| _id | dd4c51fbe |
| title |  |
| text | other information related to the company's share options is as follows ( in millions ) : .

unamortized deferred compensation expense , which includes both options and rsus , amounted to $ 378 million as of december 31 , 2015 , with a remaining weighted-average amortization period of approximately 2.1 years .
employee share purchase plan united states the company has an employee share purchase plan that provides for the purchase of a maximum of 7.5 million shares of the company's ordinary shares by eligible u.s .
employees .

employees .
the company's ordinary shares were purchased at 6-month intervals at 85% ( 85 % ) of the lower of the fair market value of the ordinary shares on the first or last day of each 6-month period .
in 2015 , 2014 , and 2013 , 411636 shares , 439000 shares and 556000 shares , respectively , were issued to employees under the plan .
compensation expense recognized was $ 9 million in 2015 , $ 7 million in 2014 , and $ 6 million in 2013 .

united kingdom the company also has an employee share purchase plan for eligible u.k .
employees that provides for the purchase of shares after a 3-year period and that is similar to the u.s .
plan previously described .
three-year periods began in 2015 , 2014 , 2013 , allowing for the purchase of a maximum of 100000 , 300000 , and 350000 shares , respectively .
in 2015 , 2014 , and 2013 , 2779 shares , 642 shares , and 172110 shares , respectively , were issued under the plan .

compensation expense of $ 2 million was recognized in 2015 and 2014 , as compared to $ 1 million of compensation expense in 2013 .
12 .
derivatives and hedging the company is exposed to market risks , including changes in foreign currency exchange rates and interest rates .
to manage the risk related to these exposures , the company enters into various derivative instruments that reduce these risks by creating offsetting exposures .

the company does not enter into derivative transactions for trading or speculative purposes .
foreign exchange risk management the company is exposed to foreign exchange risk when it earns revenues , pays expenses , or enters into monetary intercompany transfers denominated in a currency that differs from its functional currency , or other transactions that are denominated in a currency other than its functional currency .

the company uses foreign exchange derivatives , typically forward contracts , options and cross-currency swaps , to reduce its overall exposure to the effects of currency fluctuations on cash flows .
these exposures are hedged , on average , for less than two years .
these derivatives are accounted for as hedges , and changes in fair value are recorded each period in other comprehensive income ( loss ) in the consolidated statements of comprehensive income .

the company also uses foreign exchange derivatives , typically forward contracts and options to economically hedge the currency exposure of the company's global liquidity profile , including monetary assets or liabilities that are denominated in a non-functional currency of an entity , typically on a rolling 30-day basis , but may be for up to one year in the future .

these derivatives are not accounted for as hedges , and changes in fair value are recorded each period in other income in the consolidated statements of income.

 |
| table | | 2015  | 2014 | 2013
------------------------------------------------------- | ----- | ---- | ----
aggregate intrinsic value of stock options exercised    | $ 104 | $ 61 | $ 73
cash received from the exercise of stock options        | 40    | 38   | 61
tax benefit realized from the exercise of stock options | 36    | 16   | 15 |


| _id | dd4c4d626 |
| title |  |
| text | there were no share repurchases in 2016 .
stock performance graph the graph below matches fidelity national information services , inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index and the s&p supercap data processing & outsourced services index.aa the graph tracks the performance of a $ 100 investment in our common stock and in each index ( with the reinvestment of all dividends ) from december 31 , 2011 to december 31 , 2016. .

the stock price performance included in this graph is not necessarily indicative of future stock price performance .
item 6 .
selected financial ss the selected financial data set forth below constitutes historical financial data of fis and should be read in conjunction with "item 7 , management 2019s discussion and analysis of financial condition and results of operations , " and "item 8 , financial statements and supplementary data , " included elsewhere in this report.

 |
| table | | 12/11  | 12/12  | 12/13  | 12/14  | 12/15  | 12/16
-------------------------------------------------- | ------ | ------ | ------ | ------ | ------ | ------
fidelity national information services inc .       | 100.00 | 134.12 | 210.97 | 248.68 | 246.21 | 311.81
s&p 500                                            | 100.00 | 116.00 | 153.58 | 174.60 | 177.01 | 198.18
s&p supercap data processing & outsourced services | 100.00 | 126.06 | 194.91 | 218.05 | 247.68 | 267.14 |


| _id | dd4b93f5a |
| title |  |
| text | in september 2007 , we reached a settlement with the united states department of justice in an ongoing investigation into financial relationships between major orthopaedic manufacturers and consulting orthopaedic surgeons .
under the terms of the settlement , we paid a civil settlement amount of $ 169.5 million and we recorded an expense in that amount .
no tax benefit has been recorded related to the settlement expense due to the uncertainty as to the tax treatment .

we intend to pursue resolution of this uncertainty with taxing authorities , but are unable to ascertain the outcome or timing for such resolution at this time .
for more information regarding the settlement , see note 15 .
in june 2006 , the financial accounting standards board ( fasb ) issued interpretation no .
48 , accounting for uncertainty in income taxes 2013 an interpretation of fasb statement no .
109 , accounting for income taxes ( fin 48 ) .

109 , accounting for income taxes ( fin 48 ) .
fin 48 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements .
under fin 48 , we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities , based on the technical merits of the position .

the tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement .
fin 48 also provides guidance on derecognition , classification , interest and penalties on income taxes , accounting in interim periods and requires increased disclosures .
we adopted fin 48 on january 1 , 2007 .

we adopted fin 48 on january 1 , 2007 .
prior to the adoption of fin 48 we had a long term tax liability for expected settlement of various federal , state and foreign income tax liabilities that was reflected net of the corollary tax impact of these expected settlements of $ 102.1 million , as well as a separate accrued interest liability of $ 1.7 million .

as a result of the adoption of fin 48 , we are required to present the different components of such liability on a gross basis versus the historical net presentation .
the adoption resulted in the financial statement liability for unrecognized tax benefits decreasing by $ 6.4 million as of january 1 , 2007 .

the adoption resulted in this decrease in the liability as well as a reduction to retained earnings of $ 4.8 million , a reduction in goodwill of $ 61.4 million , the establishment of a tax receivable of $ 58.2 million , which was recorded in other current and non-current assets on our consolidated balance sheet , and an increase in an interest/penalty payable of $ 7.9 million , all as of january 1 , 2007 .

therefore , after the adoption of fin 48 , the amount of unrecognized tax benefits is $ 95.7 million as of january 1 , 2007 , of which $ 28.6 million would impact our effective tax rate , if recognized .
the amount of unrecognized tax benefits is $ 135.2 million as of december 31 , 2007 .
of this amount , $ 41.0 million would impact our effective tax rate , if recognized .
a reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows ( in millions ) : .

we recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense in the consolidated statements of earnings , which is consistent with the recognition of these items in prior reporting periods .
as of january 1 , 2007 , we recorded a liability of $ 9.6 million for accrued interest and penalties , of which $ 7.5 million would impact our effective tax rate , if recognized .
the amount of this liability is $ 19.6 million as of december 31 , 2007 .

of this amount , $ 14.7 million would impact our effective tax rate , if recognized .
we expect that the amount of tax liability for unrecognized tax benefits will change in the next twelve months ; however , we do not expect these changes will have a significant impact on our results of operations or financial position .
the u.s .
federal statute of limitations remains open for the year 2003 and onward with years 2003 and 2004 currently under examination by the irs .

it is reasonably possible that a resolution with the irs for the years 2003 through 2004 will be reached within the next twelve months , but we do not anticipate this would result in any material impact on our financial position .
in addition , for the 1999 tax year of centerpulse , which we acquired in october 2003 , one issue remains in dispute .
the resolution of this issue would not impact our effective tax rate , as it would be recorded as an adjustment to goodwill .

state income tax returns are generally subject to examination for a period of 3 to 5 years after filing of the respective return .
the state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states .
we have various state income tax returns in the process of examination , administrative appeals or litigation .

it is reasonably possible that such matters will be resolved in the next twelve months , but we do not anticipate that the resolution of these matters would result in any material impact on our results of operations or financial position .
foreign jurisdictions have statutes of limitations generally ranging from 3 to 5 years .

years still open to examination by foreign tax authorities in major jurisdictions include australia ( 2003 onward ) , canada ( 1999 onward ) , france ( 2005 onward ) , germany ( 2005 onward ) , italy ( 2003 onward ) , japan ( 2001 onward ) , puerto rico ( 2005 onward ) , singapore ( 2003 onward ) , switzerland ( 2004 onward ) , and the united kingdom ( 2005 onward ) .
z i m m e r h o l d i n g s , i n c .

z i m m e r h o l d i n g s , i n c .
2 0 0 7 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued )

 |
| table | balance at january 1 2007                                | $ 95.7
-------------------------------------------------------- | ------------
increases related to prior periods                       | 27.4
decreases related to prior periods                       | -5.5 ( 5.5 )
increases related to current period                      | 21.9
decreases related to settlements with taxing authorities | -1.3 ( 1.3 )
decreases related to lapse of statue of limitations      | -3.0 ( 3.0 )
balance at december 31 2007                              | $ 135.2 |


| _id | dd4bb810c |
| title |  |
| text | note 9 2014 benefit plans the company has defined benefit pension plans covering certain employees in the united states and certain international locations .
postretirement healthcare and life insurance benefits provided to qualifying domestic retirees as well as other postretirement benefit plans in international countries are not material .
the measurement date used for the company 2019s employee benefit plans is september 30 .
effective january 1 , 2018 , the legacy u.s .

effective january 1 , 2018 , the legacy u.s .
pension plan was frozen to limit the participation of employees who are hired or re-hired by the company , or who transfer employment to the company , on or after january 1 , net pension cost for the years ended september 30 included the following components: .

net pension cost included in the preceding table that is attributable to international plans $ 32 $ 34 $ 43 the amounts provided above for amortization of prior service credit and amortization of loss represent the reclassifications of prior service credits and net actuarial losses that were recognized in accumulated other comprehensive income ( loss ) in prior periods .
the settlement losses recorded in 2019 and 2018 primarily included lump sum benefit payments associated with the company 2019s u.s .

supplemental pension plan .
the company recognizes pension settlements when payments from the supplemental plan exceed the sum of service and interest cost components of net periodic pension cost associated with this plan for the fiscal year .

as further discussed in note 2 , upon adopting an accounting standard update on october 1 , 2018 , all components of the company 2019s net periodic pension and postretirement benefit costs , aside from service cost , are recorded to other income ( expense ) , net on its consolidated statements of income , for all periods presented .
notes to consolidated financial statements 2014 ( continued ) becton , dickinson and company

 |
| table | ( millions of dollars )                                                                      | pension plans 2019 | pension plans 2018 | pension plans 2017
-------------------------------------------------------------------------------------------- | ------------------ | ------------------ | ------------------
service cost                                                                                | $ 134              | $ 136              | $ 110
interest cost                                                                                | 107                | 90                 | 61
expected return on plan assets                                                               | ( 180 )            | ( 154 )            | ( 112 )
amortization of prior service credit                                                         | ( 13 )             | ( 13 )             | ( 14 )
amortization of loss                                                                         | 78                 | 78                 | 92
settlements                                                                                | 10                 | 2                  | 2014
net pension cost                                                                             | $ 135              | $ 137              | $ 138
net pension cost included in the preceding table that is attributable to international plans | $ 32               | $ 34               | $ 43 |


| _id | dd4c247c6 |
| title |  |
| text | management 2019s discussion and analysis of financial condition and results of operations in 2008 , asp was flat compared to 2007 .
by comparison , asp decreased approximately 9% ( 9 % ) in 2007 and decreased approximately 11% ( 11 % ) in 2006 .
the segment has several large customers located throughout the world .
in 2008 , aggregate net sales to the segment 2019s five largest customers accounted for approximately 41% ( 41 % ) of the segment 2019s net sales .

besides selling directly to carriers and operators , the segment also sells products through a variety of third-party distributors and retailers , which accounted for approximately 24% ( 24 % ) of the segment 2019s net sales in 2008 .
although the u.s .
market continued to be the segment 2019s largest individual market , many of our customers , and 56% ( 56 % ) of the segment 2019s 2008 net sales , were outside the u.s .
in 2008 , the largest of these international markets were brazil , china and mexico .

as the segment 2019s revenue transactions are largely denominated in local currencies , we are impacted by the weakening in the value of these local currencies against the u.s .
dollar .
a number of our more significant international markets , particularly in latin america , were impacted by this trend in late 2008 .

home and networks mobility segment the home and networks mobility segment designs , manufactures , sells , installs and services : ( i ) digital video , internet protocol video and broadcast network interactive set-tops , end-to-end video distribution systems , broadband access infrastructure platforms , and associated data and voice customer premise equipment to cable television and telecom service providers ( collectively , referred to as the 2018 2018home business 2019 2019 ) , and ( ii ) wireless

business 2019 2019 ) , and ( ii ) wireless access systems , including cellular infrastructure systems and wireless broadband systems , to wireless service providers ( collectively , referred to as the 2018 2018network business 2019 2019 ) .

in 2009 , the segment 2019s net sales represented 36% ( 36 % ) of the company 2019s consolidated net sales , compared to 33% ( 33 % ) in 2008 and 27% ( 27 % ) in 2007 .
years ended december 31 percent change ( dollars in millions ) 2009 2008 2007 2009 20142008 2008 20142007 .

segment results 20142009 compared to 2008 in 2009 , the segment 2019s net sales were $ 8.0 billion , a decrease of 21% ( 21 % ) compared to net sales of $ 10.1 billion in 2008 .
the 21% ( 21 % ) decrease in net sales reflects a 22% ( 22 % ) decrease in net sales in the networks business and a 21% ( 21 % ) decrease in net sales in the home business .

the 22% ( 22 % ) decrease in net sales in the networks business was primarily driven by lower net sales of gsm , cdma , umts and iden infrastructure equipment , partially offset by higher net sales of wimax products .

the 21% ( 21 % ) decrease in net sales in the home business was primarily driven by a 24% ( 24 % ) decrease in net sales of digital entertainment devices , reflecting : ( i ) an 18% ( 18 % ) decrease in shipments of digital entertainment devices , primarily due to lower shipments to large cable and telecommunications operators in north america as a result of macroeconomic conditions , and ( ii ) a lower asp due to an unfavorable shift in product mix .

the segment shipped 14.7 million digital entertainment devices in 2009 , compared to 18.0 million shipped in 2008 .
on a geographic basis , the 21% ( 21 % ) decrease in net sales was driven by lower net sales in all regions .
the decrease in net sales in north america was primarily due to : ( i ) lower net sales in the home business , and ( ii ) lower net sales of cdma and iden infrastructure equipment , partially offset by higher net sales of wimax products .

the decrease in net sales in emea was primarily due to lower net sales of gsm infrastructure equipment , partially offset by higher net sales of wimax products and higher net sales in the home business .
the decrease in net sales in asia was primarily driven by lower net sales of gsm , umts and cdma infrastructure equipment , partially offset by higher net sales in the home business .

the decrease in net sales in latin america was primarily due to : ( i ) lower net sales in the home business , and ( ii ) lower net sales of iden infrastructure equipment , partially offset by higher net sales of wimax products .
net sales in north america accounted for approximately 51% ( 51 % ) of the segment 2019s total net sales in 2009 , compared to approximately 50% ( 50 % ) of the segment 2019s total net sales in 2008.

 |
| table | ( dollars in millions ) | years ended december 31 2009 | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2009 20142008 | 2008 20142007
----------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ------------------------------------- | -------------
segment net sales       | $ 7963                       | $ 10086                      | $ 10014                      | ( 21 ) % (  % )                       | 1% ( 1 % )
operating earnings      | 558                          | 918                          | 709                          | ( 39 ) % (  % )                       | 29% ( 29 % ) |


| _id | dd4be966c |
| title |  |
| text | credit commitments and lines of credit the table below summarizes citigroup 2019s credit commitments as of december 31 , 2010 and december 31 , 2009: .

the majority of unused commitments are contingent upon customers maintaining specific credit standards .
commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees .
such fees ( net of certain direct costs ) are deferred and , upon exercise of the commitment , amortized over the life of the loan or , if exercise is deemed remote , amortized over the commitment period .

commercial and similar letters of credit a commercial letter of credit is an instrument by which citigroup substitutes its credit for that of a customer to enable the customer to finance the purchase of goods or to incur other commitments .
citigroup issues a letter on behalf of its client to a supplier and agrees to pay the supplier upon presentation of documentary evidence that the supplier has performed in accordance with the terms of the letter of credit .

when a letter of credit is drawn , the customer is then required to reimburse citigroup .
one- to four-family residential mortgages a one- to four-family residential mortgage commitment is a written confirmation from citigroup to a seller of a property that the bank will advance the specified sums enabling the buyer to complete the purchase .

revolving open-end loans secured by one- to four-family residential properties revolving open-end loans secured by one- to four-family residential properties are essentially home equity lines of credit .
a home equity line of credit is a loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt outstanding for the first mortgage .

commercial real estate , construction and land development commercial real estate , construction and land development include unused portions of commitments to extend credit for the purpose of financing commercial and multifamily residential properties as well as land development projects .
both secured-by-real-estate and unsecured commitments are included in this line , as well as undistributed loan proceeds , where there is an obligation to advance for construction progress payments .

however , this line only includes those extensions of credit that , once funded , will be classified as loans on the consolidated balance sheet .
credit card lines citigroup provides credit to customers by issuing credit cards .
the credit card lines are unconditionally cancelable by the issuer .

commercial and other consumer loan commitments commercial and other consumer loan commitments include overdraft and liquidity facilities , as well as commercial commitments to make or purchase loans , to purchase third-party receivables , to provide note issuance or revolving underwriting facilities and to invest in the form of equity .
amounts include $ 79 billion and $ 126 billion with an original maturity of less than one year at december 31 , 2010 and december 31 , 2009 , respectively .

in addition , included in this line item are highly leveraged financing commitments , which are agreements that provide funding to a borrower with higher levels of debt ( measured by the ratio of debt capital to equity capital of the borrower ) than is generally considered normal for other companies .
this type of financing is commonly employed in corporate acquisitions , management buy-outs and similar transactions.

 |
| table | in millions of dollars                                                         | december 31 2010 u.s . | december 31 2010 outside of u.s . | december 31 2010 total | december 31 2009
------------------------------------------------------------------------------ | ---------------------- | --------------------------------- | ---------------------- | ----------------
commercial and similar letters of credit                                       | $ 1544                 | $ 7430                            | $ 8974                 | $ 7211
one- to four-family residential mortgages                                      | 2582                   | 398                               | 2980                   | 1070
revolving open-end loans secured by one- to four-family residential properties | 17986                  | 2948                              | 20934                  | 23916
commercial real estate construction and land development                       | 1813                   | 594                               | 2407                   | 1704
credit card lines                                                              | 573945                 | 124728                            | 698673                 | 785495
commercial and other consumer loan commitments                                 | 124142                 | 86262                             | 210404                 | 257342
total                                                                          | $ 722012               | $ 222360                          | $ 944372               | $ 1076738 |


| _id | dd4b895c8 |
| title |  |
| text | notes to consolidated financial statements jpmorgan chase & co./2009 annual report 204 on the amount of interest income recognized in the firm 2019s consolidated statements of income since that date .
( b ) other changes in expected cash flows include the net impact of changes in esti- mated prepayments and reclassifications to the nonaccretable difference .

on a quarterly basis , the firm updates the amount of loan principal and interest cash flows expected to be collected , incorporating assumptions regarding default rates , loss severities , the amounts and timing of prepayments and other factors that are reflective of current market conditions .

probable decreases in expected loan principal cash flows trigger the recognition of impairment , which is then measured as the present value of the expected principal loss plus any related foregone interest cash flows discounted at the pool 2019s effective interest rate .
impairments that occur after the acquisition date are recognized through the provision and allow- ance for loan losses .

probable and significant increases in expected principal cash flows would first reverse any previously recorded allowance for loan losses ; any remaining increases are recognized prospectively as interest income .
the impacts of ( i ) prepayments , ( ii ) changes in variable interest rates , and ( iii ) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income .

disposals of loans , which may include sales of loans , receipt of payments in full by the borrower , or foreclosure , result in removal of the loan from the purchased credit-impaired portfolio .

if the timing and/or amounts of expected cash flows on these purchased credit-impaired loans were determined not to be rea- sonably estimable , no interest would be accreted and the loans would be reported as nonperforming loans ; however , since the timing and amounts of expected cash flows for these purchased credit-impaired loans are reasonably estimable , interest is being accreted and the loans are being reported as performing loans .

charge-offs are not recorded on purchased credit-impaired loans until actual losses exceed the estimated losses that were recorded as purchase accounting adjustments at acquisition date .
to date , no charge-offs have been recorded for these loans .
purchased credit-impaired loans acquired in the washington mu- tual transaction are reported in loans on the firm 2019s consolidated balance sheets .

in 2009 , an allowance for loan losses of $ 1.6 billion was recorded for the prime mortgage and option arm pools of loans .
the net aggregate carrying amount of the pools that have an allowance for loan losses was $ 47.2 billion at december 31 , 2009 .
this allowance for loan losses is reported as a reduction of the carrying amount of the loans in the table below .
the table below provides additional information about these pur- chased credit-impaired consumer loans. .

( a ) represents the sum of contractual principal , interest and fees earned at the reporting date .
purchased credit-impaired loans are also being modified under the mha programs and the firm 2019s other loss mitigation programs .

for these loans , the impact of the modification is incorporated into the firm 2019s quarterly assessment of whether a probable and/or signifi- cant change in estimated future cash flows has occurred , and the loans continue to be accounted for as and reported as purchased credit-impaired loans .
foreclosed property the firm acquires property from borrowers through loan restructur- ings , workouts , and foreclosures , which is recorded in other assets on the consolidated balance sheets .

property acquired may include real property ( e.g. , land , buildings , and fixtures ) and commercial and personal property ( e.g. , aircraft , railcars , and ships ) .
acquired property is valued at fair value less costs to sell at acquisition .
each quarter the fair value of the acquired property is reviewed and adjusted , if necessary .

any adjustments to fair value in the first 90 days are charged to the allowance for loan losses and thereafter adjustments are charged/credited to noninterest revenue 2013other .
operating expense , such as real estate taxes and maintenance , are charged to other expense .
note 14 2013 allowance for credit losses the allowance for loan losses includes an asset-specific component , a formula-based component and a component related to purchased credit-impaired loans .

the asset-specific component relates to loans considered to be impaired , which includes any loans that have been modified in a troubled debt restructuring as well as risk-rated loans that have been placed on nonaccrual status .
an asset-specific allowance for impaired loans is established when the loan 2019s discounted cash flows ( or , when available , the loan 2019s observable market price ) is lower than the recorded investment in the loan .

to compute the asset-specific component of the allowance , larger loans are evaluated individually , while smaller loans are evaluated as pools using historical loss experience for the respective class of assets .
risk-rated loans ( primarily wholesale loans ) are pooled by risk rating , while scored loans ( i.e. , consumer loans ) are pooled by product type .

the firm generally measures the asset-specific allowance as the difference between the recorded investment in the loan and the present value of the cash flows expected to be collected , dis- counted at the loan 2019s original effective interest rate .
subsequent changes in measured impairment due to the impact of discounting are reported as an adjustment to the provision for loan losses , not as an adjustment to interest income .

an asset-specific allowance for an impaired loan with an observable market price is measured as the difference between the recorded investment in the loan and the loan 2019s fair value .
certain impaired loans that are determined to be collateral- dependent are charged-off to the fair value of the collateral less costs to sell .
when collateral-dependent commercial real-estate loans are determined to be impaired , updated appraisals are typi- cally obtained and updated every six to twelve months .

the firm also considers both borrower- and market-specific factors , which

 |
| table | december 31 ( in millions ) | 2009     | 2008
--------------------------- | -------- | --------
outstanding balance ( a )   | $ 103369 | $ 118180
carrying amount             | 79664    | 88813 |


| _id | dd4c0e49e |
| title |  |
| text | table of contents the following performance graph is not 201csoliciting material , 201d is not deemed filed with the sec , and is not to be incorporated by reference into any of valero 2019s filings under the securities act of 1933 or the securities exchange act of 1934 , as amended , respectively .
this performance graph and the related textual information are based on historical data and are not indicative of future performance .

the following line graph compares the cumulative total return 1 on an investment in our common stock against the cumulative total return of the s&p 500 composite index and an index of peer companies ( that we selected ) for the five-year period commencing december 31 , 2007 and ending december 31 , 2012 .

our peer group consists of the following ten companies : alon usa energy , inc. ; bp plc ( bp ) ; cvr energy , inc. ; hess corporation ; hollyfrontier corporation ; marathon petroleum corporation ; phillips 66 ( psx ) ; royal dutch shell plc ( rds ) ; tesoro corporation ; and western refining , inc .
our peer group previously included chevron corporation ( cvx ) and exxon mobil corporation ( xom ) but they were replaced with bp , psx , and rds .

in 2012 , psx became an independent downstream energy company and was added to our peer group .
cvx and xom were replaced with bp and rds as they were viewed as having operations that more closely aligned with our core businesses .
comparison of 5 year cumulative total return1 among valero energy corporation , the s&p 500 index , old peer group , and new peer group .

____________ 1 assumes that an investment in valero common stock and each index was $ 100 on december 31 , 2007 .
201ccumulative total return 201d is based on share price appreciation plus reinvestment of dividends from december 31 , 2007 through december 31 , 2012.

 |
| table | | 12/2007  | 12/2008 | 12/2009 | 12/2010 | 12/2011 | 12/2012
------------------- | -------- | ------- | ------- | ------- | ------- | -------
valero common stock | $ 100.00 | $ 31.45 | $ 25.09 | $ 35.01 | $ 32.26 | $ 53.61
s&p 500             | 100.00   | 63.00   | 79.67   | 91.67   | 93.61   | 108.59
old peer group      | 100.00   | 80.98   | 76.54   | 88.41   | 104.33  | 111.11
new peer group      | 100.00   | 66.27   | 86.87   | 72.84   | 74.70   | 76.89 |


| _id | dd4b97ab0 |
| title |  |
| text | third-party sales for the engineered products and solutions segment improved 7% ( 7 % ) in 2016 compared with 2015 , primarily attributable to higher third-party sales of the two acquired businesses ( $ 457 ) , primarily related to the aerospace end market , and increased demand from the industrial gas turbine end market , partially offset by lower volumes in the oil and gas end market and commercial transportation end market as well as pricing pressures in aerospace .

third-party sales for this segment improved 27% ( 27 % ) in 2015 compared with 2014 , largely attributable to the third-party sales ( $ 1310 ) of the three acquired businesses ( see above ) , and higher volumes in this segment 2019s legacy businesses , both of which were primarily related to the aerospace end market .
these positive impacts were slightly offset by unfavorable foreign currency movements , principally driven by a weaker euro .

atoi for the engineered products and solutions segment increased $ 47 , or 8% ( 8 % ) , in 2016 compared with 2015 , primarily related to net productivity improvements across all businesses as well as the volume increase from both the rti acquisition and organic revenue growth , partially offset by a lower margin product mix and pricing pressures in the aerospace end market .

atoi for this segment increased $ 16 , or 3% ( 3 % ) , in 2015 compared with 2014 , principally the result of net productivity improvements across most businesses , a positive contribution from acquisitions , and overall higher volumes in this segment 2019s legacy businesses .
these positive impacts were partially offset by unfavorable price and product mix , higher costs related to growth projects , and net unfavorable foreign currency movements , primarily related to a weaker euro .

in 2017 , demand in the commercial aerospace end market is expected to remain strong , driven by the ramp up of new aerospace engine platforms , somewhat offset by continued customer destocking and engine ramp-up challenges .
demand in the defense end market is expected to grow due to the continuing ramp-up of certain aerospace programs .
additionally , net productivity improvements are anticipated while pricing pressure across all markets is likely to continue .
transportation and construction solutions .

the transportation and construction solutions segment produces products that are used mostly in the nonresidential building and construction and commercial transportation end markets .
such products include integrated aluminum structural systems , architectural extrusions , and forged aluminum commercial vehicle wheels , which are sold both directly to customers and through distributors .
a small part of this segment also produces aluminum products for the industrial products end market .

generally , the sales and costs and expenses of this segment are transacted in the local currency of the respective operations , which are primarily the u.s .
dollar , the euro , and the brazilian real .

dollar , the euro , and the brazilian real .
third-party sales for the transportation and construction solutions segment decreased 4% ( 4 % ) in 2016 compared with 2015 , primarily driven by lower demand from the north american commercial transportation end market , which was partially offset by rising demand from the building and construction end market .

third-party sales for this segment decreased 7% ( 7 % ) in 2015 compared with 2014 , primarily driven by unfavorable foreign currency movements , principally caused by a weaker euro and brazilian real , and lower volume related to the building and construction end market , somewhat offset by higher volume related to the commercial transportation end market .

atoi for the transportation and construction solutions segment increased $ 10 , or 6% ( 6 % ) , in 2016 compared with 2015 , principally driven by net productivity improvements across all businesses and growth in the building and construction segment , partially offset by lower demand in the north american heavy duty truck and brazilian markets.

 |
| table | | 2016   | 2015   | 2014
----------------- | ------ | ------ | ------
third-party sales | $ 1802 | $ 1882 | $ 2021
atoi              | $ 176  | $ 166  | $ 180 |


| _id | dd4c47e6a |
| title |  |
| text | management 2019s discussion and analysis interest expense was $ 17 million less in 2004 than in 2003 reflecting the year over year reduction in debt of $ 316 million .
other charges declined $ 30 million in 2004 due to a combination of lower environmental remediation , legal and workers compensation expenses and the absence of certain 2003 charges .
other earnings were $ 28 million higher in 2004 due primarily to higher earnings from our equity affiliates .

the effective tax rate for 2004 was 30.29% ( 30.29 % ) compared to 34.76% ( 34.76 % ) for the full year 2003 .
the reduction in the rate for 2004 reflects the benefit of the subsidy offered pursuant to the medicare act not being subject to tax , the continued improvement in the geographical mix of non- u.s .
earnings and the favorable resolution during 2004 of matters related to two open u.s .
federal income tax years .

federal income tax years .
net income in 2004 totaled $ 683 million , an increase of $ 189 million over 2003 , and earnings per share 2013 diluted increased $ 1.06 to $ 3.95 per share .
results of business segments net sales operating income ( millions ) 2004 2003 2004 2003 ( 1 ) coatings $ 5275 $ 4835 $ 777 $ 719 .

chemicals 2034 1771 291 228 ( 1 ) operating income by segment for 2003 has been revised to reflect a change in the allocation method for certain pension and other postretirement benefit costs in 2004 ( see note 22 , 201cbusiness segment information 201d , under item 8 of this form 10-k ) .
coatings sales increased $ 440 million or 9% ( 9 % ) in 2004 .

sales increased 6% ( 6 % ) from improved volumes across all our coatings businesses and 4% ( 4 % ) due to the positive effects of foreign currency translation , primarily from our european operations .
sales declined 1% ( 1 % ) due to lower selling prices , principally in our automotive business .
operating income increased $ 58 million in 2004 .

operating income increased $ 58 million in 2004 .
factors increasing operating income were the higher sales volume ( $ 135 million ) and the favorable effects of currency translation described above and improved manufacturing efficiencies of $ 20 million .
factors decreasing operating income were inflationary cost increases of $ 82 million and lower selling prices .
glass sales increased $ 54 million or 3% ( 3 % ) in 2004 .

sales increased 6% ( 6 % ) from improved volumes primarily from our performance glazings ( flat glass ) , fiber glass , and automotive original equipment businesses net of lower volumes in our automotive replacement glass business .
sales also increased 2% ( 2 % ) due to the positive effects of foreign currency translation , primarily from our european fiber glass operations .
sales declined 5% ( 5 % ) due to lower selling prices across all our glass businesses .

operating income in 2004 increased $ 98 million .
factors increasing operating income were improved manufacturing efficiencies of $ 110 million , higher sales volume ( $ 53 million ) described above , higher equity earnings and the gains on the sale/leaseback of precious metals of $ 19 million .
the principal factor decreasing operating income was lower selling prices .
fiber glass volumes were up 15% ( 15 % ) for the year , although pricing declined .

with the shift of electronic printed wiring board production to asia and the volume and pricing gains there , equity earnings from our joint venture serving that region grew in 2004 .
these factors combined with focused cost reductions and manufacturing efficiencies to improve the operating performance of this business , as we continue to position it for future growth in profitability .
chemicals sales increased $ 263 million or 15% ( 15 % ) in 2004 .

sales increased 10% ( 10 % ) from improved volumes in our commodity and specialty businesses and 4% ( 4 % ) due to higher selling prices for our commodity products .
sales also increased 1% ( 1 % ) due to the positive effects of foreign currency translation , primarily from our european operations .
operating income increased $ 63 million in 2004 .

operating income increased $ 63 million in 2004 .
factors increasing operating income were the higher selling prices for our commodity products and the higher sales volume ( $ 73 million ) described above , improved manufacturing efficiencies of $ 25 million and lower environmental expenses .
factors decreasing 2004 operating income were inflationary cost increases of $ 40 million and higher energy costs of $ 79 million .

other significant factors the company 2019s pension and other postretirement benefit costs for 2004 were $ 45 million lower than in 2003 .
this decrease reflects the market driven growth in pension plan assets that occurred in 2003 , the impact of the $ 140 million in cash contributed to the pension plans by the company in 2004 and the benefit of the subsidy offered pursuant to the medicare act , as discussed in note 12 , 201cpension and other postretirement benefits , 201d under item 8 of this form 10-k .

commitments and contingent liabilities , including environmental matters ppg is involved in a number of lawsuits and claims , both actual and potential , including some that it has asserted against others , in which substantial monetary damages are sought .

see item 3 , 201clegal proceedings 201d of this form 10-k and note 13 , 201ccommitments and contingent liabilities , 201d under item 8 of this form 10-k for a description of certain of these lawsuits , including a description of the proposed ppg settlement arrangement for asbestos claims announced on may 14 , 2002 .

as discussed in item 3 and note 13 , although the result of any future litigation of such lawsuits and claims is inherently unpredictable , management believes that , in the aggregate , the outcome of all lawsuits and claims involving ppg , including asbestos-related claims in the event the ppg settlement arrangement described in note 13 does not become effective , will not have a material effect on ppg 2019s consolidated financial position or liquidity ; however , any such outcome may be material to the

however , any such outcome may be material to the results of operations of any particular period in which costs , if any , are recognized .

the company has been named as a defendant , along with various other co-defendants , in a number of antitrust lawsuits filed in federal and state courts .
these suits allege that ppg acted with competitors to fix prices and allocate markets in the flat glass and automotive refinish industries .
22 2005 ppg annual report and form 10-k

 |
| table | ( millions ) | net sales 2004 | net sales 2003 | net sales 2004 | 2003 ( 1 )
------------ | -------------- | -------------- | -------------- | ----------
coatings     | $ 5275         | $ 4835         | $ 777          | $ 719
glass        | 2204           | 2150           | 169            | 71
chemicals    | 2034           | 1771           | 291            | 228 |


| _id | dd4c54002 |
| title |  |
| text | republic services , inc .
notes to consolidated financial statements 2014 ( continued ) we determine the discount rate used in the measurement of our obligations based on a model that matches the timing and amount of expected benefit payments to maturities of high quality bonds priced as of the plan measurement date .
when that timing does not correspond to a published high-quality bond rate , our model uses an expected yield curve to determine an appropriate current discount rate .

the yields on the bonds are used to derive a discount rate for the liability .
the term of our obligation , based on the expected retirement dates of our workforce , is approximately seven years .
in developing our expected rate of return assumption , we have evaluated the actual historical performance and long-term return projections of the plan assets , which give consideration to the asset mix and the anticipated timing of the plan outflows .

we employ a total return investment approach whereby a mix of equity and fixed income investments are used to maximize the long-term return of plan assets for what we consider a prudent level of risk .
the intent of this strategy is to minimize plan expenses by outperforming plan liabilities over the long run .
risk tolerance is established through careful consideration of plan liabilities , plan funded status and our financial condition .

the investment portfolio contains a diversified blend of equity and fixed income investments .
furthermore , equity investments are diversified across u.s .
and non-u.s .
stocks as well as growth , value , and small and large capitalizations .
derivatives may be used to gain market exposure in an efficient and timely manner ; however , derivatives may not be used to leverage the portfolio beyond the market value of the underlying investments .

investment risk is measured and monitored on an ongoing basis through annual liability measurements , periodic asset and liability studies , and quarterly investment portfolio reviews .
the following table summarizes our target asset allocation as of december 31 , 2018 and the actual asset allocation as of december 31 , 2018 and 2017 for our plan : december 31 , target allocation december 31 , actual allocation december 31 , actual allocation .

asset allocations are reviewed and rebalanced periodically based on funded status .
for 2019 , the investment strategy for plan assets is to maintain a broadly diversified portfolio designed to achieve our target of an average long-term rate of return of 5.20% ( 5.20 % ) .
while we believe we can achieve a long-term average return of 5.20% ( 5.20 % ) , we cannot be certain that the portfolio will perform to our expectations .

assets are strategically allocated among debt and equity portfolios to achieve a diversification level that reduces fluctuations in investment returns .
asset allocation target ranges and strategies are reviewed periodically with the assistance of an independent external consulting firm.

 |
| table | | december 31 2018 targetassetallocation | december 31 2018 actualassetallocation | december 31 2017 actualassetallocation
----------------- | -------------------------------------- | -------------------------------------- | --------------------------------------
debt securities   | 82% ( 82 % )                           | 83% ( 83 % )                           | 70% ( 70 % )
equity securities | 18                                     | 17                                     | 30
total             | 100% ( 100 % )                         | 100% ( 100 % )                         | 100% ( 100 % ) |


| _id | dd4b96f16 |
| title |  |
| text | included in selling , general and administrative expense was rent expense of $ 83.0 million , $ 59.0 million and $ 41.8 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively , under non-cancelable operating lease agreements .
included in these amounts was contingent rent expense of $ 11.0 million , $ 11.0 million and $ 7.8 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively .

sports marketing and other commitments within the normal course of business , the company enters into contractual commitments in order to promote the company 2019s brand and products .
these commitments include sponsorship agreements with teams and athletes on the collegiate and professional levels , official supplier agreements , athletic event sponsorships and other marketing commitments .

the following is a schedule of the company 2019s future minimum payments under its sponsorship and other marketing agreements as of december 31 , 2015 , as well as significant sponsorship and other marketing agreements entered into during the period after december 31 , 2015 through the date of this report : ( in thousands ) .

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

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

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

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

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

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

following the company 2019s announcement of the creation of a new class of common stock , referred to as the class c common stock , par value $ 0.0003 1/3 per share , four purported class action lawsuits were brought

 |
| table | 2016                                                | $ 126488
--------------------------------------------------- | --------
2017                                                | 138607
2018                                                | 137591
2019                                                | 98486
2020                                                | 67997
2021 and thereafter                                 | 289374
total future minimum sponsorship and other payments | $ 858543 |


| _id | dd4c1cdc8 |
| title |  |
| text | pricing the loans .
when available , valuation assumptions included observable inputs based on whole loan sales .
adjustments are made to these assumptions to account for situations when uncertainties exist , including market conditions and liquidity .
credit risk is included as part of our valuation process for these loans by considering expected rates of return for market participants for similar loans in the marketplace .

based on the significance of unobservable inputs , we classify this portfolio as level 3 .
equity investments the valuation of direct and indirect private equity investments requires significant management judgment due to the absence of quoted market prices , inherent lack of liquidity and the long-term nature of such investments .

the carrying values of direct and affiliated partnership interests reflect the expected exit price and are based on various techniques including publicly traded price , multiples of adjusted earnings of the entity , independent appraisals , anticipated financing and sale transactions with third parties , or the pricing used to value the entity in a recent financing transaction .

in september 2009 , the fasb issued asu 2009-12 2013 fair value measurements and disclosures ( topic 820 ) 2013 investments in certain entities that calculate net asset value per share ( or its equivalent ) .
based on the guidance , we value indirect investments in private equity funds based on net asset value as provided in the financial statements that we receive from their managers .

due to the time lag in our receipt of the financial information and based on a review of investments and valuation techniques applied , adjustments to the manager-provided value are made when available recent portfolio company information or market information indicates a significant change in value from that provided by the manager of the fund .
these investments are classified as level 3 .

these investments are classified as level 3 .
customer resale agreements we account for structured resale agreements , which are economically hedged using free-standing financial derivatives , at fair value .
the fair value for structured resale agreements is determined using a model which includes observable market data such as interest rates as inputs .

readily observable market inputs to this model can be validated to external sources , including yield curves , implied volatility or other market-related data .
these instruments are classified as level 2 .
blackrock series c preferred stock effective february 27 , 2009 , we elected to account for the approximately 2.9 million shares of the blackrock series c preferred stock received in a stock exchange with blackrock at fair value .

the series c preferred stock economically hedges the blackrock ltip liability that is accounted for as a derivative .
the fair value of the series c preferred stock is determined using a third-party modeling approach , which includes both observable and unobservable inputs .
this approach considers expectations of a default/liquidation event and the use of liquidity discounts based on our inability to sell the security at a fair , open market price in a timely manner .

due to the significance of unobservable inputs , this security is classified as level 3 .
level 3 assets and liabilities financial instruments are considered level 3 when their values are determined using pricing models , discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable .

level 3 assets and liabilities dollars in millions level 3 assets level 3 liabilities % (  % ) of total assets at fair value % (  % ) of total liabilities at fair value consolidated assets consolidated liabilities .

during 2009 , securities transferred into level 3 from level 2 exceeded securities transferred out by $ 4.4 billion .
total securities measured at fair value and classified in level 3 at december 31 , 2009 and december 31 , 2008 included securities available for sale and trading securities consisting primarily of non-agency residential mortgage-backed securities and asset- backed securities where management determined that the volume and level of activity for these assets had significantly decreased .

there have been no recent new 201cprivate label 201d issues in the residential mortgage-backed securities market .
the lack of relevant market activity for these securities resulted in management modifying its valuation methodology for the instruments transferred in 2009 .

other level 3 assets include certain commercial mortgage loans held for sale , certain equity securities , auction rate securities , corporate debt securities , private equity investments , residential mortgage servicing rights and other assets.

 |
| table | dollars in millions | total level 3 assets | total level 3 liabilities | % (  % ) of total assets at fair value | % (  % ) of total liabilities at fair value | % (  % ) of consolidated assets | % (  % ) of consolidated liabilities |
------------------- | -------------------- | ------------------------- | -------------------------------------- | ------------------------------------------- | ------------------------------- | ------------------------------------ | --------
december 31 2009    | $ 14151              | $ 295                     | 22% ( 22 % )                           | 6% ( 6 % )                                  | 5% ( 5 % )                      | < 1                                  | % (  % )
december 31 2008    | 7012                 | 22                        | 19% ( 19 % )                           | < 1% ( 1 % )                                | 2% ( 2 % )                      | < 1% ( 1 % )                         | |


| _id | dd4c648e4 |
| title |  |
| text | westrock company notes to consolidated financial statements fffd ( continued ) a reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows ( in millions ) : .

( 1 ) amounts in fiscal 2018 and 2017 relate to the mps acquisition .
adjustments in fiscal 2016 relate to the combination and the sp fiber acquisition .
( 2 ) amounts in fiscal 2018 relate to the settlement of state audit examinations and federal and state amended returns filed related to affirmative adjustments for which a there was a reserve .
amounts in fiscal 2017 relate to the settlement of federal and state audit examinations with taxing authorities .

as of september 30 , 2018 and 2017 , the total amount of unrecognized tax benefits was approximately $ 127.1 million and $ 148.9 million , respectively , exclusive of interest and penalties .
of these balances , as of september 30 , 2018 and 2017 , if we were to prevail on all unrecognized tax benefits recorded , approximately $ 108.7 million and $ 138.0 million , respectively , would benefit the effective tax rate .

we regularly evaluate , assess and adjust the related liabilities in light of changing facts and circumstances , which could cause the effective tax rate to fluctuate from period to period .
we recognize estimated interest and penalties related to unrecognized tax benefits in income tax expense in the consolidated statements of operations .
as of september 30 , 2018 , we had liabilities of $ 70.4 million related to estimated interest and penalties for unrecognized tax benefits .

as of september 30 , 2017 , we had liabilities of $ 81.7 million , net of indirect benefits , related to estimated interest and penalties for unrecognized tax benefits .
our results of operations for the fiscal year ended september 30 , 2018 , 2017 and 2016 include expense of $ 5.8 million , $ 7.4 million and $ 2.9 million , respectively , net of indirect benefits , related to estimated interest and penalties with respect to the liability for unrecognized tax benefits .

as of september 30 , 2018 , it is reasonably possible that our unrecognized tax benefits will decrease by up to $ 5.5 million in the next twelve months due to expiration of various statues of limitations and settlement of issues .
we file federal , state and local income tax returns in the u.s .
and various foreign jurisdictions .
with few exceptions , we are no longer subject to u.s .

federal and state and local income tax examinations by tax authorities for years prior to fiscal 2015 and fiscal 2008 , respectively .
we are no longer subject to non-u.s .
income tax examinations by tax authorities for years prior to fiscal 2011 , except for brazil for which we are not subject to tax examinations for years prior to 2005 .

while we believe our tax positions are appropriate , they are subject to audit or other modifications and there can be no assurance that any modifications will not materially and adversely affect our results of operations , financial condition or cash flows .
note 6 .

note 6 .
segment information we report our financial results of operations in the following three reportable segments : corrugated packaging , which consists of our containerboard mill and corrugated packaging operations , as well as our recycling operations ; consumer packaging , which consists of consumer mills , folding carton , beverage , merchandising displays and partition operations ; and land and development , which sells real estate primarily in the charleston , sc region .

following the combination and until the completion of the separation , our financial results of operations had a fourth reportable segment , specialty chemicals .
prior to the hh&b sale , our consumer packaging segment included hh&b .
certain income and expenses are not allocated to our segments and , thus , the information that

 |
| table | | 2018           | 2017           | 2016
------------------------------------------------------------------------- | -------------- | -------------- | ------------
balance at beginning of fiscal year                                       | $ 148.9        | $ 166.8        | $ 106.6
additions related to purchase accounting ( 1 )                            | 3.4            | 7.7            | 16.5
additions for tax positions taken in current year                         | 3.1            | 5.0            | 30.3
additions for tax positions taken in prior fiscal years                   | 18.0           | 15.2           | 20.6
reductions for tax positions taken in prior fiscal years                  | -5.3 ( 5.3 )   | -25.6 ( 25.6 ) | -9.7 ( 9.7 )
reductions due to settlement ( 2 )                                        | -29.4 ( 29.4 ) | -14.1 ( 14.1 ) | -1.3 ( 1.3 )
( reductions ) additions for currency translation adjustments             | -9.6 ( 9.6 )   | 2.0            | 7.0
reductions as a result of a lapse of the applicable statute oflimitations | -2.0 ( 2.0 )   | -8.1 ( 8.1 )   | -3.2 ( 3.2 )
balance at end of fiscal year                                             | $ 127.1        | $ 148.9        | $ 166.8 |


| _id | dd4c086ac |
| title |  |
| text | management 2019s discussion and analysis 102 jpmorgan chase & co./2016 annual report derivative contracts in the normal course of business , the firm uses derivative instruments predominantly for market-making activities .
derivatives enable customers to manage exposures to fluctuations in interest rates , currencies and other markets .
the firm also uses derivative instruments to manage its own credit and other market risk exposure .

the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed .
for otc derivatives the firm is exposed to the credit risk of the derivative counterparty .
for exchange- traded derivatives ( 201cetd 201d ) , such as futures and options and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp .

where possible , the firm seeks to mitigate its credit risk exposures arising from derivative transactions through the use of legally enforceable master netting arrangements and collateral agreements .
for further discussion of derivative contracts , counterparties and settlement types , see note 6 .
the following table summarizes the net derivative receivables for the periods presented .
derivative receivables .

( a ) includes collateral related to derivative instruments where an appropriate legal opinion has not been either sought or obtained .
derivative receivables reported on the consolidated balance sheets were $ 64.1 billion and $ 59.7 billion at december 31 , 2016 and 2015 , respectively .
these amounts represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and cash collateral held by the firm .

however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s .
government and agency securities and other group of seven nations ( 201cg7 201d ) government bonds ) and other cash collateral held by the firm aggregating $ 22.7 billion and $ 16.6 billion at december 31 , 2016 and 2015 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor .

the change in derivative receivables was predominantly related to client-driven market-making activities in cib .
the increase in derivative receivables reflected the impact of market movements , which increased foreign exchange receivables , partially offset by reduced commodity derivative receivables .

in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily cash , g7 government securities , other liquid government-agency and guaranteed securities , and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date .

although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative transactions move in the firm 2019s favor .
the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit .
for additional information on the firm 2019s use of collateral agreements , see note 6 .

while useful as a current view of credit exposure , the net fair value of the derivative receivables does not capture the potential future variability of that credit exposure .
to capture the potential future variability of credit exposure , the firm calculates , on a client-by-client basis , three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) , and average exposure ( 201cavg 201d ) .

these measures all incorporate netting and collateral benefits , where applicable .
peak represents a conservative measure of potential exposure to a counterparty calculated in a manner that is broadly equivalent to a 97.5% ( 97.5 % ) confidence level over the life of the transaction .
peak is the primary measure used by the firm for setting of credit limits for derivative transactions , senior management reporting and derivatives exposure management .

dre exposure is a measure that expresses the risk of derivative exposure on a basis intended to be equivalent to the risk of loan exposures .
dre is a less extreme measure of potential credit loss than peak and is used for aggregating derivative credit risk exposures with loans and other credit risk .
finally , avg is a measure of the expected fair value of the firm 2019s derivative receivables at future time periods , including the benefit of collateral .

avg exposure over the total life of the derivative contract is used as the primary metric for pricing purposes and is used to calculate credit capital and the cva , as further described below .
the three year avg exposure was $ 31.1 billion and $ 32.4 billion at december 31 , 2016 and 2015 , respectively , compared with derivative receivables , net of all collateral , of $ 41.4 billion and $ 43.1 billion at december 31 , 2016 and 2015 , respectively .

the fair value of the firm 2019s derivative receivables incorporates an adjustment , the cva , to reflect the credit quality of counterparties .
the cva is based on the firm 2019s avg to a counterparty and the counterparty 2019s credit spread in the credit derivatives market .
the primary components of changes in cva are credit spreads , new deal activity or unwinds , and changes in the underlying market environment .

the firm believes that active risk management is essential to controlling the dynamic credit

 |
| table | december 31 ( in millions )                                                           | 2016             | 2015
------------------------------------------------------------------------------------- | ---------------- | ----------------
interest rate                                                                         | $ 28302          | $ 26363
credit derivatives                                                                    | 1294             | 1423
foreign exchange                                                                      | 23271            | 17177
equity                                                                                | 4939             | 5529
commodity                                                                             | 6272             | 9185
total net of cash collateral                                                          | 64078            | 59677
liquid securities and other cash collateral held against derivative receivables ( a ) | -22705 ( 22705 ) | -16580 ( 16580 )
total net of all collateral                                                           | $ 41373          | $ 43097 |


| _id | dd4976010 |
| title |  |
| text | of prior service cost or credits , and net actuarial gains or losses ) as part of non-operating income .
we adopted the requirements of asu no .
2017-07 on january 1 , 2018 using the retrospective transition method .
we expect the adoption of asu no .
2017-07 to result in an increase to consolidated operating profit of $ 471 million and $ 846 million for 2016 and 2017 , respectively , and a corresponding decrease in non-operating income for each year .

we do not expect any impact to our business segment operating profit , our consolidated net earnings , or cash flows as a result of adopting asu no .
2017-07 .
intangibles-goodwill and other in january 2017 , the fasb issued asu no .
2017-04 , intangibles-goodwill and other ( topic 350 ) , which eliminates the requirement to compare the implied fair value of reporting unit goodwill with the carrying amount of that goodwill ( commonly referred to as step 2 ) from the goodwill impairment test .

the new standard does not change how a goodwill impairment is identified .
wewill continue to perform our quantitative and qualitative goodwill impairment test by comparing the fair value of each reporting unit to its carrying amount , but if we are required to recognize a goodwill impairment charge , under the new standard the amount of the charge will be calculated by subtracting the reporting unit 2019s fair value from its carrying amount .

under the prior standard , if we were required to recognize a goodwill impairment charge , step 2 required us to calculate the implied value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination and the amount of the charge was calculated by subtracting the reporting unit 2019s implied fair value of goodwill from its actual goodwill balance .

the new standard is effective for interim and annual reporting periods beginning after december 15 , 2019 , with early adoption permitted , and should be applied prospectively from the date of adoption .
we elected to adopt the new standard for future goodwill impairment tests at the beginning of the third quarter of 2017 , because it significantly simplifies the evaluation of goodwill for impairment .
the impact of the new standard will depend on the outcomes of future goodwill impairment tests .

derivatives and hedging inaugust 2017 , the fasb issuedasu no .
2017-12derivatives and hedging ( topic 815 ) , which eliminates the requirement to separately measure and report hedge ineffectiveness .
the guidance is effective for fiscal years beginning after december 15 , 2018 , with early adoption permitted .
we do not expect a significant impact to our consolidated assets and liabilities , net earnings , or cash flows as a result of adopting this new standard .

we plan to adopt the new standard january 1 , 2019 .
leases in february 2016 , the fasb issuedasu no .
2016-02 , leases ( topic 842 ) , which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements for both lessees and lessors .
the new standard is effective january 1 , 2019 for public companies , with early adoption permitted .

the new standard currently requires the application of a modified retrospective approach to the beginning of the earliest period presented in the financial statements .
we are continuing to evaluate the expected impact to our consolidated financial statements and related disclosures .
we plan to adopt the new standard effective january 1 , 2019 .
note 2 2013 earnings per share theweighted average number of shares outstanding used to compute earnings per common sharewere as follows ( in millions ) : .

we compute basic and diluted earnings per common share by dividing net earnings by the respectiveweighted average number of common shares outstanding for the periods presented .
our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units ( rsus ) , performance stock units ( psus ) and exercise of outstanding stock options based on the treasury stock method .

there were no significant anti-dilutive equity awards for the years ended december 31 , 2017 , 2016 and 2015 .
note 3 2013 acquisitions and divestitures acquisition of sikorsky aircraft corporation on november 6 , 2015 , we completed the acquisition of sikorsky from united technologies corporation ( utc ) and certain of utc 2019s subsidiaries .
the purchase price of the acquisition was $ 9.0 billion , net of cash acquired .
as a result of the acquisition

 |
| table | | 2017  | 2016  | 2015
------------------------------------------------------------------- | ----- | ----- | -----
weighted average common shares outstanding for basic computations   | 287.8 | 299.3 | 310.3
weighted average dilutive effect of equity awards                   | 2.8   | 3.8   | 4.4
weighted average common shares outstanding for diluted computations | 290.6 | 303.1 | 314.7 |


| _id | dd497a976 |
| title |  |
| text | for uncoated freesheet paper and market pulp announced at the end of 2009 become effective .
input costs are expected to be higher due to wood supply constraints at the kwidzyn mill and annual tariff increases on energy in russia .
planned main- tenance outage costs are expected to be about flat , while operating costs should be favorable .
asian printing papers net sales were approx- imately $ 50 million in 2009 compared with approx- imately $ 20 million in both 2008 and 2007 .

operating earnings increased slightly in 2009 compared with 2008 , but were less than $ 1 million in all periods .
u.s .
market pulp net sales in 2009 totaled $ 575 million compared with $ 750 million in 2008 and $ 655 million in 2007 .

operating earnings in 2009 were $ 140 million ( a loss of $ 71 million excluding alter- native fuel mixture credits and plant closure costs ) compared with a loss of $ 156 million ( a loss of $ 33 million excluding costs associated with the perma- nent shutdown of the bastrop mill ) in 2008 and earn- ings of $ 78 million in 2007 .
sales volumes in 2009 decreased from 2008 levels due to weaker global demand .

average sales price realizations were significantly lower as the decline in demand resulted in significant price declines for market pulp and smaller declines in fluff pulp .
input costs for wood , energy and chemicals decreased , and freight costs were significantly lower .
mill operating costs were favorable across all mills , and planned maintenance downtime costs were lower .

lack-of-order downtime in 2009 increased to approx- imately 540000 tons , including 480000 tons related to the permanent shutdown of our bastrop mill in the fourth quarter of 2008 , compared with 135000 tons in 2008 .
in the first quarter of 2010 , sales volumes are expected to increase slightly , reflecting improving customer demand for fluff pulp , offset by slightly seasonally weaker demand for softwood and hard- wood pulp in china .

average sales price realizations are expected to improve , reflecting the realization of previously announced sales price increases for fluff pulp , hardwood pulp and softwood pulp .
input costs are expected to increase for wood , energy and chemicals , and freight costs may also increase .
planned maintenance downtime costs will be higher , but operating costs should be about flat .

consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and general economic activity .
in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix .
consumer packaging net sales in 2009 decreased 4% ( 4 % ) compared with 2008 and increased 1% ( 1 % ) compared with 2007 .

operating profits increased significantly compared with both 2008 and 2007 .
excluding alternative fuel mixture credits and facility closure costs , 2009 operating profits were sig- nificantly higher than 2008 and 57% ( 57 % ) higher than 2007 .

benefits from higher average sales price realizations ( $ 114 million ) , lower raw material and energy costs ( $ 114 million ) , lower freight costs ( $ 21 million ) , lower costs associated with the reorganiza- tion of the shorewood business ( $ 23 million ) , favor- able foreign exchange effects ( $ 14 million ) and other items ( $ 12 million ) were partially offset by lower sales volumes and increased lack-of-order downtime ( $ 145 million ) and costs associated with the perma- nent shutdown of the

associated with the perma- nent shutdown of the franklin mill ( $ 67 million ) .

additionally , operating profits in 2009 included $ 330 million of alternative fuel mixture credits .
consumer packaging in millions 2009 2008 2007 .

north american consumer packaging net sales were $ 2.2 billion compared with $ 2.5 billion in 2008 and $ 2.4 billion in 2007 .
operating earnings in 2009 were $ 343 million ( $ 87 million excluding alter- native fuel mixture credits and facility closure costs ) compared with $ 8 million ( $ 38 million excluding facility closure costs ) in 2008 and $ 70 million in 2007 .
coated paperboard sales volumes were lower in 2009 compared with 2008 reflecting weaker market conditions .

average sales price realizations were significantly higher , reflecting the full-year realization of price increases implemented in the second half of 2008 .
raw material costs for wood , energy and chemicals were significantly lower in 2009 , while freight costs were also favorable .
operating costs , however , were unfavorable and planned main- tenance downtime costs were higher .
lack-of-order downtime increased to 300000 tons in 2009 from 15000 tons in 2008 due to weak demand .

operating results in 2009 include income of $ 330 million for alternative fuel mixture credits and $ 67 million of expenses for shutdown costs for the franklin mill .
foodservice sales volumes were lower in 2009 than in 2008 due to generally weak world-wide economic conditions .
average sales price realizations were

 |
| table | in millions      | 2009   | 2008   | 2007
---------------- | ------ | ------ | ------
sales            | $ 3060 | $ 3195 | $ 3015
operating profit | 433    | 17     | 112 |


| _id | dd4bdf78e |
| title |  |
| text | part ii item 5 .

market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our ordinary shares have been publicly traded since november 17 , 2011 when our ordinary shares were listed and began trading on the new york stock exchange ( 201cnyse 201d ) under the symbol 201cdlph . 201d on december 4 , 2017 , following the spin-off of delphi technologies , the company changed its name to aptiv plc and its nyse symbol to 201captv . 201d as of january 25 , 2019 , there were

. 201d as of january 25 , 2019 , there were 2 shareholders of record of our ordinary shares .

the following graph reflects the comparative changes in the value from december 31 , 2013 through december 31 , 2018 , assuming an initial investment of $ 100 and the reinvestment of dividends , if any in ( 1 ) our ordinary shares , ( 2 ) the s&p 500 index and ( 3 ) the automotive peer group .
historical share prices of our ordinary shares have been adjusted to reflect the separation .
historical performance may not be indicative of future shareholder returns .

stock performance graph * $ 100 invested on december 31 , 2013 in our stock or in the relevant index , including reinvestment of dividends .
fiscal year ended december 31 , 2018 .

( 1 ) aptiv plc , adjusted for the distribution of delphi technologies on december 4 , 2017 ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive peer group 2013 adient plc , american axle & manufacturing holdings inc , aptiv plc , borgwarner inc , cooper tire & rubber co , cooper- standard holdings inc , dana inc , dorman products inc , ford motor co , garrett motion inc. , general motors co , gentex corp , gentherm inc , genuine parts co , goodyear tire & rubber co , lear corp

parts co , goodyear tire & rubber co , lear corp , lkq corp , meritor inc , motorcar parts of america inc , standard motor products inc , stoneridge inc , superior industries international inc , tenneco inc , tesla inc , tower international inc , visteon corp , wabco holdings inc company index december 31 , december 31 , december 31 , december 31 , december 31 , december 31 .

 |
| table | company index               | december 31 2013 | december 31 2014 | december 31 2015 | december 31 2016 | december 31 2017 | december 31 2018
--------------------------- | ---------------- | ---------------- | ---------------- | ---------------- | ---------------- | ----------------
aptiv plc ( 1 )             | $ 100.00         | $ 122.75         | $ 146.49         | $ 117.11         | $ 178.46         | $ 130.80
s&p 500 ( 2 )               | 100.00           | 113.69           | 115.26           | 129.05           | 157.22           | 150.33
automotive peer group ( 3 ) | 100.00           | 107.96           | 108.05           | 107.72           | 134.04           | 106.89 |


| _id | dd4c2d740 |
| title |  |
| text | credit facilities as our bermuda subsidiaries are not admitted insurers and reinsurers in the u.s. , the terms of certain u.s .
insurance and reinsurance contracts require them to provide collateral , which can be in the form of locs .
in addition , ace global markets is required to satisfy certain u.s .
regulatory trust fund requirements which can be met by the issuance of locs .
locs may also be used for general corporate purposes and to provide underwriting capacity as funds at lloyd 2019s .

the following table shows our main credit facilities by credit line , usage , and expiry date at december 31 , 2010 .
( in millions of u.s .
dollars ) credit line ( 1 ) usage expiry date .

( 1 ) certain facilities are guaranteed by operating subsidiaries and/or ace limited .
( 2 ) may also be used for locs .
( 3 ) supports ace global markets underwriting capacity for lloyd 2019s syndicate 2488 ( see discussion below ) .
in november 2010 , we entered into four letter of credit facility agreements which collectively permit the issuance of up to $ 400 million of letters of credit .

we expect that most of the locs issued under the loc agreements will be used to support the ongoing funds at lloyd 2019s requirements of syndicate 2488 , but locs may also be used for other general corporate purposes .
it is anticipated that our commercial facilities will be renewed on expiry but such renewals are subject to the availability of credit from banks utilized by ace .
in the event that such credit support is insufficient , we could be required to provide alter- native security to clients .

this could take the form of additional insurance trusts supported by our investment portfolio or funds withheld using our cash resources .
the value of letters of credit required is driven by , among other things , statutory liabilities reported by variable annuity guarantee reinsurance clients , loss development of existing reserves , the payment pattern of such reserves , the expansion of business , and loss experience of such business .

the facilities in the table above require that we maintain certain covenants , all of which have been met at december 31 , 2010 .
these covenants include : ( i ) maintenance of a minimum consolidated net worth in an amount not less than the 201cminimum amount 201d .

for the purpose of this calculation , the minimum amount is an amount equal to the sum of the base amount ( currently $ 13.8 billion ) plus 25 percent of consolidated net income for each fiscal quarter , ending after the date on which the current base amount became effective , plus 50 percent of any increase in consolidated net worth during the same period , attributable to the issuance of common and preferred shares .
the minimum amount is subject to an annual reset provision .

( ii ) maintenance of a maximum debt to total capitalization ratio of not greater than 0.35 to 1 .
under this covenant , debt does not include trust preferred securities or mezzanine equity , except where the ratio of the sum of trust preferred securities and mezzanine equity to total capitalization is greater than 15 percent .
in this circumstance , the amount greater than 15 percent would be included in the debt to total capitalization ratio .

at december 31 , 2010 , ( a ) the minimum consolidated net worth requirement under the covenant described in ( i ) above was $ 14.5 billion and our actual consolidated net worth as calculated under that covenant was $ 21.6 billion and ( b ) our ratio of debt to total capitalization was 0.167 to 1 , which is below the maximum debt to total capitalization ratio of 0.35 to 1 as described in ( ii ) above .

our failure to comply with the covenants under any credit facility would , subject to grace periods in the case of certain covenants , result in an event of default .
this could require us to repay any outstanding borrowings or to cash collateralize locs under such facility .
a failure by ace limited ( or any of its subsidiaries ) to pay an obligation due for an amount exceeding $ 50 million would result in an event of default under all of the facilities described above .

ratings ace limited and its subsidiaries are assigned debt and financial strength ( insurance ) ratings from internationally recognized rating agencies , including s&p , a.m .
best , moody 2019s investors service , and fitch .
the ratings issued on our companies by these agencies are announced publicly and are available directly from the agencies .
our internet site , www.acegroup.com

 |
| table | ( in millions of u.s . dollars )               | creditline ( 1 ) | usage  | expiry date
---------------------------------------------- | ---------------- | ------ | -----------
syndicated letter of credit facility           | $ 1000           | $ 574  | nov . 2012
revolving credit/loc facility ( 2 )            | 500              | 370    | nov . 2012
bilateral letter of credit facility            | 500              | 500    | sept . 2014
funds at lloyds 2019s capital facilities ( 3 ) | 400              | 340    | dec . 2015
total                                          | $ 2400           | $ 1784 | |


| _id | dd4bb99da |
| title |  |
| text | jpmorgan chase & co./2014 annual report 125 lending-related commitments the firm uses lending-related financial instruments , such as commitments ( including revolving credit facilities ) and guarantees , to meet the financing needs of its customers .

the contractual amounts of these financial instruments represent the maximum possible credit risk should the counterparties draw down on these commitments or the firm fulfills its obligations under these guarantees , and the counterparties subsequently fail to perform according to the terms of these contracts .
in the firm 2019s view , the total contractual amount of these wholesale lending-related commitments is not representative of the firm 2019s actual future credit exposure or funding requirements .

in determining the amount of credit risk exposure the firm has to wholesale lending-related commitments , which is used as the basis for allocating credit risk capital to these commitments , the firm has established a 201cloan-equivalent 201d amount for each commitment ; this amount represents the portion of the unused commitment or other contingent exposure that is expected , based on average portfolio historical experience , to become drawn upon in an event of a default by an obligor .

the loan-equivalent amount of the firm 2019s lending- related commitments was $ 229.6 billion and $ 218.9 billion as of december 31 , 2014 and 2013 , respectively .
clearing services the firm provides clearing services for clients entering into securities and derivative transactions .
through the provision of these services the firm is exposed to the risk of non-performance by its clients and may be required to share in losses incurred by central counterparties ( 201cccps 201d ) .

where possible , the firm seeks to mitigate its credit risk to its clients through the collection of adequate margin at inception and throughout the life of the transactions and can also cease provision of clearing services if clients do not adhere to their obligations under the clearing agreement .
for further discussion of clearing services , see note 29 .
derivative contracts in the normal course of business , the firm uses derivative instruments predominantly for market-making activities .

derivatives enable customers to manage exposures to fluctuations in interest rates , currencies and other markets .
the firm also uses derivative instruments to manage its own credit exposure .
the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed .
for otc derivatives the firm is exposed to the credit risk of the derivative counterparty .

for exchange-traded derivatives ( 201cetd 201d ) such as futures and options , and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp .
where possible , the firm seeks to mitigate its credit risk exposures arising from derivative transactions through the use of legally enforceable master netting arrangements and collateral agreements .

for further discussion of derivative contracts , counterparties and settlement types , see note 6 .
the following table summarizes the net derivative receivables for the periods presented .
derivative receivables .

derivative receivables reported on the consolidated balance sheets were $ 79.0 billion and $ 65.8 billion at december 31 , 2014 and 2013 , respectively .
these amounts represent the fair value of the derivative contracts , after giving effect to legally enforceable master netting agreements and cash collateral held by the firm .
however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s .

government and agency securities and other g7 government bonds ) and other cash collateral held by the firm aggregating $ 19.6 billion and $ 14.4 billion at december 31 , 2014 and 2013 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor .

in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily : cash ; g7 government securities ; other liquid government-agency and guaranteed securities ; and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date .

although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative transactions move in the firm 2019s favor .
as of december 31 , 2014 and 2013 , the firm held $ 48.6 billion and $ 50.8 billion , respectively , of this additional collateral .
the prior period amount has been revised to conform with the current period presentation .

the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit .
for additional information on the firm 2019s use of collateral agreements , see note 6.

 |
| table | december 31 ( in millions )                                                     | 2014             | 2013
------------------------------------------------------------------------------- | ---------------- | ----------------
interest rate                                                                   | $ 33725          | $ 25782
credit derivatives                                                              | 1838             | 1516
foreign exchange                                                                | 21253            | 16790
equity                                                                          | 8177             | 12227
commodity                                                                       | 13982            | 9444
total net of cash collateral                                                    | 78975            | 65759
liquid securities and other cash collateral held against derivative receivables | -19604 ( 19604 ) | -14435 ( 14435 )
total net of all collateral                                                     | $ 59371          | $ 51324 |