Comparison of Cumulative Return Among LKQ Corporation, the NASDAQ Stock Market (U. S. ) Index and the Peer Group
## Table 0 ##
This stock performance information is "furnished" and shall not be deemed to be "soliciting material" or subject to Rule 14A, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date of this report and irrespective of any general incorporation by reference language in any such filing, except to the extent that it specifically incorporates the information by reference.
Information about our common stock that may be issued under our equity compensation plans as of December 31, 2016 included in Part III, Item 12 of this Annual Report on Form 10-K is incorporated herein by reference.
M&T BANK CORPORATION AND SUBSIDIARIES Notes to Financial Statements — (Continued) consolidated balance sheet at estimated fair value.
The following table includes information about the estimated fair value of derivative financial instruments used for trading purposes:
## Table 1 ##
Net gains realized from derivative financial instruments used for trading purposes were $11,144,000, $6,620,000 and $2,205,000 in 2004, 2003 and 2002, respectively.18.
Variable interest entities and asset securitizations Variable interest entities In January 2003, the FASB issued FASB Interpretation No.46 (‘‘FIN 46’’), ‘‘Consolidation of Variable Interest Entities.
’’ The FASB’s stated intent in issuing FIN 46 was to clarify the application of Accounting Research Bulletin No.51, ‘‘Consolidated Financial Statements,’’ to certain entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties.
FIN 46 requires an enterprise to consolidate a variable interest entity (as defined in FIN 46) if that enterprise has a variable interest (or combination of variable interests) that will absorb a majority of the entity’s expected losses if they occur, receive a majority of the entity’s expected returns if they occur, or both.
In December 2003, the FASB issued a revised FIN 46 (‘‘FIN 46R’’), which attempted to clarify the guidance in the original interpretation.
FIN 46 applied to variable interest entities created after January 31, 2003 and to all variable interest entities created prior to February 1, 2003 that were considered to be special-purpose entities (as defined in FIN 46R) as of December 31, 2003.
FIN 46R was applicable to all variable interest entities no later than the end of the first reporting period that ended after March 15, 2004.
A description of variable interest entities in which the Company holds a significant variable interest and the impact of the new accounting provisions related to investments in variable interest entities is described below.
M&T Auto Receivables I, LLC is a special purpose subsidiary of M&T Bank formed for the purpose of borrowing $500 million in a revolving asset-backed structured borrowing with an unaffiliated conduit lender.
The revolving asset-backed structured borrowing is secured by automobile loans and other assets transferred to the special purpose subsidiary by M&T Bank or other of its subsidiaries that totaled $565 million and $559 million at December 31, 2004 and 2003, respectively.
The activities of M&T Auto Receivables I, LLC are generally restricted to purchasing and owning automobile loans for the purpose of securing this revolving borrowing arrangement.
Proceeds from payments on the automobile loans are required to be applied in priority order for fees, principal and interest on the borrowing, and funding the monthly replenishment of loans.
Any remaining proceeds are available for distribution to M&T Bank.
The secured borrowing is prepayable, in whole or in part, at any time and is non-recourse to M&T Bank and the Company.
However, 80% of the borrowing can be put back to M&T Bank upon demand.
The Company’s maximum incremental exposure to loss resulting from the structure of this borrowing arrangement is generally restricted to the amount that such borrowing is overcollateralized.
Management currently estimates no material losses as a result of this borrowing arrangement.
The assets and liabilities of M&T Auto Receivables I, LLC have been included in the Company’s consolidated financial statements
M&T BANK CORPORATION AND SUBSIDIARIES Notes to Financial Statements — (Continued) related financial instruments or assigned some other amount as required by SFAS No.107.
Additional information about the assumptions and calculations utilized is presented below.
The carrying amounts and calculated estimates for financial instrument assets (liabilities) are presented in the following table.
## Table 2 ##
The following assumptions and methods or calculations were used in determining the disclosed value of financial instruments.
Cash and due from banks, money-market assets, short-term borrowings, accrued interest receivable, accrued interest payable and trading account liabilities Due to the nature of cash and due from banks and the near maturity of money-market assets, shortterm borrowings, accrued interest receivable, accrued interest payable and trading account liabilities, the Company estimated that the carrying amount of such instruments approximated estimated fair value.
Investment securities Estimated fair values of investments in readily marketable debt and equity securities were based on quoted market prices.
Investment securities that were not readily marketable were assigned amounts based
M&T BANK CORPORATION AND SUBSIDIARIES Notes to Financial Statements — (Continued) to the reportable segments, goodwill and core deposit and other intangible assets resulting from acquisitions of financial institutions, the net impact of the Company’s internal funds transfer pricing methodology, eliminations of transactions between reportable segments, certain nonrecurring transactions, the residual effects of unallocated support systems and general and administrative expenses, and the impact of interest rate risk management strategies.
The amount of intersegment activity eliminated in arriving at consolidated totals was included in the ‘‘All Other’’ category as follows:
## Table 3 ##
The Company conducts substantially all of its operations in the United States.
There are no transactions with a single customer that in the aggregate result in revenues that exceed ten percent of consolidated total revenues.22.
Regulatory matters Payment of dividends by M&T’s banking subsidiaries is restricted by various legal and regulatory limitations.
Dividends from any banking subsidiary to M&T are limited by the amount of earnings of the banking subsidiary in the current year and the preceding two years.
For purposes of this test, at December 31, 2004, approximately $559,860,000 was available for payment of dividends to M&T from banking subsidiaries without prior regulatory approval.
Banking regulations prohibit extensions of credit by the subsidiary banks to M&T unless appropriately secured by assets.
Securities of affiliates are not eligible as collateral for this purpose.
The bank subsidiaries are required to maintain noninterest-earning reserves against certain deposit liabilities.
During the maintenance periods that included December 31, 2004 and 2003, cash and due from banks included a daily average of $408,450,000 and $501,031,000, respectively, for such purpose.
Federal regulators have adopted capital adequacy guidelines for bank holding companies and banks.
Failure to meet minimum capital requirements can result in certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a material effect on the Company’s financial statements.
Under the capital adequacy guidelines, the so-called ‘‘Tier 1 capital’’ and ‘‘Total capital’’ as a percentage of risk-weighted assets and certain off-balance sheet financial instruments must be at least 4% and 8%, respectively.
In addition to these risk-based measures, regulators also require banking institutions that meet certain qualitative criteria to maintain a minimum ‘‘leverage’’ ratio of ‘‘Tier 1 capital’’ to average total assets, adjusted for goodwill and certain other items, of at least 3% to be considered adequately capitalized.
As of December 31, 2004, M&T and each of its banking subsidiaries exceeded all applicable capital adequacy requirements.
As of December 31, 2004 and 2003, the most recent notifications from federal regulators categorized each of M&T’s bank subsidiaries as ‘‘well capitalized’’ under the regulatory framework for prompt corrective action.
To be considered ‘‘well capitalized,’’ a banking institution must maintain Tier 1 risk-based capital, total risk-based capital and leverage ratios of at least 6%, 10% and 5%, respectively.
Management is unaware of any conditions or events since the latest notifications from federal regulators that have changed the capital adequacy category of M&T’s bank subsidiaries.

<table><tr><td></td><td>12/31/2011</td><td>12/31/2012</td><td>12/31/2013</td><td>12/31/2014</td><td>12/31/2015</td><td>12/31/2016</td></tr><tr><td>LKQ Corporation</td><td>$100</td><td>$140</td><td>$219</td><td>$187</td><td>$197</td><td>$204</td></tr><tr><td>S&P 500 Index</td><td>$100</td><td>$113</td><td>$147</td><td>$164</td><td>$163</td><td>$178</td></tr><tr><td>Peer Group</td><td>$100</td><td>$111</td><td>$140</td><td>$177</td><td>$188</td><td>$217</td></tr></table>
<table><tr><td></td><td> 2004</td><td> 2003</td></tr><tr><td></td><td colspan="2"> (In thousands)</td></tr><tr><td>December 31:</td><td></td><td></td></tr><tr><td>Gross unrealized gains</td><td>$102,814</td><td>148,106</td></tr><tr><td>Gross unrealized losses</td><td>93,411</td><td>137,665</td></tr><tr><td>Year ended December 31:</td><td></td><td></td></tr><tr><td>Average gross unrealized gains</td><td>$119,167</td><td>132,425</td></tr><tr><td>Average gross unrealized losses</td><td>110,397</td><td>123,871</td></tr></table>
<table><tr><td></td><td colspan="2">December 31, 2004</td><td colspan="2">December 31, 2003</td></tr><tr><td></td><td>Carrying Amount</td><td>Calculated Estimate</td><td>Carrying Amount</td><td>Calculated Estimate</td></tr><tr><td></td><td colspan="4">(In thousands)</td></tr><tr><td>Financial assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and due from banks</td><td>$1,334,628</td><td>$1,334,628</td><td>$1,877,494</td><td>$1,877,494</td></tr><tr><td>Money-market assets</td><td>199,364</td><td>199,364</td><td>250,315</td><td>250,315</td></tr><tr><td>Investment securities</td><td>8,474,619</td><td>8,476,844</td><td>7,259,150</td><td>7,262,331</td></tr><tr><td>Commercial loans and leases</td><td>9,980,252</td><td>9,959,047</td><td>9,217,371</td><td>9,199,975</td></tr><tr><td>Commercial real estate loans</td><td>14,040,000</td><td>14,060,200</td><td>12,371,064</td><td>12,515,272</td></tr><tr><td>Residential real estate loans</td><td>3,261,589</td><td>3,273,555</td><td>3,081,440</td><td>3,089,178</td></tr><tr><td>Consumer loans and leases</td><td>11,116,636</td><td>11,139,217</td><td>11,102,560</td><td>11,176,384</td></tr><tr><td>Allowance for credit losses</td><td>-626,864</td><td>-626,864</td><td>-614,058</td><td>-614,058</td></tr><tr><td>Accrued interest receivable</td><td>200,232</td><td>200,232</td><td>178,809</td><td>178,809</td></tr><tr><td>Financial liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Noninterest-bearing deposits</td><td>$-8,417,365</td><td>$-8,417,365</td><td>$-8,411,296</td><td>$-8,411,296</td></tr><tr><td>Savings deposits and NOW accounts</td><td>-15,550,662</td><td>-15,550,662</td><td>-15,856,948</td><td>-15,856,948</td></tr><tr><td>Time deposits</td><td>-7,228,514</td><td>-7,272,979</td><td>-6,637,249</td><td>-6,773,092</td></tr><tr><td>Deposits at foreign office</td><td>-4,232,932</td><td>-4,232,932</td><td>-2,209,451</td><td>-2,209,451</td></tr><tr><td>Short-term borrowings</td><td>-4,703,664</td><td>-4,703,664</td><td>-4,442,246</td><td>-4,442,246</td></tr><tr><td>Long-term borrowings</td><td>-6,348,559</td><td>-6,532,379</td><td>-5,535,425</td><td>-5,732,682</td></tr><tr><td>Accrued interest payable</td><td>-88,676</td><td>-88,676</td><td>-93,692</td><td>-93,692</td></tr><tr><td>Trading account liabilities</td><td>-93,411</td><td>-93,411</td><td>-137,665</td><td>-137,665</td></tr><tr><td>Other financial instruments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Commitments to originate real estate loans for sale</td><td>$1,764</td><td>$1,764</td><td>$4,868</td><td>$4,868</td></tr><tr><td>Commitments to sell real estate loans</td><td>-2,322</td><td>-2,322</td><td>-8,427</td><td>-8,427</td></tr><tr><td>Other credit-related commitments</td><td>-36,721</td><td>-36,721</td><td>-28,180</td><td>-28,180</td></tr><tr><td>Interest rate swap agreements used for interest rate risk management</td><td>-3,844</td><td>-3,844</td><td>-847</td><td>-847</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31</td></tr><tr><td></td><td>2004</td><td>2003</td><td>2002</td></tr><tr><td></td><td colspan="3">(In thousands)</td></tr><tr><td>Revenues</td><td>$-60,195</td><td>$-87,309</td><td>$-70,229</td></tr><tr><td>Expenses</td><td>-16,950</td><td>-18,307</td><td>-19,356</td></tr><tr><td>Income taxes (benefit)</td><td>-17,596</td><td>-28,077</td><td>-20,700</td></tr><tr><td>Net income (loss)</td><td>-25,649</td><td>-40,925</td><td>-30,173</td></tr></table>

Question: What's the average of the Expenses in the years where Gross unrealized gains is positive? (in thousand)
Answer: -17628.5