American International Group, Inc. , and Subsidiaries The Capital Markets wind-down and other segment developments affecting pre-tax income (loss) described above are discussed further in Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity of Parent and Subsidiaries — Financial Services — Capital Markets Wind-down.
Accrued compounding interest and fees (reflected as non-cash expenses) were paid in kind in 2010 and 2009 under the provisions of the FRBNY Credit Facility and, accordingly, did not reduce operating cash flow in any period.
Debt under the FRBNY Credit Facility includes total accrued compounding interest and fees of $6.4 billion at December 31, 2010.
This amount was fully repaid in cash on January 14, 2011 as part of the Recapitalization.
Net cash used in investing activities in 2010 primarily resulted from net purchases of fixed maturity securities, resulting from AIG’s investment of cash generated from operating activities, and the redeployment of liquidity that had been accumulated by the insurance companies in 2008 and 2009.
In these years, Net cash provided by investing activities resulted from the net proceeds from the sale and maturity of investments.
Net cash used in financing activities was significantly lower in 2010 than in 2009, primarily as a result of declines in policyholder contract withdrawals, reflecting improved conditions for the life insurance and retirement services businesses was partially offset by the issuance of long-term debt by ILFC, which is discussed in Liquidity of Parent and Subsidiaries — Financial Services — ILFC.
Net cash used in financing activities was significantly lower in 2009 than in 2008, also primarily as a result of declines in policyholder contract withdrawals, reduction of payments and the FRBNY Credit Facility and a reduction in repayments of other borrowings.
See Contractual Obligations herein for additional information.
Liquidity of Parent and Subsidiaries AIG Parent Sources of Liquidity As a result of the Closing of the Recapitalization, AIG has established and maintains substantial sources of actual and contingent liquidity.
The following table presents AIG Parent’s sources of liquidity in addition to liquidity that is expected to result from cash flows from operations:
## Table 0 ##
(a) Includes total Cash and Short-term investments for AIG Parent.
See Note 25 to the Consolidated Financial Statements.
(b) The Syndicated Credit Facility and the Series G Drawdown Right became effective January 14, 2011, the closing date of the Recapitalization.
(c) The FRBNY Credit Facility was fully repaid and terminated, and the Department of Treasury Commitment (Series F) was drawn down on the closing of the Recapitalization.
(d) Excludes Cash and Short-term Investments held by AIGFP (excluding Banque AIG S. A. )
which are considered to be unrestricted and available for use by AIG Parent; these balances totaled $421 million at December 31, 2010 and $494 million at February 16, 2011.
(e) Does not give effect to reduction for a $3.7 billion capital contribution made by AIG Parent to Chartis after February 16, 2011.
FRBNY Credit Facility: At December 31, 2010, a total of $21.0 billion was outstanding under the FRBNY Credit Facility, a net decrease of $2.5 billion from December 31, 2009.
The amount outstanding at December 31, 2010 included $6.4 billion of accrued compounding interest and fees.
On January 14, 2011, AIG used cash proceeds from the AIA initial public offering and the sale of ALICO to fully repay and terminate the FRBNY
Comparison of Five-Year Cumulative Total Return The following graph compares the cumulative total return on Citigroup’s common stock with the S&P 500 Index and the S&P Financial Index over the five-year period extending through December31, 2009.
The graph assumes that $100 was invested on December31, 2004 in Citigroup’s common stock, the S&P 500 Index and the S&P Financial Index and that all dividends were reinvested.
## Table 1 ##
SECURITIES AND BANKING Securities and Banking (S&B) offers a wide array of investment and commercial banking services and products for corporations, governments, institutional and retail investors, and ultra-high-net worth individuals.
S&B includes investment banking and advisory services, lending, debt and equity sales and trading, institutional brokerage, foreign exchange, structured products, cash instruments and related derivatives, and private banking.
S&B revenue is generated primarily from fees for investment banking and advisory services, fees and interest on loans, fees and spread on foreign exchange, structured products, cash instruments and related derivatives, income earned on principal transactions, and fees and spreads on private banking services.
## Table 2 ##
PART II DUKE ENERGY CORPORATION ?
DUKE ENERGY CAROLINAS, LLC ?
PROGRESS ENERGY, INC.  ?
DUKE ENERGY PROGRESS, LLC ?
DUKE ENERGY FLORIDA, LLC ?
DUKE ENERGY OHIO, INC.  ?
DUKE ENERGY INDIANA, LLC ?
PIEDMONT NATURAL GAS COMPANY, INC.
Combined Notes to Consolidated Financial Statements – (Continued) a provisional basis, see Note 22, “Income Taxes,” for additional information.
If Duke Energy’s estimate of the tax effect of reversing temporary differences is not reflective of actual outcomes, is modified to reflect new developments or interpretations of the tax law, revised to incorporate new accounting principles, or changes in the expected timing or manner of the reversal then Duke Energy’s results of operations could be impacted.
Tax-related interest and penalties are recorded in Interest Expense and Other Income and Expenses, net in the Consolidated Statements of Operations.
See Note 22 for further information.
Accounting for Renewable Energy Tax Credits When Duke Energy receives ITCs on wind or solar facilities, it reduces the basis of the property recorded on the Consolidated Balance Sheets by the amount of the ITC and, therefore, the ITC benefit is ultimately recognized in the statement of operations through reduced depreciation expense.
Additionally, certain tax credits and government grants result in an initial tax depreciable base in excess of the book carrying value by an amount equal to one half of the ITC.
Deferred tax benefits are recorded as a reduction to income tax expense in the period that the basis difference is created.
Excise Taxes Certain excise taxes levied by state or local governments are required to be paid even if not collected from the customer.
These taxes are recognized on a gross basis.
Otherwise, the taxes are accounted for net.
Excise taxes accounted for on a gross basis within both Operating Revenues and Property and other taxes in the Consolidated Statements of Operations were as follows.
## Table 3 ##
NEW ACCOUNTING STANDARDS The new accounting standards adopted for 2017 and 2016 had no material impact on the presentation or results of operations, cash flows or financial position of the Duke Energy Registrants.
The following accounting standards were adopted by the Duke Energy Registrants during 2017.
Stock-Based Compensation and Income Taxes.
In first quarter 2017, Duke Energy adopted Financial Accounting Standards Board (FASB) guidance, which revised the accounting for stock-based compensation and the associated income taxes.
The adopted guidance changed certain aspects of accounting for stock-based payment awards to employees including the accounting for income taxes and classification on the Consolidated Statements of Cash Flows.
The primary impact to Duke Energy as a result of implementing this guidance was a cumulative-effect adjustment to retained earnings for tax benefits not previously recognized and additional income tax expense for the 12 months ended December 31, 2017.
See the Duke Energy Consolidated Statements of Changes in Equity for further information.
Goodwill Impairment.
In January 2017, the FASB issued revised guidance for the subsequent measurement of goodwill.
Under the guidance, a company will recognize an impairment to goodwill for the amount by which a reporting unit’s carrying value exceeds the reporting unit’s fair value, not to exceed the amount of goodwill allocated to that reporting unit.
Duke Energy early adopted this guidance for the 2017 annual goodwill impairment test.
The following new accounting standards have been issued, but have not yet been adopted by the Duke Energy Registrants, as of December 31, 2017.
Revenue from Contracts with Customers.
In May 2014, the FASB issued revised accounting guidance for revenue recognition from contracts with customers.
The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.
Duke Energy has identified material revenue streams, which served as the basis for accounting analysis and documentation of the impact of this guidance on revenue recognition.
The accounting analysis included reviewing representative contracts and tariffs for each material revenue stream.
Most of Duke Energy’s revenue will be in scope of the new guidance.
The majority of our sales, including energy provided to residential customers, are from tariff offerings that provide natural gas or electricity without a defined contractual term (“at-will”).
For such arrangements, revenue from contracts with customers will be equivalent to the electricity or natural gas supplied and billed in that period (including estimated billings).
As such, there will not be a significant shift in the timing or pattern of revenue recognition for such sales.
Also included in the accounting analysis was the evaluation of certain long-term revenue streams including electric wholesale contracts and renewables power purchase agreements (PPAs).
For such arrangements, Duke Energy does not expect material changes to the pattern of revenue recognition on the registrants.
In addition, Duke Energy has monitored the activities of the power and utilities industry revenue recognition task force including draft accounting positions released in October 2017 and the impact, if any, on Duke Energy’s specific contracts and conclusions.
Potential revisions to processes, policies and controls, primarily related to evaluating supplemental disclosures required as a result of adopting this guidance, will be evaluated and implemented as necessary.
Some revenue arrangements, such as alternative revenue programs and certain PPAs accounted for as leases, are excluded
PART II DUKE ENERGY CORPORATION ?
DUKE ENERGY CAROLINAS, LLC ?
PROGRESS ENERGY, INC.  ?
DUKE ENERGY PROGRESS, LLC ?
DUKE ENERGY FLORIDA, LLC ?
DUKE ENERGY OHIO, INC.  ?
DUKE ENERGY INDIANA, LLC ?
PIEDMONT NATURAL GAS COMPANY, INC.
Combined Notes to Consolidated Financial Statements – (Continued) Piedmont’s Earnings Piedmont’s revenues and net income included in Duke Energy’s Consolidated Statements of Operations for the year ended December 31, 2016, were $367 million and $20 million, respectively.
Piedmont’s revenues and net income for the year ended December 31, 2016, include the impact of nonrecurring transaction costs of $10 million and $46 million, respectively.
Acquisition Related Financings and Other Matters Duke Energy financed the Piedmont acquisition with a combination of debt and equity issuances and other cash sources, including: ?
$3.75 billion of long-term debt issued in August 2016.  ?
$750 million borrowed under the $1.5 billion short-term loan facility in September 2016, which was repaid in December 2016.  ?10.6 million shares of common stock issued in October 2016 for net cash proceeds of approximately $723 million.
The $4.9 billion senior unsecured bridge financing facility (Bridge Facility) with Barclays Capital, Inc.  (Barclays) was terminated following the issuance of the long-term debt.
For additional information related to the debt and equity issuances, see Notes 6 and 18, respectively.
For additional information regarding Duke Energy’s and Piedmont’s joint investment in Atlantic Coast Pipeline, LLC (ACP), see Note 4.
DISPOSITIONS For the year ended December 31, 2017, the Loss from Discontinued Operations, net of tax, was immaterial.
The following table summarizes the (Loss) Income from Discontinued Operations, net of tax recorded on Duke Energy’s Consolidated Statements of Operations for the years ended December 31, 2016, and 2015:
## Table 4 ##
(a) Relates to previously sold businesses not related to the Disposal Groups.
The amount for 2016 represents an income tax benefit resulting from immaterial out of period deferred tax liability adjustments.
The amount for 2015 includes indemnifications provided for certain legal, tax and environmental matters and foreign currency translation adjustments.2016 Sale of International Energy In February 2016, Duke Energy announced it had initiated a process to divest its International Energy businesses, excluding the equity method investment in NMC (the International Disposal Group), and in October 2016, announced it had entered into two separate purchase and sale agreements to execute the divestiture.
Both sales closed in December of 2016, resulting in available cash proceeds of $1.9 billion, excluding transaction costs.
Proceeds were primarily used to reduce Duke Energy holding company (the parent) debt.
Existing favorable tax attributes result in no immediate U. S.  federal-level cash tax impacts.
Details of each transaction are as follows ?
On December 20, 2016, Duke Energy closed on the sale of its ownership interests in businesses in Argentina, Chile, Ecuador, El Salvador, Guatemala and Peru to I Squared Capital.
The assets sold included approximately 2,230 MW of hydroelectric and natural gas generation capacity, transmission infrastructure and natural gas processing facilities.
I Squared Capital purchased the businesses for an enterprise value of $1.2 billion.  ?
On December 29, 2016, Duke Energy closed on the sale of its Brazilian business, which included approximately 2,090 MW of hydroelectric generation capacity, to CTG for an enterprise value of $1.2 billion.
With the closing of the CTG deal, Duke Energy finalized its exit from the Latin American market.
Assets Held For Sale and Discontinued Operations As a result of the transactions, the International Disposal Group was classified as held for sale and as discontinued operations in the fourth quarter of 2016.
Interest expense directly associated with the International Disposal Group was allocated to discontinued operations.
No interest from corporate level debt was allocated to discontinued operations.
The following table presents the results of the International Disposal Group for the years ended December 31, 2016, and 2015, which are included in (Loss) Income from Discontinued Operations, net of tax in Duke Energy’s Consolidated Statements of Operations.
## Table 5 ##
(a) Upon meeting the criteria for assets held for sale, beginning in the fourth quarter of 2016 depreciation expense was ceased.
(b) In conjunction with the advancements of marketing efforts during 2016, Duke Energy performed recoverability tests of the long-lived asset groups of International Energy.
As a result, Duke Energy determined the carrying value of certain assets in Central America was not fully recoverable and recorded a pretax impairment charge of $194 million.
The charge represents the excess of carrying value over the estimated fair value of the assets, which was based on a Level 3 Fair Value measurement that was primarily determined from the income approach using discounted cash flows but also considered market information obtained in 2016.
(c) The pretax loss on disposal includes the recognition of cumulative foreign currency translation losses of $620 million as of the disposal date.
See the Consolidated Statements of Changes in Equity for additional information.
(d) Pretax (Loss) Income attributable to Duke Energy Corporation was $(445) million and $221 million for the years ended December 31, 2016 and 2015, respectively.
(e) 2016 amount includes $126 million of income tax expense on the disposal, which primarily reflects incountry taxes incurred as a result of the sale.
The after-tax loss on disposal was $640 million.
(f) 2016 amount includes an income tax benefit of $95 million.
See Note 22, “Income Taxes,” for additional information.
PART II Interest Expense.
The variance was primarily due to higher debt outstanding and lower debt returns driven by the Crystal River Unit 3 regulatory asset debt return ending in June 2016 upon securitization.
Income Tax Expense.
The variance was primarily due to the impact of the Tax Act and lower pretax earnings.
See the Subsidiary Registrants section above for additional information on the Tax Act and the impact on the effective tax rate.
Matters Impacting Future Results On August 29, 2017, Duke Energy Florida filed the 2017 Settlement with the FPSC.
On November 20, 2017, the FPSC issued an order to approve the 2017 Settlement.
See Note 4 to the Consolidated Financial Statements, “Regulatory Matters,” for additional information about the 2017 Settlement.
In accordance with the 2017 Settlement, Duke Energy Florida will not seek recovery of any costs associated with the ongoing Westinghouse contract litigation, which is currently being appealed.
See Note 5 to the Consolidated Financial Statements, “Commitments and Contingencies” for additional information about the litigation.
An unfavorable appeals ruling on that matter could have an adverse impact on Electric Utilities and Infrastructure’s financial position, results of operations and cash flows.
Within this Item 7, see the Tax Cuts and Jobs Act above as well as Liquidity and Capital Resources below for risks associated with the Tax Act DUKE ENERGY OHIO
## Table 6 ##
The following table shows the percent changes in GWh sales of electricity, dekatherms of natural gas delivered and average number of electric and natural gas customers for Duke Energy Ohio.
The below percentages for retail customer classes represent billed sales only.
Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities and to public and private utilities and power marketers.

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As of
(In millions)	December 31, 2010	February 16, 2011
Cash(a)	$49	$-
Short-term investments(a)	5,602	8,953
Available capacity under Syndicated Credit Facility(b)	-	3,000
Available capacity under Contingent Liquidity Facility	500	500
Available capacity under the Department of the Treasury Commitment (Series G)(b)	-	2,000
Available borrowing under the FRBNY Credit Facility(c)	9,890	-
Available capacity under the Department of the Treasury Commitment (Series F)(c)	22,292	-
Total AIG Parent liquidity sources(d)	$38,333	$14,453	(e)

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DECEMBER 31	CITIGROUP	S&P 500 INDEX	S&P FINANCIAL INDEX
2005	104.38	104.83	106.30
2006	124.02	121.20	126.41
2007	70.36	127.85	103.47
2008	18.71	81.12	47.36
2009	9.26	102.15	55.27

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In millions of dollars	2009	2008	2007	% Change 2009 vs. 2008	% Change 2008 vs. 2007
Net interest revenue	$12,088	$12,255	$7,450	-1%	64%
Non-interest revenue	15,558	12,680	17,906	23	-29
Revenues, net of interest expense	$27,646	$24,935	$25,356	11%	-2%
Total operating expenses	13,053	15,799	16,178	-17	-2
Net credit losses	720	899	306	-20	NM
Provisions for unfunded lending commitments	138	-185	79	NM	NM
Credit reserve build	853	1,126	201	-24	NM
Provisions for benefits and claims	—	—	1	—	-100
Provisions for loan losses and benefits and claims	$1,711	$1,840	$587	-7%	NM
Income before taxes and noncontrolling interests	$12,882	$7,296	$8,591	77%	-15%
Income taxes	3,730	1,344	2,078	NM	-35
Income from continuing operations	9,152	5,952	6,513	54	-9
Net income (loss) attributable to noncontrolling interests	55	-13	25	NM	NM
Net income	$9,097	$5,965	$6,488	53%	-8%
Average assets(in billions of dollars)	$779	$966	$1,085	-19%	-11%
Return on assets	1.17%	0.62%	0.60%
Revenues by region
North America	$9,400	$10,987	$8,998	-14%	22%
EMEA	10,035	6,006	7,756	67	-23
Latin America	3,411	2,369	3,161	44	-25
Asia	4,800	5,573	5,441	-14	2
Total revenues	$27,646	$24,935	$25,356	11%	-2%
Net income from continuing operations by region
North America	$2,417	$2,275	$1,687	6%	35%
EMEA	3,393	656	1,595	NM	-59
Latin America	1,512	1,048	1,436	44	-27
Asia	1,830	1,973	1,795	-7	10
Total net income from continuing operations	$9,152	$5,952	$6,513	54%	-9%
Securities and Banking revenue details
Total investment banking	$4,763	$3,245	$5,570	47%	-42%
Lending	-2,153	4,220	1,814	NM	NM
Equity markets	3,182	2,878	5,202	11	-45
Fixed income markets	21,540	14,395	11,507	50	25
Private bank	2,054	2,309	2,473	-11	-7
Other Securities and Banking	-1,740	-2,112	-1,210	18	-75
Total Securities and Banking revenues	$27,646	$24,935	$25,356	11%	-2%

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Years Ended December 31,
(in millions)	2017	2016	2015
Duke Energy	$376	$362	$396
Duke Energy Carolinas	36	31	31
Progress Energy	220	213	229
Duke Energy Progress	19	18	16
Duke Energy Florida	201	195	213
Duke Energy Ohio	98	100	102
Duke Energy Indiana	20	17	34
Piedmont(a)	2

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Years Ended December 31,
(in millions)	2016	2015
International Energy Disposal Group	$-534	$157
Midwest Generation Disposal Group	36	33
Other(a)	90	-13
(Loss) Income from Discontinued Operations, net of tax	$-408	$177

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Years Ended December 31,
(in millions)	2016	2015
Operating Revenues	$988	$1,088
Fuel used in electric generation and purchased power	227	306
Cost of natural gas	43	53
Operation, maintenance and other	341	334
Depreciation and amortization(a)	62	92
Property and other taxes	15	7
Impairment charges(b)	194	13
(Loss) Gains on Sales of Other Assets and Other, net	-3	6
Other Income and Expenses, net	58	23
Interest Expense	82	85
Pretax loss on disposal(c)	-514	—
(Loss) Income before income taxes(d)	-435	227
Income tax expense(e)(f)	99	70
(Loss) Income from discontinued operations of the International Disposal Group	$-534	$157

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Years Ended December 31,
(in millions)	2017	2016	Variance
Operating Revenues
Regulated electric	$1,373	$1,410	$-37
Nonregulated electric and other	42	31	11
Regulated natural gas	508	503	5
Total operating revenues	1,923	1,944	-21
Operating Expenses
Fuel used in electric generation and purchased power – regulated	369	442	-73
Fuel used in electric generation and purchased power – nonregulated	58	51	7
Cost of natural gas	107	103	4
Operation, maintenance and other	524	512	12
Depreciation and amortization	261	233	28
Property and other taxes	278	258	20
Impairment charges	1	—	1
Total operating expenses	1,598	1,599	-1
Gains on Sales of Other Assets and Other, net	1	2	-1
Operating Income	326	347	-21
Other Income and Expenses, net	17	9	8
Interest Expense	91	86	5
Income from Continuing Operations Before Income Taxes	252	270	-18
Income Tax Expense from Continuing Operations	59	78	-19
Income from Continuing Operations	193	192	1
(Loss) Income from Discontinued Operations, net of tax	-1	36	-37
Net Income	$192	$228	$-36

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Question: In the year with largest amount of Regulated natural gas, what's the increasing rate of Nonregulated electric and other?
Answer: 0.2619