ITEM 6.
Selected Financial Data The following tables set forth selected consolidated financial information from our audited Consolidated Financial Statements as of and for the fiscal years ended June 30, 2013, 2012, 2011, 2010 and 2009.
The selected financial data presented below should be read in conjunction with our Financial Statements and the accompanying Notes included in this Annual Report on Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.
”
## Table 0 ##
Balance Sheet Data
## Table 1 ##
(a) The computation of basic earnings per share from continuing operations is based on the Company’s Net earnings divided by the basic Weighted-average shares outstanding.
Diluted earnings per share reflects the potential dilution that could occur if outstanding stock options at the presented date are exercised, shares of restricted stock and restricted stock units have vested.
(b) These assets and liabilities were classified as assets and liabilities of discontinued operations in fiscal year 2010.
See Note 7, “Discontinued Operations” to our Consolidated Financial Statements under Item 8 of Part II of this Annual Report on Form 10-K for additional information.
Other Post-retirement Benefit Plan The Company sponsors an Executive Retiree Health Insurance Plan.
It is a post-retirement benefit plan pursuant to which the Company helps defray the health care costs of certain eligible key executive retirees and qualifying dependents, based upon the retirees’ age and years of service, until they reach the age of 65.
The amount charged to expense under this plan was $0.2 million, $0.3 million and $0.4 million during the fiscal years ended June 30, 2013, 2012 and 2011, respectively.
The plan is currently unfunded, and the benefit obligation under this plan was $3.0 million, $2.8 million and $3.1 million at June 30, 2013, 2012 and 2011, respectively.
Contractual Obligations The following table summarizes our contractual obligations to third parties as of June 30, 2013 and the effect such obligations are expected to have on our liquidity and cash flows in future periods:
## Table 2 ##
(1) These amounts represent the principal repayments of Long-term debt and are included on our Consolidated Balance Sheets.
As of June 30, 2013, we had $524.5 million of outstanding debt consisting of $400.0 million of a term loan facility and $124.5 million in Senior Notes.
See Note 13, “Borrowings” to our Consolidated Financial Statements under Item 8 of Part II of this Annual Report on Form 10-K for additional information about our Borrowings and related matters.
Excludes future cash payments related to interest expense as the term loan facility is variable rate and the interest payments will ultimately be determined by the rates in effect during each period.
(2) Includes estimated future interest payments on our long-term debt assuming a 1.5% interest rate on the term loan facility and 6.125% interest rate on the Senior Notes.
(3) Included in these amounts are various facilities and equipment leases.
We enter into operating leases in the normal course of business relating to facilities and equipment.
The majority of our lease agreements have fixed payment terms based on the passage of time.
Certain facility and equipment leases require payment of maintenance and real estate taxes and contain escalation provisions based on future adjustments in price indices.
Our future operating lease obligations could change if we exit certain contracts and if we enter into additional operating lease agreements.
(4) These amounts represent various software license agreements.
We enter into software licenses in the normal course of business.
(5) Purchase obligations relate to payments to IBM related to the IT Services Agreement entered into in March 2010 that expires in June 2022, and purchase and maintenance agreements on our software, equipment and other assets.
(6) Due to the uncertainty related to the timing of the reversal of uncertain tax positions, only the uncertain tax benefit related to certain settlements have been provided in the table above.
The Company is unable to make reasonably reliable estimates related to the timing of the remaining unrecognized tax benefits expected to be paid.
See Note 16, “Income Taxes” to our Consolidated Financial Statements under Item 8 of Part II of this Annual Report on Form 10-K for further detail.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) ACE Limited and Subsidiaries The following table shows changes in the Company’s stock options for the years ended December 31, 2008, 2007, and 2006:
## Table 3 ##
The weighted-average remaining contractual term was 5.8 years for the stock options outstanding and 4.6 years for the stock options exercisable at December 31, 2008.
The total intrinsic value was approximately $66 million for stock options outstanding and $81 million for stock options exercisable at December 31, 2008.
The weighted-average fair value for the stock options granted for the year ended December 31, 2008 was $17.60.
The total intrinsic value for stock options exercised during the years ended December 31, 2008, 2007, and 2006, was approximately $54 million, $44 million, and $43 million, respectively.
The amount of cash received during the year ended December 31, 2008, from the exercise of stock options was $97 million.
Restricted stock The Company’s 2004 LTIP also provides for grants of restricted stock.
The Company generally grants restricted stock with a 4-year vesting period, based on a graded vesting schedule.
The restricted stock is granted at market close price on the date of grant.
Included in the Company’s share-based compensation expense in the year ended December 31, 2008, is a portion of the cost related to the unvested restricted stock granted in the years 2004 to 2008.

<table><tr><td></td><td colspan="5"> Years Ended June 30,</td></tr><tr><td></td><td> 2013</td><td> 2012</td><td> 2011</td><td> 2010</td><td> 2009</td></tr><tr><td></td><td colspan="5"> (in millions, except for per share amounts)</td></tr><tr><td> Statements of Earnings Data</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenues</td><td>$2,430.8</td><td>$2,303.5</td><td>$2,166.9</td><td>$2,209.2</td><td>$2,073.0</td></tr><tr><td>Earnings from continuing operations before income taxes</td><td>323.2</td><td>200.9</td><td>269.7</td><td>342.1</td><td>346.0</td></tr><tr><td>Net earnings from continuing operations</td><td>212.1</td><td>125.0</td><td>171.8</td><td>225.1</td><td>223.1</td></tr><tr><td>Net earnings</td><td>212.1</td><td>123.6</td><td>169.6</td><td>190.0</td><td>223.3</td></tr><tr><td>Basic earnings per share from continuing operations(a)</td><td>$1.74</td><td>$1.01</td><td>$1.38</td><td>$1.66</td><td>$1.60</td></tr><tr><td>Diluted earnings per share from continuing operations(a)</td><td>$1.69</td><td>$0.98</td><td>$1.34</td><td>$1.62</td><td>$1.58</td></tr><tr><td>Basic Weighted-average shares outstanding</td><td>121.9</td><td>124.1</td><td>124.8</td><td>135.9</td><td>140.0</td></tr><tr><td>Diluted Weighted-average shares outstanding</td><td>125.4</td><td>127.5</td><td>128.3</td><td>139.1</td><td>141.6</td></tr><tr><td>Cash dividends declared per common share</td><td>$0.72</td><td>$0.64</td><td>$0.60</td><td>$0.56</td><td>$0.28</td></tr></table>
<table><tr><td></td><td colspan="5"> June 30,</td></tr><tr><td></td><td> 2013</td><td> 2012</td><td> 2011</td><td> 2010</td><td> 2009</td></tr><tr><td></td><td colspan="5"> (in millions)</td></tr><tr><td> Balance Sheet Data</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>$266.0</td><td>$320.5</td><td>$241.5</td><td>$412.6</td><td>$173.4</td></tr><tr><td>Securities clearing receivables(b)</td><td>—</td><td>—</td><td>—</td><td>52.5</td><td>1,011.3</td></tr><tr><td>Total current assets</td><td>807.0</td><td>777.4</td><td>751.4</td><td>992.4</td><td>2,051.8</td></tr><tr><td>Property, plant and equipment, net</td><td>80.9</td><td>79.0</td><td>83.1</td><td>87.4</td><td>75.4</td></tr><tr><td>Total assets</td><td>2,018.2</td><td>1,987.6</td><td>1,904.0</td><td>1,794.4</td><td>2,774.7</td></tr><tr><td>Securities clearing payables(b)</td><td>—</td><td>—</td><td>—</td><td>77.4</td><td>1,088.1</td></tr><tr><td>Total current liabilities</td><td>469.5</td><td>410.3</td><td>782.7</td><td>486.4</td><td>1,429.9</td></tr><tr><td>Long-term debt</td><td>524.5</td><td>524.4</td><td>124.3</td><td>324.1</td><td>324.1</td></tr><tr><td>Total liabilities</td><td>1,202.2</td><td>1,137.1</td><td>1,106.7</td><td>987.3</td><td>1,865.7</td></tr><tr><td>Total stockholders’ equity</td><td>816.0</td><td>850.5</td><td>797.3</td><td>807.1</td><td>909.0</td></tr></table>
<table><tr><td></td><td colspan="5"> Payments Due by Period</td></tr><tr><td></td><td> Total</td><td> Less than 1 Year</td><td> 1-3 Years  (in millions)</td><td> 4-5 Years</td><td> After 5 Years</td></tr><tr><td>Long-term debt-1</td><td>$524.5</td><td>$—</td><td>$81.5</td><td>$443.0</td><td>$—</td></tr><tr><td>Interest on long-term debt-2</td><td>31.7</td><td>8.3</td><td>16.3</td><td>7.1</td><td>—</td></tr><tr><td>Facility and equipment operating leases-3</td><td>156.8</td><td>32.4</td><td>53.3</td><td>38.0</td><td>33.1</td></tr><tr><td>Software licensing-4</td><td>14.4</td><td>6.0</td><td>5.4</td><td>3.0</td><td>—</td></tr><tr><td>Purchase obligations-5</td><td>530.8</td><td>76.4</td><td>136.9</td><td>114.4</td><td>203.1</td></tr><tr><td>Uncertain tax positions-6</td><td>3.0</td><td>—</td><td>3.0</td><td>—</td><td>—</td></tr><tr><td>Total</td><td>$1,261.2</td><td>$123.1</td><td>$296.4</td><td>$605.5</td><td>$236.2</td></tr></table>
<table><tr><td></td><td>Number of Options</td><td>WeightedAverageExercise Price</td></tr><tr><td>Options outstanding, December 31, 2005</td><td>12,643,761</td><td>$36.53</td></tr><tr><td>Granted</td><td>1,505,215</td><td>$56.29</td></tr><tr><td>Exercised</td><td>-1,982,560</td><td>$33.69</td></tr><tr><td>Forfeited</td><td>-413,895</td><td>$39.71</td></tr><tr><td>Options outstanding, December 31, 2006</td><td>11,752,521</td><td>$39.43</td></tr><tr><td>Granted</td><td>1,549,091</td><td>$56.17</td></tr><tr><td>Exercised</td><td>-1,830,004</td><td>$35.73</td></tr><tr><td>Forfeited</td><td>-200,793</td><td>$51.66</td></tr><tr><td>Options outstanding, December 31, 2007</td><td>11,270,815</td><td>$42.12</td></tr><tr><td>Granted</td><td>1,612,507</td><td>$60.17</td></tr><tr><td>Exercised</td><td>-2,650,733</td><td>$36.25</td></tr><tr><td>Forfeited</td><td>-309,026</td><td>$54.31</td></tr><tr><td>Options outstanding, December 31, 2008</td><td>9,923,563</td><td>$46.24</td></tr></table>

Question: Which year is Cash and cash equivalents the highest?
Answer: 2010