| _id | dd4bca5fa |
| title |  |
| text | does not believe are in our and our stockholders 2019 best interest .
the rights plan is intended to protect stockholders in the event of an unfair or coercive offer to acquire the company and to provide our board of directors with adequate time to evaluate unsolicited offers .

the rights plan may prevent or make takeovers or unsolicited corporate transactions with respect to our company more difficult , even if stockholders may consider such transactions favorable , possibly including transactions in which stockholders might otherwise receive a premium for their shares .
item 1b .
unresolved staff comments item 2 .

item 1b .
unresolved staff comments item 2 .
properties as of december 31 , 2016 , our significant properties used in connection with switching centers , data centers , call centers and warehouses were as follows: .

as of december 31 , 2016 , we leased approximately 60000 cell sites .
as of december 31 , 2016 , we leased approximately 2000 t-mobile and metropcs retail locations , including stores and kiosks ranging in size from approximately 100 square feet to 17000 square feet .
we currently lease office space totaling approximately 950000 square feet for our corporate headquarters in bellevue , washington .
we use these offices for engineering and administrative purposes .

we also lease space throughout the u.s. , totaling approximately 1200000 square feet as of december 31 , 2016 , for use by our regional offices primarily for administrative , engineering and sales purposes .
item 3 .
legal proceedings see note 12 2013 commitments and contingencies of the notes to the consolidated financial statements included in part ii , item 8 of this form 10-k for information regarding certain legal proceedings in which we are involved .
item 4 .
mine safety disclosures part ii .

item 4 .
mine safety disclosures part ii .
item 5 .

market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities market information our common stock is traded on the nasdaq global select market of the nasdaq stock market llc ( 201cnasdaq 201d ) under the symbol 201ctmus . 201d as of december 31 , 2016 , there were 309 registered stockholders of record of our common stock , but we estimate the total number of stockholders to be much higher as a number of our shares are held by brokers or dealers for their

shares are held by brokers or dealers for their customers in street name.

 |
| table | | approximate number | approximate size in square feet
----------------- | ------------------ | -------------------------------
switching centers | 57                 | 1400000
data centers      | 8                  | 600000
call center       | 16                 | 1300000
warehouses        | 16                 | 500000 |


| _id | dd4bbbab4 |
| title |  |
| text | notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have guarantees of certain obligations of our subsidiaries relating principally to credit facilities , certain media payables and operating leases of certain subsidiaries .
the amount of such parent company guarantees was $ 769.3 and $ 706.7 as of december 31 , 2009 and 2008 , respectively .

in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee .
as of december 31 , 2009 , there are no material assets pledged as security for such parent company guarantees .
contingent acquisition obligations the following table details the estimated future contingent acquisition obligations payable in cash as of december 31 , 2009 .

the estimated amounts listed would be paid in the event of exercise at the earliest exercise date .
see note 6 for further information relating to the payment structure of our acquisitions .
all payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revisions as the earn-out periods progress. .

1 we have entered into certain acquisitions that contain both redeemable noncontrolling interests and call options with similar terms and conditions .
in such instances , we have included the related estimated contingent acquisition obligation in the period when the earliest related option is exercisable .
we have certain redeemable noncontrolling interests that are exercisable at the discretion of the noncontrolling equity owners as of december 31 , 2009 .

as such , these estimated acquisition payments of $ 20.5 have been included within the total payments expected to be made in 2010 in the table and , if not made in 2010 , will continue to carry forward into 2011 or beyond until they are exercised or expire .
redeemable noncontrolling interests are included in the table at current exercise price payable in cash , not at applicable redemption value in accordance with the authoritative guidance for classification and measurement of redeemable securities .

legal matters we are involved in legal and administrative proceedings of various types .
while any litigation contains an element of uncertainty , we do not believe that the outcome of such proceedings will have a material adverse effect on our financial condition , results of operations or cash flows .

note 16 : recent accounting standards in december 2009 , the financial accounting standards board ( 201cfasb 201d ) amended authoritative guidance related to accounting for transfers and servicing of financial assets and extinguishments of liabilities .
the guidance will be effective for the company beginning january 1 , 2010 .
the guidance eliminates the concept of a qualifying special-purpose entity and changes the criteria for derecognizing financial assets .

in addition , the guidance will require additional disclosures related to a company 2019s continued involvement with financial assets that have been transferred .
we do not expect the adoption of this amended guidance to have a significant impact on our consolidated financial statements .
in december 2009 , the fasb amended authoritative guidance for consolidating variable interest entities .
the guidance will be effective for the company beginning january 1 , 2010 .

specifically , the guidance revises factors that should be considered by a reporting entity when determining whether an entity that is insufficiently capitalized or is not controlled through voting ( or similar rights ) should be consolidated .

this guidance also includes revised financial statement disclosures regarding the reporting entity 2019s involvement , including significant risk exposures as a result of that involvement , and the impact the relationship has on the reporting entity 2019s financial statements .
we are currently evaluating the potential impact of the amended guidance on our consolidated financial statements.

 |
| table | | 2010   | 2011   | 2012   | 2013   | 2014  | thereafter | total
--------------------------------------------------------------------- | ------ | ------ | ------ | ------ | ----- | ---------- | -------
deferred acquisition payments                                         | $ 20.5 | $ 34.8 | $ 1.2  | $ 1.1  | $ 2.1 | $ 0.3      | $ 60.0
redeemable noncontrolling interests and call options with affiliates1 | 44.4   | 47.9   | 40.5   | 36.3   | 3.3   | 2014       | 172.4
total contingent acquisition payments                                 | 64.9   | 82.7   | 41.7   | 37.4   | 5.4   | 0.3        | 232.4
less : cash compensation expense included above                       | 1.0    | 1.0    | 1.0    | 0.5    | 2014  | 2014       | 3.5
total                                                                 | $ 63.9 | $ 81.7 | $ 40.7 | $ 36.9 | $ 5.4 | $ 0.3      | $ 228.9 |


| _id | dd4c23b64 |
| title |  |
| text | 39 annual report 2010 duke realty corporation | | related party transactions we provide property and asset management , leasing , construction and other tenant related services to unconsolidated companies in which we have equity interests .

for the years ended december 31 , 2010 , 2009 and 2008 , respectively , we earned management fees of $ 7.6 million , $ 8.4 million and $ 7.8 million , leasing fees of $ 2.7 million , $ 4.2 million and $ 2.8 million and construction and development fees of $ 10.3 million , $ 10.2 million and $ 12.7 million from these companies .

we recorded these fees based on contractual terms that approximate market rates for these types of services , and we have eliminated our ownership percentages of these fees in the consolidated financial statements .
commitments and contingencies we have guaranteed the repayment of $ 95.4 million of economic development bonds issued by various municipalities in connection with certain commercial developments .

we will be required to make payments under our guarantees to the extent that incremental taxes from specified developments are not sufficient to pay the bond debt service .
management does not believe that it is probable that we will be required to make any significant payments in satisfaction of these guarantees .
we also have guaranteed the repayment of secured and unsecured loans of six of our unconsolidated subsidiaries .

at december 31 , 2010 , the maximum guarantee exposure for these loans was approximately $ 245.4 million .
with the exception of the guarantee of the debt of 3630 peachtree joint venture , for which we recorded a contingent liability in 2009 of $ 36.3 million , management believes it probable that we will not be required to satisfy these guarantees .
we lease certain land positions with terms extending to december 2080 , with a total obligation of $ 103.6 million .

no payments on these ground leases are material in any individual year .
we are subject to various legal proceedings and claims that arise in the ordinary course of business .
in the opinion of management , the amount of any ultimate liability with respect to these actions will not materially affect our consolidated financial statements or results of operations .
contractual obligations at december 31 , 2010 , we were subject to certain contractual payment obligations as described in the table below: .

( 1 ) our long-term debt consists of both secured and unsecured debt and includes both principal and interest .
interest expense for variable rate debt was calculated using the interest rates as of december 31 , 2010 .
( 2 ) our unsecured lines of credit consist of an operating line of credit that matures february 2013 and the line of credit of a consolidated subsidiary that matures july 2011 .

interest expense for our unsecured lines of credit was calculated using the most recent stated interest rates that were in effect .
( 3 ) our share of unconsolidated joint venture debt includes both principal and interest .
interest expense for variable rate debt was calculated using the interest rate at december 31 , 2010 .
( 4 ) represents estimated remaining costs on the completion of owned development projects and third-party construction projects.

 |
| table | contractual obligations                              | payments due by period ( in thousands ) total | payments due by period ( in thousands ) 2011 | payments due by period ( in thousands ) 2012 | payments due by period ( in thousands ) 2013 | payments due by period ( in thousands ) 2014 | payments due by period ( in thousands ) 2015 | payments due by period ( in thousands ) thereafter
---------------------------------------------------- | --------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | --------------------------------------------------
long-term debt ( 1 )                                 | $ 5413606                                     | $ 629781                                     | $ 548966                                     | $ 725060                                     | $ 498912                                     | $ 473417                                     | $ 2537470
lines of credit ( 2 )                                | 214225                                        | 28046                                        | 9604                                         | 176575                                       | -                                            | -                                            | -
share of debt of unconsolidated joint ventures ( 3 ) | 447573                                        | 87602                                        | 27169                                        | 93663                                        | 34854                                        | 65847                                        | 138438
ground leases                                        | 103563                                        | 2199                                         | 2198                                         | 2169                                         | 2192                                         | 2202                                         | 92603
operating leases                                     | 2704                                          | 840                                          | 419                                          | 395                                          | 380                                          | 370                                          | 300
development and construction backlog costs ( 4 )     | 521041                                        | 476314                                       | 44727                                        | -                                            | -                                            | -                                            | -
other                                                | 1967                                          | 1015                                         | 398                                          | 229                                          | 90                                           | 54                                           | 181
total contractual obligations                        | $ 6704679                                     | $ 1225797                                    | $ 633481                                     | $ 998091                                     | $ 536428                                     | $ 541890                                     | $ 2768992 |


| _id | dd4bd2e3a |
| title |  |
| text | j.p .
morgan chase & co .
/ 2003 annual report 65 the commercial specific loss component of the allowance was $ 917 million at december 31 , 2003 , a decrease of 43% ( 43 % ) from year-end 2002 .
the decrease was attributable to the improve- ment in the credit quality of the commercial loan portfolio , as well as the reduction in the size of the portfolio .
the commercial expected loss component of the allowance was $ 454 million at december 31 , 2003 , a decrease of 26% ( 26 % ) from year- end 2002 .

the decrease reflected an improvement in the average quality of the loan portfolio , as well as the improving credit envi- ronment , which affected inputs to the expected loss model .
the consumer expected loss component of the allowance was $ 2.3 billion at december 31 , 2003 , a decrease of 4% ( 4 % ) from year- end 2002 .

although the consumer managed loan portfolio increased by 10% ( 10 % ) , the businesses that drove the increase , home finance and auto finance , have collateralized products with lower expected loss rates .
the residual component of the allowance was $ 895 million at december 31 , 2003 .
the residual component , which incorpo- rates management's judgment , addresses uncertainties that are not considered in the formula-based commercial specific and expected components of the allowance for credit losses .

the $ 121 million increase addressed uncertainties in the eco- nomic environment and concentrations in the commercial loan portfolio that existed during the first half of 2003 .
in the sec- ond half of the year , as commercial credit quality continued to improve and the commercial allowance declined further , the residual component was reduced as well .

at december 31 , 2003 , the residual component represented approximately 20% ( 20 % ) of the total allowance for loan losses , within the firm 2019s target range of between 10% ( 10 % ) and 20% ( 20 % ) .
the firm anticipates that if the current positive trend in economic conditions and credit quality continues , the commercial and residual components will continue to be reduced .

lending-related commitments to provide for the risk of loss inherent in the credit-extension process , management also computes specific and expected loss components as well as a residual component for commercial lending 2013related commitments .
this is computed using a methodology similar to that used for the commercial loan port- folio , modified for expected maturities and probabilities of drawdown .

the allowance decreased by 11% ( 11 % ) to $ 324 million as of december 31 , 2003 , due to improvement in the criticized portion of the firm 2019s lending-related commitments .
credit costs .

 |
| table | for the year ended december 31 ( in millions ) | for the year ended december 31 commercial | for the year ended december 31 consumer | for the year ended december 31 residual | for the year ended december 31 total | for the year ended december 31 commercial | for the year ended december 31 consumer | residual   | total
---------------------------------------------- | ----------------------------------------- | --------------------------------------- | --------------------------------------- | ------------------------------------ | ----------------------------------------- | --------------------------------------- | ---------- | ------
provision for loan losses                      | $ -30 ( 30 )                              | $ 1491                                  | $ 118                                   | $ 1579                               | $ 2371                                    | $ 1589                                  | $ 79       | $ 4039
provision for lending-related commitments      | -47 ( 47 )                                | 2014                                    | 8                                       | -39 ( 39 )                           | 309                                       | 2014                                    | -17 ( 17 ) | 292
securitized credit losses                      | 2014                                      | 1870                                    | 2014                                    | 1870                                 | 2014                                      | 1439                                    | 2014       | 1439
total managed credit costs                     | $ -77 ( 77 )                              | $ 3361                                  | $ 126                                   | $ 3410                               | $ 2680                                    | $ 3028                                  | $ 62       | $ 5770 |


| _id | dd4b9849c |
| title |  |
| text | in addition , the company has reclassified the following amounts from 201cdistributions from other invested assets 201d included in cash flows from investing activities to 201cdistribution of limited partnership income 201d included in cash flows from operations for interim reporting periods of 2013 : $ 33686 thousand for the three months ended march 31 , 2013 ; $ 9409 thousand and $ 43095 thousand for the three months and six months ended june 30 , 2013 , respectively ; and $ 5638 thousand and $ 48733

, respectively ; and $ 5638 thousand and $ 48733 thousand for the three months and nine months ended september 30 , 2013 , respectively .

b .
investments .
fixed maturity and equity security investments available for sale , at market value , reflect unrealized appreciation and depreciation , as a result of temporary changes in market value during the period , in shareholders 2019 equity , net of income taxes in 201caccumulated other comprehensive income ( loss ) 201d in the consolidated balance sheets .

fixed maturity and equity securities carried at fair value reflect fair value re- measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income ( loss ) .

the company records changes in fair value for its fixed maturities available for sale , at market value through shareholders 2019 equity , net of taxes in accumulated other comprehensive income ( loss ) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities .

the company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities .
fixed maturities carried at fair value represent a portfolio of convertible bond securities , which have characteristics similar to equity securities and at times , designated foreign denominated fixed maturity securities , which will be used to settle loss and loss adjustment reserves in the same currency .

the company carries all of its equity securities at fair value except for mutual fund investments whose underlying investments are comprised of fixed maturity securities .
for equity securities , available for sale , at fair value , the company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions .

interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income ( loss ) .
unrealized losses on fixed maturities , which are deemed other-than-temporary and related to the credit quality of a security , are charged to net income ( loss ) as net realized capital losses .
short-term investments are stated at cost , which approximates market value .

realized gains or losses on sales of investments are determined on the basis of identified cost .
for non- publicly traded securities , market prices are determined through the use of pricing models that evaluate securities relative to the u.s .
treasury yield curve , taking into account the issue type , credit quality , and cash flow characteristics of each security .
for publicly traded securities , market value is based on quoted market prices or valuation models that use observable market inputs .

when a sector of the financial markets is inactive or illiquid , the company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value .
retrospective adjustments are employed to recalculate the values of asset-backed securities .
each acquisition lot is reviewed to recalculate the effective yield .
the recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition .

outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities .
conditional prepayment rates , computed with life to date factor histories and weighted average maturities , are used to effect the calculation of projected and prepayments for pass-through security types .
other invested assets include limited partnerships , rabbi trusts and an affiliated entity .

limited partnerships and the affiliated entity are accounted for under the equity method of accounting , which can be recorded on a monthly or quarterly lag .
c .
uncollectible receivable balances .
the company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management 2019s assessment of the collectability of the outstanding balances .
such reserves are presented in the table below for the periods indicated. .

 |
| table | ( dollars in thousands )                        | years ended december 31 , 2013 | years ended december 31 , 2012
----------------------------------------------- | ------------------------------ | ------------------------------
reinsurance receivables and premium receivables | $ 29905                        | $ 32011 |


| _id | dd4c63fca |
| title |  |
| text | jpmorgan chase & co./2010 annual report 281 pledged assets at december 31 , 2010 , assets were pledged to collateralize repur- chase agreements , other securities financing agreements , derivative transactions and for other purposes , including to secure borrowings and public deposits .
certain of these pledged assets may be sold or repledged by the secured parties and are identified as financial instruments owned ( pledged to various parties ) on the consoli- dated balance sheets .

in addition , at december 31 , 2010 and 2009 , the firm had pledged $ 288.7 billion and $ 344.6 billion , respectively , of financial instruments it owns that may not be sold or repledged by the secured parties .
the significant components of the firm 2019s pledged assets were as follows. .

total assets pledged ( a ) $ 450.1 $ 525.4 ( a ) total assets pledged do not include assets of consolidated vies ; these assets are used to settle the liabilities of those entities .
see note 16 on pages 244 2013 259 of this annual report for additional information on assets and liabilities of consolidated vies .

collateral at december 31 , 2010 and 2009 , the firm had accepted assets as collateral that it could sell or repledge , deliver or otherwise use with a fair value of approximately $ 655.0 billion and $ 635.6 billion , respectively .
this collateral was generally obtained under resale agreements , securities borrowing agreements , cus- tomer margin loans and derivative agreements .

of the collateral received , approximately $ 521.3 billion and $ 472.7 billion were sold or repledged , generally as collateral under repurchase agreements , securities lending agreements or to cover short sales and to collat- eralize deposits and derivative agreements .
the reporting of collat- eral sold or repledged was revised in 2010 to include certain securities used to cover short sales and to collateralize deposits and derivative agreements .

prior period amounts have been revised to conform to the current presentation .
this revision had no impact on the firm 2019s consolidated balance sheets or its results of operations .
contingencies in 2008 , the firm resolved with the irs issues related to compliance with reporting and withholding requirements for certain accounts transferred to the bank of new york mellon corporation ( 201cbnym 201d ) in connection with the firm 2019s sale to bnym of its corporate trust business .

the resolution of these issues did not have a material effect on the firm.

 |
| table | december 31 ( in billions ) | 2010    | 2009
--------------------------- | ------- | -------
securities                  | $ 112.1 | $ 155.3
loans                       | 214.8   | 285.5
trading assets and other    | 123.2   | 84.6
totalassetspledged ( a )    | $ 450.1 | $ 525.4 |


| _id | dd4c4a6c4 |
| title |  |
| text | entergy corporation and subsidiaries management 2019s financial discussion and analysis regulatory asset associated with new nuclear generation development costs as a result of a joint stipulation entered into with the mississippi public utilities staff , subsequently approved by the mpsc , in which entergy mississippi agreed not to pursue recovery of the costs deferred by an mpsc order in the new nuclear generation docket .

see note 2 to the financial statements for further discussion of the new nuclear generation development costs and the joint stipulation .
net revenue utility following is an analysis of the change in net revenue comparing 2015 to 2014 .
amount ( in millions ) .

the retail electric price variance is primarily due to : 2022 formula rate plan increases at entergy louisiana , as approved by the lpsc , effective december 2014 and january 2015 ; 2022 an increase in energy efficiency rider revenue primarily due to increases in the energy efficiency rider at entergy arkansas , as approved by the apsc , effective july 2015 and july 2014 , and new energy efficiency riders at entergy louisiana and entergy mississippi that began in the fourth quarter 2014 .

energy efficiency revenues are largely offset by costs included in other operation and maintenance expenses and have a minimal effect on net income ; and 2022 an annual net rate increase at entergy mississippi of $ 16 million , effective february 2015 , as a result of the mpsc order in the june 2014 rate case .
see note 2 to the financial statements for a discussion of rate and regulatory proceedings .

the volume/weather variance is primarily due to an increase of 1402 gwh , or 1% ( 1 % ) , in billed electricity usage , including an increase in industrial usage and the effect of more favorable weather .
the increase in industrial sales was primarily due to expansion in the chemicals industry and the addition of new customers , partially offset by decreased demand primarily due to extended maintenance outages for existing chemicals customers .

the louisiana business combination customer credits variance is due to a regulatory liability of $ 107 million recorded by entergy in october 2015 as a result of the entergy gulf states louisiana and entergy louisiana business combination .

consistent with the terms of an agreement with the lpsc , electric customers of entergy louisiana will realize customer credits associated with the business combination ; accordingly , in october 2015 , entergy recorded a regulatory liability of $ 107 million ( $ 66 million net-of-tax ) .
see note 2 to the financial statements for further discussion of the business combination and customer credits.

 |
| table | | amount ( in millions )
------------------------------------------------- | ----------------------
2014 net revenue                                  | $ 5735
retail electric price                             | 187
volume/weather                                    | 95
louisiana business combination customer credits   | -107 ( 107 )
miso deferral                                     | -35 ( 35 )
waterford 3 replacement steam generator provision | -32 ( 32 )
other                                             | -14 ( 14 )
2015 net revenue                                  | $ 5829 |


| _id | dd4c2fef0 |
| title |  |
| text | apple inc .
| 2018 form 10-k | 20 company stock performance the following graph shows a comparison of cumulative total shareholder return , calculated on a dividend-reinvested basis , for the company , the s&p 500 index , the s&p information technology index and the dow jones u.s .
technology supersector index for the five years ended september 29 , 2018 .

the graph assumes $ 100 was invested in each of the company 2019s common stock , the s&p 500 index , the s&p information technology index and the dow jones u.s .
technology supersector index as of the market close on september 27 , 2013 .
note that historic stock price performance is not necessarily indicative of future stock price performance .
* $ 100 invested on september 27 , 2013 in stock or index , including reinvestment of dividends .

data points are the last day of each fiscal year for the company 2019s common stock and september 30th for indexes .
copyright a9 2018 standard & poor 2019s , a division of s&p global .
all rights reserved .
copyright a9 2018 s&p dow jones indices llc , a division of s&p global .
all rights reserved .
september september september september september september .

 |
| table | | september2013 | september2014 | september2015 | september2016 | september2017 | september2018
-------------------------------------------- | ------------- | ------------- | ------------- | ------------- | ------------- | -------------
apple inc .                                  | $ 100         | $ 149         | $ 173         | $ 174         | $ 242         | $ 359
s&p 500 index                                | $ 100         | $ 120         | $ 119         | $ 137         | $ 163         | $ 192
s&p information technology index             | $ 100         | $ 129         | $ 132         | $ 162         | $ 209         | $ 275
dow jones u.s . technology supersector index | $ 100         | $ 130         | $ 130         | $ 159         | $ 203         | $ 266 |


| _id | dd4c17a26 |
| title |  |
| text | december 2016 acquisition of camber and higher volumes in fleet support and oil and gas services , partially offset by lower nuclear and environmental volumes due to the resolution in 2016 of outstanding contract changes on a nuclear and environmental commercial contract .
segment operating income 2018 - operating income in the technical solutions segment for the year ended december 31 , 2018 , was $ 32 million , compared to operating income of $ 21 million in 2017 .

the increase was primarily due to an allowance for accounts receivable in 2017 on a nuclear and environmental commercial contract and higher income from operating investments at our nuclear and environmental joint ventures , partially offset by one time employee bonus payments in 2018 related to the tax act and lower performance in fleet support services .

2017 - operating income in the technical solutions segment for the year ended december 31 , 2017 , was $ 21 million , compared to operating income of $ 8 million in 2016 .

the increase was primarily due to improved performance in oil and gas services and higher volume in mdis services following the december 2016 acquisition of camber , partially offset by the establishment of an allowance for accounts receivable on a nuclear and environmental commercial contract in 2017 and the resolution in 2016 of outstanding contract changes on a nuclear and environmental commercial contract .
backlog total backlog as of december 31 , 2018 , was approximately $ 23 billion .

total backlog includes both funded backlog ( firm orders for which funding is contractually obligated by the customer ) and unfunded backlog ( firm orders for which funding is not currently contractually obligated by the customer ) .
backlog excludes unexercised contract options and unfunded idiq orders .
for contracts having no stated contract values , backlog includes only the amounts committed by the customer .

the following table presents funded and unfunded backlog by segment as of december 31 , 2018 and 2017: .

we expect approximately 30% ( 30 % ) of the $ 23 billion total backlog as of december 31 , 2018 , to be converted into sales in 2019 .
u.s .
government orders comprised substantially all of the backlog as of december 31 , 2018 and 2017 .
awards 2018 - the value of new contract awards during the year ended december 31 , 2018 , was approximately $ 9.8 billion .

significant new awards during the period included contracts for the construction of three arleigh burke class ( ddg 51 ) destroyers , for the detail design and construction of richard m .
mccool jr .
( lpd 29 ) , for procurement of long-lead-time material for enterprise ( cvn 80 ) , and for the construction of nsc 10 ( unnamed ) and nsc 11 ( unnamed ) .
in addition , we received awards in 2019 valued at $ 15.2 billion for detail design and construction of the gerald r .

ford class ( cvn 78 ) aircraft carriers enterprise ( cvn 80 ) and cvn 81 ( unnamed ) .
2017 - the value of new contract awards during the year ended december 31 , 2017 , was approximately $ 8.1 billion .
significant new awards during this period included the detailed design and construction contract for bougainville ( lha 8 ) and the execution contract for the rcoh of uss george washington ( cvn 73 ) .

 |
| table | ( $ in millions )   | december 31 2018 funded | december 31 2018 unfunded | december 31 2018 total backlog | december 31 2018 funded | december 31 2018 unfunded | total backlog
------------------- | ----------------------- | ------------------------- | ------------------------------ | ----------------------- | ------------------------- | -------------
ingalls             | $ 9943                  | $ 1422                    | $ 11365                        | $ 5920                  | $ 2071                    | $ 7991
newport news        | 6767                    | 4144                      | 10911                          | 6976                    | 5608                      | 12584
technical solutions | 339                     | 380                       | 719                            | 478                     | 314                       | 792
total backlog       | $ 17049                 | $ 5946                    | $ 22995                        | $ 13374                 | $ 7993                    | $ 21367 |


| _id | dd4ba07d2 |
| title |  |
| text | information about stock options at december 31 , 2007 follows: .

( a ) the weighted-average remaining contractual life was approximately 4.2 years .
at december 31 , 2007 , there were approximately 13788000 options in total that were vested and are expected to vest .
the weighted-average exercise price of such options was $ 62.07 per share , the weighted-average remaining contractual life was approximately 5.2 years , and the aggregate intrinsic value at december 31 , 2007 was approximately $ 92 million .

stock options granted in 2005 include options for 30000 shares that were granted to non-employee directors that year .
no such options were granted in 2006 or 2007 .
awards granted to non-employee directors in 2007 include 20944 deferred stock units awarded under the outside directors deferred stock unit plan .
a deferred stock unit is a phantom share of our common stock , which requires liability accounting treatment under sfas 123r until such awards are paid to the participants as cash .

as there are no vestings or service requirements on these awards , total compensation expense is recognized in full on all awarded units on the date of grant .
the weighted-average grant-date fair value of options granted in 2007 , 2006 and 2005 was $ 11.37 , $ 10.75 and $ 9.83 per option , respectively .
to determine stock-based compensation expense under sfas 123r , the grant-date fair value is applied to the options granted with a reduction made for estimated forfeitures .

at december 31 , 2006 and 2005 options for 10743000 and 13582000 shares of common stock , respectively , were exercisable at a weighted-average price of $ 58.38 and $ 56.58 , respectively .
the total intrinsic value of options exercised during 2007 , 2006 and 2005 was $ 52 million , $ 111 million and $ 31 million , respectively .
at december 31 , 2007 the aggregate intrinsic value of all options outstanding and exercisable was $ 94 million and $ 87 million , respectively .

cash received from option exercises under all incentive plans for 2007 , 2006 and 2005 was approximately $ 111 million , $ 233 million and $ 98 million , respectively .
the actual tax benefit realized for tax deduction purposes from option exercises under all incentive plans for 2007 , 2006 and 2005 was approximately $ 39 million , $ 82 million and $ 34 million , respectively .
there were no options granted in excess of market value in 2007 , 2006 or 2005 .

shares of common stock available during the next year for the granting of options and other awards under the incentive plans were 40116726 at december 31 , 2007 .
total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 41787400 shares at december 31 , 2007 , which includes shares available for issuance under the incentive plans , the employee stock purchase plan as described below , and a director plan .

during 2007 , we issued approximately 2.1 million shares from treasury stock in connection with stock option exercise activity .
as with past exercise activity , we intend to utilize treasury stock for future stock option exercises .
as discussed in note 1 accounting policies , we adopted the fair value recognition provisions of sfas 123 prospectively to all employee awards including stock options granted , modified or settled after january 1 , 2003 .

as permitted under sfas 123 , we recognized compensation expense for stock options on a straight-line basis over the pro rata vesting period .
total compensation expense recognized related to pnc stock options in 2007 was $ 29 million compared with $ 31 million in 2006 and $ 29 million in 2005 .

pro forma effects a table is included in note 1 accounting policies that sets forth pro forma net income and basic and diluted earnings per share as if compensation expense had been recognized under sfas 123 and 123r , as amended , for stock options for 2005 .
for purposes of computing stock option expense and 2005 pro forma results , we estimated the fair value of stock options using the black-scholes option pricing model .

the model requires the use of numerous assumptions , many of which are very subjective .
therefore , the 2005 pro forma results are estimates of results of operations as if compensation expense had been recognized for all stock-based compensation awards and are not indicative of the impact on future periods.

 |
| table | december 31 2007shares in thousandsrange of exercise prices | options outstanding shares | options outstanding weighted- averageexercise price | options outstanding weighted-average remaining contractual life ( in years ) | options outstanding shares | weighted-averageexercise price
----------------------------------------------------------- | -------------------------- | --------------------------------------------------- | ---------------------------------------------------------------------------- | -------------------------- | ------------------------------
$ 37.43 2013 $ 46.99                                        | 1444                       | $ 43.05                                             | 4.0                                                                          | 1444                       | $ 43.05
47.00 2013 56.99                                            | 3634                       | 53.43                                               | 5.4                                                                          | 3022                       | 53.40
57.00 2013 66.99                                            | 3255                       | 60.32                                               | 5.2                                                                          | 2569                       | 58.96
67.00 2013 76.23                                            | 5993                       | 73.03                                               | 5.5                                                                          | 3461                       | 73.45
total                                                       | 14326                      | $ 62.15                                             | 5.3                                                                          | 10496                      | $ 59.95 |


| _id | dd4bc7b52 |
| title |  |
| text | the following graph compares the cumulative 4-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index and the s&p 400 information technology index .
the graph assumes that the value of the investment in our common stock and in each index ( including reinvestment of dividends ) was $ 100 on january 3 , 2009 and tracks it through december 29 , 2012 .

comparison of 4 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , and s&p 400 information technology cadence design systems , inc .
nasdaq composite s&p 400 information technology 12/29/121/1/11 12/31/111/2/101/3/09 *$ 100 invested on 1/3/09 in stock or 12/31/08 in index , including reinvestment of dividends .
indexes calculated on month-end basis .
copyright a9 2013 s&p , a division of the mcgraw-hill companies all rights reserved. .

the stock price performance included in this graph is not necessarily indicative of future stock price performance.

 |
| table | | 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012
------------------------------ | -------- | -------- | -------- | ---------- | ----------
cadence design systems inc .   | 100.00   | 155.99   | 215.10   | 270.83     | 350.00
nasdaq composite               | 100.00   | 139.32   | 164.84   | 167.06     | 187.66
s&p 400 information technology | 100.00   | 151.58   | 198.02   | 174.88     | 201.26 |


| _id | dd4c4d43c |
| title |  |
| text | the goldman sachs group , inc .
and subsidiaries notes to consolidated financial statements the firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications .

however , management believes that it is unlikely the firm will have to make any material payments under these arrangements , and no material liabilities related to these guarantees and indemnifications have been recognized in the consolidated statements of financial condition as of both december 2017 and december 2016 .
other representations , warranties and indemnifications .

the firm provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties .
the firm may also provide indemnifications protecting against changes in or adverse application of certain u.s .
tax laws in connection with ordinary-course transactions such as securities issuances , borrowings or derivatives .

in addition , the firm may provide indemnifications to some counterparties to protect them in the event additional taxes are owed or payments are withheld , due either to a change in or an adverse application of certain non-u.s .
tax laws .
these indemnifications generally are standard contractual terms and are entered into in the ordinary course of business .

generally , there are no stated or notional amounts included in these indemnifications , and the contingencies triggering the obligation to indemnify are not expected to occur .
the firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications .

however , management believes that it is unlikely the firm will have to make any material payments under these arrangements , and no material liabilities related to these arrangements have been recognized in the consolidated statements of financial condition as of both december 2017 and december 2016 .
guarantees of subsidiaries .
group inc .
fully and unconditionally guarantees the securities issued by gs finance corp. , a wholly-owned finance subsidiary of the firm .
group inc .

group inc .
has guaranteed the payment obligations of goldman sachs & co .
llc ( gs&co. ) and gs bank usa , subject to certain exceptions .
in addition , group inc .
guarantees many of the obligations of its other consolidated subsidiaries on a transaction-by-transaction basis , as negotiated with counterparties .
group inc .

group inc .
is unable to develop an estimate of the maximum payout under its subsidiary guarantees ; however , because these guaranteed obligations are also obligations of consolidated subsidiaries , group inc . 2019s liabilities as guarantor are not separately disclosed .
note 19 .

note 19 .
shareholders 2019 equity common equity as of both december 2017 and december 2016 , the firm had 4.00 billion authorized shares of common stock and 200 million authorized shares of nonvoting common stock , each with a par value of $ 0.01 per share .
dividends declared per common share were $ 2.90 in 2017 , $ 2.60 in 2016 and $ 2.55 in 2015 .
on january 16 , 2018 , the board of directors of group inc .

( board ) declared a dividend of $ 0.75 per common share to be paid on march 29 , 2018 to common shareholders of record on march 1 , 2018 .
the firm 2019s share repurchase program is intended to help maintain the appropriate level of common equity .

the share repurchase program is effected primarily through regular open-market purchases ( which may include repurchase plans designed to comply with rule 10b5-1 ) , the amounts and timing of which are determined primarily by the firm 2019s current and projected capital position , but which may also be influenced by general market conditions and the prevailing price and trading volumes of the firm 2019s common stock .

prior to repurchasing common stock , the firm must receive confirmation that the frb does not object to such capital action .
the table below presents the amount of common stock repurchased by the firm under the share repurchase program. .

pursuant to the terms of certain share-based compensation plans , employees may remit shares to the firm or the firm may cancel rsus or stock options to satisfy minimum statutory employee tax withholding requirements and the exercise price of stock options .

under these plans , during 2017 , 2016 and 2015 , 12165 shares , 49374 shares and 35217 shares were remitted with a total value of $ 3 million , $ 7 million and $ 6 million , and the firm cancelled 8.1 million , 6.1 million and 5.7 million of rsus with a total value of $ 1.94 billion , $ 921 million and $ 1.03 billion , respectively .

under these plans , the firm also cancelled 4.6 million , 5.5 million and 2.0 million of stock options with a total value of $ 1.09 billion , $ 1.11 billion and $ 406 million during 2017 , 2016 and 2015 , respectively .
166 goldman sachs 2017 form 10-k

 |
| table | in millions except per share amounts   | year ended december 2017 | year ended december 2016 | year ended december 2015
-------------------------------------- | ------------------------ | ------------------------ | ------------------------
common share repurchases               | 29.0                     | 36.6                     | 22.1
average cost per share                 | $ 231.87                 | $ 165.88                 | $ 189.41
total cost of common share repurchases | $ 6721                   | $ 6069                   | $ 4195 |


| _id | dd4b991e4 |
| title |  |
| text | we cannot assure you that the gener restructuring will be completed or that the terms thereof will not be changed materially .
in addition , gener is in the process of restructuring the debt of its subsidiaries , termoandes s.a .
( 2018 2018termoandes 2019 2019 ) and interandes , s.a .
( 2018 2018interandes 2019 2019 ) , and expects that the maturities of these obligations will be extended .

under-performing businesses during 2003 we sold or discontinued under-performing businesses and construction projects that did not meet our investment criteria or did not provide reasonable opportunities to restructure .
it is anticipated that there will be less ongoing activity related to write-offs of development or construction projects and impairment charges in the future .
the businesses , which were affected in 2003 , are listed below .

impairment project name project type date location ( in millions ) .

( 1 ) see note 4 2014discontinued operations .
improving credit quality our de-leveraging efforts reduced parent level debt by $ 1.2 billion in 2003 ( including the secured equity-linked loan previously issued by aes new york funding l.l.c. ) .
we refinanced and paid down near-term maturities by $ 3.5 billion and enhanced our year-end liquidity to over $ 1 billion .
our average debt maturity was extended from 2009 to 2012 .

at the subsidiary level we continue to pursue limited recourse financing to reduce parent credit risk .
these factors resulted in an overall reduced cost of capital , improved credit statistics and expanded access to credit at both aes and our subsidiaries .
liquidity at the aes parent level is an important factor for the rating agencies in determining whether the company 2019s credit quality should improve .
currency and political risk tend to be biggest variables to sustaining predictable cash flow .

the nature of our large contractual and concession-based cash flow from these businesses serves to mitigate these variables .
in 2003 , over 81% ( 81 % ) of cash distributions to the parent company were from u.s .
large utilities and worldwide contract generation .

on february 4 , 2004 , we called for redemption of $ 155049000 aggregate principal amount of outstanding 8% ( 8 % ) senior notes due 2008 , which represents the entire outstanding principal amount of the 8% ( 8 % ) senior notes due 2008 , and $ 34174000 aggregate principal amount of outstanding 10% ( 10 % ) secured senior notes due 2005 .

the 8% ( 8 % ) senior notes due 2008 and the 10% ( 10 % ) secured senior notes due 2005 were redeemed on march 8 , 2004 at a redemption price equal to 100% ( 100 % ) of the principal amount plus accrued and unpaid interest to the redemption date .

the mandatory redemption of the 10% ( 10 % ) secured senior notes due 2005 was being made with a portion of our 2018 2018adjusted free cash flow 2019 2019 ( as defined in the indenture pursuant to which the notes were issued ) for the fiscal year ended december 31 , 2003 as required by the indenture and was made on a pro rata basis .
on february 13 , 2004 we issued $ 500 million of unsecured senior notes .

the unsecured senior notes mature on march 1 , 2014 and are callable at our option at any time at a redemption price equal to 100% ( 100 % ) of the principal amount of the unsecured senior notes plus a make-whole premium .
the unsecured senior notes were issued at a price of 98.288% ( 98.288 % ) and pay interest semi-annually at an annual

 |
| table | project name   | project type | date          | location           | impairment ( in millions )
-------------- | ------------ | ------------- | ------------------ | --------------------------
ede este ( 1 ) | operating    | december 2003 | dominican republic | $ 60
wolf hollow    | operating    | december 2003 | united states      | $ 120
granite ridge  | operating    | december 2003 | united states      | $ 201
colombia i     | operating    | november 2003 | colombia           | $ 19
zeg            | construction | december 2003 | poland             | $ 23
bujagali       | construction | august 2003   | uganda             | $ 76
el faro        | construction | april 2003    | honduras           | $ 20 |


| _id | dd4c2852e |
| title |  |
| text | guarantees and warranties in april 2015 , we entered into joint venture arrangements in saudi arabia .
an equity bridge loan has been provided to the joint venture until 2020 to fund equity commitments , and we guaranteed the repayment of our 25% ( 25 % ) share of this loan .
our venture partner guaranteed repayment of their share .
our maximum exposure under the guarantee is approximately $ 100 .

as of 30 september 2015 , we recorded a noncurrent liability of $ 67.5 for our obligation to make future equity contributions based on the equity bridge loan .
air products has also entered into a sale of equipment contract with the joint venture to engineer , procure , and construct the industrial gas facilities that will supply gases to saudi aramco .
we will provide bank guarantees to the joint venture of up to $ 326 to support our performance under the contract .

we are party to an equity support agreement and operations guarantee related to an air separation facility constructed in trinidad for a venture in which we own 50% ( 50 % ) .
at 30 september 2015 , maximum potential payments under joint and several guarantees were $ 30.0 .
exposures under the guarantee decline over time and will be completely extinguished by 2024 .

during the first quarter of 2014 , we sold the remaining portion of our homecare business and entered into an operations guarantee related to obligations under certain homecare contracts assigned in connection with the transaction .
our maximum potential payment under the guarantee is a320 million ( approximately $ 30 at 30 september 2015 ) , and our exposure will be extinguished by 2020 .
to date , no equity contributions or payments have been made since the inception of these guarantees .

the fair value of the above guarantees is not material .
we , in the normal course of business operations , have issued product warranties related to equipment sales .
also , contracts often contain standard terms and conditions which typically include a warranty and indemnification to the buyer that the goods and services purchased do not infringe on third-party intellectual property rights .

the provision for estimated future costs relating to warranties is not material to the consolidated financial statements .
we do not expect that any sum we may have to pay in connection with guarantees and warranties will have a material adverse effect on our consolidated financial condition , liquidity , or results of operations .
unconditional purchase obligations we are obligated to make future payments under unconditional purchase obligations as summarized below: .

approximately $ 390 of our long-term unconditional purchase obligations relate to feedstock supply for numerous hyco ( hydrogen , carbon monoxide , and syngas ) facilities .
the price of feedstock supply is principally related to the price of natural gas .
however , long-term take-or-pay sales contracts to hyco customers are generally matched to the term of the feedstock supply obligations and provide recovery of price increases in the feedstock supply .

due to the matching of most long-term feedstock supply obligations to customer sales contracts , we do not believe these purchase obligations would have a material effect on our financial condition or results of operations .
the unconditional purchase obligations also include other product supply and purchase commitments and electric power and natural gas supply purchase obligations , which are primarily pass-through contracts with our customers .

purchase commitments to spend approximately $ 540 for additional plant and equipment are included in the unconditional purchase obligations in 2016.

 |
| table | 2016       | $ 917
---------- | ------
2017       | 117
2018       | 63
2019       | 55
2020       | 54
thereafter | 164
total      | $ 1370 |


| _id | dd4bb1960 |
| title |  |
| text | 12 .
brokerage receivables and brokerage payables citi has receivables and payables for financial instruments sold to and purchased from brokers , dealers and customers , which arise in the ordinary course of business .
citi is exposed to risk of loss from the inability of brokers , dealers or customers to pay for purchases or to deliver the financial instruments sold , in which case citi would have to sell or purchase the financial instruments at prevailing market prices .

credit risk is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transaction and replaces the broker , dealer or customer in question .
citi seeks to protect itself from the risks associated with customer activities by requiring customers to maintain margin collateral in compliance with regulatory and internal guidelines .
margin levels are monitored daily , and customers deposit additional collateral as required .

where customers cannot meet collateral requirements , citi may liquidate sufficient underlying financial instruments to bring the customer into compliance with the required margin level .
exposure to credit risk is impacted by market volatility , which may impair the ability of clients to satisfy their obligations to citi .
credit limits are established and closely monitored for customers and for brokers and dealers engaged in forwards , futures and other transactions deemed to be credit sensitive .

brokerage receivables and brokerage payables consisted of the following: .

payables to brokers , dealers and clearing organizations 22601 19915 total brokerage payables ( 1 ) $ 61342 $ 57152 ( 1 ) includes brokerage receivables and payables recorded by citi broker- dealer entities that are accounted for in accordance with the aicpa accounting guide for brokers and dealers in securities as codified in asc 940-320.

 |
| table | in millions of dollars                                      | december 31 , 2017 | december 31 , 2016
----------------------------------------------------------- | ------------------ | ------------------
receivables from customers                                  | $ 19215            | $ 10374
receivables from brokers dealers and clearing organizations | 19169              | 18513
total brokerage receivables ( 1 )                           | $ 38384            | $ 28887
payables to customers                                       | $ 38741            | $ 37237
payables to brokers dealers and clearing organizations      | 22601              | 19915
total brokerage payables ( 1 )                              | $ 61342            | $ 57152 |


| _id | dd4b91e44 |
| title |  |
| text | american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the company has selected december 1 as the date to perform its annual impairment test .
in performing its 2005 and 2004 testing , the company completed an internal appraisal and estimated the fair value of the rental and management reporting unit that contains goodwill utilizing future discounted cash flows and market information .

based on the appraisals performed , the company determined that goodwill in its rental and management segment was not impaired .
the company 2019s other intangible assets subject to amortization consist of the following as of december 31 , ( in thousands ) : .

the company amortizes its intangible assets over periods ranging from three to fifteen years .
amortization of intangible assets for the years ended december 31 , 2005 and 2004 aggregated approximately $ 136.0 million and $ 97.8 million , respectively ( excluding amortization of deferred financing costs , which is included in interest expense ) .

the company expects to record amortization expense of approximately $ 183.6 million , $ 178.3 million , $ 174.4 million , $ 172.7 million and $ 170.3 million , for the years ended december 31 , 2006 , 2007 , 2008 , 2009 and 2010 , respectively .
these amounts are subject to changes in estimates until the preliminary allocation of the spectrasite purchase price is finalized .
6 .
notes receivable in 2000 , the company loaned tv azteca , s.a .
de c.v .

de c.v .
( tv azteca ) , the owner of a major national television network in mexico , $ 119.8 million .
the loan , which initially bore interest at 12.87% ( 12.87 % ) , payable quarterly , was discounted by the company , as the fair value interest rate at the date of the loan was determined to be 14.25% ( 14.25 % ) .
the loan was amended effective january 1 , 2003 to increase the original interest rate to 13.11% ( 13.11 % ) .

as of december 31 , 2005 and 2004 , approximately $ 119.8 million undiscounted ( $ 108.2 million discounted ) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets .
the term of the loan is seventy years ; however , the loan may be prepaid by tv azteca without penalty during the last fifty years of the agreement .

the discount on the loan is being amortized to interest income 2014tv azteca , net , using the effective interest method over the seventy-year term of the loan .
simultaneous with the signing of the loan agreement , the company also entered into a seventy year economic rights agreement with tv azteca regarding space not used by tv azteca on approximately 190 of its broadcast towers .

in exchange for the issuance of the below market interest rate loan discussed above and the annual payment of $ 1.5 million to tv azteca ( under the economic rights agreement ) , the company has the right to market and lease the unused tower space on the broadcast towers ( the economic rights ) .
tv azteca retains title to these towers and is responsible for their operation and maintenance .

the company is entitled to 100% ( 100 % ) of the revenues generated from leases with tenants on the unused space and is responsible for any incremental operating expenses associated with those tenants.

 |
| table | | 2005               | 2004
------------------------------------------------------- | ------------------ | ------------------
acquired customer base and network location intangibles | $ 2606546          | $ 1369607
deferred financing costs                                | 65623              | 89736
acquired licenses and other intangibles                 | 51703              | 43404
total                                                   | 2723872            | 1502747
less accumulated amortization                           | -646560 ( 646560 ) | -517444 ( 517444 )
other intangible assets net                             | $ 2077312          | $ 985303 |


| _id | dd4c047e6 |
| title |  |
| text | deferred tax assets and liabilities are recorded in the accompanying consolidated balance sheet under the captions deferred income tax assets , deferred charges and other assets , other accrued liabilities and deferred income taxes .
the decrease in 2009 in deferred tax assets principally relates to the tax impact of changes in recorded qualified pension liabilities , minimum tax credit utilization and an increase in the valuation allowance .

the decrease in deferred income tax liabilities principally relates to less tax depreciation taken on the company 2019s assets purchased in 2009 .
the valuation allowance for deferred tax assets as of december 31 , 2008 was $ 72 million .
the net change in the total valuation allowance for the year ended december 31 , 2009 , was an increase of $ 274 million .

the increase of $ 274 million consists primarily of : ( 1 ) $ 211 million related to the company 2019s french operations , including a valuation allowance of $ 55 million against net deferred tax assets from current year operations and $ 156 million recorded in the second quarter of 2009 for the establishment of a valuation allowance against previously recorded deferred tax assets , ( 2 ) $ 10 million for net deferred tax assets arising from the company 2019s united king- dom current year operations , and

united king- dom current year operations , and ( 3 ) $ 47 million related to a reduction of previously recorded u.s .

state deferred tax assets , including $ 15 million recorded in the fourth quarter of 2009 for louisiana recycling credits .
the effect on the company 2019s effec- tive tax rate of the aforementioned $ 211 million and $ 10 million is included in the line item 201ctax rate and permanent differences on non-u.s .
earnings . 201d international paper adopted the provisions of new guidance under asc 740 , 201cincome taxes , 201d on jan- uary 1 , 2007 related to uncertain tax positions .

as a result of the implementation of this new guidance , the company recorded a charge to the beginning balance of retained earnings of $ 94 million , which was accounted for as a reduction to the january 1 , 2007 balance of retained earnings .
a reconciliation of the beginning and ending amount of unrecognized tax benefits for the year ending december 31 , 2009 and 2008 is as follows : in millions 2009 2008 2007 .

included in the balance at december 31 , 2009 and 2008 are $ 56 million and $ 9 million , respectively , for tax positions for which the ultimate benefits are highly certain , but for which there is uncertainty about the timing of such benefits .
however , except for the possible effect of any penalties , any dis- allowance that would change the timing of these benefits would not affect the annual effective tax rate , but would accelerate the payment of cash to the taxing authority to an earlier period .

the company accrues interest on unrecognized tax benefits as a component of interest expense .
penal- ties , if incurred , are recognized as a component of income tax expense .
the company had approx- imately $ 95 million and $ 74 million accrued for the payment of estimated interest and penalties asso- ciated with unrecognized tax benefits at december 31 , 2009 and 2008 , respectively .

the major jurisdictions where the company files income tax returns are the united states , brazil , france , poland and russia .
generally , tax years 2002 through 2009 remain open and subject to examina- tion by the relevant tax authorities .
the company is typically engaged in various tax examinations at any given time , both in the united states and overseas .
currently , the company is engaged in discussions with the u.s .
internal revenue service regarding the examination of tax years 2006 and 2007 .

as a result of these discussions , other pending tax audit settle- ments , and the expiration of statutes of limitation , the company currently estimates that the amount of unrecognized tax benefits could be reduced by up to $ 125 million during the next twelve months .
during 2009 , unrecognized tax benefits decreased by $ 127 million .

while the company believes that it is adequately accrued for possible audit adjustments , the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates .

the company 2019s 2009 income tax provision of $ 469 million included $ 279 million related to special items and other charges , consisting of a $ 534 million tax benefit related to restructuring and other charges , a $ 650 million tax expense for the alternative fuel mixture credit , and $ 163 million of tax-related adjustments including a $ 156 million tax expense to establish a valuation allowance for net operating loss carryforwards in france , a $ 26 million tax benefit for the effective settlement of

tax benefit for the effective settlement of federal tax audits , a $ 15 million tax expense to establish a valuation allow- ance for louisiana recycling credits , and $ 18 million of other income tax adjustments .

excluding the impact of special items , the tax provision was

 |
| table | in millions                                              | 2009           | 2008           | 2007
-------------------------------------------------------- | -------------- | -------------- | --------------
balance at january 1                                     | $ -435 ( 435 ) | $ -794 ( 794 ) | -919 ( 919 )
additions based on tax positions related to current year | -28 ( 28 )     | -14 ( 14 )     | -12 ( 12 )
additions for tax positions of prior years               | -82 ( 82 )     | -66 ( 66 )     | -30 ( 30 )
reductions for tax positions of prior years              | 72             | 67             | 74
settlements                                              | 174            | 352            | 112
expiration of statutes of limitations                    | 2              | 3              | 5
currency translation adjustment                          | -11 ( 11 )     | 17             | -24 ( 24 )
balance at december 31                                   | $ -308 ( 308 ) | $ -435 ( 435 ) | $ -794 ( 794 ) |


| _id | dd498ba0a |
| title |  |
| text | page 38 five years .
the amounts ultimately applied against our offset agreements are based on negotiations with the customer and generally require cash outlays that represent only a fraction of the original amount in the offset agreement .
at december 31 , 2005 , we had outstanding offset agreements totaling $ 8.4 bil- lion , primarily related to our aeronautics segment , that extend through 2015 .

to the extent we have entered into purchase obligations at december 31 , 2005 that also satisfy offset agree- ments , those amounts are included in the preceding table .
we have entered into standby letter of credit agreements and other arrangements with financial institutions and custom- ers mainly relating to advances received from customers and/or the guarantee of future performance on some of our contracts .

at december 31 , 2005 , we had outstanding letters of credit , surety bonds and guarantees , as follows : commitment expiration by period ( in millions ) commitment 1 year ( a ) years ( a ) standby letters of credit $ 2630 $ 2425 $ 171 $ 18 $ 16 .

( a ) approximately $ 2262 million and $ 49 million of standby letters of credit in the 201cless than 1 year 201d and 201c1-3 year 201d periods , respectively , and approximately $ 38 million of surety bonds in the 201cless than 1 year 201d period are expected to renew for additional periods until completion of the contractual obligation .

included in the table above is approximately $ 200 million representing letter of credit and surety bond amounts for which related obligations or liabilities are also recorded in the bal- ance sheet , either as reductions of inventories , as customer advances and amounts in excess of costs incurred , or as other liabilities .
approximately $ 2 billion of the standby letters of credit in the table above were to secure advance payments received under an f-16 contract from an international cus- tomer .

these letters of credit are available for draw down in the event of our nonperformance , and the amount available will be reduced as certain events occur throughout the period of performance in accordance with the contract terms .
similar to the letters of credit for the f-16 contract , other letters of credit and surety bonds are available for draw down in the event of our nonperformance .

at december 31 , 2005 , we had no material off-balance sheet arrangements as those arrangements are defined by the securities and exchange commission ( sec ) .
quantitative and qualitative disclosure of market risk our main exposure to market risk relates to interest rates and foreign currency exchange rates .
our financial instruments that are subject to interest rate risk principally include fixed- rate and floating rate long-term debt .

if interest rates were to change by plus or minus 1% ( 1 % ) , interest expense would increase or decrease by approximately $ 10 million related to our float- ing rate debt .
the estimated fair values of the corporation 2019s long-term debt instruments at december 31 , 2005 aggregated approximately $ 6.2 billion , compared with a carrying amount of approximately $ 5.0 billion .
the majority of our long-term debt obligations are not callable until maturity .

we have used interest rate swaps in the past to manage our exposure to fixed and variable interest rates ; however , at year-end 2005 , we had no such agreements in place .
we use forward foreign exchange contracts to manage our exposure to fluctuations in foreign currency exchange rates , and do so in ways that qualify for hedge accounting treatment .

these exchange contracts hedge the fluctuations in cash flows associated with firm commitments or specific anticipated transactions contracted in foreign currencies , or hedge the exposure to rate changes affecting foreign currency denomi- nated assets or liabilities .
related gains and losses on these contracts , to the extent they are effective hedges , are recog- nized in income at the same time the hedged transaction is recognized or when the hedged asset or liability is adjusted .

to the extent the hedges are ineffective , gains and losses on the contracts are recognized in the current period .
at december 31 , 2005 , the fair value of forward exchange con- tracts outstanding , as well as the amounts of gains and losses recorded during the year then ended , were not material .
we do not hold or issue derivative financial instruments for trad- ing or speculative purposes .

recent accounting pronouncements in december 2004 , the fasb issued fas 123 ( r ) , share- based payments , which will impact our net earnings and earn- ings per share and change the classification of certain elements of the statement of cash flows .

fas 123 ( r ) requires stock options and other share-based payments made to employees to be accounted for as compensation expense and recorded at fair lockheed martin corporation management 2019s discussion and analysis of financial condition and results of operations december 31 , 2005

 |
| table | ( in millions )           | commitment expiration by period total commitment | commitment expiration by period less than 1 year ( a ) | commitment expiration by period 1-3 years ( a ) | commitment expiration by period 3-5 years | commitment expiration by period after 5 years
------------------------- | ------------------------------------------------ | ------------------------------------------------------ | ----------------------------------------------- | ----------------------------------------- | ---------------------------------------------
standby letters of credit | $ 2630                                           | $ 2425                                                 | $ 171                                           | $ 18                                      | $ 16
surety bonds              | 434                                              | 79                                                     | 352                                             | 3                                         | 2014
guarantees                | 2                                                | 1                                                      | 1                                               | 2014                                      | 2014
total commitments         | $ 3066                                           | $ 2505                                                 | $ 524                                           | $ 21                                      | $ 16 |


| _id | dd4c0419c |
| title |  |
| text | volatility of capital markets or macroeconomic factors could adversely affect our business .
changes in financial and capital markets , including market disruptions , limited liquidity , uncertainty regarding brexit , and interest rate volatility , including as a result of the use or discontinued use of certain benchmark rates such as libor , may increase the cost of financing as well as the risks of refinancing maturing debt .

in addition , our borrowing costs can be affected by short and long-term ratings assigned by rating organizations .
a decrease in these ratings could limit our access to capital markets and increase our borrowing costs , which could materially and adversely affect our financial condition and operating results .
some of our customers and counterparties are highly leveraged .

consolidations in some of the industries in which our customers operate have created larger customers , some of which are highly leveraged and facing increased competition and continued credit market volatility .
these factors have caused some customers to be less profitable , increasing our exposure to credit risk .

a significant adverse change in the financial and/or credit position of a customer or counterparty could require us to assume greater credit risk relating to that customer or counterparty and could limit our ability to collect receivables .
this could have an adverse impact on our financial condition and liquidity .
item 1b .
unresolved staff comments .
item 2 .
properties .
our corporate co-headquarters are located in pittsburgh , pennsylvania and chicago , illinois .

our co-headquarters are leased and house certain executive offices , our u.s .
business units , and our administrative , finance , legal , and human resource functions .
we maintain additional owned and leased offices throughout the regions in which we operate .
we manufacture our products in our network of manufacturing and processing facilities located throughout the world .
as of december 29 , 2018 , we operated 84 manufacturing and processing facilities .
we own 81 and lease three of these facilities .

we own 81 and lease three of these facilities .
our manufacturing and processing facilities count by segment as of december 29 , 2018 was: .

we maintain all of our manufacturing and processing facilities in good condition and believe they are suitable and are adequate for our present needs .
we also enter into co-manufacturing arrangements with third parties if we determine it is advantageous to outsource the production of any of our products .

in the fourth quarter of 2018 , we announced our plans to divest certain assets and operations , predominantly in canada and india , including one owned manufacturing facility in canada and one owned and one leased facility in india .
see note 5 , acquisitions and divestitures , in item 8 , financial statements and supplementary data , for additional information on these transactions .
item 3 .
legal proceedings .

item 3 .
legal proceedings .
see note 18 , commitments and contingencies , in item 8 , financial statements and supplementary data .
item 4 .
mine safety disclosures .
not applicable .
part ii item 5 .
market for registrant's common equity , related stockholder matters and issuer purchases of equity securities .
our common stock is listed on nasdaq under the ticker symbol 201ckhc 201d .
at june 5 , 2019 , there were approximately 49000 holders of record of our common stock .

see equity and dividends in item 7 , management 2019s discussion and analysis of financial condition and results of operations , for a discussion of cash dividends declared on our common stock.

 |
| table | | owned | leased
------------- | ----- | ------
united states | 40    | 1
canada        | 2     | 2014
emea          | 12    | 2014
rest of world | 27    | 2 |


| _id | dd4ba4fb2 |
| title |  |
| text | a valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized .
changes to our valuation allowance during the year ended december 31 , 2017 , the 2016 fiscal transition period and the years ended may 31 , 2016 and 2015 are summarized below ( in thousands ) : .

the increase in the valuation allowance related to net operating loss carryforwards of $ 10.3 million for the year ended december 31 , 2017 relates primarily to carryforward assets recorded as part of the acquisition of active network .

the increase in the valuation allowance related to domestic net operating loss carryforwards of $ 1.5 million and $ 4.5 million for the 2016 fiscal transition period and the year ended may 31 , 2016 , respectively , relates to acquired carryforwards from the merger with heartland .
foreign net operating loss carryforwards of $ 43.2 million and domestic net operating loss carryforwards of $ 28.9 million at december 31 , 2017 will expire between december 31 , 2026 and december 31 , 2037 if not utilized .

we conduct business globally and file income tax returns in the domestic federal jurisdiction and various state and foreign jurisdictions .
in the normal course of business , we are subject to examination by taxing authorities around the world .
we are no longer subjected to state income tax examinations for years ended on or before may 31 , 2008 , u.s .
federal income tax examinations for years ended on or before december 31 , 2013 and u.k .

federal income tax examinations for years ended on or before may 31 , 2014 .
88 2013 global payments inc .
| 2017 form 10-k annual report

 |
| table | balance at may 31 2014                                                    | $ -7199 ( 7199 )
------------------------------------------------------------------------- | ------------------
utilization of foreign net operating loss carryforwards                   | 3387
other                                                                     | -11 ( 11 )
balance at may 31 2015                                                    | -3823 ( 3823 )
allowance for foreign income tax credit carryforward                      | -7140 ( 7140 )
allowance for domestic net operating loss carryforwards                   | -4474 ( 4474 )
allowance for domestic net unrealized capital loss                        | -1526 ( 1526 )
release of allowance of domestic capital loss carryforward                | 1746
other                                                                     | 98
balance at may 31 2016                                                    | -15119 ( 15119 )
allowance for domestic net operating loss carryforwards                   | -1504 ( 1504 )
release of allowance of domestic net unrealized capital loss              | 12
balance at december 31 2016                                               | -16611 ( 16611 )
allowance for foreign net operating loss carryforwards                    | -6469 ( 6469 )
allowance for domestic net operating loss carryforwards                   | -3793 ( 3793 )
allowance for state credit carryforwards                                  | -685 ( 685 )
rate change on domestic net operating loss and capital loss carryforwards | 3868
utilization of foreign income tax credit carryforward                     | 7140
balance at december 31 2017                                               | $ -16550 ( 16550 ) |


| _id | dd4bc45a6 |
| title |  |
| text | entergy new orleans , inc .
and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 3.9 million primarily due to higher net revenue , partially offset by higher depreciation and amortization expenses , higher interest expense , and lower other income .

2015 compared to 2014 net income increased $ 13.9 million primarily due to lower other operation and maintenance expenses and higher net revenue , partially offset by a higher effective income tax rate .
net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .
following is an analysis of the change in net revenue comparing 2016 to 2015 .

amount ( in millions ) .

the retail electric price variance is primarily due to an increase in the purchased power and capacity acquisition cost recovery rider , as approved by the city council , effective with the first billing cycle of march 2016 , primarily related to the purchase of power block 1 of the union power station .
see note 14 to the financial statements for discussion of the union power station purchase .

the net gas revenue variance is primarily due to the effect of less favorable weather on residential and commercial sales .
the volume/weather variance is primarily due to a decrease of 112 gwh , or 2% ( 2 % ) , in billed electricity usage , partially offset by the effect of favorable weather on commercial sales and a 2% ( 2 % ) increase in the average number of electric customers.

 |
| table | | amount ( in millions )
--------------------- | ----------------------
2015 net revenue      | $ 293.9
retail electric price | 39.0
net gas revenue       | -2.5 ( 2.5 )
volume/weather        | -5.1 ( 5.1 )
other                 | -8.1 ( 8.1 )
2016 net revenue      | $ 317.2 |


| _id | dd4c2a8b0 |
| title |  |
| text | undistributed earnings of $ 696.9 million from certain foreign subsidiaries are considered to be permanently reinvested abroad and will not be repatriated to the united states in the foreseeable future .
because those earnings are considered to be indefinitely reinvested , no domestic federal or state deferred income taxes have been provided thereon .
if we were to make a distribution of any portion of those earnings in the form of dividends or otherwise , we would be subject to both u.s .

income taxes ( subject to an adjustment for foreign tax credits ) and withholding taxes payable to the various foreign jurisdictions .
because of the availability of u.s .
foreign tax credit carryforwards , it is not practicable to determine the domestic federal income tax liability that would be payable if such earnings were no longer considered to be reinvested indefinitely .

a valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized .
changes to our valuation allowance during the years ended may 31 , 2015 and 2014 are summarized below ( in thousands ) : .

net operating loss carryforwards of foreign subsidiaries totaling $ 12.4 million and u.s .
net operating loss carryforwards previously acquired totaling $ 19.8 million at may 31 , 2015 will expire between may 31 , 2017 and may 31 , 2033 if not utilized .
capital loss carryforwards of u.s .
subsidiaries totaling $ 4.7 million will expire if not utilized by may 31 , 2017 .
tax credit carryforwards totaling $ 8.4 million at may 31 , 2015 will expire between may 31 , 2017 and may 31 , 2023 if not utilized .

we conduct business globally and file income tax returns in the u.s .
federal jurisdiction and various state and foreign jurisdictions .
in the normal course of business , we are subject to examination by taxing authorities around the world .

as a result of events that occurred in the fourth quarter of the year ended may 31 , 2015 , management concluded that it was more likely than not that the tax positions in a foreign jurisdiction , for which we had recorded estimated liabilities of $ 65.6 million in other noncurrent liabilities on our consolidated balance sheet , would be sustained on their technical merits based on information available as of may 31 , 2015 .

therefore , the liability and corresponding deferred tax assets were eliminated as of may 31 , 2015 .
the uncertain tax positions have been subject to an ongoing examination in that foreign jurisdiction by the tax authority .
discussions and correspondence between the tax authority and us during the fourth quarter indicated that the likelihood of the positions being sustained had increased .

subsequent to may 31 , 2015 , we received a final closure notice regarding the examination resulting in no adjustments to taxable income related to this matter for the tax returns filed for the periods ended may 31 , 2010 through may 31 , 2013 .
the unrecognized tax benefits were effectively settled with this final closure notice .
we are no longer subjected to state income tax examinations for years ended on or before may 31 , 2008 , u.s .

federal income tax examinations for fiscal years prior to 2012 and united kingdom federal income tax examinations for years ended on or before may 31 , 2013 .
78 2013 global payments inc .
| 2015 form 10-k annual report

 |
| table | balance at may 31 2013                                  | $ -28464 ( 28464 )
------------------------------------------------------- | ------------------
utilization of foreign net operating loss carryforwards | 2822
allowance for foreign tax credit carryforward           | 18061
other                                                   | 382
balance at may 31 2014                                  | -7199 ( 7199 )
utilization of foreign net operating loss carryforwards | 3387
other                                                   | -11 ( 11 )
balance at may 31 2015                                  | $ -3823 ( 3823 ) |


| _id | dd4b914c6 |
| title |  |
| text | the following table shows reporting units with goodwill balances as of december 31 , 2010 , and the excess of fair value as a percentage over allocated book value as of the annual impairment test .
in millions of dollars reporting unit ( 1 ) fair value as a % (  % ) of allocated book value goodwill .

( 1 ) local consumer lending 2014other is excluded from the table as there is no goodwill allocated to it .
while no impairment was noted in step one of citigroup 2019s local consumer lending 2014cards reporting unit impairment test at july 1 , 2010 , goodwill present in the reporting unit may be sensitive to further deterioration as the valuation of the reporting unit is particularly dependent upon economic conditions that affect consumer credit risk and behavior .

citigroup engaged the services of an independent valuation specialist to assist in the valuation of the reporting unit at july 1 , 2010 , using a combination of the market approach and income approach consistent with the valuation model used in past practice , which considered the impact of the penalty fee provisions associated with the credit card accountability responsibility and disclosure act of 2009 ( card act ) that were implemented during 2010 .

under the market approach for valuing this reporting unit , the key assumption is the selected price multiple .
the selection of the multiple considers the operating performance and financial condition of the local consumer lending 2014cards operations as compared with those of a group of selected publicly traded guideline companies and a group of selected acquired companies .

among other factors , the level and expected growth in return on tangible equity relative to those of the guideline companies and guideline transactions is considered .
since the guideline company prices used are on a minority interest basis , the selection of the multiple considers the guideline acquisition prices , which reflect control rights and privileges , in arriving at a multiple that reflects an appropriate control premium .

for the local consumer lending 2014cards valuation under the income approach , the assumptions used as the basis for the model include cash flows for the forecasted period , the assumptions embedded in arriving at an estimation of the terminal value and the discount rate .

the cash flows for the forecasted period are estimated based on management 2019s most recent projections available as of the testing date , giving consideration to targeted equity capital requirements based on selected public guideline companies for the reporting unit .

in arriving at the terminal value for local consumer lending 2014cards , using 2013 as the terminal year , the assumptions used include a long-term growth rate and a price-to-tangible book multiple based on selected public guideline companies for the reporting unit .
the discount rate is based on the reporting unit 2019s estimated cost of equity capital computed under the capital asset pricing model .

embedded in the key assumptions underlying the valuation model , described above , is the inherent uncertainty regarding the possibility that economic conditions may deteriorate or other events will occur that will impact the business model for local consumer lending 2014cards .

while there is inherent uncertainty embedded in the assumptions used in developing management 2019s forecasts , the company utilized a discount rate at july 1 , 2010 that it believes reflects the risk characteristics and uncertainty specific to management 2019s forecasts and assumptions for the local consumer lending 2014cards reporting unit .
two primary categories of events exist 2014economic conditions in the u.s .

and regulatory actions 2014which , if they were to occur , could negatively affect key assumptions used in the valuation of local consumer lending 2014cards .
small deterioration in the assumptions used in the valuations , in particular the discount-rate and growth-rate assumptions used in the net income projections , could significantly affect citigroup 2019s impairment evaluation and , hence , results .

if the future were to differ adversely from management 2019s best estimate of key economic assumptions , and associated cash flows were to decrease by a small margin , citi could potentially experience future material impairment charges with respect to $ 4560 million of goodwill remaining in the local consumer lending 2014 cards reporting unit .

any such charges , by themselves , would not negatively affect citi 2019s tier 1 and total capital regulatory ratios , tier 1 common ratio , its tangible common equity or citi 2019s liquidity position.

 |
| table | reporting unit ( 1 )                    | fair value as a % (  % ) of allocated book value | goodwill
--------------------------------------- | ------------------------------------------------ | --------
north america regional consumer banking | 170% ( 170 % )                                   | $ 2518
emea regional consumer banking          | 168                                              | 338
asia regional consumer banking          | 344                                              | 6045
latin america regional consumer banking | 230                                              | 1800
securities and banking                  | 223                                              | 9259
transaction services                    | 1716                                             | 1567
brokerage and asset management          | 151                                              | 65
local consumer lending 2014cards        | 121                                              | 4560 |