Other information required by Item 10 appearing under the caption “Director Nominees and Continuing Directors” and “Section 16(a) Beneficial Ownership Reporting Compliance,” of the company’s proxy statement to be filed pursuant to Regulation 14A within 120 days after December 31, 2006, is incorporated herein by reference.
Item 11.
Executive Compensation The information required by Item 11 appearing under the caption “Executive Compensation” in the company’s proxy statement, to be filed pursuant to Regulation 14A within 120 days after December 31, 2006, is incorporated herein by reference.
Additionally, the Ball Corporation 2000 Deferred Compensation Company Stock Plan, the Ball Corporation Deposit Share Program and the Ball Corporation Directors Deposit Share Program were created to encourage key executives and other participants to acquire a larger equity ownership interest in the company and to increase their interest in the company’s stock performance.
Non-employee directors also participate in the 2000 Deferred Compensation Company Stock Plan.
Item 12.
Security Ownership of Certain Beneficial Owners and Management The information required by Item 12 appearing under the caption “Voting Securities and Principal Shareholders,” in the company’s proxy statement to be filed pursuant to Regulation 14A within 120 days after December 31, 2006, is incorporated herein by reference.
Securities authorized for issuance under equity compensation plans are summarized below:
## Table 0 ##
Item 13.
Certain Relationships and Related Transactions The information required by Item 13 appearing under the caption “Ratification of the Appointment of Independent Registered Public Accounting Firm,” in the company’s proxy statement to be filed pursuant to Regulation 14A within 120 days after December 31, 2006, is incorporated herein by reference.
Item 14.
Principal Accountant Fees and Services The information required by Item 14 appearing under the caption “Certain Committees of the Board,” in the company’s proxy statement to be filed pursuant to Regulation 14A within 120 days after December 31, 2006, is incorporated herein by reference.
?
SFAS Statement No.159 In February 2007, the FASB issued Statement of Financial Accounting Standards No.159, The Fair Value Option for Financial Assets and Financial Liabilities (SFAS No.159).
SFAS No.159 permits entities to voluntarily choose to measure many fi nancial instruments and certain other items at fair value.
SFAS No.159 is effective beginning January 1, 2008.
The Company has decided not to adopt this optional standard.  ?
SFAS Statement No.141(R) In December 2007, the FASB issued Statement of Financial Accounting Standards No.141(R), Business Combinations (SFAS No.141(R)).
SFAS No.141(R) requires the acquiring entity in a business combination to record all assets acquired and liabilities assumed at their respective acquisition-date fair values, changes the recognition of assets acquired and liabilities assumed arising from preacquisition contingencies, and requires the expensing of acquisition-related costs as incurred.
SFAS No.141(R) applies prospectively to business combinations for which the acquisition date is on or after January 1, 2009.
We do not expect the adoption of SFAS No.141(R) to have a signifi cant impact on our consolidated fi nancial statements.  ?
SFAS Statement No.160 In December 2007, the FASB issued Statement of Financial Accounting Standards No.160, Noncontrolling Interests in Consolidated Financial Statements (an amendment of Accounting Research Bulletin (ARB 51)) (SFAS No.160).
SFAS No.160 amends ARB 51 to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary.
SFAS No.160 becomes effective beginning January 1, 2009 and is required to be adopted prospectively, except for the reclassifi cation of noncontrolling interests to equity and the recasting of net income (loss) attributable to both the controlling and noncontrolling interests, which are required to be adopted retrospectively.
We do not expect the adoption of SFAS No.160 to have a signifi cant impact on our consolidated fi nancial statements.
CASH FLOWS The Company generates signifi cant cash from operations and has substantial credit capacity to fund operating and discretionary spending such as capital expenditures, dividends, share repurchases and debt repayments.
Cash provided by operations totaled $4.9 billion and exceeded capital expenditures by $2.9 billion in 2007, while cash provided by operations totaled $4.3 billion and exceeded capital expenditures by $2.6 billion in 2006.
In 2007, cash provided by operations increased $535 million compared to 2006 primarily due to increased operating results and lower income tax payments.
In 2006, cash provided by operations was fl at compared to 2005 due to increased operating results, offset by changes in working capital primarily due to higher income tax payments.
Cash used for investing activities totaled $1.2 billion in 2007, a decrease of $124 million compared to 2006, primarily due to net proceeds received from the Latam transaction and the sale of Boston Market in 2007, partly offset by higher capital expen ditures in 2007.
Cash used for investing activities totaled $1.3 billion in 2006, a decrease of $544 million compared to 2005.
The increase in capital expenditures was more than offset by the proceeds from the disposition of Chipotle as well as the sales of short-term investments.
Cash used for fi nancing activities totaled $4.0 billion in 2007, a decrease of $1.5 billion compared to 2006, primarily due to higher net debt issuances, partly offset by higher treasury stock purchases and an increase in the common stock dividend in 2007 compared to 2006.
In 2006, cash used for fi nancing activities totaled $5.5 billion compared to cash provided by fi nancing activities of $442 million in 2005.
The 2006 activity refl ected higher shares repurchased, higher net debt repayments and an increase in the common stock dividend.
As a result of the above activity, the Company’s cash and equivalents balance decreased $147 million in 2007 to $2.0 billion, compared to a decrease of $2.1 billion in 2006.
In addition to cash and equivalents and cash provided by operations, the Company can meet short-term funding needs through commercial paper borrowings and line of credit agreements.
Restaurant development and capital expenditures In 2007, the Company opened 743 traditional restaurants and 93 satellite restaurants (small, limited-menu restaurants for which the land and building are generally leased), and closed 240 traditional restaurants and 265 satellite restaurants.
In 2006, the Company opened 643 traditional restaurants and 101 satellite restaurants, and closed 284 traditional restaurants and 180 satellite restaurants.
About 65% of the restaurant openings occurred in the major markets in both 2007 and 2006.
Systemwide restaurants at year end(1)
## Table 1 ##
(1) Includes satellite units at December 31, 2007, 2006 and 2005 as follows: U. S. – 1,233, 1,254, 1,268; Europe–214, 201, 190; APMEA (primarily Japan) 1,454, 1,640, 1,730; Other Countries & Corporate–439, 417, 403.
In 2008, the Company expects to open about 950 traditional restaurants and 50 satellite restaurants (of which the U. S. , China and six other consolidated markets are expected to open more than 550 restaurants) and close about 250 traditional restaurants and 150 satellite restaurants.
Approximately 65% of Company-operated restaurants and about 80% of franchised and affi liated restaurants were located in the major markets at the end of 2007.
Franchisees and affi liates operated 78% of the restaurants at year-end 2007.
Capital expenditures increased $205 million or 12% in 2007 and $135 million or 8% in 2006.
The increase in capital expenditures in 2007 was primarily due to increased investment in new restaurants, primarily in Europe and the U. S. , and the impact of foreign currency translation.
The increase in 2006 was primarily due to increased investment in existing restaurants, primarily in the U. S.  Capital expenditures in both years refl ected
certain liabilities retained in connection with the 2007 Latin America developmental license transaction.
Results also benefited by an after tax gain of $59 million or $0.05 per share due to the sale of the Company’s minority ownership interest in Redbox, reflected in Gain on sale of investment.
Results were negatively impacted by $0.15 per share due to the effect of foreign currency translation.
In 2008, net income and diluted earnings per common share were $4.3 billion and $3.76.
Results benefited by a $109 million or $0.09 per share after tax gain on the sale of the Company’s minority ownership interest in Pret A Manger, reflected in Gain on sale of investment.
The Company repurchased 37.8 million shares of its stock for nearly $2.7 billion in 2010 and 50.3 million shares of its stock for $2.9 billion in 2009, driving reductions of over 2% and 3% of total shares outstanding, respectively, net of stock option exercises.
REVENUES The Company’s revenues consist of sales by Company-operated restaurants and fees from restaurants operated by franchisees.
Revenues from conventional franchised restaurants include rent and royalties based on a percent of sales along with minimum rent payments, and initial fees.
Revenues from franchised restaurants that are licensed to affiliates and developmental licensees include a royalty based on a percent of sales, and generally include initial fees.
Over the past three years, the Company has continued to optimize its restaurant ownership mix, cash flow and returns through its refranchising strategy.
The shift to a greater percent age of franchised restaurants negatively impacted consolidated revenues as Company-operated sales shifted to franchised sales, where the Company receives rent and/or royalties based on a percent of sales.
In 2010, constant currency revenue growth was driven by positive comparable sales.
The impact of refranchising on consolidated revenues lessened because the number of Companyoperated restaurants sold to franchisees has declined compared with 2009 and 2008, in line with our overall strategy.
In 2009, constant currency revenue growth was driven by positive comparable sales and expansion, partly offset by the impact of refranchising in certain of the Company’s major markets.
## Table 2 ##
In the U. S. , revenues in 2010 and 2009 were positively impacted by the ongoing appeal of our iconic core products and the success of new products, as well as continued focus on everyday value and convenience.
New products introduced in 2010 included McCafé frappés and smoothies as well as the Angus Snack Wraps, while new products introduced in 2009 included McCafé premium coffees and the Angus Third Pounder.
Refranchising activity negatively impacted revenue growth in both years.
Europe’s constant currency increases in revenues in 2010 and 2009 were primarily driven by comparable sales increases in the U. K. , France and Russia (which is entirely Companyoperated) as well as expansion in Russia.
These increases were partly offset by the impact of refranchising activity, primarily in the U. K.  in 2010 and the U. K.  and Germany in 2009.
In APMEA, the constant currency increase in revenues in 2010 was primarily driven by comparable sales increases in China, Australia and most other markets.
The 2009 increase was primarily driven by comparable sales increases in Australia and most other Asian markets, partly offset by negative comparable sales in China.
In addition, expansion in China contributed to the increases in both years.
Stock Performance Graph At least annually, we consider which companies comprise a readily identifiable investment peer group.
McDonald's is included in published restaurant indices; however, unlike most other companies included in these indices, which have no or limited international operations, McDonald's does business in more than 100 countries and a substantial portion of our revenues and income is generated outside the U. S.  In addition, because of our size, McDonald's inclusion in those indices tends to skew the results.
Therefore, we believe that such a comparison is not meaningful.
Our market capitalization, trading volume and importance in an industry that is vital to the U. S.  economy have resulted in McDonald's inclusion in the Dow Jones Industrial Average (DJIA) since 1985.
Like McDonald's, many DJIA companies generate meaningful revenues and income outside the U. S.  and some manage global brands.
Thus, we believe that the use of the DJIA companies as the group for comparison purposes is appropriate.
The following performance graph shows McDonald's cumulative total shareholder returns (i. e. , price appreciation and reinvestment of dividends) relative to the Standard & Poor's 500 Stock Index (S&P 500 Index) and to the DJIA companies for the five-year period ended December 31, 2016.
The graph assumes that the value of an investment in McDonald's common stock, the S&P 500 Index and the DJIA companies (including McDonald's) was $100 at December 31, 2011.
For the DJIA companies, returns are weighted for market capitalization as of the beginning of each period indicated.
These returns may vary from those of the Dow Jones Industrial Average Index, which is not weighted by market capitalization, and may be composed of different companies during the period under consideration.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>Equity Compensation Plan Information</td></tr><tr><td>Plan Category</td><td>Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights(a)</td><td>Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights(b)</td><td>Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))(c)</td></tr><tr><td>Equity compensation plans approved by security holders</td><td>4,852,978</td><td>$26.69</td><td>5,941,210</td></tr><tr><td>Equity compensation plans not approved by security holders</td><td>–</td><td>–</td><td>–</td></tr><tr><td>Total</td><td>4,852,978</td><td>$26.69</td><td>5,941,210</td></tr></table>
<table><tr><td></td><td> <i>2007</i></td><td><i>2006</i></td><td><i>2005</i></td></tr><tr><td>U.S.</td><td> 13,862</td><td>13,774</td><td>13,727</td></tr><tr><td>Europe</td><td> 6,480</td><td>6,403</td><td>6,352</td></tr><tr><td>APMEA</td><td> 7,938</td><td>7,822</td><td>7,692</td></tr><tr><td>Other Countries & Corporate</td><td> 3,097</td><td>3,047</td><td>2,995</td></tr><tr><td>Total</td><td> 31,377</td><td>31,046</td><td>30,766</td></tr></table>
<table><tr><td></td><td colspan="3"><i>Amount</i></td><td colspan="2">Increase/(decrease)</td><td colspan="2">Increase/(decrease) excluding currency translation</td></tr><tr><td><i>Dollars in millions</i></td><td> <i>2010</i></td><td><i>2009</i></td><td><i>2008</i></td><td>2010</td><td>2009</td><td>2010</td><td>2009</td></tr><tr><td>Company-operated sales:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S.</td><td>$4,229</td><td>$4,295</td><td>$4,636</td><td>-2%</td><td>-7%</td><td>-2%</td><td>-7%</td></tr><tr><td>Europe</td><td>6,932</td><td>6,721</td><td>7,424</td><td>3</td><td>-9</td><td>5</td><td>3</td></tr><tr><td>APMEA</td><td>4,297</td><td>3,714</td><td>3,660</td><td>16</td><td>1</td><td>9</td><td>5</td></tr><tr><td>Other Countries & Corporate</td><td>775</td><td>729</td><td>841</td><td>6</td><td>-13</td><td>-3</td><td>-7</td></tr><tr><td>Total</td><td>$16,233</td><td>$15,459</td><td>$16,561</td><td>5%</td><td>-7%</td><td>4%</td><td>0%</td></tr><tr><td>Franchised revenues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S.</td><td>$3,883</td><td>$3,649</td><td>$3,442</td><td>6%</td><td>6%</td><td>6%</td><td>6%</td></tr><tr><td>Europe</td><td>2,637</td><td>2,553</td><td>2,499</td><td>3</td><td>2</td><td>8</td><td>10</td></tr><tr><td>APMEA</td><td>769</td><td>623</td><td>571</td><td>23</td><td>9</td><td>11</td><td>12</td></tr><tr><td>Other Countries & Corporate</td><td>553</td><td>461</td><td>449</td><td>20</td><td>3</td><td>16</td><td>9</td></tr><tr><td>Total</td><td>$7,842</td><td>$7,286</td><td>$6,961</td><td>8%</td><td>5%</td><td>8%</td><td>8%</td></tr><tr><td>Total revenues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S.</td><td>$8,112</td><td>$7,944</td><td>$8,078</td><td>2%</td><td>-2%</td><td>2%</td><td>-2%</td></tr><tr><td>Europe</td><td>9,569</td><td>9,274</td><td>9,923</td><td>3</td><td>-7</td><td>6</td><td>5</td></tr><tr><td>APMEA</td><td>5,066</td><td>4,337</td><td>4,231</td><td>17</td><td>3</td><td>9</td><td>6</td></tr><tr><td>Other Countries & Corporate</td><td>1,328</td><td>1,190</td><td>1,290</td><td>12</td><td>-8</td><td>4</td><td>-2</td></tr><tr><td>Total</td><td>$24,075</td><td>$22,745</td><td>$23,522</td><td>6%</td><td>-3%</td><td>5%</td><td>2%</td></tr></table>

Question: As As the chart 2 shows,when is the Amount of Total Franchised revenues the largest?
Answer: 2010