Largest Operators of Open-Loop and Closed-Loop Retail Electronic Payments Networks The largest operators of open-loop and closed-loop retail electronic payments networks are Visa, MasterCard, American Express, Discover, JCB and Diners Club.
With the exception of Discover, which primarily operates in the United States, all of the other network operators can be considered multinational or global providers of payments network services.
Based on payments volume, total volume, number of transactions and number of cards in circulation, Visa is the largest retail electronic payments network in the world.
The following chart compares our network with those of our major competitors for calendar year 2007:
## Table 0 ##
(1) Visa Inc.  figures as reported previously in our filings.
Source: The Nilson Report, issue 902 (May 2008) and issue 903 (May 2008).
Note: Visa Inc.  figures exclude Visa Europe.
Figures for competitors include their respective European operations.
Visa figures include Visa, Visa Electron, and Interlink brands.
Visa cards include PLUS proprietary cards, but proprietary PLUS cash volume is not included.
Domestic China figures are excluded.
MasterCard figures include PIN-based debit card figures on MasterCard cards, but not Maestro or Cirrus figures.
China commercial funds transfers are excluded.
American Express and Discover include business from third-party issuers.
JCB figures are for April 2006 through March 2007, but cards and outlets are as of September 2007.
JCB total transaction figures are estimates.
Our Primary Operations We generate revenue from the transaction processing services we offer to our customers.
Our customers deliver Visa products and payment services to consumers and merchants based on the product platforms we define and manage.
Payments network management is a core part of our operations, as it ensures that our payments system provides a safe, efficient, consistent, and interoperable service to cardholders, merchants, and financial institutions worldwide.
Transaction Processing Services Core Processing Services Our core processing services involve the routing of payment information and related data to facilitate the authorization, clearing and settlement of transactions between Visa issuers, which are the financial institutions that issue Visa cards to cardholders, and acquirers, which are the financial institutions that offer Visa network connectivity and payments acceptance services to merchants.
In addition, we offer a range of value-added processing services to support our customers’ Visa programs and to promote the growth and security of the Visa payments network.
Authorization is the process of approving or declining a transaction before a purchase is finalized or cash is disbursed.
Clearing is the process of delivering final transaction data from an acquirer to an issuer for posting to the cardholder’s account, the calculation of certain fees and charges that apply to the issuer and acquirer involved in the transaction, and the conversion of transaction amounts to the
The Tax Increase Prevention Act of 2014 was signed into law on December 19, 2014 and included an extension for one year of the bonus depreciation allowance.
As a result, 50% of qualifying capital expenditures on property placed in service before January 1, 2015 were depreciated immediately.
The acceleration of deductions on 2014 qualifying capital expenditures resulting from the bonus depreciation provisions had no impact on our effective income tax rate for 2014 although it will reduce our future cash taxes by approximately $60 million.
Taking accelerated deductions results in increased cash taxes in subsequent periods when the deductions related to the capital expenditures would have otherwise been taken.
Noncontrolling Interests Net income attributable to noncontrolling interests was $40 million in 2014, $32 million in 2013 and $43 million in 2012.
These amounts are principally related to third parties’ equity interests in two limited liability companies (“LLCs”) that own three waste-to-energy facilities operated by our Wheelabrator business.
In December 2014, we purchased the noncontrolling interests in the LLCs from the third parties in anticipation of our sale of the Wheelabrator business.
The LLCs were then subsequently sold as part of the divestment of our Wheelabrator business.
Refer to Notes 19 and 20 to the Consolidated Financial Statements for information related to the sale of our Wheelabrator business and the consolidation of these variable interest entities, respectively.
The decrease in 2013 is primarily due to the net loss of $10 million attributable to noncontrolling interest holders associated with the $20 million impairment charge related to a majority-owned waste diversion technology company discussed above in (Income) Expense from Divestitures, Asset Impairments (Other than Goodwill) and Unusual Items.
Landfill and Environmental Remediation Discussion and Analysis We owned or operated 247 solid waste and five secure hazardous waste landfills at December 31, 2014 and 262 solid waste and five secure hazardous waste landfills at December 31, 2013.
At December 31, 2014 and 2013, the expected remaining capacity, in cubic yards and tonnage of waste that can be accepted at our owned or operated landfills, is shown below (in millions):
## Table 1 ##
Based on remaining permitted airspace as of December 31, 2014 and projected annual disposal volumes, the weighted average remaining landfill life for all of our owned or operated landfills is approximately 46 years.
Many of our landfills have the potential for expanded disposal capacity beyond what is currently permitted.
We monitor the availability of permitted disposal capacity at each of our landfills and evaluate whether to pursue an expansion at a given landfill based on estimated future waste volumes and prices, remaining capacity and likelihood of obtaining an expansion permit.
We are seeking expansion permits at 23 of our landfills that meet the expansion criteria outlined in the Critical Accounting Estimates and Assumptions section above.
Although no assurances can be made that all future expansions will be permitted or permitted as designed, the weighted average remaining landfill life for all owned or operated landfills is approximately 49 years when considering remaining permitted airspace, expansion airspace and projected annual disposal volume.
for $91 million, in anticipation of our sale of our Wheelabrator business.
The LLCs were then subsequently sold as part of the divestment of our Wheelabrator business.
See Note 20 to the Consolidated Financial Statements for further discussion of these LLCs.
Summary of Contractual Obligations The following table summarizes our contractual obligations as of December 31, 2014 and the anticipated effect of these obligations on our liquidity in future years (in millions):
## Table 2 ##
(a) Environmental liabilities include final capping, closure, post-closure and environmental remediation costs.
The amounts included here reflect environmental liabilities recorded in our Consolidated Balance Sheet as of December 31, 2014 without the impact of discounting and inflation.
Our recorded environmental liabilities for final capping, closure and post-closure will increase as we continue to place additional tons within the permitted airspace at our landfills.
(b) The amounts reported here represent the scheduled principal payments related to our long-term debt, excluding related interest.
Refer to Note 7 to the Consolidated Financial Statements for information regarding interest rates.
(c) Our debt obligations as of December 31, 2014 include $638 million of tax-exempt bonds subject to repricing within the next 12 months, which is prior to their scheduled maturities.
If the re-offerings of the bonds are unsuccessful, then the bonds can be put to us, requiring immediate repayment.
We have classified the anticipated cash flows for these contractual obligations based on the scheduled maturity of the borrowing for purposes of this disclosure.
For additional information regarding the classification of these borrowings in our Consolidated Balance Sheet as of December 31, 2014, refer to Note 7 to the Consolidated Financial Statements.
(d) Our recorded debt obligations include non-cash adjustments associated with discounts, premiums and fair value adjustments for interest rate hedging activities.
These amounts have been excluded here because they will not result in an impact to our liquidity in future periods.
(e) Our unrecorded obligations represent operating lease obligations and purchase commitments from which we expect to realize an economic benefit in future periods.
We have also made certain guarantees, as discussed in Note 11 to the Consolidated Financial Statements, that we do not expect to materially affect our current or future financial position, results of operations or liquidity.
(f) Our unconditional purchase obligations are for various contractual obligations that we generally incur in the ordinary course of our business.
Certain of our obligations are quantity driven.
For contracts that require us to purchase minimum quantities of goods or services, we have estimated our future minimum obligations based on the current market values of the underlying products or services.
Accordingly, the amounts reported in the table are not necessarily indicative of our actual cash flow obligations.
See Note 11 to the Consolidated Financial Statements for discussion of the nature and terms of our unconditional purchase obligations.
3) Includes $3.1 million and $8.0 million of insurance proceeds in 2004 and 2003, respectively, attributable to rental income lost at Santana Row as a result of the August 2002 fire.
Excluding these items, funds from operations in 2004 and 2003 would have been $156.0 million and $140.5 million, respectively.4) Earnings consist of net income before gain (loss) on sale of real estate and fixed charges.
Fixed charges consist of interest on borrowed funds (including capitalized interest), amortization of debt discount and expense and the portion of rent expense representing an interest factor.
Preferred share dividends consist of dividends paid on our outstanding Series A preferred shares and Series B preferred shares.
Our Series A preferred shares were redeemed in full in June 2003.5) The SEC has stated that EBITDA is a non-GAAP measure calculated as in the below table.
Adjusted EBITDA is a non-GAAP measure that means net income or loss plus interest expense, income taxes, depreciation and amortization, impairment provisions, and nonrecurring expenses.
Adjusted EBITDA is presented because we believe that it provides useful information to investors regarding our ability to service debt and because it approximates a key covenant in material notes.
Adjusted EBITDA should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP.
Adjusted EBITDA as presented may not be comparable to other similarly titled measures used by other REITs.
The reconciliation of Adjusted EBITDA to net income for the periods presented is as follows:
## Table 3 ##
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing in Item 8 of this report.
This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995.
Also, documents that we “incorporate by reference” into this Annual Report on Form 10-K, including documents that we subsequently file with the Securities and Exchange Commission, which we refer to as the SEC, will contain forward-looking statements.
When we refer to forward-looking statements or information, sometimes we use words such as “may,” “will,” “could,” “should,” “plans,” “intends,” “expects,” “believes,” “estimates,” “anticipates” and “continues.
” In particular, the risk factors included or incorporated by reference in this Annual Report on Form 10-K describe forward-looking information.
The risk factors describe risks that may affect these statements but are not all-inclusive, particularly with respect to possible future events.
Many things can happen that can cause actual results to be different from those we describe.
These factors include, but are not limited to the risk factors described in our current report in Form 8-K filed on March 2, 2005, and include the following: ?
risks that our tenants will not pay rent or that we may be unable to renew leases or re-let space at favorable rents as leases expire; ?
risks that we may not be able to proceed with or obtain necessary approvals for any redevelopment or renovation project, and that any redevelopment or renovation project that we do pursue may not perform as anticipated;
FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION—CONTINUED Three Years Ended December 31, 2010 Reconciliation of Accumulated Depreciation and Amortization (In thousands)
## Table 4 ##
The following table sets forth the schedule of lease expirations for our commercial leases in place as of December 31, 2015 for each of the 10 years beginning with 2016 and after 2025 in the aggregate assuming that none of the tenants exercise future renewal options.

<table><tr><td>Company</td><td>Payments Volume  (billions)</td><td>Total Volume  (billions)<i></i></td><td>Total Transactions  (billions)</td><td><i></i> Cards  (millions)</td></tr><tr><td>Visa Inc.<sup>-1</sup></td><td>$2,457</td><td>$3,822</td><td>50.3<i></i></td><td>1,592</td></tr><tr><td>MasterCard</td><td>1,697</td><td>2,276</td><td>27.0</td><td>916</td></tr><tr><td>American Express</td><td>637</td><td>647</td><td>5.0</td><td>86</td></tr><tr><td>Discover</td><td>102</td><td>119</td><td>1.6</td><td>57</td></tr><tr><td>JCB</td><td>55</td><td>61</td><td>0.6</td><td>58</td></tr><tr><td>Diners Club</td><td>29</td><td>30</td><td>0.2</td><td>7</td></tr></table>
<table><tr><td></td><td colspan="3"> December 31, 2014</td><td colspan="3"> December 31, 2013</td></tr><tr><td></td><td> Remaining  Permitted  Capacity</td><td> Expansion  Capacity</td><td> Total  Capacity</td><td> Remaining  Permitted  Capacity</td><td> Expansion  Capacity</td><td> Total  Capacity</td></tr><tr><td>Remaining cubic yards</td><td>4,708</td><td>275</td><td>4,983</td><td>4,839</td><td>279</td><td>5,118</td></tr><tr><td>Remaining tonnage</td><td>4,660</td><td>275</td><td>4,935</td><td>4,769</td><td>282</td><td>5,051</td></tr></table>
<table><tr><td></td><td> 2015</td><td> 2016</td><td> 2017</td><td> 2018</td><td> 2019</td><td> Thereafter</td><td> Total</td></tr><tr><td> Recorded Obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Expected environmental liabilities:(a)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Final capping, closure and post-closure</td><td>$104</td><td>$120</td><td>$128</td><td>$115</td><td>$116</td><td>$2,112</td><td>$2,695</td></tr><tr><td>Environmental remediation</td><td>43</td><td>26</td><td>26</td><td>24</td><td>12</td><td>98</td><td>229</td></tr><tr><td></td><td>147</td><td>146</td><td>154</td><td>139</td><td>128</td><td>2,210</td><td>2,924</td></tr><tr><td>Debt payments(b),(c),(d)</td><td>1,075</td><td>717</td><td>402</td><td>801</td><td>132</td><td>6,349</td><td>9,476</td></tr><tr><td> Unrecorded Obligations:(e)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Non-cancelable operating lease obligations</td><td>103</td><td>83</td><td>70</td><td>57</td><td>47</td><td>308</td><td>668</td></tr><tr><td>Estimated unconditional purchase obligations(f)</td><td>189</td><td>172</td><td>156</td><td>116</td><td>91</td><td>430</td><td>1,154</td></tr><tr><td>Anticipated liquidity impact as of December 31, 2014</td><td>$1,514</td><td>$1,118</td><td>$782</td><td>$1,113</td><td>$398</td><td>$9,297</td><td>$14,222</td></tr></table>
<table><tr><td></td><td>2004</td><td>2003</td><td>2002</td><td>2001</td><td>2000</td></tr><tr><td></td><td colspan="5">(In thousands)</td></tr><tr><td>Net income</td><td>$84,156</td><td>$94,497</td><td>$55,287</td><td>$68,756</td><td>$60,523</td></tr><tr><td>Depreciation and amortization</td><td>90,438</td><td>74,616</td><td>64,529</td><td>59,914</td><td>53,259</td></tr><tr><td>Interest expense</td><td>85,058</td><td>75,232</td><td>65,058</td><td>69,313</td><td>66,418</td></tr><tr><td>Other interest income</td><td>-1,506</td><td>-1,274</td><td>-1,380</td><td>-2,662</td><td>-2,897</td></tr><tr><td>EBITDA</td><td>258,146</td><td>243,071</td><td>183,494</td><td>195,321</td><td>177,303</td></tr><tr><td>Gain loss on sale of real estate</td><td>-14,052</td><td>-20,053</td><td>-19,101</td><td>-9,185</td><td>-3,681</td></tr><tr><td>Loss on abandoned developments held for sale</td><td>—</td><td>—</td><td>9,647</td><td>—</td><td>—</td></tr><tr><td>Adjusted EBITDA</td><td>$244,094</td><td>$223,018</td><td>$174,040</td><td>$186,136</td><td>$173,622</td></tr></table>
<table><tr><td>Balance, December 31, 2007</td><td>$756,703</td></tr><tr><td>Additions during period—depreciation and amortization expense</td><td>101,321</td></tr><tr><td>Deductions during period—disposition and retirements of property</td><td>-11,766</td></tr><tr><td>Balance, December 31, 2008</td><td>846,258</td></tr><tr><td>Additions during period—depreciation and amortization expense</td><td>103,698</td></tr><tr><td>Deductions during period—disposition and retirements of property</td><td>-11,869</td></tr><tr><td>Balance, December 31, 2009</td><td>938,087</td></tr><tr><td>Additions during period—depreciation and amortization expense</td><td>108,261</td></tr><tr><td>Deductions during period—disposition and retirements of property</td><td>-11,144</td></tr><tr><td>Balance, December 31, 2010</td><td>$1,035,204</td></tr></table>

Question: Among 2017,2018 and 2019,for which year is Anticipated liquidity impact as of December 31, 2014 the largest?
Answer: 2018