BCC enters into certain transactions with Boeing, reflected in Unallocated items, eliminations and other, in the form of intercompany guarantees and other subsidies that mitigate the effects of certain credit quality or asset impairment issues on the BCC segment.
Liquidity and Capital Resources Cash Flow Summary
## Table 0 ##
Operating Activities Net cash provided by operating activities was $9.4 billion during 2015, compared with $8.9 billion during 2014 and $8.2 billion in 2013.
The increase of $0.5 billion in 2015 was primarily due to lower inventory growth, partially offset by lower receipts of advances and progress billings.
The increase of $0.7 billion in 2014 was primarily due to higher customer advances which more than offset higher gross inventory.
Our investment in gross inventories decreased by $0.3 billion in 2015 primarily in our BDS business, largely driven by ending production of C-17 aircraft, which more than offset continued investment in commercial airplane program inventory.
Our investment in gross inventories increased $7.6 billion in 2014 and $5.7 billion in 2013, largely driven by continued investment in commercial airplane program inventory, primarily 787 inventory.
Advances and progress billings increased by $0.4 billion in 2015, $6.9 billion in 2014 and $3.9 billion in 2013, primarily due to payments from Commercial Airplane customers.
Discretionary contributions to our pension plans were insignificant in 2015 compared with $0.8 billion in 2014 and $1.5 billion in 2013.
Investing Activities Cash used by investing activities was $1.8 billion during 2015 compared with $2.5 billion provided during 2014 and $5.2 billion used during 2013, largely due to changes in investments in time deposits.
Net proceeds from investments were $0.6 billion in 2015 compared with $4.8 billion in 2014 and net contributions to investments of $2.9 billion in 2013.
In 2015, capital expenditures totaled $2.5 billion, up from $2.2 billion in 2014 and $2.1 billion in 2013.
We expect capital expenditures in 2016 to be consistent with 2015 due to continued investment to support growth.
Financing Activities Cash used by financing activities was $7.9 billion during 2015, a decrease of $0.7 billion compared with 2014 primarily due to higher new borrowings of $0.8 billion and lower repayments of debt and distribution rights of $0.9 billion in 2015, which more than offset higher share repurchases of $0.8 billion and higher dividend payments of $0.4 billion in 2015.
Cash used by financing activities was $8.6 billion during 2014, an increase of $4.3 billion compared with 2013 primarily due to higher share repurchases of $3.2 billion, higher dividends paid of $0.6 billion and a decrease in proceeds from stock options exercised of $0.8 billion in 2014, partially offset by higher new borrowings of $0.4 billion in 2014.
Table XII Selected Quarterly Financial Data (continued)
## Table 1 ##
For footnotes see page 134
ITEM 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The information required by Item 12 is included under the heading “Security Ownership of Management and Certain Beneficial Owners” in the 2017 Proxy Statement, and that information is incorporated by reference in this Form 10-K.  Equity Compensation Plan Information The following table provides information about our equity compensation plans that authorize the issuance of shares of Lockheed Martin common stock to employees and directors.
The information is provided as of December 31, 2016.
## Table 2 ##
(1) Column (a) includes, as of December 31, 2016: 1,747,151 shares that have been granted as Restricted Stock Units (RSUs), 936,308 shares that could be earned pursuant to grants of Performance Stock Units (PSUs) (assuming the maximum number of PSUs are earned and payable at the end of the three-year performance period) and 2,967,046 shares granted as options under the Lockheed Martin Corporation 2011 Incentive Performance Award Plan (2011 IPA Plan) or predecessor plans prior to January 1, 2013 and 23,346 shares granted as options and 128,822 stock units payable in stock or cash under the Lockheed Martin Corporation 2009 Directors Equity Plan (Directors Equity Plan) or predecessor plans for members (or former members) of the Board of Directors.
Column (c) includes, as of December 31, 2016, 5,751,655 shares available for future issuance under the 2011 IPA Plan as options, stock appreciation rights (SARs), restricted stock awards (RSAs), RSUs or PSUs and 464,816 shares available for future issuance under the Directors Equity Plan as stock options and stock units.
Of the 5,751,655 shares available for grant under the 2011 IPA Plan on December 31, 2016, 516,653 and 236,654 shares are issuable pursuant to grants made on January 26, 2017, of RSUs and PSUs (assuming the maximum number of PSUs are earned and payable at the end of the three-year performance period), respectively.
The weighted average price does not take into account shares issued pursuant to RSUs or PSUs.
(2) The shares represent annual incentive bonuses and Long-Term Incentive Performance (LTIP) payments earned and voluntarily deferred by employees.
The deferred amounts are payable under the Deferred Management Incentive Compensation Plan (DMICP).
Deferred amounts are credited as phantom stock units at the closing price of our stock on the date the deferral is effective.
Amounts equal to our dividend are credited as stock units at the time we pay a dividend.
Following termination of employment, a number of shares of stock equal to the number of stock units credited to the employee’s DMICP account are distributed to the employee.
There is no discount or value transfer on the stock distributed.
Distributions may be made from newly issued shares or shares purchased on the open market.
Historically, all distributions have come from shares held in a separate trust and, therefore, do not further dilute our common shares outstanding.
As a result, these shares also were not considered in calculating the total weighted average exercise price in the table.
Because the DMICP shares are outstanding, they should be included in the denominator (and not the numerator) of a dilution calculation.
ITEM 13.
Certain Relationships and Related Transactions and Director Independence.
The information required by this Item 13 is included under the captions “Corporate Governance – Related Person Transaction Policy,” “Corporate Governance – Certain Relationships and Related Person Transactions of Directors, Executive Officers, and 5 Percent Stockholders,” and “Corporate Governance – Director Independence” in the 2017 Proxy Statement, and that information is incorporated by reference in this Form 10-K.
ITEM 14.
Principal Accountant Fees and Services.
The information required by this Item 14 is included under the caption “Proposal 2 – Ratification of Appointment of Independent Auditors” in the 2017 Proxy Statement, and that information is incorporated by reference in this Form 10-K.
Total debt at December 31 consisted of the following (in thousands):
## Table 3 ##
The 2016 Facility and Roper’s $3.9 billion senior notes provide substantially all of Roper’s daily external financing requirements.
The interest rate on the borrowings under the 2016 Facility is calculated based upon various recognized indices plus a margin as defined in the credit agreement.
At December 31, 2017, Roper’s fixed debt consisted of $3.9 billion of senior notes, $3.1 million of other debt in the form of capital leases, several smaller facilities that allow for borrowings or the issuance of letters of credit in foreign locations to support Roper’s non-U.
S.  businesses and $75.9 million of outstanding letters of credit at December 31, 2017.
Future maturities of total debt during each of the next five years ending December 31 and thereafter were as follows
## Table 4 ##
(9) FAIR VALUE Roper’s debt at December 31, 2017 included $3.9 billion of fixed-rate senior notes with the following fair values (in millions):

['

Years ended December 31,	2015	2014	2013
Net earnings	$5,176	$5,446	$4,585
Non-cash items	2,392	2,515	2,516
Changes in working capital	1,795	897	1,078
Net cash provided by operating activities	9,363	8,858	8,179
Net cash (used)/provided by investing activities	-1,846	2,467	-5,154
Net cash used by financing activities	-7,920	-8,593	-4,249
Effect of exchange rate changes on cash and cash equivalents	-28	-87	-29
Net (decrease)/increase in cash and cash equivalents	-431	2,645	-1,253
Cash and cash equivalents at beginning of year	11,733	9,088	10,341
Cash and cash equivalents at end of period	$11,302	$11,733	$9,088

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2013 Quarters	2012 Quarters
(Dollars in millions)	Fourth	Third	Second	First	Fourth	Third	Second	First
Average balance sheet
Total loans and leases	$929,777	$923,978	$914,234	$906,259	$893,166	$888,859	$899,498	$913,722
Total assets	2,134,875	2,123,430	2,184,610	2,212,430	2,210,365	2,173,312	2,194,563	2,187,174
Total deposits	1,112,674	1,090,611	1,079,956	1,075,280	1,078,076	1,049,697	1,032,888	1,030,112
Long-term debt	251,055	258,717	270,198	273,999	277,894	291,684	333,173	363,518
Common shareholders’ equity	220,088	216,766	218,790	218,225	219,744	217,273	216,782	214,150
Total shareholders’ equity	233,415	230,392	235,063	236,995	238,512	236,039	235,558	232,566
Asset quality-4
Allowance for credit losses-5	$17,912	$19,912	$21,709	$22,927	$24,692	$26,751	$30,862	$32,862
Nonperforming loans, leases and foreclosed properties-6	17,772	20,028	21,280	22,842	23,555	24,925	25,377	27,790
Allowance for loan and lease losses as a percentage of total loans and leases outstanding-6	1.90%	2.10%	2.33%	2.49%	2.69%	2.96%	3.43%	3.61%
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases-6	102	100	103	102	107	111	127	126
Allowance for loan and lease losses as a percentage of total nonperforming loans and leases, excluding the PCI loan portfolio-6	87	84	84	82	82	81	90	91
Amounts included in allowance that are excluded from nonperforming loans and leases-7	$7,680	$8,972	$9,919	$10,690	$12,021	$13,978	$16,327	$17,006
Allowance as a percentage of total nonperforming loans and leases, excluding amounts included in the allowance that are excluded from nonperforming loans and leases-7	57%	54%	55%	53%	54%	52%	59%	60%
Net charge-offs-8	$1,582	$1,687	$2,111	$2,517	$3,104	$4,122	$3,626	$4,056
Annualized net charge-offs as a percentage of average loans and leases outstanding-6, 8	0.68%	0.73%	0.94%	1.14%	1.40%	1.86%	1.64%	1.80%
Annualized net charge-offs as a percentage of average loans and leases outstanding, excluding the PCI loan portfolio-6	0.70	0.75	0.97	1.18	1.44	1.93	1.69	1.87
Annualized net charge-offs and PCI write-offs as a percentage of average loans and leases outstanding-6, 9	1.00	0.92	1.07	1.52	1.90	2.63	1.64	1.80
Nonperforming loans and leases as a percentage of total loans and leases outstanding-6	1.87	2.10	2.26	2.44	2.52	2.68	2.70	2.85
Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties-6	1.93	2.17	2.33	2.53	2.62	2.81	2.87	3.10
Ratio of the allowance for loan and lease losses at period end to annualized net charge-offs-8	2.78	2.90	2.51	2.20	1.96	1.60	2.08	1.97
Ratio of the allowance for loan and lease losses at period end to annualized net charge-offs, excluding the PCI loan portfolio	2.38	2.42	2.04	1.76	1.51	1.17	1.46	1.43
Ratio of the allowance for loan and lease losses at period end to annualized net charge-offs and PCI write-offs-9	1.89	2.30	2.18	1.65	1.44	1.13	2.08	1.97
Capital ratios at period end-10
Risk-based capital:
Tier 1 common capital	11.19%	11.08%	10.83%	10.49%	11.06%	11.41%	11.24%	10.78%
Tier 1 capital	12.44	12.33	12.16	12.22	12.89	13.64	13.80	13.37
Total capital	15.44	15.36	15.27	15.50	16.31	17.16	17.51	17.49
Tier 1 leverage	7.86	7.79	7.49	7.49	7.37	7.84	7.84	7.79
Tangible equity-3	7.86	7.73	7.67	7.78	7.62	7.85	7.73	7.48
Tangible common equity-3	7.20	7.08	6.98	6.88	6.74	6.95	6.83	6.58

', '

Plan category	Number of securities to beissued upon exercise of outstanding options, warrants and rights (a)	Weighted-average exercise price of outstanding options, warrants and rights (b)	Number of securities remaining availablefor future issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
Equity compensation plans approved by securityholders-1	5,802,673	$85.82	6,216,471
Equity compensation plans not approved bysecurity holders-2	1,082,347	—	2,481,032
Total	6,885,020	$85.82	8,697,503

', '

2017	2016
2016 Facility	$1,270,000	$1,930,000
$400 million 1.850% senior notes due 2017	—	400,000
$800 million 2.050% senior notes due 2018	800,000	800,000
$500 million 6.250% senior notes due 2019	500,000	500,000
$600 million 3.000% senior notes due 2020	600,000	600,000
$500 million 2.800% senior notes due 2021	500,000	500,000
$500 million 3.125% senior notes due 2022	500,000	500,000
$300 million 3.850% senior notes due 2025	300,000	300,000
$700 million 3.800% senior notes due 2026	700,000	700,000
Other	3,149	2,989
Less unamortized debt issuance costs	-17,594	-23,453
Total debt	5,155,555	6,209,536
Less current portion, net of issuance costs	800,944	400,975
Long-term debt	$4,354,611	$5,808,561

', '

2018	$801,503
2019	501,061
2020	600,529
2021	1,770,047
2022	500,009
Thereafter	1,000,000
Total	$5,173,149

']

Question: Which year is Total loans and leases the highest?
Answer: 2013