| _id | dd4c2a0d6 |
| title |  |
| text | news corporation notes to the consolidated financial statements as of june 30 , 2016 , the company had income tax net operating loss carryforwards ( nols ) ( gross , net of uncertain tax benefits ) , in various jurisdictions as follows : jurisdiction expiration amount ( in millions ) .

utilization of the nols is dependent on generating sufficient taxable income from our operations in each of the respective jurisdictions to which the nols relate , while taking into account limitations and/or restrictions on our ability to use them .
certain of our u.s .
federal nols were acquired as part of the acquisitions of move and harlequin and are subject to limitations as promulgated under section 382 of the code .

section 382 of the code limits the amount of acquired nols that we can use on an annual basis to offset future u.s .
consolidated taxable income .
the nols are also subject to review by relevant tax authorities in the jurisdictions to which they relate .
the company recorded a deferred tax asset of $ 580 million and $ 540 million ( net of approximately $ 53 million and $ 95 million , respectively , of unrecognized tax benefits ) associated with its nols as of june 30 , 2016 and 2015 , respectively .

significant judgment is applied in assessing our ability to realize our nols and other tax assets .
management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize existing deferred tax assets within the applicable expiration period .

on the basis of this evaluation , valuation allowances of $ 97 million and $ 304 million have been established to reduce the deferred tax asset associated with the company 2019s nols to an amount that will more likely than not be realized as of june 30 , 2016 and 2015 , respectively .

the amount of the nol deferred tax asset considered realizable , however , could be adjusted if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses occurs .
as of june 30 , 2016 , the company had approximately $ 1.6 billion and $ 1.7 billion of capital loss carryforwards in australia and the u.k. , respectively , which may be carried forward indefinitely and which are subject to tax authority review .

realization of our capital losses is dependent on generating capital gain taxable income and satisfying certain continuity of business requirements .
the company recorded a deferred tax asset of $ 803 million and $ 892 million as of june 30 , 2016 and 2015 , respectively for these capital loss carryforwards , however , it is more likely than not that the company will not generate capital gain income in the normal course of business in these jurisdictions .

accordingly , valuation allowances of $ 803 million and $ 892 million have been established to reduce the capital loss carryforward deferred tax asset to an amount that will more likely than not be realized as of june 30 , 2016 and 2015 , respectively .
as of june 30 , 2016 , the company had approximately $ 26 million of u.s .

federal tax credit carryforward which includes $ 22 million of foreign tax credits and $ 4 million of research & development credits which begin to expire in 2025 and 2036 , respectively .
as of june 30 , 2016 , the company had approximately $ 5 million of non-u.s .
tax credit carryforwards which expire in various amounts beginning in 2025 and $ 8 million of state tax credit carryforwards ( net of u.s .
federal benefit ) , of which the balance can be carried forward indefinitely .

in accordance with the company 2019s accounting policy , a valuation allowance of $ 5 million has been established to reduce the deferred tax asset associated with the company 2019s non-u.s .
and state credit carryforwards to an amount that will more likely than not be realized as of june 30 , 2016.

 |
| table | jurisdiction  | expiration   | amount ( in millions )
------------- | ------------ | ----------------------
u.s . federal | 2021 to 2036 | $ 858
u.s . states  | various      | 581
australia     | indefinite   | 452
u.k .         | indefinite   | 134
other foreign | various      | 346 |


| _id | dd4c56cb2 |
| title |  |
| text | u.s .
equity securities and international equity securities categorized as level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year .
for u.s .
equity securities and international equity securities not traded on an active exchange , or if the closing price is not available , the trustee obtains indicative quotes from a pricing vendor , broker or investment manager .

these securities are categorized as level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager .
commingled equity funds are investment vehicles valued using the net asset value ( nav ) provided by the fund managers .
the nav is the total value of the fund divided by the number of shares outstanding .

commingled equity funds are categorized as level 1 if traded at their nav on a nationally recognized securities exchange or categorized as level 2 if the nav is corroborated by observable market data ( e.g. , purchases or sales activity ) and we are able to redeem our investment in the near-term .

fixed income investments categorized as level 2 are valued by the trustee using pricing models that use verifiable observable market data ( e.g. , interest rates and yield curves observable at commonly quoted intervals and credit spreads ) , bids provided by brokers or dealers or quoted prices of securities with similar characteristics .
fixed income investments are categorized at level 3 when valuations using observable inputs are unavailable .

the trustee obtains pricing based on indicative quotes or bid evaluations from vendors , brokers or the investment manager .
private equity funds , real estate funds and hedge funds are valued using the nav based on valuation models of underlying securities which generally include significant unobservable inputs that cannot be corroborated using verifiable observable market data .
valuations for private equity funds and real estate funds are determined by the general partners .

depending on the nature of the assets , the general partners may use various valuation methodologies , including the income and market approaches in their models .
the market approach consists of analyzing market transactions for comparable assets while the income approach uses earnings or the net present value of estimated future cash flows adjusted for liquidity and other risk factors .

hedge funds are valued by independent administrators using various pricing sources and models based on the nature of the securities .
private equity funds , real estate funds and hedge funds are generally categorized as level 3 as we cannot fully redeem our investment in the near-term .
commodities are traded on an active commodity exchange and are valued at their closing prices on the last trading day of the year .

contributions and expected benefit payments the funding of our qualified defined benefit pension plans is determined in accordance with erisa , as amended by the ppa , and in a manner consistent with cas and internal revenue code rules .
in 2014 , we made contributions of $ 2.0 billion related to our qualified defined benefit pension plans .
we do not plan to make contributions to our qualified defined benefit pension plans in 2015 through 2017 because none are required using current assumptions .

the following table presents estimated future benefit payments , which reflect expected future employee service , as of december 31 , 2014 ( in millions ) : .

defined contribution plans we maintain a number of defined contribution plans , most with 401 ( k ) features , that cover substantially all of our employees .
under the provisions of our 401 ( k ) plans , we match most employees 2019 eligible contributions at rates specified in the plan documents .
our contributions were $ 385 million in 2014 , $ 383 million in 2013 and $ 380 million in 2012 , the majority of which were funded in our common stock .

our defined contribution plans held approximately 41.7 million and 44.7 million shares of our common stock as of december 31 , 2014 and 2013 .
note 10 2013 stockholders 2019 equity at december 31 , 2014 and 2013 , our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock .

of the 316 million shares of common stock issued and outstanding as of december 31 , 2014 , 314 million shares were considered outstanding for balance sheet presentation purposes ; the remaining

 |
| table | | 2015   | 2016   | 2017   | 2018   | 2019   | 2020 - 2024
---------------------------------------- | ------ | ------ | ------ | ------ | ------ | -----------
qualified defined benefit pension plans  | $ 2070 | $ 2150 | $ 2230 | $ 2320 | $ 2420 | $ 13430
retiree medical and life insurance plans | 190    | 200    | 200    | 210    | 210    | 1020 |


| _id | dd4c5923c |
| title |  |
| text | the grant date fair value of options is estimated using the black-scholes option-pricing model .
the weighted-average assumptions used in valuations for 2017 , 2016 and 2015 are , respectively : risk-free interest rate , based on u.s .
treasury yields , 1.7 percent , 1.9 percent and 1.9 percent ; dividend yield , 3.6 percent , 3.8 percent and 3.1 percent ; and expected volatility , based on historical volatility , 24 percent , 27 percent and 28 percent .

the expected life of each option awarded is seven years based on historical experience and expected future exercise patterns .
perfo rmance shares , restricted stock and restricted stock units the company 2019s incentive shares plans include performance shares awards which distribute the value of common stock to key management employees subject to certain operating performance conditions and other restrictions .
the form of distribution is primarily shares of common stock , with a portion in cash .

compensation expense for performance shares is recognized over the service period based on the number of shares ultimately expected to be earned .
performance shares awards are accounted for as liabilities in accordance with asc 718 , compensation 2013 stock compensation , with compensation expense adjusted at the end of each reporting period to reflect the change in fair value of the awards .

as of september 30 , 2016 , 4944575 performance shares awarded primarily in 2013 were outstanding , contingent on the company achieving its performance objectives through 2016 and the provision of additional service by employees .
the objectives for these shares were met at the 86 percent level at the end of 2016 , or 4252335 shares .
of these , 2549083 shares were distributed in early 2017 as follows : 1393715 issued as shares , 944002 withheld for income taxes , and the value of 211366 paid in cash .

an additional 1691986 shares were distributed at the end of 2017 to employees who provided one additional year of service as follows : 1070264 issued as shares , 616734 withheld for income taxes , and the value of 4988 paid in cash .
there were 11266 shares canceled and not distributed .

additionally , the rights to receive a maximum of 2388125 and 2178388 common shares awarded in 2017 and 2016 , under the new performance shares program , are outstanding and contingent upon the company achieving its performance objectives through 2019 and 2018 , respectively .
incentive shares plans also include restricted stock awards which involve distribution of common stock to key management employees subject to cliff vesting at the end of service periods ranging from three to ten years .

the fair value of restricted stock awards is determined based on the average of the high and low market prices of the company 2019s common stock on the date of grant , with compensation expense recognized ratably over the applicable service period .
in 2017 , 130641 shares of restricted stock vested as a result of participants fulfilling the applicable service requirements .

consequently , 84398 shares were issued while 46243 shares were withheld for income taxes in accordance with minimum withholding requirements .
as of september 30 , 2017 , there were 1194500 shares of unvested restricted stock outstanding .
the total fair value of shares vested under incentive shares plans was $ 245 , $ 11 and $ 9 , respectively , in 2017 , 2016 and 2015 , of which $ 101 , $ 4 and $ 5 was paid in cash , primarily for tax withholding .

as of september 30 , 2017 , 12.9 million shares remained available for award under incentive shares plans .
changes in shares outstanding but not yet earned under incentive shares plans during the year ended september 30 , 2017 follow ( shares in thousands ) : average grant date shares fair value per share .

total compensation expense for stock options and incentive shares was $ 115 , $ 159 and $ 30 for 2017 , 2016 and 2015 , respectively , of which $ 5 , $ 14 and $ 6 was included in discontinued operations .
the decrease in expense for 2017 reflects the impact of changes in the stock price .
the increase in expense for 2016 reflects an increasing stock price in the current year compared with a decreasing price in 2015 , and overlap of awards .

income tax benefits recognized in the income statement for these compensation arrangements during 2017 , 2016 and 2015 were $ 33 , $ 45 and $ 2 , respectively .
as of september 30 , 2017 , total unrecognized compensation expense related to unvested shares awarded under these plans was $ 149 , which is expected to be recognized over a weighted-average period of 1.5 years .

in addition to the employee stock option and incentive shares plans , in 2017 the company awarded 17984 shares of restricted stock and 2248 restricted stock units under the restricted stock plan for non-management directors .
as of september 30 , 2017 , 174335 shares were available for issuance under this plan.

 |
| table | | shares         | average grant datefair value per share
----------------- | -------------- | --------------------------------------
beginning of year | 7328           | $ 49.17
granted           | 2134           | $ 51.91
earned/vested     | -4372 ( 4372 ) | $ 49.14
canceled          | -91 ( 91 )     | $ 51.18
end of year       | 4999           | $ 50.33 |


| _id | dd4bde6cc |
| title |  |
| text | contributions and expected benefit payments the funding of our qualified defined benefit pension plans is determined in accordance with erisa , as amended by the ppa , and in a manner consistent with cas and internal revenue code rules .
in 2015 , we made $ 5 million in contributions to our new sikorsky bargained qualified defined benefit pension plan and we plan to make approximately $ 25 million in contributions to this plan in 2016 .

the following table presents estimated future benefit payments , which reflect expected future employee service , as of december 31 , 2015 ( in millions ) : .

defined contribution plans we maintain a number of defined contribution plans , most with 401 ( k ) features , that cover substantially all of our employees .
under the provisions of our 401 ( k ) plans , we match most employees 2019 eligible contributions at rates specified in the plan documents .
our contributions were $ 393 million in 2015 , $ 385 million in 2014 and $ 383 million in 2013 , the majority of which were funded in our common stock .

our defined contribution plans held approximately 40.0 million and 41.7 million shares of our common stock as of december 31 , 2015 and 2014 .
note 12 2013 stockholders 2019 equity at december 31 , 2015 and 2014 , our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock .

of the 305 million shares of common stock issued and outstanding as of december 31 , 2015 , 303 million shares were considered outstanding for balance sheet presentation purposes ; the remaining shares were held in a separate trust .
of the 316 million shares of common stock issued and outstanding as of december 31 , 2014 , 314 million shares were considered outstanding for balance sheet presentation purposes ; the remaining shares were held in a separate trust .

no shares of preferred stock were issued and outstanding at december 31 , 2015 or 2014 .
repurchases of common stock during 2015 , we repurchased 15.2 million shares of our common stock for $ 3.1 billion .
during 2014 and 2013 , we paid $ 1.9 billion and $ 1.8 billion to repurchase 11.5 million and 16.2 million shares of our common stock .
on september 24 , 2015 , our board of directors approved a $ 3.0 billion increase to our share repurchase program .

inclusive of this increase , the total remaining authorization for future common share repurchases under our program was $ 3.6 billion as of december 31 , 2015 .
as we repurchase our common shares , we reduce common stock for the $ 1 of par value of the shares repurchased , with the excess purchase price over par value recorded as a reduction of additional paid-in capital .

due to the volume of repurchases made under our share repurchase program , additional paid-in capital was reduced to zero , with the remainder of the excess purchase price over par value of $ 2.4 billion and $ 1.1 billion recorded as a reduction of retained earnings in 2015 and 2014 .
we paid dividends totaling $ 1.9 billion ( $ 6.15 per share ) in 2015 , $ 1.8 billion ( $ 5.49 per share ) in 2014 and $ 1.5 billion ( $ 4.78 per share ) in 2013 .

we have increased our quarterly dividend rate in each of the last three years , including a 10% ( 10 % ) increase in the quarterly dividend rate in the fourth quarter of 2015 .

we declared quarterly dividends of $ 1.50 per share during each of the first three quarters of 2015 and $ 1.65 per share during the fourth quarter of 2015 ; $ 1.33 per share during each of the first three quarters of 2014 and $ 1.50 per share during the fourth quarter of 2014 ; and $ 1.15 per share during each of the first three quarters of 2013 and $ 1.33 per share during the fourth quarter of 2013.

 |
| table | | 2016   | 2017   | 2018   | 2019   | 2020   | 2021 - 2025
---------------------------------------- | ------ | ------ | ------ | ------ | ------ | -----------
qualified defined benefit pension plans  | $ 2160 | $ 2240 | $ 2320 | $ 2410 | $ 2500 | $ 13670
retiree medical and life insurance plans | 190    | 190    | 200    | 200    | 200    | 940 |


| _id | dd4bc3fc0 |
| title |  |
| text | notes to the audited consolidated financial statements director stock compensation subplan eastman's 2016 director stock compensation subplan ( "directors' subplan" ) , a component of the 2012 omnibus plan , remains in effect until terminated by the board of directors or the earlier termination of thf e 2012 omnibus plan .
the directors' subplan provides for structured awards of restricted shares to non-employee members of the board of directors .

restricted shares awarded under the directors' subplan are subject to the same terms and conditions of the 2012 omnibus plan .
the directors' subplan does not constitute a separate source of shares for grant of equity awards and all shares awarded are part of the 10 million shares authorized under the 2012 omnibus plan .

shares of restricted stock are granted on the first day of a non-f employee director's initial term of service and shares of restricted stock are granted each year to each non-employee director on the date of the annual meeting of stockholders .
general the company is authorized by the board of directors under the 2012 omnibus plan tof provide awards to employees and non- employee members of the board of directors .

it has been the company's practice to issue new shares rather than treasury shares for equity awards that require settlement by the issuance of common stock and to withhold or accept back shares awarded to cover the related income tax obligations of employee participants .
shares of unrestricted common stock owned by non-d employee directors are not eligible to be withheld or acquired to satisfy the withholding obligation related to their income taxes .

aa shares of unrestricted common stock owned by specified senior management level employees are accepted by the company to pay the exercise price of stock options in accordance with the terms and conditions of their awards .

for 2016 , 2015 , and 2014 , total share-based compensation expense ( before tax ) of approximately $ 36 million , $ 36 million , and $ 28 million , respectively , was recognized in selling , general and administrative exd pense in the consolidated statements of earnings , comprehensive income and retained earnings for all share-based awards of which approximately $ 7 million , $ 7 million , and $ 4 million , respectively , related to stock options .

the compensation expense is recognized over the substantive vesting period , which may be a shorter time period than the stated vesting period for qualifying termination eligible employees as defined in the forms of award notice .
for 2016 , 2015 , and 2014 , approximately $ 2 million , $ 2 million , and $ 1 million , respectively , of stock option compensation expense was recognized due to qualifying termination eligibility preceding the requisite vesting period .

stock option awards options have been granted on an annual basis to non-employee directors under the directors' subplan and predecessor plans and by the compensation and management development committee of the board of directors under the 2012 omnibus plan and predecessor plans to employees .
option awards have an exercise price equal to the closing price of the company's stock on the date of grant .
the term of options is 10 years with vesting periods thf at vary up to three years .

vesting usually occurs ratably over the vesting period or at the end of the vesting period .
the company utilizes the black scholes merton option valuation model which relies on certain assumptions to estimate an option's fair value .
the weighted average assumptions used in the determination of fair value for stock options awarded in 2016 , 2015 , and 2014 are provided in the table below: .

 |
| table | assumptions                     | 2016               | 2015               | 2014
------------------------------- | ------------------ | ------------------ | ------------------
expected volatility rate        | 23.71% ( 23.71 % ) | 24.11% ( 24.11 % ) | 25.82% ( 25.82 % )
expected dividend yield         | 2.31% ( 2.31 % )   | 1.75% ( 1.75 % )   | 1.70% ( 1.70 % )
average risk-free interest rate | 1.23% ( 1.23 % )   | 1.45% ( 1.45 % )   | 1.44% ( 1.44 % )
expected term years             | 5.0                | 4.8                | 4.7 |


| _id | dd4bdddee |
| title |  |
| text | entergy corporation and subsidiaries notes to financial statements amount ( in millions ) .

subsequent to the closing , entergy received approximately $ 6 million from consumers energy company as part of the post-closing adjustment defined in the asset sale agreement .
the post-closing adjustment amount resulted in an approximately $ 6 million reduction in plant and a corresponding reduction in other liabilities .
for the ppa , which was at below-market prices at the time of the acquisition , non-utility nuclear will amortize a liability to revenue over the life of the agreement .

the amount that will be amortized each period is based upon the difference between the present value calculated at the date of acquisition of each year's difference between revenue under the agreement and revenue based on estimated market prices .
amounts amortized to revenue were $ 53 million in 2009 , $ 76 million in 2008 , and $ 50 million in 2007 .

the amounts to be amortized to revenue for the next five years will be $ 46 million for 2010 , $ 43 million for 2011 , $ 17 million in 2012 , $ 18 million for 2013 , and $ 16 million for 2014 .
nypa value sharing agreements non-utility nuclear's purchase of the fitzpatrick and indian point 3 plants from nypa included value sharing agreements with nypa .

in october 2007 , non-utility nuclear and nypa amended and restated the value sharing agreements to clarify and amend certain provisions of the original terms .
under the amended value sharing agreements , non-utility nuclear will make annual payments to nypa based on the generation output of the indian point 3 and fitzpatrick plants from january 2007 through december 2014 .

non-utility nuclear will pay nypa $ 6.59 per mwh for power sold from indian point 3 , up to an annual cap of $ 48 million , and $ 3.91 per mwh for power sold from fitzpatrick , up to an annual cap of $ 24 million .
the annual payment for each year's output is due by january 15 of the following year .
non-utility nuclear will record its liability for payments to nypa as power is generated and sold by indian point 3 and fitzpatrick .

an amount equal to the liability will be recorded to the plant asset account as contingent purchase price consideration for the plants .
in 2009 , 2008 , and 2007 , non-utility nuclear recorded $ 72 million as plant for generation during each of those years .
this amount will be depreciated over the expected remaining useful life of the plants .

in august 2008 , non-utility nuclear entered into a resolution of a dispute with nypa over the applicability of the value sharing agreements to its fitzpatrick and indian point 3 nuclear power plants after the planned spin-off of the non-utility nuclear business .
under the resolution , non-utility nuclear agreed not to treat the separation as a "cessation event" that would terminate its obligation to make the payments under the value sharing agreements .

as a result , after the spin-off transaction , enexus will continue to be obligated to make payments to nypa under the amended and restated value sharing agreements.

 |
| table | | amount ( in millions )
------------------------------------------ | ----------------------
plant ( including nuclear fuel )           | $ 727
decommissioning trust funds                | 252
other assets                               | 41
total assets acquired                      | 1020
purchased power agreement ( below market ) | 420
decommissioning liability                  | 220
other liabilities                          | 44
total liabilities assumed                  | 684
net assets acquired                        | $ 336 |


| _id | dd4bcb0cc |
| title |  |
| text | table of contents totaled an absolute notional equivalent of $ 292.3 million and $ 190.5 million , respectively , with the year-over-year increase primarily driven by earnings growth .
at this time , we do not hedge these long-term investment exposures .
we do not use foreign exchange contracts for speculative trading purposes , nor do we hedge our foreign currency exposure in a manner that entirely offsets the effects of changes in foreign exchange rates .

we regularly review our hedging program and assess the need to utilize financial instruments to hedge currency exposures on an ongoing basis .
cash flow hedging 2014hedges of forecasted foreign currency revenue we may use foreign exchange purchased options or forward contracts to hedge foreign currency revenue denominated in euros , british pounds and japanese yen .

we hedge these cash flow exposures to reduce the risk that our earnings and cash flows will be adversely affected by changes in exchange rates .
these foreign exchange contracts , carried at fair value , may have maturities between one and twelve months .
we enter into these foreign exchange contracts to hedge forecasted revenue in the normal course of business and accordingly , they are not speculative in nature .

we record changes in the intrinsic value of these cash flow hedges in accumulated other comprehensive income ( loss ) until the forecasted transaction occurs .
when the forecasted transaction occurs , we reclassify the related gain or loss on the cash flow hedge to revenue .

in the event the underlying forecasted transaction does not occur , or it becomes probable that it will not occur , we reclassify the gain or loss on the related cash flow hedge from accumulated other comprehensive income ( loss ) to interest and other income , net on our consolidated statements of income at that time .
for the fiscal year ended november 30 , 2018 , there were no net gains or losses recognized in other income relating to hedges of forecasted transactions that did not occur .

balance sheet hedging 2014hedging of foreign currency assets and liabilities we hedge exposures related to our net recognized foreign currency assets and liabilities with foreign exchange forward contracts to reduce the risk that our earnings and cash flows will be adversely affected by changes in foreign currency exchange rates .
these foreign exchange contracts are carried at fair value with changes in the fair value recorded as interest and other income , net .

these foreign exchange contracts do not subject us to material balance sheet risk due to exchange rate movements because gains and losses on these contracts are intended to offset gains and losses on the assets and liabilities being hedged .
at november 30 , 2018 , the outstanding balance sheet hedging derivatives had maturities of 180 days or less .
see note 5 of our notes to consolidated financial statements for information regarding our hedging activities .

interest rate risk short-term investments and fixed income securities at november 30 , 2018 , we had debt securities classified as short-term investments of $ 1.59 billion .
changes in interest rates could adversely affect the market value of these investments .
the following table separates these investments , based on stated maturities , to show the approximate exposure to interest rates ( in millions ) : .

a sensitivity analysis was performed on our investment portfolio as of november 30 , 2018 .
the analysis is based on an estimate of the hypothetical changes in market value of the portfolio that would result from an immediate parallel shift in the yield curve of various magnitudes.

 |
| table | due within one year             | $ 612.1
------------------------------- | --------
due between one and two years   | 564.2
due between two and three years | 282.2
due after three years           | 127.7
total                           | $ 1586.2 |


| _id | dd4b954d6 |
| title |  |
| text | decreased production volume as final aircraft deliveries were completed during the second quarter of 2012 and $ 50 million from the favorable resolution of a contractual matter during the second quarter of 2012 ; and about $ 270 million for various other programs ( primarily sustainment activities ) due to decreased volume .

the decreases were partially offset by higher net sales of about $ 295 million for f-35 production contracts due to increased production volume and risk retirements ; approximately $ 245 million for the c-5 program due to increased aircraft deliveries ( six aircraft delivered in 2013 compared to four in 2012 ) and other modernization activities ; and about $ 70 million for the f-35 development contract due to increased volume .

aeronautics 2019 operating profit for 2013 decreased $ 87 million , or 5% ( 5 % ) , compared to 2012 .

the decrease was primarily attributable to lower operating profit of about $ 85 million for the f-22 program , which includes approximately $ 50 million from the favorable resolution of a contractual matter in the second quarter of 2012 and about $ 35 million due to decreased risk retirements and production volume ; approximately $ 70 million for the c-130 program due to lower risk retirements and fewer deliveries partially offset by increased sustainment activities ; about $ 65 million for the c-5 program

; about $ 65 million for the c-5 program due to the inception-to-date effect of reducing the profit booking rate in the third quarter of 2013 and lower risk retirements ; approximately $ 35 million for the f-16 program due to fewer aircraft deliveries partially offset by increased sustainment activity and aircraft configuration mix .

the decreases were partially offset by higher operating profit of approximately $ 180 million for f-35 production contracts due to increased risk retirements and volume .
operating profit was comparable for the f-35 development contract and included adjustments of approximately $ 85 million to reflect the inception-to-date impacts of the downward revisions to the profit booking rate in both 2013 and 2012 .

adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 75 million lower for 2013 compared to backlog backlog decreased slightly in 2014 compared to 2013 primarily due to lower orders on f-16 and f-22 programs .
backlog decreased in 2013 compared to 2012 mainly due to lower orders on f-16 , c-5 and c-130 programs , partially offset by higher orders on the f-35 program .

trends we expect aeronautics 2019 2015 net sales to be comparable or slightly behind 2014 due to a decline in f-16 deliveries as well as a decline in f-35 development activity , partially offset by an increase in production contracts .
operating profit is also expected to decrease in the low single digit range , due primarily to contract mix , resulting in a slight decrease in operating margins between years .

information systems & global solutions our is&gs business segment provides advanced technology systems and expertise , integrated information technology solutions and management services across a broad spectrum of applications for civil , defense , intelligence and other government customers .
is&gs has a portfolio of many smaller contracts as compared to our other business segments .

is&gs has been impacted by the continued downturn in certain federal agencies 2019 information technology budgets and increased re-competition on existing contracts coupled with the fragmentation of large contracts into multiple smaller contracts that are awarded primarily on the basis of price .
is&gs 2019 operating results included the following ( in millions ) : .

2014 compared to 2013 is&gs 2019 net sales decreased $ 579 million , or 7% ( 7 % ) , for 2014 compared to 2013 .

the decrease was primarily attributable to lower net sales of about $ 645 million for 2014 due to the wind-down or completion of certain programs , driven by reductions in direct warfighter support ( including jieddo and ptds ) and defense budgets tied to command and control programs ; and approximately $ 490 million for 2014 due to a decline in volume for various ongoing programs , which reflects lower funding levels and programs impacted by in-theater force reductions .

the decreases were partially offset by higher net sales of about $ 550 million for 2014 due to the start-up of new programs , growth in recently awarded programs and integration of recently acquired companies.

 |
| table | | 2014           | 2013           | 2012
------------------- | -------------- | -------------- | --------------
net sales           | $ 7788         | $ 8367         | $ 8846
operating profit    | 699            | 759            | 808
operating margins   | 9.0% ( 9.0 % ) | 9.1% ( 9.1 % ) | 9.1% ( 9.1 % )
backlog at year-end | $ 8700         | $ 8300         | $ 8700 |


| _id | dd4bd4618 |
| title |  |
| text | reinsurance commissions , fees and other revenue increased 1% ( 1 % ) driven by a favorable foreign currency translation of 2% ( 2 % ) and was partially offset by a 1% ( 1 % ) decline in dispositions , net of acquisitions and other .
organic revenue was flat primarily resulting from strong growth in the capital market transactions and advisory business , partially offset by declines in global facultative placements .

operating income operating income increased $ 120 million , or 10% ( 10 % ) , from 2010 to $ 1.3 billion in 2011 .
in 2011 , operating income margins in this segment were 19.3% ( 19.3 % ) , up 70 basis points from 18.6% ( 18.6 % ) in 2010 .

operating margin improvement was primarily driven by revenue growth , reduced costs of restructuring initiatives and realization of the benefits of those restructuring plans , which was partially offset by the negative impact of expense increases related to investment in the business , lease termination costs , legacy receivables write-off , and foreign currency exchange rates .
hr solutions .

in october 2010 , we completed the acquisition of hewitt , one of the world 2019s leading human resource consulting and outsourcing companies .
hewitt operates globally together with aon 2019s existing consulting and outsourcing operations under the newly created aon hewitt brand .
hewitt 2019s operating results are included in aon 2019s results of operations beginning october 1 , 2010 .

our hr solutions segment generated approximately 40% ( 40 % ) of our consolidated total revenues in 2011 and provides a broad range of human capital services , as follows : 2022 health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees .

benefits consulting includes health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services .
effective january 1 , 2012 , this line of business will be included in the results of the risk solutions segment .

2022 retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration .
2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries .

2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management .

2022 benefits administration applies our hr expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services .
our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions .

2022 human resource business processing outsourcing ( 2018 2018hr bpo 2019 2019 ) provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and

 |
| table | years ended december 31, | 2011             | 2010             | 2009
------------------------ | ---------------- | ---------------- | ----------------
revenue                  | $ 4501           | $ 2111           | $ 1267
operating income         | 448              | 234              | 203
operating margin         | 10.0% ( 10.0 % ) | 11.1% ( 11.1 % ) | 16.0% ( 16.0 % ) |


| _id | dd4c4d248 |
| title |  |
| text | $ 190 million , or 30% ( 30 % ) of pre-tax earnings before equity earnings .
during the 2009 second quarter , in connection with the evaluation of the company 2019s etienne mill in france , the company determined that the future realization of previously recorded deferred tax assets in france , including net operating loss carryforwards , no longer met the 201cmore likely than not 201d standard for asset recognition .

accordingly , a charge of $ 156 million , before and after taxes , was recorded to establish a valuation allowance for 100% ( 100 % ) of these assets .
additionally in 2009 , as a result of agree- ments on the 2004 and 2005 u.s .
federal income tax audits , and related state income tax effects , a $ 26 million credit was recorded .

the 2008 income tax provision of $ 162 million included a $ 207 million benefit related to special items which included a $ 175 million tax benefit related to restructuring and other charges , a $ 23 mil- lion tax benefit for the impairment of certain non-u.s .
assets , a $ 29 million tax expense for u.s .
taxes on a gain in the company 2019s ilim joint venture , a $ 40 million tax benefit related to the restructuring of the company 2019s international operations , and $ 2 mil- lion of other expense .

excluding the impact of spe- cial items , the tax provision was $ 369 million , or 31.5% ( 31.5 % ) of pre-tax earnings before equity earnings .
the company recorded an income tax provision for 2007 of $ 415 million , including a $ 41 million benefit related to the effective settlement of tax audits , and $ 8 million of other tax benefits .
excluding the impact of special items , the tax provision was $ 423 million , or 30% ( 30 % ) of pre-tax earnings before equity earnings .
international paper has u.s .

international paper has u.s .
federal and non-u.s .
net operating loss carryforwards of approximately $ 452 million that expire as follows : 2010 through 2019 2013 $ 8 million , years 2020 through 2029 2013 $ 29 million and indefinite carryforwards of $ 415 million .
international paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions of approx- imately $ 204 million that expire as follows : 2010 through 2019 2013 $ 75 million and 2020 through 2029 2013 $ 129 million .

international paper also has approx- imately $ 273 million of u.s .
federal , non-u.s .
and state tax credit carryforwards that expire as follows : 2010 through 2019 2013 $ 54 million , 2020 through 2029 2013 $ 32 million , and indefinite carryforwards 2013 $ 187 mil- lion .
further , international paper has $ 2 million of state capital loss carryforwards that expire in 2010 through 2019 .

deferred income taxes are not provided for tempo- rary differences of approximately $ 3.5 billion , $ 2.6 billion and $ 3.7 billion as of december 31 , 2009 , 2008 and 2007 , respectively , representing earnings of non-u.s .
subsidiaries intended to be permanently reinvested .
computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable .

note 11 commitments and contingent liabilities certain property , machinery and equipment are leased under cancelable and non-cancelable agree- ments .

unconditional purchase obligations have been entered into in the ordinary course of business , prin- cipally for capital projects and the purchase of cer- tain pulpwood , logs , wood chips , raw materials , energy and services , including fiber supply agree- ments to purchase pulpwood that were entered into concurrently with the company 2019s 2006 trans- formation plan forestland sales .

at december 31 , 2009 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows : in millions 2010 2011 2012 2013 2014 thereafter obligations $ 177 $ 148 $ 124 $ 96 $ 79 $ 184 purchase obligations ( a ) 2262 657 623 556 532 3729 .

( a ) includes $ 2.8 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales .
rent expense was $ 216 million , $ 205 million and $ 168 million for 2009 , 2008 and 2007 , respectively .

in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters .

where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction .
in may 2008 , a recovery boiler at the company 2019s vicksburg , mississippi facility exploded , resulting in one fatality and injuries to employees of contractors

 |
| table | in millions                | 2010   | 2011  | 2012  | 2013  | 2014  | thereafter
-------------------------- | ------ | ----- | ----- | ----- | ----- | ----------
lease obligations          | $ 177  | $ 148 | $ 124 | $ 96  | $ 79  | $ 184
purchase obligations ( a ) | 2262   | 657   | 623   | 556   | 532   | 3729
total                      | $ 2439 | $ 805 | $ 747 | $ 652 | $ 611 | $ 3913 |


| _id | dd4c608ac |
| title |  |
| text | supplementary information on oil and gas producing activities ( unaudited ) c o n t i n u e d summary of changes in standardized measure of discounted future net cash flows relating to proved oil and gas reserves ( in millions ) 2004 2003 2002 sales and transfers of oil and gas produced , net of production , transportation , and administrative costs $ ( 2715 ) $ ( 2487 ) $ ( 1983 ) net changes in prices and production , transportation and administrative costs related to future production 950 1178 2795 .

 |
| table | ( in millions )                                                                                | 2004             | 2003             | 2002
--------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------
sales and transfers of oil and gas produced net of production transportation and administrative costs     | $ -2715 ( 2715 ) | $ -2487 ( 2487 ) | $ -1983 ( 1983 )
net changes in prices and production transportation and administrative costs related to future production | 950              | 1178             | 2795
extensions discoveries and improved recovery less related costs                                           | 1352             | 618              | 1032
development costs incurred during the period                                                              | 711              | 802              | 499
changes in estimated future development costs                                                             | -556 ( 556 )     | -478 ( 478 )     | -297 ( 297 )
revisions of previous quantity estimates                                                                  | 494              | 348              | 311
net changes in purchases and sales of minerals in place                                                   | 33               | -531 ( 531 )     | 737
net change in exchanges of minerals in place                                                              | 2013             | 403              | 2013
accretion of discount                                                                                | 790              | 807              | 417
net change in income taxes                                                                                | -529 ( 529 )     | 65               | -1288 ( 1288 )
timing and other                                                                                | -62 ( 62 )       | -165 ( 165 )     | 2
net change for the year                                                                                | 468              | 560              | 2225
beginning of year                                                                                | 6001             | 5441             | 3216
end of year                                                                                | $ 6469           | $ 6001           | $ 5441
net change for the year from discontinued operations                                                      | $ 2013           | $ -384 ( 384 )   | $ 212 |


| _id | dd4bc3ac0 |
| title |  |
| text | ( a ) excludes discontinued operations .
( b ) earnings before interest expense and taxes as a percent of average total assets .
( c ) total debt as a percent of the sum of total debt , shareholders 2019 equity and non-current deferred income tax liabilities .
the results above include the impact of the specified items detailed below .
additional discussion regarding the specified items in fiscal years 2017 , 2016 and 2015 are provided in item 7 .

management 2019s discussion and analysis of financial condition and results of operations. .

item 7 .
management 2019s discussion and analysis of financial condition and results of operations the following commentary should be read in conjunction with the consolidated financial statements and accompanying notes .
within the tables presented throughout this discussion , certain columns may not add due to the use of rounded numbers for disclosure purposes .
percentages and earnings per share amounts presented are calculated from the underlying amounts .

references to years throughout this discussion relate to our fiscal years , which end on september 30 .

company overview description of the company and business segments becton , dickinson and company ( 201cbd 201d ) is a global medical technology company engaged in the development , manufacture and sale of a broad range of medical supplies , devices , laboratory equipment and diagnostic products used by healthcare institutions , life science researchers , clinical laboratories , the pharmaceutical industry and the general public .

the company's organizational structure is based upon two principal business segments , bd medical ( 201cmedical 201d ) and bd life sciences ( 201clife sciences 201d ) .
bd 2019s products are manufactured and sold worldwide .
our products are marketed in the united states and internationally through independent distribution channels and directly to end-users by bd and independent sales representatives .

we organize our operations outside the united states as follows : europe ; ema ( which includes the commonwealth of independent states , the middle east and africa ) ; greater asia ( which includes japan and asia pacific ) ; latin america ( which includes mexico , central america , the caribbean , and south america ) ; and canada .

we continue to pursue growth opportunities in emerging markets , which include the following geographic regions : eastern europe , the middle east , africa , latin america and certain countries within asia pacific .
we are primarily focused on certain countries whose healthcare systems are expanding , in particular , china and india .
strategic objectives bd remains focused on delivering sustainable growth and shareholder value , while making appropriate investments for the future .

bd management operates the business consistent with the following core strategies : 2022 to increase revenue growth by focusing on our core products , services and solutions that deliver greater benefits to patients , healthcare workers and researchers;

 |
| table | millions of dollars except per share amounts            | years ended september 30 2017 | years ended september 30 2016 | years ended september 30 2015 | years ended september 30 2014 | years ended september 30 2013
------------------------------------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | -----------------------------
total specified items                                   | $ 1466                        | $ 1261                        | $ 1186                        | $ 153                         | $ 442
after-tax impact of specified items                     | $ 971                         | $ 892                         | $ 786                         | $ 101                         | $ 279
impact of specified items on diluted earnings per share | $ -4.34 ( 4.34 )              | $ -4.10 ( 4.10 )              | $ -3.79 ( 3.79 )              | $ -0.51 ( 0.51 )              | $ -1.40 ( 1.40 )
impact of dilution from share issuances                 | $ -0.54 ( 0.54 )              | $ 2014                        | $ -0.02 ( 0.02 )              | $ 2014                        | $ 2014 |


| _id | dd4bea9d6 |
| title |  |
| text | american tower corporation and subsidiaries notes to consolidated financial statements ( 3 ) consists of customer-related intangibles of approximately $ 75.0 million and network location intangibles of approximately $ 72.7 million .
the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years .
( 4 ) the company expects that the goodwill recorded will be deductible for tax purposes .

the goodwill was allocated to the company 2019s international rental and management segment .
on september 12 , 2012 , the company entered into a definitive agreement to purchase up to approximately 348 additional communications sites from telef f3nica mexico .
on september 27 , 2012 and december 14 , 2012 , the company completed the purchase of 279 and 2 communications sites , for an aggregate purchase price of $ 63.5 million ( including value added tax of $ 8.8 million ) .

the following table summarizes the preliminary allocation of the aggregate purchase consideration paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition ( in thousands ) : preliminary purchase price allocation .

( 1 ) consists of customer-related intangibles of approximately $ 10.7 million and network location intangibles of approximately $ 10.4 million .
the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years .
( 2 ) the company expects that the goodwill recorded will be deductible for tax purposes .
the goodwill was allocated to the company 2019s international rental and management segment .

on november 16 , 2012 , the company entered into an agreement to purchase up to 198 additional communications sites from telef f3nica mexico .
on december 14 , 2012 , the company completed the purchase of 188 communications sites , for an aggregate purchase price of $ 64.2 million ( including value added tax of $ 8.9 million ) .

 |
| table | | preliminary purchase price allocation
--------------------------------- | -------------------------------------
current assets                    | $ 8763
non-current assets                | 2332
property and equipment            | 26711
intangible assets ( 1 )           | 21079
other non-current liabilities     | -1349 ( 1349 )
fair value of net assets acquired | $ 57536
goodwill ( 2 )                    | 5998 |


| _id | dd4c4fec6 |
| title |  |
| text | stock performance graph the graph depicted below shows a comparison of our cumulative total stockholder returns for our common stock , the nasdaq stock market index , and the nasdaq pharmaceutical index , from the date of our initial public offering on july 27 , 2000 through december 26 , 2003 .
the graph assumes that $ 100 was invested on july 27 , 2000 , in our common stock and in each index , and that all dividends were reinvested .
no cash dividends have been declared on our common stock .

stockholder returns over the indicated period should not be considered indicative of future stockholder returns .
comparison of total return among illumina , inc. , the nasdaq composite index and the nasdaq pharmaceutical index december 26 , 2003december 27 , 2002december 28 , 2001december 29 , 2000july 27 , 2000 illumina , inc .
nasdaq composite index nasdaq pharmaceutical index july 27 , december 29 , december 28 , december 27 , december 26 , 2000 2000 2001 2002 2003 .

 |
| table | | july 27 2000 | december 29 2000 | december 28 2001 | december 27 2002 | december 26 2003
--------------------------- | ------------ | ---------------- | ---------------- | ---------------- | ----------------
illumina inc .              | 100.00       | 100.39           | 71.44            | 19.50            | 43.81
nasdaq composite index      | 100.00       | 63.84            | 51.60            | 35.34            | 51.73
nasdaq pharmaceutical index | 100.00       | 93.20            | 82.08            | 51.96            | 74.57 |


| _id | dd4bdf86a |
| title |  |
| text | entergy corporation notes to consolidated financial statements the annual long-term debt maturities ( excluding lease obligations ) for debt outstanding as of december 31 , 2004 , for the next five years are as follows: .

in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction .
entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing .
these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) .

in accordance with the purchase agreement with nypa , the purchase of indian point 2 in 2001 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 .
this liability was recorded upon the purchase of indian point 2 in september 2001 , and is included in the note payable to nypa balance above .
in july 2003 , a payment of $ 102 million was made prior to maturity on the note payable to nypa .

under a provision in a letter of credit supporting these notes , if certain of the domestic utility companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit .
covenants in the entergy corporation notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization .

if entergy's debt ratio exceeds this limit , or if entergy or certain of the domestic utility companies default on other indebtedness or are in bankruptcy or insolvency proceedings , an acceleration of the notes' maturity dates may occur .
the long-term securities issuances of entergy corporation , entergy gulf states , entergy louisiana , entergy mississippi , and system energy also are limited to amounts authorized by the sec .

under its current sec order , and without further authorization , entergy corporation cannot incur additional indebtedness or issue other securities unless ( a ) it and each of its public utility subsidiaries maintain a common equity ratio of at least 30% ( 30 % ) and ( b ) the security to be issued ( if rated ) and all outstanding securities of entergy corporation that are rated , are rated investment grade by at least one nationally recognized statistical rating agency .

under their current sec orders , and without further authorization , entergy gulf states , entergy louisiana , and entergy mississippi cannot incur additional indebtedness or issue other securities unless ( a ) the issuer and entergy corporation maintains a common equity ratio of at least 30% ( 30 % ) and ( b ) the security to be issued ( if rated ) and all outstanding securities of the issuer ( other than preferred stock of entergy gulf states ) , as well as all outstanding securities of entergy

as well as all outstanding securities of entergy corporation , that are rated , are rated investment grade .

junior subordinated deferrable interest debentures and implementation of fin 46 entergy implemented fasb interpretation no .
46 , "consolidation of variable interest entities" effective december 31 , 2003 .
fin 46 requires existing unconsolidated variable interest entities to be consolidated by their primary beneficiaries if the entities do not effectively disperse risks among their investors .

variable interest entities ( vies ) , generally , are entities that do not have sufficient equity to permit the entity to finance its operations without additional financial support from its equity interest holders and/or the group of equity interest holders are collectively not able to exercise control over the entity .

the primary beneficiary is the party that absorbs a majority of the entity's expected losses , receives a majority of its expected residual returns , or both as a result of holding the variable interest .
a company may have an interest in a vie through ownership or other contractual rights or obligations .

entergy louisiana capital i , entergy arkansas capital i , and entergy gulf states capital i ( trusts ) were established as financing subsidiaries of entergy louisiana , entergy arkansas , and entergy gulf states

 |
| table | | ( in thousands )
---- | ----------------
2005 | $ 467298
2006 | $ 75896
2007 | $ 199539
2008 | $ 747246
2009 | $ 512584 |


| _id | dd496eee6 |
| title |  |
| text | backlog applied manufactures systems to meet demand represented by order backlog and customer commitments .
backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months .

backlog by reportable segment as of october 27 , 2013 and october 28 , 2012 was as follows : 2013 2012 ( in millions , except percentages ) .

applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders .
customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties .
delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations .

manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems .

applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites .
applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products .

although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible .
accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers .

applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers .

research , development and engineering applied 2019s long-term growth strategy requires continued development of new products .
the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle .

applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements .
product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china .
in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india .

process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel .
applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 , and $ 1.1 billion ( 11 percent of net sales ) in fiscal 2011 .

applied has spent an average of 14 percent of net sales in rd&e over the last five years .
in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products.

 |
| table | | 2013   | 2012           |        | ( in millions except percentages )
---------------------------------- | ------ | -------------- | ------ | ----------------------------------
silicon systems group              | $ 1295 | 55% ( 55 % )   | $ 705  | 44% ( 44 % )
applied global services            | 591    | 25% ( 25 % )   | 580    | 36% ( 36 % )
display                            | 361    | 15% ( 15 % )   | 206    | 13% ( 13 % )
energy and environmental solutions | 125    | 5% ( 5 % )     | 115    | 7% ( 7 % )
total                              | $ 2372 | 100% ( 100 % ) | $ 1606 | 100% ( 100 % ) |


| _id | dd4c59b2e |
| title |  |
| text | security ownership of 5% ( 5 % ) holders , directors , nominees and executive officers name of beneficial owner shares of common stock beneficially owned ( 1 ) percent of common stock outstanding .

all current executive officers and directors as a group ( 15 persons ) .
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9378423 ( 15 ) 1.09% ( 1.09 % ) ( 1 ) represents shares of common stock held and/or options held by such individuals that were exercisable at the table date or within 60 days thereafter .
this does not include options or restricted stock units that vest after 60 days .

the share numbers have been adjusted to reflect the company 2019s two-for-one stock split in february 2005 .
( 2 ) based on a form 13g/a filed february 14 , 2005 by fmr corp .
fmr corp .
lists its address as 82 devonshire street , boston , ma 02109 , in such filing .
( 3 ) based on a form 13f filed january 25 , 2006 , by barclays global investors .
barclays global investors lists its address as 45 fremont street , san francisco , ca 94105 .
( 4 ) includes 120000 shares of common stock that mr .

jobs has the right to acquire by exercise of stock options .
( 5 ) includes 220000 shares of common stock that mr .
campbell has the right to acquire by exercise of stock options .
( 6 ) excludes 600000 unvested restricted stock units .
( 7 ) includes 40000 shares of common stock that mr .
drexler holds indirectly and 180000 shares of common stock that mr .
drexler has the right to acquire by exercise of stock options .
( 8 ) consists of 60000 shares of common stock that mr .

gore has the right to acquire by exercise of stock options .
( 9 ) includes 1900000 shares of common stock that mr .
johnson has the right to acquire by exercise of stock options and excludes 450000 unvested restricted stock units .
( 10 ) includes 2000 shares of common stock that dr .
levinson holds indirectly and 100000 shares of common stock that dr .
levinson has the right to acquire by exercise of stock options .
( 11 ) excludes 450000 unvested restricted stock units .

( 12 ) excludes 400000 unvested restricted stock units.

 |
| table | name of beneficial owner fidelity investments                          | name of beneficial owner 57162311 | -2 ( 2 )   | 6.65% ( 6.65 % )
---------------------------------------------------------------------- | --------------------------------- | ---------- | ----------------
alliancebernstein lp                                                   | 48637731                          | -3 ( 3 )   | 5.66% ( 5.66 % )
steven p . jobs                                                        | 5546451                           | -4 ( 4 )   | *
william v . campbell                                                   | 221004                            | -5 ( 5 )   | *
timothy d . cook                                                       | 12597                             | -6 ( 6 )   | *
millard s . drexler                                                    | 220000                            | -7 ( 7 )   | *
albert a . gore jr .                                                   | 60000                             | -8 ( 8 )   | *
ronald b . johnson                                                     | 2049890                           | -9 ( 9 )   | *
arthur d . levinson                                                    | 362400                            | -10 ( 10 ) | *
peter oppenheimer                                                      | 149768                            | -11 ( 11 ) | *
philip w . schiller                                                    | 256                               | -12 ( 12 ) | *
eric e . schmidt                                                       | 12284                             | -13 ( 13 ) | *
jerome b . york                                                        | 80000                             | -14 ( 14 ) | *
all current executive officers and directors as a group ( 15 persons ) | 9378423                           | -15 ( 15 ) | 1.09% ( 1.09 % ) |


| _id | dd4b97722 |
| title |  |
| text | n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( continued ) ace limited and subsidiaries share-based compensation expense for stock options and shares issued under the employee stock purchase plan ( espp ) amounted to $ 24 million ( $ 22 million after tax or $ 0.07 per basic and diluted share ) , $ 23 million ( $ 21 million after tax or $ 0.06 per basic and diluted share ) , and $ 20 million ( $ 18 million after tax or $ 0.05 per basic and diluted share ) for the years ended

per basic and diluted share ) for the years ended december 31 , 2008 , 2007 , and 2006 , respectively .

for the years ended december 31 , 2008 , 2007 and 2006 , the expense for the restricted stock was $ 101 million ( $ 71 million after tax ) , $ 77 million ( $ 57 million after tax ) , and $ 65 million ( $ 49 million after tax ) , respectively .
during 2004 , the company established the ace limited 2004 long-term incentive plan ( the 2004 ltip ) .
once the 2004 ltip was approved by shareholders , it became effective february 25 , 2004 .
it will continue in effect until terminated by the board .

this plan replaced the ace limited 1995 long-term incentive plan , the ace limited 1995 outside directors plan , the ace limited 1998 long-term incentive plan , and the ace limited 1999 replacement long-term incentive plan ( the prior plans ) except as to outstanding awards .
during the company 2019s 2008 annual general meeting , shareholders voted to increase the number of common shares authorized to be issued under the 2004 ltip from 15000000 common shares to 19000000 common shares .

accordingly , under the 2004 ltip , a total of 19000000 common shares of the company are authorized to be issued pursuant to awards made as stock options , stock appreciation rights , performance shares , performance units , restricted stock , and restricted stock units .

the maximum number of shares that may be delivered to participants and their beneficiaries under the 2004 ltip shall be equal to the sum of : ( i ) 19000000 shares ; and ( ii ) any shares that are represented by awards granted under the prior plans that are forfeited , expired , or are canceled after the effective date of the 2004 ltip , without delivery of shares or which result in the forfeiture of the shares back to the company to the extent that such shares would have been added back to the reserve

shares would have been added back to the reserve under the terms of the applicable prior plan .

as of december 31 , 2008 , a total of 10591090 shares remain available for future issuance under this plan .
under the 2004 ltip , 3000000 common shares are authorized to be issued under the espp .
as of december 31 , 2008 , a total of 989812 common shares remain available for issuance under the espp .

stock options the company 2019s 2004 ltip provides for grants of both incentive and non-qualified stock options principally at an option price per share of 100 percent of the fair value of the company 2019s common shares on the date of grant .
stock options are generally granted with a 3-year vesting period and a 10-year term .
the stock options vest in equal annual installments over the respective vesting period , which is also the requisite service period .

included in the company 2019s share-based compensation expense in the year ended december 31 , 2008 , is the cost related to the unvested portion of the 2005-2008 stock option grants .
the fair value of the stock options was estimated on the date of grant using the black-scholes option-pricing model that uses the assumptions noted in the following table .
the risk-free inter- est rate is based on the u.s .
treasury yield curve in effect at the time of grant .

the expected life ( estimated period of time from grant to exercise date ) was estimated using the historical exercise behavior of employees .

expected volatility was calculated as a blend of ( a ) historical volatility based on daily closing prices over a period equal to the expected life assumption , ( b ) long- term historical volatility based on daily closing prices over the period from ace 2019s initial public trading date through the most recent quarter , and ( c ) implied volatility derived from ace 2019s publicly traded options .

the fair value of the options issued is estimated on the date of grant using the black-scholes option-pricing model , with the following weighted-average assumptions used for grants for the years indicated: .

 |
| table | | 2008               | 2007               | 2006
----------------------- | ------------------ | ------------------ | ------------------
dividend yield          | 1.80% ( 1.80 % )   | 1.78% ( 1.78 % )   | 1.64% ( 1.64 % )
expected volatility     | 32.20% ( 32.20 % ) | 27.43% ( 27.43 % ) | 31.29% ( 31.29 % )
risk-free interest rate | 3.15% ( 3.15 % )   | 4.51% ( 4.51 % )   | 4.60% ( 4.60 % )
forfeiture rate         | 7.5% ( 7.5 % )     | 7.5% ( 7.5 % )     | 7.5% ( 7.5 % )
expected life           | 5.7 years          | 5.6 years          | 6 years |


| _id | dd4c00056 |
| title |  |
| text | american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) 7 .
financing arrangements outstanding amounts under the company 2019s long-term financing arrangements consisted of the following as of december 31 , ( in thousands ) : .

credit facilities 2014in october 2005 , the company refinanced the two existing credit facilities of its principal operating subsidiaries .
the company replaced the existing american tower $ 1.1 billion senior secured credit facility with a new $ 1.3 billion senior secured credit facility and replaced the existing spectrasite $ 900.0 million senior secured credit facility with a new $ 1.15 billion senior secured credit facility .

in february 2007 , the company secured an additional $ 550.0 million under its credit facilities and drew down $ 250.0 million of the existing revolving loans under the american tower credit facility .

( see note 19. ) during the year ended december 31 , 2006 , the company drew down the remaining amount available under the delayed draw term loan component of the american tower credit facility and drew down $ 25.0 million of the delayed draw term loan component of the spectrasite credit facility to finance debt redemptions and repurchases .

in addition , on october 27 , 2006 , the remaining $ 175.0 million undrawn portion of the delayed draw term loan component of the spectrasite facility was canceled pursuant to its terms .

as of december 31 , 2006 , the american tower credit facility consists of the following : 2022 a $ 300.0 million revolving credit facility , against which approximately $ 17.8 million of undrawn letters of credit are outstanding at december 31 , 2006 , maturing on october 27 , 2010 ; 2022 a $ 750.0 million term loan a , which is fully drawn , maturing on october 27 , 2010 ; and 2022 a $ 250.0 million delayed draw term loan , which is fully drawn , maturing on october 27 , 2010 .

the borrowers under the american tower credit facility include ati , american tower , l.p. , american tower international , inc .
and american tower llc .
the company and the borrowers 2019 restricted subsidiaries ( as defined in the loan agreement ) have guaranteed all of the loans under the credit facility .

these loans are secured by liens on and security interests in substantially all assets of the borrowers and the restricted subsidiaries , with a carrying value aggregating approximately $ 4.5 billion at december 31 , 2006 .
as of december 31 , 2006 , the spectrasite credit facility consists of the following : 2022 a $ 250.0 million revolving credit facility , against which approximately $ 4.6 million of undrawn letters of credit were outstanding at december 31 , 2006 , maturing on october 27 , 2010;

 |
| table | | 2006               | 2005
------------------------------------------------------------------------ | ------------------ | ------------------
american tower credit facility                                           | $ 1000000          | $ 793000
spectrasite credit facility                                              | 725000             | 700000
senior subordinated notes                                                | 325075             | 400000
senior subordinated discount notes net of discount and warrant valuation |                    | 160252
senior notes net of discount and premium                                 | 728507             | 726754
convertible notes net of discount                                        | 704596             | 773058
notes payable and capital leases                                         | 59838              | 60365
total                                                                    | 3543016            | 3613429
less current portion of other long-term obligations                      | -253907 ( 253907 ) | -162153 ( 162153 )
long-term obligations                                                    | $ 3289109          | $ 3451276 |


| _id | dd4bade46 |
| title |  |
| text | factors , including the market price of our common stock , general economic and market conditions and applicable legal requirements .
the repurchase program may be commenced , suspended or discontinued at any time .
in fiscal 2019 , we repurchased approximately 2.1 million shares of our common stock for an aggregate cost of $ 88.6 million .
in fiscal 2018 , we repurchased approximately 3.4 million shares of our common stock for an aggregate cost of $ 195.1 million .

as of september 30 , 2019 , we had approximately 19.1 million shares of common stock available for repurchase under the program .

we anticipate that we will be able to fund our capital expenditures , interest payments , dividends and stock repurchases , pension payments , working capital needs , note repurchases , restructuring activities , repayments of current portion of long-term debt and other corporate actions for the foreseeable future from cash generated from operations , borrowings under our credit facilities , proceeds from our a/r sales agreement , proceeds from the issuance of debt or equity securities or other additional

of debt or equity securities or other additional long-term debt financing , including new or amended facilities .

in addition , we continually review our capital structure and conditions in the private and public debt markets in order to optimize our mix of indebtedness .
in connection with these reviews , we may seek to refinance existing indebtedness to extend maturities , reduce borrowing costs or otherwise improve the terms and composition of our indebtedness .

contractual obligations we summarize our enforceable and legally binding contractual obligations at september 30 , 2019 , and the effect these obligations are expected to have on our liquidity and cash flow in future periods in the following table .

certain amounts in this table are based on management 2019s estimates and assumptions about these obligations , including their duration , the possibility of renewal , anticipated actions by third parties and other factors , including estimated minimum pension plan contributions and estimated benefit payments related to postretirement obligations , supplemental retirement plans and deferred compensation plans .

because these estimates and assumptions are subjective , the enforceable and legally binding obligations we actually pay in future periods may vary from those presented in the table. .

( 1 ) includes only principal payments owed on our debt assuming that all of our long-term debt will be held to maturity , excluding scheduled payments .
we have excluded $ 163.5 million of fair value of debt step-up , deferred financing costs and unamortized bond discounts from the table to arrive at actual debt obligations .
see 201cnote 13 .
debt 201d of the notes to consolidated financial statements for information on the interest rates that apply to our various debt instruments .

( 2 ) see 201cnote 15 .
operating leases 201d of the notes to consolidated financial statements for additional information .
( 3 ) the fair value step-up of $ 16.9 million is excluded .
see 201cnote 13 .
debt 2014 capital lease and other indebtedness 201d of the notes to consolidated financial statements for additional information .

( 4 ) purchase obligations include agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms , including : fixed or minimum quantities to be purchased ; fixed , minimum or variable price provision ; and the approximate timing of the transaction .
purchase obligations exclude agreements that are cancelable without penalty .

( 5 ) we have included in the table future estimated minimum pension plan contributions and estimated benefit payments related to postretirement obligations , supplemental retirement plans and deferred compensation plans .
our estimates are based on factors , such as discount rates and expected returns on plan assets .
future contributions are subject to changes in our underfunded status based on factors such as investment performance , discount rates , returns on plan assets and changes in legislation .

it is possible that our assumptions may change , actual market performance may vary or we may decide to contribute different amounts .
we have excluded $ 237.2 million of multiemployer pension plan withdrawal liabilities recorded as of september 30 , 2019 , including our estimate of the accumulated funding deficiency , due to lack of

 |
| table | ( in millions )                                                                   | payments due by period total | payments due by period fiscal 2020 | payments due by period fiscal 2021and 2022 | payments due by period fiscal 2023and 2024 | payments due by period thereafter
--------------------------------------------------------------------------------- | ---------------------------- | ---------------------------------- | ------------------------------------------ | ------------------------------------------ | ---------------------------------
long-term debt including current portionexcluding capital lease obligations ( 1 ) | $ 9714.1                     | $ 550.8                            | $ 939.8                                    | $ 2494.3                                   | $ 5729.2
operating lease obligations ( 2 )                                                 | 930.4                        | 214.3                              | 316.4                                      | 193.6                                      | 206.1
capital lease obligations ( 3 )                                                   | 168.9                        | 6.4                                | 8.7                                        | 2.9                                        | 150.9
purchase obligations and other ( 4 ) ( 5 ) ( 6 )                                  | 2293.5                       | 1607.0                             | 292.5                                      | 206.7                                      | 187.3
total                                                                             | $ 13106.9                    | $ 2378.5                           | $ 1557.4                                   | $ 2897.5                                   | $ 6273.5 |


| _id | dd4b9445a |
| title |  |
| text | page 20 of 100 segment sales were $ 100.7 million lower in 2009 than in 2008 , primarily as a result of the impact of lower aluminum prices partially offset by an increase in sales volumes .
the higher sales volumes in 2009 were the result of incremental volumes from the four plants purchased from ab inbev , partially offset by certain plant closures and lower sales volumes in the existing business .

segment earnings in 2010 were $ 122.3 million higher than in 2009 primarily due to a net $ 85 million impact related to the higher sales volumes and $ 45 million of product mix and improved manufacturing performance associated with higher production .
also adding to the 2010 improvement was the effect of a $ 7 million out-of-period inventory charge in 2009 .
the details of the out-of-period adjustment are included in note 7 to the consolidated financial statements included within item 8 of this report .

segment earnings in 2009 were higher than in 2008 due to $ 12 million of earnings contribution from the four acquired plants and approximately $ 21 million of savings associated with plant closures .
partially offsetting these favorable impacts were lower carbonated soft drink and beer can sales volumes ( excluding the newly acquired plants ) and approximately $ 25 million related to higher cost inventories in the first half of 2009 .
metal beverage packaging , europe .

( a ) further details of these items are included in note 5 to the consolidated financial statements within item 8 of this report .
the metal beverage packaging , europe , segment includes metal beverage packaging products manufactured in europe .
ball packaging europe has manufacturing plants located in germany , the united kingdom , france , the netherlands , poland and serbia , and is the second largest metal beverage container business in europe .

segment sales in 2010 decreased $ 41.9 million compared to 2009 , primarily due to unfavorable foreign exchange effects of $ 93 million and price and mix changes , partially offset by higher sales volumes .
segment sales in 2009 as compared to 2008 were $ 129.2 million lower due to $ 110 million of unfavorable foreign exchange effects , partially offset by better commercial terms .
sales volumes in 2009 were essentially flat compared to those in the prior year .

segment earnings in 2010 decreased $ 1.9 million compared to 2009 , primarily the result of a $ 28 million increase related to higher sales volumes , offset by $ 18 million of negative effects from foreign currency translation and $ 12 million of higher inventory and other costs .
while 2009 sales volumes were consistent with the prior year , the adverse effects of foreign currency translation , both within europe and on the conversion of the euro to the u.s .

dollar , reduced segment earnings by $ 8 million .
also contributing to lower segment earnings were higher cost inventory carried into 2009 and a change in sales mix , partially offset by better commercial terms in some of our contracts .
on january 18 , 2011 , ball acquired aerocan s.a.s .
( aerocan ) , a leading european supplier of aluminum aerosol cans and bottles , for 20ac222.4 million ( approximately $ 300 million ) in cash and assumed debt .

aerocan manufactures extruded aluminum aerosol cans and bottles , and the aluminum slugs used to make them , for customers in the personal care , pharmaceutical , beverage and food industries .
it operates three aerosol can manufacturing plants 2013 one each in the czech republic , france and the united kingdom 2013 and is a 51 percent owner of a joint venture aluminum slug plant in france .
the four plants employ approximately 560 people .

the four plants employ approximately 560 people .
the acquisition of aerocan will allow ball to enter a growing part of the metal packaging industry and to broaden the company 2019s market development efforts into a new customer base.

 |
| table | ( $ in millions )                  | 2010         | 2009     | 2008
---------------------------------- | ------------ | -------- | --------
net sales                          | $ 1697.6     | $ 1739.5 | $ 1868.7
segment earnings                   | $ 212.9      | $ 214.8  | $ 230.9
business consolidation costs ( a ) | -3.2 ( 3.2 ) | 2212     | 2212
total segment earnings             | $ 209.7      | $ 214.8  | $ 230.9 |


| _id | dd4c16644 |
| title |  |
| text | 52 s&p global 2018 annual report cash consideration that would be received for instances when the service components are sold separately .
if the fair value to the customer for each service is not objectively determinable , we make our best estimate of the services 2019 stand-alone selling price and record revenue as it is earned over the service period .
receivables we record a receivable when a customer is billed or when revenue is recognized prior to billing a customer .

for multi- year agreements , we generally invoice customers annually at the beginning of each annual period .
the opening balance of accounts receivable , net of allowance for doubtful accounts , was $ 1319 million as of january 1 , 2018 .
contract assets contract assets include unbilled amounts from when the company transfers service to a customer before a customer pays consideration or before payment is due .

as of december 31 , 2018 and 2017 , contract assets were $ 26 million and $ 17 million , respectively , and are included in accounts receivable in our consolidated balance sheets .
unearned revenue we record unearned revenue when cash payments are received or due in advance of our performance .

the increase in the unearned revenue balance for the year ended december 31 , 2018 is primarily driven by cash payments received or due in advance of satisfying our performance obligations , offset by $ 1.5 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period .
remaining performance obligations remaining performance obligations represent the transaction price of contracts for work that has not yet been performed .

as of december 31 , 2018 , the aggregate amount of the transaction price allocated to remaining performance obligations was $ 1.4 billion .
we expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months , respectively , with the remainder recognized thereafter .

we do not disclose the value of unfulfilled performance obligations for ( i ) contracts with an original expected length of one year or less and ( ii ) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property .
costs to obtain a contract we recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year .

we have determined that certain sales commission programs meet the requirements to be capitalized .
total capitalized costs to obtain a contract were $ 101 million as of december 31 , 2018 , and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets .

the asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates , calculated based on the customer term and the average life of the products and services underlying the contracts .
the expense is recorded within selling and general expenses .
we expense sales commissions when incurred if the amortization period would have been one year or less .
these costs are recorded within selling and general expenses .

presentation of net periodic pension cost and net periodic postretirement benefit cost during the first quarter of 2018 , we adopted new accounting guidance requiring that net periodic benefit cost for our retirement and postretirement plans other than the service cost component be included outside of operating profit ; these costs are included in other income , net in our consolidated statements of income .

the components of other income , net for the year ended december 31 are as follows : assets and liabilities held for sale and discontinued operations assets and liabilities held for sale we classify a disposal group to be sold as held for sale in the period in which all of the following criteria are met : management , having the authority to approve the action , commits to a plan to sell the disposal group ; the disposal group is available for immediate sale in its present condition subject only to terms

in its present condition subject only to terms that are usual and customary for sales of such disposal group ; an active program to locate a buyer and other actions required to complete the plan to sell the disposal group have been initiated ; the sale of the disposal group is probable , and transfer of the disposal group is expected to qualify for recognition as a completed sale within one year , except if events or circumstances beyond our control extend the period of time required to sell the disposal

the period of time required to sell the disposal group beyond one year ; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value ; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn .

a disposal group that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell .
any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met .
conversely , gains are not recognized on the sale of a disposal group until the date of sale .
( in millions ) 2018 2017 2016 other components of net periodic benefit cost $ ( 30 ) $ ( 27 ) $ ( 28 ) .

 |
| table | ( in millions )                               | 2018         | 2017         | 2016
--------------------------------------------- | ------------ | ------------ | ------------
other components of net periodic benefit cost | $ -30 ( 30 ) | $ -27 ( 27 ) | $ -28 ( 28 )
net loss from investments                     | 5            | 2014         | 2014
other income net                              | $ -25 ( 25 ) | $ -27 ( 27 ) | $ -28 ( 28 ) |