| _id | dd4b920e2 |
| title |  |
| text | the company has elected the fair-value option where the interest-rate risk of such liabilities is economically hedged with derivative contracts or the proceeds are used to purchase financial assets that will also be accounted for at fair value through earnings .
the election has been made to mitigate accounting mismatches and to achieve operational simplifications .
these positions are reported in short-term borrowings and long-term debt on the company 2019s consolidated balance sheet .

the majority of these non-structured liabilities are a result of the company 2019s election of the fair-value option for liabilities associated with the citi-advised structured investment vehicles ( sivs ) , which were consolidated during the fourth quarter of 2007 .
the change in fair values of the sivs 2019 liabilities reported in earnings was $ 2.6 billion for the year ended december 31 , 2008 .

for these non-structured liabilities the aggregate fair value is $ 263 million lower than the aggregate unpaid principal balance as of december 31 , 2008 .

for all other non-structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 97 million as of december 31 , 2008 while the aggregate fair value exceeded the aggregate unpaid principal by $ 112 million as of december 31 , 2007 .
the change in fair value of these non-structured liabilities reported a gain of $ 1.2 billion for the year ended december 31 , 2008 .

the change in fair value for these non-structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .
related interest expense continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .
certain mortgage loans citigroup has elected the fair-value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans held-for- sale .

these loans are intended for sale or securitization and are hedged with derivative instruments .
the company has elected the fair-value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications .
the fair-value option was not elected for loans held-for-investment , as those loans are not hedged with derivative instruments .
this election was effective for applicable instruments originated or purchased on or after september 1 , 2007 .

the following table provides information about certain mortgage loans carried at fair value : in millions of dollars december 31 , december 31 , carrying amount reported on the consolidated balance sheet $ 4273 $ 6392 aggregate fair value in excess of unpaid principal balance $ 138 $ 136 balance on non-accrual loans or loans more than 90 days past due $ 9 $ 17 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 2 $ 2014 the changes in fair

90 days past due $ 2 $ 2014 the changes in fair values of these mortgage loans is reported in other revenue in the company 2019s consolidated statement of income .

the changes in fair value during the year ended december 31 , 2008 due to instrument- specific credit risk resulted in a $ 32 million loss .
the change in fair value during 2007 due to instrument-specific credit risk was immaterial .
related interest income continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .

items selected for fair-value accounting in accordance with sfas 155 and sfas 156 certain hybrid financial instruments the company has elected to apply fair-value accounting under sfas 155 for certain hybrid financial assets and liabilities whose performance is linked to risks other than interest rate , foreign exchange or inflation ( e.g. , equity , credit or commodity risks ) .

in addition , the company has elected fair-value accounting under sfas 155 for residual interests retained from securitizing certain financial assets .
the company has elected fair-value accounting for these instruments because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis .

in addition , the accounting for these instruments is simplified under a fair-value approach as it eliminates the complicated operational requirements of bifurcating the embedded derivatives from the host contracts and accounting for each separately .

the hybrid financial instruments are classified as trading account assets , loans , deposits , trading account liabilities ( for prepaid derivatives ) , short-term borrowings or long-term debt on the company 2019s consolidated balance sheet according to their legal form , while residual interests in certain securitizations are classified as trading account assets .

for hybrid financial instruments for which fair-value accounting has been elected under sfas 155 and that are classified as long-term debt , the aggregate unpaid principal exceeds the aggregate fair value by $ 1.9 billion as of december 31 , 2008 , while the aggregate fair value exceeds the aggregate unpaid principal balance by $ 460 million as of december 31 , 2007 .
the difference for those instruments classified as loans is immaterial .

changes in fair value for hybrid financial instruments , which in most cases includes a component for accrued interest , are recorded in principal transactions in the company 2019s consolidated statement of income .
interest accruals for certain hybrid instruments classified as trading assets are recorded separately from the change in fair value as interest revenue in the company 2019s consolidated statement of income .

mortgage servicing rights the company accounts for mortgage servicing rights ( msrs ) at fair value in accordance with sfas 156 .
fair value for msrs is determined using an option-adjusted spread valuation approach .
this approach consists of projecting servicing cash flows under multiple interest-rate scenarios and discounting these cash flows using risk-adjusted rates .
the model assumptions used in the valuation of msrs include mortgage prepayment speeds and discount rates .

the fair value of msrs is primarily affected by changes in prepayments that result from shifts in mortgage interest rates .
in managing this risk , the company hedges a significant portion of the values of its msrs through the use of interest-rate derivative contracts , forward- purchase commitments of mortgage-backed securities , and purchased securities classified as trading .
see note 23 on page 175 for further discussions regarding the accounting and reporting of msrs .

these msrs , which totaled $ 5.7 billion and $ 8.4 billion as of december 31 , 2008 and december 31 , 2007 , respectively , are classified as mortgage servicing rights on citigroup 2019s consolidated balance sheet .
changes in fair value of msrs are recorded in commissions and fees in the company 2019s consolidated statement of income. .

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

the majority of these non-structured liabilities are a result of the company 2019s election of the fair-value option for liabilities associated with the citi-advised structured investment vehicles ( sivs ) , which were consolidated during the fourth quarter of 2007 .
the change in fair values of the sivs 2019 liabilities reported in earnings was $ 2.6 billion for the year ended december 31 , 2008 .

for these non-structured liabilities the aggregate fair value is $ 263 million lower than the aggregate unpaid principal balance as of december 31 , 2008 .

for all other non-structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 97 million as of december 31 , 2008 while the aggregate fair value exceeded the aggregate unpaid principal by $ 112 million as of december 31 , 2007 .
the change in fair value of these non-structured liabilities reported a gain of $ 1.2 billion for the year ended december 31 , 2008 .

the change in fair value for these non-structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .
related interest expense continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .
certain mortgage loans citigroup has elected the fair-value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans held-for- sale .

these loans are intended for sale or securitization and are hedged with derivative instruments .
the company has elected the fair-value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications .
the fair-value option was not elected for loans held-for-investment , as those loans are not hedged with derivative instruments .
this election was effective for applicable instruments originated or purchased on or after september 1 , 2007 .

the following table provides information about certain mortgage loans carried at fair value : in millions of dollars december 31 , december 31 , carrying amount reported on the consolidated balance sheet $ 4273 $ 6392 aggregate fair value in excess of unpaid principal balance $ 138 $ 136 balance on non-accrual loans or loans more than 90 days past due $ 9 $ 17 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 2 $ 2014 the changes in fair

90 days past due $ 2 $ 2014 the changes in fair values of these mortgage loans is reported in other revenue in the company 2019s consolidated statement of income .

the changes in fair value during the year ended december 31 , 2008 due to instrument- specific credit risk resulted in a $ 32 million loss .
the change in fair value during 2007 due to instrument-specific credit risk was immaterial .
related interest income continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .

items selected for fair-value accounting in accordance with sfas 155 and sfas 156 certain hybrid financial instruments the company has elected to apply fair-value accounting under sfas 155 for certain hybrid financial assets and liabilities whose performance is linked to risks other than interest rate , foreign exchange or inflation ( e.g. , equity , credit or commodity risks ) .

in addition , the company has elected fair-value accounting under sfas 155 for residual interests retained from securitizing certain financial assets .
the company has elected fair-value accounting for these instruments because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis .

in addition , the accounting for these instruments is simplified under a fair-value approach as it eliminates the complicated operational requirements of bifurcating the embedded derivatives from the host contracts and accounting for each separately .

the hybrid financial instruments are classified as trading account assets , loans , deposits , trading account liabilities ( for prepaid derivatives ) , short-term borrowings or long-term debt on the company 2019s consolidated balance sheet according to their legal form , while residual interests in certain securitizations are classified as trading account assets .

for hybrid financial instruments for which fair-value accounting has been elected under sfas 155 and that are classified as long-term debt , the aggregate unpaid principal exceeds the aggregate fair value by $ 1.9 billion as of december 31 , 2008 , while the aggregate fair value exceeds the aggregate unpaid principal balance by $ 460 million as of december 31 , 2007 .
the difference for those instruments classified as loans is immaterial .

changes in fair value for hybrid financial instruments , which in most cases includes a component for accrued interest , are recorded in principal transactions in the company 2019s consolidated statement of income .
interest accruals for certain hybrid instruments classified as trading assets are recorded separately from the change in fair value as interest revenue in the company 2019s consolidated statement of income .

mortgage servicing rights the company accounts for mortgage servicing rights ( msrs ) at fair value in accordance with sfas 156 .
fair value for msrs is determined using an option-adjusted spread valuation approach .
this approach consists of projecting servicing cash flows under multiple interest-rate scenarios and discounting these cash flows using risk-adjusted rates .
the model assumptions used in the valuation of msrs include mortgage prepayment speeds and discount rates .

the fair value of msrs is primarily affected by changes in prepayments that result from shifts in mortgage interest rates .
in managing this risk , the company hedges a significant portion of the values of its msrs through the use of interest-rate derivative contracts , forward- purchase commitments of mortgage-backed securities , and purchased securities classified as trading .
see note 23 on page 175 for further discussions regarding the accounting and reporting of msrs .

these msrs , which totaled $ 5.7 billion and $ 8.4 billion as of december 31 , 2008 and december 31 , 2007 , respectively , are classified as mortgage servicing rights on citigroup 2019s consolidated balance sheet .
changes in fair value of msrs are recorded in commissions and fees in the company 2019s consolidated statement of income.

 |
| table | in millions of dollars                                                                                | december 31 2008 | december 31 2007
------------------------------------------------------------------------------------------------------------------- | ---------------- | ----------------
carrying amount reported on the consolidated balance sheet                                                          | $ 4273           | $ 6392
aggregate fair value in excess of unpaid principal balance                                                          | $ 138            | $ 136
balance on non-accrual loans or loans more than 90 days past due                                                    | $ 9              | $ 17
aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue | $ 2              | $ 2014 |


| _id | dd4c548ea |
| title |  |
| text | management 2019s discussion and analysis scenario analyses .
we conduct scenario analyses including as part of the comprehensive capital analysis and review ( ccar ) and dodd-frank act stress tests ( dfast ) as well as our resolution and recovery planning .
see 201cequity capital management and regulatory capital 2014 equity capital management 201d below for further information .

these scenarios cover short-term and long- term time horizons using various macroeconomic and firm- specific assumptions , based on a range of economic scenarios .
we use these analyses to assist us in developing our longer-term balance sheet management strategy , including the level and composition of assets , funding and equity capital .

additionally , these analyses help us develop approaches for maintaining appropriate funding , liquidity and capital across a variety of situations , including a severely stressed environment .
balance sheet allocation in addition to preparing our consolidated statements of financial condition in accordance with u.s .

gaap , we prepare a balance sheet that generally allocates assets to our businesses , which is a non-gaap presentation and may not be comparable to similar non-gaap presentations used by other companies .
we believe that presenting our assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with the firm 2019s assets and better enables investors to assess the liquidity of the firm 2019s assets .

the table below presents our balance sheet allocation. .

1 .
includes $ 18.24 billion and $ 15.76 billion as of december 2014 and december 2013 , respectively , of direct loans primarily extended to corporate and private wealth management clients that are accounted for at fair value .
2 .
see note 9 to the consolidated financial statements for further information about loans receivable .
below is a description of the captions in the table above .
2030 global core liquid assets and cash .

2030 global core liquid assets and cash .
we maintain substantial liquidity to meet a broad range of potential cash outflows and collateral needs in the event of a stressed environment .
see 201cliquidity risk management 201d below for details on the composition and sizing of our 201cglobal core liquid assets 201d ( gcla ) , previously global core excess ( gce ) .

in addition to our gcla , we maintain other operating cash balances , primarily for use in specific currencies , entities , or jurisdictions where we do not have immediate access to parent company liquidity .
2030 secured client financing .
we provide collateralized financing for client positions , including margin loans secured by client collateral , securities borrowed , and resale agreements primarily collateralized by government obligations .

as a result of client activities , we are required to segregate cash and securities to satisfy regulatory requirements .
our secured client financing arrangements , which are generally short-term , are accounted for at fair value or at amounts that approximate fair value , and include daily margin requirements to mitigate counterparty credit risk .
2030 institutional client services .

2030 institutional client services .
in institutional client services , we maintain inventory positions to facilitate market-making in fixed income , equity , currency and commodity products .
additionally , as part of market- making activities , we enter into resale or securities borrowing arrangements to obtain securities which we can use to cover transactions in which we or our clients have sold securities that have not yet been purchased .

the receivables in institutional client services primarily relate to securities transactions .
2030 investing & lending .
in investing & lending , we make investments and originate loans to provide financing to clients .
these investments and loans are typically longer- term in nature .
we make investments , directly and indirectly through funds that we manage , in debt securities , loans , public and private equity securities , real estate entities and other investments .
2030 other assets .

2030 other assets .
other assets are generally less liquid , non- financial assets , including property , leasehold improvements and equipment , goodwill and identifiable intangible assets , income tax-related receivables , equity- method investments , assets classified as held for sale and miscellaneous receivables .
goldman sachs 2014 annual report 49

 |
| table | $ in millions                      | as of december 2014 | as of december 2013
---------------------------------- | ------------------- | -------------------
global core liquid assets ( gcla ) | $ 182947            | $ 184070
other cash                         | 7805                | 5793
gcla and cash                      | 190752              | 189863
secured client financing           | 210641              | 263386
inventory                          | 230667              | 255534
secured financing agreements       | 74767               | 79635
receivables                        | 47317               | 39557
institutional client services      | 352751              | 374726
public equity                      | 4041                | 4308
private equity                     | 17979               | 16236
debt1                              | 24768               | 23274
loans receivable2                  | 28938               | 14895
other                              | 3771                | 2310
investing & lending                | 79497               | 61023
total inventory and related assets | 432248              | 435749
other assets                       | 22599               | 22509
total assets                       | $ 856240            | $ 911507 |


| _id | dd4bfb420 |
| title |  |
| text | item 7a .
quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .
from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .

derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .
interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .
the majority of our debt ( approximately 86% ( 86 % ) and 94% ( 94 % ) as of december 31 , 2018 and 2017 , respectively ) bears interest at fixed rates .

we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .
the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .
increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .

we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .
we did not have any interest rate swaps outstanding as of december 31 , 2018 .
we had $ 673.5 of cash , cash equivalents and marketable securities as of december 31 , 2018 that we generally invest in conservative , short-term bank deposits or securities .
the interest income generated from these investments is subject to both domestic and foreign interest rate movements .

during 2018 and 2017 , we had interest income of $ 21.8 and $ 19.4 , respectively .
based on our 2018 results , a 100 basis-point increase or decrease in interest rates would affect our interest income by approximately $ 6.7 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2018 levels .

foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .
since we report revenues and expenses in u.s .
dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .
dollars ) from foreign operations .
the foreign currencies that most favorably impacted our results during the year ended december 31 , 2018 were the euro and british pound sterling .

the foreign currencies that most adversely impacted our results during the year ended december 31 , of 2018 were the argentine peso and brazilian real .
based on 2018 exchange rates and operating results , if the u.s .
dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2018 levels .

the functional currency of our foreign operations is generally their respective local currency .
assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .
the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .

our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .
however , certain subsidiaries may enter into transactions in currencies other than their functional currency .
assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .

currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .
we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other

 |
| table | as of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates
------------------ | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------
2018               | $ -91.3 ( 91.3 )                                                                   | $ 82.5
2017               | -20.2 ( 20.2 )                                                                     | 20.6 |


| _id | dd4bd5fb8 |
| title |  |
| text | incremental contract start-up costs 2014large municipal contract .
during 2018 and 2017 , we incurred costs of $ 5.7 million and $ 8.2 million , respectively , related to the implementation of a large municipal contract .
these costs did not meet the capitalization criteria prescribed by the new revenue recognition standard .
adoption of the tax act .
the tax act was enacted on december 22 , 2017 .
among other things , the tax act reduced the u.s .

federal corporate tax rate from 35% ( 35 % ) to 21% ( 21 % ) .
for the year ended december 31 , 2017 , we recorded provisional amounts based on our estimates of the tax act 2019s effect to our deferred taxes , uncertain tax positions , and one-time transition tax .
these adjustments reduced our tax provision by $ 463.9 million .
during 2018 , we adjusted the provisional amounts recorded as of december 31 , 2017 for the one-time transition tax , deferred taxes and uncertain tax positions .

these adjustments increased our tax provision by $ 0.3 million .
bridgeton insurance recovery , net .
during 2018 , we collected an insurance recovery of $ 40.0 million related to our closed bridgeton landfill in missouri , which we recognized as a reduction of remediation expenses in our cost of operations .
in addition , we incurred $ 12.0 million of incremental costs attributable to the bridgeton insurance recovery .

recent developments 2019 financial guidance in 2019 , we will continue to focus on managing the controllable aspects of our business by enhancing the quality of our revenue , investing in profitable growth opportunities and reducing costs .
our team remains focused on executing our strategy to deliver consistent earnings and free cash flow growth , and improve return on invested capital .

we are committed to an efficient capital structure , maintaining our investment grade credit ratings and increasing cash returned to our shareholders .
our guidance is based on current economic conditions and does not assume any significant changes in the overall economy in 2019 .
specific guidance follows : revenue we expect 2019 revenue to increase by approximately 4.25 to 4.75% ( 4.75 % ) comprised of the following : increase ( decrease ) .

changes in price are restricted on approximately 50% ( 50 % ) of our annual service revenue .
the majority of these restricted pricing arrangements are tied to fluctuations in a specific index ( primarily a consumer price index ) as defined in the contract .
the consumer price index varies from a single historical stated period of time or an average of trailing historical rates over a stated period of time .

in addition , the initial effect of pricing resets typically lags 6 to 12 months from the end of the index measurement period to the date the revised pricing goes into effect .
as a result , current changes in a specific index may not manifest themselves in our reported pricing for several quarters into the future.

 |
| table | | increase ( decrease )
---------------------------------------- | ------------------------
average yield                            | 2.75% ( 2.75 % )
volume                                   | 0.0 to 0.25
energy services                          | 2013
fuel recovery fees                       | 0.25
recycling processing and commodity sales | 0.25 to 0.5
acquisitions / divestitures net          | 1.0
total change                             | 4.25 to 4.75% ( 4.75 % ) |


| _id | dd4bd5c0c |
| title |  |
| text | on a regular basis our special asset committee closely monitors loans , primarily commercial loans , that are not included in the nonperforming or accruing past due categories and for which we are uncertain about the borrower 2019s ability to comply with existing repayment terms .
these loans totaled $ .2 billion at both december 31 , 2014 and december 31 , 2013 .

home equity loan portfolio our home equity loan portfolio totaled $ 34.7 billion as of december 31 , 2014 , or 17% ( 17 % ) of the total loan portfolio .
of that total , $ 20.4 billion , or 59% ( 59 % ) , was outstanding under primarily variable-rate home equity lines of credit and $ 14.3 billion , or 41% ( 41 % ) , consisted of closed-end home equity installment loans .
approximately 3% ( 3 % ) of the home equity portfolio was on nonperforming status as of december 31 , 2014 .

as of december 31 , 2014 , we are in an originated first lien position for approximately 51% ( 51 % ) of the total portfolio and , where originated as a second lien , we currently hold or service the first lien position for approximately an additional 2% ( 2 % ) of the portfolio .
the remaining 47% ( 47 % ) of the portfolio was secured by second liens where we do not hold the first lien position .

the credit performance of the majority of the home equity portfolio where we are in , hold or service the first lien position , is superior to the portion of the portfolio where we hold the second lien position but do not hold the first lien .
lien position information is generally based upon original ltv at the time of origination .
however , after origination pnc is not typically notified when a senior lien position that is not held by pnc is satisfied .

therefore , information about the current lien status of junior lien loans is less readily available in cases where pnc does not also hold the senior lien .
additionally , pnc is not typically notified when a junior lien position is added after origination of a pnc first lien .

this updated information for both junior and senior liens must be obtained from external sources , and therefore , pnc has contracted with an industry-leading third-party service provider to obtain updated loan , lien and collateral data that is aggregated from public and private sources .

we track borrower performance monthly , including obtaining original ltvs , updated fico scores at least quarterly , updated ltvs semi-annually , and other credit metrics at least quarterly , including the historical performance of any mortgage loans regardless of lien position that we do or do not hold .
this information is used for internal reporting and risk management .

for internal reporting and risk management we also segment the population into pools based on product type ( e.g. , home equity loans , brokered home equity loans , home equity lines of credit , brokered home equity lines of credit ) .

as part of our overall risk analysis and monitoring , we segment the home equity portfolio based upon the delinquency , modification status and bankruptcy status of these loans , as well as the delinquency , modification status and bankruptcy status of any mortgage loan with the same borrower ( regardless of whether it is a first lien senior to our second lien ) .
in establishing our alll for non-impaired loans , we primarily utilize a delinquency roll-rate methodology for pools of loans .

in accordance with accounting principles , under this methodology , we establish our allowance based upon incurred losses , not lifetime expected losses .
the roll-rate methodology estimates transition/roll of loan balances from one delinquency state ( e.g. , 30-59 days past due ) to another delinquency state ( e.g. , 60-89 days past due ) and ultimately to charge-off .
the roll through to charge-off is based on pnc 2019s actual loss experience for each type of pool .

each of our home equity pools contains both first and second liens .
our experience has been that the ratio of first to second lien loans has been consistent over time and the charge-off amounts for the pools , used to establish our allowance , include losses on both first and second liens loans .
generally , our variable-rate home equity lines of credit have either a seven or ten year draw period , followed by a 20-year amortization term .

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

the risk associated with the borrower 2019s ability to satisfy the loan terms upon the draw period ending is considered in establishing our alll .
based upon outstanding balances at december 31 , 2014 , the following table presents the periods when home equity lines of credit draw periods are scheduled to end .
table 36 : home equity lines of credit 2013 draw period end in millions interest only product principal and interest product .

( a ) includes all home equity lines of credit that mature in 2015 or later , including those with borrowers where we have terminated borrowing privileges .
( b ) includes approximately $ 154 million , $ 48 million , $ 57 million , $ 42 million and $ 564 million of home equity lines of credit with balloon payments , including those where we have terminated borrowing privileges , with draw periods scheduled to end in 2015 , 2016 , 2017 , 2018 and 2019 and thereafter , respectively .

76 the pnc financial services group , inc .
2013 form 10-k

 |
| table | in millions         | interest onlyproduct | principal andinterest product
------------------- | -------------------- | -----------------------------
2015                | $ 1597               | $ 541
2016                | 1366                 | 437
2017                | 2434                 | 596
2018                | 1072                 | 813
2019 and thereafter | 3880                 | 5391
total ( a ) ( b )   | $ 10349              | $ 7778 |


| _id | dd4bde3c0 |
| title |  |
| text | notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .
1 .

1 .
nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s .
our network includes 31868 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s .
gateways and providing several corridors to key mexican gateways .
we own 26020 miles and operate on the remainder pursuant to trackage rights or leases .

we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .
export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .
the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .

although we provide and review revenue by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network .
the following table provides freight revenue by commodity group : millions 2012 2011 2010 .

although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products transported by us are outside the u.s .
each of our commodity groups includes revenue from shipments to and from mexico .
included in the above table are revenues from our mexico business which amounted to $ 1.9 billion in 2012 , $ 1.8 billion in 2011 , and $ 1.6 billion in 2010 .

basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s .
( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) .
2 .
significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries .

investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting .
all intercompany transactions are eliminated .
we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements .
cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less .

accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts .
the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions .
receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position.

 |
| table | millions                | 2012    | 2011    | 2010
----------------------- | ------- | ------- | -------
agricultural            | $ 3280  | $ 3324  | $ 3018
automotive              | 1807    | 1510    | 1271
chemicals               | 3238    | 2815    | 2425
coal                    | 3912    | 4084    | 3489
industrial products     | 3494    | 3166    | 2639
intermodal              | 3955    | 3609    | 3227
total freight revenues  | $ 19686 | $ 18508 | $ 16069
other revenues          | 1240    | 1049    | 896
total operatingrevenues | $ 20926 | $ 19557 | $ 16965 |


| _id | dd4bf1722 |
| title |  |
| text | management 2019s discussion and analysis j.p .
morgan chase & co .
26 j.p .
morgan chase & co .
/ 2003 annual report $ 41.7 billion .
nii was reduced by a lower volume of commercial loans and lower spreads on investment securities .
as a compo- nent of nii , trading-related net interest income of $ 2.1 billion was up 13% ( 13 % ) from 2002 due to a change in the composition of , and growth in , trading assets .

the firm 2019s total average interest-earning assets in 2003 were $ 590 billion , up 6% ( 6 % ) from the prior year .
the net interest yield on these assets , on a fully taxable-equivalent basis , was 2.10% ( 2.10 % ) , compared with 2.09% ( 2.09 % ) in the prior year .
noninterest expense year ended december 31 .

technology and communications expense in 2003 , technology and communications expense was 11% ( 11 % ) above the prior-year level .
the increase was primarily due to a shift in expenses : costs that were previously associated with compensation and other expenses shifted , upon the commence- ment of the ibm outsourcing agreement , to technology and communications expense .
also contributing to the increase were higher costs related to software amortization .

for a further dis- cussion of the ibm outsourcing agreement , see support units and corporate on page 44 of this annual report .
other expense other expense in 2003 rose slightly from the prior year , reflecting higher outside services .
for a table showing the components of other expense , see note 8 on page 96 of this annual report .

surety settlement and litigation reserve the firm added $ 100 million to the enron-related litigation reserve in 2003 to supplement a $ 900 million reserve initially recorded in 2002 .
the 2002 reserve was established to cover enron-related matters , as well as certain other material litigation , proceedings and investigations in which the firm is involved .
in addition , in 2002 the firm recorded a charge of $ 400 million for the settlement of enron-related surety litigation .

merger and restructuring costs merger and restructuring costs related to business restructurings announced after january 1 , 2002 , were recorded in their relevant expense categories .

in 2002 , merger and restructuring costs of $ 1.2 billion , for programs announced prior to january 1 , 2002 , were viewed by management as nonoperating expenses or 201cspecial items . 201d refer to note 8 on pages 95 201396 of this annual report for a further discussion of merger and restructuring costs and for a summary , by expense category and business segment , of costs incurred in 2003 and 2002 for programs announced after january 1 , 2002 .

provision for credit losses the 2003 provision for credit losses was $ 2.8 billion lower than in 2002 , primarily reflecting continued improvement in the quality of the commercial loan portfolio and a higher volume of credit card securitizations .

for further information about the provision for credit losses and the firm 2019s management of credit risk , see the dis- cussions of net charge-offs associated with the commercial and consumer loan portfolios and the allowance for credit losses , on pages 63 201365 of this annual report .
income tax expense income tax expense was $ 3.3 billion in 2003 , compared with $ 856 million in 2002 .
the effective tax rate in 2003 was 33% ( 33 % ) , compared with 34% ( 34 % ) in 2002 .

the tax rate decline was principally attributable to changes in the proportion of income subject to state and local taxes .
compensation expense compensation expense in 2003 was 6% ( 6 % ) higher than in the prior year .
the increase principally reflected higher performance-related incentives , and higher pension and other postretirement benefit costs , primarily as a result of changes in actuarial assumptions .

for a detailed discussion of pension and other postretirement benefit costs , see note 6 on pages 89 201393 of this annual report .
the increase pertaining to incentives included $ 266 million as a result of adopting sfas 123 , and $ 120 million from the reversal in 2002 of previously accrued expenses for certain forfeitable key employ- ee stock awards , as discussed in note 7 on pages 93 201395 of this annual report .

total compensation expense declined as a result of the transfer , beginning april 1 , 2003 , of 2800 employees to ibm in connection with a technology outsourcing agreement .
the total number of full-time equivalent employees at december 31 , 2003 was 93453 compared with 94335 at the prior year-end .
occupancy expense occupancy expense of $ 1.9 billion rose 19% ( 19 % ) from 2002 .

the increase reflected costs of additional leased space in midtown manhattan and in the south and southwest regions of the united states ; higher real estate taxes in new york city ; and the cost of enhanced safety measures .
also contributing to the increase were charges for unoccupied excess real estate of $ 270 million ; this compared with $ 120 million in 2002 , mostly in the third quarter of that year.

 |
| table | ( in millions )                          | 2003    | 2002    | change
---------------------------------------- | ------- | ------- | --------------
compensation expense                     | $ 11695 | $ 10983 | 6% ( 6 % )
occupancy expense                        | 1912    | 1606    | 19
technology and communications expense    | 2844    | 2554    | 11
other expense                            | 5137    | 5111    | 1
surety settlement and litigation reserve | 100     | 1300    | -92 ( 92 )
merger and restructuring costs           | 2014    | 1210    | nm
total noninterest expense                | $ 21688 | $ 22764 | ( 5 ) % (  % ) |


| _id | dd4baf840 |
| title |  |
| text | part iii item 10 .

directors , executive officers and corporate governance for the information required by this item 10 , other than information with respect to our executive officers contained at the end of item 1 of this report , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by

, which information is incorporated herein by reference .

the proxy statement for our 2015 annual meeting will be filed within 120 days of the close of our fiscal year .
for the information required by this item 10 with respect to our executive officers , see part i of this report on pages 11 - 12 .
item 11 .

item 11 .
executive compensation for the information required by this item 11 , see 201cexecutive compensation , 201d 201ccompensation committee report on executive compensation 201d and 201ccompensation committee interlocks and insider participation 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .
item 12 .

item 12 .
security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .

the following table sets forth certain information as of december 31 , 2014 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1233672 $

plans approved by security holders 1233672 $ 75.93 4903018 item 13 .

certain relationships and related transactions , and director independence for the information required by this item 13 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .
item 14 .

item 14 .
principal accounting fees and services for the information required by this item 14 , see 201caudit and non-audit fees 201d and 201cpolicy on audit committee pre- approval of audit and non-audit services of independent registered public accounting firm 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference. .

part iii item 10 .

directors , executive officers and corporate governance for the information required by this item 10 , other than information with respect to our executive officers contained at the end of item 1 of this report , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by

, which information is incorporated herein by reference .

the proxy statement for our 2015 annual meeting will be filed within 120 days of the close of our fiscal year .
for the information required by this item 10 with respect to our executive officers , see part i of this report on pages 11 - 12 .
item 11 .

item 11 .
executive compensation for the information required by this item 11 , see 201cexecutive compensation , 201d 201ccompensation committee report on executive compensation 201d and 201ccompensation committee interlocks and insider participation 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .
item 12 .

item 12 .
security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .

the following table sets forth certain information as of december 31 , 2014 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1233672 $

plans approved by security holders 1233672 $ 75.93 4903018 item 13 .

certain relationships and related transactions , and director independence for the information required by this item 13 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .
item 14 .

item 14 .
principal accounting fees and services for the information required by this item 14 , see 201caudit and non-audit fees 201d and 201cpolicy on audit committee pre- approval of audit and non-audit services of independent registered public accounting firm 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference.

 |
| table | plan category                                          | number of securitiesto be issued uponexercise ofoutstanding options warrants and rights ( a ) ( b ) | weighted-averageexercise price ofoutstanding options warrants and rights | number of securitiesremaining available forfuture issuance underequity compensationplans ( excludingsecurities reflected in column ( a ) ) ( c )
------------------------------------------------------ | --------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------
equity compensation plans approved by security holders | 1233672                                                                                | $ 75.93                                                                  | 4903018 |


| _id | dd4b924de |
| title |  |
| text | 2022 net derivative losses of $ 13 million .
review by segment general we serve clients through the following segments : 2022 risk solutions acts as an advisor and insurance and reinsurance broker , helping clients manage their risks , via consultation , as well as negotiation and placement of insurance risk with insurance carriers through our global distribution network .

2022 hr solutions partners with organizations to solve their most complex benefits , talent and related financial challenges , and improve business performance by designing , implementing , communicating and administering a wide range of human capital , retirement , investment management , health care , compensation and talent management strategies .
risk solutions .

the demand for property and casualty insurance generally rises as the overall level of economic activity increases and generally falls as such activity decreases , affecting both the commissions and fees generated by our brokerage business .
the economic activity that impacts property and casualty insurance is described as exposure units , and is closely correlated with employment levels , corporate revenue and asset values .

during 2011 we began to see some improvement in pricing ; however , we would still consider this to be a 2018 2018soft market , 2019 2019 which began in 2007 .
in a soft market , premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity .

changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds .
in 2011 , pricing showed signs of stabilization and improvement in both our retail and reinsurance brokerage product lines and we expect this trend to slowly continue into 2012 .

additionally , beginning in late 2008 and continuing through 2011 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets .
weak global economic conditions have reduced our customers 2019 demand for our brokerage products , which have had a negative impact on our operational results .
risk solutions generated approximately 60% ( 60 % ) of our consolidated total revenues in 2011 .

revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients .
our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates .

we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage .

specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , health care providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability

 |
| table | years ended december 31, | 2011             | 2010             | 2009
------------------------ | ---------------- | ---------------- | ----------------
revenue                  | $ 6817           | $ 6423           | $ 6305
operating income         | 1314             | 1194             | 900
operating margin         | 19.3% ( 19.3 % ) | 18.6% ( 18.6 % ) | 14.3% ( 14.3 % ) |


| _id | dd4b92a2e |
| title |  |
| text | the goldman sachs group , inc .
and subsidiaries management 2019s discussion and analysis net revenues the table below presents net revenues by line item. .

in the table above : 2030 investment banking consists of revenues ( excluding net interest ) from financial advisory and underwriting assignments , as well as derivative transactions directly related to these assignments .
these activities are included in our investment banking segment .

2030 investment management consists of revenues ( excluding net interest ) from providing investment management services to a diverse set of clients , as well as wealth advisory services and certain transaction services to high-net-worth individuals and families .
these activities are included in our investment management segment .

2030 commissions and fees consists of revenues from executing and clearing client transactions on major stock , options and futures exchanges worldwide , as well as over-the-counter ( otc ) transactions .
these activities are included in our institutional client services and investment management segments .

2030 market making consists of revenues ( excluding net interest ) from client execution activities related to making markets in interest rate products , credit products , mortgages , currencies , commodities and equity products .
these activities are included in our institutional client services segment .
2030 other principal transactions consists of revenues ( excluding net interest ) from our investing activities and the origination of loans to provide financing to clients .

in addition , other principal transactions includes revenues related to our consolidated investments .
these activities are included in our investing & lending segment .
provision for credit losses , previously reported in other principal transactions revenues , is now reported as a separate line item in the consolidated statements of earnings .
previously reported amounts have been conformed to the current presentation .
operating environment .

operating environment .
during 2018 , our market- making activities reflected generally higher levels of volatility and improved client activity , compared with a low volatility environment in 2017 .
in investment banking , industry-wide mergers and acquisitions volumes increased compared with 2017 , while industry-wide underwriting transactions decreased .

our other principal transactions revenues benefited from company-specific events , including sales , and strong corporate performance , while investments in public equities reflected losses , as global equity prices generally decreased in 2018 , particularly towards the end of the year .

in investment management , our assets under supervision increased reflecting net inflows in liquidity products , fixed income assets and equity assets , partially offset by depreciation in client assets , primarily in equity assets .
if market-making or investment banking activity levels decline , or assets under supervision decline , or asset prices continue to decline , net revenues would likely be negatively impacted .

see 201csegment operating results 201d for further information about the operating environment and material trends and uncertainties that may impact our results of operations .
during 2017 , generally higher asset prices and tighter credit spreads were supportive of industry-wide underwriting activities , investment management performance and other principal transactions .

however , low levels of volatility in equity , fixed income , currency and commodity markets continued to negatively affect our market-making activities .
2018 versus 2017 net revenues in the consolidated statements of earnings were $ 36.62 billion for 2018 , 12% ( 12 % ) higher than 2017 , primarily due to significantly higher market making revenues and net interest income , as well as higher investment management revenues and investment banking revenues .
non-interest revenues .

non-interest revenues .
investment banking revenues in the consolidated statements of earnings were $ 7.86 billion for 2018 , 7% ( 7 % ) higher than 2017 .
revenues in financial advisory were higher , reflecting an increase in industry-wide completed mergers and acquisitions volumes .

revenues in underwriting were slightly higher , due to significantly higher revenues in equity underwriting , driven by initial public offerings , partially offset by lower revenues in debt underwriting , reflecting a decline in leveraged finance activity .
investment management revenues in the consolidated statements of earnings were $ 6.51 billion for 2018 , 12% ( 12 % ) higher than 2017 , primarily due to significantly higher incentive fees , as a result of harvesting .

management and other fees were also higher , reflecting higher average assets under supervision and the impact of the recently adopted revenue recognition standard , partially offset by shifts in the mix of client assets and strategies .
see note 3 to the consolidated financial statements for further information about asu no .
2014-09 , 201crevenue from contracts with customers ( topic 606 ) . 201d 52 goldman sachs 2018 form 10-k

 |
| table | $ in millions                | year ended december 2018 | year ended december 2017 | year ended december 2016
---------------------------- | ------------------------ | ------------------------ | ------------------------
investment banking           | $ 7862                   | $ 7371                   | $ 6273
investment management        | 6514                     | 5803                     | 5407
commissions and fees         | 3199                     | 3051                     | 3208
market making                | 9451                     | 7660                     | 9933
other principal transactions | 5823                     | 5913                     | 3382
totalnon-interestrevenues    | 32849                    | 29798                    | 28203
interest income              | 19679                    | 13113                    | 9691
interest expense             | 15912                    | 10181                    | 7104
net interest income          | 3767                     | 2932                     | 2587
total net revenues           | $ 36616                  | $ 32730                  | $ 30790 |


| _id | dd4b91f52 |
| title |  |
| text | discount rate 2014the assumed discount rate is used to determine the current retirement related benefit plan expense and obligations , and represents the interest rate that is used to determine the present value of future cash flows currently expected to be required to effectively settle a plan 2019s benefit obligations .

the discount rate assumption is determined for each plan by constructing a portfolio of high quality bonds with cash flows that match the estimated outflows for future benefit payments to determine a single equivalent discount rate .
benefit payments are not only contingent on the terms of a plan , but also on the underlying participant demographics , including current age , and assumed mortality .
we use only bonds that are denominated in u.s .

we use only bonds that are denominated in u.s .
dollars , rated aa or better by two of three nationally recognized statistical rating agencies , have a minimum outstanding issue of $ 50 million as of the measurement date , and are not callable , convertible , or index linked .
since bond yields are generally unavailable beyond 30 years , we assume those rates will remain constant beyond that point .

taking into consideration the factors noted above , our weighted average discount rate for pensions was 5.23% ( 5.23 % ) and 5.84% ( 5.84 % ) , as of december 31 , 2011 and 2010 , respectively .
our weighted average discount rate for other postretirement benefits was 4.94% ( 4.94 % ) and 5.58% ( 5.58 % ) as of december 31 , 2011 and 2010 , respectively .

expected long-term rate of return 2014the expected long-term rate of return on assets is used to calculate net periodic expense , and is based on such factors as historical returns , targeted asset allocations , investment policy , duration , expected future long-term performance of individual asset classes , inflation trends , portfolio volatility , and risk management strategies .

while studies are helpful in understanding current trends and performance , the assumption is based more on longer term and prospective views .
in order to reflect expected lower future market returns , we have reduced the expected long-term rate of return assumption from 8.50% ( 8.50 % ) , used to record 2011 expense , to 8.00% ( 8.00 % ) for 2012 .
the decrease in the expected return on assets assumption is primarily related to lower bond yields and updated return assumptions for equities .

unless plan assets and benefit obligations are subject to remeasurement during the year , the expected return on pension assets is based on the fair value of plan assets at the beginning of the year .
an increase or decrease of 25 basis points in the discount rate and the expected long-term rate of return assumptions would have had the following approximate impacts on pensions : ( $ in millions ) increase ( decrease ) in 2012 expense increase ( decrease ) in december 31 , 2011 obligations .

differences arising from actual experience or changes in assumptions might materially affect retirement related benefit plan obligations and the funded status .
actuarial gains and losses arising from differences from actual experience or changes in assumptions are deferred in accumulated other comprehensive income .
this unrecognized amount is amortized to the extent it exceeds 10% ( 10 % ) of the greater of the plan 2019s benefit obligation or plan assets .

the amortization period for actuarial gains and losses is the estimated average remaining service life of the plan participants , which is approximately 10 years .
cas expense 2014in addition to providing the methodology for calculating retirement related benefit plan costs , cas also prescribes the method for assigning those costs to specific periods .
while the ultimate liability for such costs under fas and cas is similar , the pattern of cost recognition is different .

the key drivers of cas pension expense include the funded status and the method used to calculate cas reimbursement for each of our plans as well as our expected long-term rate of return on assets assumption .
unlike fas , cas requires the discount rate to be consistent with the expected long-term rate of return on assets assumption , which changes infrequently given its long-term nature .
as a result , changes in bond or other interest rates generally do not impact cas .

in addition , unlike under fas , we can only allocate pension costs for a plan under cas until such plan is fully funded as determined under erisa requirements .
other fas and cas considerations 2014we update our estimates of future fas and cas costs at least annually based on factors such as calendar year actual plan asset returns , final census data from the end of the prior year , and other actual and projected experience .

a key driver of the difference between fas and cas expense ( and consequently , the fas/cas adjustment ) is the pattern of earnings and expense recognition for gains and losses that arise when our asset and liability experiences differ from our assumptions under each set of requirements .
under fas , our net gains and losses exceeding the 10% ( 10 % ) corridor are amortized

 |
| table | ( $ in millions )                                    | increase ( decrease ) in 2012 expense | increase ( decrease ) in december 31 2011 obligations
---------------------------------------------------- | ------------------------------------- | -----------------------------------------------------
25 basis point decrease in discount rate             | $ 18                                  | $ 146
25 basis point increase in discount rate             | -17 ( 17 )                            | -154 ( 154 )
25 basis point decrease in expected return on assets | 8                                     | n.a .
25 basis point increase in expected return on assets | -8 ( 8 )                              | n.a . |


| _id | dd4c4c636 |
| title |  |
| text | shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the sec , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing .

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

the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2007 in the standard & poor 2019s 500 index , the dow jones transportation average , and our class b common stock. .

 |
| table | | 12/31/2007 | 12/31/2008 | 12/31/2009 | 12/31/2010 | 12/31/2011 | 12/31/2012
-------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------
united parcel service inc .      | $ 100.00   | $ 80.20    | $ 86.42    | $ 112.60   | $ 116.97   | $ 121.46
standard & poor 2019s 500 index  | $ 100.00   | $ 63.00    | $ 79.67    | $ 91.68    | $ 93.61    | $ 108.59
dow jones transportation average | $ 100.00   | $ 78.58    | $ 93.19    | $ 118.14   | $ 118.15   | $ 127.07 |


| _id | dd4bd65e4 |
| title |  |
| text | in the ordinary course of business , based on our evaluations of certain geologic trends and prospective economics , we have allowed certain lease acreage to expire and may allow additional acreage to expire in the future .
if production is not established or we take no other action to extend the terms of the leases , licenses , or concessions , undeveloped acreage listed in the table below will expire over the next three years .

we plan to continue the terms of many of these licenses and concession areas or retain leases through operational or administrative actions. .

marketing and midstream our e&p segment includes activities related to the marketing and transportation of substantially all of our liquid hydrocarbon and natural gas production .
these activities include the transportation of production to market centers , the sale of commodities to third parties and storage of production .

we balance our various sales , storage and transportation positions through what we call supply optimization , which can include the purchase of commodities from third parties for resale .
supply optimization serves to aggregate volumes in order to satisfy transportation commitments and to achieve flexibility within product types and delivery points .
as discussed previously , we currently own and operate gathering systems and other midstream assets in some of our production areas .

we are continually evaluating value-added investments in midstream infrastructure or in capacity in third-party systems .
delivery commitments we have committed to deliver quantities of crude oil and natural gas to customers under a variety of contracts .
as of december 31 , 2012 , those contracts for fixed and determinable amounts relate primarily to eagle ford liquid hydrocarbon production .
a minimum of 54 mbbld is to be delivered at variable pricing through mid-2017 under two contracts .

our current production rates and proved reserves related to the eagle ford shale are sufficient to meet these commitments , but the contracts also provide for a monetary shortfall penalty or delivery of third-party volumes .
oil sands mining segment we hold a 20 percent non-operated interest in the aosp , an oil sands mining and upgrading joint venture located in alberta , canada .

the joint venture produces bitumen from oil sands deposits in the athabasca region utilizing mining techniques and upgrades the bitumen to synthetic crude oils and vacuum gas oil .
the aosp 2019s mining and extraction assets are located near fort mcmurray , alberta and include the muskeg river and the jackpine mines .
gross design capacity of the combined mines is 255000 ( 51000 net to our interest ) barrels of bitumen per day .

the aosp base and expansion 1 scotford upgrader is at fort saskatchewan , northeast of edmonton , alberta .
as of december 31 , 2012 , we own or have rights to participate in developed and undeveloped leases totaling approximately 216000 gross ( 43000 net ) acres .
the underlying developed leases are held for the duration of the project , with royalties payable to the province of alberta .
the five year aosp expansion 1 was completed in 2011 .

the jackpine mine commenced production under a phased start- up in the third quarter of 2010 and began supplying oil sands ore to the base processing facility in the fourth quarter of 2010 .
the upgrader expansion was completed and commenced operations in the second quarter of 2011 .
synthetic crude oil sales volumes for 2012 were 47 mbbld and net of royalty production was 41 mbbld .

phase one of debottlenecking opportunities was approved in 2011 and is expected to be completed in the second quarter of 2013 .
future expansions and additional debottlenecking opportunities remain under review with no formal approvals expected until 2014 .
current aosp operations use established processes to mine oil sands deposits from an open-pit mine , extract the bitumen and upgrade it into synthetic crude oils .
ore is mined using traditional truck and shovel mining techniques .

the mined ore passes through primary crushers to reduce the ore chunks in size and is then sent to rotary breakers where the ore chunks are further reduced to smaller particles .
the particles are combined with hot water to create slurry .
the slurry moves through the extraction

 |
| table | ( in thousands )    | net undeveloped acres expiring 2013 | net undeveloped acres expiring 2014 | net undeveloped acres expiring 2015
------------------- | ----------------------------------- | ----------------------------------- | -----------------------------------
u.s .               | 436                                 | 189                                 | 130
canada              | 2014                                | 2014                                | 2014
total north america | 436                                 | 189                                 | 130
e.g .               | 2014                                | 36                                  | 2014
other africa        | 858                                 | 2014                                | 189
total africa        | 858                                 | 36                                  | 189
total europe        | 2014                                | 216                                 | 1155
other international | 2014                                | 2014                                | 49
worldwide           | 1294                                | 441                                 | 1523 |


| _id | dd4c17616 |
| title |  |
| text | entergy louisiana , llc and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 175.4 million primarily due to the effect of a settlement with the irs related to the 2010-2011 irs audit , which resulted in a $ 136.1 million reduction of income tax expense .
also contributing to the increase were lower other operation and maintenance expenses , higher net revenue , and higher other income .

the increase was partially offset by higher depreciation and amortization expenses , higher interest expense , and higher nuclear refueling outage expenses .
2015 compared to 2014 net income increased slightly , by $ 0.6 million , primarily due to higher net revenue and a lower effective income tax rate , offset by higher other operation and maintenance expenses , higher depreciation and amortization expenses , lower other income , and higher interest expense .

net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .
following is an analysis of the change in net revenue comparing 2016 to 2015 .
amount ( in millions ) .

the retail electric price variance is primarily due to an increase in formula rate plan revenues , implemented with the first billing cycle of march 2016 , to collect the estimated first-year revenue requirement related to the purchase of power blocks 3 and 4 of the union power station .
see note 2 to the financial statements for further discussion .

the transmission equalization variance is primarily due to changes in transmission investments , including entergy louisiana 2019s exit from the system agreement in august 2016 .
the volume/weather variance is primarily due to the effect of less favorable weather on residential sales , partially offset by an increase in industrial usage and an increase in volume during the unbilled period .
the increase

 |
| table | | amount ( in millions )
--------------------------------------------- | ----------------------
2015 net revenue                              | $ 2408.8
retail electric price                         | 69.0
transmission equalization                     | -6.5 ( 6.5 )
volume/weather                                | -6.7 ( 6.7 )
louisiana act 55 financing savings obligation | -17.2 ( 17.2 )
other                                         | -9.0 ( 9.0 )
2016 net revenue                              | $ 2438.4 |


| _id | dd4beb840 |
| title |  |
| text | item 7 .
management 2019s discussion and analysis of financial condition and results of operations introduction the following discussion and analysis presents management 2019s perspective of our business , financial condition and overall performance .
this information is intended to provide investors with an understanding of our past performance , current financial condition and outlook for the future and should be read in conjunction with 201citem 8 .

financial statements and supplementary data 201d of this report .
overview of 2017 results during 2017 , we generated solid operating results with our strategy of operating in north america 2019s best resource plays , delivering superior execution , continuing disciplined capital allocation and maintaining a high degree of financial strength .
led by our development in the stack and delaware basin , we continued to improve our 90-day initial production rates .

with investments in proprietary data tools , predictive analytics and artificial intelligence , we are delivering industry-leading , initial-rate well productivity performance and improving the performance of our established wells .
compared to 2016 , commodity prices increased significantly and were the primary driver for improvements in devon 2019s earnings and cash flow during 2017 .

we exited 2017 with liquidity comprised of $ 2.7 billion of cash and $ 2.9 billion of available credit under our senior credit facility .
we have no significant debt maturities until 2021 .
we further enhanced our financial strength by completing approximately $ 415 million of our announced $ 1 billion asset divestiture program in 2017 .
we anticipate closing the remaining divestitures in 2018 .

in 2018 and beyond , we have the financial capacity to further accelerate investment across our best-in-class u.s .
resource plays .
we are increasing drilling activity and will continue to shift our production mix to high-margin products .
we will continue our premier technical work to drive capital allocation and efficiency and industry- leading well productivity results .
we will continue to maximize the value of our base production by sustaining the operational efficiencies we have achieved .

finally , we will continue to manage activity levels within our cash flows .
we expect this disciplined approach will position us to deliver capital-efficient , cash-flow expansion over the next two years .
key measures of our financial performance in 2017 are summarized in the following table .
increased commodity prices as well as continued focus on our production expenses improved our 2017 financial performance as compared to 2016 , as seen in the table below .

more details for these metrics are found within the 201cresults of operations 2013 2017 vs .
2016 201d , below. .

 |
| table | net earnings ( loss ) attributable to devon                          | 2017 $ 898 | change +185% ( +185 % ) | 2016* $ -1056 ( 1056 ) | change +92% ( +92 % ) | 2015* $ -12896 ( 12896 )
-------------------------------------------------------------------- | ---------- | ----------------------- | ---------------------- | --------------------- | ------------------------
net earnings ( loss ) per diluted share attributable to devon        | $ 1.70     | +181% ( +181 % )        | $ -2.09 ( 2.09 )       | +93% ( +93 % )        | $ -31.72 ( 31.72 )
core earnings ( loss ) attributable to devon ( 1 )                   | $ 427      | +217% ( +217 % )        | $ -367 ( 367 )         | - 430% ( 430 % )      | $ 111
core earnings ( loss ) per diluted share attributable to devon ( 1 ) | $ 0.81     | +210% ( +210 % )        | $ -0.73 ( 0.73 )       | - 382% ( 382 % )      | $ 0.26
retained production ( mboe/d )                                       | 541        | - 4% ( 4 % )            | 563                    | - 3% ( 3 % )          | 580
total production ( mboe/d )                                          | 543        | - 11% ( 11 % )          | 611                    | - 10% ( 10 % )        | 680
realized price per boe ( 2 )                                         | $ 25.96    | +39% ( +39 % )          | $ 18.72                | - 14% ( 14 % )        | $ 21.68
operating cash flow                                                  | $ 2909     | +94% ( +94 % )          | $ 1500                 | - 69% ( 69 % )        | $ 4898
capitalized expenditures including acquisitions                      | $ 2937     | - 25% ( 25 % )          | $ 3908                 | - 32% ( 32 % )        | $ 5712
shareholder and noncontrolling interests distributions               | $ 481      | - 8% ( 8 % )            | $ 525                  | - 19% ( 19 % )        | $ 650
cash and cash equivalents                                            | $ 2673     | +36% ( +36 % )          | $ 1959                 | - 15% ( 15 % )        | $ 2310
total debt                                                           | $ 10406    | +2% ( +2 % )            | $ 10154                | - 22% ( 22 % )        | $ 13032
reserves ( mmboe )                                                   | 2152       | +5% ( +5 % )            | 2058                   | - 6% ( 6 % )          | 2182 |


| _id | dd4b8fd10 |
| title |  |
| text | 2 0 0 8 a n n u a l r e p o r t stock performance graph the following graph sets forth the performance of our series a common , series b common stock , and series c common stock for the period september 18 , 2008 through december 31 , 2008 as compared with the performance of the standard and poor 2019s 500 index and a peer group index which consists of the walt disney company , time warner inc. , cbs corporation class b common stock , viacom , inc .

class b common stock , news corporation class a common stock , and scripps network interactive , inc .
the graph assumes $ 100 originally invested on september 18 , 2006 and that all subsequent dividends were reinvested in additional shares .
september 18 , september 30 , december 31 , 2008 2008 2008 .

s&p 500 peer group

 |
| table | | september 18 2008 | september 30 2008 | december 31 2008
---------- | ----------------- | ----------------- | ----------------
disca      | $ 100.00          | $ 103.19          | $ 102.53
discb      | $ 100.00          | $ 105.54          | $ 78.53
disck      | $ 100.00          | $ 88.50           | $ 83.69
s&p 500    | $ 100.00          | $ 96.54           | $ 74.86
peer group | $ 100.00          | $ 92.67           | $ 68.79 |


| _id | dd4c0831e |
| title |  |
| text | net cash used by investing activities in 2013 also included $ 38.2 million for the may 13 , 2013 acquisition of challenger .
see note 2 to the consolidated financial statements for information on the challenger acquisition .
capital expenditures in 2013 , 2012 and 2011 totaled $ 70.6 million , $ 79.4 million and $ 61.2 million , respectively .

capital expenditures in 2013 included continued investments related to the company 2019s execution of its strategic value creation processes around safety , quality , customer connection , innovation and rci initiatives .
capital expenditures in all three years included spending to support the company 2019s strategic growth initiatives .

in 2013 , the company continued to invest in new product , efficiency , safety and cost reduction initiatives to expand and improve its manufacturing capabilities worldwide .
in 2012 , the company completed the construction of a fourth factory in kunshan , china , following the 2011 construction of a new engineering and research and development facility in kunshan .

capital expenditures in all three years also included investments , particularly in the united states , in new product , efficiency , safety and cost reduction initiatives , as well as investments in new production and machine tooling to enhance manufacturing operations , and ongoing replacements of manufacturing and distribution equipment .

capital spending in all three years also included spending for the replacement and enhancement of the company 2019s global enterprise resource planning ( erp ) management information systems , as well as spending to enhance the company 2019s corporate headquarters and research and development facilities in kenosha , wisconsin .

snap-on believes that its cash generated from operations , as well as its available cash on hand and funds available from its credit facilities will be sufficient to fund the company 2019s capital expenditure requirements in 2014 .
financing activities net cash used by financing activities was $ 137.8 million in 2013 , $ 127.0 million in 2012 and $ 293.7 million in 2011 .

net cash used by financing activities in 2011 reflects the august 2011 repayment of $ 200 million of unsecured 6.25% ( 6.25 % ) notes upon maturity with available cash .
proceeds from stock purchase and option plan exercises totaled $ 29.2 million in 2013 , $ 46.8 million in 2012 and $ 25.7 million in 2011 .
snap-on has undertaken stock repurchases from time to time to offset dilution created by shares issued for employee and franchisee stock purchase plans , stock options and other corporate purposes .

in 2013 , snap-on repurchased 926000 shares of its common stock for $ 82.6 million under its previously announced share repurchase programs .
as of 2013 year end , snap-on had remaining availability to repurchase up to an additional $ 191.7 million in common stock pursuant to its board of directors 2019 ( the 201cboard 201d ) authorizations .
the purchase of snap-on common stock is at the company 2019s discretion , subject to prevailing financial and market conditions .

snap-on repurchased 1180000 shares of its common stock for $ 78.1 million in 2012 ; snap-on repurchased 628000 shares of its common stock for $ 37.4 million in 2011 .
snap-on believes that its cash generated from operations , available cash on hand , and funds available from its credit facilities , will be sufficient to fund the company 2019s share repurchases , if any , in 2014 .
snap-on has paid consecutive quarterly cash dividends , without interruption or reduction , since 1939 .

cash dividends paid in 2013 , 2012 and 2011 totaled $ 92.0 million , $ 81.5 million and $ 76.7 million , respectively .
on november 8 , 2013 , the company announced that its board increased the quarterly cash dividend by 15.8% ( 15.8 % ) to $ 0.44 per share ( $ 1.76 per share per year ) .
quarterly dividends declared in 2013 were $ 0.44 per share in the fourth quarter and $ 0.38 per share in the first three quarters ( $ 1.58 per share for the year ) .

quarterly dividends declared in 2012 were $ 0.38 per share in the fourth quarter and $ 0.34 per share in the first three quarters ( $ 1.40 per share for the year ) .
quarterly dividends in 2011 were $ 0.34 per share in the fourth quarter and $ 0.32 per share in the first three quarters ( $ 1.30 per share for the year ) . .

cash dividends paid as a percent of prior-year retained earnings 4.5% ( 4.5 % ) 4.4% ( 4.4 % ) snap-on believes that its cash generated from operations , available cash on hand and funds available from its credit facilities will be sufficient to pay dividends in 2014 .

off-balance-sheet arrangements except as included below in the section labeled 201ccontractual obligations and commitments 201d and note 15 to the consolidated financial statements , the company had no off-balance-sheet arrangements as of 2013 year end .
2013 annual report 49

 |
| table | | 2013           | 2012           | 2011
---------------------------------------------------------------- | -------------- | -------------- | --------------
cash dividends paid per common share                             | $ 1.58         | $ 1.40         | $ 1.30
cash dividends paid as a percent of prior-year retained earnings | 4.5% ( 4.5 % ) | 4.4% ( 4.4 % ) | 4.7% ( 4.7 % ) |


| _id | dd4bef1ca |
| title |  |
| text | local consumer lending local consumer lending ( lcl ) , which constituted approximately 70% ( 70 % ) of citi holdings by assets as of december 31 , 2010 , includes a portion of citigroup 2019s north american mortgage business , retail partner cards , western european cards and retail banking , citifinancial north america and other local consumer finance businesses globally .

the student loan corporation is reported as discontinued operations within the corporate/other segment for the second half of 2010 only .
at december 31 , 2010 , lcl had $ 252 billion of assets ( $ 226 billion in north america ) .
approximately $ 129 billion of assets in lcl as of december 31 , 2010 consisted of u.s .
mortgages in the company 2019s citimortgage and citifinancial operations .

the north american assets consist of residential mortgage loans ( first and second mortgages ) , retail partner card loans , personal loans , commercial real estate ( cre ) , and other consumer loans and assets .
in millions of dollars 2010 2009 2008 % (  % ) change 2010 vs .
2009 % (  % ) change 2009 vs .
2008 .

nm not meaningful 2010 vs .
2009 revenues , net of interest expense decreased 11% ( 11 % ) from the prior year .
net interest revenue increased 6% ( 6 % ) due to the adoption of sfas 166/167 , partially offset by the impact of lower balances due to portfolio run-off and asset sales .
non-interest revenue declined 58% ( 58 % ) , primarily due to the absence of the $ 1.1 billion gain on the sale of redecard in the first quarter of 2009 and a higher mortgage repurchase reserve charge .

operating expenses decreased 18% ( 18 % ) , primarily due to the impact of divestitures , lower volumes , re-engineering actions and the absence of costs associated with the u.s .
government loss-sharing agreement , which was exited in the fourth quarter of 2009 .
provisions for credit losses and for benefits and claims decreased 38% ( 38 % ) , reflecting a net $ 1.8 billion credit reserve release in 2010 compared to a $ 5.8 billion build in 2009 .

lower net credit losses across most businesses were partially offset by the impact of the adoption of sfas 166/167 .
on a comparable basis , net credit losses were lower year-over-year , driven by improvement in u.s .
mortgages , international portfolios and retail partner cards .

assets declined 21% ( 21 % ) from the prior year , primarily driven by portfolio run-off , higher loan loss reserve balances , and the impact of asset sales and divestitures , partially offset by an increase of $ 41 billion resulting from the adoption of sfas 166/167 .
key divestitures in 2010 included the student loan corporation , primerica , auto loans , the canadian mastercard business and u.s .
retail sales finance portfolios .
2009 vs .

retail sales finance portfolios .
2009 vs .
2008 revenues , net of interest expense decreased 24% ( 24 % ) from the prior year .
net interest revenue was 24% ( 24 % ) lower than the prior year , primarily due to lower balances , de-risking of the portfolio , and spread compression .

non-interest revenue decreased $ 1.6 billion , mostly driven by the impact of higher credit losses flowing through the securitization trusts , partially offset by the $ 1.1 billion gain on the sale of redecard in the first quarter of 2009 .

operating expenses declined 31% ( 31 % ) from the prior year , due to lower volumes and reductions from expense re-engineering actions , and the impact of goodwill write-offs of $ 3.0 billion in the fourth quarter of 2008 , partially offset by higher costs associated with delinquent loans .

provisions for credit losses and for benefits and claims increased 14% ( 14 % ) from the prior year , reflecting an increase in net credit losses of $ 6.1 billion , partially offset by lower reserve builds of $ 2.8 billion .
higher net credit losses were primarily driven by higher losses of $ 3.6 billion in residential real estate lending , $ 1.0 billion in retail partner cards , and $ 0.7 billion in international .

assets decreased $ 57 billion from the prior year , primarily driven by lower originations , wind-down of specific businesses , asset sales , divestitures , write- offs and higher loan loss reserve balances .
key divestitures in 2009 included the fi credit card business , italy consumer finance , diners europe , portugal cards , norway consumer and diners club north america.

 |
| table | in millions of dollars                                   | 2010             | 2009               | 2008               | % (  % ) change 2010 vs . 2009 | % (  % ) change 2009 vs . 2008
-------------------------------------------------------- | ---------------- | ------------------ | ------------------ | ------------------------------ | ------------------------------
net interest revenue                                     | $ 13831          | $ 12995            | $ 17136            | 6% ( 6 % )                     | ( 24 ) % (  % )
non-interest revenue                                     | 1995             | 4770               | 6362               | -58 ( 58 )                     | -25 ( 25 )
total revenues net of interest expense                   | $ 15826          | $ 17765            | $ 23498            | ( 11 ) % (  % )                | ( 24 ) % (  % )
total operating expenses                                 | $ 8064           | $ 9799             | $ 14238            | ( 18 ) % (  % )                | ( 31 ) % (  % )
net credit losses                                        | $ 17040          | $ 19185            | $ 13111            | ( 11 ) % (  % )                | 46% ( 46 % )
credit reserve build ( release )                         | -1771 ( 1771 )   | 5799               | 8573               | nm                             | -32 ( 32 )
provision for benefits and claims                        | 775              | 1054               | 1192               | -26 ( 26 )                     | -12 ( 12 )
provision for unfunded lending commitments               | 2014             | 2014               | 2014               | 2014                           | 2014
provisions for credit losses and for benefits and claims | $ 16044          | $ 26038            | $ 22876            | ( 38 ) % (  % )                | 14% ( 14 % )
( loss ) from continuing operations before taxes         | $ -8282 ( 8282 ) | $ -18072 ( 18072 ) | $ -13616 ( 13616 ) | 54% ( 54 % )                   | ( 33 ) % (  % )
benefits for income taxes                                | -3289 ( 3289 )   | -7656 ( 7656 )     | -5259 ( 5259 )     | 57                             | -46 ( 46 )
( loss ) from continuing operations                      | $ -4993 ( 4993 ) | $ -10416 ( 10416 ) | $ -8357 ( 8357 )   | 52% ( 52 % )                   | ( 25 ) % (  % )
net income attributable to noncontrolling interests      | 8                | 33                 | 12                 | -76 ( 76 )                     | nm
net ( loss )                                             | $ -5001 ( 5001 ) | $ -10449 ( 10449 ) | $ -8369 ( 8369 )   | 52% ( 52 % )                   | ( 25 ) % (  % )
average assets ( in billions of dollars )                | $ 324            | $ 351              | $ 420              | ( 8 ) % (  % )                 | -16 ( 16 )
net credit losses as a percentage of average loans       | 6.20% ( 6.20 % ) | 6.38% ( 6.38 % )   | 3.80% ( 3.80 % )   |                                | |