MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (COMBINED FOR CON EDISON AND CON EDISON OF NEW YORK)–CONTINUED Gas Con Edison of New York’s gas sales and deliveries, excluding off-system sales, in 2008 compared with 2007 were:
## Table 0 ##
Con Edison of New York’s gas operating revenues increased $80 million in 2008 compared with 2007 due primarily to an increase in recoverable purchased gas costs ($21 million), the gas rate plans ($58 million) and sales growth ($2 million).
Con Edison of New York’s revenues from gas sales are subject to a weather normalization clause and, effective October 2007, a revenue decoupling mechanism as a result of which revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved.
Other gas operating revenues generally reflect changes in regulatory assets and liabilities in accordance with the company’s rate plans.
See Note B to the financial statements.
Con Edison of New York’s sales and transportation volumes for firm customers decreased 0.5 percent in 2008 compared with 2007, reflecting primarily the impact of the milder winter weather in 2008 compared with 2007.
After adjusting for variations, principally weather and billing days firm gas sales and transportation volumes in the company’s service area increased 0.6 percent in 2008.
Con Edison of New York’s purchased gas cost increased $21 million in 2008 compared with 2007 due to higher unit costs ($159 million), offset by lower sendout volumes ($138 million).
Con Edison of New York’s gas operating income decreased $3 million in 2008 compared with 2007.
The decrease reflects primarily higher operations and maintenance expense ($38 million, due primarily to higher transmission and distribution expenses ($22 million) and higher pension expense ($9 million)), taxes other than income taxes ($20 million, principally property taxes) and depreciation ($5 million), offset in part by higher net revenues ($59 million) and lower income taxes ($3 million)
## Table 1 ##
The weighted average fair value per option granted in 2006, 2005 and 2004 was $14.46, $11.63 and $8.79, respectively.
In the table above, intrinsic value is calculated as the difference between the market price of the company’s stock on the last trading day of the year and the exercise price of the options.
For options exercised, intrinsic value is calculated as the difference between the market price on the date of exercise and the exercise price.
The total intrinsic value of options exercised in 2006, 2005 and 2004 was $160, $87 and $132, respectively.
The company received cash of $253 from the exercise of stock options in 2006.
Restricted Stock The company determines the fair value of restricted stock as the average of the high and low market prices of the company’s stock on the date of grant.
The company recognizes compensation expense related to restricted stock on a straight-line basis over the period during which the restriction lapses, which is generally four years.
In 2006, the company recognized $12 of compensation expense related to restricted stock before income taxes, or $8 net of income taxes.
As of December 31, 2006, the company had $35 of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 2.6 years.
A summary of restricted stock activity during 2006 follows:
## Table 2 ##
The total fair value of shares vested in 2006, 2005 and 2004 was $21, $26 and $42, respectively R.  RETIREMENT PLANS The company provides defined-benefit pension and other post-retirement benefits to eligible employees.
Retirement Plan Summary Information Pension Benefits.
As of December 31, 2006, the company had six noncontributory and five contributory trusteed, qualified defined-benefit pension plans covering substantially all of its government business employees, and two noncontributory plans covering substantially all of its commercial business employees.
The primary factors affecting the benefits earned by participants in the company’s pension plans are employees’ years of service and compensation levels.
The company also sponsors several unfunded non-qualified supplemental executive plans, which provide participants with additional benefits, including excess benefits over limits imposed on qualified plans by federal tax law.
Other Post-retirement Benefits.
General Dynamics maintains plans that provide post-retirement health care coverage for many of its current and former employees and post-retirement life insurance benefits for certain retirees.
These benefits vary by employment status, age, service and salary level at retirement.
The coverage provided and the extent to which the retirees share in the cost of the program vary throughout the company.
The plans provide health and life insurance benefits only to those employees who retire directly from the service of the company and not to those who terminate service/seniority prior to eligibility for retirement.
Defined-contribution Benefits.
In addition to the defined-benefit plans, the company provides eligible employees the opportunity to participate in defined-contribution savings plans (commonly known as 401(k) plans), which permit contributions on both a pretax and after-tax basis.
Generally, salaried employees and certain hourly employees are eligible to participate in the plans.
Under most plans, the employee may
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) In summary, our cash flows for each period were as follows:
## Table 3 ##
Operating Activities Cash provided by operating activities is net income adjusted for certain non-cash items and changes in certain assets and liabilities.
For 2013 compared to 2012, the $1.9 billion increase in cash provided by operating activities was due to changes in working capital, partially offset by lower net income in 2013.
Income taxes paid, net of refunds, in 2013 compared to 2012 were $1.1 billion lower due to lower income before taxes in 2013 and 2012 income tax overpayments.
Changes in assets and liabilities as of December 28, 2013, compared to December 29, 2012, included lower income taxes payable and receivable resulting from a reduction in taxes due in 2013, and lower inventories due to the sell-through of older-generation products, partially offset by the ramp of 4th generation Intel Core Processor family products.
For 2013, our three largest customers accounted for 44% of our net revenue (43% in 2012 and 2011), with HewlettPackard Company accounting for 17% of our net revenue (18% in 2012 and 19% in 2011), Dell accounting for 15% of our net revenue (14% in 2012 and 15% in 2011), and Lenovo accounting for 12% of our net revenue (11% in 2012 and 9% in 2011).
These three customers accounted for 34% of our accounts receivable as of December 28, 2013 (33% as of December 29, 2012).
For 2012 compared to 2011, the $2.1 billion decrease in cash provided by operating activities was due to lower net income and changes in our working capital, partially offset by adjustments for non-cash items.
The adjustments for noncash items were higher due primarily to higher depreciation in 2012 compared to 2011, partially offset by increases in non-acquisition-related deferred tax liabilities as of December 31, 2011.
Investing Activities Investing cash flows consist primarily of capital expenditures; investment purchases, sales, maturities, and disposals; as well as cash used for acquisitions.
The increase in cash used for investing activities in 2013 compared to 2012 was primarily due to an increase in purchases of available-for-sale investments and a decrease in maturities and sales of trading assets, partially offset by an increase in maturities and sales of available-for-sale investments and a decrease in purchases of licensed technology and patents.
Our capital expenditures were $10.7 billion in 2013 ($11.0 billion in 2012 and $10.8 billion in 2011).
Cash used for investing activities increased in 2012 compared to 2011 primarily due to net purchases of availablefor-sale investments and trading assets in 2012, as compared to net maturities and sales of available-for-sale investments and trading assets in 2011, partially offset by a decrease in cash paid for acquisitions.
Net purchases of available-for-sale investments in 2012 included our purchase of $3.2 billion of equity securities in ASML in Q3 2012.  Financing Activities Financing cash flows consist primarily of repurchases of common stock, payment of dividends to stockholders, issuance and repayment of long-term debt, and proceeds from the sale of shares through employee equity incentive plans.
Lockheed Martin Corporation NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2005 NOTE 1—SIGNIFICANT ACCOUNTING POLICIES Organization—Lockheed Martin Corporation (Lockheed Martin or the Corporation) is engaged in the research, design, development, manufacture, integration, operation and sustainment of advanced technology systems, products and services.
As a leading systems integrator, its products and services range from electronics and information systems, including integrated net-centric solutions, to missiles, aircraft, spacecraft and launch services.
The Corporation serves customers in both domestic and international defense and commercial businesses, with its principal customers being agencies of the U. S.  Government.
Basis of consolidation and classifications—The consolidated financial statements include the accounts of wholly-owned subsidiaries and other entities which the Corporation controls.
Intercompany balances and transactions have been eliminated in consolidation.
Receivables and inventories are primarily attributable to long-term contracts or programs in progress for which the related operating cycles are longer than one year.
In accordance with industry practice, these items are included in current assets.
Certain amounts for prior years have been reclassified to conform with the 2005 presentation.
Use of estimates—The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions, including estimates of anticipated contract costs and revenues utilized in the earnings recognition process, that affect the reported amounts in the financial statements and accompanying notes.
Due to the size and nature of many of the Corporation’s programs, the estimation of total revenues and cost at completion is subject to a wide range of variables, including assumptions for schedule and technical issues.
Actual results may differ from those estimates.
Cash and cash equivalents—Cash equivalents are generally composed of highly liquid instruments with original maturities of 90 days or less.
Due to the short maturity of these instruments, carrying value on the Corporation’s consolidated balance sheet approximates fair value.
Short-term investments—The Corporation’s short-term investments consist of marketable securities that are categorized as available-for-sale securities as defined by Statement of Financial Accounting Standards (FAS) 115, Accounting for Certain Investments in Debt and Equity Securities.
Realized gains and losses are recorded in other income and expenses.
For purposes of computing realized gains and losses, cost is determined on a specific identification basis.
The fair values of marketable securities are estimated based on quoted market prices for the respective securities.
The Corporation records short-term investments at fair value.
At year end, the investment portfolio was composed of the following:
## Table 4 ##
Approximately 60% of the securities had contractual maturities of one year or less.
An additional 36% of the securities had contractual maturities of one to five years.
Marketable securities sales proceeds totaled $461 million in 2005 and $384 million in 2004.
Gross gains and losses related to sales of marketable securities for both years, as well as net unrealized gains and losses at each year end, were not material.
Receivables—Receivables consist of amounts billed and currently due from customers, and unbilled costs and accrued profits primarily related to revenues on long-term contracts that have been recognized for accounting purposes but not yet billed to customers.
As such revenues are recognized, appropriate amounts of customer advances, performance-based payments and progress payments are reflected as an offset to the related receivables balance.

<table><tr><td></td><td colspan="4">Thousands of dths Delivered</td><td colspan="4">Revenues in Millions</td></tr><tr><td></td><td colspan="2"> Twelve Months Ended</td><td></td><td></td><td colspan="2"> Twelve Months Ended</td><td></td><td></td></tr><tr><td> Description</td><td> December 31, 2008</td><td> December 31, 2007</td><td>Variation</td><td>Percent Variation</td><td> December 31, 2008</td><td> December 31, 2007</td><td>Variation</td><td>Percent Variation</td></tr><tr><td>Residential</td><td>40,195</td><td>42,573</td><td>-2,378</td><td>-5.6%</td><td>$850</td><td>$842</td><td>$8</td><td>1.0%</td></tr><tr><td>General</td><td>28,748</td><td>31,162</td><td>-2,414</td><td>-7.7</td><td>482</td><td>499</td><td>-17</td><td>-3.4</td></tr><tr><td>Firm transportation</td><td>43,245</td><td>39,016</td><td>4,229</td><td>10.8</td><td>202</td><td>168</td><td>34</td><td>20.2</td></tr><tr><td> Total firm sales and transportation</td><td> 112,188</td><td> 112,751</td><td>-563</td><td>-0.5</td><td>1,534</td><td>1,509</td><td>25</td><td>1.7</td></tr><tr><td>Interruptible sales</td><td>11,220</td><td>10,577</td><td>643</td><td>6.1</td><td>138</td><td>88</td><td>50</td><td>56.8</td></tr><tr><td>NYPA</td><td>44,694</td><td>42,085</td><td>2,609</td><td>6.2</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Generation plants</td><td>74,082</td><td>79,942</td><td>-5,860</td><td>-7.3</td><td>55</td><td>52</td><td>3</td><td>5.8</td></tr><tr><td>Other</td><td>20,004</td><td>15,318</td><td>4,686</td><td>30.6</td><td>30</td><td>24</td><td>6</td><td>25.0</td></tr><tr><td>Other operating revenues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td><td>82</td><td>-4</td><td>-4.9</td></tr><tr><td> Total</td><td> 262,188</td><td> 260,673</td><td>1,515</td><td>0.6%</td><td>$1,839</td><td>$1,759</td><td>$80</td><td>4.5%</td></tr></table>
<table><tr><td></td><td>Shares Under Option</td><td> Weighted Average Exercise Prices</td><td> Weighted Average Remaining Contractual Term (in years)</td><td> Aggregate Intrinsic Value (in millions)</td></tr><tr><td>Outstanding at December 31, 2005</td><td>18,032,228</td><td>$43.39</td><td></td><td></td></tr><tr><td>Granted</td><td>4,789,166</td><td>62.44</td><td></td><td></td></tr><tr><td>Exercised</td><td>-6,386,109</td><td>41.04</td><td></td><td></td></tr><tr><td>Forfeited/canceled</td><td>-367,302</td><td>55.09</td><td></td><td></td></tr><tr><td>Outstanding at December 31, 2006</td><td>16,067,983</td><td>$49.73</td><td>2.8</td><td>$396</td></tr><tr><td>Vested and expected to vest at December 31, 2006</td><td>15,789,743</td><td>$49.57</td><td>2.8</td><td>$391</td></tr><tr><td>Exercisable at December 31, 2006</td><td>8,468,782</td><td>$42.08</td><td>1.9</td><td>$273</td></tr></table>
<table><tr><td></td><td>Shares</td><td> Weighted Average Grant-Date Fair Value</td></tr><tr><td>Nonvested at December 31, 2005</td><td>2,431,190</td><td>$51.80</td></tr><tr><td>Granted</td><td>587,108</td><td>61.52</td></tr><tr><td>Vested</td><td>-375,852</td><td>44.84</td></tr><tr><td>Forfeited</td><td>-54,789</td><td>55.98</td></tr><tr><td>Nonvested at December 31, 2006</td><td>2,587,657</td><td>$54.93</td></tr></table>
<table><tr><td>(In Millions)</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Net cash provided by operating activities</td><td>$20,776</td><td>$18,884</td><td>$20,963</td></tr><tr><td>Net cash used for investing activities</td><td>-18,073</td><td>-14,060</td><td>-10,301</td></tr><tr><td>Net cash used for financing activities</td><td>-5,498</td><td>-1,408</td><td>-11,100</td></tr><tr><td>Effect of exchange rate fluctuations on cash and cash equivalents</td><td>-9</td><td>-3</td><td>5</td></tr><tr><td>Net increase (decrease) in cash and cash equivalents</td><td>$-2,804</td><td>$3,413</td><td>$-433</td></tr></table>
<table><tr><td></td><td colspan="4"> <i>Year ended December 31,</i></td></tr><tr><td></td><td colspan="2"> <i>2005</i></td><td colspan="2"><i>2004</i></td></tr><tr><td> <i>(In millions)</i></td><td> <i>Amortized</i> <i>Cost</i></td><td> <i>Fair</i> <i>Value</i></td><td><i>Amortized</i><i>Cost</i></td><td><i>Fair</i><i>Value</i></td></tr><tr><td>U.S. treasury and government agency securities</td><td>$125</td><td>$124</td><td>$252</td><td>$251</td></tr><tr><td>Corporate debt securities</td><td>145</td><td>144</td><td>117</td><td>117</td></tr><tr><td>Mortgage-backed and other securities</td><td>161</td><td>161</td><td>28</td><td>28</td></tr><tr><td></td><td>$431</td><td>$429</td><td>$397</td><td>$396</td></tr></table>

Question: In which years the Residential of Delivered is greater than Firm transportation of Delivered?
Answer: 2007