| _id | dd4c14146 |
| title |  |
| text | the total intrinsic value of options exercised ( i.e .
the difference between the market price at exercise and the price paid by the employee to exercise the options ) during fiscal 2011 , 2010 and 2009 was $ 96.5 million , $ 29.6 million and $ 4.7 million , respectively .
the total amount of proceeds received by the company from exercise of these options during fiscal 2011 , 2010 and 2009 was $ 217.4 million , $ 240.4 million and $ 15.1 million , respectively .

proceeds from stock option exercises pursuant to employee stock plans in the company 2019s statement of cash flows of $ 217.2 million , $ 216.1 million and $ 12.4 million for fiscal 2011 , 2010 and 2009 , respectively , are net of the value of shares surrendered by employees in certain limited circumstances to satisfy the exercise price of options , and to satisfy employee tax obligations upon vesting of restricted stock or restricted stock units and in connection with the exercise of stock options granted

with the exercise of stock options granted to the company 2019s employees under the company 2019s equity compensation plans .

the withholding amount is based on the company 2019s minimum statutory withholding requirement .
a summary of the company 2019s restricted stock unit award activity as of october 29 , 2011 and changes during the year then ended is presented below : restricted outstanding weighted- average grant- date fair value per share .

as of october 29 , 2011 , there was $ 88.6 million of total unrecognized compensation cost related to unvested share-based awards comprised of stock options and restricted stock units .
that cost is expected to be recognized over a weighted-average period of 1.3 years .
the total grant-date fair value of shares that vested during fiscal 2011 , 2010 and 2009 was approximately $ 49.6 million , $ 67.7 million and $ 74.4 million , respectively .

common stock repurchase program the company 2019s common stock repurchase program has been in place since august 2004 .
in the aggregate , the board of directors has authorized the company to repurchase $ 5 billion of the company 2019s common stock under the program .
under the program , the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions .

unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program .
as of october 29 , 2011 , the company had repurchased a total of approximately 125.0 million shares of its common stock for approximately $ 4278.5 million under this program .
an additional $ 721.5 million remains available for repurchase of shares under the current authorized program .

the repurchased shares are held as authorized but unissued shares of common stock .
any future common stock repurchases will be dependent upon several factors , including the amount of cash available to the company in the united states and the company 2019s financial performance , outlook and liquidity .

the company also from time to time repurchases shares in settlement of employee tax withholding obligations due upon the vesting of restricted stock units , or in certain limited circumstances to satisfy the exercise price of options granted to the company 2019s employees under the company 2019s equity compensation plans .
analog devices , inc .
notes to consolidated financial statements 2014 ( continued )

 |
| table | | restricted stock units outstanding | weighted- average grant- date fair value per share
----------------------------------------------------- | ---------------------------------- | --------------------------------------------------
restricted stock units outstanding at october 30 2010 | 1265                               | $ 28.21
units granted                                         | 898                                | $ 34.93
restrictions lapsed                                   | -33 ( 33 )                         | $ 24.28
units forfeited                                       | -42 ( 42 )                         | $ 31.39
restricted stock units outstanding at october 29 2011 | 2088                               | $ 31.10 |


| _id | dd4be2862 |
| title |  |
| text | other expense , net : the company's other expense consists of the following: .

income tax provision : the company recorded income tax expense of $ 77.2 million and had income before income taxes of $ 322.5 million for the year ended december 31 , 2013 , representing an effective tax rate of 23.9% ( 23.9 % ) .
during the year ended december 31 , 2012 , the company recorded income tax expense of $ 90.1 million and had income before income taxes of $ 293.5 million , representing an effective tax rate of 30.7% ( 30.7 % ) .

in december 2013 , the company received notice from the irs that the joint committee on taxation took no exception to the company's tax returns that were filed for 2009 and 2010 .
an $ 11.0 million tax benefit was recognized in the company's 2013 financial results as the company had effectively settled uncertainty regarding the realization of refund claims filed in connection with the 2009 and 2010 returns .

in the u.s. , which is the largest jurisdiction where the company receives such a tax credit , the availability of the research and development credit expired at the end of the 2011 tax year .
in january 2013 , the u.s .
congress passed legislation that reinstated the research and development credit retroactive to 2012 .
the income tax provision for the year ended december 31 , 2013 includes approximately $ 2.3 million related to the reinstated research and development credit for 2012 activity .

the decrease in the effective tax rate from the prior year is primarily due to the release of an uncertain tax position mentioned above , the reinstatement of the u.s .
research and development credit mentioned above , and cash repatriation activities .

when compared to the federal and state combined statutory rate , the effective tax rates for the years ended december 31 , 2013 and 2012 were favorably impacted by lower statutory tax rates in many of the company 2019s foreign jurisdictions , the domestic manufacturing deduction and tax benefits associated with the merger of the company 2019s japan subsidiaries in 2010 .

net income : the company 2019s net income for the year ended december 31 , 2013 was $ 245.3 million as compared to net income of $ 203.5 million for the year ended december 31 , 2012 .
diluted earnings per share was $ 2.58 for the year ended december 31 , 2013 and $ 2.14 for the year ended december 31 , 2012 .
the weighted average shares used in computing diluted earnings per share were 95.1 million and 95.0 million for the years ended december 31 , 2013 and 2012 , respectively .
table of contents

 |
| table | ( in thousands )             | year ended december 31 , 2013 | year ended december 31 , 2012
---------------------------- | ----------------------------- | -----------------------------
foreign currency losses net  | $ -1115 ( 1115 )              | $ -1401 ( 1401 )
other income ( expense ) net | 69                            | -4 ( 4 )
total other expense net      | $ -1046 ( 1046 )              | $ -1405 ( 1405 ) |


| _id | dd4b87796 |
| title |  |
| text | during the years ended december 31 , 2013 , 2012 , and 2011 , we recognized approximately $ 6.5 million , $ 5.1 million and $ 4.7 million of compensation expense , respectively , for these options .
as of december 31 , 2013 , there was approximately $ 20.3 million of total unrecognized compensation cost related to unvested stock options , which is expected to be recognized over a weighted average period of three years .

stock-based compensation effective january 1 , 1999 , we implemented a deferred compensation plan , or the deferred plan , covering certain of our employees , including our executives .
the shares issued under the deferred plan were granted to certain employees , including our executives and vesting will occur annually upon the completion of a service period or our meeting established financial performance criteria .

annual vesting occurs at rates ranging from 15% ( 15 % ) to 35% ( 35 % ) once performance criteria are reached .
a summary of our restricted stock as of december 31 , 2013 , 2012 and 2011 and charges during the years then ended are presented below: .

weighted average fair value of restricted stock granted during the year $ 17386949 $ 7023942 $ 21768084 the fair value of restricted stock that vested during the years ended december 31 , 2013 , 2012 and 2011 was $ 1.6 million , $ 22.4 million and $ 4.3 million , respectively .
as of december 31 , 2013 , there was $ 17.8 million of total unrecognized compensation cost related to unvested restricted stock , which is expected to be recognized over a weighted average period of approximately 2.7 years .

for the years ended december 31 , 2013 , 2012 and 2011 , approximately $ 4.5 million , $ 4.1 million and $ 3.4 million , respectively , was capitalized to assets associated with compensation expense related to our long-term compensation plans , restricted stock and stock options .
we granted ltip units , which include bonus , time-based and performance based awards , with a fair value of $ 27.1 million , zero and $ 8.5 million as of 2013 , 2012 and 2011 , respectively .

the grant date fair value of the ltip unit awards was calculated in accordance with asc 718 .
a third party consultant determined the fair value of the ltip units to have a discount from sl green's common stock price .
the discount was calculated by considering the inherent uncertainty that the ltip units will reach parity with other common partnership units and the illiquidity due to transfer restrictions .

as of december 31 , 2013 , there was $ 5.0 million of total unrecognized compensation expense related to the time-based and performance based awards , which is expected to be recognized over a weighted average period of approximately 1.5 years .
during the years ended december 31 , 2013 , 2012 and 2011 , we recorded compensation expense related to bonus , time-based and performance based awards of approximately $ 27.3 million , $ 12.6 million and $ 8.5 million , respectively .

2010 notional unit long-term compensation plan in december 2009 , the compensation committee of the company's board of directors approved the general terms of the sl green realty corp .
2010 notional unit long-term compensation program , or the 2010 long-term compensation plan .

the 2010 long-term compensation plan is a long-term incentive compensation plan pursuant to which award recipients could earn , in the aggregate , from approximately $ 15.0 million up to approximately $ 75.0 million of ltip units in the operating partnership based on our stock price appreciation over three years beginning on december 1 , 2009 ; provided that , if maximum performance had been achieved , approximately $ 25.0 million of awards could be earned at any time after the beginning of the second year

any time after the beginning of the second year and an additional approximately $ 25.0 million of awards could be earned at any time after the beginning of the third year .

in order to achieve maximum performance under the 2010 long-term compensation plan , our aggregate stock price appreciation during the performance period had to equal or exceed 50% ( 50 % ) .

the compensation committee determined that maximum performance had been achieved at or shortly after the beginning of each of the second and third years of the performance period and for the full performance period and , accordingly , 366815 ltip units , 385583 ltip units and 327416 ltip units were earned under the 2010 long-term compensation plan in december 2010 , 2011 and 2012 , respectively .

substantially in accordance with the original terms of the program , 50% ( 50 % ) of these ltip units vested on december 17 , 2012 ( accelerated from the original january 1 , 2013 vesting date ) , 25% ( 25 % ) of these ltip units vested on december 11 , 2013 ( accelerated from the original january 1 , 2014 vesting date ) and the remainder is scheduled to vest on january 1 , 2015 based on

 |
| table | | 2013           | 2012               | 2011
----------------------------------------------------------------------- | -------------- | ------------------ | --------------
balance at beginning of year                                            | 2804901        | 2912456            | 2728290
granted                                                                 | 192563         | 92729              | 185333
cancelled                                                               | -3267 ( 3267 ) | -200284 ( 200284 ) | -1167 ( 1167 )
balance at end of year                                                  | 2994197        | 2804901            | 2912456
vested during the year                                                  | 21074          | 408800             | 66299
compensation expense recorded                                           | $ 6713155      | $ 6930381          | $ 17365401
weighted average fair value of restricted stock granted during the year | $ 17386949     | $ 7023942          | $ 21768084 |


| _id | dd4ba6da8 |
| title |  |
| text | adobe systems incorporated notes to consolidated financial statements ( continued ) accounting for uncertainty in income taxes during fiscal 2013 and 2012 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : .

as of november 29 , 2013 , the combined amount of accrued interest and penalties related to tax positions taken on our tax returns and included in non-current income taxes payable was approximately $ 11.4 million .
we file income tax returns in the u.s .
on a federal basis and in many u.s .
state and foreign jurisdictions .
we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .

our major tax jurisdictions are the u.s. , ireland and california .
for california , ireland and the u.s. , the earliest fiscal years open for examination are 2005 , 2006 and 2010 , respectively .
we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examinations .

we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .
in july 2013 , a u.s .
income tax examination covering our fiscal years 2008 and 2009 was completed .
our accrued tax and interest related to these years was $ 48.4 million and was previously reported in long-term income taxes payable .

we settled the tax obligation resulting from this examination with cash and income tax assets totaling $ 41.2 million , and the resulting $ 7.2 million income tax benefit was recorded in the third quarter of fiscal 2013 .
the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .

these events could cause large fluctuations in the balance sheet classification of current and non-current assets and liabilities .
we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .

given the uncertainties described above , we can only determine a range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 5 million .
note 10 .
restructuring fiscal 2011 restructuring plan in the fourth quarter of fiscal 2011 , we initiated a restructuring plan consisting of reductions in workforce and the consolidation of facilities in order to better align our resources around our digital media and digital marketing strategies .

during fiscal 2013 , we continued to implement restructuring activities under this plan .
total costs incurred to date and expected to be incurred for closing redundant facilities are $ 12.2 million as all facilities under this plan have been exited as of november 29 , 2013 .
other restructuring plans other restructuring plans include other adobe plans and other plans associated with certain of our acquisitions that are substantially complete .

we continue to make cash outlays to settle obligations under these plans , however the current impact to our consolidated financial statements is not significant .
our other restructuring plans primarily consist of the 2009 restructuring plan , which was implemented in the fourth quarter of fiscal 2009 , in order to appropriately align our costs in connection with our fiscal 2010 operating plan.

 |
| table | | 2013             | 2012
---------------------------------------------------------------------------- | ---------------- | ----------------
beginning balance                                                            | $ 160468         | $ 163607
gross increases in unrecognized tax benefits 2013 prior year tax positions   | 20244            | 1038
gross increases in unrecognized tax benefits 2013 current year tax positions | 16777            | 23771
settlements with taxing authorities                                          | -55851 ( 55851 ) | -1754 ( 1754 )
lapse of statute of limitations                                              | -4066 ( 4066 )   | -25387 ( 25387 )
foreign exchange gains and losses                                            | -1474 ( 1474 )   | -807 ( 807 )
ending balance                                                               | $ 136098         | $ 160468 |


| _id | dd4ba5d86 |
| title |  |
| text | part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our class a common stock on the new york stock exchange ( nyse ) for the years 2005 and 2004. .

on march 9 , 2006 , the closing price of our class a common stock was $ 29.83 per share as reported on the nyse .
as of march 9 , 2006 , we had 419677495 outstanding shares of class a common stock and 687 registered holders .
in february 2004 , all outstanding shares of our class b common stock were converted into shares of our class a common stock on a one-for-one basis pursuant to the occurrence of the 201cdodge conversion event 201d as defined in our charter .

also in february 2004 , all outstanding shares of class c common stock were converted into shares of class a common stock on a one-for-one basis .
in august 2005 , we amended and restated our charter to , among other things , eliminate our class b common stock and class c common stock .
the information under 201csecurities authorized for issuance under equity compensation plans 201d from the definitive proxy statement is hereby incorporated by reference into item 12 of this annual report .

dividends we have never paid a dividend on any class of our common stock .
we anticipate that we may retain future earnings , if any , to fund the development and growth of our business .
the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 7.50% ( 7.50 % ) notes ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 7.125% ( 7.125 % ) notes ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants .

our credit facilities and the indentures governing the terms of our debt securities contain covenants that may restrict the ability of our subsidiaries from making to us any direct or indirect distribution , dividend or other payment on account of their limited liability company interests , partnership interests , capital stock or other equity interests .

under our credit facilities , the borrower subsidiaries may pay cash dividends or make other distributions to us in accordance with the applicable credit facility only if no default exists or would be created thereby .

the indenture governing the terms of the ati 7.25% ( 7.25 % ) senior subordinated notes due 2011 ( ati 7.25% ( 7.25 % ) notes ) prohibit ati and certain of our other subsidiaries that have guaranteed those notes ( sister guarantors ) from paying dividends and making other payments or distributions to us unless certain financial covenants are satisfied .

the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes also contain certain restrictive covenants , which prohibit the restricted subsidiaries under these indentures from paying dividends and making other payments or distributions to us unless certain financial covenants are satisfied .

for more information about the restrictions under our credit facilities and our notes indentures , see note 7 to our consolidated financial statements included in this annual report and the section entitled 201cmanagement 2019s

 |
| table | 2005                       | high    | low
-------------------------- | ------- | -------
quarter ended march 31     | $ 19.28 | $ 17.30
quarter ended june 30      | 21.16   | 16.28
quarter ended september 30 | 25.20   | 20.70
quarter ended december 31  | 28.33   | 22.73
2004                       | high    | low
quarter ended march 31     | $ 13.12 | $ 9.89
quarter ended june 30      | 16.00   | 11.13
quarter ended september 30 | 15.85   | 13.10
quarter ended december 31  | 18.75   | 15.19 |


| _id | dd4c23f60 |
| title |  |
| text | notes to the consolidated financial statements at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest .
cash proceeds from the sale of these notes was $ 983 million ( net of discount and issuance costs ) .
the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .

in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the 201ccredit agreement 201d ) .
the credit agreement provides for a $ 1.2 billion unsecured revolving credit facility .
in connection with entering into this credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 .

there were no outstanding amounts due under either revolving facility at the times of their termination .
the company has the ability to increase the size of the credit agreement by up to an additional $ 300 million , subject to the receipt of lender commitments and other conditions .
the credit agreement will terminate and all amounts outstanding will be due and payable on august 5 , 2013 .

the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement .
additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum .

the applicable interest rate and the fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc .
for the company 2019s non-credit enhanced , long- term , senior , unsecured debt .
there were no amounts outstanding under the credit agreement at december 31 , 2011 ; however , the available borrowing rate on a one month , u.s .
dollar denominated borrowing would have been 1.05 percent .

the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets .

the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of 60 percent or less .

the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency .
ppg 2019s non-u.s .

ppg 2019s non-u.s .
operations have uncommitted lines of credit totaling $ 679 million of which $ 36 million was used as of december 31 , 2011 .
these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .
short-term debt outstanding as of december 31 , 2011 and 2010 , was as follows : ( millions ) 2011 2010 other , weighted average 3.72% ( 3.72 % ) as of dec .

31 , 2011 and 3.39% ( 3.39 % ) as of december 31 , 2010 33 24 total $ 33 $ 24 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .
the company 2019s revolving credit agreements include a financial ratio covenant .

the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .
as of december 31 , 2011 , total indebtedness was 43 percent of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .

additionally , substantially all of the company 2019s debt agreements contain customary cross-default provisions .
those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .
none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .

interest payments in 2011 , 2010 and 2009 totaled $ 212 million , $ 189 million and $ 201 million , respectively .
in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) .

the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares .
in december 2008 , the company entered into an agreement with a counterparty to repurchase 1.5 million 44 2011 ppg annual report and form 10-k .

notes to the consolidated financial statements at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest .
cash proceeds from the sale of these notes was $ 983 million ( net of discount and issuance costs ) .
the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .

in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the 201ccredit agreement 201d ) .
the credit agreement provides for a $ 1.2 billion unsecured revolving credit facility .
in connection with entering into this credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 .

there were no outstanding amounts due under either revolving facility at the times of their termination .
the company has the ability to increase the size of the credit agreement by up to an additional $ 300 million , subject to the receipt of lender commitments and other conditions .
the credit agreement will terminate and all amounts outstanding will be due and payable on august 5 , 2013 .

the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement .
additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum .

the applicable interest rate and the fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc .
for the company 2019s non-credit enhanced , long- term , senior , unsecured debt .
there were no amounts outstanding under the credit agreement at december 31 , 2011 ; however , the available borrowing rate on a one month , u.s .
dollar denominated borrowing would have been 1.05 percent .

the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets .

the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of 60 percent or less .

the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency .
ppg 2019s non-u.s .

ppg 2019s non-u.s .
operations have uncommitted lines of credit totaling $ 679 million of which $ 36 million was used as of december 31 , 2011 .
these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .
short-term debt outstanding as of december 31 , 2011 and 2010 , was as follows : ( millions ) 2011 2010 other , weighted average 3.72% ( 3.72 % ) as of dec .

31 , 2011 and 3.39% ( 3.39 % ) as of december 31 , 2010 33 24 total $ 33 $ 24 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .
the company 2019s revolving credit agreements include a financial ratio covenant .

the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .
as of december 31 , 2011 , total indebtedness was 43 percent of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .

additionally , substantially all of the company 2019s debt agreements contain customary cross-default provisions .
those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .
none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .

interest payments in 2011 , 2010 and 2009 totaled $ 212 million , $ 189 million and $ 201 million , respectively .
in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) .

the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares .
in december 2008 , the company entered into an agreement with a counterparty to repurchase 1.5 million 44 2011 ppg annual report and form 10-k

 |
| table | ( millions )                                                                                | 2011 | 2010
------------------------------------------------------------------------------------------------------- | ---- | ----
other weighted average 3.72% ( 3.72 % ) as of dec . 31 2011 and 3.39% ( 3.39 % ) as of december 31 2010 | 33   | 24
total                                                                                | $ 33 | $ 24 |


| _id | dd4b8b15c |
| title |  |
| text | stock performance graph the following graph sets forth the cumulative total shareholder return on our series a common stock , series b common stock and series c common stock as compared with the cumulative total return of the companies listed in the standard and poor 2019s 500 stock index ( 201cs&p 500 index 201d ) and a peer group of companies comprised of cbs corporation class b common stock , news corporation class a common stock , scripps network interactive , inc. , time warner , inc. , viacom , inc .

class b common stock and the walt disney company .
the graph assumes $ 100 originally invested on september 18 , 2008 , the date upon which our common stock began trading , in each of our series a common stock , series b common stock and series c common stock , the s&p 500 index , and the stock of our peer group companies , including reinvestment of dividends , for the period september 18 , 2008 through december 31 , 2008 and the years ended december 31 , 2009 , 2010 , 2011 , and 2012 .

december 31 , december 31 , december 31 , december 31 , december 31 .

equity compensation plan information information regarding securities authorized for issuance under equity compensation plans will be set forth in our definitive proxy statement for our 2013 annual meeting of stockholders under the caption 201csecurities authorized for issuance under equity compensation plans , 201d which is incorporated herein by reference.

 |
| table | | december 312008 | december 312009 | december 312010 | december 312011 | december 312012
---------- | --------------- | --------------- | --------------- | --------------- | ---------------
disca      | $ 102.53        | $ 222.09        | $ 301.96        | $ 296.67        | $ 459.67
discb      | $ 78.53         | $ 162.82        | $ 225.95        | $ 217.56        | $ 327.11
disck      | $ 83.69         | $ 165.75        | $ 229.31        | $ 235.63        | $ 365.63
s&p 500    | $ 74.86         | $ 92.42         | $ 104.24        | $ 104.23        | $ 118.21
peer group | $ 68.79         | $ 100.70        | $ 121.35        | $ 138.19        | $ 190.58 |


| _id | dd4be0972 |
| title |  |
| text | jpmorgan chase & co./2017 annual report 89 the table below reflects the firm 2019s assessed level of capital allocated to each line of business as of the dates indicated .
line of business equity ( allocated capital ) .

planning and stress testing comprehensive capital analysis and review the federal reserve requires large bank holding companies , including the firm , to submit a capital plan on an annual basis .

the federal reserve uses the ccar and dodd-frank act stress test processes to ensure that large bhcs have sufficient capital during periods of economic and financial stress , and have robust , forward-looking capital assessment and planning processes in place that address each bhc 2019s unique risks to enable it to absorb losses under certain stress scenarios .

through the ccar , the federal reserve evaluates each bhc 2019s capital adequacy and internal capital adequacy assessment processes ( 201cicaap 201d ) , as well as its plans to make capital distributions , such as dividend payments or stock repurchases .
on june 28 , 2017 , the federal reserve informed the firm that it did not object , on either a quantitative or qualitative basis , to the firm 2019s 2017 capital plan .

for information on actions taken by the firm 2019s board of directors following the 2017 ccar results , see capital actions on pages 89-90 .
the firm 2019s ccar process is integrated into and employs the same methodologies utilized in the firm 2019s icaap process , as discussed below .

internal capital adequacy assessment process semiannually , the firm completes the icaap , which provides management with a view of the impact of severe and unexpected events on earnings , balance sheet positions , reserves and capital .
the firm 2019s icaap integrates stress testing protocols with capital planning .
the process assesses the potential impact of alternative economic and business scenarios on the firm 2019s earnings and capital .

economic scenarios , and the parameters underlying those scenarios , are defined centrally and applied uniformly across the businesses .
these scenarios are articulated in terms of macroeconomic factors , which are key drivers of business results ; global market shocks , which generate short-term but severe trading losses ; and idiosyncratic operational risk events .
the scenarios are intended to capture and stress key vulnerabilities and idiosyncratic risks facing the firm .

however , when defining a broad range of scenarios , actual events can always be worse .
accordingly , management considers additional stresses outside these scenarios , as necessary .
icaap results are reviewed by management and the audit committee .
capital actions preferred stock preferred stock dividends declared were $ 1.7 billion for the year ended december 31 , 2017 .

on october 20 , 2017 , the firm issued $ 1.3 billion of fixed- to-floating rate non-cumulative preferred stock , series cc , with an initial dividend rate of 4.625% ( 4.625 % ) .
on december 1 , 2017 , the firm redeemed all $ 1.3 billion of its outstanding 5.50% ( 5.50 % ) non-cumulative preferred stock , series o .
for additional information on the firm 2019s preferred stock , see note 20 .

trust preferred securities on december 18 , 2017 , the delaware trusts that issued seven series of outstanding trust preferred securities were liquidated , $ 1.6 billion of trust preferred and $ 56 million of common securities originally issued by those trusts were cancelled , and the junior subordinated debentures previously held by each trust issuer were distributed pro rata to the holders of the corresponding series of trust preferred and common securities .

the firm redeemed $ 1.6 billion of trust preferred securities in the year ended december 31 , 2016 .
common stock dividends the firm 2019s common stock dividend policy reflects jpmorgan chase 2019s earnings outlook , desired dividend payout ratio , capital objectives , and alternative investment opportunities .
on september 19 , 2017 , the firm announced that its board of directors increased the quarterly common stock dividend to $ 0.56 per share , effective with the dividend paid on october 31 , 2017 .

the firm 2019s dividends are subject to the board of directors 2019 approval on a quarterly basis .
for information regarding dividend restrictions , see note 20 and note 25.

 |
| table | ( in billions )                       | january 12018 | december 31 , 2017 | december 31 , 2016
------------------------------------- | ------------- | ------------------ | ------------------
consumer & community banking          | $ 51.0        | $ 51.0             | $ 51.0
corporate & investment bank           | 70.0          | 70.0               | 64.0
commercial banking                    | 20.0          | 20.0               | 16.0
asset & wealth management             | 9.0           | 9.0                | 9.0
corporate                             | 79.6          | 79.6               | 88.1
total common stockholders 2019 equity | $ 229.6       | $ 229.6            | $ 228.1 |


| _id | dd4ba9b70 |
| title |  |
| text | notes receivable in 2014 , we entered into a $ 3.0 million promissory note with a privately held company which was recorded at cost .
the interest rate on the promissory note is 8.0% ( 8.0 % ) per annum and is payable quarterly .
all unpaid principal and accrued interest on the promissory note is due and payable on the earlier of august 26 , 2017 , or upon default .
5 .

5 .
commitments and contingencies operating leases we lease various operating spaces in north america , europe , asia and australia under non-cancelable operating lease arrangements that expire on various dates through 2024 .
these arrangements require us to pay certain operating expenses , such as taxes , repairs , and insurance and contain renewal and escalation clauses .
we recognize rent expense under these arrangements on a straight-line basis over the term of the lease .

as of december 31 , 2015 , the aggregate future minimum payments under non-cancelable operating leases consist of the following ( in thousands ) : years ending december 31 .

rent expense for all operating leases amounted to $ 6.7 million , $ 3.3 million and $ 3.6 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively .
financing obligation 2014build-to-suit lease in august 2012 , we executed a lease for a building then under construction in santa clara , california to serve as our headquarters .
the lease term is 120 months and commenced in august 2013 .

based on the terms of the lease agreement and due to our involvement in certain aspects of the construction such as our financial involvement in structural elements of asset construction , making decisions related to tenant improvement costs and purchasing insurance not reimbursable by the buyer-lessor ( the landlord ) , we were deemed the owner of the building ( for accounting purposes only ) during the construction period .

we continue to maintain involvement in the property post construction completion and lack transferability of the risks and rewards of ownership , due to our required maintenance of a $ 4.0 million letter of credit , in addition to our ability and option to sublease our portion of the leased building for fees substantially higher than our base rate .

due to our continued involvement in the property and lack of transferability of related risks and rewards of ownership to the landlord post construction , we account for the building and related improvements as a lease financing obligation .

accordingly , as of december 31 , 2015 and 2014 , we have recorded assets of $ 53.4 million , representing the total costs of the building and improvements incurred , including the costs paid by the lessor ( the legal owner of the building ) and additional improvement costs paid by us , and a corresponding financing obligation of $ 42.5 million and $ 43.6 million , respectively .

as of december 31 , 2015 , $ 1.3 million and $ 41.2 million were recorded as short-term and long-term financing obligations , respectively .
land lease expense under our lease financing obligation included in rent expense above , amounted to $ 1.3 million and $ 1.2 million for the years ended december 31 , 2015 and 2014 , respectively .
there was no land lease expense for the year ended december 31 , 2013.

 |
| table | 2016                                | $ 6306
----------------------------------- | -------
2017                                | 6678
2018                                | 6260
2019                                | 5809
2020                                | 5580
thereafter                          | 21450
total minimum future lease payments | $ 52083 |


| _id | dd4be5256 |
| title |  |
| text | entergy corporation and subsidiaries management's financial discussion and analysis methodology of computing massachusetts state income taxes resulting from legislation passed in the third quarter 2008 , which resulted in an income tax benefit of approximately $ 18.8 million .

these factors were partially offset by : income taxes recorded by entergy power generation , llc , prior to its liquidation , resulting from the redemption payments it received in connection with its investment in entergy nuclear power marketing , llc during the third quarter 2008 , which resulted in an income tax expense of approximately $ 16.1 million ; book and tax differences for utility plant items and state income taxes at the utility operating companies , including the flow-through treatment of the

, including the flow-through treatment of the entergy arkansas write-offs discussed above .

the effective income tax rate for 2007 was 30.7% ( 30.7 % ) .

the reduction in the effective income tax rate versus the federal statutory rate of 35% ( 35 % ) in 2007 is primarily due to : a reduction in income tax expense due to a step-up in the tax basis on the indian point 2 non-qualified decommissioning trust fund resulting from restructuring of the trusts , which reduced deferred taxes on the trust fund and reduced current tax expense ; the resolution of tax audit issues involving the 2002-2003 audit cycle ; an adjustment to state income taxes for non-utility

adjustment to state income taxes for non-utility nuclear to reflect the effect of a change in the methodology of computing new york state income taxes as required by that state's taxing authority ; book and tax differences related to the allowance for equity funds used during construction ; and the amortization of investment tax credits .

these factors were partially offset by book and tax differences for utility plant items and state income taxes at the utility operating companies .
see note 3 to the financial statements for a reconciliation of the federal statutory rate of 35.0% ( 35.0 % ) to the effective income tax rates , and for additional discussion regarding income taxes .

liquidity and capital resources this section discusses entergy's capital structure , capital spending plans and other uses of capital , sources of capital , and the cash flow activity presented in the cash flow statement .
capital structure entergy's capitalization is balanced between equity and debt , as shown in the following table .

the decrease in the debt to capital percentage from 2008 to 2009 is primarily the result of an increase in shareholders' equity primarily due to an increase in retained earnings , partially offset by repurchases of common stock , along with a decrease in borrowings under entergy corporation's revolving credit facility .
the increase in the debt to capital percentage from 2007 to 2008 is primarily the result of additional borrowings under entergy corporation's revolving credit facility. .

 |
| table | | 2009             | 2008             | 2007
---------------------------------------------- | ---------------- | ---------------- | ----------------
net debt to net capital at the end of the year | 53.5% ( 53.5 % ) | 55.6% ( 55.6 % ) | 54.7% ( 54.7 % )
effect of subtracting cash from debt           | 3.8% ( 3.8 % )   | 4.1% ( 4.1 % )   | 2.9% ( 2.9 % )
debt to capital at the end of the year         | 57.3% ( 57.3 % ) | 59.7% ( 59.7 % ) | 57.6% ( 57.6 % ) |


| _id | dd4bc7db4 |
| title |  |
| text | we measure cash flow as net cash provided by operating activities reduced by expenditures for property additions .
we use this non-gaap financial measure of cash flow to focus management and investors on the amount of cash available for debt repayment , dividend distributions , acquisition opportunities , and share repurchases .
our cash flow metric is reconciled to the most comparable gaap measure , as follows: .

year-over-year change 22.4 % (  % ) 87.5 % (  % ) year-over-year changes in cash flow ( as defined ) were driven by improved performance in working capital resulting from the benefit derived from the pringles acquisition , as well as changes in the level of capital expenditures during the three-year period .

investing activities our net cash used in investing activities for 2012 amounted to $ 3245 million , an increase of $ 2658 million compared with 2011 primarily attributable to the $ 2668 acquisition of pringles in capital spending in 2012 included investments in our supply chain infrastructure , and to support capacity requirements in certain markets , including pringles .

in addition , we continued the investment in our information technology infrastructure related to the reimplementation and upgrade of our sap platform .
net cash used in investing activities of $ 587 million in 2011 increased by $ 122 million compared with 2010 , reflecting capital projects for our reimplementation and upgrade of our sap platform and investments in our supply chain .

cash paid for additions to properties as a percentage of net sales has decreased to 3.8% ( 3.8 % ) in 2012 , from 4.5% ( 4.5 % ) in 2011 , which was an increase from 3.8% ( 3.8 % ) in financing activities in february 2013 , we issued $ 250 million of two-year floating-rate u.s .
dollar notes , and $ 400 million of ten-year 2.75% ( 2.75 % ) u.s .
dollar notes .

dollar notes .
the proceeds from these notes will be used for general corporate purposes , including , together with cash on hand , repayment of the $ 750 million aggregate principal amount of our 4.25% ( 4.25 % ) u.s .
dollar notes due march 2013 .
the floating-rate notes bear interest equal to three-month libor plus 23 basis points , subject to quarterly reset .

the notes contain customary covenants that limit the ability of kellogg company and its restricted subsidiaries ( as defined ) to incur certain liens or enter into certain sale and lease-back transactions , as well as a change of control provision .
our net cash provided by financing activities was $ 1317 for 2012 , compared to net cash used in financing activities of $ 957 and $ 439 for 2011 and 2010 , respectively .

the increase in cash provided from financing activities in 2012 compared to 2011 and 2010 , was primarily due to the issuance of debt related to the acquisition of pringles .
total debt was $ 7.9 billion at year-end 2012 and $ 6.0 billion at year-end 2011 .
in march 2012 , we entered into interest rate swaps on our $ 500 million five-year 1.875% ( 1.875 % ) fixed rate u.s .
dollar notes due 2016 , $ 500 million ten-year 4.15% ( 4.15 % ) fixed rate u.s .

dollar notes due 2019 and $ 500 million of our $ 750 million seven-year 4.45% ( 4.45 % ) fixed rate u.s .
dollar notes due 2016 .
the interest rate swaps effectively converted these notes from their fixed rates to floating rate obligations through maturity .
in may 2012 , we issued $ 350 million of three-year 1.125% ( 1.125 % ) u.s .
dollar notes , $ 400 million of five-year 1.75% ( 1.75 % ) u.s .
dollar notes and $ 700 million of ten-year 3.125% ( 3.125 % ) u.s .

dollar notes , resulting in aggregate net proceeds after debt discount of $ 1.442 billion .
the proceeds of these notes were used for general corporate purposes , including financing a portion of the acquisition of pringles .
in may 2012 , we issued cdn .
$ 300 million of two-year 2.10% ( 2.10 % ) fixed rate canadian dollar notes , using the proceeds from these notes for general corporate purposes , which included repayment of intercompany debt .

this repayment resulted in cash available to be used for a portion of the acquisition of pringles .
in december 2012 , we repaid $ 750 million five-year 5.125% ( 5.125 % ) u.s .
dollar notes at maturity with commercial paper .
in february 2011 , we entered into interest rate swaps on $ 200 million of our $ 750 million seven-year 4.45% ( 4.45 % ) fixed rate u.s .
dollar notes due 2016 .

dollar notes due 2016 .
the interest rate swaps effectively converted this portion of the notes from a fixed rate to a floating rate obligation through maturity .
in april 2011 , we repaid $ 945 million ten-year 6.60% ( 6.60 % ) u.s .
dollar notes at maturity with commercial paper .
in may 2011 , we issued $ 400 million of seven-year 3.25% ( 3.25 % ) fixed rate u.s .
dollar notes , using the proceeds of $ 397 million for general corporate purposes and repayment of commercial paper .

during 2011 , we entered into interest rate swaps with notional amounts totaling $ 400 million , which effectively converted these notes from a fixed rate to a floating rate obligation through maturity .
in november 2011 , we issued $ 500 million of five-year 1.875% ( 1.875 % ) fixed rate u .
s .
dollar notes , using the proceeds of $ 498 million for general corporate purposes and repayment of commercial paper .

during 2012 , we entered into interest rate swaps which effectively converted these notes from a fixed rate to a floating rate obligation through maturity .
in april 2010 , our board of directors approved a share repurchase program authorizing us to repurchase shares of our common stock amounting to $ 2.5 billion during 2010 through 2012 .

this three year authorization replaced previous share buyback programs which had authorized stock repurchases of up to $ 1.1 billion for 2010 and $ 650 million for 2009 .
under this program , we repurchased approximately 1 million , 15 million and 21 million shares of common stock for $ 63 million , $ 793 million and $ 1.1 billion during 2012 , 2011 and 2010 , respectively .

in december 2012 , our board of directors approved a share repurchase program authorizing us to repurchase shares of our common stock amounting to $ 300 million during 2013 .
we paid quarterly dividends to shareholders totaling $ 1.74 per share in 2012 , $ 1.67 per share in 2011 and $ 1.56 per share in 2010 .
total cash paid for dividends increased by 3.0% ( 3.0 % ) in 2012 and 3.4% ( 3.4 % ) in 2011 .

in march 2011 , we entered into an unsecured four- year credit agreement which allows us to borrow , on a revolving credit basis , up to $ 2.0 billion .
our long-term debt agreements contain customary covenants that limit kellogg company and some of its subsidiaries from incurring certain liens or from entering into certain sale and lease-back transactions .
some agreements also contain change in control provisions .

however , they do not contain acceleration of maturity clauses that are dependent on credit ratings .
a change in our credit ratings could limit our access to the u.s .
short-term debt market and/or increase the cost of refinancing long-term debt in the future .
however , even under these circumstances , we would continue to have access to our four-year credit agreement , which expires in march 2015 .

this source of liquidity is unused and available on an unsecured basis , although we do not currently plan to use it .
capital and credit markets , including commercial paper markets , continued to experience instability and disruption as the u.s .
and global economies underwent a period of extreme uncertainty .
throughout this period of uncertainty , we continued to have access to the u.s. , european , and canadian commercial paper markets .

our commercial paper and term debt credit ratings were not affected by the changes in the credit environment .
we monitor the financial strength of our third-party financial institutions , including those that hold our cash and cash equivalents as well as those who serve as counterparties to our credit facilities , our derivative financial instruments , and other arrangements .
we are in compliance with all covenants as of december 29 , 2012 .

we continue to believe that we will be able to meet our interest and principal repayment obligations and maintain our debt covenants for the foreseeable future , while still meeting our operational needs , including the pursuit of selected bolt-on acquisitions .
this will be accomplished through our strong cash flow , our short- term borrowings , and our maintenance of credit facilities on a global basis.

 |
| table | ( dollars in millions )                   | 2012             | 2011             | 2010
----------------------------------------- | ---------------- | ---------------- | ------------
net cash provided by operating activities | $ 1758           | $ 1595           | $ 1008
additions to properties                   | -533 ( 533 )     | -594 ( 594 )     | -474 ( 474 )
cash flow                                 | $ 1225           | $ 1001           | $ 534
year-over-year change                     | 22.4% ( 22.4 % ) | 87.5% ( 87.5 % ) | |


| _id | dd4970d36 |
| title |  |
| text | 15 .
commitments and contingencies in the ordinary course of business , the company is involved in lawsuits , arbitrations and other formal and informal dispute resolution procedures , the outcomes of which will determine the company 2019s rights and obligations under insurance and reinsurance agreements .
in some disputes , the company seeks to enforce its rights under an agreement or to collect funds owing to it .

in other matters , the company is resisting attempts by others to collect funds or enforce alleged rights .
these disputes arise from time to time and are ultimately resolved through both informal and formal means , including negotiated resolution , arbitration and litigation .
in all such matters , the company believes that its positions are legally and commercially reasonable .

the company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses .
aside from litigation and arbitrations related to these insurance and reinsurance agreements , the company is not a party to any other material litigation or arbitration .

the company has entered into separate annuity agreements with the prudential insurance of america ( 201cthe prudential 201d ) and an additional unaffiliated life insurance company in which the company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future .

in both instances , the company would become contingently liable if either the prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract .
the table below presents the estimated cost to replace all such annuities for which the company was contingently liable for the periods indicated: .

16 .
share-based compensation plans the company has a 2010 stock incentive plan ( 201c2010 employee plan 201d ) , a 2009 non-employee director stock option and restricted stock plan ( 201c2009 director plan 201d ) and a 2003 non-employee director equity compensation plan ( 201c2003 director plan 201d ) .

under the 2010 employee plan , 4000000 common shares have been authorized to be granted as non- qualified share options , incentive share options , share appreciation rights , restricted share awards or performance share unit awards to officers and key employees of the company .
at december 31 , 2017 , there were 2553473 remaining shares available to be granted under the 2010 employee plan .

the 2010 employee plan replaced a 2002 employee plan , which replaced a 1995 employee plan ; therefore , no further awards will be granted under the 2002 employee plan or the 1995 employee plan .
through december 31 , 2017 , only non-qualified share options , restricted share awards and performance share unit awards had been granted under the employee plans .

under the 2009 director plan , 37439 common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the company .
at december 31 , 2017 , there were 34957 remaining shares available to be granted under the 2009 director plan .
the 2009 director plan replaced a 1995 director plan , which expired .

under the 2003 director plan , 500000 common shares have been authorized to be granted as share options or share awards to non-employee directors of the company .
at december 31 , 2017 there were 346714 remaining shares available to be granted under the 2003 director plan.

 |
| table | ( dollars in thousands )                    | at december 31 , 2017 | at december 31 , 2016
------------------------------------------- | --------------------- | ---------------------
the prudential insurance company of america | $ 144618              | $ 146507
unaffiliated life insurance company         | 34444                 | 33860 |


| _id | dd4be493c |
| title |  |
| text | notes to consolidated financial statements jpmorgan chase & co .
150 jpmorgan chase & co .
/ 2007 annual report expected loss modeling in 2006 , the firm restructured four multi-seller conduits that it administers .
the restructurings included enhancing the firm 2019s expected loss model .

in determining the primary beneficiary of the conduits it administers , the firm uses a monte carlo 2013based model to estimate the expected losses of each of the conduits and considers the rela- tive rights and obligations of each of the variable interest holders .
the variability to be considered in the modeling of expected losses is based on the design of the entity .

the firm 2019s traditional multi-seller conduits are designed to pass credit risk , not liquidity risk , to its vari- able interest holders , as the assets are intended to be held in the conduit for the longer term .
under fin 46r , the firm is required to run the monte carlo-based expected loss model each time a reconsideration event occurs .

in applying this guidance to the conduits , the following events are considered to be reconsideration events as they could affect the determination of the primary beneficiary of the conduits : 2022 new deals , including the issuance of new or additional variable interests ( credit support , liquidity facilities , etc ) ; 2022 changes in usage , including the change in the level of outstand- ing variable interests ( credit support , liquidity facilities , etc ) ; 2022 modifications of asset purchase

, etc ) ; 2022 modifications of asset purchase agreements ; and 2022 sales of interests held by the primary beneficiary .

from an operational perspective , the firm does not run its monte carlo-based expected loss model every time there is a reconsidera- tion event due to the frequency of their occurrence .
instead , the firm runs its expected loss model each quarter and includes a growth assumption for each conduit to ensure that a sufficient amount of elns exists for each conduit at any point during the quarter .

as part of its normal quarterly model review , the firm reassesses the underlying assumptions and inputs of the expected loss model .
during the second half of 2007 , certain assumptions used in the model were adjusted to reflect the then current market conditions .
specifically , risk ratings and loss given default assumptions relating to residential subprime mortgage exposures were modified .

for other nonmortgage-related asset classes , the firm determined that the assumptions in the model required little adjustment .
as a result of the updates to the model , during the fourth quarter of 2007 the terms of the elns were renegotiated to increase the level of commit- ment and funded amounts to be provided by the eln holders .
the total amount of expected loss notes outstanding at december 31 , 2007 and 2006 , were $ 130 million and $ 54 million , respectively .

management concluded that the model assumptions used were reflective of market participant 2019s assumptions and appropriately considered the probability of a recurrence of recent market events .
qualitative considerations the multi-seller conduits are primarily designed to provide an efficient means for clients to access the commercial paper market .

the firm believes the conduits effectively disperse risk among all parties and that the preponderance of economic risk in the firm 2019s multi-seller conduits is not held by jpmorgan chase .
the percentage of assets in the multi-seller conduits that the firm views as client-related represent 99% ( 99 % ) and 98% ( 98 % ) of the total conduits 2019 holdings at december 31 , 2007 and 2006 , respectively .

consolidated sensitivity analysis on capital it is possible that the firm could be required to consolidate a vie if it were determined that the firm became the primary beneficiary of the vie under the provisions of fin 46r .
the factors involved in making the determination of whether or not a vie should be consolidated are dis- cussed above and in note 1 on page 108 of this annual report .

the table below shows the impact on the firm 2019s reported assets , liabilities , net income , tier 1 capital ratio and tier 1 leverage ratio if the firm were required to consolidate all of the multi-seller conduits that it administers .
as of or for the year ending december 31 , 2007 .

the firm could fund purchases of assets from vies should it become necessary .
investor intermediation as a financial intermediary , the firm creates certain types of vies and also structures transactions , typically derivative structures , with these vies to meet investor needs .
the firm may also provide liquidity and other support .

the risks inherent in the derivative instruments or liq- uidity commitments are managed similarly to other credit , market or liquidity risks to which the firm is exposed .
the principal types of vies for which the firm is engaged in these structuring activities are municipal bond vehicles , credit-linked note vehicles and collateralized debt obligation vehicles .

municipal bond vehicles the firm has created a series of secondary market trusts that provide short-term investors with qualifying tax-exempt investments , and that allow investors in tax-exempt securities to finance their investments at short-term tax-exempt rates .

in a typical transaction , the vehicle pur- chases fixed-rate longer-term highly rated municipal bonds and funds the purchase by issuing two types of securities : ( 1 ) putable floating- rate certificates and ( 2 ) inverse floating-rate residual interests ( 201cresid- ual interests 201d ) .
the maturity of each of the putable floating-rate certifi- cates and the residual interests is equal to the life of the vehicle , while the maturity of the underlying municipal bonds is longer .

holders of the putable floating-rate certificates may 201cput 201d , or tender , the certifi- cates if the remarketing agent cannot successfully remarket the float- ing-rate certificates to another investor .
a liquidity facility conditionally obligates the liquidity provider to fund the purchase of the tendered floating-rate certificates .

upon termination of the vehicle , if the pro- ceeds from the sale of the underlying municipal bonds are not suffi- cient to repay the liquidity facility , the liquidity provider has recourse either to excess collateralization in the vehicle or the residual interest holders for reimbursement .

the third-party holders of the residual interests in these vehicles could experience losses if the face amount of the putable floating-rate cer- tificates exceeds the market value of the municipal bonds upon termi- nation of the vehicle .
certain vehicles require a smaller initial invest- ment by the residual interest holders and thus do not result in excess collateralization .
for these vehicles there exists a reimbursement obli-

 |
| table | ( in billions except ratios ) | reported       | pro forma
----------------------------- | -------------- | --------------
assets                        | $ 1562.1       | $ 1623.9
liabilities                   | 1438.9         | 1500.9
net income                    | 15.4           | 15.2
tier 1 capital ratio          | 8.4% ( 8.4 % ) | 8.4% ( 8.4 % )
tier 1 leverage ratio         | 6.0            | 5.8 |


| _id | dd4bd7926 |
| title |  |
| text | page 31 of 98 additional details about the company 2019s receivables sales agreement and debt are available in notes 6 and 12 , respectively , accompanying the consolidated financial statements within item 8 of this report .
other liquidity items cash payments required for long-term debt maturities , rental payments under noncancellable operating leases and purchase obligations in effect at december 31 , 2006 , are summarized in the following table: .

total payments on contractual obligations $ 10772.0 $ 2907.5 $ 3768.1 $ 2741.4 $ 1355.0 ( a ) amounts reported in local currencies have been translated at the year-end exchange rates .
( b ) for variable rate facilities , amounts are based on interest rates in effect at year end .
( c ) the company 2019s purchase obligations include contracted amounts for aluminum , steel , plastic resin and other direct materials .

also included are commitments for purchases of natural gas and electricity , aerospace and technologies contracts and other less significant items .
in cases where variable prices and/or usage are involved , management 2019s best estimates have been used .
depending on the circumstances , early termination of the contracts may not result in penalties and , therefore , actual payments could vary significantly .

contributions to the company 2019s defined benefit pension plans , not including the unfunded german plans , are expected to be $ 69.1 million in 2007 .
this estimate may change based on plan asset performance .
benefit payments related to these plans are expected to be $ 62.6 million , $ 65.1 million , $ 68.9 million , $ 73.9 million and $ 75.1 million for the years ending december 31 , 2007 through 2011 , respectively , and $ 436.7 million combined for 2012 through 2016 .

payments to participants in the unfunded german plans are expected to be $ 24.6 million , $ 25.1 million , $ 25.5 million , $ 25.9 million and $ 26.1 million in the years 2007 through 2011 , respectively , and a total of $ 136.6 million thereafter .
we reduced our share repurchase program in 2006 to $ 45.7 million , net of issuances , compared to $ 358.1 million net repurchases in 2005 and $ 50 million in 2004 .

the net repurchases in 2006 did not include a forward contract entered into in december 2006 for the repurchase of 1200000 shares .
the contract was settled on january 5 , 2007 , for $ 51.9 million in cash .
in 2007 we expect to repurchase approximately $ 175 million , net of issuances , and to reduce debt levels by more than $ 125 million .
annual cash dividends paid on common stock were 40 cents per share in 2006 and 2005 and 35 cents per share in 2004 .

total dividends paid were $ 41 million in 2006 , $ 42.5 million in 2005 and $ 38.9 million in 2004.

 |
| table | ( $ in millions )                         | payments due by period ( a ) total | payments due by period ( a ) less than1 year | payments due by period ( a ) 1-3 years | payments due by period ( a ) 3-5 years | payments due by period ( a ) more than 5 years
----------------------------------------- | ---------------------------------- | -------------------------------------------- | -------------------------------------- | -------------------------------------- | ----------------------------------------------
long-term debt                            | $ 2301.6                           | $ 38.5                                       | $ 278.4                                | $ 972.9                                | $ 1011.8
capital lease obligations                 | 7.6                                | 2.7                                          | 2.4                                    | 0.4                                    | 2.1
interest payments on long-term debt ( b ) | 826.5                              | 138.8                                        | 259.4                                  | 204.8                                  | 223.5
operating leases                          | 185.9                              | 45.0                                         | 58.5                                   | 38.7                                   | 43.7
purchase obligations ( c )                | 7450.4                             | 2682.5                                       | 3169.4                                 | 1524.6                                 | 73.9
total payments on contractual obligations | $ 10772.0                          | $ 2907.5                                     | $ 3768.1                               | $ 2741.4                               | $ 1355.0 |


| _id | dd4beee14 |
| title |  |
| text | eog resources , inc .
supplemental information to consolidated financial statements ( continued ) net proved undeveloped reserves .
the following table presents the changes in eog's total proved undeveloped reserves during 2018 , 2017 and 2016 ( in mboe ) : .

for the twelve-month period ended december 31 , 2018 , total puds increased by 217 mmboe to 1380 mmboe .
eog added approximately 31 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion .
based on the technology employed by eog to identify and record puds ( see discussion of technology employed on pages f-36 and f-37 of this annual report on form 10-k ) , eog added 460 mmboe .

the pud additions were primarily in the permian basin , anadarko basin , the eagle ford and , to a lesser extent , the rocky mountain area , and 80% ( 80 % ) of the additions were crude oil and condensate and ngls .
during 2018 , eog drilled and transferred 266 mmboe of puds to proved developed reserves at a total capital cost of $ 2745 million .
all puds , including drilled but uncompleted wells ( ducs ) , are scheduled for completion within five years of the original reserve booking .

for the twelve-month period ended december 31 , 2017 , total puds increased by 110 mmboe to 1163 mmboe .
eog added approximately 38 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion .
based on the technology employed by eog to identify and record puds , eog added 199 mmboe .

the pud additions were primarily in the permian basin and , to a lesser extent , the eagle ford and the rocky mountain area , and 74% ( 74 % ) of the additions were crude oil and condensate and ngls .
during 2017 , eog drilled and transferred 153 mmboe of puds to proved developed reserves at a total capital cost of $ 1440 million .

revisions of puds totaled positive 33 mmboe , primarily due to updated type curves resulting from improved performance of offsetting wells in the permian basin , the impact of increases in the average crude oil and natural gas prices used in the december 31 , 2017 , reserves estimation as compared to the prices used in the prior year estimate , and lower costs .
during 2017 , eog sold or exchanged 8 mmboe of puds primarily in the permian basin .

for the twelve-month period ended december 31 , 2016 , total puds increased by 7 mmboe to 1053 mmboe .
eog added approximately 21 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion .
based on the technology employed by eog to identify and record puds , eog added 117 mmboe .

the pud additions were primarily in the permian basin and , to a lesser extent , the rocky mountain area , and 82% ( 82 % ) of the additions were crude oil and condensate and ngls .
during 2016 , eog drilled and transferred 149 mmboe of puds to proved developed reserves at a total capital cost of $ 1230 million .

revisions of puds totaled positive 64 mmboe , primarily due to improved well performance , primarily in the delaware basin , and lower production costs , partially offset by the impact of decreases in the average crude oil and natural gas prices used in the december 31 , 2016 , reserves estimation as compared to the prices used in the prior year estimate .
during 2016 , eog sold 46 mmboe of puds primarily in the haynesville play.

 |
| table | | 2018               | 2017               | 2016
--------------------------------------- | ------------------ | ------------------ | ------------------
balance at january 1                    | 1162635            | 1053027            | 1045640
extensions and discoveries              | 490725             | 237378             | 138101
revisions                               | -8244 ( 8244 )     | 33127              | 64413
acquisition of reserves                 | 311                | 2014               | 2014
sale of reserves                        | 2014               | -8253 ( 8253 )     | -45917 ( 45917 )
conversion to proved developed reserves | -265718 ( 265718 ) | -152644 ( 152644 ) | -149210 ( 149210 )
balance at december 31                  | 1379709            | 1162635            | 1053027 |


| _id | dd4bcdcaa |
| title |  |
| text | fidelity national information services , inc .
and subsidiaries notes to consolidated financial statements - ( continued ) the following summarizes the aggregate maturities of our debt and capital leases on stated contractual maturities , excluding unamortized non-cash bond premiums and discounts net of $ 30 million as of december 31 , 2017 ( in millions ) : .

there are no mandatory principal payments on the revolving loan and any balance outstanding on the revolving loan will be due and payable at its scheduled maturity date , which occurs at august 10 , 2021 .

fis may redeem the 2018 notes , 2020 notes , 2021 notes , 2021 euro notes , 2022 notes , 2022 gbp notes , 2023 notes , 2024 notes , 2024 euro notes , 2025 notes , 2026 notes , and 2046 notes at its option in whole or in part , at any time and from time to time , at a redemption price equal to the greater of 100% ( 100 % ) of the principal amount to be redeemed and a make-whole amount calculated as described in the related indenture in each case plus accrued and unpaid interest to , but excluding , the date

and unpaid interest to , but excluding , the date of redemption , provided no make-whole amount will be paid for redemptions of the 2020 notes , the 2021 notes , the 2021 euro notes and the 2022 gbp notes during the one month prior to their maturity , the 2022 notes during the two months prior to their maturity , the 2023 notes , the 2024 notes , the 2024 euro notes , the 2025 notes , and the 2026 notes during the three months prior to their maturity , and the 2046 notes during the six months prior to

and the 2046 notes during the six months prior to their maturity .

debt issuance costs of $ 53 million , net of accumulated amortization , remain capitalized as of december 31 , 2017 , related to all of the above outstanding debt .
we monitor the financial stability of our counterparties on an ongoing basis .
the lender commitments under the undrawn portions of the revolving loan are comprised of a diversified set of financial institutions , both domestic and international .

the failure of any single lender to perform its obligations under the revolving loan would not adversely impact our ability to fund operations .
the fair value of the company 2019s long-term debt is estimated to be approximately $ 156 million higher than the carrying value as of december 31 , 2017 .
this estimate is based on quoted prices of our senior notes and trades of our other debt in close proximity to december 31 , 2017 , which are considered level 2-type measurements .

this estimate is subjective in nature and involves uncertainties and significant judgment in the interpretation of current market data .
therefore , the values presented are not necessarily indicative of amounts the company could realize or settle currently.

 |
| table | | total
--------------------------------------------------- | ----------
2018                                                | $ 1045
2019                                                | 44
2020                                                | 1157
2021                                                | 1546
2022                                                | 705
thereafter                                          | 4349
total principal payments                            | 8846
debt issuance costs net of accumulated amortization | -53 ( 53 )
total long-term debt                                | $ 8793 |


| _id | dd4bb7018 |
| title |  |
| text | hologic , inc .
notes to consolidated financial statements 2014 ( continued ) ( in thousands , except per share data ) future minimum lease payments under all the company 2019s operating leases are approximately as follows: .

the company subleases a portion of its bedford facility and has received rental income of $ 277 , $ 410 and $ 682 for fiscal years 2004 , 2003 and 2002 , respectively , which has been recorded as an offset to rent expense in the accompanying statements of income .
rental expense , net of sublease income , was approximately $ 4660 , $ 4963 , and $ 2462 for fiscal 2004 , 2003 and 2002 , respectively .
9 .

9 .
business segments and geographic information the company reports segment information in accordance with sfas no .
131 , disclosures about segments of an enterprise and related information .
operating segments are identified as components of an enterprise about which separate , discrete financial information is available for evaluation by the chief operating decision maker , or decision-making group , in making decisions how to allocate resources and assess performance .

the company 2019s chief decision-maker , as defined under sfas no .
131 , is the chief executive officer .
to date , the company has viewed its operations and manages its business as four principal operating segments : the manufacture and sale of mammography products , osteoporosis assessment products , digital detectors and other products .

as a result of the company 2019s implementation of a company wide integrated software application in fiscal 2003 , identifiable assets for the four principal operating segments only consist of inventories , intangible assets , and property and equipment .
the company has presented all other assets as corporate assets .
prior periods have been restated to conform to this presentation .
intersegment sales and transfers are not significant.

 |
| table | fiscal years ending                                        | amount
---------------------------------------------------------- | -------
september 24 2005                                          | $ 4848
september 30 2006                                          | 4672
september 29 2007                                          | 3680
september 27 2008                                          | 3237
september 26 2009                                          | 3158
thereafter                                                 | 40764
total ( not reduced by minimum sublease rentals of $ 165 ) | $ 60359 |


| _id | dd4b8bd14 |
| title |  |
| text | 10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: .

for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 15 .
narrative description of business portions of the information called for by this item are included in operating results by business segment in item 7 .
management 2019s discussion and analysis of financial condition and results of operations of this annual report on form 10-k ( 201citem 7 201d ) .

tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton , nu mark and nat sherman .
altria group distribution company provides sales and distribution services to altria group , inc . 2019s tobacco operating companies .

the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products , consisting of cigarettes manufactured and sold by pm usa and nat sherman , machine- made large cigars and pipe tobacco manufactured and sold by middleton and premium cigars sold by nat sherman ; smokeless tobacco products manufactured and sold by usstc ; and innovative tobacco products , including e-vapor products manufactured and sold by nu mark .

cigarettes : pm usa is the largest cigarette company in the united states .
marlboro , the principal cigarette brand of pm usa , has been the largest-selling cigarette brand in the united states for over 40 years .
nat sherman sells substantially all of its super premium cigarettes in the united states .

total smokeable products segment 2019s cigarettes shipment volume in the united states was 116.6 billion units in 2017 , a decrease of 5.1% ( 5.1 % ) from cigars : middleton is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco .
middleton contracts with a third-party importer to supply a majority of its cigars and sells substantially all of its cigars to customers in the united states .
black & mild is the principal cigar brand of middleton .

nat sherman sources all of its cigars from third-party suppliers and sells substantially all of its cigars to customers in the united states .
total smokeable products segment 2019s cigars shipment volume was approximately 1.5 billion units in 2017 , an increase of 9.9% ( 9.9 % ) from 2016 .
smokeless tobacco products : usstc is the leading producer and marketer of moist smokeless tobacco ( 201cmst 201d ) products .

the smokeless products segment includes the premium brands , copenhagen and skoal , and value brands , red seal and husky .
substantially all of the smokeless tobacco products are manufactured and sold to customers in the united states .
total smokeless products segment 2019s shipment volume was 841.3 million units in 2017 , a decrease of 1.4% ( 1.4 % ) from 2016 .

innovative tobacco products : nu mark participates in the e-vapor category and has developed and commercialized other innovative tobacco products .
in addition , nu mark sources the production of its e-vapor products through overseas contract manufacturing arrangements .
in 2013 , nu mark introduced markten e-vapor products .
in april 2014 , nu mark acquired the e-vapor business of green smoke , inc .
and its affiliates ( 201cgreen smoke 201d ) , which began selling e-vapor products in 2009 .

in 2017 , altria group , inc . 2019s subsidiaries purchased certain intellectual property related to innovative tobacco products .
in december 2013 , altria group , inc . 2019s subsidiaries entered into a series of agreements with philip morris international inc .

( 201cpmi 201d ) pursuant to which altria group , inc . 2019s subsidiaries provide an exclusive license to pmi to sell nu mark 2019s e-vapor products outside the united states , and pmi 2019s subsidiaries provide an exclusive license to altria group , inc . 2019s subsidiaries to sell two of pmi 2019s heated tobacco product platforms in the united states .
further , in july 2015 , altria group , inc .

further , in july 2015 , altria group , inc .
announced the expansion of its strategic framework with pmi to include a joint research , development and technology-sharing agreement .
under this agreement , altria group , inc . 2019s subsidiaries and pmi will collaborate to develop e-vapor products for commercialization in the united states by altria group , inc . 2019s subsidiaries and in markets outside the united states by pmi .

this agreement also provides for exclusive technology cross licenses , technical information sharing and cooperation on scientific assessment , regulatory engagement and approval related to e-vapor products .

in the fourth quarter of 2016 , pmi submitted a modified risk tobacco product ( 201cmrtp 201d ) application for an electronically heated tobacco product with the united states food and drug administration 2019s ( 201cfda 201d ) center for tobacco products and filed its corresponding pre-market tobacco product application in the first quarter of 2017 .

upon regulatory authorization by the fda , altria group , inc . 2019s subsidiaries will have an exclusive license to sell this heated tobacco product in the united states .
distribution , competition and raw materials : altria group , inc . 2019s tobacco subsidiaries sell their tobacco products principally to wholesalers ( including distributors ) , large retail organizations , including chain stores , and the armed services .

the market for tobacco products is highly competitive , characterized by brand recognition and loyalty , with product quality , taste , price , product innovation , marketing , packaging and distribution constituting the significant methods of competition .
promotional activities include , in certain instances and where permitted by law , allowances , the distribution of incentive items , price promotions , product promotions , coupons and other discounts.

 |
| table | | 2017               | 2016               | 2015
------------------ | ------------------ | ------------------ | ------------------
smokeable products | 85.8% ( 85.8 % )   | 86.2% ( 86.2 % )   | 87.4% ( 87.4 % )
smokeless products | 13.2               | 13.1               | 12.8
wine               | 1.5                | 1.8                | 1.8
all other          | -0.5 ( 0.5 )       | -1.1 ( 1.1 )       | -2.0 ( 2.0 )
total              | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % ) |


| _id | dd4bb4da4 |
| title |  |
| text | the facility is considered 201cdebt 201d for purposes of a support agreement between american water and awcc , which serves as a functional equivalent of a guarantee by american water of awcc 2019s payment obligations under the credit facility .
also , the company acquired an additional revolving line of credit as part of its keystone acquisition .
the total commitment under this credit facility was $ 16 million of which $ 2 million was outstanding as of december 31 , 2015 .

the following table summarizes information regarding the company 2019s aggregate credit facility commitments , letter of credit sub-limits and available funds under those revolving credit facilities , as well as outstanding amounts of commercial paper and outstanding borrowings under the respective facilities as of december 31 , 2015 and 2014 : credit facility commitment available credit facility capacity letter of credit sublimit available letter of credit capacity outstanding commercial ( net of discount

capacity outstanding commercial ( net of discount ) credit line borrowing ( in millions ) december 31 , 2015 .

.
.
.
.
$ 1266 $ 1182 $ 150 $ 68 $ 626 $ 2 december 31 , 2014 .
.
.
.
.
$ 1250 $ 1212 $ 150 $ 112 $ 450 $ 2014 the weighted-average interest rate on awcc short-term borrowings for the years ended december 31 , 2015 and 2014 was approximately 0.49% ( 0.49 % ) and 0.31% ( 0.31 % ) , respectively .
interest accrues on the keystone revolving line of credit daily at a rate per annum equal to 2.75% ( 2.75 % ) above the greater of the one month or one day libor .

capital structure the following table indicates the percentage of our capitalization represented by the components of our capital structure as of december 31: .

the changes in the capital structure between periods were mainly attributable to changes in outstanding commercial paper balances .
debt covenants our debt agreements contain financial and non-financial covenants .
to the extent that we are not in compliance with these covenants such an event may create an event of default under the debt agreement and we or our subsidiaries may be restricted in our ability to pay dividends , issue new debt or access our revolving credit facility .

for two of our smaller operating companies , we have informed our counterparties that we will provide only unaudited financial information at the subsidiary level , which resulted in technical non-compliance with certain of their reporting requirements under debt agreements with respect to $ 8 million of outstanding debt .
we do not believe this event will materially impact us .

our long-term debt indentures contain a number of covenants that , among other things , limit the company from issuing debt secured by the company 2019s assets , subject to certain exceptions .
our failure to comply with any of these covenants could accelerate repayment obligations .
certain long-term notes and the revolving credit facility require us to maintain a ratio of consolidated debt to consolidated capitalization ( as defined in the relevant documents ) of not more than 0.70 to 1.00 .

on december 31 , 2015 , our ratio was 0.56 to 1.00 and therefore we were in compliance with the covenant.

 |
| table | | 2015             | 2014             | 2013
----------------------------------------------------------------- | ---------------- | ---------------- | ----------------
total common stockholders' equity                                 | 43.5% ( 43.5 % ) | 45.2% ( 45.2 % ) | 44.6% ( 44.6 % )
long-term debt and redeemable preferred stock at redemption value | 50.6% ( 50.6 % ) | 50.1% ( 50.1 % ) | 49.3% ( 49.3 % )
short-term debt and current portion of long-term debt             | 5.9% ( 5.9 % )   | 4.7% ( 4.7 % )   | 6.1% ( 6.1 % )
total                                                             | 100% ( 100 % )   | 100% ( 100 % )   | 100% ( 100 % ) |


| _id | dd4972a1e |
| title |  |
| text | investing activities for the year ended 30 september 2014 , cash used for investing activities was $ 1638.0 , primarily capital expenditures for plant and equipment .
for the year ended 30 september 2013 , cash used for investing activities was $ 1697.0 , primarily capital expenditures for plant and equipment and acquisitions .

for the year ended 30 september 2012 , cash used for investing activities was $ 2435.2 , primarily capital expenditures for plant and equipment , acquisitions , and investments in unconsolidated affiliates .
refer to the capital expenditures section below for additional detail .
capital expenditures capital expenditures are detailed in the following table: .

( a ) we utilize a non-gaap measure in the computation of capital expenditures and include spending associated with facilities accounted for as capital leases and purchases of noncontrolling interests .
certain contracts associated with facilities that are built to provide product to a specific customer are required to be accounted for as leases , and such spending is reflected as a use of cash within cash provided by operating activities , if the arrangement qualifies as a capital lease .

additionally , the payment for subsidiary shares from noncontrolling interests in a subsidiary is accounted for as an equity transaction and will be reflected as a financing activity in the statement of cash flows .
the presentation of this non-gaap measure is intended to enhance the usefulness of information by providing a measure that our management uses internally to evaluate and manage our expenditures .
capital expenditures on a gaap basis in 2014 totaled $ 1682.2 , compared to $ 1747.8 in 2013 .

the decrease of $ 65.6 was primarily due to the acquisitions in 2013 .
additions to plant and equipment are largely in support of the merchant gases and tonnage gases businesses .
additions to plant and equipment also included support capital of a routine , ongoing nature , including expenditures for distribution equipment and facility improvements .

spending in 2014 and 2013 included plant and equipment constructed to provide oxygen for coal gasification in china , hydrogen to the global market , and renewable energy in the u.k .
in 2013 , we completed three acquisitions with an aggregate cash use , net of cash acquired , of $ 224.9 .
in the fourth quarter , we acquired an air separation unit and integrated gases liquefier in guiyang , china .
during the third quarter , we acquired epco , the largest independent u.s .

producer of liquid carbon dioxide ( co2 ) , and wcg .
in 2012 , we acquired a controlling stake in indura s.a .
for $ 690 and e.i .
dupont de nemours and co. , inc . 2019s 50% ( 50 % ) interest in our joint venture , da nanomaterials for $ 147 .
we also purchased a 25% ( 25 % ) equity interest in abdullah hashim industrial gases & equipment co .
ltd .
( ahg ) , an unconsolidated affiliate , for $ 155 .

refer to note 5 , business combinations , and note 7 , summarized financial information of equity affiliates , to the consolidated financial statements for additional details regarding the acquisitions and the investments .
capital expenditures on a non-gaap basis in 2014 totaled $ 1885.1 compared to $ 1996.7 in 2013 .
capital lease expenditures of $ 202.4 decreased by $ 32.5 , reflecting lower project spending .

2015 outlook excluding acquisitions , capital expenditures for new plant and equipment in 2015 on a gaap basis are expected to be between $ 1650 and $ 1800 , and on a non-gaap basis are expected to be between $ 1700 and $ 1900 .
the non-gaap capital expenditures include spending associated with facilities accounted for as capital leases , which are expected to be between $ 50 and $ 100 .
a majority of the total capital expenditures is expected to be for new plants .

it is anticipated that capital expenditures will be funded principally with cash from continuing operations .
in addition , we intend to continue to evaluate acquisition opportunities and investments in equity affiliates .
financing activities for the year ended 2014 , cash used by financing activities was $ 504.3 primarily attributable to cash used to pay dividends of $ 627.7 , which was partially offset by proceeds from stock option exercises of $ 141.6 .

our borrowings ( short- and long-term proceeds , net of repayments ) were a net source of cash ( issuance ) of $ 1.1 and included $ 148.7 of net commercial paper and other short-term debt issuances , debt proceeds from the issuance of a

 |
| table | | 2014         | 2013         | 2012
--------------------------------------------------------- | ------------ | ------------ | --------
additions to plant and equipment                          | $ 1684.2     | $ 1524.2     | $ 1521.0
acquisitions less cash acquired                           | 2014         | 224.9        | 863.4
investments in and advances to unconsolidated affiliates  | -2.0 ( 2.0 ) | -1.3 ( 1.3 ) | 175.4
capital expenditures on a gaap basis                      | $ 1682.2     | $ 1747.8     | $ 2559.8
capital lease expenditures ( a )                          | 202.4        | 234.9        | 212.2
purchase of noncontrolling interests in asubsidiary ( a ) | .5           | 14.0         | 6.3
capital expenditures on a non-gaap basis                  | $ 1885.1     | $ 1996.7     | $ 2778.3 |