| _id | dd4bc04e2 |
| title |  |
| text | morgan stanley notes to consolidated financial statements 2014 ( continued ) the following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits for 2013 , 2012 and 2011 ( dollars in millions ) : unrecognized tax benefits .

the company is under continuous examination by the irs and other tax authorities in certain countries , such as japan and the u.k. , and in states in which the company has significant business operations , such as new york .
the company is currently under review by the irs appeals office for the remaining issues covering tax years 1999 2013 2005 .

also , the company is currently at various levels of field examination with respect to audits by the irs , as well as new york state and new york city , for tax years 2006 2013 2008 and 2007 2013 2009 , respectively .
during 2014 , the company expects to reach a conclusion with the u.k .
tax authorities on substantially all issues through tax year 2010 .

the company believes that the resolution of tax matters will not have a material effect on the consolidated statements of financial condition of the company , although a resolution could have a material impact on the company 2019s consolidated statements of income for a particular future period and on the company 2019s effective income tax rate for any period in which such resolution occurs .

the company has established a liability for unrecognized tax benefits that the company believes is adequate in relation to the potential for additional assessments .
once established , the company adjusts unrecognized tax benefits only when more information is available or when an event occurs necessitating a change .

the company periodically evaluates the likelihood of assessments in each taxing jurisdiction resulting from the expiration of the applicable statute of limitations or new information regarding the status of current and subsequent years 2019 examinations .
as part of the company 2019s periodic review , federal and state unrecognized tax benefits were released or remeasured .

as a result of this remeasurement , the income tax provision included a discrete tax benefit of $ 161 million and $ 299 million in 2013 and 2012 , respectively .
it is reasonably possible that the gross balance of unrecognized tax benefits of approximately $ 4.1 billion as of december 31 , 2013 may decrease significantly within the next 12 months due to an expected completion of the

 |
| table | balance at december 31 2010                                       | $ 3711
----------------------------------------------------------------- | ------------
increase based on tax positions related to the current period     | 412
increase based on tax positions related to prior periods          | 70
decreases based on tax positions related to prior periods         | -79 ( 79 )
decreases related to settlements with taxing authorities          | -56 ( 56 )
decreases related to a lapse of applicable statute of limitations | -13 ( 13 )
balance at december 31 2011                                       | $ 4045
increase based on tax positions related to the current period     | $ 299
increase based on tax positions related to prior periods          | 127
decreases based on tax positions related to prior periods         | -21 ( 21 )
decreases related to settlements with taxing authorities          | -260 ( 260 )
decreases related to a lapse of applicable statute of limitations | -125 ( 125 )
balance at december 31 2012                                       | $ 4065
increase based on tax positions related to the current period     | $ 51
increase based on tax positions related to prior periods          | 267
decreases based on tax positions related to prior periods         | -141 ( 141 )
decreases related to settlements with taxing authorities          | -146 ( 146 )
balance at december 31 2013                                       | $ 4096 |


| _id | dd4bb1c1c |
| title |  |
| text | table of contents stock performance graph the following stock performance graph and related information shall not be deemed 201csoliciting material 201d or 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filings under the securities act of 1933 or the exchange act , each as amended , except to the extent that we specifically incorporate it by reference into such filing .

the following stock performance graph compares our cumulative total shareholder return on an annual basis on our common stock with the cumulative total return on the standard and poor 2019s 500 stock index and the amex airline index from december 9 , 2013 ( the first trading day of aag common stock ) through december 31 , 2014 .
the comparison assumes $ 100 was invested on december 9 , 2013 in aag common stock and in each of the foregoing indices and assumes reinvestment of dividends .

the stock performance shown on the graph below represents historical stock performance and is not necessarily indicative of future stock price performance. .

 |
| table | | 12/9/2013 | 12/31/2013 | 12/31/2014
----------------------------- | --------- | ---------- | ----------
american airlines group inc . | $ 100     | $ 103      | $ 219
amex airline index            | 100       | 102        | 152
s&p 500                       | 100       | 102        | 114 |


| _id | dd497fb38 |
| title |  |
| text | oneok partners 2019 commodity price risk is estimated as a hypothetical change in the price of ngls , crude oil and natural gas at december 31 , 2008 , excluding the effects of hedging and assuming normal operating conditions .
oneok partners 2019 condensate sales are based on the price of crude oil .

oneok partners estimates the following : 2022 a $ 0.01 per gallon decrease in the composite price of ngls would decrease annual net margin by approximately $ 1.2 million ; 2022 a $ 1.00 per barrel decrease in the price of crude oil would decrease annual net margin by approximately $ 1.0 million ; and 2022 a $ 0.10 per mmbtu decrease in the price of natural gas would decrease annual net margin by approximately $ 0.6 million .

the above estimates of commodity price risk do not include any effects on demand for its services that might be caused by , or arise in conjunction with , price changes .
for example , a change in the gross processing spread may cause a change in the amount of ethane extracted from the natural gas stream , impacting gathering and processing margins , ngl exchange revenues , natural gas deliveries , and ngl volumes shipped and fractionated .

oneok partners is also exposed to commodity price risk primarily as a result of ngls in storage , the relative values of the various ngl products to each other , the relative value of ngls to natural gas and the relative value of ngl purchases at one location and sales at another location , known as basis risk .
oneok partners utilizes fixed-price physical forward contracts to reduce earnings volatility related to ngl price fluctuations .

oneok partners has not entered into any financial instruments with respect to its ngl marketing activities .
in addition , oneok partners is exposed to commodity price risk as its natural gas interstate and intrastate pipelines collect natural gas from its customers for operations or as part of its fee for services provided .

when the amount of natural gas consumed in operations by these pipelines differs from the amount provided by its customers , the pipelines must buy or sell natural gas , or store or use natural gas from inventory , which exposes oneok partners to commodity price risk .
at december 31 , 2008 , there were no hedges in place with respect to natural gas price risk from oneok partners 2019 natural gas pipeline business .

distribution our distribution segment uses derivative instruments to hedge the cost of anticipated natural gas purchases during the winter heating months to protect their customers from upward volatility in the market price of natural gas .
gains or losses associated with these derivative instruments are included in , and recoverable through , the monthly purchased gas cost mechanism .

energy services our energy services segment is exposed to commodity price risk , basis risk and price volatility arising from natural gas in storage , requirement contracts , asset management contracts and index-based purchases and sales of natural gas at various market locations .
we minimize the volatility of our exposure to commodity price risk through the use of derivative instruments , which , under certain circumstances , are designated as cash flow or fair value hedges .

we are also exposed to commodity price risk from fixed-price purchases and sales of natural gas , which we hedge with derivative instruments .
both the fixed-price purchases and sales and related derivatives are recorded at fair value .

fair value component of the energy marketing and risk management assets and liabilities - the following table sets forth the fair value component of the energy marketing and risk management assets and liabilities , excluding $ 21.0 million of net liabilities from derivative instruments declared as either fair value or cash flow hedges. .

( a ) - the maturiti es of derivatives are based on inject ion and withdrawal periods from april through m arc h , which is consistent with our business s trategy .
the maturities are as fol lows : $ 225.0 mi llion matures through march 2009 , $ 33.9 mi llion matures through march 2012 and $ ( 0.1 ) mil lion matures through march 2014 .
fair v alue com ponent of energy m arketing and risk m anagement assets and liabili ti es

 |
| table | | ( thousands of dollars )
------------------------------------------------------------------- | ------------------------
net fair value of derivatives outstanding at december 31 2007       | $ 25171
derivatives reclassified or otherwise settled during the period     | -55874 ( 55874 )
fair value of new derivatives entered into during the period        | 236772
other changes in fair value                                         | 52731
net fair value of derivatives outstanding at december 31 2008 ( a ) | $ 258800 |


| _id | dd4c08d1e |
| title |  |
| text | zimmer biomet holdings , inc .
and subsidiaries 2018 form 10-k annual report notes to consolidated financial statements ( continued ) default for unsecured financing arrangements , including , among other things , limitations on consolidations , mergers and sales of assets .
financial covenants under the 2018 , 2016 and 2014 credit agreements include a consolidated indebtedness to consolidated ebitda ratio of no greater than 5.0 to 1.0 through june 30 , 2017 , and no greater than 4.5 to 1.0 thereafter .

if our credit rating falls below investment grade , additional restrictions would result , including restrictions on investments and payment of dividends .
we were in compliance with all covenants under the 2018 , 2016 and 2014 credit agreements as of december 31 , 2018 .
as of december 31 , 2018 , there were no borrowings outstanding under the multicurrency revolving facility .

we may , at our option , redeem our senior notes , in whole or in part , at any time upon payment of the principal , any applicable make-whole premium , and accrued and unpaid interest to the date of redemption , except that the floating rate notes due 2021 may not be redeemed until on or after march 20 , 2019 and such notes do not have any applicable make-whole premium .

in addition , we may redeem , at our option , the 2.700% ( 2.700 % ) senior notes due 2020 , the 3.375% ( 3.375 % ) senior notes due 2021 , the 3.150% ( 3.150 % ) senior notes due 2022 , the 3.700% ( 3.700 % ) senior notes due 2023 , the 3.550% ( 3.550 % ) senior notes due 2025 , the 4.250% ( 4.250 % ) senior notes due 2035 and the 4.450% ( 4.450 % ) senior notes due 2045 without any make-whole premium at specified dates ranging from one month to six months in advance of the scheduled maturity date .

the estimated fair value of our senior notes as of december 31 , 2018 , based on quoted prices for the specific securities from transactions in over-the-counter markets ( level 2 ) , was $ 7798.9 million .
the estimated fair value of japan term loan a and japan term loan b , in the aggregate , as of december 31 , 2018 , based upon publicly available market yield curves and the terms of the debt ( level 2 ) , was $ 294.7 million .
the carrying values of u.s .
term loan b and u.s .

term loan b and u.s .
term loan c approximate fair value as they bear interest at short-term variable market rates .
we entered into interest rate swap agreements which we designated as fair value hedges of underlying fixed-rate obligations on our senior notes due 2019 and 2021 .
these fair value hedges were settled in 2016 .
in 2016 , we entered into various variable-to-fixed interest rate swap agreements that were accounted for as cash flow hedges of u.s .
term loan b .

term loan b .
in 2018 , we entered into cross-currency interest rate swaps that we designated as net investment hedges .
the excluded component of these net investment hedges is recorded in interest expense , net .
see note 13 for additional information regarding our interest rate swap agreements .
we also have available uncommitted credit facilities totaling $ 55.0 million .

at december 31 , 2018 and 2017 , the weighted average interest rate for our borrowings was 3.1 percent and 2.9 percent , respectively .
we paid $ 282.8 million , $ 317.5 million , and $ 363.1 million in interest during 2018 , 2017 , and 2016 , respectively .
12 .

12 .
accumulated other comprehensive ( loss ) income aoci refers to certain gains and losses that under gaap are included in comprehensive income but are excluded from net earnings as these amounts are initially recorded as an adjustment to stockholders 2019 equity .
amounts in aoci may be reclassified to net earnings upon the occurrence of certain events .

our aoci is comprised of foreign currency translation adjustments , including unrealized gains and losses on net investment hedges , unrealized gains and losses on cash flow hedges , and amortization of prior service costs and unrecognized gains and losses in actuarial assumptions on our defined benefit plans .
foreign currency translation adjustments are reclassified to net earnings upon sale or upon a complete or substantially complete liquidation of an investment in a foreign entity .

unrealized gains and losses on cash flow hedges are reclassified to net earnings when the hedged item affects net earnings .
amounts related to defined benefit plans that are in aoci are reclassified over the service periods of employees in the plan .
see note 14 for more information on our defined benefit plans .
the following table shows the changes in the components of aoci , net of tax ( in millions ) : foreign currency translation hedges defined benefit plan items .

 |
| table | | foreign currency translation | cash flow hedges | defined benefit plan items | total aoci
------------------------------------------------- | ---------------------------- | ---------------- | -------------------------- | ------------------
balance december 31 2017                          | $ 121.5                      | $ -66.5 ( 66.5 ) | $ -138.2 ( 138.2 )         | $ -83.2 ( 83.2 )
aoci before reclassifications                     | -135.4 ( 135.4 )             | 68.2             | -29.7 ( 29.7 )             | -96.9 ( 96.9 )
reclassifications to retained earnings ( note 2 ) | -17.4 ( 17.4 )               | -4.4 ( 4.4 )     | -21.1 ( 21.1 )             | -42.9 ( 42.9 )
reclassifications                                 | -                            | 23.6             | 12.0                       | 35.6
balance december 31 2018                          | $ -31.3 ( 31.3 )             | $ 20.9           | $ -177.0 ( 177.0 )         | $ -187.4 ( 187.4 ) |


| _id | dd497d14e |
| title |  |
| text | item 7a .
quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .
from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .

derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .
interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .
the majority of our debt ( approximately 89% ( 89 % ) and 91% ( 91 % ) as of december 31 , 2015 and 2014 , respectively ) bears interest at fixed rates .

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

we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .
we do not have any interest rate swaps outstanding as of december 31 , 2015 .
we had $ 1509.7 of cash , cash equivalents and marketable securities as of december 31 , 2015 that we generally invest in conservative , short-term bank deposits or securities .
the interest income generated from these investments is subject to both domestic and foreign interest rate movements .

during 2015 and 2014 , we had interest income of $ 22.8 and $ 27.4 , respectively .
based on our 2015 results , a 100-basis-point increase or decrease in interest rates would affect our interest income by approximately $ 15.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2015 levels .

foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .
since we report revenues and expenses in u.s .
dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .
dollars ) from foreign operations .
the primary foreign currencies that impacted our results during 2015 included the australian dollar , brazilian real , british pound sterling and euro .

based on 2015 exchange rates and operating results , if the u.s .
dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2015 levels .
the functional currency of our foreign operations is generally their respective local currency .

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

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

currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .
we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures .

we do not enter into foreign exchange contracts or other derivatives for speculative purposes.

 |
| table | as of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates
------------------ | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------
2015               | $ -33.7 ( 33.7 )                                                                   | $ 34.7
2014               | -35.5 ( 35.5 )                                                                     | 36.6 |


| _id | dd4ba0214 |
| title |  |
| text | conduit assets by asset origin .

the conduits meet the definition of a vie , as defined by fin 46 ( r ) .
we have determined that we are not the primary beneficiary of the conduits , as defined by fin 46 ( r ) , and do not record them in our consolidated financial statements .
we hold no direct or indirect ownership interest in the conduits , but we provide subordinated financial support to them through contractual arrangements .

standby letters of credit absorb certain actual credit losses from the conduit assets ; our commitment under these letters of credit totaled $ 1.00 billion and $ 1.04 billion at december 31 , 2008 and 2007 , respectively .

liquidity asset purchase agreements provide liquidity to the conduits in the event they cannot place commercial paper in the ordinary course of their business ; these facilities , which require us to purchase assets from the conduits at par , would provide the needed liquidity to repay maturing commercial paper if there was a disruption in the asset-backed commercial paper market .

the aggregate commitment under the liquidity asset purchase agreements was approximately $ 23.59 billion and $ 28.37 billion at december 31 , 2008 and 2007 , respectively .
we did not accrue for any losses associated with either our commitment under the standby letters of credit or the liquidity asset purchase agreements in our consolidated statement of condition at december 31 , 2008 or 2007 .

during the first quarter of 2008 , pursuant to the contractual terms of our liquidity asset purchase agreements with the conduits , we were required to purchase $ 850 million of conduit assets .
the purchase was the result of various factors , including the continued illiquidity in the commercial paper markets .
the securities were purchased at prices determined in accordance with existing contractual terms in the liquidity asset purchase agreements , and which exceeded their fair value .

accordingly , during the first quarter of 2008 , the securities were written down to their fair value through a $ 12 million reduction of processing fees and other revenue in our consolidated statement of income , and are carried at fair value in securities available for sale in our consolidated statement of condition .
none of our liquidity asset purchase agreements with the conduits were drawn upon during the remainder of 2008 , and no draw-downs on the standby letters of credit occurred during 2008 .

the conduits generally sell commercial paper to independent third-party investors .
however , we sometimes purchase commercial paper from the conduits .
as of december 31 , 2008 , we held an aggregate of approximately $ 230 million of commercial paper issued by the conduits , and $ 2 million at december 31 , 2007 .
in addition , approximately $ 5.70 billion of u.s .
conduit-issued commercial paper had been sold to the cpff .
the cpff is scheduled to expire on october 31 , 2009 .

the weighted-average maturity of the conduits 2019 commercial paper in the aggregate was approximately 25 days as of december 31 , 2008 , compared to approximately 20 days as of december 31 , 2007 .
each of the conduits has issued first-loss notes to independent third parties , which third parties absorb first- dollar losses related to credit risk .
aggregate first-loss notes outstanding at december 31 , 2008 for the four conduits totaled $ 67 million , compared to $ 32 million at december 31 , 2007 .

actual credit losses of the conduits

 |
| table | ( dollars in billions ) | 2008 amount | 2008 percent of total conduit assets | 2008 amount | percent of total conduit assets
----------------------- | ----------- | ------------------------------------ | ----------- | -------------------------------
united states           | $ 11.09     | 46% ( 46 % )                         | $ 12.14     | 42% ( 42 % )
australia               | 4.30        | 17                                   | 6.10        | 21
great britain           | 1.97        | 8                                    | 2.93        | 10
spain                   | 1.71        | 7                                    | 1.90        | 7
italy                   | 1.66        | 7                                    | 1.86        | 7
portugal                | 0.62        | 3                                    | 0.70        | 2
germany                 | 0.57        | 3                                    | 0.70        | 2
netherlands             | 0.40        | 2                                    | 0.55        | 2
belgium                 | 0.29        | 1                                    | 0.31        | 1
greece                  | 0.27        | 1                                    | 0.31        | 1
other                   | 1.01        | 5                                    | 1.26        | 5
total conduit assets    | $ 23.89     | 100% ( 100 % )                       | $ 28.76     | 100% ( 100 % ) |


| _id | dd4baa23c |
| title |  |
| text | table of contents part ii price range our common stock commenced trading on the nasdaq national market under the symbol 201cmktx 201d on november 5 , 2004 .
prior to that date , there was no public market for our common stock .
on november 4 , 2004 , the registration statement relating to our initial public offering was declared effective by the sec .

the high and low bid information for our common stock , as reported by nasdaq , was as follows : on march 28 , 2005 , the last reported closing price of our common stock on the nasdaq national market was $ 10.26 .
holders there were approximately 188 holders of record of our common stock as of march 28 , 2005 .
dividend policy we have not declared or paid any cash dividends on our capital stock since our inception .

we intend to retain future earnings to finance the operation and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future .
in the event we decide to declare dividends on our common stock in the future , such declaration will be subject to the discretion of our board of directors .

our board may take into account such matters as general business conditions , our financial results , capital requirements , contractual , legal , and regulatory restrictions on the payment of dividends by us to our stockholders or by our subsidiaries to us and any such other factors as our board may deem relevant .
use of proceeds on november 4 , 2004 , the registration statement relating to our initial public offering ( no .
333-112718 ) was declared effective .

333-112718 ) was declared effective .
we received net proceeds from the sale of the shares of our common stock in the offering of $ 53.9 million , at an initial public offering price of $ 11.00 per share , after deducting underwriting discounts and commissions and estimated offering expenses .

additionally , prior to the closing of the initial public offering , all outstanding shares of convertible preferred stock were converted into 14484493 shares of common stock and 4266310 shares of non-voting common stock .
the underwriters for our initial public offering were credit suisse first boston llc , j.p .
morgan securities inc. , banc of america securities llc , bear , stearns & co .
inc .
and ubs securities llc .

inc .
and ubs securities llc .
all of the underwriters are affiliates of some of our broker-dealer clients and affiliates of some our institutional investor clients .
in addition , affiliates of all the underwriters are stockholders of ours .

except for salaries , and reimbursements for travel expenses and other out-of-pocket costs incurred in the ordinary course of business , none of the proceeds from the offering have been paid by us , directly or indirectly , to any of our directors or officers or any of their associates , or to any persons owning ten percent or more of our outstanding stock or to any of our affiliates .

as of december 31 , 2004 , we have not used any of the net proceeds from the initial public offering for product development costs , sales and marketing activities and working capital .
we have invested the proceeds from the offering in cash and cash equivalents and short-term marketable securities pending their use for these or other purposes .
item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities november 5 , 2004 december 31 , 2004 .

 |
| table | high    | low
------- | -------
$ 24.41 | $ 12.75 |


| _id | dd4bcaf0a |
| title |  |
| text | the following details the impairment charge resulting from our review ( in thousands ) : .

net income attributable to noncontrolling interests , net of tax noncontrolling interest , net of tax increased $ 28.9 million from $ 8.1 million fiscal 2008 .
the increase was primarily related to our acquisition of a 51% ( 51 % ) majority interest in hsbc merchant services , llp on june 30 , net income attributable to global payments and diluted earnings per share during fiscal 2009 we reported net income of $ 37.2 million ( $ 0.46 diluted earnings per share ) .

liquidity and capital resources a significant portion of our liquidity comes from operating cash flows , which are generally sufficient to fund operations , planned capital expenditures , debt service and various strategic investments in our business .
cash flow from operations is used to make planned capital investments in our business , to pursue acquisitions that meet our corporate objectives , to pay dividends , and to pay off debt and repurchase our shares at the discretion of our board of directors .

accumulated cash balances are invested in high-quality and marketable short term instruments .
our capital plan objectives are to support the company 2019s operational needs and strategic plan for long term growth while maintaining a low cost of capital .
lines of credit are used in certain of our markets to fund settlement and as a source of working capital and , along with other bank financing , to fund acquisitions .

we regularly evaluate our liquidity and capital position relative to cash requirements , and we may elect to raise additional funds in the future , either through the issuance of debt , equity or otherwise .
at may 31 , 2010 , we had cash and cash equivalents totaling $ 769.9 million .
of this amount , we consider $ 268.1 million to be available cash , which generally excludes settlement related and merchant reserve cash balances .

settlement related cash balances represent surplus funds that we hold on behalf of our member sponsors when the incoming amount from the card networks precedes the member sponsors 2019 funding obligation to the merchant .
merchant reserve cash balances represent funds collected from our merchants that serve as collateral ( 201cmerchant reserves 201d ) to minimize contingent liabilities associated with any losses that may occur under the merchant agreement .

at may 31 , 2010 , our cash and cash equivalents included $ 199.4 million related to merchant reserves .
while this cash is not restricted in its use , we believe that designating this cash to collateralize merchant reserves strengthens our fiduciary standing with our member sponsors and is in accordance with the guidelines set by the card networks .

see cash and cash equivalents and settlement processing assets and obligations under note 1 in the notes to the consolidated financial statements for additional details .
net cash provided by operating activities increased $ 82.8 million to $ 465.8 million for fiscal 2010 from the prior year .
income from continuing operations increased $ 16.0 million and we had cash provided by changes in working capital of $ 60.2 million .

the working capital change was primarily due to the change in net settlement processing assets and obligations of $ 80.3 million and the change in accounts receivable of $ 13.4 million , partially offset by the change

 |
| table | | year ended may 31 2009
----------------------- | ----------------------
goodwill                | $ 136800
trademark               | 10000
other long-lived assets | 864
total                   | $ 147664 |


| _id | dd4c61842 |
| title |  |
| text | required to maintain a fhlb stock investment currently equal to the lesser of : a percentage of 0.2% ( 0.2 % ) of total bank assets ; or a dollar cap amount of $ 25 million .
additionally , the bank must maintain an activity based stock investment which is currently equal to 4.5% ( 4.5 % ) of the bank 2019s outstanding advances at the time of borrowing .

on a quarterly basis the fhlb atlanta evaluates excess activity based stock holdings for its members and makes a determination regarding quarterly redemption of any excess activity based stock positions .
the company had an investment in fhlb stock of $ 140.2 million and $ 164.4 million at december 31 , 2011 and 2010 , respectively .

the company must also maintain qualified collateral as a percent of its advances , which varies based on the collateral type , and is further adjusted by the outcome of the most recent annual collateral audit and by fhlb 2019s internal ranking of the bank 2019s creditworthiness .
these advances are secured by a pool of mortgage loans and mortgage-backed securities .

at december 31 , 2011 and 2010 , the company pledged loans with a lendable value of $ 5.0 billion and $ 5.6 billion , respectively , of the one- to four-family and home equity loans as collateral in support of both its advances and unused borrowing lines .
during the year ended december 31 , 2009 , the company paid down in advance of maturity $ 1.6 billion of its fhlb advances .

the company recorded a loss on the early extinguishment of fhlb advances of $ 50.6 million for the year ended december 31 , 2009 .
this loss is recorded in the gains ( losses ) on early extinguishment of debt line item in the consolidated statement of income ( loss ) .
the company did not have any similar transactions for the years ended december 31 , 2011 and 2010 .

other borrowings 2014etbh raised capital in the past through the formation of trusts , which sell trust preferred securities in the capital markets .
the capital securities must be redeemed in whole at the due date , which is generally 30 years after issuance .
each trust issued floating rate cumulative preferred securities ( 201ctrust preferred securities 201d ) , at par with a liquidation amount of $ 1000 per capital security .

the trusts used the proceeds from the sale of issuances to purchase floating rate junior subordinated debentures ( 201csubordinated debentures 201d ) issued by etbh , which guarantees the trust obligations and contributed proceeds from the sale of its subordinated debentures to e*trade bank in the form of a capital contribution .
the most recent issuance of trust preferred securities occurred in 2007 .

the face values of outstanding trusts at december 31 , 2011 are shown below ( dollars in thousands ) : trusts face value maturity date annual interest rate .

as of december 31 , 2011 and 2010 , other borrowings also included $ 2.3 million and $ 19.3 million , respectively , of collateral pledged to the bank by its derivatives counterparties to reduce credit exposure to changes in market value .
as of december 31 , 2010 , other borrowings also included $ 0.5 million of overnight and other short-term borrowings in connection with the federal reserve bank 2019s treasury , tax and loan programs .

the company pledged $ 0.8 million of securities to secure these borrowings from the federal reserve bank as of december 31 , 2010.

 |
| table | trusts                               | face value | maturity date | annual interest rate
------------------------------------ | ---------- | ------------- | ------------------------------------------------
etbh capital trust ii                | $ 5000     | 2031          | 10.25% ( 10.25 % )
etbh capital trust i                 | 20000      | 2031          | 3.75% ( 3.75 % ) above 6-month libor
etbh capital trust v vi viii         | 51000      | 2032          | 3.25%-3.65% ( 3.25%-3.65 % ) above 3-month libor
etbh capital trust vii ix 2014xii    | 65000      | 2033          | 3.00%-3.30% ( 3.00%-3.30 % ) above 3-month libor
etbh capital trust xiii 2014xviii xx | 77000      | 2034          | 2.45%-2.90% ( 2.45%-2.90 % ) above 3-month libor
etbh capital trust xix xxi xxii      | 60000      | 2035          | 2.20%-2.40% ( 2.20%-2.40 % ) above 3-month libor
etbh capital trust xxiii 2014xxiv    | 45000      | 2036          | 2.10% ( 2.10 % ) above 3-month libor
etbh capital trust xxv 2014xxx       | 110000     | 2037          | 1.90%-2.00% ( 1.90%-2.00 % ) above 3-month libor
total                                | $ 433000   |               | |


| _id | dd4c54d9a |
| title |  |
| text | zero .
to the extent earned , these performance units convert into unrestricted shares after performance results for the three-year performance period are certified by the compensation committee .
we recognize share-based compensation expense based on the grant-date fair value of the performance-based restricted stock units , as determined by use of a monte carlo model , on a straight-line basis over the performance period .

leveraged performance units during the year ended may 31 , 2015 , certain executives were granted performance units that we refer to as 201cleveraged performance units , 201d or 201clpus . 201d lpus contain a market condition based on our relative stock price growth over a three-year performance period .
the lpus contain a minimum threshold performance which , if not met , would result in no payout .
the lpus also contain a maximum award opportunity set as a fixed dollar and fixed number of shares .

after the three-year performance period , which concluded in october 2017 , one-third of the earned units converted to unrestricted common stock .
the remaining two-thirds converted to restricted stock that will vest in equal installments on each of the first two anniversaries of the conversion date .

we recognize share-based compensation expense based on the grant date fair value of the lpus , as determined by use of a monte carlo model , on a straight-line basis over the requisite service period for each separately vesting portion of the lpu award .

the following table summarizes the changes in unvested restricted stock and performance awards for the years ended december 31 , 2018 and 2017 , the 2016 fiscal transition period and the year ended may 31 , 2016 : shares weighted-average grant-date fair value ( in thousands ) .

the total fair value of restricted stock and performance awards vested was $ 43.4 million and $ 33.7 million for the years ended december 31 , 2018 and 2017 , respectively , $ 20.0 million for the 2016 fiscal transition period and $ 17.4 million for the year ended may 31 , 2016 .

for restricted stock and performance awards , we recognized compensation expense of $ 53.2 million and $ 35.2 million for the years ended december 31 , 2018 and 2017 , respectively , $ 17.2 million for the 2016 fiscal transition period and $ 28.8 million for the year ended may 31 , 2016 .

as of december 31 , 2018 , there was $ 62.7 million of unrecognized compensation expense related to unvested restricted stock and performance awards that we expect to recognize over a weighted-average period of 2.0 years .
our restricted stock and performance award plans provide for accelerated vesting under certain conditions .
94 2013 global payments inc .
| 2018 form 10-k annual report

 |
| table | | shares ( in thousands ) | weighted-averagegrant-datefair value
---------------------------- | ----------------------- | ------------------------------------
unvested at may 31 2015      | 1848                    | $ 28.97
granted                      | 461                     | 57.04
vested                       | -633 ( 633 )            | 27.55
forfeited                    | -70 ( 70 )              | 34.69
unvested at may 31 2016      | 1606                    | 37.25
granted                      | 348                     | 74.26
vested                       | -639 ( 639 )            | 31.38
forfeited                    | -52 ( 52 )              | 45.27
unvested at december 31 2016 | 1263                    | 49.55
granted                      | 899                     | 79.79
vested                       | -858 ( 858 )            | 39.26
forfeited                    | -78 ( 78 )              | 59.56
unvested at december 31 2017 | 1226                    | 78.29
granted                      | 650                     | 109.85
vested                       | -722 ( 722 )            | 60.08
forfeited                    | -70 ( 70 )              | 91.47
unvested at december 31 2018 | 1084                    | $ 108.51 |


| _id | dd49833dc |
| title |  |
| text | use of estimates the preparation of the financial statements requires management to make a number of estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period .
actual results could differ from those estimates .

( 3 ) significant acquisitions and dispositions acquisitions we acquired total income producing real estate related assets of $ 219.9 million , $ 948.4 million and $ 295.6 million in 2007 , 2006 and 2005 , respectively .

in december 2007 , in order to further establish our property positions around strategic port locations , we purchased a portfolio of five industrial buildings , in seattle , virginia and houston , as well as approximately 161 acres of undeveloped land and a 12-acre container storage facility in houston .
the total price was $ 89.7 million and was financed in part through assumption of secured debt that had a fair value of $ 34.3 million .

of the total purchase price , $ 66.1 million was allocated to in-service real estate assets , $ 20.0 million was allocated to undeveloped land and the container storage facility , $ 3.3 million was allocated to lease related intangible assets , and the remaining amount was allocated to acquired working capital related assets and liabilities .
this allocation of purchase price based on the fair value of assets acquired is preliminary .

the results of operations for the acquired properties since the date of acquisition have been included in continuing rental operations in our consolidated financial statements .
in february 2007 , we completed the acquisition of bremner healthcare real estate ( 201cbremner 201d ) , a national health care development and management firm .
the primary reason for the acquisition was to expand our development capabilities within the health care real estate market .

the initial consideration paid to the sellers totaled $ 47.1 million , and the sellers may be eligible for further contingent payments over the next three years .
approximately $ 39.0 million of the total purchase price was allocated to goodwill , which is attributable to the value of bremner 2019s overall development capabilities and its in-place workforce .

the results of operations for bremner since the date of acquisition have been included in continuing operations in our consolidated financial statements .
in february 2006 , we acquired the majority of a washington , d.c .
metropolitan area portfolio of suburban office and light industrial properties ( the 201cmark winkler portfolio 201d ) .

the assets acquired for a purchase price of approximately $ 867.6 million are comprised of 32 in-service properties with approximately 2.9 million square feet for rental , 166 acres of undeveloped land , as well as certain related assets of the mark winkler company , a real estate management company .
the acquisition was financed primarily through assumed mortgage loans and new borrowings .

the assets acquired and liabilities assumed were recorded at their estimated fair value at the date of acquisition , as summarized below ( in thousands ) : .

purchase price , net of assumed liabilities $ 713202

 |
| table | operating rental properties               | $ 602011
----------------------------------------- | ------------------
land held for development                 | 154300
total real estate investments             | 756311
other assets                              | 10478
lease related intangible assets           | 86047
goodwill                                  | 14722
total assets acquired                     | 867558
debt assumed                              | -148527 ( 148527 )
other liabilities assumed                 | -5829 ( 5829 )
purchase price net of assumed liabilities | $ 713202 |


| _id | dd4c0de7c |
| title |  |
| text | hii expects to incur higher costs to complete ships currently under construction in avondale due to anticipated reductions in productivity .
as a result , in the second quarter of 2010 , the company increased the estimates to complete lpd-23 and lpd-25 by approximately $ 210 million .
the company recognized a $ 113 million pre-tax charge to operating income for these contracts in the second quarter of 2010 .

hii is exploring alternative uses of the avondale facility , including alternative opportunities for the workforce .

in connection with and as a result of the decision to wind down shipbuilding operations at the avondale , louisiana facility , the company began incurring and paying related employee severance and incentive compensation liabilities and expenditures , asset retirement obligation liabilities that became reasonably estimable , and amounts owed for not meeting certain requirements under its cooperative endeavor agreement with the state of louisiana .

the company anticipates that it will incur substantial other restructuring and facilities shutdown related costs , including , but not limited to , severance expense , relocation expense , and asset write-downs related to the avondale facilities .
these costs are expected to be allowable expenses under government accounting standards and thus should be recoverable in future years 2019 overhead costs .
these future costs could approximate $ 271 million , based on management 2019s current estimate .

such costs should be recoverable under existing flexibly priced contracts or future negotiated contracts in accordance with federal acquisition regulation ( 201cfar 201d ) provisions relating to the treatment of restructuring and shutdown related costs .
the company is currently in discussions with the u.s .
navy regarding its cost submission to support the recoverability of these costs under the far and applicable contracts , and this submission is subject to review and acceptance by the u.s .
navy .

navy .
the defense contract audit agency ( 201cdcaa 201d ) , a dod agency , prepared an initial audit report on the company 2019s cost proposal for restructuring and shutdown related costs of $ 310 million , which stated that the proposal was not adequately supported for the dcaa to reach a conclusion and questioned approximately $ 25 million , or 8% ( 8 % ) , of the costs submitted by the company .
accordingly , the dcaa did not accept the proposal as submitted .

the company has submitted a revised proposal to address the concerns of the dcaa and to reflect a revised estimated total cost of $ 271 million .
should the company 2019s revised proposal be challenged by the u.s .
navy , the company would likely pursue prescribed dispute resolution alternatives to resolve the challenge .
that process , however , would create uncertainty as to the timing and eventual allowability of the costs related to the wind down of the avondale facility .

ultimately , the company anticipates these discussions with the u.s .
navy will result in an agreement that is substantially in accordance with management 2019s cost recovery expectations .
accordingly , hii has treated these costs as allowable costs in determining the earnings performance on its contracts in process .

the actual restructuring expenses related to the wind down may be greater than the company 2019s current estimate , and any inability to recover such costs could result in a material effect on the company 2019s consolidated financial position , results of operations or cash flows .
the company also evaluated the effect that the wind down of the avondale facilities might have on the benefit plans in which hii employees participate .

hii determined that the potential impact of a curtailment in these plans was not material to its consolidated financial position , results of operations or cash flows .
the table below summarizes the company 2019s liability for restructuring and shutdown related costs associated with winding down the avondale facility .
as of december 31 , 2011 and 2010 , these costs are comprised primarily of employee severance and retention and incentive bonuses .

these amounts were capitalized in inventoried costs , and will be recognized as expenses in cost of product sales beginning in 2014 .
( $ in millions ) employee compensation other accruals total .

 |
| table | ( $ in millions )           | employee compensation | other accruals | total
--------------------------- | --------------------- | -------------- | ----------
balance at january 1 2010   | $ 0                   | $ 0            | $ 0
accrual established         | 27                    | 39             | 66
payments                    | 0                     | 0              | 0
adjustments                 | 0                     | 0              | 0
balance at december 31 2010 | $ 27                  | $ 39           | $ 66
accrual established         | 0                     | 0              | 0
payments                    | -24 ( 24 )            | -36 ( 36 )     | -60 ( 60 )
adjustments                 | 47                    | -3 ( 3 )       | 44
balance at december 31 2011 | $ 50                  | $ 0            | $ 50 |


| _id | dd4bccb34 |
| title |  |
| text | notes to consolidated financial statements 2014 ( continued ) becton , dickinson and company ( b ) these reclassifications were recorded to interest expense and cost of products sold .
additional details regarding the company's cash flow hedges are provided in note 13 .

on august 25 , 2016 , in anticipation of proceeds to be received from the divestiture of the respiratory solutions business in the first quarter of fiscal year 2017 , the company entered into an accelerated share repurchase ( "asr" ) agreement .
subsequent to the end of the company's fiscal year 2016 and as per the terms of the asr agreement , the company received approximately 1.3 million shares of its common stock , which was recorded as a $ 220 million increase to common stock in treasury .

note 4 2014 earnings per share the weighted average common shares used in the computations of basic and diluted earnings per share ( shares in thousands ) for the years ended september 30 were as follows: .

average common and common equivalent shares outstanding 2014 assuming dilution 217536 207509 197709 upon closing the acquisition of carefusion corporation ( 201ccarefusion 201d ) on march 17 , 2015 , the company issued approximately 15.9 million of its common shares as part of the purchase consideration .
additional disclosures regarding this acquisition are provided in note 9 .

options to purchase shares of common stock are excluded from the calculation of diluted earnings per share when their inclusion would have an anti-dilutive effect on the calculation .
for the years ended september 30 , 2016 , 2015 and 2014 there were no options to purchase shares of common stock which were excluded from the diluted earnings per share calculation.

 |
| table | | 2016   | 2015   | 2014
------------------------------------------------------------------------------ | ------ | ------ | ------
average common shares outstanding                                              | 212702 | 202537 | 193299
dilutive share equivalents from share-based plans                              | 4834   | 4972   | 4410
average common and common equivalent shares outstanding 2014 assuming dilution | 217536 | 207509 | 197709 |


| _id | dd4b88e70 |
| title |  |
| text | affiliated company .
the loss recorded on the sale was approximately $ 14 million and is recorded as a loss on sale of assets and asset impairment expenses in the accompanying consolidated statements of operations .
in the second quarter of 2002 , the company recorded an impairment charge of approximately $ 40 million , after income taxes , on an equity method investment in a telecommunications company in latin america held by edc .

the impairment charge resulted from sustained poor operating performance coupled with recent funding problems at the invested company .
during 2001 , the company lost operational control of central electricity supply corporation ( 2018 2018cesco 2019 2019 ) , a distribution company located in the state of orissa , india .
cesco is accounted for as a cost method investment .

in may 2000 , the company completed the acquisition of 100% ( 100 % ) of tractebel power ltd ( 2018 2018tpl 2019 2019 ) for approximately $ 67 million and assumed liabilities of approximately $ 200 million .
tpl owned 46% ( 46 % ) of nigen .
the company also acquired an additional 6% ( 6 % ) interest in nigen from minority stockholders during the year ended december 31 , 2000 through the issuance of approximately 99000 common shares of aes stock valued at approximately $ 4.9 million .

with the completion of these transactions , the company owns approximately 98% ( 98 % ) of nigen 2019s common stock and began consolidating its financial results beginning may 12 , 2000 .
approximately $ 100 million of the purchase price was allocated to excess of costs over net assets acquired and was amortized through january 1 , 2002 at which time the company adopted sfas no .
142 and ceased amortization of goodwill .

142 and ceased amortization of goodwill .
in august 2000 , a subsidiary of the company acquired a 49% ( 49 % ) interest in songas limited ( 2018 2018songas 2019 2019 ) for approximately $ 40 million .
the company acquired an additional 16.79% ( 16.79 % ) of songas for approximately $ 12.5 million , and the company began consolidating this entity in 2002 .
songas owns the songo songo gas-to-electricity project in tanzania .
in december 2002 , the company signed a sales purchase agreement to sell songas .

the sale is expected to close in early 2003 .
see note 4 for further discussion of the transaction .
the following table presents summarized comparative financial information ( in millions ) for the company 2019s investments in 50% ( 50 % ) or less owned investments accounted for using the equity method. .

in 2002 , 2001 and 2000 , the results of operations and the financial position of cemig were negatively impacted by the devaluation of the brazilian real and the impairment charge recorded in 2002 .
the brazilian real devalued 32% ( 32 % ) , 19% ( 19 % ) and 8% ( 8 % ) for the years ended december 31 , 2002 , 2001 and 2000 , respectively .

the company recorded $ 83 million , $ 210 million , and $ 64 million of pre-tax non-cash foreign currency transaction losses on its investments in brazilian equity method affiliates during 2002 , 2001 and 2000 , respectively.

 |
| table | as of and for the years ended december 31, | 2002   | 2001   | 2000
------------------------------------------ | ------ | ------ | ------
revenues                                   | $ 2832 | $ 6147 | $ 6241
operating income                           | 695    | 1717   | 1989
net income                                 | 229    | 650    | 859
current assets                             | 1097   | 3700   | 2423
noncurrent assets                          | 6751   | 14942  | 13080
current liabilities                        | 1418   | 3510   | 3370
noncurrent liabilities                     | 3349   | 8297   | 5927
stockholder's equity                       | 3081   | 6835   | 6206 |


| _id | dd4bc6df6 |
| title |  |
| text | the following table summarized the status of the company 2019s non-vested performance share unit awards and changes for the period indicated : weighted- average grant date performance share unit awards shares fair value .

19 .
segment reporting the u.s .
reinsurance operation writes property and casualty reinsurance and specialty lines of business , including marine , aviation , surety and accident and health ( 201ca&h 201d ) business , on both a treaty and facultative basis , through reinsurance brokers , as well as directly with ceding companies primarily within the u.s .
the international operation writes non-u.s .

the international operation writes non-u.s .
property and casualty reinsurance through everest re 2019s branches in canada and singapore and through offices in brazil , miami and new jersey .
the bermuda operation provides reinsurance and insurance to worldwide property and casualty markets through brokers and directly with ceding companies from its bermuda office and reinsurance to the united kingdom and european markets through its uk branch and ireland re .

the insurance operation writes property and casualty insurance directly and through general agents , brokers and surplus lines brokers within the u.s .
and canada .
the mt .
logan re segment represents business written for the segregated accounts of mt .
logan re , which were formed on july 1 , 2013 .
the mt .
logan re business represents a diversified set of catastrophe exposures , diversified by risk/peril and across different geographical regions globally .
these segments , with the exception of mt .

these segments , with the exception of mt .
logan re , are managed independently , but conform with corporate guidelines with respect to pricing , risk management , control of aggregate catastrophe exposures , capital , investments and support operations .
management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results .
the mt .

the mt .
logan re segment is managed independently and seeks to write a diverse portfolio of catastrophe risks for each segregated account to achieve desired risk and return criteria .
underwriting results include earned premium less losses and loss adjustment expenses ( 201clae 201d ) incurred , commission and brokerage expenses and other underwriting expenses .

we measure our underwriting results using ratios , in particular loss , commission and brokerage and other underwriting expense ratios , which , respectively , divide incurred losses , commissions and brokerage and other underwriting expenses by premiums earned .
mt .
logan re 2019s business is sourced through operating subsidiaries of the company ; however , the activity is only reflected in the mt .
logan re segment .

logan re segment .
for other inter-affiliate reinsurance , business is generally reported within the segment in which the business was first produced , consistent with how the business is managed .
except for mt .
logan re , the company does not maintain separate balance sheet data for its operating segments .
accordingly , the company does not review and evaluate the financial results of its operating segments based upon balance sheet data.

 |
| table | performance share unit awards | year ended december 31 2015 shares | year ended december 31 2015 weighted- average grant date fair value
----------------------------- | ---------------------------------- | -------------------------------------------------------------------
outstanding at january 1,     | -                                  | $ -
granted                       | 10705                              | 178.84
vested                        | -                                  | -
forfeited                     | -                                  | -
outstanding at december 31,   | 10705                              | 178.84 |


| _id | dd4bcde76 |
| title |  |
| text | schlumberger limited and subsidiaries shares of common stock issued in treasury shares outstanding ( stated in millions ) .

see the notes to consolidated financial statements part ii , item 8

 |
| table | | issued | in treasury  | shares outstanding
------------------------------------------------ | ------ | ------------ | ------------------
balance january 1 2008                           | 1334   | -138 ( 138 ) | 1196
shares sold to optionees less shares exchanged   | 2013   | 5            | 5
shares issued under employee stock purchase plan | 2013   | 2            | 2
stock repurchase program                         | 2013   | -21 ( 21 )   | -21 ( 21 )
issued on conversions of debentures              | 2013   | 12           | 12
balance december 31 2008                         | 1334   | -140 ( 140 ) | 1194
shares sold to optionees less shares exchanged   | 2013   | 4            | 4
vesting of restricted stock                      | 2013   | 1            | 1
shares issued under employee stock purchase plan | 2013   | 4            | 4
stock repurchase program                         | 2013   | -8 ( 8 )     | -8 ( 8 )
balance december 31 2009                         | 1334   | -139 ( 139 ) | 1195
acquisition of smith international inc .         | 100    | 76           | 176
shares sold to optionees less shares exchanged   | 2013   | 6            | 6
shares issued under employee stock purchase plan | 2013   | 3            | 3
stock repurchase program                         | 2013   | -27 ( 27 )   | -27 ( 27 )
issued on conversions of debentures              | 2013   | 8            | 8
balance december 31 2010                         | 1434   | -73 ( 73 )   | 1361 |


| _id | dd4c53418 |
| title |  |
| text | december 31 , 2007 , 2006 and 2005 , included ( in millions ) : .

in-process research and development charges for 2007 are related to the acquisitions of endius and orthosoft .
included in the gain/loss on disposition or impairment of acquired assets and obligations for 2006 is the sale of the former centerpulse austin land and facilities for a gain of $ 5.1 million and the favorable settlement of two pre- acquisition contingent liabilities .

these gains were offset by a $ 13.4 million impairment charge for certain centerpulse tradename and trademark intangibles based principally in our europe operating segment .
cash and equivalents 2013 we consider all highly liquid investments with an original maturity of three months or less to be cash equivalents .
the carrying amounts reported in the balance sheet for cash and equivalents are valued at cost , which approximates their fair value .

restricted cash is primarily composed of cash held in escrow related to certain insurance coverage .
inventories 2013 inventories , net of allowances for obsolete and slow-moving goods , are stated at the lower of cost or market , with cost determined on a first-in first-out basis .
property , plant and equipment 2013 property , plant and equipment is carried at cost less accumulated depreciation .

depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements , three to eight years for machinery and equipment and generally five years for instruments .
maintenance and repairs are expensed as incurred .
in accordance with statement of financial accounting standards ( 201csfas 201d ) no .

144 , 201caccounting for the impairment or disposal of long-lived assets , 201d we review property , plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable .
an impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount .
an impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value .

software costs 2013 we capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended .

capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related benefits for employees who are directly associated with the software project .
capitalized software costs are included in property , plant and equipment on our balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software , which approximate three to seven years .

instruments 2013 instruments are hand held devices used by orthopaedic surgeons during total joint replacement and other surgical procedures .
instruments are recognized as long-lived assets and are included in property , plant and equipment .
undeployed instruments are carried at cost , net of allowances for excess and obsolete instruments .
instruments in the field are carried at cost less accumulated depreciation .

depreciation is computed using the straight-line method based on average estimated useful lives , determined principally in reference to associated product life cycles , primarily five years .
we review instruments for impairment in accordance with sfas no .
144 .
depreciation of instruments is recognized as selling , general and administrative expense .
goodwill 2013 we account for goodwill in accordance with sfas no .
142 , 201cgoodwill and other intangible assets 201d .

goodwill is not amortized but is subject to annual impairment tests .
goodwill has been assigned to reporting units , which are consistent with our operating segments .
we perform annual impairment tests by comparing each reporting unit 2019s fair value to its carrying amount to determine if there is potential impairment .
we perform this test in the fourth quarter of the year .

if the fair value of the reporting unit is less than its carrying value , an impairment loss is recorded to the extent that the implied fair value of the reporting unit goodwill is less than the carrying value of the reporting unit goodwill .
the fair value of the reporting unit and the implied fair value of goodwill are determined based upon market multiples .
intangible assets 2013 we account for intangible assets in accordance with sfas no .
142 .

142 .
intangible assets are initially measured at their fair value .
we have determined the fair value of our intangible assets either by the fair value of the consideration exchanged for the intangible asset , or the estimated after-tax discounted cash flows expected to be generated from the intangible asset .
intangible assets with an indefinite life , including certain trademarks and trade names , are not amortized .

the useful lives of indefinite life intangible assets are assessed annually to determine whether events and circumstances continue to support an indefinite life .
intangible assets with a finite life , including core and developed technology , certain trademarks and trade names , 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 | | 2007           | 2006             | 2005
------------------------------------------------------------------------------ | -------------- | ---------------- | ------
( gain ) /loss on disposition or impairment of acquired assets and obligations | $ -1.2 ( 1.2 ) | $ -19.2 ( 19.2 ) | $ 3.2
consulting and professional fees                                               | 1.0            | 8.8              | 5.6
employee severance and retention                                               | 1.6            | 3.3              | 13.3
information technology integration                                             | 2.6            | 3.0              | 6.9
in-process research & development                                              | 6.5            | 2.9              | 2013
integration personnel                                                          | 2013           | 2.5              | 3.1
facility and employee relocation                                               | 2013           | 1.0              | 6.2
distributor acquisitions                                                       | 4.1            | 2013             | 2013
sales agent and lease contract terminations                                    | 5.4            | 0.2              | 12.7
other                                                                          | 5.2            | 3.6              | 5.6
acquisition integration and other                                              | $ 25.2         | $ 6.1            | $ 56.6 |


| _id | dd4c57c52 |
| title |  |
| text | product management , business development and client service .
our alternatives products fall into two main categories 2013 core , which includes hedge funds , funds of funds ( hedge funds and private equity ) and real estate offerings , and currency and commodities .
the products offered under the bai umbrella are described below .

2022 hedge funds ended the year with $ 26.6 billion in aum , down $ 1.4 billion as net inflows into single- strategy hedge funds of $ 1.0 billion were more than offset by return of capital on opportunistic funds .
market valuation gains contributed $ 1.1 billion to aum growth .
hedge fund aum includes a variety of single-strategy , multi-strategy , and global macro , as well as portable alpha , distressed and opportunistic offerings .

products include both open-end hedge funds and similar products , and closed-end funds created to take advantage of specific opportunities over a defined , often longer- term investment horizon .
2022 funds of funds aum increased $ 6.3 billion , or 28% ( 28 % ) , to $ 29.1 billion at december 31 , 2012 , including $ 17.1 billion in funds of hedge funds and hybrid vehicles and $ 12.0 billion in private equity funds of funds .

growth largely reflected $ 6.2 billion of assets from srpep as we expanded our fund of funds product offerings and further engage in european and asian markets .
2022 real estate and hard assets aum totaled $ 12.7 billion , down $ 0.1 billion , or 1% ( 1 % ) , reflecting $ 0.6 billion in client net redemptions and distributions and $ 0.5 billion in portfolio valuation gains .
offerings include high yield debt and core , value-added and opportunistic equity portfolios and renewable power funds .

we continued to expand our real estate platform and product offerings with the launch of our first u.s .
real estate investment trust ( 201creit 201d ) mutual fund and addition of an infrastructure debt team to further increase and diversify our offerings within global infrastructure investing .
currency and commodities .

currency and commodities .
aum in currency and commodities strategies totaled $ 41.4 billion at year-end 2012 , flat from year-end 2011 , reflecting net outflows of $ 1.5 billion , primarily from active currency and currency overlays , and $ 0.8 billion of market and foreign exchange gains .
claymore also contributed $ 0.9 billion of aum .
currency and commodities products include a range of active and passive products .

our ishares commodities products represented $ 24.3 billion of aum , including $ 0.7 billion acquired from claymore , and are not eligible for performance fees .
cash management cash management aum totaled $ 263.7 billion at december 31 , 2012 , up $ 9.1 billion , or 4% ( 4 % ) , from year-end 2011 .
cash management products include taxable and tax-exempt money market funds and customized separate accounts .
portfolios may be denominated in u.s .
dollar , euro or british pound .

dollar , euro or british pound .
at year-end 2012 , 84% ( 84 % ) of cash aum was managed for institutions and 16% ( 16 % ) for retail and hnw investors .
the investor base was also predominantly in the americas , with 69% ( 69 % ) of aum managed for investors in the americas and 31% ( 31 % ) for clients in other regions , mostly emea-based .
we generated net inflows of $ 5.0 billion during 2012 , reflecting continued uncertainty around future regulatory changes and a challenging investing environment .

to meet investor needs , we sought to provide new solutions and choices for our clients by launching short duration products in the united states , which both immediately address the challenge of a continuing low interest rate environment and will also be important investment options should regulatory changes occur .

in the emea business , and in particular for our euro product set , we have taken action to ensure that we can provide effective cash management solutions in the face of a potentially negative yield environment by taking steps to launch new products and re-engineer our existing product set .
ishares our industry-leading u.s .
and international ishares etp suite is discussed below .

component changes in aum 2013 ishares ( dollar amounts in millions ) 12/31/2011 net new business acquired market /fx app ( dep ) 12/31/2012 .

 |
| table | ( dollar amounts in millions ) | 12/31/2011 | net new business | net acquired | market /fx app ( dep ) | 12/31/2012
------------------------------ | ---------- | ---------------- | ------------ | ---------------------- | ----------
equity                         | $ 419651   | $ 52973          | $ 3517       | $ 58507                | $ 534648
fixed income                   | 153802     | 28785            | 3026         | 7239                   | 192852
multi-asset class              | 562        | 178              | 78           | 51                     | 869
alternatives                   | 19341      | 3232             | 701          | 1064                   | 24338
long-term                      | $ 593356   | $ 85168          | $ 7322       | $ 66861                | $ 752707 |


| _id | dd4bb4f16 |
| title |  |
| text | the following table details the growth in global weighted average berths and the global , north american , european and asia/pacific cruise guests over the past five years ( in thousands , except berth data ) : weighted- average supply of berths marketed globally ( 1 ) caribbean cruises ltd .
total berths ( 2 ) global cruise guests ( 1 ) american cruise guests ( 1 ) ( 3 ) european cruise guests ( 1 ) ( 4 ) asia/pacific cruise guests ( 1 ) ( 5 ) .

_______________________________________________________________________________ ( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a combination of data that we obtain from various publicly available cruise industry trade information sources .
we use data obtained from seatrade insider , cruise industry news and company press releases to estimate weighted-average supply of berths and clia and g.p .

wild to estimate cruise guest information .
in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base .
( 2 ) total berths include our berths related to our global brands and partner brands .
( 3 ) our estimates include the united states and canada .
( 4 ) our estimates include european countries relevant to the industry ( e.g. , nordics , germany , france , italy , spain and the united kingdom ) .

( 5 ) our estimates include the southeast asia ( e.g. , singapore , thailand and the philippines ) , east asia ( e.g. , china and japan ) , south asia ( e.g. , india and pakistan ) and oceanian ( e.g. , australia and fiji islands ) regions .
north america the majority of industry cruise guests are sourced from north america , which represented approximately 52% ( 52 % ) of global cruise guests in 2016 .

the compound annual growth rate in cruise guests sourced from this market was approximately 2% ( 2 % ) from 2012 to 2016 .
europe industry cruise guests sourced from europe represented approximately 27% ( 27 % ) of global cruise guests in 2016 .
the compound annual growth rate in cruise guests sourced from this market was approximately 1% ( 1 % ) from 2012 to 2016 .

asia/pacific industry cruise guests sourced from the asia/pacific region represented approximately 15% ( 15 % ) of global cruise guests in 2016 .
the compound annual growth rate in cruise guests sourced from this market was approximately 25% ( 25 % ) from 2012 to 2016 .
the asia/pacific region is experiencing the highest growth rate of the major regions , although it will continue to represent a relatively small sector compared to north america .
competition we compete with a number of cruise lines .

our principal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise line , costa cruises , cunard line , holland america line , p&o cruises , princess cruises and seabourn ; disney cruise line ; msc cruises ; and norwegian cruise line holdings ltd , which owns norwegian cruise line , oceania cruises and regent seven seas cruises .
cruise lines compete with

 |
| table | year | weighted-averagesupply ofberthsmarketedglobally ( 1 ) | royal caribbean cruises ltd . total berths ( 2 ) | globalcruiseguests ( 1 ) | north american cruise guests ( 1 ) ( 3 ) | european cruise guests ( 1 ) ( 4 ) | asia/pacific cruise guests ( 1 ) ( 5 )
---- | ----------------------------------------------------- | ------------------------------------------------ | ------------------------ | ---------------------------------------- | ---------------------------------- | --------------------------------------
2012 | 425000                                                | 98650                                            | 20813                    | 11641                                    | 6225                               | 1474
2013 | 432000                                                | 98750                                            | 21343                    | 11710                                    | 6430                               | 2045
2014 | 448000                                                | 105750                                           | 22039                    | 12269                                    | 6387                               | 2382
2015 | 469000                                                | 112700                                           | 23000                    | 12004                                    | 6587                               | 3129
2016 | 493000                                                | 123270                                           | 24000                    | 12581                                    | 6542                               | 3636 |


| _id | dd4bbc31a |
| title |  |
| text | $ 43.3 million in 2011 compared to $ 34.1 million in 2010 .
the retail segment represented 13% ( 13 % ) and 15% ( 15 % ) of the company 2019s total net sales in 2011 and 2010 , respectively .
the retail segment 2019s operating income was $ 4.7 billion , $ 3.2 billion , and $ 2.3 billion during 2012 , 2011 , and 2010 respectively .

these year-over-year increases in retail operating income were primarily attributable to higher overall net sales that resulted in significantly higher average revenue per store during the respective years .
gross margin gross margin for 2012 , 2011 and 2010 are as follows ( in millions , except gross margin percentages ) : .

the gross margin percentage in 2012 was 43.9% ( 43.9 % ) , compared to 40.5% ( 40.5 % ) in 2011 .
this year-over-year increase in gross margin was largely driven by lower commodity and other product costs , a higher mix of iphone sales , and improved leverage on fixed costs from higher net sales .
the increase in gross margin was partially offset by the impact of a stronger u.s .
dollar .

dollar .
the gross margin percentage during the first half of 2012 was 45.9% ( 45.9 % ) compared to 41.4% ( 41.4 % ) during the second half of 2012 .
the primary drivers of higher gross margin in the first half of 2012 compared to the second half are a higher mix of iphone sales and improved leverage on fixed costs from higher net sales .

additionally , gross margin in the second half of 2012 was also affected by the introduction of new products with flat pricing that have higher cost structures and deliver greater value to customers , price reductions on certain existing products , higher transition costs associated with product launches , and continued strengthening of the u.s .
dollar ; partially offset by lower commodity costs .
the gross margin percentage in 2011 was 40.5% ( 40.5 % ) , compared to 39.4% ( 39.4 % ) in 2010 .

this year-over-year increase in gross margin was largely driven by lower commodity and other product costs .
the company expects to experience decreases in its gross margin percentage in future periods , as compared to levels achieved during 2012 , and the company anticipates gross margin of about 36% ( 36 % ) during the first quarter of 2013 .

expected future declines in gross margin are largely due to a higher mix of new and innovative products with flat or reduced pricing that have higher cost structures and deliver greater value to customers and anticipated component cost and other cost increases .
future strengthening of the u.s .
dollar could further negatively impact gross margin .

the foregoing statements regarding the company 2019s expected gross margin percentage in future periods , including the first quarter of 2013 , are forward-looking and could differ from actual results because of several factors including , but not limited to those set forth above in part i , item 1a of this form 10-k under the heading 201crisk factors 201d and those described in this paragraph .

in general , gross margins and margins on individual products will remain under downward pressure due to a variety of factors , including continued industry wide global product pricing pressures , increased competition , compressed product life cycles , product transitions and potential increases in the cost of components , as well as potential increases in the costs of outside manufacturing services and a potential shift in the company 2019s sales mix towards products with lower gross margins .

in response to competitive pressures , the company expects it will continue to take product pricing actions , which would adversely affect gross margins .
gross margins could also be affected by the company 2019s ability to manage product quality and warranty costs effectively and to stimulate demand for certain of its products .
due to the company 2019s significant international operations , financial results can be significantly affected in the short-term by fluctuations in exchange rates.

 |
| table | | 2012             | 2011             | 2010
----------------------- | ---------------- | ---------------- | ----------------
net sales               | $ 156508         | $ 108249         | $ 65225
cost of sales           | 87846            | 64431            | 39541
gross margin            | $ 68662          | $ 43818          | $ 25684
gross margin percentage | 43.9% ( 43.9 % ) | 40.5% ( 40.5 % ) | 39.4% ( 39.4 % ) |


| _id | dd4c54bf6 |
| title |  |
| text | 2018 annual report 21 item 3 : legal proceedings snap-on is involved in various legal matters that are being litigated and/or settled in the ordinary course of business .
although it is not possible to predict the outcome of these legal matters , management believes that the results of these legal matters will not have a material impact on snap-on 2019s consolidated financial position , results of operations or cash flows .
item 4 : mine safety disclosures not applicable .

item 4 : mine safety disclosures not applicable .
part ii item 5 : market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities snap-on had 55610781 shares of common stock outstanding as of 2018 year end .
snap-on 2019s stock is listed on the new york stock exchange under the ticker symbol 201csna . 201d at february 8 , 2019 , there were 4704 registered holders of snap-on common stock .

issuer purchases of equity securities the following chart discloses information regarding the shares of snap-on 2019s common stock repurchased by the company during the fourth quarter of fiscal 2018 , all of which were purchased pursuant to the board 2019s authorizations that the company has publicly announced .

snap-on has undertaken stock repurchases from time to time to offset dilution created by shares issued for employee and franchisee stock purchase plans , and equity plans , and for other corporate purposes , as well as when the company believes market conditions are favorable .
the repurchase of snap-on common stock is at the company 2019s discretion , subject to prevailing financial and market conditions .

period shares purchased average price per share shares purchased as part of publicly announced plans or programs approximate value of shares that may yet be purchased under publicly announced plans or programs* .

______________________ n/a : not applicable * subject to further adjustment pursuant to the 1996 authorization described below , as of december 29 , 2018 , the approximate value of shares that may yet be purchased pursuant to the outstanding board authorizations discussed below is $ 215.7 million .

2022 in 1996 , the board authorized the company to repurchase shares of the company 2019s common stock from time to time in the open market or in privately negotiated transactions ( 201cthe 1996 authorization 201d ) .
the 1996 authorization allows the repurchase of up to the number of shares issued or delivered from treasury from time to time under the various plans the company has in place that call for the issuance of the company 2019s common stock .

because the number of shares that are purchased pursuant to the 1996 authorization will change from time to time as ( i ) the company issues shares under its various plans ; and ( ii ) shares are repurchased pursuant to this authorization , the number of shares authorized to be repurchased will vary from time to time .
the 1996 authorization will expire when terminated by the board .

when calculating the approximate value of shares that the company may yet purchase under the 1996 authorization , the company assumed a price of $ 148.71 , $ 161.00 and $ 144.25 per share of common stock as of the end of the fiscal 2018 months ended october 27 , 2018 , november 24 , 2018 , and december 29 , 2018 , respectively .
2022 in 2017 , the board authorized the repurchase of an aggregate of up to $ 500 million of the company 2019s common stock ( 201cthe 2017 authorization 201d ) .

the 2017 authorization will expire when the aggregate repurchase price limit is met , unless terminated earlier by the board.

 |
| table | period               | sharespurchased | average priceper share | shares purchased aspart of publiclyannounced plans orprograms | approximatevalue of sharesthat may yet bepurchased underpubliclyannounced plansor programs*
-------------------- | --------------- | ---------------------- | ------------------------------------------------------------- | -------------------------------------------------------------------------------------------
09/30/18 to 10/27/18 | 90000           | $ 149.28               | 90000                                                         | $ 292.4 million
10/28/18 to 11/24/18 | 335000          | $ 159.35               | 335000                                                        | $ 239.1 million
11/25/18 to 12/29/18 | 205000          | $ 160.20               | 205000                                                        | $ 215.7 million
total/average        | 630000          | $ 158.19               | 630000                                                        | n/a |


| _id | dd4b8c89a |
| title |  |
| text | the target awards for the other named executive officers were set as follows : joseph f .
domino , ceo - entergy texas ( 50% ( 50 % ) ) ; hugh t .
mcdonald , ceo - entergy arkansas ( 50% ( 50 % ) ) ; haley fisackerly , ceo - entergy mississippi ( 40% ( 40 % ) ) ; william m .
mohl ( 60% ( 60 % ) ) , ceo - entergy gulf states and entergy louisiana ; charles l .
rice , jr .
( 40% ( 40 % ) ) , ceo - entergy new orleans and theodore h .
bunting , jr .

bunting , jr .
- principal accounting officer - the subsidiaries ( 60% ( 60 % ) ) .
the target awards for the named executive officers ( other than entergy named executive officers ) were set by their respective supervisors ( subject to ultimate approval of entergy 2019s chief executive officer ) who allocated a potential incentive pool established by the personnel committee among various of their direct and indirect reports .

in setting the target awards , the supervisor took into account considerations similar to those used by the personnel committee in setting the target awards for entergy 2019s named executive officers .
target awards are set based on an executive officer 2019s current position and executive management level within the entergy organization .
executive management levels at entergy range from level 1 thorough level 4 .
mr .
denault and mr .
taylor hold positions in level 2 whereas mr .
bunting and mr .

bunting and mr .
mohl hold positions in level 3 and mr .
domino , mr .
fisackerly , mr .
mcdonald and mr .
rice hold positions in level 4 .
accordingly , their respective incentive targets differ one from another based on the external market data developed by the committee 2019s independent compensation consultant and the other factors noted above .
in december 2010 , the committee determined the executive incentive plan targets to be used for purposes of establishing annual bonuses for 2011 .

the committee 2019s determination of the target levels was made after full board review of management 2019s 2011 financial plan for entergy corporation , upon recommendation of the finance committee , and after the committee 2019s determination that the established targets aligned with entergy corporation 2019s anticipated 2011 financial performance as reflected in the financial plan .
the targets established to measure management performance against as reported results were: .

operating cash flow ( $ in billions ) in january 2012 , after reviewing earnings per share and operating cash flow results against the performance objectives in the above table , the committee determined that entergy corporation had exceeded as reported earnings per share target of $ 6.60 by $ 0.95 in 2011 while falling short of the operating cash flow goal of $ 3.35 billion by $ 221 million in 2011 .

in accordance with the terms of the annual incentive plan , in january 2012 , the personnel committee certified the 2012 entergy achievement multiplier at 128% ( 128 % ) of target .

under the terms of the management effectiveness program , the entergy achievement multiplier is automatically increased by 25 percent for the members of the office of the chief executive if the pre- established underlying performance goals established by the personnel committee are satisfied at the end of the performance period , subject to the personnel committee's discretion to adjust the automatic multiplier downward or eliminate it altogether .

in accordance with section 162 ( m ) of the internal revenue code , the multiplier which entergy refers to as the management effectiveness factor is intended to provide the committee a mechanism to take into consideration specific achievement factors relating to the overall performance of entergy corporation .

in january 2012 , the committee eliminated the management effectiveness factor with respect to the 2011 incentive awards , reflecting the personnel committee's determination that the entergy achievement multiplier , in and of itself without the management effectiveness factor , was consistent with the performance levels achieved by management .
the annual incentive awards for the named executive officers ( other than mr .
leonard , mr .
denault and mr .

leonard , mr .
denault and mr .
taylor ) are awarded from an incentive pool approved by the committee .
from this pool , each named executive officer 2019s supervisor determines the annual incentive payment based on the entergy achievement multiplier .
the supervisor has the discretion to increase or decrease the multiple used to determine an incentive award based on individual and business unit performance .

the incentive awards are subject to the ultimate approval of entergy 2019s chief executive officer.

 |
| table | | minimum | target | maximum
------------------------------------- | ------- | ------ | -------
earnings per share ( $ )              | $ 6.10  | $ 6.60 | $ 7.10
operating cash flow ( $ in billions ) | $ 2.97  | $ 3.35 | $ 3.70 |


| _id | dd4b9dec4 |
| title |  |
| text | celanese purchases of its equity securities information regarding repurchases of our common stock during the three months ended december 31 , 2014 is as follows : period number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced program approximate dollar value of shares remaining that may be purchased under the program ( 2 ) .

___________________________ ( 1 ) includes 27780 and 9537 for october and december 2014 , respectively , related to shares withheld from employees to cover their statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock units .
( 2 ) our board of directors has authorized the aggregate repurchase of $ 1.4 billion of our common stock since february 2008 .

see note 17 - stockholders' equity in the accompanying consolidated financial statements for further information .

performance graph the following performance graph and related information shall not be deemed "soliciting material" or to be "filed" with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that we specifically incorporate it by reference into such filing .
comparison of cumulative total return

 |
| table | period               | totalnumberof sharespurchased ( 1 ) | averageprice paidper share | total numberof sharespurchased aspart of publiclyannounced program | approximatedollarvalue of sharesremaining thatmay bepurchased underthe program ( 2 )
-------------------- | ----------------------------------- | -------------------------- | ------------------------------------------------------------------ | ------------------------------------------------------------------------------------
october 1 - 31 2014  | 192580                              | $ 58.02                    | 164800                                                             | $ 490000000
november 1 - 30 2014 | 468128                              | $ 59.25                    | 468128                                                             | $ 463000000
december 1 - 31 2014 | 199796                              | $ 60.78                    | 190259                                                             | $ 451000000
total                | 860504                              |                            | 823187                                                             | |