| _id | dd4c2fdd8 |
| title |  |
| text | the following tables present a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs ( level 3 ) for 2015 and 2014 , respectively: .

purchases , issuances and settlements , net .
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76 balance as of december 31 , 2014 .
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$ 127 the company 2019s other postretirement benefit plans are partially funded and the assets are held under various trusts .

the investments and risk mitigation strategies for the plans are tailored specifically for each trust .
in setting new strategic asset mixes , consideration is given to the likelihood that the selected asset allocation will effectively fund the projected plan liabilities and the risk tolerance of the company .
the company periodically updates the long-term , strategic asset allocations and uses various analytics to determine the optimal asset allocation .

considerations include plan liability characteristics , liquidity characteristics , funding requirements , expected rates of return and the distribution of returns .
in june 2012 , the company implemented a de-risking strategy for the medical bargaining trust within the plan to minimize volatility .
as part of the de-risking strategy , the company revised the asset allocations to increase the matching characteristics of assets relative to liabilities .

the initial de-risking asset allocation for the plan was 60% ( 60 % ) return-generating assets and 40% ( 40 % ) liability-driven assets .
the investment strategies and policies for the plan reflect a balance of liability driven and return-generating considerations .
the objective of minimizing the volatility of assets relative to liabilities is addressed primarily through asset 2014liability matching , asset diversification and hedging .

the fixed income target asset allocation matches the bond-like and long-dated nature of the postretirement liabilities .
assets are broadly diversified within asset classes to achieve risk-adjusted returns that in total lower asset volatility relative to the liabilities .
the company assesses the investment strategy regularly to ensure actual allocations are in line with target allocations as appropriate .

strategies to address the goal of ensuring sufficient assets to pay benefits include target allocations to a broad array of asset classes and , within asset classes strategies are employed to provide adequate returns , diversification and liquidity .
the assets of the company 2019s other trusts , within the other postretirement benefit plans , have been primarily invested in equities and fixed income funds .

the assets under the various other postretirement benefit trusts are invested differently based on the assets and liabilities of each trust .
the obligations of the other postretirement benefit plans are dominated by obligations for the medical bargaining trust .
thirty-nine percent and four percent of the total postretirement plan benefit obligations are related to the medical non-bargaining and life insurance trusts , respectively .

because expected benefit payments related to the benefit obligations are so far into the future , and the size of the medical non-bargaining and life insurance trusts 2019 obligations are large compared to each trusts 2019 assets , the investment strategy is to allocate a significant portion of the assets 2019 investment to equities , which the company believes will provide the highest long-term return and improve the funding ratio .

the company engages third party investment managers for all invested assets .
managers are not permitted to invest outside of the asset class ( e.g .
fixed income , equity , alternatives ) or strategy for which they have been appointed .
investment management agreements and recurring performance and attribution analysis are used as tools to ensure investment managers invest solely within the investment strategy they have been provided .

futures and options may be used to adjust portfolio duration to align with a plan 2019s targeted investment policy.

 |
| table | | level 3
--------------------------------------- | --------
balance as of january 1 2015            | $ 127
actual return on assets                 | 12
purchases issuances and settlements net | -3 ( 3 )
balance as of december 31 2015          | $ 136 |


| _id | dd4bc8b4c |
| title |  |
| text | wood products sales in the united states in 2005 of $ 1.6 billion were up 3% ( 3 % ) from $ 1.5 billion in 2004 and 18% ( 18 % ) from $ 1.3 billion in 2003 .
average price realiza- tions for lumber were up 6% ( 6 % ) and 21% ( 21 % ) in 2005 compared with 2004 and 2003 , respectively .
lumber sales volumes in 2005 were up 5% ( 5 % ) versus 2004 and 10% ( 10 % ) versus 2003 .
average sales prices for plywood were down 4% ( 4 % ) from 2004 , but were 15% ( 15 % ) higher than in 2003 .

plywood sales volumes in 2005 were slightly higher than 2004 and 2003 .
operating profits in 2005 were 18% ( 18 % ) lower than 2004 , but nearly three times higher than 2003 .
lower average plywood prices and higher raw material costs more than offset the effects of higher average lumber prices , volume increases and a positive sales mix .
in 2005 , log costs were up 9% ( 9 % ) versus 2004 , negatively im- pacting both plywood and lumber profits .

lumber and plywood operating costs also reflected substantially higher glue and natural gas costs versus both 2004 and looking forward to the first quarter of 2006 , a con- tinued strong housing market , combined with low prod- uct inventory in the distribution chain , should translate into continued strong lumber and plywood demand .
however , a possible softening of housing starts and higher interest rates later in the year could put down- ward pressure on pricing in the second half of 2006 .

specialty businesses and other the specialty businesses and other segment in- cludes the operating results of arizona chemical , euro- pean distribution and , prior to its closure in 2003 , our natchez , mississippi chemical cellulose pulp mill .
also included are certain divested businesses whose results are included in this segment for periods prior to their sale or closure .
this segment 2019s 2005 net sales declined 18% ( 18 % ) and 26% ( 26 % ) from 2004 and 2003 , respectively .

operating profits in 2005 were down substantially from both 2004 and 2003 .
the decline in sales principally reflects declining contributions from businesses sold or closed .
operating profits were also affected by higher energy and raw material costs in our chemical business .
specialty businesses and other in millions 2005 2004 2003 .

chemicals sales were $ 692 million in 2005 , com- pared with $ 672 million in 2004 and $ 625 million in 2003 .
although demand was strong for most arizona chemical product lines , operating profits in 2005 were 84% ( 84 % ) and 83% ( 83 % ) lower than in 2004 and 2003 , re- spectively , due to higher energy costs in the u.s. , and higher prices and reduced availability for crude tall oil ( cto ) .

in the united states , energy costs increased 41% ( 41 % ) compared to 2004 due to higher natural gas prices and supply interruption costs .
cto prices increased 26% ( 26 % ) compared to 2004 , as certain energy users turned to cto as a substitute fuel for high-cost alternative energy sources such as natural gas and fuel oil .

european cto receipts decreased 30% ( 30 % ) compared to 2004 due to lower yields following the finnish paper industry strike and a swedish storm that limited cto throughput and corre- sponding sales volumes .
other businesses in this operating segment include operations that have been sold , closed , or are held for sale , principally the european distribution business , the oil and gas and mineral royalty business , decorative products , retail packaging , and the natchez chemical cellulose pulp mill .

sales for these businesses were ap- proximately $ 223 million in 2005 ( mainly european distribution and decorative products ) compared with $ 448 million in 2004 ( mainly european distribution and decorative products ) , and $ 610 million in 2003 .
liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operat- ing cash flow , which is highly sensitive to changes in the pricing and demand for our major products .

while changes in key cash operating costs , such as energy and raw material costs , do have an effect on operating cash generation , we believe that our strong focus on cost controls has improved our cash flow generation over an operating cycle .
as a result , we believe that we are well positioned for improvements in operating cash flow should prices and worldwide economic conditions im- prove in the future .

as part of our continuing focus on improving our return on investment , we have focused our capital spending on improving our key platform businesses in north america and in geographic areas with strong growth opportunities .
spending levels have been kept below the level of depreciation and amortization charges for each of the last three years , and we anticipate con- tinuing this approach in 2006 .

with the low interest rate environment in 2005 , financing activities have focused largely on the repay- ment or refinancing of higher coupon debt , resulting in a net reduction in debt of approximately $ 1.7 billion in 2005 .
we plan to continue this program , with addi- tional reductions anticipated as our previously an- nounced transformation plan progresses in 2006 .

our liquidity position continues to be strong , with approx- imately $ 3.2 billion of committed liquidity to cover fu- ture short-term cash flow requirements not met by operating cash flows.

 |
| table | in millions      | 2005  | 2004   | 2003
---------------- | ----- | ------ | ------
sales            | $ 915 | $ 1120 | $ 1235
operating profit | $ 4   | $ 38   | $ 23 |


| _id | dd4bba830 |
| title |  |
| text | part i item 1 entergy corporation , utility operating companies , and system energy including the continued effectiveness of the clean energy standards/zero emissions credit program ( ces/zec ) , the establishment of certain long-term agreements on acceptable terms with the energy research and development authority of the state of new york in connection with the ces/zec program , and nypsc approval of the transaction on acceptable terms , entergy refueled the fitzpatrick plant in january and february 2017 .

in october 2015 , entergy determined that it would close the pilgrim plant .
the decision came after management 2019s extensive analysis of the economics and operating life of the plant following the nrc 2019s decision in september 2015 to place the plant in its 201cmultiple/repetitive degraded cornerstone column 201d ( column 4 ) of its reactor oversight process action matrix .

the pilgrim plant is expected to cease operations on may 31 , 2019 , after refueling in the spring of 2017 and operating through the end of that fuel cycle .
in december 2015 , entergy wholesale commodities closed on the sale of its 583 mw rhode island state energy center ( risec ) , in johnston , rhode island .
the base sales price , excluding adjustments , was approximately $ 490 million .
entergy wholesale commodities purchased risec for $ 346 million in december 2011 .

in december 2016 , entergy announced that it reached an agreement with consumers energy to terminate the ppa for the palisades plant on may 31 , 2018 .
pursuant to the ppa termination agreement , consumers energy will pay entergy $ 172 million for the early termination of the ppa .
the ppa termination agreement is subject to regulatory approvals .

separately , and assuming regulatory approvals are obtained for the ppa termination agreement , entergy intends to shut down the palisades nuclear power plant permanently on october 1 , 2018 , after refueling in the spring of 2017 and operating through the end of that fuel cycle .
entergy expects to enter into a new ppa with consumers energy under which the plant would continue to operate through october 1 , 2018 .

in january 2017 , entergy announced that it reached a settlement with new york state to shut down indian point 2 by april 30 , 2020 and indian point 3 by april 30 , 2021 , and resolve all new york state-initiated legal challenges to indian point 2019s operating license renewal .

as part of the settlement , new york state has agreed to issue indian point 2019s water quality certification and coastal zone management act consistency certification and to withdraw its objection to license renewal before the nrc .
new york state also has agreed to issue a water discharge permit , which is required regardless of whether the plant is seeking a renewed nrc license .
the shutdowns are conditioned , among other things , upon such actions being taken by new york state .

even without opposition , the nrc license renewal process is expected to continue at least into 2018 .
with the settlement concerning indian point , entergy now has announced plans for the disposition of all of the entergy wholesale commodities nuclear power plants , including the sales of vermont yankee and fitzpatrick , and the earlier than previously expected shutdowns of pilgrim , palisades , indian point 2 , and indian point 3 .

see 201centergy wholesale commodities exit from the merchant power business 201d for further discussion .
property nuclear generating stations entergy wholesale commodities includes the ownership of the following nuclear power plants : power plant market service year acquired location capacity - reactor type license expiration .

 |
| table | power plant          | market | in service year | acquired    | location    | capacity - reactor type     | license expiration date
-------------------- | ------ | --------------- | ----------- | ----------- | --------------------------- | -----------------------
pilgrim ( a )        | is0-ne | 1972            | july 1999   | plymouth ma | 688 mw - boiling water      | 2032 ( a )
fitzpatrick ( b )    | nyiso  | 1975            | nov . 2000  | oswego ny   | 838 mw - boiling water      | 2034 ( b )
indian point 3 ( c ) | nyiso  | 1976            | nov . 2000  | buchanan ny | 1041 mw - pressurized water | 2015 ( c )
indian point 2 ( c ) | nyiso  | 1974            | sept . 2001 | buchanan ny | 1028 mw - pressurized water | 2013 ( c )
vermont yankee ( d ) | is0-ne | 1972            | july 2002   | vernon vt   | 605 mw - boiling water      | 2032 ( d )
palisades ( e )      | miso   | 1971            | apr . 2007  | covert mi   | 811 mw - pressurized water  | 2031 ( e ) |


| _id | dd4c096d8 |
| title |  |
| text | jpmorgan chase & co./2012 annual report 249 note 13 2013 securities financing activities jpmorgan chase enters into resale agreements , repurchase agreements , securities borrowed transactions and securities loaned transactions ( collectively , 201csecurities financing agreements 201d ) primarily to finance the firm 2019s inventory positions , acquire securities to cover short positions , accommodate customers 2019 financing needs , and settle other securities obligations .

securities financing agreements are treated as collateralized financings on the firm 2019s consolidated balance sheets .
resale and repurchase agreements are generally carried at the amounts at which the securities will be subsequently sold or repurchased , plus accrued interest .
securities borrowed and securities loaned transactions are generally carried at the amount of cash collateral advanced or received .

where appropriate under applicable accounting guidance , resale and repurchase agreements with the same counterparty are reported on a net basis .
fees received and paid in connection with securities financing agreements are recorded in interest income and interest expense , respectively .
the firm has elected the fair value option for certain securities financing agreements .
for further information regarding the fair value option , see note 4 on pages 214 2013 216 of this annual report .

the securities financing agreements for which the fair value option has been elected are reported within securities purchased under resale agreements ; securities loaned or sold under repurchase agreements ; and securities borrowed on the consolidated balance sheets .
generally , for agreements carried at fair value , current-period interest accruals are recorded within interest income and interest expense , with changes in fair value reported in principal transactions revenue .

however , for financial instruments containing embedded derivatives that would be separately accounted for in accordance with accounting guidance for hybrid instruments , all changes in fair value , including any interest elements , are reported in principal transactions revenue .
the following table details the firm 2019s securities financing agreements , all of which are accounted for as collateralized financings during the periods presented .

december 31 , ( in millions ) 2012 2011 securities purchased under resale agreements ( a ) $ 295413 $ 235000 securities borrowed ( b ) 119017 142462 securities sold under repurchase agreements ( c ) $ 215560 $ 197789 securities loaned ( d ) 23582 14214 ( a ) at december 31 , 2012 and 2011 , included resale agreements of $ 24.3 billion and $ 22.2 billion , respectively , accounted for at fair value .

( b ) at december 31 , 2012 and 2011 , included securities borrowed of $ 10.2 billion and $ 15.3 billion , respectively , accounted for at fair value .
( c ) at december 31 , 2012 and 2011 , included repurchase agreements of $ 3.9 billion and $ 6.8 billion , respectively , accounted for at fair value .
( d ) at december 31 , 2012 , included securities loaned of $ 457 million accounted for at fair value .
there were no securities loaned accounted for at fair value at december 31 , 2011 .

the amounts reported in the table above were reduced by $ 96.9 billion and $ 115.7 billion at december 31 , 2012 and 2011 , respectively , as a result of agreements in effect that meet the specified conditions for net presentation under applicable accounting guidance .
jpmorgan chase 2019s policy is to take possession , where possible , of securities purchased under resale agreements and of securities borrowed .

the firm monitors the value of the underlying securities ( primarily g7 government securities , u.s .
agency securities and agency mbs , and equities ) that it has received from its counterparties and either requests additional collateral or returns a portion of the collateral when appropriate in light of the market value of the underlying securities .

margin levels are established initially based upon the counterparty and type of collateral and monitored on an ongoing basis to protect against declines in collateral value in the event of default .
jpmorgan chase typically enters into master netting agreements and other collateral arrangements with its resale agreement and securities borrowed counterparties , which provide for the right to liquidate the purchased or borrowed securities in the event of a customer default .

as a result of the firm 2019s credit risk mitigation practices with respect to resale and securities borrowed agreements as described above , the firm did not hold any reserves for credit impairment with respect to these agreements as of december 31 , 2012 and for further information regarding assets pledged and collateral received in securities financing agreements , see note 30 on pages 315 2013316 of this annual report. .

jpmorgan chase & co./2012 annual report 249 note 13 2013 securities financing activities jpmorgan chase enters into resale agreements , repurchase agreements , securities borrowed transactions and securities loaned transactions ( collectively , 201csecurities financing agreements 201d ) primarily to finance the firm 2019s inventory positions , acquire securities to cover short positions , accommodate customers 2019 financing needs , and settle other securities obligations .

securities financing agreements are treated as collateralized financings on the firm 2019s consolidated balance sheets .
resale and repurchase agreements are generally carried at the amounts at which the securities will be subsequently sold or repurchased , plus accrued interest .
securities borrowed and securities loaned transactions are generally carried at the amount of cash collateral advanced or received .

where appropriate under applicable accounting guidance , resale and repurchase agreements with the same counterparty are reported on a net basis .
fees received and paid in connection with securities financing agreements are recorded in interest income and interest expense , respectively .
the firm has elected the fair value option for certain securities financing agreements .
for further information regarding the fair value option , see note 4 on pages 214 2013 216 of this annual report .

the securities financing agreements for which the fair value option has been elected are reported within securities purchased under resale agreements ; securities loaned or sold under repurchase agreements ; and securities borrowed on the consolidated balance sheets .
generally , for agreements carried at fair value , current-period interest accruals are recorded within interest income and interest expense , with changes in fair value reported in principal transactions revenue .

however , for financial instruments containing embedded derivatives that would be separately accounted for in accordance with accounting guidance for hybrid instruments , all changes in fair value , including any interest elements , are reported in principal transactions revenue .
the following table details the firm 2019s securities financing agreements , all of which are accounted for as collateralized financings during the periods presented .

december 31 , ( in millions ) 2012 2011 securities purchased under resale agreements ( a ) $ 295413 $ 235000 securities borrowed ( b ) 119017 142462 securities sold under repurchase agreements ( c ) $ 215560 $ 197789 securities loaned ( d ) 23582 14214 ( a ) at december 31 , 2012 and 2011 , included resale agreements of $ 24.3 billion and $ 22.2 billion , respectively , accounted for at fair value .

( b ) at december 31 , 2012 and 2011 , included securities borrowed of $ 10.2 billion and $ 15.3 billion , respectively , accounted for at fair value .
( c ) at december 31 , 2012 and 2011 , included repurchase agreements of $ 3.9 billion and $ 6.8 billion , respectively , accounted for at fair value .
( d ) at december 31 , 2012 , included securities loaned of $ 457 million accounted for at fair value .
there were no securities loaned accounted for at fair value at december 31 , 2011 .

the amounts reported in the table above were reduced by $ 96.9 billion and $ 115.7 billion at december 31 , 2012 and 2011 , respectively , as a result of agreements in effect that meet the specified conditions for net presentation under applicable accounting guidance .
jpmorgan chase 2019s policy is to take possession , where possible , of securities purchased under resale agreements and of securities borrowed .

the firm monitors the value of the underlying securities ( primarily g7 government securities , u.s .
agency securities and agency mbs , and equities ) that it has received from its counterparties and either requests additional collateral or returns a portion of the collateral when appropriate in light of the market value of the underlying securities .

margin levels are established initially based upon the counterparty and type of collateral and monitored on an ongoing basis to protect against declines in collateral value in the event of default .
jpmorgan chase typically enters into master netting agreements and other collateral arrangements with its resale agreement and securities borrowed counterparties , which provide for the right to liquidate the purchased or borrowed securities in the event of a customer default .

as a result of the firm 2019s credit risk mitigation practices with respect to resale and securities borrowed agreements as described above , the firm did not hold any reserves for credit impairment with respect to these agreements as of december 31 , 2012 and for further information regarding assets pledged and collateral received in securities financing agreements , see note 30 on pages 315 2013316 of this annual report.

 |
| table | december 31 ( in millions )                        | 2012     | 2011
-------------------------------------------------- | -------- | --------
securities purchased under resale agreements ( a ) | $ 295413 | $ 235000
securities borrowed ( b )                          | 119017   | 142462
securities sold under repurchase agreements ( c )  | $ 215560 | $ 197789
securities loaned ( d )                            | 23582    | 14214 |


| _id | dd4c2ae96 |
| title |  |
| text | entergy arkansas , inc .
and subsidiaries management 2019s financial discussion and analysis stock restrict the amount of retained earnings available for the payment of cash dividends or other distributions on its common and preferred stock .
sources of capital entergy arkansas 2019s sources to meet its capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt or preferred stock issuances ; and 2022 bank financing under new or existing facilities .

entergy arkansas may refinance , redeem , or otherwise retire debt and preferred stock prior to maturity , to the extent market conditions and interest and dividend rates are favorable .
all debt and common and preferred stock issuances by entergy arkansas require prior regulatory approval .
preferred stock and debt issuances are also subject to issuance tests set forth in entergy arkansas 2019s corporate charters , bond indentures , and other agreements .

entergy arkansas has sufficient capacity under these tests to meet its foreseeable capital needs .
entergy arkansas 2019s receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years. .

see note 4 to the financial statements for a description of the money pool .
entergy arkansas has a credit facility in the amount of $ 150 million scheduled to expire in august 2021 .
entergy arkansas also has a $ 20 million credit facility scheduled to expire in april 2017 .
the $ 150 million credit facility allows entergy arkansas to issue letters of credit against 50% ( 50 % ) of the borrowing capacity of the facility .

as of december 31 , 2016 , there were no cash borrowings and no letters of credit outstanding under the credit facilities .
in addition , entergy arkansas is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations under miso .
as of december 31 , 2016 , a $ 1 million letter of credit was outstanding under entergy arkansas 2019s uncommitted letter of credit facility .

see note 4 to the financial statements for additional discussion of the credit facilities .
the entergy arkansas nuclear fuel company variable interest entity has a credit facility in the amount of $ 80 million scheduled to expire in may 2019 .
as of december 31 , 2016 , no letters of credit were outstanding under the credit facility to support commercial paper issued by the entergy arkansas nuclear fuel company variable interest entity .

see note 4 to the financial statements for additional discussion of the nuclear fuel company variable interest entity credit facility .
entergy arkansas obtained authorizations from the ferc through october 2017 for short-term borrowings not to exceed an aggregate amount of $ 250 million at any time outstanding and long-term borrowings by its nuclear fuel company variable interest entity .
see note 4 to the financial statements for further discussion of entergy arkansas 2019s short-term borrowing limits .

the long-term securities issuances of entergy arkansas are limited to amounts authorized by the apsc and the tennessee regulatory authority ; the current authorizations extend through december 2018.

 |
| table | 2016             | 2015             | 2014             | 2013
---------------- | ---------------- | ---------------- | ----------------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
( $ 51232 )      | ( $ 52742 )      | $ 2218           | $ 17531 |


| _id | dd4c56898 |
| title |  |
| text | grants of restricted awards are subject to forfeiture if a grantee , among other conditions , leaves our employment prior to expiration of the restricted period .
new grants of restricted awards generally vest one year after the date of grant in 25% ( 25 % ) increments over a four year period , with the exception of tsrs which vest after a three year period .

the following table summarizes the changes in non-vested restricted stock awards for the years ended may 31 , 2013 and 2012 ( share awards in thousands ) : shares weighted average grant-date fair value .

the total fair value of share awards vested during the years ended may 31 , 2013 , 2012 and 2011 was $ 13.6 million , $ 12.9 million and $ 10.8 million , respectively .
we recognized compensation expense for restricted stock of $ 16.2 million , $ 13.6 million , and $ 12.5 million in the years ended may 31 , 2013 , 2012 and 2011 , respectively .

as of may 31 , 2013 , there was $ 33.5 million of total unrecognized compensation cost related to unvested restricted stock awards that is expected to be recognized over a weighted average period of 2.5 years .
employee stock purchase plan we have an employee stock purchase plan under which the sale of 2.4 million shares of our common stock has been authorized .
employees may designate up to the lesser of $ 25000 or 20% ( 20 % ) of their annual compensation for the purchase of stock .

the price for shares purchased under the plan is 85% ( 85 % ) of the market value on the last day of the quarterly purchase period .
as of may 31 , 2013 , 1.0 million shares had been issued under this plan , with 1.4 million shares reserved for future issuance .
we recognized compensation expense for the plan of $ 0.5 million in the years ended may 31 , 2013 , 2012 and 2011 .

the weighted average grant-date fair value of each designated share purchased under this plan during the years ended may 31 , 2013 , 2012 and 2011 was $ 6 , $ 7 and $ 6 , respectively , which represents the fair value of the 15% ( 15 % ) discount .
stock options stock options are granted at 100% ( 100 % ) of fair market value on the date of grant and have 10-year terms .
stock options granted vest one year after the date of grant in 25% ( 25 % ) increments over a four year period .

the plans provide for accelerated vesting under certain conditions .
there were no options granted under the plans during the years ended may 31 , 2013 and may 31 , 2012.

 |
| table | | shares       | weighted averagegrant-datefair value
------------------------- | ------------ | ------------------------------------
non-vested at may 31 2011 | 869          | $ 40
granted                   | 472          | 48
vested                    | -321 ( 321 ) | 40
forfeited                 | -79 ( 79 )   | 43
non-vested at may 31 2012 | 941          | 44
granted                   | 561          | 44
vested                    | -315 ( 315 ) | 43
forfeited                 | -91 ( 91 )   | 44
non-vested at may 31 2013 | 1096         | $ 44 |


| _id | dd4c4c0f0 |
| title |  |
| text | notes to consolidated financial statements the fair values for substantially all of the firm 2019s financial assets and financial liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the fair value hierarchy .

certain level 2 and level 3 financial assets and financial liabilities may require appropriate valuation adjustments that a market participant would require to arrive at fair value for factors such as counterparty and the firm 2019s credit quality , funding risk , transfer restrictions , liquidity and bid/offer spreads .
valuation adjustments are generally based on market evidence .

see notes 6 and 7 for further information about fair value measurements of cash instruments and derivatives , respectively , included in 201cfinancial instruments owned , at fair value 201d and 201cfinancial instruments sold , but not yet purchased , at fair value , 201d and note 8 for further information about fair value measurements of other financial assets and financial liabilities accounted for at fair value under the fair value option .

financial assets and financial liabilities accounted for at fair value under the fair value option or in accordance with other u.s .
gaap are summarized below. .

1 .
represents the impact on derivatives of cash collateral netting , and counterparty netting across levels of the fair value hierarchy .
netting among positions classified in the same level is included in that level .
level 3 financial assets as of december 2012 decreased compared with december 2011 , primarily reflecting a decrease in derivative assets , partially offset by an increase in private equity investments .

the decrease in derivative assets primarily reflected a decline in credit derivative assets , principally due to settlements , unrealized losses and sales , partially offset by net transfers from level 2 .
level 3 currency derivative assets also declined compared with december 2011 , principally due to unrealized losses and net transfers to level 2 .
the increase in private equity investments primarily reflected purchases and unrealized gains , partially offset by settlements and net transfers to level 2 .

see notes 6 , 7 and 8 for further information about level 3 cash instruments , derivatives and other financial assets and financial liabilities accounted for at fair value under the fair value option , respectively , including information about significant unrealized gains and losses , and transfers in and out of level 3 .
goldman sachs 2012 annual report 119

 |
| table | $ in millions                                                                                | as of december 2012 | as of december 2011
----------------------------------------------------------------------------------------------- | ------------------- | -------------------
total level 1 financial assets                                                                  | $ 190737            | $ 136780
total level 2 financial assets                                                                  | 502293              | 587416
total level 3 financial assets                                                                  | 47095               | 47937
cash collateral and counterparty netting1                                                       | -101612 ( 101612 )  | -120821 ( 120821 )
total financial assets at fair value                                                            | $ 638513            | $ 651312
total assets                                                                                | $ 938555            | $ 923225
total level 3 financial assets as a percentage of total assets                                  | 5.0% ( 5.0 % )      | 5.2% ( 5.2 % )
total level 3 financial assets as a percentage of total financial assets at fair value          | 7.4% ( 7.4 % )      | 7.4% ( 7.4 % )
total level 1 financial liabilities                                                             | $ 65994             | $ 75557
total level 2 financial liabilities                                                             | 318764              | 319160
total level 3 financial liabilities                                                             | 25679               | 25498
cash collateral and counterparty netting1                                                       | -32760 ( 32760 )    | -31546 ( 31546 )
total financial liabilities at fair value                                                       | $ 377677            | $ 388669
total level 3 financial liabilities as a percentage of total financial liabilities at fairvalue | 6.8% ( 6.8 % )      | 6.6% ( 6.6 % ) |


| _id | dd4ba71ae |
| title |  |
| text | certain mortgage loans citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans held-for-sale .
these loans are intended for sale or securitization and are hedged with derivative instruments .
the company has elected the fair value option to mitigate accounting mismatches in cases where hedge .

the changes in fair values of these mortgage loans are reported in other revenue in the company 2019s consolidated statement of income .
the changes in fair value during the years ended december 31 , 2009 and 2008 due to instrument-specific credit risk resulted in a $ 10 million loss and $ 32 million loss , respectively .
related interest income continues to be measured based on the contractual interest rates and reported as such in the consolidated statement of income .

mortgage servicing rights the company accounts for mortgage servicing rights ( msrs ) at fair value .
fair value for msrs is determined using an option-adjusted spread valuation approach .
this approach consists of projecting servicing cash flows under multiple interest-rate scenarios and discounting these cash flows using risk-adjusted rates .
the model assumptions used in the valuation of msrs include mortgage prepayment speeds and discount rates .

the fair value of msrs is primarily affected by changes in prepayments that result from shifts in mortgage interest rates .
in managing this risk , the company hedges a significant portion of the values of its msrs through the use of interest-rate derivative contracts , forward-purchase commitments of mortgage-backed securities , and purchased securities classified as trading .
see note 23 to the consolidated financial statements for further discussions regarding the accounting and reporting of msrs .

these msrs , which totaled $ 6.5 billion and $ 5.7 billion as of december 31 , 2009 and 2008 , respectively , are classified as mortgage servicing rights on citigroup 2019s consolidated balance sheet .
changes in fair value of msrs are recorded in commissions and fees in the company 2019s consolidated statement of income .

certain structured liabilities the company has elected the fair value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) .
the company elected the fair value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair value basis .

these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form .
for those structured liabilities classified as long-term debt for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value by $ 125 million and $ 671 million as of december 31 , 2009 and 2008 , respectively .

the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .
related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement .
certain non-structured liabilities the company has elected the fair value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) .

the company has elected the fair value option where the interest-rate risk of such liabilities is economically hedged with derivative contracts or the proceeds are used to purchase financial assets that will also be accounted for at fair value through earnings .
the election has been made to mitigate accounting mismatches and to achieve operational simplifications .
these positions are reported in short-term borrowings and long-term debt on the company 2019s consolidated balance sheet .

for those non-structured liabilities classified as short-term borrowings for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value of such instruments by $ 220 million as of december 31 , 2008 .

for non-structured liabilities classified as long-term debt for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value by $ 1542 million and $ 856 million as of december 31 , 2009 and 2008 , respectively .
the change in fair value for these non-structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .

related interest expense continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .
accounting is complex and to achieve operational simplifications .
the fair value option was not elected for loans held-for-investment , as those loans are not hedged with derivative instruments .
the following table provides information about certain mortgage loans carried at fair value:

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


| _id | dd4bdf356 |
| title |  |
| text | kimco realty corporation and subsidiaries job title kimco realty ar revision 6 serial date / time tuesday , april 03 , 2007 /10:32 pm job number 142704 type current page no .
65 operator pm2 <12345678> at december 31 , 2006 and 2005 , the company 2019s net invest- ment in the leveraged lease consisted of the following ( in mil- lions ) : .

9 .
mortgages and other financing receivables : during january 2006 , the company provided approximately $ 16.0 million as its share of a $ 50.0 million junior participation in a $ 700.0 million first mortgage loan , in connection with a private investment firm 2019s acquisition of a retailer .
this loan participation bore interest at libor plus 7.75% ( 7.75 % ) per annum and had a two-year term with a one-year extension option and was collateralized by certain real estate interests of the retailer .

during june 2006 , the borrower elected to pre-pay the outstanding loan balance of approximately $ 16.0 million in full satisfaction of this loan .
additionally , during january 2006 , the company provided approximately $ 5.2 million as its share of an $ 11.5 million term loan to a real estate developer for the acquisition of a 59 acre land parcel located in san antonio , tx .

this loan is interest only at a fixed rate of 11.0% ( 11.0 % ) for a term of two years payable monthly and collateralized by a first mortgage on the subject property .
as of december 31 , 2006 , the outstanding balance on this loan was approximately $ 5.2 million .

during february 2006 , the company committed to provide a one year $ 17.2 million credit facility at a fixed rate of 8.0% ( 8.0 % ) for a term of nine months and 9.0% ( 9.0 % ) for the remaining term to a real estate investor for the recapitalization of a discount and entertain- ment mall that it currently owns .
during 2006 , this facility was fully paid and was terminated .

during april 2006 , the company provided two separate mortgages aggregating $ 14.5 million on a property owned by a real estate investor .
proceeds were used to payoff the existing first mortgage , buyout the existing partner and for redevelopment of the property .
the mortgages bear interest at 8.0% ( 8.0 % ) per annum and mature in 2008 and 2013 .
these mortgages are collateralized by the subject property .

as of december 31 , 2006 , the aggregate outstanding balance on these mortgages was approximately $ 15.0 million , including $ 0.5 million of accrued interest .
during may 2006 , the company provided a cad $ 23.5 million collateralized credit facility at a fixed rate of 8.5% ( 8.5 % ) per annum for a term of two years to a real estate company for the execution of its property acquisitions program .
the credit facility is guaranteed by the real estate company .

the company was issued 9811 units , valued at approximately usd $ 0.1 million , and warrants to purchase up to 0.1 million shares of the real estate company as a loan origination fee .
during august 2006 , the company increased the credit facility to cad $ 45.0 million and received an additional 9811 units , valued at approximately usd $ 0.1 million , and warrants to purchase up to 0.1 million shares of the real estate company .

as of december 31 , 2006 , the outstand- ing balance on this credit facility was approximately cad $ 3.6 million ( approximately usd $ 3.1 million ) .
during september 2005 , a newly formed joint venture , in which the company had an 80% ( 80 % ) interest , acquired a 90% ( 90 % ) interest in a $ 48.4 million mortgage receivable for a purchase price of approximately $ 34.2 million .

this loan bore interest at a rate of three-month libor plus 2.75% ( 2.75 % ) per annum and was scheduled to mature on january 12 , 2010 .
a 626-room hotel located in lake buena vista , fl collateralized the loan .
the company had determined that this joint venture entity was a vie and had further determined that the company was the primary benefici- ary of this vie and had therefore consolidated it for financial reporting purposes .

during march 2006 , the joint venture acquired the remaining 10% ( 10 % ) of this mortgage receivable for a purchase price of approximately $ 3.8 million .
during june 2006 , the joint venture accepted a pre-payment of approximately $ 45.2 million from the borrower as full satisfaction of this loan .
during august 2006 , the company provided $ 8.8 million as its share of a $ 13.2 million 12-month term loan to a retailer for general corporate purposes .

this loan bears interest at a fixed rate of 12.50% ( 12.50 % ) with interest payable monthly and a balloon payment for the principal balance at maturity .
the loan is collateralized by the underlying real estate of the retailer .
additionally , the company funded $ 13.3 million as its share of a $ 20.0 million revolving debtor-in-possession facility to this retailer .
the facility bears interest at libor plus 3.00% ( 3.00 % ) and has an unused line fee of 0.375% ( 0.375 % ) .

this credit facility is collateralized by a first priority lien on all the retailer 2019s assets .
as of december 31 , 2006 , the compa- ny 2019s share of the outstanding balance on this loan and credit facility was approximately $ 7.6 million and $ 4.9 million , respec- tively .
during september 2006 , the company provided a mxp 57.3 million ( approximately usd $ 5.3 million ) loan to an owner of an operating property in mexico .

the loan , which is collateralized by the property , bears interest at 12.0% ( 12.0 % ) per annum and matures in 2016 .
the company is entitled to a participation feature of 25% ( 25 % ) of annual cash flows after debt service and 20% ( 20 % ) of the gain on sale of the property .
as of december 31 , 2006 , the outstand- ing balance on this loan was approximately mxp 57.8 million ( approximately usd $ 5.3 million ) .

during november 2006 , the company committed to provide a mxp 124.8 million ( approximately usd $ 11.5 million ) loan to an owner of a land parcel in acapulco , mexico .
the loan , which is collateralized with an operating property owned by the bor- rower , bears interest at 10% ( 10 % ) per annum and matures in 2016 .
the company is entitled to a participation feature of 20% ( 20 % ) of excess cash flows and gains on sale of the property .

as of decem- ber 31 , 2006 , the outstanding balance on this loan was mxp 12.8 million ( approximately usd $ 1.2 million ) .

 |
| table | | 2006           | 2005
------------------------------------- | -------------- | --------------
remaining net rentals                 | $ 62.3         | $ 68.9
estimated unguaranteed residual value | 40.5           | 43.8
non-recourse mortgage debt            | -48.4 ( 48.4 ) | -52.8 ( 52.8 )
unearned and deferred income          | -50.7 ( 50.7 ) | -55.9 ( 55.9 )
net investment in leveraged lease     | $ 3.7          | $ 4.0 |


| _id | dd4bb930e |
| title |  |
| text | on may 12 , 2017 , the company 2019s stockholders approved the american water works company , inc .
2017 omnibus equity compensation plan ( the 201c2017 omnibus plan 201d ) .
a total of 7.2 million shares of common stock may be issued under the 2017 omnibus plan .
as of december 31 , 2017 , 7.2 million shares were available for grant under the 2017 omnibus plan .

the 2017 omnibus plan provides that grants of awards may be in any of the following forms : incentive stock options , nonqualified stock options , stock appreciation rights , stock units , stock awards , other stock-based awards and dividend equivalents , which may be granted only on stock units or other stock-based awards .
following the approval of the 2017 omnibus plan , no additional awards are to be granted under the 2007 plan .

however , shares will still be issued under the 2007 plan pursuant to the terms of awards previously issued under that plan prior to may 12 , 2017 .
the cost of services received from employees in exchange for the issuance of stock options and restricted stock awards is measured based on the grant date fair value of the awards issued .
the value of stock options and rsus awards at the date of the grant is amortized through expense over the three-year service period .

all awards granted in 2017 , 2016 and 2015 are classified as equity .
the company recognizes compensation expense for stock awards over the vesting period of the award .
the company stratified its grant populations and used historic employee turnover rates to estimate employee forfeitures .
the estimated rate is compared to the actual forfeitures at the end of the reporting period and adjusted as necessary .

the following table presents stock-based compensation expense recorded in operation and maintenance expense in the accompanying consolidated statements of operations for the years ended december 31: .

there were no significant stock-based compensation costs capitalized during the years ended december 31 , 2017 , 2016 and 2015 .
the company receives a tax deduction based on the intrinsic value of the award at the exercise date for stock options and the distribution date for rsus .
for each award , throughout the requisite service period , the company recognizes the tax benefits , which have been included in deferred income tax assets , related to compensation costs .

the tax deductions in excess of the benefits recorded throughout the requisite service period are recorded to the consolidated statements of operations and are presented in the financing section of the consolidated statements of cash flows .
stock options there were no grants of stock options to employees in 2017 .
in 2016 and 2015 , the company granted non-qualified stock options to certain employees under the 2007 plan .

the stock options vest ratably over the three-year service period beginning on january 1 of the year of the grant and have no performance vesting conditions .
expense is recognized using the straight-line method and is amortized over the requisite service period.

 |
| table | | 2017     | 2016     | 2015
------------------------------------------- | -------- | -------- | --------
stock options                               | $ 1      | $ 2      | $ 2
rsus                                        | 9        | 8        | 8
nonqualified employee stock purchase plan   | 1        | 1        | 1
stock-based compensation                    | 11       | 11       | 11
income tax benefit                          | -4 ( 4 ) | -4 ( 4 ) | -4 ( 4 )
stock-based compensation expense net of tax | $ 7      | $ 7      | $ 7 |


| _id | dd4b8b670 |
| title |  |
| text | 2022 increased proved liquid hydrocarbon , including synthetic crude oil , reserves to 78 percent from 75 percent of proved reserves 2022 increased e&p net sales volumes , excluding libya , by 7 percent 2022 recorded 96 percent average operational availability for all major company-operated e&p assets , compared to 94 percent in 2010 2022 completed debottlenecking work that increased crude oil production capacity at the alvheim fpso in norway to 150000 gross bbld from the previous capacity of 142000 gross

bbld from the previous capacity of 142000 gross bbld and the original 2008 capacity of 120000 gross bbld 2022 announced two non-operated discoveries in the iraqi kurdistan region and began drilling in poland 2022 completed aosp expansion 1 , including the start-up of the expanded scotford upgrader , realizing an increase in net synthetic crude oil sales volumes of 48 percent 2022 completed dispositions of non-core assets and interests in acreage positions for net proceeds of $ 518 million 2022 repurchased

net proceeds of $ 518 million 2022 repurchased 12 million shares of our common stock at a cost of $ 300 million 2022 retired $ 2498 million principal of our long-term debt 2022 resumed limited production in libya in the fourth quarter of 2011 following the february 2011 temporary suspension of operations consolidated results of operations : 2011 compared to 2010 due to the spin-off of our downstream business on june 30 , 2011 , which is reported as discontinued operations , income from continuing

discontinued operations , income from continuing operations is more representative of marathon oil as an independent energy company .

consolidated income from continuing operations before income taxes was 9 percent higher in 2011 than in 2010 , largely due to higher liquid hydrocarbon prices .
this improvement was offset by increased income taxes primarily the result of excess foreign tax credits generated during 2011 that we do not expect to utilize in the future .
the effective income tax rate for continuing operations was 61 percent in 2011 compared to 54 percent in 2010 .

revenues are summarized in the following table : ( in millions ) 2011 2010 .

e&p segment revenues increased $ 2247 million from 2010 to 2011 , primarily due to higher average liquid hydrocarbon realizations , which were $ 99.37 per bbl in 2011 , a 31 percent increase over 2010 .
revenues in 2010 included net pre-tax gains of $ 95 million on derivative instruments intended to mitigate price risk on future sales of liquid hydrocarbons and natural gas .

included in our e&p segment are supply optimization activities which include the purchase of commodities from third parties for resale .
supply optimization serves to aggregate volumes in order to satisfy transportation commitments and to achieve flexibility within product types and delivery points .
see the cost of revenues discussion as revenues from supply optimization approximate the related costs .

higher average crude oil prices in 2011 compared to 2010 increased revenues related to supply optimization .
revenues from the sale of our u.s .
production are higher in 2011 primarily as a result of higher liquid hydrocarbon and natural gas price realizations , but sales volumes declined.

 |
| table | ( in millions )                      | 2011       | 2010
------------------------------------ | ---------- | ----------
e&p                                  | $ 13029    | $ 10782
osm                                  | 1588       | 833
ig                                   | 93         | 150
segment revenues                     | 14710      | 11765
elimination of intersegment revenues | -47 ( 47 ) | -75 ( 75 )
total revenues                       | $ 14663    | $ 11690 |


| _id | dd4bc91dc |
| title |  |
| text | cgmhi also has substantial borrowing arrangements consisting of facilities that cgmhi has been advised are available , but where no contractual lending obligation exists .
these arrangements are reviewed on an ongoing basis to ensure flexibility in meeting cgmhi 2019s short-term requirements .
the company issues both fixed and variable rate debt in a range of currencies .

it uses derivative contracts , primarily interest rate swaps , to effectively convert a portion of its fixed rate debt to variable rate debt and variable rate debt to fixed rate debt .
the maturity structure of the derivatives generally corresponds to the maturity structure of the debt being hedged .
in addition , the company uses other derivative contracts to manage the foreign exchange impact of certain debt issuances .

at december 31 , 2009 , the company 2019s overall weighted average interest rate for long-term debt was 3.51% ( 3.51 % ) on a contractual basis and 3.91% ( 3.91 % ) including the effects of derivative contracts .
aggregate annual maturities of long-term debt obligations ( based on final maturity dates ) including trust preferred securities are as follows: .

long-term debt at december 31 , 2009 and december 31 , 2008 includes $ 19345 million and $ 24060 million , respectively , of junior subordinated debt .
the company formed statutory business trusts under the laws of the state of delaware .

the trusts exist for the exclusive purposes of ( i ) issuing trust securities representing undivided beneficial interests in the assets of the trust ; ( ii ) investing the gross proceeds of the trust securities in junior subordinated deferrable interest debentures ( subordinated debentures ) of its parent ; and ( iii ) engaging in only those activities necessary or incidental thereto .
upon approval from the federal reserve , citigroup has the right to redeem these securities .

citigroup has contractually agreed not to redeem or purchase ( i ) the 6.50% ( 6.50 % ) enhanced trust preferred securities of citigroup capital xv before september 15 , 2056 , ( ii ) the 6.45% ( 6.45 % ) enhanced trust preferred securities of citigroup capital xvi before december 31 , 2046 , ( iii ) the 6.35% ( 6.35 % ) enhanced trust preferred securities of citigroup capital xvii before march 15 , 2057 , ( iv ) the 6.829% ( 6.829 % ) fixed rate/floating rate enhanced trust preferred securities of

rate enhanced trust preferred securities of citigroup capital xviii before june 28 , 2047 , ( v ) the 7.250% ( 7.250 % ) enhanced trust preferred securities of citigroup capital xix before august 15 , 2047 , ( vi ) the 7.875% ( 7.875 % ) enhanced trust preferred securities of citigroup capital xx before december 15 , 2067 , and ( vii ) the 8.300% ( 8.300 % ) fixed rate/floating rate enhanced trust preferred securities of citigroup capital xxi before december 21 , 2067 , unless certain conditions ,

december 21 , 2067 , unless certain conditions , described in exhibit 4.03 to citigroup 2019s current report on form 8-k filed on september 18 , 2006 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on november 28 , 2006 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on march 8 , 2007 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on july 2 , 2007 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on august 17 , 2007 , in

report on form 8-k filed on august 17 , 2007 , in exhibit 4.2 to citigroup 2019s current report on form 8-k filed on november 27 , 2007 , and in exhibit 4.2 to citigroup 2019s current report on form 8-k filed on december 21 , 2007 , respectively , are met .

these agreements are for the benefit of the holders of citigroup 2019s 6.00% ( 6.00 % ) junior subordinated deferrable interest debentures due 2034 .
citigroup owns all of the voting securities of these subsidiary trusts .
these subsidiary trusts have no assets , operations , revenues or cash flows other than those related to the issuance , administration , and repayment of the subsidiary trusts and the subsidiary trusts 2019 common securities .

these subsidiary trusts 2019 obligations are fully and unconditionally guaranteed by citigroup.

 |
| table | in millions of dollars                  | 2010    | 2011    | 2012    | 2013    | 2014    | thereafter
--------------------------------------- | ------- | ------- | ------- | ------- | ------- | ----------
citigroup parent company                | $ 18030 | $ 20435 | $ 29706 | $ 17775 | $ 18916 | $ 92942
other citigroup subsidiaries            | 18710   | 29316   | 17214   | 5177    | 12202   | 14675
citigroup global markets holdings inc . | 1315    | 1030    | 1686    | 388     | 522     | 8481
citigroup funding inc .                 | 9107    | 8875    | 20738   | 4792    | 3255    | 8732
total                                   | $ 47162 | $ 59656 | $ 69344 | $ 28132 | $ 34895 | $ 124830 |


| _id | dd4b8e71c |
| title |  |
| text | acquire operations and facilities from municipalities and other local governments , as they increasingly seek to raise capital and reduce risk .
we realize synergies from consolidating businesses into our existing operations , whether through acquisitions or public-private partnerships , which allows us to reduce capital expenditures and expenses associated with truck routing , personnel , fleet maintenance , inventories and back-office administration .

operating model the goal of our operating model pillar is to deliver a consistent , high-quality service to all of our customers through the republic way : one way .
everywhere .
every day .
this approach of developing standardized processes with rigorous controls and tracking allows us to leverage our scale and deliver durable operational excellence .
the republic way is the key to harnessing the best of what we do as operators and translating that across all facets of our business .

a key enabler of the republic way is our organizational structure that fosters a high performance culture by maintaining 360-degree accountability and full profit and loss responsibility with local management , supported by a functional structure to provide subject matter expertise .
this structure allows us to take advantage of our scale by coordinating functionally across all of our markets , while empowering local management to respond to unique market dynamics .

we have rolled out several productivity and cost control initiatives designed to deliver the best service possible to our customers in the most efficient and environmentally sound way .
fleet automation approximately 75% ( 75 % ) of our residential routes have been converted to automated single-driver trucks .
by converting our residential routes to automated service , we reduce labor costs , improve driver productivity , decrease emissions and create a safer work environment for our employees .

additionally , communities using automated vehicles have higher participation rates in recycling programs , thereby complementing our initiative to expand our recycling capabilities .
fleet conversion to compressed natural gas ( cng ) approximately 19% ( 19 % ) of our fleet operates on natural gas .
we expect to continue our gradual fleet conversion to cng as part of our ordinary annual fleet replacement process .

we believe a gradual fleet conversion is the most prudent approach to realizing the full value of our previous fleet investments .
approximately 30% ( 30 % ) of our replacement vehicle purchases during 2017 were cng vehicles .
we believe using cng vehicles provides us a competitive advantage in communities with strict clean emission initiatives that focus on protecting the environment .

although upfront capital costs are higher , using cng reduces our overall fleet operating costs through lower fuel expenses .
as of december 31 , 2017 , we operated 37 cng fueling stations .
standardized maintenance based on an industry trade publication , we operate the seventh largest vocational fleet in the united states .
as of december 31 , 2017 , our average fleet age in years , by line of business , was as follows : approximate number of vehicles approximate average age .

 |
| table | | approximate number of vehicles | approximate average age
--------------- | ------------------------------ | -----------------------
residential     | 7200                           | 7.5
small-container | 4600                           | 7.1
large-container | 4100                           | 8.8
total           | 15900                          | 7.7 |


| _id | dd4ba7a78 |
| title |  |
| text | stock performance graph * $ 100 invested on december 31 , 2011 in our stock or in the relevant index , including reinvestment of dividends .
fiscal year ended december 31 , 2016 .

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

controls international plc , lear corp. , lkq corp. , meritor inc. , standard motor products inc. , stoneridge inc. , superior industries international , tenneco inc. , tesla motors inc. , tower international inc. , visteon corp. , and wabco holdings inc .

company index december 31 , december 31 , december 31 , december 31 , december 31 , december 31 .

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

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


| _id | dd4983dc8 |
| title |  |
| text | notes to consolidated financial statements ( continued ) march 31 , 2004 5 .
income taxes ( continued ) the effective tax rate of zero differs from the statutory rate of 34% ( 34 % ) primarily due to the inability of the company to recognize deferred tax assets for its operating losses and tax credits .
of the total valuation allowance , approximately $ 2400000 relates to stock option compensation deductions .

the tax benefit associated with the stock option compensation deductions will be credited to equity when realized .
6 .
commitments and contingencies the company applies the disclosure provisions of fin no .
45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no .
5 , 57 and 107 and rescission of fasb interpretation no .
34 ( fin no .

34 ( fin no .
45 ) to its agreements that contain guarantee or indemnification clauses .
these disclosure provisions expand those required by sfas no .
5 , accounting for contingencies , by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote .
the following is a description of arrangements in which the company is a guarantor .

product warranties 2013 the company routinely accrues for estimated future warranty costs on its product sales at the time of sale .
the ab5000 and bvs products are subject to rigorous regulation and quality standards .
while the company engages in extensive product quality programs and processes , including monitoring and evaluating the quality of component suppliers , its warranty obligation is affected by product failure rates .

operating results could be adversely effected if the actual cost of product failures exceeds the estimated warranty provision .
patent indemnifications 2013 in 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 .
under the provisions of fin no .
45 , intellectual property indemnifications require disclosure only .
as of march 31 , 2004 , the company had entered into leases for its facilities , including its primary operating facility in danvers , massachusetts , with terms through fiscal 2010 .

the company has elected not to exercise a buyout option available under its primary lease that would have allowed for early termination in 2005 .
total rent expense under these leases , included in the accompanying consolidated statements of operations , was approximately $ 856000 , $ 823000 and $ 821000 for the fiscal years ended march 31 , 2002 , 2003 and 2004 , respectively .

during the fiscal year ended march 31 , 2000 , the company entered into 36-month operating leases totaling approximately $ 644000 for the lease of office furniture .
these leases ended in fiscal year 2003 and at the company 2019s option the furniture was purchased .
rental expense recorded for these leases during the fiscal years ended march 31 , 2002 and 2003 was approximately $ 215000 and $ 127000 respectively .

during fiscal 2000 , the company entered into a 36-month capital lease for computer equipment and software for approximately $ 221000 .
this lease ended in fiscal year 2003 and at the company 2019s option these assets were purchased .
future minimum lease payments under all non-cancelable operating leases as of march 31 , 2004 are approximately as follows ( in thousands ) : .

from time-to-time , the company is involved in legal and administrative proceedings and claims of various types .
while any litigation contains an element of uncertainty , management , in consultation with the company 2019s general counsel , presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , will not have a material adverse effect on the company.

 |
| table | year ending march 31,               | operating leases
----------------------------------- | ----------------
2005                                | $ 781
2006                                | 776
2007                                | 769
2008                                | 772
2009                                | 772
thereafter                          | 708
total future minimum lease payments | $ 4578 |


| _id | dd4c580b2 |
| title |  |
| text | on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , which commenced november 24 , 2011 , and is approximately $ 32 million per year .
the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 2021 notes were issued at a discount of $ 4 million .

at december 31 , 2014 , $ 3 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition and are being amortized over the remaining term of the 2021 notes .
in may 2011 , in conjunction with the issuance of the 2013 floating rate notes , the company entered into a $ 750 million notional interest rate swapmaturing in 2013 to hedge the future cash flows of its obligation at a fixed rate of 1.03% ( 1.03 % ) .

during the second quarter of 2013 , the interest rate swapmatured and the 2013 floating rate notes were fully repaid .
2019 notes .
in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations .

these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) .

net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors ( 201cbgi 201d ) from barclays on december 1 , 2009 ( the 201cbgi transaction 201d ) , and for general corporate purposes .
interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year .

these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake- whole 201d redemption price .
these notes were issued collectively at a discount of $ 5 million .
at december 31 , 2014 , $ 3 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition and are being amortized over the remaining term of the 2019 notes .
2017 notes .

2017 notes .
in september 2007 , the company issued $ 700 million in aggregate principal amount of 6.25% ( 6.25 % ) senior unsecured and unsubordinated notes maturing on september 15 , 2017 ( the 201c2017 notes 201d ) .
a portion of the net proceeds of the 2017 notes was used to fund the initial cash payment for the acquisition of the fund-of-funds business of quellos and the remainder was used for general corporate purposes .

interest is payable semi-annually in arrears on march 15 and september 15 of each year , or approximately $ 44 million per year .
the 2017 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 2017 notes were issued at a discount of $ 6 million , which is being amortized over their ten-year term .
the company incurred approximately $ 4 million of debt issuance costs , which are being amortized over ten years .

at december 31 , 2014 , $ 1 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
13 .
commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 .
future minimum commitments under these operating leases are as follows : ( in millions ) .

rent expense and certain office equipment expense under agreements amounted to $ 132 million , $ 137 million and $ 133 million in 2014 , 2013 and 2012 , respectively .
investment commitments .
at december 31 , 2014 , the company had $ 161 million of various capital commitments to fund sponsored investment funds , including funds of private equity funds , real estate funds , infrastructure funds , opportunistic funds and distressed credit funds .

this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds .
in addition to the capital commitments of $ 161 million , the company had approximately $ 35 million of contingent commitments for certain funds which have investment periods that have expired .

generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment .
these unfunded commitments are not recorded on the consolidated statements of financial condition .
these commitments do not include potential future commitments approved by the company that are not yet legally binding .

the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients .
contingencies contingent payments .
the company acts as the portfolio manager in a series of derivative transactions and has a maximum potential exposure of $ 17 million under a derivative between the company and counterparty .
see note 7 , derivatives and hedging , for further discussion .
contingent payments related to business acquisitions .

in connection with the credit suisse etf transaction , blackrock is required to make contingent payments annually to credit suisse , subject to achieving specified thresholds during a seven-year period , subsequent to the 2013 acquisition date .
in addition , blackrock is required to make contingent payments related to the mgpa transaction during a five-year period , subject to achieving specified thresholds , subsequent to the 2013 acquisition date .

the fair value of the remaining contingent payments at december 31 , 2014 is not significant to the consolidated statement of financial condition and is included in other liabilities .
legal proceedings .
from time to time , blackrock receives subpoenas or other requests for information from various u.s .
federal , state governmental and domestic and

 |
| table | year       | amount
---------- | ------
2015       | $ 126
2016       | 111
2017       | 112
2018       | 111
2019       | 105
thereafter | 613
total      | $ 1178 |


| _id | dd4bac60e |
| title |  |
| text | 2012 ppg annual report and form 10-k 45 costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .
in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the "2010 credit agreement" ) which was subsequently terminated in july 2012 .
the 2010 credit agreement provided for a $ 1.2 billion unsecured revolving credit facility .

in connection with entering into the 2010 credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 .
there were no outstanding amounts due under either revolving facility at the times of their termination .
the 2010 credit agreement was set to terminate on august 5 , 2013 .
ppg 2019s non-u.s .
operations have uncommitted lines of credit totaling $ 705 million of which $ 34 million was used as of december 31 , 2012 .

these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .
short-term debt outstanding as of december 31 , 2012 and 2011 , was as follows: .

ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .
the company 2019s revolving credit agreements include a financial ratio covenant .
the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .

as of december 31 , 2012 , total indebtedness was 42% ( 42 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .
additionally , substantially all of the company 2019s debt agreements contain customary cross- default provisions .

those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .
none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .
interest payments in 2012 , 2011 and 2010 totaled $ 219 million , $ 212 million and $ 189 million , respectively .

in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) .
the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares .

rental expense for operating leases was $ 233 million , $ 249 million and $ 233 million in 2012 , 2011 and 2010 , respectively .
the primary leased assets include paint stores , transportation equipment , warehouses and other distribution facilities , and office space , including the company 2019s corporate headquarters located in pittsburgh , pa .

minimum lease commitments for operating leases that have initial or remaining lease terms in excess of one year as of december 31 , 2012 , are ( in millions ) $ 171 in 2013 , $ 135 in 2014 , $ 107 in 2015 , $ 83 in 2016 , $ 64 in 2017 and $ 135 thereafter .
the company had outstanding letters of credit and surety bonds of $ 119 million as of december 31 , 2012 .

the letters of credit secure the company 2019s performance to third parties under certain self-insurance programs and other commitments made in the ordinary course of business .
as of december 31 , 2012 and 2011 , guarantees outstanding were $ 96 million and $ 90 million , respectively .
the guarantees relate primarily to debt of certain entities in which ppg has an ownership interest and selected customers of certain of the company 2019s businesses .

a portion of such debt is secured by the assets of the related entities .
the carrying values of these guarantees were $ 11 million and $ 13 million as of december 31 , 2012 and 2011 , respectively , and the fair values were $ 11 million and $ 21 million , as of december 31 , 2012 and 2011 , respectively .

the fair value of each guarantee was estimated by comparing the net present value of two hypothetical cash flow streams , one based on ppg 2019s incremental borrowing rate and the other based on the borrower 2019s incremental borrowing rate , as of the effective date of the guarantee .
both streams were discounted at a risk free rate of return .
the company does not believe any loss related to these letters of credit , surety bonds or guarantees is likely .
9 .

9 .
fair value measurement the accounting guidance on fair value measurements establishes a hierarchy with three levels of inputs used to determine fair value .
level 1 inputs are quoted prices ( unadjusted ) in active markets for identical assets and liabilities , are considered to be the most reliable evidence of fair value , and should be used whenever available .
level 2 inputs are observable prices that are not quoted on active exchanges .

level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities .
table of contents notes to the consolidated financial statements

 |
| table | ( millions )                                                                                | 2012 | 2011
------------------------------------------------------------------------------------------------------- | ---- | ----
other weighted average 2.27% ( 2.27 % ) as of dec . 31 2012 and 3.72% ( 3.72 % ) as of december 31 2011 | $ 39 | $ 33
total                                                                                | $ 39 | $ 33 |


| _id | dd4b89cbc |
| title |  |
| text | stock performance graph : the graph below shows the cumulative total shareholder return assuming the investment of $ 100 , on december 31 , 2010 , and the reinvestment of dividends thereafter , if any , in the company's common stock versus the standard and poor's s&p 500 retail index ( "s&p 500 retail index" ) and the standard and poor's s&p 500 index ( "s&p 500" ) . .

 |
| table | company/index             | december 31 , 2010 | december 31 , 2011 | december 31 , 2012 | december 31 , 2013 | december 31 , 2014 | december 31 , 2015
------------------------- | ------------------ | ------------------ | ------------------ | ------------------ | ------------------ | ------------------
o'reilly automotive inc . | $ 100              | $ 132              | $ 148              | $ 213              | $ 319              | $ 419
s&p 500 retail index      | 100                | 103                | 128                | 185                | 203                | 252
s&p 500                   | $ 100              | $ 100              | $ 113              | $ 147              | $ 164              | $ 163 |


| _id | dd4c44418 |
| title |  |
| text | the goldman sachs group , inc .
and subsidiaries notes to consolidated financial statements long-term debt instruments the aggregate contractual principal amount of long-term other secured financings for which the fair value option was elected exceeded the related fair value by $ 361 million and $ 362 million as of december 2016 and december 2015 , respectively .

the aggregate contractual principal amount of unsecured long-term borrowings for which the fair value option was elected exceeded the related fair value by $ 1.56 billion and $ 1.12 billion as of december 2016 and december 2015 , respectively .
the amounts above include both principal- and non-principal-protected long-term borrowings .

impact of credit spreads on loans and lending commitments the estimated net gain attributable to changes in instrument-specific credit spreads on loans and lending commitments for which the fair value option was elected was $ 281 million for 2016 , $ 751 million for 2015 and $ 1.83 billion for 2014 , respectively .

the firm generally calculates the fair value of loans and lending commitments for which the fair value option is elected by discounting future cash flows at a rate which incorporates the instrument-specific credit spreads .
for floating-rate loans and lending commitments , substantially all changes in fair value are attributable to changes in instrument-specific credit spreads , whereas for fixed-rate loans and lending commitments , changes in fair value are also attributable to changes in interest rates .

debt valuation adjustment the firm calculates the fair value of financial liabilities for which the fair value option is elected by discounting future cash flows at a rate which incorporates the firm 2019s credit spreads .
the net dva on such financial liabilities was a loss of $ 844 million ( $ 544 million , net of tax ) for 2016 and was included in 201cdebt valuation adjustment 201d in the consolidated statements of comprehensive income .

the gains/ ( losses ) reclassified to earnings from accumulated other comprehensive loss upon extinguishment of such financial liabilities were not material for 2016 .
note 9 .
loans receivable loans receivable is comprised of loans held for investment that are accounted for at amortized cost net of allowance for loan losses .
interest on loans receivable is recognized over the life of the loan and is recorded on an accrual basis .
the table below presents details about loans receivable. .

as of december 2016 and december 2015 , the fair value of loans receivable was $ 49.80 billion and $ 45.19 billion , respectively .
as of december 2016 , had these loans been carried at fair value and included in the fair value hierarchy , $ 28.40 billion and $ 21.40 billion would have been classified in level 2 and level 3 , respectively .

as of december 2015 , had these loans been carried at fair value and included in the fair value hierarchy , $ 23.91 billion and $ 21.28 billion would have been classified in level 2 and level 3 , respectively .
the firm also extends lending commitments that are held for investment and accounted for on an accrual basis .
as of december 2016 and december 2015 , such lending commitments were $ 98.05 billion and $ 93.92 billion , respectively .

substantially all of these commitments were extended to corporate borrowers and were primarily related to the firm 2019s relationship lending activities .
the carrying value and the estimated fair value of such lending commitments were liabilities of $ 327 million and $ 2.55 billion , respectively , as of december 2016 , and $ 291 million and $ 3.32 billion , respectively , as of december 2015 .

as of december 2016 , had these lending commitments been carried at fair value and included in the fair value hierarchy , $ 1.10 billion and $ 1.45 billion would have been classified in level 2 and level 3 , respectively .
as of december 2015 , had these lending commitments been carried at fair value and included in the fair value hierarchy , $ 1.35 billion and $ 1.97 billion would have been classified in level 2 and level 3 , respectively .
goldman sachs 2016 form 10-k 147

 |
| table | $ in millions                              | as of december 2016 | as of december 2015
------------------------------------------ | ------------------- | -------------------
corporate loans                            | $ 24837             | $ 20740
loans to private wealth management clients | 13828               | 13961
loans backed by commercial real estate     | 4761                | 5271
loans backed by residential real estate    | 3865                | 2316
other loans                                | 2890                | 3533
total loans receivable gross               | 50181               | 45821
allowance for loan losses                  | -509 ( 509 )        | -414 ( 414 )
total loans receivable                     | $ 49672             | $ 45407 |


| _id | dd4c22ebc |
| title |  |
| text | republic services , inc .
notes to consolidated financial statements 2014 ( continued ) credit exposure , we continually monitor the credit worthiness of the financial institutions where we have deposits .
concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services , as well as the dispersion of our operations across many geographic areas .

we provide services to commercial , industrial , municipal and residential customers in the united states and puerto rico .
we perform ongoing credit evaluations of our customers , but generally do not require collateral to support customer receivables .
we establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers , age of receivables outstanding , historical trends , economic conditions and other information .

accounts receivable , net accounts receivable represent receivables from customers for collection , transfer , recycling , disposal and other services .
our receivables are recorded when billed or when the related revenue is earned , if earlier , and represent claims against third parties that will be settled in cash .
the carrying value of our receivables , net of the allowance for doubtful accounts and customer credits , represents their estimated net realizable value .

provisions for doubtful accounts are evaluated on a monthly basis and are recorded based on our historical collection experience , the age of the receivables , specific customer information and economic conditions .
we also review outstanding balances on an account-specific basis .
in general , reserves are provided for accounts receivable in excess of 90 days outstanding .
past due receivable balances are written-off when our collection efforts have been unsuccessful in collecting amounts due .

the following table reflects the activity in our allowance for doubtful accounts for the years ended december 31: .

restricted cash and marketable securities as of december 31 , 2014 , we had $ 115.6 million of restricted cash and marketable securities .
we obtain funds through the issuance of tax-exempt bonds for the purpose of financing qualifying expenditures at our landfills , transfer stations , collection and recycling centers .
the funds are deposited directly into trust accounts by the bonding authorities at the time of issuance .

as the use of these funds is contractually restricted , and we do not have the ability to use these funds for general operating purposes , they are classified as restricted cash and marketable securities in our consolidated balance sheets .

in the normal course of business , we may be required to provide financial assurance to governmental agencies and a variety of other entities in connection with municipal residential collection contracts , closure or post- closure of landfills , environmental remediation , environmental permits , and business licenses and permits as a financial guarantee of our performance .

at several of our landfills , we satisfy financial assurance requirements by depositing cash into restricted trust funds or escrow accounts .
property and equipment we record property and equipment at cost .
expenditures for major additions and improvements to facilities are capitalized , while maintenance and repairs are charged to expense as incurred .

when property is retired or otherwise disposed , the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income.

 |
| table | | 2014           | 2013           | 2012
---------------------------- | -------------- | -------------- | --------------
balance at beginning of year | $ 38.3         | $ 45.3         | $ 48.1
additions charged to expense | 22.6           | 16.1           | 29.7
accounts written-off         | -22.0 ( 22.0 ) | -23.1 ( 23.1 ) | -32.5 ( 32.5 )
balance at end of year       | $ 38.9         | $ 38.3         | $ 45.3 |


| _id | dd4c07a04 |
| title |  |
| text | management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) the effect of foreign exchange rate changes on cash , cash equivalents and restricted cash included in the consolidated statements of cash flows resulted in an increase of $ 11.6 in 2016 , primarily a result of the brazilian real strengthening against the u.s .
dollar as of december 31 , 2016 compared to december 31 , 2015. .

liquidity outlook we expect our cash flow from operations and existing cash and cash equivalents to be sufficient to meet our anticipated operating requirements at a minimum for the next twelve months .
we also have a committed corporate credit facility , uncommitted lines of credit and a commercial paper program available to support our operating needs .

we continue to maintain a disciplined approach to managing liquidity , with flexibility over significant uses of cash , including our capital expenditures , cash used for new acquisitions , our common stock repurchase program and our common stock dividends .
from time to time , we evaluate market conditions and financing alternatives for opportunities to raise additional funds or otherwise improve our liquidity profile , enhance our financial flexibility and manage market risk .

our ability to access the capital markets depends on a number of factors , which include those specific to us , such as our credit ratings , and those related to the financial markets , such as the amount or terms of available credit .
there can be no guarantee that we would be able to access new sources of liquidity , or continue to access existing sources of liquidity , on commercially reasonable terms , or at all .

funding requirements our most significant funding requirements include our operations , non-cancelable operating lease obligations , capital expenditures , acquisitions , common stock dividends , taxes and debt service .
additionally , we may be required to make payments to minority shareholders in certain subsidiaries if they exercise their options to sell us their equity interests .

notable funding requirements include : 2022 debt service 2013 as of december 31 , 2017 , we had outstanding short-term borrowings of $ 84.9 from our uncommitted lines of credit used primarily to fund seasonal working capital needs .
the remainder of our debt is primarily long-term , with maturities scheduled through 2024 .
see the table below for the maturity schedule of our long-term debt .
2022 acquisitions 2013 we paid cash of $ 29.7 , net of cash acquired of $ 7.1 , for acquisitions completed in 2017 .

we also paid $ 0.9 in up-front payments and $ 100.8 in deferred payments for prior-year acquisitions as well as ownership increases in our consolidated subsidiaries .
in addition to potential cash expenditures for new acquisitions , we expect to pay approximately $ 42.0 in 2018 related to prior acquisitions .
we may also be required to pay approximately $ 33.0 in 2018 related to put options held by minority shareholders if exercised .

we will continue to evaluate strategic opportunities to grow and continue to strengthen our market position , particularly in our digital and marketing services offerings , and to expand our presence in high-growth and key strategic world markets .
2022 dividends 2013 during 2017 , we paid four quarterly cash dividends of $ 0.18 per share on our common stock , which corresponded to aggregate dividend payments of $ 280.3 .

on february 14 , 2018 , we announced that our board of directors ( the 201cboard 201d ) had declared a common stock cash dividend of $ 0.21 per share , payable on march 15 , 2018 to holders of record as of the close of business on march 1 , 2018 .
assuming we pay a quarterly dividend of $ 0.21 per share and there is no significant change in the number of outstanding shares as of december 31 , 2017 , we would expect to pay approximately $ 320.0 over the next twelve months.

 |
| table | balance sheet data                              | december 31 , 2017 | december 31 , 2016
----------------------------------------------- | ------------------ | ------------------
cash cash equivalents and marketable securities | $ 791.0            | $ 1100.6
short-term borrowings                           | $ 84.9             | $ 85.7
current portion of long-term debt               | 2.0                | 323.9
long-term debt                                  | 1285.6             | 1280.7
total debt                                      | $ 1372.5           | $ 1690.3 |