| _id | dd4bcef88 |
| title |  |
| text | 2015 and 2014 was $ 1.5 billion and $ 1.3 billion .
the aggregate notional amount of our outstanding foreign currency hedges at december 31 , 2015 and 2014 was $ 4.1 billion and $ 804 million .
derivative instruments did not have a material impact on net earnings and comprehensive income during 2015 , 2014 and 2013 .
substantially all of our derivatives are designated for hedge accounting .
see note 16 for more information on the fair value measurements related to our derivative instruments .

recent accounting pronouncements 2013 in may 2014 , the fasb issued a new standard that will change the way we recognize revenue and significantly expand the disclosure requirements for revenue arrangements .
on july 9 , 2015 , the fasb approved a one-year deferral of the effective date of the standard to 2018 for public companies , with an option that would permit companies to adopt the standard in 2017 .
early adoption prior to 2017 is not permitted .

early adoption prior to 2017 is not permitted .
the new standard may be adopted either retrospectively or on a modified retrospective basis whereby the new standard would be applied to new contracts and existing contracts with remaining performance obligations as of the effective date , with a cumulative catch-up adjustment recorded to beginning retained earnings at the effective date for existing contracts with remaining performance obligations .

in addition , the fasb is contemplating making additional changes to certain elements of the new standard .
we are currently evaluating the methods of adoption allowed by the new standard and the effect the standard is expected to have on our consolidated financial statements and related disclosures .

as the new standard will supersede substantially all existing revenue guidance affecting us under gaap , it could impact revenue and cost recognition on thousands of contracts across all our business segments , in addition to our business processes and our information technology systems .
as a result , our evaluation of the effect of the new standard will extend over future periods .

in september 2015 , the fasb issued a new standard that simplifies the accounting for adjustments made to preliminary amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments .
instead , adjustments will be recognized in the period in which the adjustments are determined , including the effect on earnings of any amounts that would have been recorded in previous periods if the accounting had been completed at the acquisition date .

we adopted the standard on january 1 , 2016 and will prospectively apply the standard to business combination adjustments identified after the date of adoption .
in november 2015 , the fasb issued a new standard that simplifies the presentation of deferred income taxes and requires that deferred tax assets and liabilities , as well as any related valuation allowance , be classified as noncurrent in our consolidated balance sheets .

the standard is effective january 1 , 2017 , with early adoption permitted .
the standard may be applied either prospectively from the date of adoption or retrospectively to all prior periods presented .
we are currently evaluating when we will adopt the standard and the method of adoption .
note 2 2013 earnings per share the weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) : .

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

the computation of diluted earnings per common share excluded 2.4 million stock options for the year ended december 31 , 2013 because their inclusion would have been anti-dilutive , primarily due to their exercise prices exceeding the average market prices of our common stock during the respective periods .
there were no anti-dilutive equity awards for the years ended december 31 , 2015 and 2014.

 |
| table | | 2015  | 2014  | 2013
------------------------------------------------------------------- | ----- | ----- | -----
weighted average common shares outstanding for basic computations   | 310.3 | 316.8 | 320.9
weighted average dilutive effect of equity awards                   | 4.4   | 5.6   | 5.6
weighted average common shares outstanding for diluted computations | 314.7 | 322.4 | 326.5 |


| _id | dd4c0680c |
| title |  |
| text | executive deferred compensation plan for the company 2019s executives and members of the board of directors , the company adopted the illumina , inc .
deferred compensation plan ( the plan ) that became effective january 1 , 2008 .
eligible participants can contribute up to 80% ( 80 % ) of their base salary and 100% ( 100 % ) of all other forms of compensation into the plan , including bonus , commission and director fees .

the company has agreed to credit the participants 2019 contributions with earnings that reflect the performance of certain independent investment funds .
on a discretionary basis , the company may also make employer contributions to participant accounts in any amount determined by the company .
the vesting schedules of employer contributions are at the sole discretion of the compensation committee .

however , all employer contributions shall become 100% ( 100 % ) vested upon the occurrence of the participant 2019s disability , death or retirement or a change in control of the company .
the benefits under this plan are unsecured .
participants are generally eligible to receive payment of their vested benefit at the end of their elected deferral period or after termination of their employment with the company for any reason or at a later date to comply with the restrictions of section 409a .

as of december 28 , 2008 , no employer contributions were made to the plan .
in january 2008 , the company also established a rabbi trust for the benefit of its directors and executives under the plan .
in accordance with fasb interpretation ( fin ) no .
46 , consolidation of variable interest entities , an interpretation of arb no .

51 , and eitf 97-14 , accounting for deferred compensation arrangements where amounts earned are held in a rabbi trust and invested , the company has included the assets of the rabbi trust in its consolidated balance sheet since the trust 2019s inception .
as of december 28 , 2008 , the assets of the trust and liabilities of the company were $ 1.3 million .

the assets and liabilities are classified as other assets and accrued liabilities , respectively , on the company 2019s balance sheet as of december 28 , 2008 .
changes in the values of the assets held by the rabbi trust accrue to the company .
14 .

14 .
segment information , geographic data and significant customers during the first quarter of 2008 , the company reorganized its operating structure into a newly created life sciences business unit , which includes all products and services related to the research market , namely the beadarray , beadxpress and sequencing product lines .
the company also created a diagnostics business unit to focus on the emerging opportunity in molecular diagnostics .

for the year ended december 28 , 2008 , the company had limited activity related to the diagnostics business unit , and operating results were reported on an aggregate basis to the chief operating decision maker of the company , the chief executive officer .
in accordance with sfas no .
131 , disclosures about segments of an enterprise and related information , the company operated in one reportable segment for the year ended december 28 , 2008 .

the company had revenue in the following regions for the years ended december 28 , 2008 , december 30 , 2007 and december 31 , 2006 ( in thousands ) : year ended december 28 , year ended december 30 , year ended december 31 .

net revenues are attributable to geographic areas based on the region of destination .
illumina , inc .
notes to consolidated financial statements 2014 ( continued )

 |
| table | | year ended december 28 2008 | year ended december 30 2007 | year ended december 31 2006
------------------------ | --------------------------- | --------------------------- | ---------------------------
united states            | $ 280064                    | $ 207692                    | $ 103043
united kingdom           | 67973                       | 34196                       | 22840
other european countries | 127397                      | 75360                       | 32600
asia-pacific             | 72740                       | 35155                       | 15070
other markets            | 25051                       | 14396                       | 11033
total                    | $ 573225                    | $ 366799                    | $ 184586 |


| _id | dd4bab2f4 |
| title |  |
| text | the goldman sachs group , inc .
and subsidiaries item 9 .
changes in and disagreements with accountants on accounting and financial disclosure there were no changes in or disagreements with accountants on accounting and financial disclosure during the last two years .
item 9a .

item 9a .
controls and procedures as of the end of the period covered by this report , an evaluation was carried out by goldman sachs 2019 management , with the participation of our chief executive officer and chief financial officer , of the effectiveness of our disclosure controls and procedures ( as defined in rule 13a-15 ( e ) under the exchange act ) .

based upon that evaluation , our chief executive officer and chief financial officer concluded that these disclosure controls and procedures were effective as of the end of the period covered by this report .

in addition , no change in our internal control over financial reporting ( as defined in rule 13a-15 ( f ) under the exchange act ) occurred during the fourth quarter of our year ended december 31 , 2018 that has materially affected , or is reasonably likely to materially affect , our internal control over financial reporting .

management 2019s report on internal control over financial reporting and the report of independent registered public accounting firm are set forth in part ii , item 8 of this form 10-k .
item 9b .
other information not applicable .
part iii item 10 .
directors , executive officers and corporate governance information relating to our executive officers is included on page 20 of this form 10-k .

information relating to our directors , including our audit committee and audit committee financial experts and the procedures by which shareholders can recommend director nominees , and our executive officers will be in our definitive proxy statement for our 2019 annual meeting of shareholders , which will be filed within 120 days of the end of 2018 ( 2019 proxy statement ) and is incorporated in this form 10-k by reference .

information relating to our code of business conduct and ethics , which applies to our senior financial officers , is included in 201cbusiness 2014 available information 201d in part i , item 1 of this form 10-k .
item 11 .
executive compensation information relating to our executive officer and director compensation and the compensation committee of the board will be in the 2019 proxy statement and is incorporated in this form 10-k by reference .
item 12 .

item 12 .
security ownership of certain beneficial owners and management and related stockholder matters information relating to security ownership of certain beneficial owners of our common stock and information relating to the security ownership of our management will be in the 2019 proxy statement and is incorporated in this form 10-k by reference .

the table below presents information as of december 31 , 2018 regarding securities to be issued pursuant to outstanding restricted stock units ( rsus ) and securities remaining available for issuance under our equity compensation plans that were in effect during 2018 .

plan category securities to be issued exercise of outstanding options and rights ( a ) weighted average exercise price of outstanding options ( b ) securities available for future issuance under equity compensation plans ( c ) equity compensation plans approved by security holders 17176475 n/a 68211649 equity compensation plans not approved by security holders 2013 2013 2013 .

in the table above : 2030 securities to be issued upon exercise of outstanding options and rights includes 17176475 shares that may be issued pursuant to outstanding rsus .
these awards are subject to vesting and other conditions to the extent set forth in the respective award agreements , and the underlying shares will be delivered net of any required tax withholding .
as of december 31 , 2018 , there were no outstanding options .

2030 shares underlying rsus are deliverable without the payment of any consideration , and therefore these awards have not been taken into account in calculating the weighted average exercise price .
196 goldman sachs 2018 form 10-k

 |
| table | plan category                                             | securities to be issued upon exercise of outstanding options and rights ( a ) | weighted average exercise price of outstanding options ( b ) | securities available for future issuance under equity compensation plans ( c )
--------------------------------------------------------- | ----------------------------------------------------------------------------- | ------------------------------------------------------------ | ------------------------------------------------------------------------------
equity compensation plans approved by security holders    | 17176475                                                                      | n/a                                                          | 68211649
equity compensation plans not approved by securityholders | 2013                                                                          | 2013                                                         | 2013
total                                                     | 17176475                                                                      |                                                              | 68211649 |


| _id | dd4c1141e |
| title |  |
| text | item 7 .
management 2019s discussion and analysis of financial condition and results of operations results of operations 2013 highmount 2013 ( continued ) highmount 2019s revenues , profitability and future growth depend substantially on natural gas and ngl prices and highmount 2019s ability to increase its natural gas and ngl production .
in recent years , there has been significant price volatility in natural gas and ngl prices due to a variety of factors highmount cannot control or predict .

these factors , which include weather conditions , political and economic events , and competition from other energy sources , impact supply and demand for natural gas , which determines the pricing .
in recent months , natural gas prices decreased significantly due largely to increased onshore natural gas production , plentiful levels of working gas in storage and reduced commercial demand .

the increase in the onshore natural gas production was due largely to increased production from 201cunconventional 201d sources of natural gas such as shale gas , coalbed methane , tight sandstones and methane hydrates , made possible in recent years by modern technology in creating extensive artificial fractures around well bores and advances in horizontal drilling technology .

other key factors contributing to the softness of natural gas prices likely included a lower level of industrial demand for natural gas , as a result of the ongoing economic downturn , and relatively low crude oil prices .
due to industry conditions , in february of 2009 highmount elected to terminate contracts for five drilling rigs at its permian basin property in the sonora , texas area .

the estimated fee payable to the rig contractor for exercising this early termination right will be approximately $ 23 million .
in light of these developments , highmount will reduce 2009 production volumes through decreased drilling activity .
in addition , the price highmount realizes for its gas production is affected by highmount 2019s hedging activities as well as locational differences in market prices .

highmount 2019s decision to increase its natural gas production is dependent upon highmount 2019s ability to realize attractive returns on its capital investment program .
returns are affected by commodity prices , capital and operating costs .

highmount 2019s operating income , which represents revenues less operating expenses , is primarily affected by revenue factors , but is also a function of varying levels of production expenses , production and ad valorem taxes , as well as depreciation , depletion and amortization ( 201cdd&a 201d ) expenses .
highmount 2019s production expenses represent all costs incurred to operate and maintain wells and related equipment and facilities .

the principal components of highmount 2019s production expenses are , among other things , direct and indirect costs of labor and benefits , repairs and maintenance , materials , supplies and fuel .
in general , during 2008 highmount 2019s labor costs increased primarily due to higher salary levels and continued upward pressure on salaries and wages as a result of the increased competition for skilled workers .

in response to these market conditions , in 2008 highmount implemented retention programs , including increases in compensation .
production expenses during 2008 were also affected by increases in the cost of fuel , materials and supplies .
the higher cost environment discussed above continued during all of 2008 .
during the fourth quarter of 2008 the price of natural gas declined significantly while operating expenses remained high .

this environment of low commodity prices and high operating expenses continued until december of 2008 when highmount began to see evidence of decreasing operating expenses and drilling costs .
highmount 2019s production and ad valorem taxes increase primarily when prices of natural gas and ngls increase , but they are also affected by changes in production , as well as appreciated property values .

highmount calculates depletion using the units-of-production method , which depletes the capitalized costs and future development costs associated with evaluated properties based on the ratio of production volumes for the current period to total remaining reserve volumes for the evaluated properties .

highmount 2019s depletion expense is affected by its capital spending program and projected future development costs , as well as reserve changes resulting from drilling programs , well performance , and revisions due to changing commodity prices .
presented below are production and sales statistics related to highmount 2019s operations: .

 |
| table | year ended december 31                           | 2008   | 2007 ( a )
------------------------------------------------ | ------ | ----------
gas production ( bcf )                           | 78.9   | 34.0
gas sales ( bcf )                                | 72.5   | 31.4
oil production/sales ( mbbls )                   | 351.3  | 114.0
ngl production/sales ( mbbls )                   | 3507.4 | 1512.9
equivalent production ( bcfe )                   | 102.0  | 43.8
equivalent sales ( bcfe )                        | 95.7   | 41.2
average realized prices without hedging results: |        |
gas ( per mcf )                                  | $ 8.25 | $ 5.95
ngl ( per bbl )                                  | 51.26  | 51.02
oil ( per bbl )                                  | 95.26  | 83.37
equivalent ( per mcfe )                          | 8.48   | 6.65 |


| _id | dd4b93d66 |
| title |  |
| text | entergy arkansas , inc .

management's financial discussion and analysis gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 114 million in gross wholesale revenue due to an increase in the average price of energy available for resale sales and an increase in sales to affiliated customers ; an increase of $ 106.1 million in production cost allocation rider revenues which became effective in july 2007 as a result of the system agreement proceedings .

as a result of the system agreement proceedings , entergy arkansas also has a corresponding increase in deferred fuel expense for payments to other entergy system companies such that there is no effect on net income .
entergy arkansas makes payments over a seven-month period but collections from customers occur over a twelve-month period .

the production cost allocation rider is discussed in note 2 to the financial statements and the system agreement proceedings are referenced below under "federal regulation" ; and an increase of $ 58.9 million in fuel cost recovery revenues due to changes in the energy cost recovery rider effective april 2008 and september 2008 , partially offset by decreased usage .
the energy cost recovery rider filings are discussed in note 2 to the financial statements .

the increase was partially offset by a decrease of $ 14.6 million related to volume/weather , as discussed above .
fuel and purchased power expenses increased primarily due to an increase of $ 106.1 million in deferred system agreement payments , as discussed above and an increase in the average market price of purchased power .

2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory credits .
following is an analysis of the change in net revenue comparing 2007 to 2006 .
amount ( in millions ) .

the net wholesale revenue variance is primarily due to lower wholesale revenues in the third quarter 2006 due to an october 2006 ferc order requiring entergy arkansas to make a refund to a coal plant co-owner resulting from a contract dispute , in addition to re-pricing revisions , retroactive to 2003 , of $ 5.9 million of purchased power agreements among entergy system companies as directed by the ferc .

the transmission revenue variance is primarily due to higher rates and the addition of new transmission customers in late 2006 .
the deferred fuel cost revisions variance is primarily due to the 2006 energy cost recovery true-up , made in the first quarter 2007 , which increased net revenue by $ 6.6 million .

gross operating revenue and fuel and purchased power expenses gross operating revenues decreased primarily due to a decrease of $ 173.1 million in fuel cost recovery revenues due to a decrease in the energy cost recovery rider effective april 2007 .
the energy cost recovery rider is discussed in note 2 to the financial statements .

the decrease was partially offset by production cost allocation rider revenues of $ 124.1 million that became effective in july 2007 as a result of the system agreement proceedings .
as

 |
| table | | amount ( in millions )
----------------------------- | ----------------------
2006 net revenue              | $ 1074.5
net wholesale revenue         | 13.2
transmission revenue          | 11.8
deferred fuel costs revisions | 8.6
other                         | 2.5
2007 net revenue              | $ 1110.6 |


| _id | dd4bf43a0 |
| title |  |
| text | the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: .

for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 16 .
narrative description of business portions of the information called for by this item are included in operating results by business segment in item 7 .
management 2019s discussion and analysis of financial condition and results of operations of this annual report on form 10-k ( 201citem 7 201d ) .

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

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

cigarettes : pm usa is the largest cigarette company in the united states , with total cigarette shipment volume in the united states of approximately 122.9 billion units in 2016 , a decrease of 2.5% ( 2.5 % ) from 2015 .
marlboro , the principal cigarette brand of pm usa , has been the largest-selling cigarette brand in the united states for over 40 years .
nat sherman sells substantially all of its super-premium cigarettes in the united states .

cigars : middleton is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco to customers , substantially all of which are located in the united states .
middleton sources a portion of its cigars from an importer through a third-party contract manufacturing arrangement .
total shipment volume for cigars was approximately 1.4 billion units in 2016 , an increase of 5.9% ( 5.9 % ) from 2015 .
black & mild is the principal cigar brand of middleton .

nat sherman sources its premium cigars from importers through third-party contract manufacturing arrangements and sells substantially all of its cigars in the united states .
smokeless tobacco products : usstc is the leading producer and marketer of moist smokeless tobacco ( 201cmst 201d ) products .
the smokeless products segment includes the premium brands , copenhagen and skoal , and value brands , red seal and husky .

substantially all of the smokeless tobacco products are manufactured and sold to customers in the united states .
total smokeless products shipment volume was 853.5 million units in 2016 , an increase of 4.9% ( 4.9 % ) from 2015 .
innovative tobacco products : nu mark participates in the e-vapor category and has developed and commercialized other innovative tobacco products .
in addition , nu mark sources the production of its e-vapor products through overseas contract manufacturing arrangements .

in 2013 , nu mark introduced markten e-vapor products .
in april 2014 , nu mark acquired the e-vapor business of green smoke , inc .
and its affiliates ( 201cgreen smoke 201d ) , which began selling e-vapor products in 2009 .
for a further discussion of the acquisition of green smoke , see note 3 .
acquisition of green smoke to the consolidated financial statements in item 8 ( 201cnote 3 201d ) .

in december 2013 , altria group , inc . 2019s subsidiaries entered into a series of agreements with philip morris international inc .
( 201cpmi 201d ) pursuant to which altria group , inc . 2019s subsidiaries provide an exclusive license to pmi to sell nu mark 2019s e-vapor products outside the united states , and pmi 2019s subsidiaries provide an exclusive license to altria group , inc . 2019s subsidiaries to sell two of pmi 2019s heated tobacco product platforms in the united states .

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

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

in the fourth quarter of 2016 , pmi submitted a modified risk tobacco product ( 201cmrtp 201d ) application for an electronically heated tobacco product with the united states food and drug administration 2019s ( 201cfda 201d ) center for tobacco products and announced that it plans to file its corresponding pre-market tobacco product application during the first quarter of 2017 .
the fda must determine whether to accept the applications for substantive review .

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

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

 |
| table | | 2016               | 2015               | 2014
------------------ | ------------------ | ------------------ | ------------------
smokeable products | 86.2% ( 86.2 % )   | 87.4% ( 87.4 % )   | 87.2% ( 87.2 % )
smokeless products | 13.1               | 12.8               | 13.4
wine               | 1.8                | 1.8                | 1.7
all other          | -1.1 ( 1.1 )       | -2.0 ( 2.0 )       | -2.3 ( 2.3 )
total              | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % ) |


| _id | dd4bc597e |
| title |  |
| text | the pnc financial services group , inc .
2013 form 10-k 29 part ii item 5 2013 market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities ( a ) ( 1 ) our common stock is listed on the new york stock exchange and is traded under the symbol 201cpnc . 201d at the close of business on february 15 , 2019 , there were 53986 common shareholders of record .

holders of pnc common stock are entitled to receive dividends when declared by our board of directors out of funds legally available for this purpose .
our board of directors may not pay or set apart dividends on the common stock until dividends for all past dividend periods on any series of outstanding preferred stock and certain outstanding capital securities issued by the parent company have been paid or declared and set apart for payment .

the board of directors presently intends to continue the policy of paying quarterly cash dividends .
the amount of any future dividends will depend on economic and market conditions , our financial condition and operating results , and other factors , including contractual restrictions and applicable government regulations and policies ( such as those relating to the ability of bank and non-bank subsidiaries to pay dividends to the parent company and regulatory capital limitations ) .

the amount of our dividend is also currently subject to the results of the supervisory assessment of capital adequacy and capital planning processes undertaken by the federal reserve and our primary bank regulators as part of the comprehensive capital analysis and review ( ccar ) process as described in the supervision and regulation section in item 1 of this report .
the federal reserve has the power to prohibit us from paying dividends without its approval .

for further information concerning dividend restrictions and other factors that could limit our ability to pay dividends , as well as restrictions on loans , dividends or advances from bank subsidiaries to the parent company , see the supervision and regulation section in item 1 , item 1a risk factors , the liquidity and capital management portion of the risk management section in item 7 , and note 10 borrowed funds , note 15 equity and note 18 regulatory matters in the notes to consolidated financial

matters in the notes to consolidated financial statements in item 8 of this report , which we include here by reference .

we include here by reference the information regarding our compensation plans under which pnc equity securities are authorized for issuance as of december 31 , 2018 in the table ( with introductory paragraph and notes ) in item 12 of this report .
our stock transfer agent and registrar is : computershare trust company , n.a .
250 royall street canton , ma 02021 800-982-7652 www.computershare.com/pnc registered shareholders may contact computershare regarding dividends and other shareholder services .

we include here by reference the information that appears under the common stock performance graph caption at the end of this item 5 .
( a ) ( 2 ) none .
( b ) not applicable .

( a ) ( 2 ) none .
( b ) not applicable .
( c ) details of our repurchases of pnc common stock during the fourth quarter of 2018 are included in the following table : in thousands , except per share data 2018 period total shares purchased ( a ) average price paid per share total shares purchased as part of publicly announced programs ( b ) maximum number of shares that may yet be purchased under the programs ( b ) .

( a ) includes pnc common stock purchased in connection with our various employee benefit plans generally related to forfeitures of unvested restricted stock awards and shares used to cover employee payroll tax withholding requirements .
note 11 employee benefit plans and note 12 stock based compensation plans in the notes to consolidated financial statements in item 8 of this report include additional information regarding our employee benefit and equity compensation plans that use pnc common stock .

( b ) on march 11 , 2015 , we announced that our board of directors approved a stock repurchase program authorization in the amount of 100 million shares of pnc common stock , effective april 1 , 2015 .

repurchases are made in open market or privately negotiated transactions and the timing and exact amount of common stock repurchases will depend on a number of factors including , among others , market and general economic conditions , regulatory capital considerations , alternative uses of capital , the potential impact on our credit ratings , and contractual and regulatory limitations , including the results of the supervisory assessment of capital adequacy and capital planning processes undertaken by

and capital planning processes undertaken by the federal reserve as part of the ccar process .

in june 2018 , we announced share repurchase programs of up to $ 2.0 billion for the four quarter period beginning with the third quarter of 2018 , including repurchases of up to $ 300 million related to stock issuances under employee benefit plans , in accordance with pnc's 2018 capital plan .
in november 2018 , we announced an increase to these previously announced programs in the amount of up to $ 900 million in additional common share repurchases .

the aggregate repurchase price of shares repurchased during the fourth quarter of 2018 was $ .8 billion .
see the liquidity and capital management portion of the risk management section in item 7 of this report for more information on the authorized share repurchase programs for the period july 1 , 2018 through june 30 , 2019 .
http://www.computershare.com/pnc

 |
| table | 2018 period        | total shares purchased ( a ) | average price paid per share | total shares purchased as part of publicly announced programs ( b ) | maximum number of shares that may yet be purchased under the programs ( b )
------------------ | ---------------------------- | ---------------------------- | ------------------------------------------------------------------- | ---------------------------------------------------------------------------
october 1 2013 31  | 1204                         | $ 128.43                     | 1189                                                                | 25663
november 1 2013 30 | 1491                         | $ 133.79                     | 1491                                                                | 24172
december 1 2013 31 | 3458                         | $ 119.43                     | 3458                                                                | 20714
total              | 6153                         | $ 124.67                     |                                                                     | |


| _id | dd4c26850 |
| title |  |
| text | gain on business divestitures and impairments , net we strive to have a number one or number two market position in each of the markets we serve , or have a clear path on how we will achieve a leading market position over time .
where we cannot establish a leading market position , or where operations are not generating acceptable returns , we may decide to divest certain assets and reallocate resources to other markets .

asset or business divestitures could result in gains , losses or asset impairment charges that may be material to our results of operations in a given period .
during 2018 , we recorded a net gain on business divestitures , net of asset impairments of $ 44.9 million .
during 2017 , we recorded a net gain on business divestitures , net of asset impairments of $ 27.1 million .

we also recorded a gain on business divestitures of $ 6.8 million due to the transfer of ownership of the landfill gas collection and control system and the remaining post-closure and environmental liabilities associated with one of our divested landfills .
during 2016 , we recorded a charge to earnings of $ 4.6 million primarily related to environmental costs associated with one of our divested landfills .
during 2016 , we also recorded a net gain related to a business divestiture of $ 4.7 million .

restructuring charges in january 2018 , we eliminated certain positions following the consolidation of select back-office functions , including but not limited to the integration of our national accounts support functions into our existing corporate support functions .
these changes include a reduction in administrative staffing and the closure of certain office locations .

during 2018 , we incurred restructuring charges of $ 26.4 million that primarily consisted of severance and other employee termination benefits , the closure of offices with non-cancelable lease agreements , and the redesign of our back-office functions and upgrades to certain of our software systems .
we paid $ 24.7 million during 2018 related to these restructuring efforts .

in january 2016 , we realigned our field support functions by combining our three regions into two field groups , consolidating our areas and streamlining select operational support roles at our phoenix headquarters .
additionally , in the second quarter of 2016 , we began the redesign of our back-office functions as well as the consolidation of over 100 customer service locations into three customer resource centers .

the redesign of our back-office functions and upgrades to certain of our software systems continued into 2018 .
during the years ended december 31 , 2017 and 2016 , we incurred $ 17.6 million and $ 40.7 million of restructuring charges , respectively , that primarily consisted of severance and other employee termination benefits , transition costs , relocation benefits , and the closure of offices with lease agreements with non-cancelable terms .

the savings realized from these restructuring efforts have been reinvested in our customer-focused programs and initiatives .
interest expense the following table provides the components of interest expense , including accretion of debt discounts and accretion of discounts primarily associated with environmental and risk insurance liabilities assumed in acquisitions ( in millions of dollars ) : .

total interest expense for 2018 increased compared to 2017 primarily due to the increase in debt outstanding during the period and higher interest rates on floating rate debt .
total interest expense for 2017 decreased

 |
| table | | 2018         | 2017         | 2016
------------------------------------------------------ | ------------ | ------------ | ------------
interest expense on debt and capital lease obligations | $ 349.4      | $ 324.8      | $ 324.1
non-cash interest                                      | 41.2         | 43.6         | 53.4
less : capitalized interest                            | -6.8 ( 6.8 ) | -6.5 ( 6.5 ) | -6.2 ( 6.2 )
total interest expense                                 | $ 383.8      | $ 361.9      | $ 371.3 |


| _id | dd4bbd3f0 |
| title |  |
| text | consume significant amounts of energy , and we may in the future incur additional or increased capital , operating and other expenditures from changes due to new or increased climate-related and other environmental regulations .
we could also incur substantial liabilities , including fines or sanctions , enforcement actions , natural resource damages claims , cleanup and closure costs , and third-party claims for property damage and personal injury under environmental and common laws .

the foreign corrupt practices act of 1977 and local anti-bribery laws , including those in brazil , china , mexico , india and the united kingdom ( where we maintain operations directly or through a joint venture ) , prohibit companies and their intermediaries from making improper payments to government officials for the purpose of influencing official decisions .

our internal control policies and procedures , or those of our vendors , may not adequately protect us from reckless or criminal acts committed or alleged to have been committed by our employees , agents or vendors .
any such violations could lead to civil or criminal monetary and non-monetary penalties and/or could damage our reputation .
we are subject to a number of labor and employment laws and regulations that could significantly increase our operating costs and reduce our operational flexibility .

additionally , changing privacy laws in the united states ( including the california consumer privacy act , which will become effective in january 2020 ) , europe ( where the general data protection regulation became effective in 2018 ) and elsewhere have created new individual privacy rights , imposed increased obligations on companies handling personal data and increased potential exposure to fines and penalties .
item 1b .
unresolved staff comments there are no unresolved sec staff comments .
item 2 .

item 2 .
properties we operate locations in north america , including the majority of u.s .
states , south america , europe , asia and australia .
we lease our principal offices in atlanta , ga .
we believe that our existing production capacity is adequate to serve existing demand for our products and consider our plants and equipment to be in good condition .
our corporate and operating facilities as of september 30 , 2019 are summarized below: .

the tables that follow show our annual production capacity by mill at september 30 , 2019 in thousands of tons , except for the north charleston , sc mill which reflects our capacity after the previously announced machine closure expected to occur in fiscal 2020 .
our mill system production levels and operating rates may vary from year to year due to changes in market and other factors , including the impact of hurricanes and other weather-related events .

our simple average mill system operating rates for the last three years averaged 94% ( 94 % ) .
we own all of our mills.

 |
| table | segment                                    | number of facilities owned | number of facilities leased | number of facilities total
------------------------------------------ | -------------------------- | --------------------------- | --------------------------
corrugated packaging                       | 112                        | 61                          | 173
consumer packaging                         | 84                         | 55                          | 139
corporate and significant regional offices | 2014                       | 10                          | 10
total                                      | 196                        | 126                         | 322 |


| _id | dd4c50c54 |
| title |  |
| text | american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) atc mexico stock option plan 2014as of december 31 , 2006 , the company maintained a stock option plan for its atc mexico subsidiary ( atc mexico plan ) which was terminated in february 2007 .

the atc mexico plan provided for the issuance of options to officers , employees , directors and consultants of atc mexico , however there was no option activity and no outstanding options as of and for the years ended december 31 , 2006 and 2005 .
atc south america stock option plan 2014as of december 31 , 2006 , the company maintained a stock option plan for its atc south america subsidiary ( atc south america plan ) which was terminated in february 2007 .

the atc south america plan provided for the issuance of options to officers , employees , directors and consultants of atc south america .
during the year ended december 31 , 2004 , atc south america granted options to purchase 6024 shares of atc south america common stock to officers and employees , including messrs .
gearon and hess , who received options to purchase an approximate 6.7% ( 6.7 % ) and 1.6% ( 1.6 % ) interest , respectively .

such options were issued at one time with an exercise price of $ 1349 per share .
the exercise price per share was at fair market value on the date of issuance as determined by the board of directors with the assistance of an independent financial advisor performed at the company 2019s request .
the fair value of atc south america plan options granted during 2004 were $ 79 per share as determined by using the black-scholes option pricing model .

options granted vested upon the earlier to occur of ( a ) the exercise by or on behalf of mr .
gearon of his right to sell his interest in atc south america to the company , ( b ) the exercise by the company of its right to acquire mr .
gearon 2019s interest in atc south america , or ( c ) july 1 , 2006 .
these options expired ten years from the date of grant .
in october 2005 , in connection with the exercise by mr .

gearon 2019s of his right to require the company to purchase his interest in atc south america , all options granted pursuant to the atc south america stock option plan vested in full and were exercised .
upon exercise of these options , the holders received 4428 shares of atc south america ( representing a 7.8% ( 7.8 % ) interest ) , net of 1596 shares retained by the company to satisfy employee tax withholding obligations .

( see note 11. ) employee stock purchase plan 2014the company also maintains an employee stock purchase plan ( espp ) for all eligible employees .
under the espp , shares of the company 2019s class a common stock may be purchased during bi-annual offering periods at 85% ( 85 % ) of the lower of the fair market value on the first or the last day of each offering period .

employees may purchase shares having a value not exceeding 15% ( 15 % ) of their gross compensation during an offering period and may not purchase more than $ 25000 worth of stock in a calendar year ( based on market values at the beginning of each offering period ) .
the offering periods run from june 1 through november 30 and from december 1 through may 31 of each year .

during the 2007 , 2006 and 2005 , offering periods , employees purchased 48886 , 53210 and 50119 shares , respectively , at weighted average prices per share of $ 33.93 , $ 24.98 and $ 15.32 , respectively .

the fair value of the espp offerings is estimated on the offering period commencement date using a black-scholes pricing model with the expense recognized over the expected life , which is the six month offering period over which employees accumulate payroll deductions to purchase the company 2019s class a common stock .
the weighted average fair value for the espp shares purchased during 2007 , 2006 and 2005 were $ 9.09 , $ 6.79 and $ 5.15 , respectively .

at december 31 , 2007 , 3895402 shares remain reserved for future issuance under the plan .
key assumptions used to apply this pricing model for the years ended december 31 , are as follows: .

 |
| table | | 2007                                      | 2006                                      | 2005
-------------------------------------------------------------- | ----------------------------------------- | ----------------------------------------- | -----------------------------------------
range of risk free interest rates                              | 4.98% ( 4.98 % ) 20145.05% ( 20145.05 % ) | 5.01% ( 5.01 % ) 20145.17% ( 20145.17 % ) | 3.17% ( 3.17 % ) 20144.30% ( 20144.30 % )
weighted average risk-free interest rate                       | 5.02% ( 5.02 % )                          | 5.08% ( 5.08 % )                          | 3.72% ( 3.72 % )
expected life of the shares                                    | 6 months                                  | 6 months                                  | 6 months
range of expected volatility of underlying stock price         | 27.5% ( 27.5 % ) 201428.7% ( 201428.7 % ) | 29.6% ( 29.6 % )                          | 29.6% ( 29.6 % ) 201477.8% ( 201477.8 % )
weighted average expected volatility of underlying stock price | 28.2% ( 28.2 % )                          | 29.6% ( 29.6 % )                          | 54.30% ( 54.30 % )
expected annual dividends                                      | n/a                                       | n/a                                       | n/a |


| _id | dd4c326a0 |
| title |  |
| text | in addition , included in the loan table are purchased distressed loans , which are loans that have evidenced significant credit deterioration subsequent to origination but prior to acquisition by citigroup .
in accordance with sop 03-3 , the difference between the total expected cash flows for these loans and the initial recorded investments is recognized in income over the life of the loans using a level yield .

accordingly , these loans have been excluded from the impaired loan information presented above .
in addition , per sop 03-3 , subsequent decreases to the expected cash flows for a purchased distressed loan require a build of an allowance so the loan retains its level yield .

however , increases in the expected cash flows are first recognized as a reduction of any previously established allowance and then recognized as income prospectively over the remaining life of the loan by increasing the loan 2019s level yield .
where the expected cash flows cannot be reliably estimated , the purchased distressed loan is accounted for under the cost recovery method .

the carrying amount of the purchased distressed loan portfolio at december 31 , 2009 was $ 825 million net of an allowance of $ 95 million .
the changes in the accretable yield , related allowance and carrying amount net of accretable yield for 2009 are as follows : in millions of dollars accretable carrying amount of loan receivable allowance .

( 1 ) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $ 87 million of purchased loans accounted for under the level-yield method and $ 242 million under the cost-recovery method .
these balances represent the fair value of these loans at their acquisition date .
the related total expected cash flows for the level-yield loans were $ 101 million at their acquisition dates .

( 2 ) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $ 561 million of loans accounted for under the level-yield method and $ 359 million accounted for under the cost-recovery method.

 |
| table | in millions of dollars                 | accretable yield | carrying amount of loan receivable | allowance
-------------------------------------- | ---------------- | ---------------------------------- | ----------
beginning balance                      | $ 92             | $ 1510                             | $ 122
purchases ( 1 )                        | 14               | 329                                | 2014
disposals/payments received            | -5 ( 5 )         | -967 ( 967 )                       | 2014
accretion                              | -52 ( 52 )       | 52                                 | 2014
builds ( reductions ) to the allowance | -21 ( 21 )       | 1                                  | -27 ( 27 )
increase to expected cash flows        | 10               | 2                                  | 2014
fx/other                               | -11 ( 11 )       | -7 ( 7 )                           | 2014
balance december 31 2009 ( 2 )         | $ 27             | $ 920                              | $ 95 |


| _id | dd4bb2d7e |
| title |  |
| text | shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the sec , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing .

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

the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2010 in the standard & poor 2019s 500 index , the dow jones transportation average , and our class b common stock. .

 |
| table | | 12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015
-------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------
united parcel service inc .      | $ 100.00   | $ 103.88   | $ 107.87   | $ 158.07   | $ 171.77   | $ 160.61
standard & poor 2019s 500 index  | $ 100.00   | $ 102.11   | $ 118.43   | $ 156.77   | $ 178.22   | $ 180.67
dow jones transportation average | $ 100.00   | $ 100.01   | $ 107.49   | $ 151.97   | $ 190.08   | $ 158.23 |


| _id | dd4c51b22 |
| title |  |
| text | table of contents marketaxess holdings inc .
notes to consolidated financial statements 2014 ( continued ) ( in thousands , except share and per share amounts ) the combined aggregate amount of redemption requirements for the senior preferred shares was as follows : shares of series b convertible preferred stock were convertible into common stock on a 3.33-for-one basis and only in connection with an initial public offering of the company 2019s stock .

dividends on the series b convertible preferred stock accrued at the rate of 8% ( 8 % ) per annum and were subordinate to dividend payments on the senior preferred shares .
shares of series b convertible preferred stock had a liquidation preference equal to the original issue price plus all cumulative accrued but unpaid dividends .
the liquidation preference was subordinate to that of the senior preferred shares .

cumulative accrued but unpaid dividends were forfeited upon conversion of shares of series b convertible preferred stock into common stock .
as such , the company did not accrue dividends , as liquidation of the shares of series b convertible preferred stock was not anticipated .
as of december 31 , 2004 , the company had 110000000 authorized shares of common stock and 10000000 authorized shares of non-voting common stock .

as of december 31 , 2003 , the company had 120000000 authorized shares of common stock and 450060 authorized shares of non-voting common stock .
common stock entitles the holder to one vote per share of common stock held .

non-voting common stock is convertible on a one-for-one basis into shares of common stock at any time subject to a limitation on conversion to the extent such conversion would result in a stockholder , together with its affiliates , owning more than 9.99% ( 9.99 % ) of the outstanding shares of common stock .

on march 30 , 2004 , the company 2019s board of directors authorized , and on november 1 , 2004 the company effectuated , a one-for-three reverse stock split of shares of common stock and non-voting common stock to be effective prior to the closing of the company 2019s initial public offering .

all references in these financial statements to the number of shares of common stock and non-voting common stock of the company , securities convertible or exercisable therefor and per share amounts have been restated for all periods presented to reflect the effect of the common stock reverse stock split .
in 2004 and 2003 , the company had 1939734 shares and 1937141 shares , respectively , of common stock that were issued to employees .

included in these amounts , in 2001 , the company awarded 64001 shares and 289581 shares to employees at $ .003 and $ 3.60 , respectively , per share .
the common stock subscribed was issued in 2001 in exchange for three-year promissory notes ( 64001 shares ) and eleven-year promissory notes ( 289581 shares ) , which bear interest at the applicable federal rate and are collateralized by the subscribed shares .
the promissory note due in 2004 was repaid on january 15 , 2005 .

compensation expense in relation to the excess of the fair value of such awards over the amount paid will be recorded over the vesting period .
the awards vest over a period of either one and one-half or three years and are restricted as to transferability based on the vesting schedule set forth in the award agreement .
the eleven-year promissory notes ( 289581 shares ) were entered into in connection with the loans of approximately $ 1042 made to the company 2019s chief executive officer in 2001 .

these loans were made prior to the passage of the sarbanes-oxley act of 2002. .

convertible preferred stock 9 .
stockholders 2019 equity ( deficit ) common stock restricted common stock and common stock subscribed

 |
| table | year ended december 31, | as of december 31 , 2004 | as of december 31 , 2003
----------------------- | ------------------------ | ------------------------
2005                    | $ 2014                   | $ 177973 |


| _id | dd4bdce30 |
| title |  |
| text | the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2011 , 2010 , and 2009 company for an aggregate proceeds of approximately $ 234 million .
the company recognized a gain on disposal of $ 6 million , net of tax , during the year ended december 31 , 2010 .
ras laffan was previously reported in the asia generation segment .
23 .

23 .
acquisitions and dispositions acquisitions dpl 2014on november 28 , 2011 , aes completed its acquisition of 100% ( 100 % ) of the common stock of dpl for approximately $ 3.5 billion , pursuant to the terms and conditions of a definitive agreement ( the 201cmerger agreement 201d ) dated april 19 , 2011 .
dpl serves over 500000 customers , primarily west central ohio , through its operating subsidiaries dp&l and dpl energy resources ( 201cdpler 201d ) .

additionally , dpl operates over 3800 mw of power generation facilities and provides competitive retail energy services to residential , commercial , industrial and governmental customers .
the acquisition strengthens the company 2019s u.s .
utility operations by expanding in the midwest and pjm , a regional transmission organization serving several eastern states as part of the eastern interconnection .

the company expects to benefit from the regional scale provided by indianapolis power & light company , its nearby integrated utility business in indiana .

aes funded the aggregate purchase consideration through a combination of the following : 2022 the proceeds from a $ 1.05 billion term loan obtained in may 2011 ; 2022 the proceeds from a private offering of $ 1.0 billion notes in june 2011 ; 2022 temporary borrowings of $ 251 million under its revolving credit facility ; and 2022 the proceeds from private offerings of $ 450 million aggregate principal amount of 6.50% ( 6.50 % ) senior notes due 2016 and $ 800 million aggregate principal amount of 7.25% (

800 million aggregate principal amount of 7.25% ( 7.25 % ) senior notes due 2021 ( collectively , the 201cnotes 201d ) in october 2011 by dolphin subsidiary ii , inc .

( 201cdolphin ii 201d ) , a wholly-owned special purpose indirect subsidiary of aes , which was merged into dpl upon the completion of acquisition .
the fair value of the consideration paid for dpl was as follows ( in millions ) : .

 |
| table | agreed enterprise value                                     | $ 4719
----------------------------------------------------------- | --------------
less : fair value of assumed long-term debt outstanding net | -1255 ( 1255 )
cash consideration paid to dpl 2019s common stockholders    | 3464
add : cash paid for outstanding stock-based awards          | 19
total cash consideration paid                               | $ 3483 |


| _id | dd4bc36b0 |
| title |  |
| text | billion at december 31 , 2008 and december 31 , 2007 , respectively .
securities and other marketable assets held as collateral amounted to $ 27 billion and $ 54 billion , the majority of which collateral is held to reimburse losses realized under securities lending indemnifications .
the decrease from the prior year is in line with the decrease in the notional amount of these indemnifications , which are collateralized .

additionally , letters of credit in favor of the company held as collateral amounted to $ 503 million and $ 370 million at december 31 , 2008 and december 31 , 2007 , respectively .
other property may also be available to the company to cover losses under certain guarantees and indemnifications ; however , the value of such property has not been determined .

performance risk citigroup evaluates the performance risk of its guarantees based on the assigned referenced counterparty internal or external ratings .
where external ratings are used , investment-grade ratings are considered to be baa/bbb and above , while anything below is considered non-investment grade .
the citigroup internal ratings are in line with the related external rating system .
on certain underlying referenced credits or entities , ratings are not available .

such referenced credits are included in the 201cnot-rated 201d category .
the maximum potential amount of the future payments related to guarantees and credit derivatives sold is determined to be the notional amount of these contracts , which is the par amount of the assets guaranteed .
presented in the table below is the maximum potential amount of future payments classified based upon internal and external credit ratings as of december 31 , 2008 .

as previously mentioned , the determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged .
such amounts bear no relationship to the anticipated losses , if any , on these guarantees. .

credit derivatives a credit derivative is a bilateral contract between a buyer and a seller under which the seller sells protection against the credit risk of a particular entity ( 201creference entity 201d or 201creference credit 201d ) .
credit derivatives generally require that the seller of credit protection make payments to the buyer upon the occurrence of predefined credit events ( commonly referred to as 201csettlement triggers 201d ) .

these settlement triggers are defined by the form of the derivative and the reference credit and are generally limited to the market standard of failure to pay on indebtedness and bankruptcy of the reference credit and , in a more limited range of transactions , debt restructuring .

credit derivative transactions referring to emerging market reference credits will also typically include additional settlement triggers to cover the acceleration of indebtedness and the risk of repudiation or a payment moratorium .
in certain transactions , protection may be provided on a portfolio of referenced credits or asset-backed securities .

the seller of such protection may not be required to make payment until a specified amount of losses has occurred with respect to the portfolio and/or may only be required to pay for losses up to a specified amount .
the company makes markets in and trades a range of credit derivatives , both on behalf of clients as well as for its own account .
through these contracts , the company either purchases or writes protection on either a single name or a portfolio of reference credits .

the company uses credit derivatives to help mitigate credit risk in its corporate loan portfolio and other cash positions , to take proprietary trading positions , and to facilitate client transactions .
the range of credit derivatives sold includes credit default swaps , total return swaps and credit options .

a credit default swap is a contract in which , for a fee , a protection seller ( guarantor ) agrees to reimburse a protection buyer ( beneficiary ) for any losses that occur due to a credit event on a reference entity .
if there is no credit default event or settlement trigger , as defined by the specific derivative contract , then the guarantor makes no payments to the beneficiary and receives only the contractually specified fee .

however , if a credit event occurs and in accordance with the specific derivative contract sold , the guarantor will be required to make a payment to the beneficiary .
a total return swap transfers the total economic performance of a reference asset , which includes all associated cash flows , as well as capital appreciation or depreciation .

the protection buyer ( beneficiary ) receives a floating rate of interest and any depreciation on the reference asset from the protection seller ( guarantor ) , and in return the protection seller receives the cash flows associated with the reference asset , plus any appreciation .

thus , the beneficiary will be obligated to make a payment any time the floating interest rate payment according to the total return swap agreement and any depreciation of the reference asset exceed the cash flows associated with the underlying asset .
a total return swap may terminate upon a default of the reference asset subject to the provisions in the related total return swap agreement between the protection seller ( guarantor ) and the protection buyer ( beneficiary ) .

 |
| table | in billions of dollars                             | maximum potential amount of future payments investment grade | maximum potential amount of future payments non-investment grade | maximum potential amount of future payments not rated | maximum potential amount of future payments total
-------------------------------------------------- | ------------------------------------------------------------ | ---------------------------------------------------------------- | ----------------------------------------------------- | -------------------------------------------------
financial standby letters of credit                | $ 49.2                                                       | $ 28.6                                                           | $ 16.4                                                | $ 94.2
performance guarantees                             | 5.7                                                          | 5.0                                                              | 5.6                                                   | 16.3
derivative instruments deemed to be guarantees     | 2014                                                         | 2014                                                             | 67.9                                                  | 67.9
guarantees of collection of contractual cash flows | 2014                                                         | 2014                                                             | 0.3                                                   | 0.3
loans sold with recourse                           | 2014                                                         | 2014                                                             | 0.3                                                   | 0.3
securities lending indemnifications                | 2014                                                         | 2014                                                             | 47.6                                                  | 47.6
credit card merchant processing                    | 2014                                                         | 2014                                                             | 56.7                                                  | 56.7
custody indemnifications and other                 | 18.5                                                         | 3.1                                                              | 2014                                                  | 21.6
total                                              | $ 73.4                                                       | $ 36.7                                                           | $ 194.8                                               | $ 304.9 |


| _id | dd4c55b0a |
| title |  |
| text | system energy resources , inc .
management's financial discussion and analysis operating activities cash flow from operations increased by $ 232.1 million in 2004 primarily due to income tax refunds of $ 70.6 million in 2004 compared to income tax payments of $ 230.9 million in 2003 .
the increase was partially offset by money pool activity , as discussed below .

in 2003 , the domestic utility companies and system energy filed , with the irs , a change in tax accounting method notification for their respective calculations of cost of goods sold .
the adjustment implemented a simplified method of allocation of overhead to the production of electricity , which is provided under the irs capitalization regulations .

the cumulative adjustment placing these companies on the new methodology resulted in a $ 430 million deduction for system energy on entergy's 2003 income tax return .
there was no cash benefit from the method change in 2003 .
in 2004 system energy realized $ 144 million in cash tax benefit from the method change .
this tax accounting method change is an issue across the utility industry and will likely be challenged by the irs on audit .

cash flow from operations decreased by $ 124.8 million in 2003 primarily due to the following : 2022 an increase in federal income taxes paid of $ 74.0 million in 2003 compared to 2002 ; 2022 the cessation of the entergy mississippi ggart .
system energy collected $ 21.7 million in 2003 and $ 40.8 million in 2002 from entergy mississippi in conjunction with the ggart , which provided for the acceleration of entergy mississippi's grand gulf purchased power obligation .

the mpsc authorized cessation of the ggart effective july 1 , 2003 .
see note 2 to the domestic utility companies and system energy financial statements for further discussion of the ggart ; and 2022 money pool activity , as discussed below .
system energy's receivables from the money pool were as follows as of december 31 for each of the following years: .

money pool activity used $ 42.5 million of system energy's operating cash flows in 2004 , used $ 12.0 million in 2003 , and provided $ 6.8 million in 2002 .
see note 4 to the domestic utility companies and system energy financial statements for a description of the money pool .

investing activities net cash used for investing activities was practically unchanged in 2004 compared to 2003 primarily because an increase in construction expenditures caused by a reclassification of inventory items to capital was significantly offset by the maturity of $ 6.5 million of other temporary investments that had been made in 2003 , which provided cash in 2004 .

the increase of $ 16.2 million in net cash used in investing activities in 2003 was primarily due to the following : 2022 the maturity in 2002 of $ 22.4 million of other temporary investments that had been made in 2001 , which provided cash in 2002 ; 2022 an increase in decommissioning trust contributions and realized change in trust assets of $ 8.2 million in 2003 compared to 2002 ; and 2022 other temporary investments of $ 6.5 million made in 2003 .

partially offsetting the increases in net cash used in investing activities was a decrease in construction expenditures of $ 22.1 million in 2003 compared to 2002 primarily due to the power uprate project in 2002.

 |
| table | 2004             | 2003             | 2002             | 2001
---------------- | ---------------- | ---------------- | ----------------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
$ 61592          | $ 19064          | $ 7046           | $ 13853 |


| _id | dd4bd97ee |
| title |  |
| text | republic services , inc .
notes to consolidated financial statements 2014 ( continued ) in december 2008 , the board of directors amended and restated the republic services , inc .
2006 incentive stock plan ( formerly known as the allied waste industries , inc .
2006 incentive stock plan ( the 2006 plan ) ) .
allied 2019s stockholders approved the 2006 plan in may 2006 .
the 2006 plan was amended and restated in december 2008 to reflect that republic services , inc .

is the new sponsor of the plan , that any references to shares of common stock is to shares of common stock of republic services , inc. , and to adjust outstanding awards and the number of shares available under the plan to reflect the acquisition .

the 2006 plan , as amended and restated , provides for the grant of non-qualified stock options , incentive stock options , shares of restricted stock , shares of phantom stock , stock bonuses , restricted stock units , stock appreciation rights , performance awards , dividend equivalents , cash awards , or other stock-based awards .
awards granted under the 2006 plan prior to december 5 , 2008 became fully vested and nonforfeitable upon the closing of the acquisition .

awards may be granted under the 2006 plan , as amended and restated , after december 5 , 2008 only to employees and consultants of allied waste industries , inc .
and its subsidiaries who were not employed by republic services , inc .
prior to such date .
at december 31 , 2012 , there were approximately 15.5 million shares of common stock reserved for future grants under the 2006 plan .
stock options we use a binomial option-pricing model to value our stock option grants .

we recognize compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award , or to the employee 2019s retirement eligible date , if earlier .
expected volatility is based on the weighted average of the most recent one year volatility and a historical rolling average volatility of our stock over the expected life of the option .

the risk-free interest rate is based on federal reserve rates in effect for bonds with maturity dates equal to the expected term of the option .
we use historical data to estimate future option exercises , forfeitures ( at 3.0% ( 3.0 % ) for each of the period presented ) and expected life of the options .
when appropriate , separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes .

the weighted-average estimated fair values of stock options granted during the years ended december 31 , 2012 , 2011 and 2010 were $ 4.77 , $ 5.35 and $ 5.28 per option , respectively , which were calculated using the following weighted-average assumptions: .

 |
| table | | 2012             | 2011             | 2010
----------------------------- | ---------------- | ---------------- | ----------------
expected volatility           | 27.8% ( 27.8 % ) | 27.3% ( 27.3 % ) | 28.6% ( 28.6 % )
risk-free interest rate       | 0.8% ( 0.8 % )   | 1.7% ( 1.7 % )   | 2.4% ( 2.4 % )
dividend yield                | 3.2% ( 3.2 % )   | 2.7% ( 2.7 % )   | 2.9% ( 2.9 % )
expected life ( in years )    | 4.5              | 4.4              | 4.3
contractual life ( in years ) | 7.0              | 7.0              | 7.0 |


| _id | dd4bebe26 |
| title |  |
| text | table of contents interest expense , net of capitalized interest decreased $ 129 million , or 18.1% ( 18.1 % ) , in 2014 from the 2013 period primarily due to a $ 63 million decrease in special charges recognized period-over-period as further described below , as well as refinancing activities that resulted in $ 65 million less interest expense recognized in 2014 .
in 2014 , american recognized $ 29 million of special charges relating to non-cash interest accretion on bankruptcy settlement obligations .

in 2013 , american recognized $ 48 million of special charges relating to post-petition interest expense on unsecured obligations pursuant to the plan and penalty interest related to american 2019s 10.5% ( 10.5 % ) secured notes and 7.50% ( 7.50 % ) senior secured notes .

in addition , in 2013 american recorded special charges of $ 44 million for debt extinguishment costs incurred as a result of the repayment of certain aircraft secured indebtedness , including cash interest charges and non-cash write offs of unamortized debt issuance costs .

as a result of the 2013 refinancing activities and the early extinguishment of american 2019s 7.50% ( 7.50 % ) senior secured notes in 2014 , american recognized $ 65 million less interest expense in 2014 as compared to the 2013 period .
other nonoperating expense , net of $ 153 million in 2014 consisted principally of net foreign currency losses of $ 92 million and early debt extinguishment charges of $ 48 million .

other nonoperating expense , net of $ 84 million in 2013 consisted principally of net foreign currency losses of $ 55 million and early debt extinguishment charges of $ 29 million .
other nonoperating expense , net increased $ 69 million , or 81.0% ( 81.0 % ) , during 2014 primarily due to special charges recognized as a result of early debt extinguishment and an increase in foreign currency losses driven by the strengthening of the u.s .

dollar in foreign currency transactions , principally in latin american markets .
american recorded a $ 43 million special charge for venezuelan foreign currency losses in 2014 .
see part ii , item 7a .
quantitative and qualitative disclosures about market risk for further discussion of our cash held in venezuelan bolivars .

in addition , american 2019s nonoperating special items included $ 48 million in special charges in the 2014 primarily related to the early extinguishment of american 2019s 7.50% ( 7.50 % ) senior secured notes and other indebtedness .
reorganization items , net reorganization items refer to revenues , expenses ( including professional fees ) , realized gains and losses and provisions for losses that are realized or incurred as a direct result of the chapter 11 cases .

the following table summarizes the components included in reorganization items , net on american 2019s consolidated statement of operations for the year ended december 31 , 2013 ( in millions ) : .

( 1 ) in exchange for employees 2019 contributions to the successful reorganization , including agreeing to reductions in pay and benefits , american agreed in the plan to provide each employee group a deemed claim , which was used to provide a distribution of a portion of the equity of the reorganized entity to those employees .

each employee group received a deemed claim amount based upon a portion of the value of cost savings provided by that group through reductions to pay and benefits as well as through certain work rule changes .
the total value of this deemed claim was approximately $ 1.7 billion .

( 2 ) amounts include allowed claims ( claims approved by the bankruptcy court ) and estimated allowed claims relating to ( i ) the rejection or modification of financings related to aircraft and ( ii ) entry of orders treated as unsecured claims with respect to facility agreements supporting certain issuances of special facility revenue bonds .

the debtors recorded an estimated claim associated with the rejection or modification of a financing or facility agreement when the applicable motion was filed with the bankruptcy court to reject or modify

 |
| table | | 2013
------------------------------------------------------------------------- | ------
labor-related deemed claim ( 1 )                                          | $ 1733
aircraft and facility financing renegotiations and rejections ( 2 ) ( 3 ) | 320
fair value of conversion discount ( 4 )                                   | 218
professional fees                                                         | 199
other                                                                     | 170
total reorganization items net                                            | $ 2640 |


| _id | dd49797ec |
| title |  |
| text | long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2013 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value .

long-term borrowings at december 31 , 2012 had a carrying value of $ 5.687 billion and a fair value of $ 6.275 billion determined using market prices at the end of december 2012 .
2015 and 2022 notes .
in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .

these notes were issued as two separate series of senior debt securities including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) .
net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes .

interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 .
the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .

the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security .
the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes .

the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes .
at december 31 , 2013 , $ 5 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
2013 and 2021 notes .
in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .

these notes were issued as two separate series of senior debt securities including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity .
net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc .
( 201cmerrill lynch 201d ) .

( 201cmerrill lynch 201d ) .
interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , which commenced november 24 , 2011 , and is approximately $ 32 million per year .
the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .

the 2021 notes were issued at a discount of $ 4 million that is being amortized over the term of the notes .
the company incurred approximately $ 7 million of debt issuance costs for the $ 1.5 billion note issuances , which are being amortized over the respective terms of the notes .
at december 31 , 2013 , $ 3 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .

in may 2011 , in conjunction with the issuance of the 2013 floating rate notes , the company entered into a $ 750 million notional interest rate swap maturing in 2013 to hedge the future cash flows of its obligation at a fixed rate of 1.03% ( 1.03 % ) .
during the second quarter of 2013 , the interest rate swap matured and the 2013 floating rate notes were fully repaid .
2012 , 2014 and 2019 notes .

2012 , 2014 and 2019 notes .
in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations .
these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2014 and 2019 , respectively .

net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors ( 201cbgi 201d ) from barclays on december 1 , 2009 ( the 201cbgi transaction 201d ) , and for general corporate purposes .
interest on the 2014 notes and 2019 notes of approximately $ 35 million and $ 50 million per year , respectively , is payable semi-annually in arrears on june 10 and december 10 of each year .

these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
these notes were issued collectively at a discount of $ 5 million , which is being amortized over the respective terms of the notes .
the company incurred approximately $ 13 million of debt issuance costs , which are being amortized over the respective terms of these notes .

at december 31 , 2013 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
2017 notes .
in september 2007 , the company issued $ 700 million in aggregate principal amount of 6.25% ( 6.25 % ) senior unsecured and unsubordinated notes maturing on september 15 , 2017 ( the 201c2017 notes 201d ) .

a portion of the net proceeds of the 2017 notes was used to fund the initial cash payment for the acquisition of the fund of funds business of quellos and the remainder was used for general corporate purposes .
interest is payable semi-annually in arrears on march 15 and september 15 of each year , or approximately $ 44 million per year .
the 2017 notes may be redeemed prior

 |
| table | ( in millions )                   | maturity amount | unamortized discount | carrying value | fair value
--------------------------------- | --------------- | -------------------- | -------------- | ----------
3.50% ( 3.50 % ) notes due 2014   | $ 1000          | $ 2014               | $ 1000         | $ 1029
1.375% ( 1.375 % ) notes due 2015 | 750             | 2014                 | 750            | 759
6.25% ( 6.25 % ) notes due 2017   | 700             | -2 ( 2 )             | 698            | 812
5.00% ( 5.00 % ) notes due 2019   | 1000            | -2 ( 2 )             | 998            | 1140
4.25% ( 4.25 % ) notes due 2021   | 750             | -3 ( 3 )             | 747            | 799
3.375% ( 3.375 % ) notes due 2022 | 750             | -4 ( 4 )             | 746            | 745
total long-term borrowings        | $ 4950          | $ -11 ( 11 )         | $ 4939         | $ 5284 |


| _id | dd497947c |
| title |  |
| text | abiomed , inc .
and subsidiaries notes to consolidated financial statements 2014 ( continued ) ( 7 ) commitments and contingencies the company applies the disclosure provisions of fin no .
45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no .
5 , 57 and 107 and rescission of fasb interpretation no .
34 ( fin no .
45 ) to its agreements that contain guarantee or indemnification clauses .

these disclosure provisions expand those required by sfas no .
5 accounting for contingencies , by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote .
the following is a description of arrangements in which the company is a guarantor .
product warranties 2014the company routinely accrues for estimated future warranty costs on its product sales at the time of sale .

the ab5000 and bvs products are subject to rigorous regulation and quality standards .
operating results could be adversely effected if the actual cost of product failures exceeds the estimated warranty provision .
patent indemnifications 2014in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products .
the indemnifications contained within sales contracts usually do not include limits on the claims .

the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions .
under the provisions of fin no .
45 , intellectual property indemnifications require disclosure only .
as of march 31 , 2006 , the company had entered into leases for its facilities , including its primary operating facility in danvers , massachusetts , with terms through fiscal 2010 .

the danvers lease may be extended , at the company 2019s option , for two successive additional periods of five years each with monthly rent charges to be determined based on then current fair rental values .
the company 2019s lease for its aachen location expires in august 2008 unless an option to extend for an additional four years is exercised by the company .
in december 2005 we closed our office facility in the netherlands , recording a charge of approximately $ 58000 for the remaining lease term .

total rent expense under these leases , included in the accompanying consolidated statements of operations approximated $ 821000 , $ 824000 and $ 1262000 for the fiscal years ended march 31 , 2004 , 2005 and 2006 , respectively .
future minimum lease payments under all significant non-cancelable operating leases as of march 31 , 2006 are approximately as follows ( in thousands ) : fiscal year ending march 31 , operating leases .

from time-to-time , the company is involved in legal and administrative proceedings and claims of various types .
while any litigation contains an element of uncertainty , management , in consultation with the company 2019s general counsel , presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , is not expected to have a material adverse effect on the company 2019s financial position , cash flow and results .

on may 15 , 2006 richard a .
nazarian , as selling stockholder representative , filed a demand for arbitration ( subsequently amended ) with the boston office of the american arbitration association

 |
| table | fiscal year ending march 31,        | operating leases
----------------------------------- | ----------------
2007                                | 1703
2008                                | 1371
2009                                | 1035
2010                                | 710
total future minimum lease payments | $ 4819 |


| _id | dd4c09098 |
| title |  |
| text | changes in proved undeveloped reserves as of december 31 , 2013 , 627 mmboe of proved undeveloped reserves were reported , an increase of 56 mmboe from december 31 , 2012 .
the following table shows changes in total proved undeveloped reserves for 2013 : ( mmboe ) .

significant additions to proved undeveloped reserves during 2013 included 72 mmboe in the eagle ford and 49 mmboe in the bakken shale plays due to development drilling .
transfers from proved undeveloped to proved developed reserves included 57 mmboe in the eagle ford , 18 mmboe in the bakken and 7 mmboe in the oklahoma resource basins due to producing wells .

costs incurred in 2013 , 2012 and 2011 relating to the development of proved undeveloped reserves , were $ 2536 million , $ 1995 million and $ 1107 million .
a total of 59 mmboe was booked as a result of reliable technology .
technologies included statistical analysis of production performance , decline curve analysis , rate transient analysis , reservoir simulation and volumetric analysis .

the statistical nature of production performance coupled with highly certain reservoir continuity or quality within the reliable technology areas and sufficient proved undeveloped locations establish the reasonable certainty criteria required for booking reserves .
projects can remain in proved undeveloped reserves for extended periods in certain situations such as large development projects which take more than five years to complete , or the timing of when additional gas compression is needed .

of the 627 mmboe of proved undeveloped reserves at december 31 , 2013 , 24 percent of the volume is associated with projects that have been included in proved reserves for more than five years .
the majority of this volume is related to a compression project in e.g .
that was sanctioned by our board of directors in 2004 .
the timing of the installation of compression is being driven by the reservoir performance with this project intended to maintain maximum production levels .

performance of this field since the board sanctioned the project has far exceeded expectations .
estimates of initial dry gas in place increased by roughly 10 percent between 2004 and 2010 .
during 2012 , the compression project received the approval of the e.g .
government , allowing design and planning work to progress towards implementation , with completion expected by mid-2016 .
the other component of alba proved undeveloped reserves is an infill well approved in 2013 and to be drilled late 2014 .

proved undeveloped reserves for the north gialo development , located in the libyan sahara desert , were booked for the first time as proved undeveloped reserves in 2010 .
this development , which is anticipated to take more than five years to be developed , is being executed by the operator and encompasses a continuous drilling program including the design , fabrication and installation of extensive liquid handling and gas recycling facilities .

anecdotal evidence from similar development projects in the region led to an expected project execution of more than five years from the time the reserves were initially booked .
interruptions associated with the civil unrest in 2011 and third-party labor strikes in 2013 have extended the project duration .
there are no other significant undeveloped reserves expected to be developed more than five years after their original booking .

as of december 31 , 2013 , future development costs estimated to be required for the development of proved undeveloped liquid hydrocarbon , natural gas and synthetic crude oil reserves related to continuing operations for the years 2014 through 2018 are projected to be $ 2894 million , $ 2567 million , $ 2020 million , $ 1452 million and $ 575 million .

the timing of future projects and estimated future development costs relating to the development of proved undeveloped liquid hydrocarbon , natural gas and synthetic crude oil reserves are forward-looking statements and are based on a number of assumptions , including ( among others ) commodity prices , presently known physical data concerning size and character of the reservoirs , economic recoverability , technology developments , future drilling success , industry economic conditions , levels of cash

, industry economic conditions , levels of cash flow from operations , production experience and other operating considerations .

to the extent these assumptions prove inaccurate , actual recoveries , timing and development costs could be different than current estimates.

 |
| table | beginning of year                          | 571
------------------------------------------ | ------------
revisions of previous estimates            | 4
improved recovery                          | 7
purchases of reserves in place             | 16
extensions discoveries and other additions | 142
dispositions                               | -4 ( 4 )
transfer to proved developed               | -109 ( 109 )
end of year                                | 627 |