| _id | dd4c47d52 |
| title |  |
| text | notes to consolidated financial statements 196 jpmorgan chase & co./2014 annual report credit and funding adjustments when determining the fair value of an instrument , it may be necessary to record adjustments to the firm 2019s estimates of fair value in order to reflect counterparty credit quality , the firm 2019s own creditworthiness , and the impact of funding : 2022 credit valuation adjustments ( 201ccva 201d ) are taken to reflect the credit quality of a counterparty in the valuation of derivatives .

cva are necessary when the market price ( or parameter ) is not indicative of the credit quality of the counterparty .
as few classes of derivative contracts are listed on an exchange , derivative positions are predominantly valued using models that use as their basis observable market parameters .
an adjustment therefore may be necessary to reflect the credit quality of each derivative counterparty to arrive at fair value .

the firm estimates derivatives cva using a scenario analysis to estimate the expected credit exposure across all of the firm 2019s positions with each counterparty , and then estimates losses as a result of a counterparty credit event .

the key inputs to this methodology are ( i ) the expected positive exposure to each counterparty based on a simulation that assumes the current population of existing derivatives with each counterparty remains unchanged and considers contractual factors designed to mitigate the firm 2019s credit exposure , such as collateral and legal rights of offset ; ( ii ) the probability of a default event occurring for each counterparty , as derived from observed or estimated cds spreads ; and ( iii ) estimated

or estimated cds spreads ; and ( iii ) estimated recovery rates implied by cds , adjusted to consider the differences in recovery rates as a derivative creditor relative to those reflected in cds spreads , which generally reflect senior unsecured creditor risk .

as such , the firm estimates derivatives cva relative to the relevant benchmark interest rate .
2022 dva is taken to reflect the credit quality of the firm in the valuation of liabilities measured at fair value .
the dva calculation methodology is generally consistent with the cva methodology described above and incorporates jpmorgan chase 2019s credit spread as observed through the cds market to estimate the probability of default and loss given default as a result of a systemic event affecting the firm .

structured notes dva is estimated using the current fair value of the structured note as the exposure amount , and is otherwise consistent with the derivative dva methodology .
2022 the firm incorporates the impact of funding in its valuation estimates where there is evidence that a market participant in the principal market would incorporate it in a transfer of the instrument .

as a result , the fair value of collateralized derivatives is estimated by discounting expected future cash flows at the relevant overnight indexed swap ( 201cois 201d ) rate given the underlying collateral agreement with the counterparty .
effective in 2013 , the firm implemented a fva framework to incorporate the impact of funding into its valuation estimates for uncollateralized ( including partially collateralized ) over- the-counter ( 201cotc 201d ) derivatives and structured notes .

the firm 2019s fva framework leverages its existing cva and dva calculation methodologies , and considers the fact that the firm 2019s own credit risk is a significant component of funding costs .

the key inputs are : ( i ) the expected funding requirements arising from the firm 2019s positions with each counterparty and collateral arrangements ; ( ii ) for assets , the estimated market funding cost in the principal market ; and ( iii ) for liabilities , the hypothetical market funding cost for a transfer to a market participant with a similar credit standing as the firm .

upon the implementation of the fva framework in 2013 , the firm recorded a one time $ 1.5 billion loss in principal transactions revenue that was recorded in the cib .

while the fva framework applies to both assets and liabilities , the loss on implementation largely related to uncollateralized derivative receivables given that the impact of the firm 2019s own credit risk , which is a significant component of funding costs , was already incorporated in the valuation of liabilities through the application of dva .

the following table provides the credit and funding adjustments , excluding the effect of any associated hedging activities , reflected within the consolidated balance sheets as of the dates indicated. .

derivative receivables balance ( a ) $ 78975 $ 65759 derivative payables balance ( a ) 71116 57314 derivatives cva ( b ) ( 2674 ) ( 2352 ) derivatives dva and fva ( b ) ( c ) ( 380 ) ( 322 ) structured notes balance ( a ) ( d ) 53772 48808 structured notes dva and fva ( b ) ( e ) 1152 952 ( a ) balances are presented net of applicable cva and dva/fva .

( b ) positive cva and dva/fva represent amounts that increased receivable balances or decreased payable balances ; negative cva and dva/fva represent amounts that decreased receivable balances or increased payable balances .
( c ) at december 31 , 2014 and 2013 , included derivatives dva of $ 714 million and $ 715 million , respectively .

( d ) structured notes are predominantly financial instruments containing embedded derivatives that are measured at fair value based on the firm 2019s election under the fair value option .
at december 31 , 2014 and 2013 , included $ 943 million and $ 1.1 billion , respectively , of financial instruments with no embedded derivative for which the fair value option has also been elected .
for further information on these elections , see note 4 .

( e ) at december 31 , 2014 and 2013 , included structured notes dva of $ 1.4 billion and $ 1.4 billion , respectively.

 |
| table | december 31 ( in millions )              | 2014           | 2013
---------------------------------------- | -------------- | --------------
derivative receivables balance ( a )     | $ 78975        | $ 65759
derivative payables balance ( a )        | 71116          | 57314
derivatives cva ( b )                    | -2674 ( 2674 ) | -2352 ( 2352 )
derivatives dva and fva ( b ) ( c )      | -380 ( 380 )   | -322 ( 322 )
structured notes balance ( a ) ( d )     | 53772          | 48808
structured notes dva and fva ( b ) ( e ) | 1152           | 952 |


| _id | dd4b9e478 |
| title |  |
| text | business-related metrics as of or for the year ended december 31 .

crb is the no .
1 bank in the new york tri-state area and a top five bank in texas ( both ranked by retail deposits ) , providing payment , liquidity , investment , insurance and credit products and services to three primary customer segments : small busi- ness , affluent and retail .
within these segments , crb serves 326000 small businesses , 433000 affluent consumers and 2.6 million mass-market consumers .

crb 2019s continued focus on expanding customer relationships resulted in a 14% ( 14 % ) increase in core deposits ( for this purpose , core deposits are total deposits less time deposits ) from december 31 , 2002 , and a 77% ( 77 % ) increase in the cross-sell of chase credit products over 2002 .
in 2003 , mortgage and home equity originations through crb 2019s distribution channels were $ 3.4 billion and $ 4.7 billion , respectively .

branch-originated credit cards totaled 77000 , contributing to 23% ( 23 % ) of crb customers holding chase credit cards .
crb is compensated by cfs 2019s credit businesses for the home finance and credit card loans it origi- nates and does not retain these balances .
chase regional banking while crb continues to position itself for growth , decreased deposit spreads related to the low-rate environment and increased credit costs resulted in an 80% ( 80 % ) decline in crb operating earnings from 2002 .

this decrease was partly offset by an 8% ( 8 % ) increase in total average deposits .
operating revenue of $ 2.6 billion decreased by 9% ( 9 % ) compared with 2002 .
net interest income declined by 11% ( 11 % ) to $ 1.7 billion , primarily attributable to the lower interest rate environment .
noninterest revenue decreased 6% ( 6 % ) to $ 927 million due to lower deposit service fees , decreased debit card fees and one-time gains in 2002 .

crb 2019s revenue does not include funding profits earned on its deposit base ; these amounts are included in the results of global treasury .
operating expense of $ 2.4 billion increased by 7% ( 7 % ) from 2002 .
the increase was primarily due to investments in technology within the branch network ; also contributing were higher compensation expenses related to increased staff levels and higher severance costs as a result of continued restructuring .
this increase in operating caf is the largest u.s .

bank originator of automobile loans and leases , with more than 2.9 million accounts .
in 2003 , caf had a record number of automobile loan and lease originations , growing by 10% ( 10 % ) over 2002 to $ 27.8 billion .
loan and lease receivables of $ 43.2 billion at december 31 , 2003 , were 16% ( 16 % ) higher than at the prior year-end .

despite a challenging operating environment reflecting slightly declining new car sales in 2003 and increased competition , caf 2019s market share among automobile finance companies improved to 6.1% ( 6.1 % ) in 2003 from 5.7% ( 5.7 % ) in 2002 .
the increase in market share was the result of strong organic growth and an origination strategy that allies the business with manufac- turers and dealers .

caf 2019s relationships with several major car manufacturers contributed to 2003 growth , as did caf 2019s dealer relationships , which increased from approximately 12700 dealers in 2002 to approximately 13700 dealers in 2003 .
in 2003 , operating earnings were $ 205 million , 23% ( 23 % ) higher compared with 2002 .
the increase in earnings was driven by continued revenue growth and improved operating efficiency .
in 2003 , caf 2019s operating revenue grew by 23% ( 23 % ) to $ 842 million .

net interest income grew by 33% ( 33 % ) compared with 2002 .
the increase was driven by strong operating performance due to higher average loans and leases outstanding , reflecting continued strong origination volume and lower funding costs .
operating expense of $ 292 million increased by 18% ( 18 % ) compared with 2002 .
the increase in expenses was driven by higher average chase auto finance loans outstanding , higher origination volume and higher perform- ance-based incentives .

caf 2019s overhead ratio improved from 36% ( 36 % ) in 2002 to 35% ( 35 % ) in 2003 , as a result of strong revenue growth , con- tinued productivity gains and disciplined expense management .
credit costs increased 18% ( 18 % ) to $ 205 million , primarily reflecting a 32% ( 32 % ) increase in average loan and lease receivables .
credit quality continued to be strong relative to 2002 , as evidenced by a lower net charge-off ratio and 30+ day delinquency rate .

caf also comprises chase education finance , a top provider of government-guaranteed and private loans for higher education .
loans are provided through a joint venture with sallie mae , a government-sponsored enterprise and the leader in funding and servicing education loans .
chase education finance 2019s origination volume totaled $ 2.7 billion , an increase of 4% ( 4 % ) from last year .
management 2019s discussion and analysis j.p .
morgan chase & co .
42 j.p .
morgan chase & co .
/ 2003 annual report

 |
| table | ( in billions except ratios )      | 2003           | 2002           | change
---------------------------------- | -------------- | -------------- | ------------
loan and lease receivables         | $ 43.2         | $ 37.4         | 16% ( 16 % )
average loan and lease receivables | 41.7           | 31.7           | 32
automobile origination volume      | 27.8           | 25.3           | 10
automobile market share            | 6.1% ( 6.1 % ) | 5.7% ( 5.7 % ) | 40bp
30+ day delinquency rate           | 1.46           | 1.54           | -8 ( 8 )
net charge-off ratio               | 0.41           | 0.51           | -10 ( 10 )
overhead ratio                     | 35             | 36             | -100 ( 100 ) |


| _id | dd4bacfa0 |
| title |  |
| text | notes to the consolidated financial statements 40 2016 ppg annual report and form 10-k 1 .
summary of significant accounting policies principles of consolidation the accompanying consolidated financial statements include the accounts of ppg industries , inc .
( 201cppg 201d or the 201ccompany 201d ) and all subsidiaries , both u.s .
and non-u.s. , that it controls .
ppg owns more than 50% ( 50 % ) of the voting stock of most of the subsidiaries that it controls .

for those consolidated subsidiaries in which the company 2019s ownership is less than 100% ( 100 % ) , the outside shareholders 2019 interests are shown as noncontrolling interests .
investments in companies in which ppg owns 20% ( 20 % ) to 50% ( 50 % ) of the voting stock and has the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting .

as a result , ppg 2019s share of the earnings or losses of such equity affiliates is included in the accompanying consolidated statement of income and ppg 2019s share of these companies 2019 shareholders 2019 equity is included in 201cinvestments 201d in the accompanying consolidated balance sheet .
transactions between ppg and its subsidiaries are eliminated in consolidation .
use of estimates in the preparation of financial statements the preparation of financial statements in conformity with u.s .

generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements , as well as the reported amounts of income and expenses during the reporting period .

such estimates also include the fair value of assets acquired and liabilities assumed resulting from the allocation of the purchase price related to business combinations consummated .
actual outcomes could differ from those estimates .
revenue recognition the company recognizes revenue when the earnings process is complete .
revenue is recognized by all operating segments when goods are shipped and title to inventory and risk of loss passes to the customer or when services have been rendered .

shipping and handling costs amounts billed to customers for shipping and handling are reported in 201cnet sales 201d in the accompanying consolidated statement of income .
shipping and handling costs incurred by the company for the delivery of goods to customers are included in 201ccost of sales , exclusive of depreciation and amortization 201d in the accompanying consolidated statement of income .

selling , general and administrative costs amounts presented as 201cselling , general and administrative 201d in the accompanying consolidated statement of income are comprised of selling , customer service , distribution and advertising costs , as well as the costs of providing corporate- wide functional support in such areas as finance , law , human resources and planning .

distribution costs pertain to the movement and storage of finished goods inventory at company- owned and leased warehouses and other distribution facilities .
advertising costs advertising costs are expensed as incurred and totaled $ 322 million , $ 324 million and $ 297 million in 2016 , 2015 and 2014 , respectively .
research and development research and development costs , which consist primarily of employee related costs , are charged to expense as incurred. .

legal costs legal costs , primarily include costs associated with acquisition and divestiture transactions , general litigation , environmental regulation compliance , patent and trademark protection and other general corporate purposes , are charged to expense as incurred .
foreign currency translation the functional currency of most significant non-u.s .
operations is their local currency .
assets and liabilities of those operations are translated into u.s .

dollars using year-end exchange rates ; income and expenses are translated using the average exchange rates for the reporting period .
unrealized foreign currency translation adjustments are deferred in accumulated other comprehensive loss , a separate component of shareholders 2019 equity .
cash equivalents cash equivalents are highly liquid investments ( valued at cost , which approximates fair value ) acquired with an original maturity of three months or less .

short-term investments short-term investments are highly liquid , high credit quality investments ( valued at cost plus accrued interest ) that have stated maturities of greater than three months to one year .
the purchases and sales of these investments are classified as investing activities in the consolidated statement of cash flows .

marketable equity securities the company 2019s investment in marketable equity securities is recorded at fair market value and reported in 201cother current assets 201d and 201cinvestments 201d in the accompanying consolidated balance sheet with changes in fair market value recorded in income for those securities designated as trading securities and in other comprehensive income , net of tax , for those designated as available for sale securities.

 |
| table | ( $ in millions )                        | 2016  | 2015  | 2014
---------------------------------------- | ----- | ----- | -----
research and development 2013 total      | $ 487 | $ 494 | $ 499
less depreciation on research facilities | 21    | 18    | 16
research and development net             | $ 466 | $ 476 | $ 483 |


| _id | dd4970642 |
| title |  |
| text | the following performance graph shows the cumulative total return to a holder of the company 2019s common stock , assuming dividend reinvestment , compared with the cumulative total return , assuming dividend reinvestment , of the standard & poor ( "s&p" ) 500 index and the dow jones us financials index during the period from december 31 , 2009 through december 31 , 2014. .

table of contents

 |
| table | | 12/09  | 12/10  | 12/11  | 12/12  | 12/13  | 12/14
----------------------------- | ------ | ------ | ------ | ------ | ------ | ------
e*trade financial corporation | 100.00 | 90.91  | 45.23  | 50.85  | 111.59 | 137.81
s&p 500 index                 | 100.00 | 115.06 | 117.49 | 136.30 | 180.44 | 205.14
dow jones us financials index | 100.00 | 112.72 | 98.24  | 124.62 | 167.26 | 191.67 |


| _id | dd4bf55c0 |
| title |  |
| text | eog resources , inc .
supplemental information to consolidated financial statements ( continued ) capitalized costs relating to oil and gas producing activities .
the following table sets forth the capitalized costs relating to eog's crude oil and natural gas producing activities at december 31 , 2018 and 2017: .

costs incurred in oil and gas property acquisition , exploration and development activities .
the acquisition , exploration and development costs disclosed in the following tables are in accordance with definitions in the extractive industries - oil and gas topic of the accounting standards codification ( asc ) .
acquisition costs include costs incurred to purchase , lease or otherwise acquire property .

exploration costs include additions to exploratory wells , including those in progress , and exploration expenses .
development costs include additions to production facilities and equipment and additions to development wells , including those in progress.

 |
| table | | 2018                   | 2017
--------------------------------------------------- | ---------------------- | ----------------------
proved properties                                   | $ 53624809             | $ 48845672
unproved properties                                 | 3705207                | 3710069
total                                               | 57330016               | 52555741
accumulated depreciation depletion and amortization | -31674085 ( 31674085 ) | -29191247 ( 29191247 )
net capitalized costs                               | $ 25655931             | $ 23364494 |


| _id | dd4be7ede |
| title |  |
| text | eastman notes to the audited consolidated financial statements accumulated other comprehensive income ( loss ) ( dollars in millions ) cumulative translation adjustment unfunded additional minimum pension liability unrecognized loss and prior service cost , net of unrealized gains ( losses ) on cash flow hedges unrealized losses on investments accumulated comprehensive income ( loss ) balance at december 31 , 2004 155 ( 248 ) -- ( 8 ) ( 2 ) ( 103 ) .

pre-sfas no .
158 balance at december 31 , 2006 121 ( 207 ) -- ( 6 ) ( 1 ) ( 93 ) adjustments to apply sfas no .
158 -- 207 ( 288 ) -- -- ( 81 ) balance at december 31 , 2006 121 -- ( 288 ) ( 6 ) ( 1 ) ( 174 ) except for cumulative translation adjustment , amounts of other comprehensive income ( loss ) are presented net of applicable taxes .

because cumulative translation adjustment is considered a component of permanently invested , unremitted earnings of subsidiaries outside the united states , no taxes are provided on such amounts .
15 .

15 .
share-based compensation plans and awards 2002 omnibus long-term compensation plan eastman's 2002 omnibus long-term compensation plan provides for grants to employees of nonqualified stock options , incentive stock options , tandem and freestanding stock appreciation rights ( 201csar 2019s 201d ) , performance shares and various other stock and stock-based awards .

the 2002 omnibus plan provides that options can be granted through may 2 , 2007 , for the purchase of eastman common stock at an option price not less than 100 percent of the per share fair market value on the date of the stock option's grant .
there is a maximum of 7.5 million shares of common stock available for option grants and other awards during the term of the 2002 omnibus plan .

director long-term compensation plan eastman's 2002 director long-term compensation plan provides for grants of nonqualified stock options and restricted shares to nonemployee members of the board of directors .
shares of restricted stock are granted upon the first day of the directors' initial term of service and nonqualified stock options and shares of restricted stock are granted each year following the annual meeting of stockholders .

the 2002 director plan provides that options can be granted through the later of may 1 , 2007 , or the date of the annual meeting of stockholders in 2007 for the purchase of eastman common stock at an option price not less than the stock's fair market value on the date of the grant.

 |
| table | ( dollars in millions )                       | cumulative translation adjustment$ | unfundedadditionalminimum pension liability$ | unrecognized loss and prior service cost net of taxes$ | unrealized gains ( losses ) on cash flow hedges$ | unrealized losses on investments$ | accumulated other comprehensive income ( loss ) $
--------------------------------------------- | ---------------------------------- | -------------------------------------------- | ------------------------------------------------------ | ------------------------------------------------ | --------------------------------- | -------------------------------------------------
balance at december 31 2004                   | 155                                | -248 ( 248 )                                 | --                                                     | -8 ( 8 )                                         | -2 ( 2 )                          | -103 ( 103 )
period change                                 | -94 ( 94 )                         | -7 ( 7 )                                     | --                                                     | 3                                                | 1                                 | -97 ( 97 )
balance at december 31 2005                   | 61                                 | -255 ( 255 )                                 | --                                                     | -5 ( 5 )                                         | -1 ( 1 )                          | -200 ( 200 )
period change                                 | 60                                 | 48                                           | --                                                     | -1 ( 1 )                                         | --                                | 107
pre-sfas no . 158 balance at december 31 2006 | 121                                | -207 ( 207 )                                 | --                                                     | -6 ( 6 )                                         | -1 ( 1 )                          | -93 ( 93 )
adjustments to apply sfas no . 158            | --                                 | 207                                          | -288 ( 288 )                                           | --                                               | --                                | -81 ( 81 )
balance at december 31 2006                   | 121                                | --                                           | -288 ( 288 )                                           | -6 ( 6 )                                         | -1 ( 1 )                          | -174 ( 174 ) |


| _id | dd4ba74c4 |
| title |  |
| text | 2016 , as well as significant sponsorship and other marketing agreements entered into during the period after december 31 , 2016 through the date of this report : ( in thousands ) .

total future minimum sponsorship and other payments $ 1355605 the amounts listed above are the minimum compensation obligations and guaranteed royalty fees required to be paid under the company 2019s sponsorship and other marketing agreements .
the amounts listed above do not include additional performance incentives and product supply obligations provided under certain agreements .

it is not possible to determine how much the company will spend on product supply obligations on an annual basis as contracts generally do not stipulate specific cash amounts to be spent on products .
the amount of product provided to the sponsorships depends on many factors including general playing conditions , the number of sporting events in which they participate and the company 2019s decisions regarding product and marketing initiatives .

in addition , the costs to design , develop , source and purchase the products furnished to the endorsers are incurred over a period of time and are not necessarily tracked separately from similar costs incurred for products sold to customers .
in connection with various contracts and agreements , the company has agreed to indemnify counterparties against certain third party claims relating to the infringement of intellectual property rights and other items .

generally , such indemnification obligations do not apply in situations in which the counterparties are grossly negligent , engage in willful misconduct , or act in bad faith .
based on the company 2019s historical experience and the estimated probability of future loss , the company has determined that the fair value of such indemnifications is not material to its consolidated financial position or results of operations .

from time to time , the company is involved in litigation and other proceedings , including matters related to commercial and intellectual property disputes , as well as trade , regulatory and other claims related to its business .

other than as described below , the company believes that all current proceedings are routine in nature and incidental to the conduct of its business , and that the ultimate resolution of any such proceedings will not have a material adverse effect on its consolidated financial position , results of operations or cash flows .

on february 10 , 2017 , a shareholder filed a securities case in the united states district court for the district of maryland ( the 201ccourt 201d ) against the company , the company 2019s chief executive officer and the company 2019s former chief financial officer ( brian breece v .
under armour , inc. ) .
on february 16 , 2017 , a second shareholder filed a securities case in the court against the same defendants ( jodie hopkins v .
under armour , inc. ) .

under armour , inc. ) .
the plaintiff in each case purports to represent a class of shareholders for the period between april 21 , 2016 and january 30 , 2017 , inclusive .
the complaints allege violations of section 10 ( b ) ( and rule 10b-5 ) of the securities exchange act of 1934 , as amended ( the 201cexchange act 201d ) and section 20 ( a ) control person liability under the exchange act against the officers named in the complaints .

in general , the allegations in each case concern disclosures and statements made by

 |
| table | 2017                                                | $ 176138
--------------------------------------------------- | ---------
2018                                                | 166961
2019                                                | 142987
2020                                                | 124856
2021                                                | 118168
2022 and thereafter                                 | 626495
total future minimum sponsorship and other payments | $ 1355605 |


| _id | dd4c2e000 |
| title |  |
| text | part i item 1 entergy corporation , utility operating companies , and system energy louisiana parishes in which it holds non-exclusive franchises .
entergy louisiana's electric franchises expire during 2009-2036 .
entergy mississippi has received from the mpsc certificates of public convenience and necessity to provide electric service to areas within 45 counties , including a number of municipalities , in western mississippi .
under mississippi statutory law , such certificates are exclusive .

entergy mississippi may continue to serve in such municipalities upon payment of a statutory franchise fee , regardless of whether an original municipal franchise is still in existence .
entergy new orleans provides electric and gas service in the city of new orleans pursuant to city ordinances ( except electric service in algiers , which is provided by entergy louisiana ) .

these ordinances contain a continuing option for the city of new orleans to purchase entergy new orleans' electric and gas utility properties .
entergy texas holds a certificate of convenience and necessity from the puct to provide electric service to areas within approximately 24 counties in eastern texas , and holds non-exclusive franchises to provide electric service in approximately 65 incorporated municipalities .
entergy texas typically is granted 50-year franchises .

entergy texas' electric franchises expire during 2009-2045 .
the business of system energy is limited to wholesale power sales .
it has no distribution franchises .
property and other generation resources generating stations the total capability of the generating stations owned and leased by the utility operating companies and system energy as of december 31 , 2008 , is indicated below: .

( 1 ) "owned and leased capability" is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel ( assuming no curtailments ) that each station was designed to utilize .
the entergy system's load and capacity projections are reviewed periodically to assess the need and timing for additional generating capacity and interconnections .

these reviews consider existing and projected demand , the availability and price of power , the location of new load , and the economy .
summer peak load in the entergy system service territory has averaged 21039 mw from 2002-2008 .
due to changing use patterns , peak load growth has nearly flattened while annual energy use continues to grow .

in the 2002 time period , the entergy system's long-term capacity resources , allowing for an adequate reserve margin , were approximately 3000 mw less than the total capacity required for peak period demands .
in this time period entergy met its capacity shortages almost entirely through short-term power purchases in the wholesale spot market .
in the fall of 2002 , the entergy system began a program to add new resources to its existing generation portfolio and began a process of issuing

 |
| table | company                       | owned and leased capability mw ( 1 ) total | owned and leased capability mw ( 1 ) gas/oil | owned and leased capability mw ( 1 ) nuclear | owned and leased capability mw ( 1 ) coal | owned and leased capability mw ( 1 ) hydro
----------------------------- | ------------------------------------------ | -------------------------------------------- | -------------------------------------------- | ----------------------------------------- | ------------------------------------------
entergy arkansas              | 4999                                       | 1883                                         | 1839                                         | 1207                                      | 70
entergy gulf states louisiana | 3574                                       | 2240                                         | 971                                          | 363                                       | -
entergy louisiana             | 5854                                       | 4685                                         | 1169                                         | -                                         | -
entergy mississippi           | 3224                                       | 2804                                         | -                                            | 420                                       | -
entergy new orleans           | 745                                        | 745                                          | -                                            | -                                         | -
entergy texas                 | 2543                                       | 2274                                         | -                                            | 269                                       | -
system energy                 | 1139                                       | -                                            | 1139                                         | -                                         | -
total                         | 22078                                      | 14631                                        | 5118                                         | 2259                                      | 70 |


| _id | dd4bd8100 |
| title |  |
| text | abiomed , inc .
and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 3 .

acquisitions ( continued ) including the revenues of third-party licensees , or ( ii ) the company 2019s sale of ( a ) ecp , ( b ) all or substantially all of ecp 2019s assets , or ( c ) certain of ecp 2019s patent rights , the company will pay to syscore the lesser of ( x ) one-half of the profits earned from such sale described in the foregoing item ( ii ) , after accounting for the costs of acquiring and operating ecp , or ( y ) $ 15.0 million ( less any previous milestone payment ) .

ecp 2019s acquisition of ais gmbh aachen innovative solutions in connection with the company 2019s acquisition of ecp , ecp acquired all of the share capital of ais gmbh aachen innovative solutions ( 201cais 201d ) , a limited liability company incorporated in germany , pursuant to a share purchase agreement dated as of june 30 , 2014 , by and among ecp and ais 2019s four individual shareholders .

ais , based in aachen , germany , holds certain intellectual property useful to ecp 2019s business , and , prior to being acquired by ecp , had licensed such intellectual property to ecp .
the purchase price for the acquisition of ais 2019s share capital was approximately $ 2.8 million in cash , which was provided by the company , and the acquisition closed immediately prior to abiomed europe 2019s acquisition of ecp .

the share purchase agreement contains representations , warranties and closing conditions customary for transactions of its size and nature .
purchase price allocation the acquisition of ecp and ais was accounted for as a business combination .
the purchase price for the acquisition has been allocated to the assets acquired and liabilities assumed based on their estimated fair values .

the acquisition-date fair value of the consideration transferred is as follows : acquisition date fair value ( in thousands ) .

 |
| table | | total acquisition date fair value ( in thousands )
------------------------------- | --------------------------------------------------
cash consideration              | $ 15750
contingent consideration        | 6000
total consideration transferred | $ 21750 |


| _id | dd4c4ae80 |
| title |  |
| text | we may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness , which may not be successful .

our ability to make scheduled payments on or to refinance our debt obligations depends on our financial condition , operating performance and our ability to receive dividend payments from our subsidiaries , which is subject to prevailing economic and competitive conditions , regulatory approval and certain financial , business and other factors beyond our control .

we may not be able to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal and interest on our indebtedness .
if our cash flows and capital resources are insufficient to fund our debt service obligations , we may be forced to reduce or delay investments and capital expenditures , or to sell assets , seek additional capital or restructure or refinance our indebtedness .

these alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations .
in addition , the terms of existing or future debt instruments may restrict us from adopting some of these alternatives .
our ability to restructure or refinance our debt will depend on the condition of the capital markets and our financial condition at such time .

any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants , which could further restrict our business operations .
in addition , any failure to make payments of interest and principal on our outstanding indebtedness on a timely basis would likely result in a reduction of our credit rating , which could harm our ability to incur additional indebtedness .

if our cash flows and available cash are insufficient to meet our debt service obligations , we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations .
we may not be able to consummate those dispositions or to obtain the proceeds that we could realize from them , and these proceeds may not be adequate to meet any debt service obligations then due .
item 1b .
unresolved staff comments item 2 .

item 1b .
unresolved staff comments item 2 .
properties a summary of our significant locations at december 31 , 2012 is shown in the following table .
all facilities are leased , except for 165000 square feet of our office in alpharetta , georgia .
square footage amounts are net of space that has been sublet or part of a facility restructuring. .

all of our facilities are used by either our trading and investing or balance sheet management segments , in addition to the corporate/other category .
all other leased facilities with space of less than 25000 square feet are not listed by location .
in addition to the significant facilities above , we also lease all 30 e*trade branches , ranging in space from approximately 2500 to 8000 square feet .
we believe our facilities space is adequate to meet our needs in 2013.

 |
| table | location               | approximate square footage
---------------------- | --------------------------
alpharetta georgia     | 254000
jersey city new jersey | 107000
arlington virginia     | 102000
menlo park california  | 91000
sandy utah             | 66000
new york new york      | 39000
chicago illinois       | 25000 |


| _id | dd497fd7c |
| title |  |
| text | humana inc .
notes to consolidated financial statements 2014 ( continued ) 15 .
stockholders 2019 equity dividends the following table provides details of dividend payments , excluding dividend equivalent rights , in 2015 , 2016 , and 2017 under our board approved quarterly cash dividend policy : payment amount per share amount ( in millions ) .

on november 2 , 2017 , the board declared a cash dividend of $ 0.40 per share that was paid on january 26 , 2018 to stockholders of record on december 29 , 2017 , for an aggregate amount of $ 55 million .
declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change .

stock repurchases in september 2014 , our board of directors replaced a previous share repurchase authorization of up to $ 1 billion ( of which $ 816 million remained unused ) with an authorization for repurchases of up to $ 2 billion of our common shares exclusive of shares repurchased in connection with employee stock plans , which expired on december 31 , 2016 .

under the share repurchase authorization , shares may have been purchased from time to time at prevailing prices in the open market , by block purchases , through plans designed to comply with rule 10b5-1 under the securities exchange act of 1934 , as amended , or in privately-negotiated transactions ( including pursuant to accelerated share repurchase agreements with investment banks ) , subject to certain regulatory restrictions on volume , pricing , and timing .

pursuant to the merger agreement , after july 2 , 2015 , we were prohibited from repurchasing any of our outstanding securities without the prior written consent of aetna , other than repurchases of shares of our common stock in connection with the exercise of outstanding stock options or the vesting or settlement of outstanding restricted stock awards .
accordingly , as announced on july 3 , 2015 , we suspended our share repurchase program .

on february 14 , 2017 , we and aetna agreed to mutually terminate the merger agreement .
we also announced that the board had approved a new authorization for share repurchases of up to $ 2.25 billion of our common stock exclusive of shares repurchased in connection with employee stock plans , expiring on december 31 , 2017 .
on february 16 , 2017 , we entered into an accelerated share repurchase agreement , the february 2017 asr , with goldman , sachs & co .

llc , or goldman sachs , to repurchase $ 1.5 billion of our common stock as part of the $ 2.25 billion share repurchase program referred to above .
on february 22 , 2017 , we made a payment of $ 1.5 billion to goldman sachs from available cash on hand and received an initial delivery of 5.83 million shares of our common stock from goldman sachs based on the then current market price of humana common stock .

the payment to goldman sachs was recorded as a reduction to stockholders 2019 equity , consisting of a $ 1.2 billion increase in treasury stock , which reflected the value of the initial 5.83 million shares received upon initial settlement , and a $ 300 million decrease in capital in excess of par value , which reflected the value of stock held back by goldman sachs pending final settlement of the february 2017 asr .

upon settlement of the february 2017 asr on august 28 , 2017 , we received an additional 0.84 million shares as determined by the average daily volume weighted-average share price of our common stock during the term of the agreement of $ 224.81 , bringing the total shares received under this program to 6.67 million .
in addition , upon settlement we reclassified the $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock .

subsequent to settlement of the february 2017 asr , we repurchased an additional 3.04 million shares in the open market , utilizing the remaining $ 750 million of the $ 2.25 billion authorization prior to expiration.

 |
| table | paymentdate | amountper share | totalamount ( in millions )
----------- | --------------- | ---------------------------
2015        | $ 1.14          | $ 170
2016        | $ 1.16          | $ 172
2017        | $ 1.49          | $ 216 |


| _id | dd497a796 |
| title |  |
| text | december 31 , 2011 , the company recognized a decrease of $ 3 million of tax-related interest and penalties and had approximately $ 16 million accrued at december 31 , 2011 .
note 12 derivative instruments and fair value measurements the company is exposed to certain market risks such as changes in interest rates , foreign currency exchange rates , and commodity prices , which exist as a part of its ongoing business operations .

management uses derivative financial and commodity instruments , including futures , options , and swaps , where appropriate , to manage these risks .
instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the contract .

the company designates derivatives as cash flow hedges , fair value hedges , net investment hedges , and uses other contracts to reduce volatility in interest rates , foreign currency and commodities .
as a matter of policy , the company does not engage in trading or speculative hedging transactions .
total notional amounts of the company 2019s derivative instruments as of december 28 , 2013 and december 29 , 2012 were as follows: .

following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the company that were included in each category at december 28 , 2013 and december 29 , 2012 , measured on a recurring basis .
level 1 2014 financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market .

for the company , level 1 financial assets and liabilities consist primarily of commodity derivative contracts .
level 2 2014 financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability .
for the company , level 2 financial assets and liabilities consist of interest rate swaps and over-the-counter commodity and currency contracts .

the company 2019s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve .
over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices less the contract rate multiplied by the notional amount .
foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount .

the company 2019s calculation of the fair value of level 2 financial assets and liabilities takes into consideration the risk of nonperformance , including counterparty credit risk .
level 3 2014 financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement .

these inputs reflect management 2019s own assumptions about the assumptions a market participant would use in pricing the asset or liability .
the company did not have any level 3 financial assets or liabilities as of december 28 , 2013 or december 29 , 2012.

 |
| table | ( millions )                        | 2013   | 2012
----------------------------------- | ------ | ------
foreign currency exchange contracts | $ 517  | $ 570
interest rate contracts             | 2400   | 2150
commodity contracts                 | 361    | 320
total                               | $ 3278 | $ 3040 |


| _id | dd4b8b3f0 |
| title |  |
| text | other taxes decreased in 2001 because its utility operations in virginia became subject to state income taxes in lieu of gross receipts taxes effective january 2001 .
in addition , dominion recognized higher effective rates for foreign earnings and higher pretax income in relation to non-conventional fuel tax credits realized .
dominion energy 2002 2001 2000 ( millions , except per share amounts ) .

* amounts presented are for electricity supplied by utility and merchant generation operations .
operating results 2014 2002 dominion energy contributed $ 2.72 per diluted share on net income of $ 770 million for 2002 , a net income increase of $ 47 million and an earnings per share decrease of $ 0.14 over 2001 .
net income for 2002 reflected lower operating revenue ( $ 204 million ) , operating expenses ( $ 229 million ) and other income ( $ 27 million ) .

interest expense and income taxes , which are discussed on a consolidated basis , decreased $ 50 million over 2001 .
the earnings per share decrease reflected share dilution .
regulated electric sales revenue increased $ 179 million .
favorable weather conditions , reflecting increased cooling and heating degree-days , as well as customer growth , are estimated to have contributed $ 133 million and $ 41 million , respectively .
fuel rate recoveries increased approximately $ 65 million for 2002 .

these recoveries are generally offset by increases in elec- tric fuel expense and do not materially affect income .
partially offsetting these increases was a net decrease of $ 60 million due to other factors not separately measurable , such as the impact of economic conditions on customer usage , as well as variations in seasonal rate premiums and discounts .
nonregulated electric sales revenue increased $ 9 million .

sales revenue from dominion 2019s merchant generation fleet decreased $ 21 million , reflecting a $ 201 million decline due to lower prices partially offset by sales from assets acquired and constructed in 2002 and the inclusion of millstone operations for all of 2002 .
revenue from the wholesale marketing of utility generation decreased $ 74 million .

due to the higher demand of utility service territory customers during 2002 , less production from utility plant generation was available for profitable sale in the wholesale market .
revenue from retail energy sales increased $ 71 million , reflecting primarily customer growth over the prior year .
net revenue from dominion 2019s electric trading activities increased $ 33 million , reflecting the effect of favorable price changes on unsettled contracts and higher trading margins .

nonregulated gas sales revenue decreased $ 351 million .
the decrease included a $ 239 million decrease in sales by dominion 2019s field services and retail energy marketing opera- tions , reflecting to a large extent declining prices .
revenue associated with gas trading operations , net of related cost of sales , decreased $ 112 million .

the decrease included $ 70 mil- lion of realized and unrealized losses on the economic hedges of natural gas production by the dominion exploration & pro- duction segment .
as described below under selected information 2014 energy trading activities , sales of natural gas by the dominion exploration & production segment at market prices offset these financial losses , resulting in a range of prices contemplated by dominion 2019s overall risk management strategy .

the remaining $ 42 million decrease was due to unfavorable price changes on unsettled contracts and lower overall trading margins .
those losses were partially offset by contributions from higher trading volumes in gas and oil markets .
gas transportation and storage revenue decreased $ 44 million , primarily reflecting lower rates .

electric fuel and energy purchases expense increased $ 94 million which included an increase of $ 66 million associated with dominion 2019s energy marketing operations that are not sub- ject to cost-based rate regulation and an increase of $ 28 million associated with utility operations .
substantially all of the increase associated with non-regulated energy marketing opera- tions related to higher volumes purchased during the year .

for utility operations , energy costs increased $ 66 million for pur- chases subject to rate recovery , partially offset by a $ 38 million decrease in fuel expenses associated with lower wholesale mar- keting of utility plant generation .
purchased gas expense decreased $ 245 million associated with dominion 2019s field services and retail energy marketing oper- ations .

this decrease reflected approximately $ 162 million asso- ciated with declining prices and $ 83 million associated with lower purchased volumes .
liquids , pipeline capacity and other purchases decreased $ 64 million , primarily reflecting comparably lower levels of rate recoveries of certain costs of transmission operations in the cur- rent year period .
the difference between actual expenses and amounts recovered in the period are deferred pending future rate adjustments .

other operations and maintenance expense decreased $ 14 million , primarily reflecting an $ 18 million decrease in outage costs due to fewer generation unit outages in the current year .
depreciation expense decreased $ 11 million , reflecting decreases in depreciation associated with changes in the esti- mated useful lives of certain electric generation property , par- tially offset by increased depreciation associated with state line and millstone operations .

other income decreased $ 27 million , including a $ 14 mil- lion decrease in net realized investment gains in the millstone 37d o m i n i o n 2019 0 2 a n n u a l r e p o r t

 |
| table | ( millions except pershare amounts )    | 2002   | 2001   | 2000
--------------------------------------- | ------ | ------ | ------
operating revenue                       | $ 5940 | $ 6144 | $ 4894
operating expenses                      | 4520   | 4749   | 3939
net income contribution                 | 770    | 723    | 489
earnings per share contribution         | $ 2.72 | $ 2.86 | $ 2.07
electricity supplied* ( million mwhrs ) | 101    | 95     | 83
gas transmission throughput ( bcf )     | 597    | 553    | 567 |


| _id | dd4c162a2 |
| title |  |
| text | troubled debt restructurings ( tdrs ) a tdr is a loan whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulty .
tdrs result from our loss mitigation activities , and include rate reductions , principal forgiveness , postponement/reduction of scheduled amortization , and extensions , which are intended to minimize economic loss and to avoid foreclosure or repossession of collateral .

additionally , tdrs also result from borrowers that have been discharged from personal liability through chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to pnc .
in those situations where principal is forgiven , the amount of such principal forgiveness is immediately charged off .
some tdrs may not ultimately result in the full collection of principal and interest , as restructured , and result in potential incremental losses .

these potential incremental losses have been factored into our overall alll estimate .
the level of any subsequent defaults will likely be affected by future economic conditions .
once a loan becomes a tdr , it will continue to be reported as a tdr until it is ultimately repaid in full , the collateral is foreclosed upon , or it is fully charged off .

we held specific reserves in the alll of $ .4 billion and $ .5 billion at december 31 , 2014 and december 31 , 2013 , respectively , for the total tdr portfolio .
table 67 : summary of troubled debt restructurings in millions december 31 december 31 .

( a ) accruing tdr loans have demonstrated a period of at least six months of performance under the restructured terms and are excluded from nonperforming loans .
loans where borrowers have been discharged from personal liability through chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to pnc and loans to borrowers not currently obligated to make both principal and interest payments under the restructured terms are not returned to accrual status .

table 68 quantifies the number of loans that were classified as tdrs as well as the change in the recorded investments as a result of the tdr classification during 2014 , 2013 , and 2012 , respectively .
additionally , the table provides information about the types of tdr concessions .
the principal forgiveness tdr category includes principal forgiveness and accrued interest forgiveness .

these types of tdrs result in a write down of the recorded investment and a charge-off if such action has not already taken place .
the rate reduction tdr category includes reduced interest rate and interest deferral .
the tdrs within this category result in reductions to future interest income .

the other tdr category primarily includes consumer borrowers that have been discharged from personal liability through chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to pnc , as well as postponement/reduction of scheduled amortization and contractual extensions for both consumer and commercial borrowers .
in some cases , there have been multiple concessions granted on one loan .
this is most common within the commercial loan portfolio .

when there have been multiple concessions granted in the commercial loan portfolio , the principal forgiveness concession was prioritized for purposes of determining the inclusion in table 68 .
for example , if there is principal forgiveness in conjunction with lower interest rate and postponement of amortization , the type of concession will be reported as principal forgiveness .
second in priority would be rate reduction .

second in priority would be rate reduction .
for example , if there is an interest rate reduction in conjunction with postponement of amortization , the type of concession will be reported as a rate reduction .

in the event that multiple concessions are granted on a consumer loan , concessions resulting from discharge from personal liability through chapter 7 bankruptcy without formal affirmation of the loan obligations to pnc would be prioritized and included in the other type of concession in the table below .
after that , consumer loan concessions would follow the previously discussed priority of concessions for the commercial loan portfolio .
138 the pnc financial services group , inc .
2013 form 10-k

 |
| table | in millions              | december 312014 | december 312013
------------------------ | --------------- | ---------------
total consumer lending   | $ 2041          | $ 2161
total commercial lending | 542             | 578
total tdrs               | $ 2583          | $ 2739
nonperforming            | $ 1370          | $ 1511
accruing ( a )           | 1083            | 1062
credit card              | 130             | 166
total tdrs               | $ 2583          | $ 2739 |


| _id | dd4b9ef54 |
| title |  |
| text | united kingdom .
bermuda re 2019s uk branch conducts business in the uk and is subject to taxation in the uk .
bermuda re believes that it has operated and will continue to operate its bermuda operation in a manner which will not cause them to be subject to uk taxation .
if bermuda re 2019s bermuda operations were to become subject to uk income tax , there could be a material adverse impact on the company 2019s financial condition , results of operations and cash flow .
ireland .

ireland .
holdings ireland and ireland re conduct business in ireland and are subject to taxation in ireland .
available information .

available information .
the company 2019s annual reports on form 10-k , quarterly reports on form 10-q , current reports on form 8- k , proxy statements and amendments to those reports are available free of charge through the company 2019s internet website at http://www.everestre.com as soon as reasonably practicable after such reports are electronically filed with the securities and exchange commission ( the 201csec 201d ) .
item 1a .

item 1a .
risk factors in addition to the other information provided in this report , the following risk factors should be considered when evaluating an investment in our securities .
if the circumstances contemplated by the individual risk factors materialize , our business , financial condition and results of operations could be materially and adversely affected and the trading price of our common shares could decline significantly .

risks relating to our business fluctuations in the financial markets could result in investment losses .
prolonged and severe disruptions in the public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio .
for the year ended december 31 , 2008 , we incurred $ 695.8 million of realized investment gains and $ 310.4 million of unrealized investment losses .

although financial markets significantly improved during 2009 and 2010 , they could deteriorate in the future and again result in substantial realized and unrealized losses , which could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings .
our results could be adversely affected by catastrophic events .

we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism .
any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations .

subsequent to april 1 , 2010 , we define a catastrophe as an event that causes a loss on property exposures before reinsurance of at least $ 10.0 million , before corporate level reinsurance and taxes .
prior to april 1 , 2010 , we used a threshold of $ 5.0 million .
by way of illustration , during the past five calendar years , pre-tax catastrophe losses , net of contract specific reinsurance but before cessions under corporate reinsurance programs , were as follows: .

 |
| table | calendar year:          | pre-tax catastrophe losses
----------------------- | --------------------------
( dollars in millions ) |
2010                    | $ 571.1
2009                    | 67.4
2008                    | 364.3
2007                    | 160.0
2006                    | 287.9 |


| _id | dd4c1f924 |
| title |  |
| text | part i item 1 entergy corporation , domestic utility companies , and system energy employment litigation ( entergy corporation , entergy arkansas , entergy gulf states , entergy louisiana , entergy mississippi , entergy new orleans , and system energy ) entergy corporation and the domestic utility companies are defendants in numerous lawsuits that have been filed by former employees alleging that they were wrongfully terminated and/or discriminated against on the basis of age , race , sex , and/or other

on the basis of age , race , sex , and/or other protected characteristics .

entergy corporation and the domestic utility companies are vigorously defending these suits and deny any liability to the plaintiffs .
however , no assurance can be given as to the outcome of these cases , and at this time management cannot estimate the total amount of damages sought .
included in the employment litigation are two cases filed in state court in claiborne county , mississippi in december 2002 .
the two cases were filed by former employees of entergy operations who were based at grand gulf .

entergy operations and entergy employees are named as defendants .
the cases make employment-related claims , and seek in total $ 53 million in alleged actual damages and $ 168 million in punitive damages .
entergy subsequently removed both proceedings to the federal district in jackson , mississippi .
entergy cannot predict the ultimate outcome of this proceeding .
research spending entergy is a member of the electric power research institute ( epri ) .

epri conducts a broad range of research in major technical fields related to the electric utility industry .
entergy participates in various epri projects based on entergy's needs and available resources .
the domestic utility companies contributed $ 1.6 million in 2004 , $ 1.5 million in 2003 , and $ 2.1 million in 2002 to epri .
the non-utility nuclear business contributed $ 3.2 million in 2004 and $ 3 million in both 2003 and 2002 to epri .

employees employees are an integral part of entergy's commitment to serving its customers .
as of december 31 , 2004 , entergy employed 14425 people .
u.s .
utility: .

approximately 4900 employees are represented by the international brotherhood of electrical workers union , the utility workers union of america , and the international brotherhood of teamsters union.

 |
| table | entergy arkansas           | 1494
-------------------------- | -----
entergy gulf states        | 1641
entergy louisiana          | 943
entergy mississippi        | 793
entergy new orleans        | 403
system energy              | -
entergy operations         | 2735
entergy services           | 2704
entergy nuclear operations | 3245
other subsidiaries         | 277
total full-time            | 14235
part-time                  | 190
total entergy              | 14425 |


| _id | dd4ba8856 |
| title |  |
| text | zimmer holdings , inc .
2013 form 10-k annual report notes to consolidated financial statements ( continued ) fees paid to collaborative partners .
where contingent milestone payments are due to third parties under research and development arrangements , the milestone payment obligations are expensed when the milestone results are achieved .

litigation 2013 we record a liability for contingent losses , including future legal costs , settlements and judgments , when we consider it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated .

special items 2013 we recognize expenses resulting directly from our business combinations , employee termination benefits , certain r&d agreements , certain contract terminations , consulting and professional fees and asset impairment or loss on disposal charges connected with global restructuring , operational and quality excellence initiatives , and other items as 201cspecial items 201d in our consolidated statement of earnings .
201cspecial items 201d included ( in millions ) : .

impairment/ loss on disposal of assets relates to impairment of intangible assets that were acquired in business combinations or impairment of or a loss on the disposal of other assets .

consulting and professional fees relate to third-party consulting , professional fees and contract labor related to our quality and operational excellence initiatives , third-party consulting fees related to certain information system implementations , third-party integration consulting performed in a variety of areas such as tax , compliance , logistics and human resources for our business combinations , third-party fees related to severance and termination benefits matters and legal fees related to

benefits matters and legal fees related to certain product liability matters .

our quality and operational excellence initiatives are company- wide and include improvements in quality , distribution , sourcing , manufacturing and information technology , among other areas .
in 2013 , 2012 and 2011 , we eliminated positions as we reduced management layers , restructured certain areas , announced closures of certain facilities , and commenced initiatives to focus on business opportunities that best support our strategic priorities .

in 2013 , 2012 and 2011 , approximately 170 , 400 and 500 positions , respectively , from across the globe were affected by these actions .
as a result of these changes in our work force and headcount reductions in connection with acquisitions , we incurred expenses related to severance benefits , redundant salaries as we worked through transition periods , share-based compensation acceleration and other employee termination-related costs .

the majority of these termination benefits were provided in accordance with our existing or local government policies and are considered ongoing benefits .
these costs were accrued when they became probable and estimable and were recorded as part of other current liabilities .
the majority of these costs were paid during the year they were incurred .

dedicated project personnel expenses include the salary , benefits , travel expenses and other costs directly associated with employees who are 100 percent dedicated to our operational and quality excellence initiatives or integration of acquired businesses .
certain r&d agreements relate to agreements with upfront payments to obtain intellectual property to be used in r&d projects that have no alternative future use in other projects .

relocated facilities expenses are the moving costs and the lease expenses incurred during the relocation period in connection with relocating certain facilities .
over the past few years we have acquired a number of u.s .
and foreign-based distributors .
we have incurred various costs related to the consummation and integration of those businesses .

certain litigation matters relate to costs and adjustments recognized during the year for the estimated or actual settlement of various legal matters , including royalty disputes , patent litigation matters , commercial litigation matters and matters arising from our acquisitions of certain competitive distributorships in prior years .

contract termination costs relate to terminated agreements in connection with the integration of acquired companies and changes to our distribution model as part of business restructuring and operational excellence initiatives .
the terminated contracts primarily relate to sales agents and distribution agreements .
contingent consideration adjustments represent the changes in the fair value of contingent consideration obligations to be paid to the prior owners of acquired businesses .

accelerated software amortization is the incremental amortization resulting from a reduction in the estimated life of certain software .
in 2012 , we approved a plan to replace certain software .
as a result , the estimated economic useful life of the existing software was decreased to represent the period of time expected to implement replacement software .
as a result , the amortization from the shortened life of this software is substantially higher than the previous amortization being recognized .

cash and cash equivalents 2013 we consider all highly liquid investments with an original maturity of three months or less to be cash equivalents .
the carrying amounts reported in the balance sheet for cash and cash equivalents are valued at cost , which approximates their fair value.

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


| _id | dd4b9cad8 |
| title |  |
| text | amount of commitment expiration per period other commercial commitments after millions total 2013 2014 2015 2016 2017 2017 .

[a] none of the credit facility was used as of december 31 , 2012 .
[b] $ 100 million of the receivables securitization facility was utilized at december 31 , 2012 , which is accounted for as debt .
the full program matures in july 2013 .
[c] includes guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .
[d] none of the letters of credit were drawn upon as of december 31 , 2012 .

off-balance sheet arrangements guarantees 2013 at december 31 , 2012 , we were contingently liable for $ 307 million in guarantees .
we have recorded a liability of $ 2 million for the fair value of these obligations as of december 31 , 2012 and 2011 .
we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .
the final guarantee expires in 2022 .

the final guarantee expires in 2022 .
we are not aware of any existing event of default that would require us to satisfy these guarantees .
we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .
other matters labor agreements 2013 approximately 86% ( 86 % ) of our 45928 full-time-equivalent employees are represented by 14 major rail unions .

during the year , we concluded the most recent round of negotiations , which began in 2010 , with the ratification of new agreements by several unions that continued negotiating into 2012 .
all of the unions executed similar multi-year agreements that provide for higher employee cost sharing of employee health and welfare benefits and higher wages .
the current agreements will remain in effect until renegotiated under provisions of the railway labor act .

the next round of negotiations will begin in early 2015 .
inflation 2013 long periods of inflation significantly increase asset replacement costs for capital-intensive companies .
as a result , assuming that we replace all operating assets at current price levels , depreciation charges ( on an inflation-adjusted basis ) would be substantially greater than historically reported amounts .

derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist in managing our overall exposure to fluctuations in interest rates and fuel prices .
we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes .

derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period .
we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk-management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness .

changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings .
we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable price movements .

market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item .
we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements .

at december 31 , 2012 and 2011 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities.

 |
| table | other commercial commitmentsmillions    | total  | amount of commitment expiration per period 2013 | amount of commitment expiration per period 2014 | amount of commitment expiration per period 2015 | amount of commitment expiration per period 2016 | amount of commitment expiration per period 2017 | amount of commitment expiration per period after 2017
--------------------------------------- | ------ | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | -----------------------------------------------------
credit facilities [a]                   | $ 1800 | $ -                                             | $ -                                             | $ 1800                                          | $ -                                             | $ -                                             | $ -
receivables securitization facility [b] | 600    | 600                                             | -                                               | -                                               | -                                               | -                                               | -
guarantees [c]                          | 307    | 8                                               | 214                                             | 12                                              | 30                                              | 10                                              | 33
standby letters of credit [d]           | 25     | 24                                              | 1                                               | -                                               | -                                               | -                                               | -
total commercialcommitments             | $ 2732 | $ 632                                           | $ 215                                           | $ 1812                                          | $ 30                                            | $ 10                                            | $ 33 |


| _id | dd496d15e |
| title |  |
| text | we have adequate access to capital markets to meet any foreseeable cash requirements , and we have sufficient financial capacity to satisfy our current liabilities .
cash flows millions 2014 2013 2012 .

operating activities higher net income in 2014 increased cash provided by operating activities compared to 2013 , despite higher income tax payments .
2014 income tax payments were higher than 2013 primarily due to higher income , but also because we paid taxes previously deferred by bonus depreciation ( discussed below ) .
higher net income in 2013 increased cash provided by operating activities compared to 2012 .

in addition , we made payments in 2012 for past wages as a result of national labor negotiations , which reduced cash provided by operating activities in 2012 .
lower tax benefits from bonus depreciation ( as discussed below ) partially offset the increases .
federal tax law provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012-2013 .

as a result , the company deferred a substantial portion of its 2011-2013 income tax expense , contributing to the positive operating cash flow in those years .
congress extended 50% ( 50 % ) bonus depreciation for 2014 , but this extension occurred in december and did not have a significant benefit on our income tax payments during 2014 .

investing activities higher capital investments , including the early buyout of the long-term operating lease of our headquarters building for approximately $ 261 million , drove the increase in cash used in investing activities compared to 2013 .
significant investments also were made for new locomotives , freight cars and containers , and capacity and commercial facility projects .

capital investments in 2014 also included $ 99 million for the early buyout of locomotives and freight cars under long-term operating leases , which we exercised due to favorable economic terms and market conditions .
lower capital investments in locomotives and freight cars in 2013 drove the decrease in cash used in investing activities compared to 2012 .

included in capital investments in 2012 was $ 75 million for the early buyout of 165 locomotives under long-term operating and capital leases during the first quarter of 2012 , which we exercised due to favorable economic terms and market conditions.

 |
| table | cash flowsmillions                     | 2014           | 2013           | 2012
-------------------------------------- | -------------- | -------------- | --------------
cash provided by operating activities  | $ 7385         | $ 6823         | $ 6161
cash used in investing activities      | -4249 ( 4249 ) | -3405 ( 3405 ) | -3633 ( 3633 )
cash used in financing activities      | -2982 ( 2982 ) | -3049 ( 3049 ) | -2682 ( 2682 )
net change in cash and cashequivalents | $ 154          | $ 369          | $ -154 ( 154 ) |


| _id | dd4c32c9a |
| title |  |
| text | item 7 .
management 2019s discussion and analysis of financial condition and results of operations the following discussion and analysis is based primarily on the consolidated financial statements of welltower inc .
for the periods presented and should be read together with the notes thereto contained in this annual report on form 10-k .
other important factors are identified in 201citem 1 2014 business 201d and 201citem 1a 2014 risk factors 201d above .
executive summary company overview welltower inc .

( nyse : hcn ) , an s&p 500 company headquartered in toledo , ohio , is driving the transformation of health care infrastructure .
the company invests with leading seniors housing operators , post- acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people 2019s wellness and overall health care experience .

welltowertm , a real estate investment trust ( 201creit 201d ) , owns interests in properties concentrated in major , high-growth markets in the united states , canada and the united kingdom , consisting of seniors housing and post-acute communities and outpatient medical properties .

our capital programs , when combined with comprehensive planning , development and property management services , make us a single-source solution for acquiring , planning , developing , managing , repositioning and monetizing real estate assets .
the following table summarizes our consolidated portfolio for the year ended december 31 , 2016 ( dollars in thousands ) : type of property net operating income ( noi ) ( 1 ) percentage of number of properties .

( 1 ) excludes our share of investments in unconsolidated entities and non-segment/corporate noi .
entities in which we have a joint venture with a minority partner are shown at 100% ( 100 % ) of the joint venture amount .
business strategy our primary objectives are to protect stockholder capital and enhance stockholder value .

we seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders as a result of annual increases in net operating income and portfolio growth .
to meet these objectives , we invest across the full spectrum of seniors housing and health care real estate and diversify our investment portfolio by property type , relationship and geographic location .

substantially all of our revenues are derived from operating lease rentals , resident fees and services , and interest earned on outstanding loans receivable .
these items represent our primary sources of liquidity to fund distributions and depend upon the continued ability of our obligors to make contractual rent and interest payments to us and the profitability of our operating properties .

to the extent that our customers/partners experience operating difficulties and become unable to generate sufficient cash to make payments to us , there could be a material adverse impact on our consolidated results of operations , liquidity and/or financial condition .
to mitigate this risk , we monitor our investments through a variety of methods determined by the type of property .

our proactive and comprehensive asset management process for seniors housing properties generally includes review of monthly financial statements and other operating data for each property , review of obligor/ partner creditworthiness , property inspections , and review of covenant compliance relating to licensure , real estate taxes , letters of credit and other collateral .

our internal property management division actively manages and monitors the outpatient medical portfolio with a comprehensive process including review of tenant relations , lease expirations , the mix of health service providers , hospital/health system relationships , property performance

 |
| table | type of property          | net operating income ( noi ) ( 1 ) | percentage of noi  | number of properties
------------------------- | ---------------------------------- | ------------------ | --------------------
triple-net                | $ 1208860                          | 50.3% ( 50.3 % )   | 631
seniors housing operating | 814114                             | 33.9% ( 33.9 % )   | 420
outpatient medical        | 380264                             | 15.8% ( 15.8 % )   | 262
totals                    | $ 2403238                          | 100.0% ( 100.0 % ) | 1313 |


| _id | dd4b94144 |
| title |  |
| text | recourse and repurchase obligations as discussed in note 3 loan sale and servicing activities and variable interest entities , pnc has sold commercial mortgage , residential mortgage and home equity loans directly or indirectly through securitization and loan sale transactions in which we have continuing involvement .
one form of continuing involvement includes certain recourse and loan repurchase obligations associated with the transferred assets .

commercial mortgage loan recourse obligations we originate , close and service certain multi-family commercial mortgage loans which are sold to fnma under fnma 2019s delegated underwriting and servicing ( dus ) program .
we participated in a similar program with the fhlmc .
under these programs , we generally assume up to a one-third pari passu risk of loss on unpaid principal balances through a loss share arrangement .

at december 31 , 2013 and december 31 , 2012 , the unpaid principal balance outstanding of loans sold as a participant in these programs was $ 11.7 billion and $ 12.8 billion , respectively .
the potential maximum exposure under the loss share arrangements was $ 3.6 billion at december 31 , 2013 and $ 3.9 billion at december 31 , 2012 .
we maintain a reserve for estimated losses based upon our exposure .

the reserve for losses under these programs totaled $ 33 million and $ 43 million as of december 31 , 2013 and december 31 , 2012 , respectively , and is included in other liabilities on our consolidated balance sheet .
if payment is required under these programs , we would not have a contractual interest in the collateral underlying the mortgage loans on which losses occurred , although the value of the collateral is taken into account in determining our share of such losses .

our exposure and activity associated with these recourse obligations are reported in the corporate & institutional banking segment .
table 152 : analysis of commercial mortgage recourse obligations .

residential mortgage loan and home equity repurchase obligations while residential mortgage loans are sold on a non-recourse basis , we assume certain loan repurchase obligations associated with mortgage loans we have sold to investors .
these loan repurchase obligations primarily relate to situations where pnc is alleged to have breached certain origination covenants and representations and warranties made to purchasers of the loans in the respective purchase and sale agreements .

for additional information on loan sales see note 3 loan sale and servicing activities and variable interest entities .
our historical exposure and activity associated with agency securitization repurchase obligations has primarily been related to transactions with fnma and fhlmc , as indemnification and repurchase losses associated with fha and va-insured and uninsured loans pooled in gnma securitizations historically have been minimal .

repurchase obligation activity associated with residential mortgages is reported in the residential mortgage banking segment .
in the fourth quarter of 2013 , pnc reached agreements with both fnma and fhlmc to resolve their repurchase claims with respect to loans sold between 2000 and 2008 .
pnc paid a total of $ 191 million related to these settlements .

pnc 2019s repurchase obligations also include certain brokered home equity loans/lines of credit that were sold to a limited number of private investors in the financial services industry by national city prior to our acquisition of national city .
pnc is no longer engaged in the brokered home equity lending business , and our exposure under these loan repurchase obligations is limited to repurchases of loans sold in these transactions .

repurchase activity associated with brokered home equity loans/lines of credit is reported in the non-strategic assets portfolio segment .
indemnification and repurchase liabilities are initially recognized when loans are sold to investors and are subsequently evaluated by management .
initial recognition and subsequent adjustments to the indemnification and repurchase liability for the sold residential mortgage portfolio are recognized in residential mortgage revenue on the consolidated income statement .

since pnc is no longer engaged in the brokered home equity lending business , only subsequent adjustments are recognized to the home equity loans/lines indemnification and repurchase liability .
these adjustments are recognized in other noninterest income on the consolidated income statement .
214 the pnc financial services group , inc .
2013 form 10-k

 |
| table | in millions                                  | 2013     | 2012
-------------------------------------------- | -------- | --------
january 1                                    | $ 43     | $ 47
reserve adjustments net                      | -9 ( 9 ) | 4
losses 2013 loan repurchases and settlements | -1 ( 1 ) | -8 ( 8 )
december 31                                  | $ 33     | $ 43 |


| _id | dd4c02568 |
| title |  |
| text | the diluted earnings per share calculation excludes stock options , sars , restricted stock and units and performance units and stock that were anti-dilutive .
shares underlying the excluded stock options and sars totaled 10.3 million , 10.2 million and 0.7 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .

for the years ended december 31 , 2016 and 2015 , respectively , 4.5 million and 5.3 million shares of restricted stock and restricted stock units and performance units and performance stock were excluded .
10 .
supplemental cash flow information net cash paid for interest and income taxes was as follows for the years ended december 31 , 2016 , 2015 and 2014 ( in thousands ) : .

eog's accrued capital expenditures at december 31 , 2016 , 2015 and 2014 were $ 388 million , $ 416 million and $ 972 million , respectively .
non-cash investing activities for the year ended december 31 , 2016 , included $ 3834 million in non-cash additions to eog's oil and gas properties related to the yates transaction ( see note 17 ) .

non-cash investing activities for the year ended december 31 , 2014 included non-cash additions of $ 5 million to eog's oil and gas properties as a result of property exchanges .
11 .
business segment information eog's operations are all crude oil and natural gas exploration and production related .
the segment reporting topic of the asc establishes standards for reporting information about operating segments in annual financial statements .

operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker , or decision-making group , in deciding how to allocate resources and in assessing performance .
eog's chief operating decision-making process is informal and involves the chairman of the board and chief executive officer and other key officers .

this group routinely reviews and makes operating decisions related to significant issues associated with each of eog's major producing areas in the united states , trinidad , the united kingdom and china .
for segment reporting purposes , the chief operating decision maker considers the major united states producing areas to be one operating segment.

 |
| table | | 2016               | 2015     | 2014
------------------------------------ | ------------------ | -------- | --------
interest net of capitalized interest | $ 252030           | $ 222088 | $ 197383
income taxes net of refunds received | $ -39293 ( 39293 ) | $ 41108  | $ 342741 |