annuitization behavior is significantly higher than expected .
during 2010 , the company made various changes to assumptions ( primarily annuitization and lapse ) and methods used to calculate the fair value .

the changes had a net effect of reducing fair value of the liability by $ 98 million ( where the dollar impact of each change was measured in the quarter in which the change was implemented ) .
during 2010 , we recorded realized losses of $ 64 million primarily due to increasing net fair value of reported glb reinsurance liabilities resulting substantially from the impact of falling interest rates .

this excludes realized losses of $ 150 mil- lion during 2010 on derivative hedge instruments held to partially offset the risk in the va guarantee reinsurance portfolio .
these derivatives do not receive hedge accounting treatment .
refer to 201cnet realized gains ( losses ) 201d for a breakdown of the realized gains on glb reinsurance and the realized losses on the derivatives for 2010 and 2009 .

ace tempest life re employs a strategy to manage the financial market and policyholder behavior risks embedded in the reinsurance of va guarantees .
risk management begins with underwriting a prospective client and guarantee design , with particular focus on protecting ace 2019s position from policyholder options that , because of anti-selective behavior , could adversely impact our obligation .
a second layer of risk management is the structure of the reinsurance contracts .

all va guarantee reinsurance contracts include some form of annual or aggregate claim limit ( s ) .

the exact limits vary by contract , but some examples of typical con- tract provisions include : 2022 annual claim limits , as a percentage of reinsured account or guaranteed value , for gmdbs and gmibs ; 2022 annual annuitization rate limits , as a percentage of annuitization eligible account or guaranteed value , for gmibs ; and 2022 per policy claim limits , as a percentage of guaranteed value , for gmabs .

a third layer of risk management is the hedging strategy which is focused on mitigating long-term economic losses at a portfolio level .
ace tempest life re owned financial market instruments as part of the hedging strategy with a fair value of $ 21 million and $ 47 million at december 31 , 2010 , and 2009 , respectively .
the instruments are substantially collateralized by our counterparties , on a daily basis .

we also limit the aggregate amount of variable annuity reinsurance guarantee risk we are willing to assume .
the last substantive u.s .
transaction was quoted in mid-2007 and the last transaction in japan was quoted in late 2007 .
the aggregate number of policyholders is currently decreasing through policyholder withdrawals and deaths at a rate of 5-10 per- cent annually .
note that glb claims cannot occur for any reinsured policy until it has reached the end of its 201cwaiting period 201d .

the vast majority of policies we reinsure reach the end of their 201cwaiting periods 201d in 2013 or later , as shown in the table below .
year of first payment eligibility percent of living benefit account values .

 |
| table | year of first payment eligibility | percent ofliving benefitaccount values
--------------------------------- | --------------------------------------
2010 and prior                    | 1% ( 1 % )
2011                              | 0% ( 0 % )
2012                              | 7% ( 7 % )
2013                              | 24% ( 24 % )
2014                              | 19% ( 19 % )
2015                              | 5% ( 5 % )
2016                              | 6% ( 6 % )
2017                              | 18% ( 18 % )
2018 and after                    | 20% ( 20 % )
total                             | 100% ( 100 % ) |


| _id | dd4ba1ef2 |
| title |  |
| text | shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the sec , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing .

the following graph shows a five year comparison of cumulative total shareowners 2019 returns for our class b common stock , the standard & poor 2019s 500 index , and the dow jones transportation average .

the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2009 in the standard & poor 2019s 500 index , the dow jones transportation average , and our class b common stock. .

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


| _id | dd4c529be |
| title |  |
| text | for the years ended december 31 , 2007 , 2006 and 2005 , $ 0.5 million , $ 0.8 million and $ 1.4 million , respectively , of depreciation and amortization on assets under capital leases was included in depreciation and amortization expense .
sponsorships and other marketing commitments within the normal course of business , the company enters into contractual commitments in order to promote the company 2019s brand and products .

these commitments include sponsorship agreements with teams and athletes on the collegiate and professional levels , official supplier agreements , athletic event sponsorships and other marketing commitments .
the following is a schedule of the company 2019s future minimum payments under its sponsorship and other marketing agreements as of december 31 , 2007 : ( in thousands ) december 31 .

the amounts listed above are the minimum obligations required to be paid under the company 2019s sponsorship and other marketing agreements .
some of the these agreements provide for additional incentives based on performance achievements while wearing or using the company 2019s products and may also include product supply obligations over the terms of the agreements .
the company is , from time to time , involved in routine legal matters incidental to its business .

management believes that the ultimate resolution of any such current proceedings and claims will not have a material adverse effect on the company 2019s consolidated financial position , results of operations or cash flows .
certain key executives are party to agreements with the company that include severance benefits upon involuntary termination or change in ownership of the company .
8 .

8 .
stockholders 2019 equity in november 2005 , the company completed an initial public offering and issued an additional 9.5 million shares of common stock .
as part of the initial public offering , 1.2 million outstanding shares of convertible common stock held by rosewood entities were converted to class a common stock on a three-for-one basis .

the company received proceeds of $ 112.7 million net of $ 10.8 million in stock issue costs , which it used to repay the $ 25.0 million term note , the balance outstanding under the revolving credit facility of $ 12.2 million , and the series a preferred stock of $ 12.0 million .

as part of a recapitalization in connection with the initial public offering , the company 2019s stockholders approved an amended and restated charter that provides for the issuance of up to 100.0 million shares of class a common stock and 16.2 million shares of class b convertible common stock , par value $ 0.0003 1/3 per share , and permits amendments to the charter without stockholder approval to increase or decrease the aggregate number of shares of stock authorized , or the number of shares of stock

authorized , or the number of shares of stock of any class or series of stock authorized , and to classify or reclassify unissued shares of stock .

in conjunction with the initial public offering , 1.0 million shares of class b convertible common stock were converted into shares of class a common stock on a one-for-one basis in connection with a stock sale.

 |
| table | ( in thousands )                                              | december 31 2007
------------------------------------------------------------- | ----------------
2008                                                          | $ 14684
2009                                                          | 14660
2010                                                          | 13110
2011                                                          | 10125
2012 and thereafter                                           | 1005
total future minimum sponsorship and other marketing payments | $ 53584 |


| _id | dd4baca00 |
| title |  |
| text | visa inc .
notes to consolidated financial statements 2014 ( continued ) september 30 , 2013 market condition is based on the company 2019s total shareholder return ranked against that of other companies that are included in the standard & poor 2019s 500 index .
the fair value of the performance- based shares , incorporating the market condition , is estimated on the grant date using a monte carlo simulation model .

the grant-date fair value of performance-based shares in fiscal 2013 , 2012 and 2011 was $ 164.14 , $ 97.84 and $ 85.05 per share , respectively .
earned performance shares granted in fiscal 2013 and 2012 vest approximately three years from the initial grant date .
earned performance shares granted in fiscal 2011 vest in two equal installments approximately two and three years from their respective grant dates .
all performance awards are subject to earlier vesting in full under certain conditions .

compensation cost for performance-based shares is initially estimated based on target performance .
it is recorded net of estimated forfeitures and adjusted as appropriate throughout the performance period .
at september 30 , 2013 , there was $ 15 million of total unrecognized compensation cost related to unvested performance-based shares , which is expected to be recognized over a weighted-average period of approximately 1.0 years .
note 17 2014commitments and contingencies commitments .

the company leases certain premises and equipment throughout the world with varying expiration dates .
the company incurred total rent expense of $ 94 million , $ 89 million and $ 76 million in fiscal 2013 , 2012 and 2011 , respectively .
future minimum payments on leases , and marketing and sponsorship agreements per fiscal year , at september 30 , 2013 , are as follows: .

select sponsorship agreements require the company to spend certain minimum amounts for advertising and marketing promotion over the life of the contract .
for commitments where the individual years of spend are not specified in the contract , the company has estimated the timing of when these amounts will be spent .

in addition to the fixed payments stated above , select sponsorship agreements require the company to undertake marketing , promotional or other activities up to stated monetary values to support events which the company is sponsoring .
the stated monetary value of these activities typically represents the value in the marketplace , which may be significantly in excess of the actual costs incurred by the company .
client incentives .

client incentives .
the company has agreements with financial institution clients and other business partners for various programs designed to build payments volume , increase visa-branded card and product acceptance and win merchant routing transactions .
these agreements , with original terms ranging from one to thirteen years , can provide card issuance and/or conversion support , volume/growth targets and marketing and program support based on specific performance requirements .

these agreements are designed to encourage client business and to increase overall visa-branded payment and transaction volume , thereby reducing per-unit transaction processing costs and increasing brand awareness for all visa clients .
payments made that qualify for capitalization , and obligations incurred under these programs are reflected on the consolidated balance sheet .
client incentives are recognized primarily as a reduction

 |
| table | ( in millions )            | 2014  | 2015  | 2016  | 2017 | 2018 | thereafter | total
-------------------------- | ----- | ----- | ----- | ---- | ---- | ---------- | -----
operating leases           | $ 100 | $ 77  | $ 43  | $ 35 | $ 20 | $ 82       | $ 357
marketing and sponsorships | 116   | 117   | 61    | 54   | 54   | 178        | 580
total                      | $ 216 | $ 194 | $ 104 | $ 89 | $ 74 | $ 260      | $ 937 |


| _id | dd4978f5e |
| title |  |
| text | masco corporation notes to consolidated financial statements ( continued ) h .
goodwill and other intangible assets ( continued ) goodwill at december 31 , accumulated impairment losses goodwill at december 31 , 2010 additions ( a ) discontinued operations ( b ) pre-tax impairment charge other ( c ) goodwill at december 31 , cabinets and related products .
.
.
.
.
.
.
.
.
.
.
$ 587 $ ( 364 ) $ 223 $ 2014 $ 2014 $ ( 44 ) $ 2 $ 181 .

( a ) additions include acquisitions .
( b ) during 2011 , the company reclassified the goodwill related to the business units held for sale .
subsequent to the reclassification , the company recognized a charge for those business units expected to be divested at a loss ; the charge included a write-down of goodwill of $ 13 million .
( c ) other principally includes the effect of foreign currency translation and purchase price adjustments related to prior-year acquisitions .

in the fourth quarters of 2012 and 2011 , the company completed its annual impairment testing of goodwill and other indefinite-lived intangible assets .
the impairment test in 2012 indicated there was no impairment of goodwill for any of the company 2019s reporting units .
the impairment test in 2011 indicated that goodwill recorded for certain of the company 2019s reporting units was impaired .

the company recognized the non-cash , pre-tax impairment charges , in continuing operations , for goodwill of $ 486 million ( $ 330 million , after tax ) for 2011 .
in 2011 , the pre-tax impairment charge in the cabinets and related products segment relates to the european ready-to- assemble cabinet manufacturer and reflects the declining demand for certain products , as well as decreased operating margins .

the pre-tax impairment charge in the decorative architectural products segment relates to the builders 2019 hardware business and reflects increasing competitive conditions for that business .

the pre-tax impairment charge in the other specialty products segment relates to the north american window and door business and reflects the continuing weak level of new home construction activity in the western u.s. , the reduced levels of repair and remodel activity and the expectation that recovery in these segments will be modestly slower than anticipated .

the company then assessed the long-lived assets associated with these business units and determined no impairment was necessary at december 31 , 2011 .
other indefinite-lived intangible assets were $ 132 million and $ 174 million at december 31 , 2012 and 2011 , respectively , and principally included registered trademarks .

in 2012 and 2011 , the impairment test indicated that the registered trademark for a north american business unit in the other specialty products segment and the registered trademark for a north american business unit in the plumbing products segment ( 2011 only ) were impaired due to changes in the long-term outlook for the business units .

the company recognized non-cash , pre-tax impairment charges for other indefinite- lived intangible assets of $ 42 million ( $ 27 million , after tax ) and $ 8 million ( $ 5 million , after tax ) in 2012 and 2011 , respectively .

in 2010 , the company recognized non-cash , pre-tax impairment charges for other indefinite-lived intangible assets of $ 10 million ( $ 6 million after tax ) related to the installation and other services segment ( $ 9 million pre-tax ) and the plumbing products segment ( $ 1 million pre-tax ) .

 |
| table | | gross goodwill at december 31 2010 | accumulated impairment losses | net goodwill at december 31 2010 | additions ( a ) | discontinued operations ( b ) | pre-tax impairment charge | other ( c ) | net goodwill at december 31 2011
--------------------------------- | ---------------------------------- | ----------------------------- | -------------------------------- | --------------- | ----------------------------- | ------------------------- | ----------- | --------------------------------
cabinets and related products     | $ 587                              | $ -364 ( 364 )                | $ 223                            | $ 2014          | $ 2014                        | $ -44 ( 44 )              | $ 2         | $ 181
plumbing products                 | 536                                | -340 ( 340 )                  | 196                              | 9               | 2014                          | 2014                      | -4 ( 4 )    | 201
installation and other services   | 1819                               | -762 ( 762 )                  | 1057                             | 2014            | -13 ( 13 )                    | 2014                      | 2014        | 1044
decorative architectural products | 294                                | 2014                          | 294                              | 2014            | 2014                          | -75 ( 75 )                | 2014        | 219
other specialty products          | 980                                | -367 ( 367 )                  | 613                              | 2014            | 2014                          | -367 ( 367 )              | 2014        | 246
total                             | $ 4216                             | $ -1833 ( 1833 )              | $ 2383                           | $ 9             | $ -13 ( 13 )                  | $ -486 ( 486 )            | $ -2 ( 2 )  | $ 1891 |


| _id | dd4c11dd8 |
| title |  |
| text | notes to consolidated financial statements 2014 ( continued ) note 12 2014related party transactions in the course of settling money transfer transactions , we purchase foreign currency from consultoria internacional casa de cambio ( 201ccisa 201d ) , a mexican company partially owned by certain of our employees .
as of march 31 , 2008 , mr .
ra fal lim f3n cortes , a 10% ( 10 % ) shareholder of cisa , was no longer an employee , and we no longer considered cisa a related party .

we purchased 6.1 billion mexican pesos for $ 560.3 million during the ten months ended march 31 , 2008 and 8.1 billion mexican pesos for $ 736.0 million during fiscal 2007 from cisa .
we believe these currency transactions were executed at prevailing market exchange rates .
also from time to time , money transfer transactions are settled at destination facilities owned by cisa .

we incurred related settlement expenses , included in cost of service in the accompanying consolidated statements of income of $ 0.5 million in the ten months ended march 31 , 2008 .
in fiscal 2007 and 2006 , we incurred related settlement expenses , included in cost of service in the accompanying consolidated statements of income of $ 0.7 and $ 0.6 million , respectively .
in the normal course of business , we periodically utilize the services of contractors to provide software development services .

one of our employees , hired in april 2005 , is also an employee , officer , and part owner of a firm that provides such services .
the services provided by this firm primarily relate to software development in connection with our planned next generation front-end processing system in the united states .
during fiscal 2008 , we capitalized fees paid to this firm of $ 0.3 million .

as of may 31 , 2008 and 2007 , capitalized amounts paid to this firm of $ 4.9 million and $ 4.6 million , respectively , were included in property and equipment in the accompanying consolidated balance sheets .
in addition , we expensed amounts paid to this firm of $ 0.3 million , $ 0.1 million and $ 0.5 million in the years ended may 31 , 2008 , 2007 and 2006 , respectively .
note 13 2014commitments and contingencies leases we conduct a major part of our operations using leased facilities and equipment .

many of these leases have renewal and purchase options and provide that we pay the cost of property taxes , insurance and maintenance .
rent expense on all operating leases for fiscal 2008 , 2007 and 2006 was $ 30.4 million , $ 27.1 million , and $ 24.4 million , respectively .
future minimum lease payments for all noncancelable leases at may 31 , 2008 were as follows : operating leases .

we are party to a number of other claims and lawsuits incidental to our business .
in the opinion of management , the reasonably possible outcome of such matters , individually or in the aggregate , will not have a material adverse impact on our financial position , liquidity or results of operations.

 |
| table | | operating leases
----------------------------------- | ----------------
2009                                | $ 22883
2010                                | 16359
2011                                | 11746
2012                                | 5277
2013                                | 3365
thereafter                          | 7816
total future minimum lease payments | $ 67446 |


| _id | dd4be1b9c |
| title |  |
| text | american tower corporation and subsidiaries notes to consolidated financial statements u.s .
acquisitions 2014during the year ended december 31 , 2010 , the company acquired 548 towers through multiple acquisitions in the united states for an aggregate purchase price of $ 329.3 million and contingent consideration of approximately $ 4.6 million .

the acquisition of these towers is consistent with the company 2019s strategy to expand in selected geographic areas and have been accounted for as business combinations .
the following table summarizes the preliminary allocation of the aggregate purchase consideration paid and the amounts of assets acquired and liabilities assumed based on the estimated fair value of the acquired assets and assumed liabilities at the date of acquisition ( in thousands ) : purchase price allocation .

( 1 ) consists of customer relationships of approximately $ 205.4 million and network location intangibles of approximately $ 55.5 million .
the customer relationships and network location intangibles are being amortized on a straight-line basis over a period of 20 years .
( 2 ) goodwill is expected to be deductible for income tax purposes .
the goodwill was allocated to the domestic rental and management segment .

the allocation of the purchase price will be finalized upon completion of analyses of the fair value of the assets acquired and liabilities assumed .
south africa acquisition 2014on november 4 , 2010 , the company entered into a definitive agreement with cell c ( pty ) limited to purchase up to approximately 1400 existing towers , and up to 1800 additional towers that either are under construction or will be constructed , for an aggregate purchase price of up to approximately $ 430 million .

the company anticipates closing the purchase of up to 1400 existing towers during 2011 , subject to customary closing conditions .
other transactions coltel transaction 2014on september 3 , 2010 , the company entered into a definitive agreement to purchase the exclusive use rights for towers in colombia from colombia telecomunicaciones s.a .
e.s.p .
( 201ccoltel 201d ) until 2023 , when ownership of the towers will transfer to the company at no additional cost .

pursuant to that agreement , the company completed the purchase of exclusive use rights for 508 towers for an aggregate purchase price of $ 86.8 million during the year ended december 31 , 2010 .
the company expects to complete the purchase of the exclusive use rights for an additional 180 towers by the end of 2011 , subject to customary closing conditions .

the transaction has been accounted for as a capital lease , with the aggregated purchase price being allocated to property and equipment and non-current assets .
joint venture with mtn group 2014on december 6 , 2010 , the company entered into a definitive agreement with mtn group limited ( 201cmtn group 201d ) to establish a joint venture in ghana ( 201ctowerco ghana 201d ) .

towerco ghana , which will be managed by the company , will be owned by a holding company of which a wholly owned american tower subsidiary will hold a 51% ( 51 % ) share and a wholly owned mtn group subsidiary ( 201cmtn ghana 201d ) will hold a 49% ( 49 % ) share .
the transaction involves the sale of up to 1876 of mtn ghana 2019s existing sites to

 |
| table | | purchase price allocation
--------------------------------- | -------------------------
non-current assets                | $ 442
property and equipment            | 64564
intangible assets ( 1 )           | 260898
current liabilities               | -360 ( 360 )
long-term liabilities             | -7802 ( 7802 )
fair value of net assets acquired | $ 317742
goodwill ( 2 )                    | 16131 |


| _id | dd4bcfd48 |
| title |  |
| text | operating lease agreements .
included in these amounts was contingent rent expense of $ 3.6 million , $ 2.0 million and $ 0.6 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively .
the operating lease obligations included above do not include any contingent rent .
sponsorships and other marketing commitments within the normal course of business , the company enters into contractual commitments in order to promote the company 2019s brand and products .

these commitments include sponsorship agreements with teams and athletes on the collegiate and professional levels , official supplier agreements , athletic event sponsorships and other marketing commitments .
the following is a schedule of the company 2019s future minimum payments under its sponsorship and other marketing agreements as of december 31 , 2011 : ( in thousands ) .

the amounts listed above are the minimum obligations required to be paid under the company 2019s sponsorship and other marketing agreements .
the amounts listed above do not include additional performance incentives and product supply obligations provided under certain agreements .
it is not possible to determine how much the company will spend on product supply obligations on an annual basis as contracts generally do not stipulate specific cash amounts to be spent on products .

the amount of product provided to the sponsorships depends on many factors including general playing conditions , the number of sporting events in which they participate and the company 2019s decisions regarding product and marketing initiatives .
in addition , the costs to design , develop , source and purchase the products furnished to the endorsers are incurred over a period of time and are not necessarily tracked separately from similar costs incurred for products sold to customers .

the company is , from time to time , involved in routine legal matters incidental to its business .
the company believes that the ultimate resolution of any such current proceedings and claims will not have a material adverse effect on its consolidated financial position , results of operations or cash flows .

in connection with various contracts and agreements , the company has agreed to indemnify counterparties against certain third party claims relating to the infringement of intellectual property rights and other items .
generally , such indemnification obligations do not apply in situations in which the counterparties are grossly negligent , engage in willful misconduct , or act in bad faith .

based on the company 2019s historical experience and the estimated probability of future loss , the company has determined that the fair value of such indemnifications is not material to its consolidated financial position or results of operations .
9 .
stockholders 2019 equity the company 2019s class a common stock and class b convertible common stock have an authorized number of shares of 100.0 million shares and 11.3 million shares , respectively , and each have a par value of $ 0.0003 1/3 per share .

holders of class a common stock and class b convertible common stock have identical rights , including liquidation preferences , except that the holders of class a common stock are entitled to one vote per share and holders of class b convertible common stock are entitled to 10 votes per share on all matters submitted to a stockholder vote .
class b convertible common stock may only be held by kevin plank

 |
| table | 2012                                                          | $ 52855
------------------------------------------------------------- | --------
2013                                                          | 46910
2014                                                          | 42514
2015                                                          | 22689
2016                                                          | 3580
2017 and thereafter                                           | 966
total future minimum sponsorship and other marketing payments | $ 169514 |


| _id | dd4b9ee6e |
| title |  |
| text | american tower corporation and subsidiaries notes to consolidated financial statements recognizing customer revenue , the company must assess the collectability of both the amounts billed and the portion recognized on a straight-line basis .
this assessment takes customer credit risk and business and industry conditions into consideration to ultimately determine the collectability of the amounts billed .

to the extent the amounts , based on management 2019s estimates , may not be collectible , recognition is deferred until such point as the uncertainty is resolved .
any amounts which were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense .

accounts receivable are reported net of allowances for doubtful accounts related to estimated losses resulting from a customer 2019s inability to make required payments and reserves for amounts invoiced whose collectability is not reasonably assured .

these allowances are generally estimated based on payment patterns , days past due and collection history , and incorporate changes in economic conditions that may not be reflected in historical trends , such as customers in bankruptcy , liquidation or reorganization .
receivables are written-off against the allowances when they are determined uncollectible .
such determination includes analysis and consideration of the particular conditions of the account .

changes in the allowances were as follows for the years ended december 31 , ( in thousands ) : .

the company 2019s largest international customer is iusacell , which is the brand name under which a group of companies controlled by grupo iusacell , s.a .
de c.v .
( 201cgrupo iusacell 201d ) operates .
iusacell represented approximately 4% ( 4 % ) of the company 2019s total revenue for the year ended december 31 , 2010 .
grupo iusacell has been engaged in a refinancing of a majority of its u.s .

dollar denominated debt , and in connection with this process , two of the legal entities of the group , including grupo iusacell , voluntarily filed for a pre-packaged concurso mercantil ( a process substantially equivalent to chapter 11 of u.s .
bankruptcy law ) with the backing of a majority of their financial creditors in december 2010 .

as of december 31 , 2010 , iusacell notes receivable , net , and related assets ( which include financing lease commitments and a deferred rent asset that are primarily long-term in nature ) were $ 19.7 million and $ 51.2 million , respectively .

functional currency 2014as a result of changes to the organizational structure of the company 2019s subsidiaries in latin america in 2010 , the company determined that effective january 1 , 2010 , the functional currency of its foreign subsidiary in brazil is the brazilian real .
from that point forward , all assets and liabilities held by the subsidiary in brazil are translated into u.s .
dollars at the exchange rate in effect at the end of the applicable reporting period .

revenues and expenses are translated at the average monthly exchange rates and the cumulative translation effect is included in stockholders 2019 equity .
the change in functional currency from u.s .
dollars to brazilian real gave rise to an increase in the net value of certain non-monetary assets and liabilities .
the aggregate impact on such assets and liabilities was $ 39.8 million with an offsetting increase in accumulated other comprehensive income ( loss ) .

as a result of the renegotiation of the company 2019s agreements with its largest international customer , iusacell , which included , among other changes , converting all of iusacell 2019s contractual obligations to the company from u.s .
dollars to mexican pesos , the company has determined that effective april 1 , 2010 , the functional currency of certain of its foreign subsidiaries in mexico is the mexican peso .

from that point forward , all assets and liabilities held by those subsidiaries in mexico are translated into u.s .
dollars at the exchange rate in effect at the end of the applicable reporting period .
revenues and expenses are translated at the average monthly exchange rates and the cumulative translation effect is included in stockholders 2019 equity .
the change in functional

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


| _id | dd4c346bc |
| title |  |
| text | on the credit rating of the company and a $ 200 million term loan with an interest rate of libor plus a margin of 175 basis points , both with maturity dates in 2017 .
the proceeds from these borrowings were used , along with available cash , to fund the acquisition of temple- inland .
during 2012 , international paper fully repaid the $ 1.2 billion term loan .
international paper utilizes interest rate swaps to change the mix of fixed and variable rate debt and manage interest expense .

at december 31 , 2012 , international paper had interest rate swaps with a total notional amount of $ 150 million and maturities in 2013 ( see note 14 derivatives and hedging activities on pages 70 through 74 of item 8 .
financial statements and supplementary data ) .
during 2012 , existing swaps and the amortization of deferred gains on previously terminated swaps decreased the weighted average cost of debt from 6.8% ( 6.8 % ) to an effective rate of 6.6% ( 6.6 % ) .

the inclusion of the offsetting interest income from short- term investments reduced this effective rate to 6.2% ( 6.2 % ) .
other financing activities during 2012 included the issuance of approximately 1.9 million shares of treasury stock , net of restricted stock withholding , and 1.0 million shares of common stock for various incentive plans , including stock options exercises that generated approximately $ 108 million of cash .
payment of restricted stock withholding taxes totaled $ 35 million .

off-balance sheet variable interest entities information concerning off-balance sheet variable interest entities is set forth in note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 of item 8 .
financial statements and supplementary data for discussion .

liquidity and capital resources outlook for 2015 capital expenditures and long-term debt international paper expects to be able to meet projected capital expenditures , service existing debt and meet working capital and dividend requirements during 2015 through current cash balances and cash from operations .
additionally , the company has existing credit facilities totaling $ 2.0 billion of which nothing has been used .
the company was in compliance with all its debt covenants at december 31 , 2014 .

the company 2019s financial covenants require the maintenance of a minimum net worth of $ 9 billion and a total debt-to- capital ratio of less than 60% ( 60 % ) .
net worth is defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock plus any cumulative goodwill impairment charges .
the calculation also excludes accumulated other comprehensive income/ loss and nonrecourse financial liabilities of special purpose entities .

the total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth .
at december 31 , 2014 , international paper 2019s net worth was $ 14.0 billion , and the total-debt- to-capital ratio was 40% ( 40 % ) .
the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows .
funding decisions will be guided by our capital structure planning objectives .

the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense .
the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors .
maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy .

at december 31 , 2014 , the company held long-term credit ratings of bbb ( stable outlook ) and baa2 ( stable outlook ) by s&p and moody 2019s , respectively .
contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2014 , were as follows: .

( a ) total debt includes scheduled principal payments only .
( b ) represents debt obligations borrowed from non-consolidated variable interest entities for which international paper has , and intends to effect , a legal right to offset these obligations with investments held in the entities .

accordingly , in its consolidated balance sheet at december 31 , 2014 , international paper has offset approximately $ 5.2 billion of interests in the entities against this $ 5.3 billion of debt obligations held by the entities ( see note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 in item 8 .
financial statements and supplementary data ) .

financial statements and supplementary data ) .
( c ) includes $ 2.3 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business .
( d ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax benefits of approximately $ 119 million .

as discussed in note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 in item 8 .
financial statements and supplementary data , in connection with the 2006 international paper installment sale of forestlands , we received $ 4.8 billion of installment notes ( or timber notes ) , which we contributed to certain non- consolidated borrower entities .
the installment notes mature in august 2016 ( unless extended ) .
the deferred

 |
| table | in millions                                 | 2015   | 2016   | 2017  | 2018   | 2019   | thereafter
------------------------------------------- | ------ | ------ | ----- | ------ | ------ | ----------
maturities of long-term debt ( a )          | $ 742  | $ 543  | $ 71  | $ 1229 | $ 605  | $ 6184
debt obligations with right of offset ( b ) | 2014   | 5202   | 2014  | 2014   | 2014   | 2014
lease obligations                           | 142    | 106    | 84    | 63     | 45     | 91
purchase obligations ( c )                  | 3266   | 761    | 583   | 463    | 422    | 1690
total ( d )                                 | $ 4150 | $ 6612 | $ 738 | $ 1755 | $ 1072 | $ 7965 |


| _id | dd4bd43b6 |
| title |  |
| text | ( 201cati 201d ) and spectrasite communications , llc ( 201cspectrasite 201d ) .
we conduct our international operations through our subsidiary , american tower international , inc. , which in turn conducts operations through its various international operating subsidiaries .
our international operations consist primarily of our operations in mexico and brazil , and also include operations in india , which we established in the second half of 2007 .

we operate in two business segments : rental and management and network development services .
for more information about our business segments , as well as financial information about the geographic areas in which we operate , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 201d and note 18 to our consolidated financial statements included in this annual report .

products and services rental and management our primary business is our communications site leasing business , which we conduct through our rental and management segment .
this segment accounted for approximately 97% ( 97 % ) , 98% ( 98 % ) and 98% ( 98 % ) of our total revenues for the years ended december 31 , 2008 , 2007 and 2006 , respectively .

our rental and management segment is comprised of our domestic and international site leasing business , including the operation of wireless communications towers , broadcast communications towers and das networks , as well as rooftop management .
wireless communications towers.we are a leading owner and operator of wireless communications towers in the united states , mexico and brazil , based on number of towers and revenue .

we also own and operate communications towers in india , where we commenced operations in the second half of 2007 .
in addition to owned wireless communications towers , we also manage wireless communications sites for property owners in the united states , mexico and brazil .
approximately 92% ( 92 % ) , 91% ( 91 % ) and 91% ( 91 % ) of our rental and management segment revenue was attributable to our wireless communications towers for the years ended december 31 , 2008 , 2007 and 2006 , respectively .

as of december 31 , 2008 , our wireless communications tower portfolio included the following : country number of owned sites ( approx ) coverage area united states .
.
.
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.
19400 coverage spans 49 states and the district of columbia ; 90% ( 90 % ) of network provides coverage in the top 100 markets or core areas such as high traffic interstate corridors .
mexico .
.
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mexico .
.
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2500 coverage primarily concentrated in highly populated areas , including mexico city , monterrey , guadalajara and acapulco .
brazil .
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1100 coverage primarily concentrated in major metropolitan areas in central and southern brazil , including sao paulo , rio de janeiro , brasilia and curitiba .
india .
.
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200 initial-phase coverage ( operations established in the second half of 2007 ) .

we lease space on our wireless communications towers to customers in a diverse range of wireless industries , including personal communications services , cellular , enhanced specialized mobile radio , wimax .
paging and fixed microwave .
our major domestic wireless customers include at&t mobility , sprint nextel , verizon wireless ( which completed its merger with alltel in january 2009 ) and t-mobile usa .

our major international wireless customers include grupo iusacell ( iusacell celular and unefon in mexico ) , nextel international in mexico and brazil , telefonica ( movistar in mexico and vivo in brazil ) , america movil ( telcel in mexico and claro in brazil ) and telecom italia mobile ( tim ) in brazil .
for the year ended december 31 .

( 201cati 201d ) and spectrasite communications , llc ( 201cspectrasite 201d ) .
we conduct our international operations through our subsidiary , american tower international , inc. , which in turn conducts operations through its various international operating subsidiaries .
our international operations consist primarily of our operations in mexico and brazil , and also include operations in india , which we established in the second half of 2007 .

we operate in two business segments : rental and management and network development services .
for more information about our business segments , as well as financial information about the geographic areas in which we operate , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 201d and note 18 to our consolidated financial statements included in this annual report .

products and services rental and management our primary business is our communications site leasing business , which we conduct through our rental and management segment .
this segment accounted for approximately 97% ( 97 % ) , 98% ( 98 % ) and 98% ( 98 % ) of our total revenues for the years ended december 31 , 2008 , 2007 and 2006 , respectively .

our rental and management segment is comprised of our domestic and international site leasing business , including the operation of wireless communications towers , broadcast communications towers and das networks , as well as rooftop management .
wireless communications towers.we are a leading owner and operator of wireless communications towers in the united states , mexico and brazil , based on number of towers and revenue .

we also own and operate communications towers in india , where we commenced operations in the second half of 2007 .
in addition to owned wireless communications towers , we also manage wireless communications sites for property owners in the united states , mexico and brazil .
approximately 92% ( 92 % ) , 91% ( 91 % ) and 91% ( 91 % ) of our rental and management segment revenue was attributable to our wireless communications towers for the years ended december 31 , 2008 , 2007 and 2006 , respectively .

as of december 31 , 2008 , our wireless communications tower portfolio included the following : country number of owned sites ( approx ) coverage area united states .
.
.
.
.
.
.
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19400 coverage spans 49 states and the district of columbia ; 90% ( 90 % ) of network provides coverage in the top 100 markets or core areas such as high traffic interstate corridors .
mexico .
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mexico .
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2500 coverage primarily concentrated in highly populated areas , including mexico city , monterrey , guadalajara and acapulco .
brazil .
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1100 coverage primarily concentrated in major metropolitan areas in central and southern brazil , including sao paulo , rio de janeiro , brasilia and curitiba .
india .
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200 initial-phase coverage ( operations established in the second half of 2007 ) .

we lease space on our wireless communications towers to customers in a diverse range of wireless industries , including personal communications services , cellular , enhanced specialized mobile radio , wimax .
paging and fixed microwave .
our major domestic wireless customers include at&t mobility , sprint nextel , verizon wireless ( which completed its merger with alltel in january 2009 ) and t-mobile usa .

our major international wireless customers include grupo iusacell ( iusacell celular and unefon in mexico ) , nextel international in mexico and brazil , telefonica ( movistar in mexico and vivo in brazil ) , america movil ( telcel in mexico and claro in brazil ) and telecom italia mobile ( tim ) in brazil .
for the year ended december 31

 |
| table | country       | number of owned sites ( approx ) | coverage area
------------- | -------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
united states | 19400                            | coverage spans 49 states and the district of columbia ; 90% ( 90 % ) of network provides coverage in the top 100 markets or core areas such as high traffic interstate corridors .
mexico        | 2500                             | coverage primarily concentrated in highly populated areas including mexico city monterrey guadalajara and acapulco .
brazil        | 1100                             | coverage primarily concentrated in major metropolitan areas in central and southern brazil including sao paulo rio de janeiro brasilia and curitiba .
india         | 200                              | initial-phase coverage ( operations established in the second half of 2007 ) . |


| _id | dd4bad180 |
| title |  |
| text | course of business , we actively manage our exposure to these market risks by entering into various hedging transactions , authorized under established policies that place clear controls on these activities .
the counterparties in these transactions are generally highly rated institutions .
we establish credit limits for each counterparty .
our hedging transactions include but are not limited to a variety of derivative financial instruments .

for information on interest rate , foreign exchange , commodity price , and equity instrument risk , please see note 7 to the consolidated financial statements in item 8 of this report .
value at risk the estimates in the table below are intended to measure the maximum potential fair value we could lose in one day from adverse changes in market interest rates , foreign exchange rates , commodity prices , and equity prices under normal market conditions .

a monte carlo value-at-risk ( var ) methodology was used to quantify the market risk for our exposures .
the models assumed normal market conditions and used a 95 percent confidence level .
the var calculation used historical interest and foreign exchange rates , and commodity and equity prices from the past year to estimate the potential volatility and correlation of these rates in the future .
the market data were drawn from the riskmetrics 2122 data set .

the calculations are not intended to represent actual losses in fair value that we expect to incur .
further , since the hedging instrument ( the derivative ) inversely correlates with the underlying exposure , we would expect that any loss or gain in the fair value of our derivatives would be generally offset by an increase or decrease in the fair value of the underlying exposure .

the positions included in the calculations were : debt ; investments ; interest rate swaps ; foreign exchange forwards ; commodity swaps , futures , and options ; and equity instruments .
the calculations do not include the underlying foreign exchange and commodities or equity-related positions that are offset by these market-risk-sensitive instruments .

the table below presents the estimated maximum potential var arising from a one-day loss in fair value for our interest rate , foreign currency , commodity , and equity market-risk-sensitive instruments outstanding as of may 27 , 2018 and may 28 , 2017 , and the average fair value impact during the year ended may 27 , 2018. .

 |
| table | in millions                  | fair value impact may 27 2018 | fair value impact averageduringfiscal 2018 | fair value impact may 282017
---------------------------- | ----------------------------- | ------------------------------------------ | ----------------------------
interest rate instruments    | $ 33.2                        | $ 27.5                                     | $ 25.1
foreign currency instruments | 21.3                          | 23.1                                       | 24.6
commodity instruments        | 1.9                           | 2.1                                        | 3.2
equity instruments           | 2.0                           | 1.4                                        | 1.3 |


| _id | dd4c37498 |
| title |  |
| text | analog devices , inc .
notes to consolidated financial statements 2014 ( continued ) a summary of the company 2019s restricted stock unit award activity as of october 31 , 2015 and changes during the fiscal year then ended is presented below : restricted stock units outstanding ( in thousands ) weighted- average grant- date fair value per share .

as of october 31 , 2015 , there was $ 108.8 million of total unrecognized compensation cost related to unvested share- based awards comprised of stock options and restricted stock units .
that cost is expected to be recognized over a weighted- average period of 1.3 years .
the total grant-date fair value of shares that vested during fiscal 2015 , 2014 and 2013 was approximately $ 65.6 million , $ 57.4 million and $ 63.9 million , respectively .

common stock repurchase program the company 2019s common stock repurchase program has been in place since august 2004 .
in the aggregate , the board of directors have authorized the company to repurchase $ 5.6 billion of the company 2019s common stock under the program .
under the program , the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions .

unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program .
as of october 31 , 2015 , the company had repurchased a total of approximately 140.7 million shares of its common stock for approximately $ 5.0 billion under this program .
an additional $ 544.5 million remains available for repurchase of shares under the current authorized program .

the repurchased shares are held as authorized but unissued shares of common stock .
the company also , from time to time , repurchases shares in settlement of employee minimum tax withholding obligations due upon the vesting of restricted stock units or the exercise of stock options .
the withholding amount is based on the employees minimum statutory withholding requirement .

any future common stock repurchases will be dependent upon several factors , including the company's financial performance , outlook , liquidity and the amount of cash the company has available in the united states .
preferred stock the company has 471934 authorized shares of $ 1.00 par value preferred stock , none of which is issued or outstanding .
the board of directors is authorized to fix designations , relative rights , preferences and limitations on the preferred stock at the time of issuance .
4 .

4 .
industry , segment and geographic information the company operates and tracks its results in one reportable segment based on the aggregation of six operating segments .
the company designs , develops , manufactures and markets a broad range of integrated circuits ( ics ) .
the chief executive officer has been identified as the company's chief operating decision maker .

the company has determined that all of the company's operating segments share the following similar economic characteristics , and therefore meet the criteria established for operating segments to be aggregated into one reportable segment , namely : 2022 the primary source of revenue for each operating segment is the sale of integrated circuits .

2022 the integrated circuits sold by each of the company's operating segments are manufactured using similar semiconductor manufacturing processes and raw materials in either the company 2019s own production facilities or by third-party wafer fabricators using proprietary processes .
2022 the company sells its products to tens of thousands of customers worldwide .
many of these customers use products spanning all operating segments in a wide range of applications .

2022 the integrated circuits marketed by each of the company's operating segments are sold globally through a direct sales force , third-party distributors , independent sales representatives and via our website to the same types of customers .
all of the company's operating segments share a similar long-term financial model as they have similar economic characteristics .

the causes for variation in operating and financial performance are the same among the company's operating segments and include factors such as ( i ) life cycle and price and cost fluctuations , ( ii ) number of competitors , ( iii ) product

 |
| table | | restrictedstock unitsoutstanding ( in thousands ) | weighted-average grant-date fair valueper share
----------------------------------------------------- | ------------------------------------------------- | -----------------------------------------------
restricted stock units outstanding at november 1 2014 | 3188                                              | $ 43.46
units granted                                         | 818                                               | $ 52.25
restrictions lapsed                                   | -1151 ( 1151 )                                    | $ 39.72
forfeited                                             | -157 ( 157 )                                      | $ 45.80
restricted stock units outstanding at october 31 2015 | 2698                                              | $ 47.59 |


| _id | dd4c5179e |
| title |  |
| text | abiomed , inc .
and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 10 .
commitments and contingencies the following is a description of the company 2019s significant arrangements in which the company is a guarantor .
indemnifications 2014in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products .

the indemnifications contained within sales contracts usually do not include limits on the claims .
the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions .
the company enters into agreements with other companies in the ordinary course of business , typically with underwriters , contractors , clinical sites and customers that include indemnification provisions .

under these provisions the company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of its activities .
these indemnification provisions generally survive termination of the underlying agreement .
the maximum potential amount of future payments the company could be required to make under these indemnification provisions is unlimited .

abiomed has never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements .
as a result , the estimated fair value of these agreements is immaterial .
accordingly , the company has no liabilities recorded for these agreements as of march 31 , 2012 .

clinical study agreements 2014in the company 2019s clinical study agreements , abiomed has agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to uses of the company 2019s devices in accordance with the clinical study agreement , the protocol for the device and abiomed 2019s instructions .

the indemnification provisions contained within the company 2019s clinical study agreements do not generally include limits on the claims .
the company has never incurred any material costs related to the indemnification provisions contained in its clinical study agreements .
facilities leases 2014the company rents its danvers , massachusetts facility under an operating lease agreement that expires on february 28 , 2016 .

monthly rent under the facility lease is as follows : 2022 the base rent for november 2008 through june 2010 was $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 is $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month .

in addition , the company has certain rights to terminate the facility lease early , subject to the payment of a specified termination fee based on the timing of the termination , as further outlined in the lease amendment .
the company has a lease for its european headquarters in aachen , germany .
the lease payments are approximately 36000 20ac ( euro ) ( approximately u.s .
$ 50000 at march 31 , 2012 exchange rates ) per month and the lease term expires in december 2012 .

in july 2008 , the company entered into a lease agreement providing for the lease of a 33000 square foot manufacturing facility in athlone , ireland .
the lease agreement was for a term of 25 years , commencing on july 18 , 2008 .
the company relocated the production equipment from its athlone , ireland manufacturing facility to its aachen and danvers facilities and fully vacated the athlone facility in the first quarter of fiscal 2011 .

in march 2011 , the company terminated the lease agreement and paid a termination fee of approximately $ 0.8 million as a result of the early termination of the lease .
total rent expense for the company 2019s operating leases included in the accompanying consolidated statements of operations approximated $ 1.6 million , $ 2.7 million and $ 2.2 million for the fiscal years ended march 31 , 2012 , 2011 , and 2010 , respectively .

future minimum lease payments under all significant non-cancelable operating leases as of march 31 , 2012 are approximately as follows : fiscal year ending march 31 , operating leases ( in $ 000s ) .

 |
| table | fiscal year ending march 31,        | operating leases ( in $ 000s )
----------------------------------- | ------------------------------
2013                                | 1473
2014                                | 964
2015                                | 863
2016                                | 758
2017                                | 32
thereafter                          | 128
total future minimum lease payments | $ 4218 |


| _id | dd4b9b7f0 |
| title |  |
| text | note 6 : allowance for uncollectible accounts the following table provides the changes in the allowances for uncollectible accounts for the years ended december 31: .

note 7 : regulatory assets and liabilities regulatory assets regulatory assets represent costs that are probable of recovery from customers in future rates .
the majority of the regulatory assets earn a return .
the following table provides the composition of regulatory assets as of december 31 : 2018 2017 deferred pension expense .
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$ 362 $ 285 removal costs recoverable through rates .
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292 269 regulatory balancing accounts .
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110 113 san clemente dam project costs .
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85 89 debt expense .
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70 67 purchase premium recoverable through rates .
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56 57 deferred tank painting costs .
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42 42 make-whole premium on early extinguishment of debt .
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33 27 other .
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106 112 total regulatory assets .
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$ 1156 $ 1061 the company 2019s deferred pension expense includes a portion of the underfunded status that is probable of recovery through rates in future periods of $ 352 million and $ 270 million as of december 31 , 2018 and 2017 , respectively .

the remaining portion is the pension expense in excess of the amount contributed to the pension plans which is deferred by certain subsidiaries and will be recovered in future service rates as contributions are made to the pension plan .
removal costs recoverable through rates represent costs incurred for removal of property , plant and equipment or other retirement costs .

regulatory balancing accounts accumulate differences between revenues recognized and authorized revenue requirements until they are collected from customers or are refunded .
regulatory balancing accounts include low income programs and purchased power and water accounts .

san clemente dam project costs represent costs incurred and deferred by the company 2019s utility subsidiary in california pursuant to its efforts to investigate alternatives and remove the dam due to potential earthquake and flood safety concerns .
in june 2012 , the california public utilities commission ( 201ccpuc 201d ) issued a decision authorizing implementation of a project to reroute the carmel river and remove the san clemente dam .

the project includes the company 2019s utility subsidiary in california , the california state conservancy and the national marine fisheries services .
under the order 2019s terms , the cpuc has authorized recovery for

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


| _id | dd4bea09e |
| title |  |
| text | restrictive covenants the terms of the 2017 credit facility and certain of our senior unsecured notes include certain restrictions and covenants which may limit , among other things , our ability to pay dividends , make certain types of investments , incur additional indebtedness , incur liens and enter into negative pledge agreements and dispose of assets , and which require compliance with financial ratios relating to the maximum ratio of total indebtedness to total asset value , a minimum ratio of ebitda

to total asset value , a minimum ratio of ebitda to fixed charges , a maximum ratio of secured indebtedness to total asset value and a maximum ratio of unsecured indebtedness to unencumbered asset value .

the dividend restriction referred to above provides that , we will not during any time when a default is continuing , make distributions with respect to common stock or other equity interests , except to enable the company to continue to qualify as a reit for federal income tax purposes .
as of december a031 , 2017 and 2016 , we were in compliance with all such covenants .

junior subordinated deferrable interest debentures in june a02005 , the company and the operating partnership issued $ 100.0 a0million in unsecured trust preferred securities through a newly formed trust , sl a0green capital trust i , or the trust , which is a wholly-owned subsidiary of the operating partnership .
the securities mature in 2035 and bear interest at a floating rate of 125 a0basis points over the three-month libor .

interest payments may be deferred for a period of up to eight consecutive quarters if the operating partnership exercises its right to defer such payments .
the trust preferred securities are redeemable at the option of the operating partnership , in whole or in part , with no prepayment premium .
we do not consolidate the trust even though it is a variable interest entity as we are not the primary beneficiary .

because the trust is not consolidated , we have recorded the debt on our consolidated balance sheets and the related payments are classified as interest expense .
interest rate risk we are exposed to changes in interest rates primarily from our variable rate debt .
our exposure to interest rate fluctuations are managed through either the use of interest rate derivative instru- ments and/or through our variable rate debt and preferred equity investments .

a hypothetical 100 a0basis point increase in interest rates along the entire interest rate curve for a02017 would increase our consolidated annual interest cost , net of interest income from variable rate debt and preferred equity investments , by $ 2.7 a0mil- lion and would increase our share of joint venture annual interest cost by $ 17.2 a0million .
at december a031 , 2017 , 61.5% ( 61.5 % ) of our $ 2.1 a0bil- lion debt and preferred equity portfolio is indexed to libor .

we recognize most derivatives on the balance sheet at fair value .
derivatives that are not hedges are adjusted to fair value through income .
if a derivative is considered a hedge , depending on the nature of the hedge , changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset , liability , or firm commitment through earnings , or recog- nized in other comprehensive income until the hedged item is recognized in earnings .

the ineffective portion of a derivative 2019s change in fair value is immediately recognized in a0earnings .
our long-term debt of $ 4.3 a0billion bears interest at fixed rates , and therefore the fair value of these instruments is affected by changes in the market interest rates .
our variable rate debt and variable rate joint venture debt as of december a031 , 2017 bore interest based on a spread of libor plus 100 a0basis points to libor plus 415 a0basis points .

contractual obligations the combined aggregate principal maturities of mortgages and other loans payable , the 2017 credit facility , senior unsecured notes ( net of discount ) , trust preferred securities , our share of joint venture debt , including as-of-right extension options and put options , estimated interest expense , and our obligations under our capital lease and ground leases , as of december a031 , 2017 are as follows ( in a0thousands ) : .

 |
| table | | 2018     | 2019      | 2020      | 2021     | 2022      | thereafter | total
---------------------------------- | -------- | --------- | --------- | -------- | --------- | ---------- | ----------
property mortgages and other loans | $ 153593 | $ 42289   | $ 703018  | $ 11656  | $ 208003  | $ 1656623  | $ 2775182
mra facilities                     | 90809    | 2014      | 2014      | 2014     | 2014      | 2014       | 90809
revolving credit facility          | 2014     | 2014      | 2014      | 2014     | 2014      | 40000      | 40000
unsecured term loans               | 2014     | 2014      | 2014      | 2014     | 2014      | 1500000    | 1500000
senior unsecured notes             | 250000   | 2014      | 250000    | 2014     | 800000    | 100000     | 1400000
trust preferred securities         | 2014     | 2014      | 2014      | 2014     | 2014      | 100000     | 100000
capital lease                      | 2387     | 2411      | 2620      | 2794     | 2794      | 819894     | 832900
ground leases                      | 31049    | 31066     | 31436     | 31628    | 29472     | 703254     | 857905
estimated interest expense         | 226815   | 218019    | 184376    | 163648   | 155398    | 281694     | 1229950
joint venture debt                 | 200250   | 717682    | 473809    | 449740   | 223330    | 2119481    | 4184292
total                              | $ 954903 | $ 1011467 | $ 1645259 | $ 659466 | $ 1418997 | $ 7320946  | $ 13011038 |


| _id | dd4bdcf70 |
| title |  |
| text | as of december 31 , 2013 and 2012 , our liabilities associated with unrecognized tax benefits are not material .
we and our subsidiaries file income tax returns in the u.s .
federal jurisdiction and various foreign jurisdictions .
with few exceptions , the statute of limitations is no longer open for u.s .
federal or non-u.s .
income tax examinations for the years before 2010 , other than with respect to refunds .
u.s .

u.s .
income taxes and foreign withholding taxes have not been provided on earnings of $ 222 million , $ 211 million , and $ 193 million that have not been distributed by our non-u.s .
companies as of december 31 , 2013 , 2012 , and 2011 .
our intention is to permanently reinvest these earnings , thereby indefinitely postponing their remittance to the u.s .

if these earnings were remitted , we estimate that the additional income taxes after foreign tax credits would have been approximately $ 50 million in 2013 , $ 45 million in 2012 , and $ 41 million in 2011 .
our federal and foreign income tax payments , net of refunds received , were $ 787 million in 2013 , $ 890 million in 2012 , and $ 722 million in 2011 .

our 2013 net payments reflect a $ 550 million refund from the irs primarily attributable to our tax-deductible discretionary pension contributions during the fourth quarter of 2012 ; our 2012 net payments reflect a $ 153 million refund from the irs related to a 2011 capital loss carryback claim ; and our 2011 net payments reflect a $ 250 million refund from the irs related to estimated taxes paid for 2010 .

as of december 31 , 2013 and 2012 , we had federal and foreign taxes receivable of $ 313 million and $ 662 million recorded within other current assets on our balance sheet , primarily attributable to our tax-deductible discretionary pension contributions in the fourth quarter of 2013 and 2012 and our debt exchange transaction in the fourth quarter of 2012 .
note 9 2013 debt our long-term debt consisted of the following ( in millions ) : .

in december 2012 , we issued notes totaling $ 1.3 billion with a fixed interest rate of 4.07% ( 4.07 % ) maturing in december 2042 ( the new notes ) in exchange for outstanding notes totaling $ 1.2 billion with interest rates ranging from 5.50% ( 5.50 % ) to 8.50% ( 8.50 % ) maturing in 2023 to 2040 ( the old notes ) .
in connection with the exchange , we paid a premium of $ 393 million , of which $ 225 million was paid in cash and $ 168 million was in the form of new notes .

this premium , in addition to $ 194 million in remaining unamortized discounts related to the old notes , will be amortized as additional interest expense over the term of the new notes using the effective interest method .
we may , at our option , redeem some or all of the new notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest .

interest on the new notes is payable on june 15 and december 15 of each year , beginning on june 15 , 2013 .
the new notes are unsecured senior obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness .
in september 2011 , we issued $ 2.0 billion of long-term notes in a registered public offering and in october 2011 , we used a portion of the proceeds to redeem all of our $ 500 million long-term notes maturing in 2013 .

in 2011 , we repurchased $ 84 million of our long-term notes through open-market purchases .
we paid premiums of $ 48 million in connection with the early extinguishments of debt , which were recognized in other non-operating income ( expense ) , net .
at december 31 , 2013 and 2012 , we had in place with a group of banks a $ 1.5 billion revolving credit facility that expires in august 2016 .

we may request and the banks may grant , at their discretion , an increase to the credit facility by an additional amount up to $ 500 million .
there were no borrowings outstanding under the credit facility through december 31 , 2013 .
borrowings under the credit facility would be unsecured and bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the credit facility .
each bank 2019s obligation to make loans under the credit facility is subject

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


| _id | dd4c091f6 |
| title |  |
| text | the liabilities recognized as a result of consolidating these entities do not represent additional claims on the general assets of the company .
the creditors of these entities have claims only on the assets of the specific variable interest entities to which they have advanced credit .

obligations and commitments as part of its ongoing operations , the company enters into arrangements that obligate the company to make future payments under contracts such as debt agreements , lease agreements , and unconditional purchase obligations ( i.e. , obligations to transfer funds in the future for fixed or minimum quantities of goods or services at fixed or minimum prices , such as 201ctake-or-pay 201d contracts ) .

the unconditional purchase obligation arrangements are entered into by the company in its normal course of business in order to ensure adequate levels of sourced product are available to the company .
capital lease and debt obligations , which totaled $ 3.5 billion at may 25 , 2008 , are currently recognized as liabilities in the company 2019s consolidated balance sheet .

operating lease obligations and unconditional purchase obligations , which totaled $ 1.7 billion at may 25 , 2008 , are not recognized as liabilities in the company 2019s consolidated balance sheet , in accordance with generally accepted accounting principles .
a summary of the company 2019s contractual obligations at the end of fiscal 2008 was as follows ( including obligations of discontinued operations ) : .

the purchase obligations noted in the table above do not reflect approximately $ 374 million of open purchase orders , some of which are not legally binding .
these purchase orders are settlable in the ordinary course of business in less than one year .
the company is also contractually obligated to pay interest on its long-term debt obligations .
the weighted average interest rate of the long-term debt obligations outstanding as of may 25 , 2008 was approximately 7.2% ( 7.2 % ) .

the company consolidates the assets and liabilities of certain entities from which it leases corporate aircraft .
these entities have been determined to be variable interest entities and the company has been determined to be the primary beneficiary of these entities .
the amounts reflected in contractual obligations of long-term debt , in the table above , include $ 54 million of liabilities of these variable interest entities to the creditors of such entities .

the long-term debt recognized as a result of consolidating these entities does not represent additional claims on the general assets of the company .
the creditors of these entities have claims only on the assets of the specific variable interest entities .

as of may 25 , 2008 , the company was obligated to make rental payments of $ 67 million to the variable interest entities , of which $ 7 million is due in less than one year , $ 13 million is due in one to three years , and $ 47 million is due in three to five years .
such amounts are not reflected in the table , above .

as part of its ongoing operations , the company also enters into arrangements that obligate the company to make future cash payments only upon the occurrence of a future event ( e.g. , guarantee debt or lease payments of a third party should the third party be unable to perform ) .
in accordance with generally accepted accounting principles , the following commercial commitments are not recognized as liabilities in the company 2019s

 |
| table | ( $ in millions ) contractual obligations | ( $ in millions ) total | ( $ in millions ) less than 1 year | ( $ in millions ) 1-3 years | ( $ in millions ) 3-5 years | after 5 years
----------------------------------------- | ----------------------- | ---------------------------------- | --------------------------- | --------------------------- | -------------
long-term debt                            | $ 3531.4                | $ 15.4                             | $ 521.6                     | $ 751.8                     | $ 2242.6
lease obligations                         | 514.9                   | 89.2                               | 148.1                       | 106.9                       | 170.7
purchase obligations                      | 1199.6                  | 1078.6                             | 104.0                       | 16.3                        | 0.7
total                                     | $ 5245.9                | $ 1183.2                           | $ 773.7                     | $ 875.0                     | $ 2414.0 |