Asbestos Claims The Company and several of its US subsidiaries are defendants in asbestos cases.
During the year ended December 31, 2010, asbestos case activity is as follows:
## Table 0 ##
Because many of these cases involve numerous plaintiffs, the Company is subject to claims significantly in excess of the number of actual cases.
The Company has reserves for defense costs related to claims arising from these matters.
Award Proceedings in relation to Domination Agreement and Squeeze-Out On October 1, 2004, Celanese GmbH and the Company’s subsidiary, BCP Holdings GmbH (“BCP Holdings”), a German limited liability company, entered into a Domination Agreement pursuant to which the BCP Holdings became obligated to offer to acquire all outstanding Celanese GmbH shares from the minority shareholders of Celanese GmbH in return for payment of fair cash compensation (the “Purchaser Offer”).
The amount of this fair cash compensation was determined to be A41.92 per share in accordance with applicable German law.
All minority shareholders who elected not to sell their shares to the BCP Holdings under the Purchaser Offer were entitled to remain shareholders of Celanese GmbH and to receive from the BCP Holdings a gross guaranteed annual payment of A3.27 per Celanese GmbH share less certain corporate taxes in lieu of any dividend.
As of March 30, 2005, several minority shareholders of Celanese GmbH had initiated special award proceedings seeking the court’s review of the amounts of the fair cash compensation and of the guaranteed annual payment offered in the Purchaser Offer under the Domination Agreement.
In the Purchaser Offer, 145,387 shares were tendered at the fair cash compensation of A41.92, and 924,078 shares initially remained outstanding and were entitled to the guaranteed annual payment under the Domination Agreement.
As a result of these proceedings, the amount of the fair cash consideration and the guaranteed annual payment paid under the Domination Agreement could be increased by the court so that all minority shareholders, including those who have already tendered their shares in the Purchaser Offer for the fair cash compensation, could claim the respective higher amounts.
On December 12, 2006, the court of first instance appointed an expert to assist the court in determining the value of Celanese GmbH.
On May 30, 2006 the majority shareholder of Celanese GmbH adopted a squeeze-out resolution under which all outstanding shares held by minority shareholders should be transferred to BCP Holdings for a fair cash compensation of A66.99 per share (the “Squeeze-Out”).
This shareholder resolution was challenged by shareholders but the Squeeze-Out became effective after the disputes were settled on December 22, 2006.
Award proceedings were subsequently filed by 79 shareholders against BCP Holdings with the Frankfurt District Court requesting the court to set a higher amount for the Squeeze-Out compensation.
Pursuant to a settlement agreement between BCP Holdings and certain former Celanese GmbH shareholders, if the court sets a higher value for the fair cash compensation or the guaranteed payment under the Purchaser Offer or the Squeeze-Out compensation, former Celanese GmbH shareholders who ceased to be shareholders of Celanese GmbH due to the Squeeze-Out will be entitled to claim for their shares the higher of the compensation amounts determined by the court in these different proceedings related to the Purchaser Offer and the Squeeze-Out.
If the fair cash compensation determined by the court is higher than the Squeeze-Out compensation of A 66.99, then 1,069,465 shares will be entitled to an adjustment.
If the court confirms the value of the fair cash compensation under the Domination Agreement but determines a higher value for the Squeeze-Out compensation, 924,078 shares
?
Other Activities Other Activities primarily consists of corporate center costs, including financing and administrative activities such as legal, accounting and treasury functions and interest income or expense associated with financing activities of the Company and the Captives.
The business segment management reporting and controlling systems are based on the same accounting policies as those described in the summary of significant accounting policies in Note 2.
The Company evaluates performance based on operating profit, net earnings (loss), cash flows and other measures of financial performance reported in accordance with US GAAP.
Sales and revenues related to transactions between business segments are generally recorded at values that approximate third-party selling prices.
## Table 1 ##
(1) Net sales for Acetyl Intermediates and Consumer Specialties include inter-segment sales of $400 million and $9 million, respectively, for the year ended December 31, 2010; $383 million and $6 million, respectively, for the year ended December 31, 2009; and $676 million and $0 million, respectively, for the year ended December 31, 2008.
(2) Excludes expenditures related to the relocation of the Company’s Ticona plant in Kelsterbach (Note 28) and includes an increase in accrued capital expenditures of $21 million for the year ended December 31, 2010, and a decrease in accrued capital expenditures of $9 million and $7 million for the years ended December 31, 2009 and 2008, respectively (Note 24).
(3) Includes $7 million and $10 million for the years ended December 31, 2010 and 2009, respectively, of insurance recoveries received from the Company’s captive insurance companies related to the Edmonton, Alberta, Canada facility that eliminates in consolidation.
(4) Includes $2 million for Advanced Engineered Materials and $20 million for Acetyl Intermediates for the accelerated amortization of the unamortized prepayment related to a raw material purchase agreement (Note 23).
Industrial Specialties
## Table 2 ##
Our Industrial Specialties segment includes our Emulsions and EVA Performance Polymers businesses.
Our Emulsions business is a global leader that produces a broad product portfolio, specializing in vinyl acetate ethylene emulsions, and is a recognized authority on low volatile organic compounds, an environmentally-friendly technology.
Our emulsions products are used in a wide array of applications including paints and coatings, adhesives, construction, glass fiber, textiles and paper.
EVA Performance Polymers business offers a complete line of low-density polyethylene and specialty EVA resins and compounds.
EVA Performance Polymers’ products are used in many applications including flexible packaging films, lamination film products, hot melt adhesives, medical devices and tubing, automotive carpeting and solar cell encapsulation films.
In July 2009, we completed the sale of our PVOH business to Sekisui Chemical Co. , Ltd.  (“Sekisui”) for a net cash purchase price of $168 million, excluding the value of accounts receivable and payable we retained.
The transaction resulted in a gain on disposition of $34 million and includes long-term supply agreements between Sekisui and Celanese.
Net sales increased for the year ended December 31, 2010 compared to the same period in 2009.
Increased net sales were a result of higher growth and innovation volumes from our Emulsions business and higher volumes from our EVA Performance Polymers business partially offset by impacts resulting from the sale of our PVOH business in July 2009.
The increase in our EVA Performance Polymers business’ volumes was partly as a result of our Edmonton, Alberta, Canada plant being fully operational during 2010.
Volumes were lower during 2009 due to technical issues at our Edmonton, Alberta, Canada plant.
Such technical production issues were resolved and normal operations resumed prior to the end of the third quarter of 2009.
Higher prices in our EVA Performance Polymers business due to price increases and favorable product mix were partially offset by lower prices in our Emulsions business due to unfavorable foreign exchange rates.
Due to certain events in October 2008 and subsequent periodic cessations of production of our specialty polymers products produced at our EVA Performance Polymers facility in Edmonton, Alberta, Canada, we declared two events of force majeure.
During 2009, we replaced long-lived assets damaged in October 2008.
As a result of these events and subsequent periodic cessation of production, we recorded $25 million and $10 million of insurance recoveries to other charges during the years ended December 31, 2010 and 2009, respectively.
These amounts were partially offset by $7 million and $10 million, respectively, recorded as a charge by our captive insurance companies included in the Other Activities segment.
The net insurance recoveries recorded during the year ended December 31, 2010 of $18 million consisted of $8 million related to property damage and $10 million related to business interruption.
Operating profit remained unchanged for the year ended December 31, 2010 compared to the same period in 2009.
Increases in operating profit in 2010 are primarily due to the resumption of normal operations at our EVA
Notes to Consolidated Financial Statements (continued) March 31, 2004 The amortized cost, including interest receivable, and market value of short-term marketable securities were approximately $9,877,000 and $9,858,000 at March 31, 2003, and $20,432,000 and $20,433,000 at March 31, 2004, respectively.
The amortized costs, including interest receivable, and market value of the long-term investments were approximately $18,216,000 and $18,290,000 at March 31, 2004, respectively.
There were no long-term marketable securities at March 31, 2003.
At March 31, 2004 the investment portfolio consisted primarily of government securities and corporate bonds with maturities of two years or less.
(m) Disclosures about Fair Value of Financial Instruments As of March 31, 2003 and 2004, the Company’s financial instruments were comprised of cash and cash equivalents, marketable securities, accounts receivable and accounts payable, the carrying amounts of which approximated fair market value.
(n) Comprehensive Income SFAS No.130, Reporting Comprehensive Income, requires disclosure of all components of comprehensive income and loss on an annual and interim basis.
Comprehensive income and loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources.
Other than the reported net loss, there were no components of comprehensive income or loss which require disclosure for the years ended March 31, 2002, 2003 and 2004.
(o) Segment Information SFAS No.131, Disclosures about Segments of an Enterprise and Related Information, requires certain financial and supplementary information to be disclosed on an annual and interim basis for each reportable segment of an enterprise.
The Company believes that it operates in one business segment—the research, development and sale of medical devices to assist or replace the pumping function of the failing heart.
(p) Impairment of Long-Lived Assets The Company assesses the realizability of long-lived assets in accordance with SFAS No.144, Accounting for the Impairment of Longlived Assets and Disposal of Long-lived Assets.
The Company reviews its long-lived assets for impairment as events and circumstances indicate the carrying amount of an asset may not be recoverable.
The Company evaluates the realizability of its long-lived assets based on profitability and cash flow expectations for the related asset.
As a result of its review, the Company does not believe that any impairment currently exists related to its long-lived assets.
(q) Accounting for Stock-Based Compensation The Company accounts for stock-based awards to employees using the intrinsic value method as prescribed by APB No.25, Accounting for Stock Issued to Employees, and related interpretations and has elected to follow the disclosure-only alternative requirements of SFAS No.123, Accounting for Stock-Based Compensation (“SFAS 123”).
Accordingly, no compensation expense is recorded for options issued to employees in fixed amounts and with fixed exercise prices at least equal to the fair market value of Common Stock at the date of grant.
The Company records compensation expense for certain stock option related events requiring remeasurement in accordance with FASB Interpretation No.44, Accounting for Certain Transactions Involving Stock Compensation and Interpretation of APB No.25.
Stock-based awards to non-employees are accounted for at their fair value in accordance with SFAS 123.
If compensation cost for the Company’s fiscal 2002, 2003 and 2004 grants issued under stock-based compensation plans, including costs related to prior years grants had been determined based on SFAS 123, the Company’s pro forma net loss and pro forma loss per share for the years ended March 31, would have been as follows (in thousands, except per share data):
## Table 3 ##
The fair value per share of the options granted during fiscal 2002, 2003 and 2004 was computed as $3.74, $1.69 and $1.53, per share, respectively, and was calculated using the Black-Scholes option-pricing model with the following assumptions.
Earnings per common share Basic earnings per common share is computed using the weighted average number of common shares outstanding, including vested unissued participating restricted stock units.
Diluted earnings per common share is computed using the weighted average number of common and dilutive potential common shares outstanding.
For the Company, dilutive potential common shares consist of outstanding stock options and unvested non-participating restricted stock units and contingently issuable performance stock awards.
## Table 4 ##
(1) Net income applicable to common shareholders is net income less preferred stock dividends.
The effect of dilutive potential common shares does not include the effect of options with an anti-dilutive effect on earnings per common share because their exercise prices exceed the average market price of Allstate common shares during the period or for which the unrecognized compensation cost would have an anti-dilutive effect.
Outstanding options to purchase 2.0 million, 1.5 million and 3.8 million Allstate common shares in 2018, 2017 and 2016, respectively, were anti-dilutive and were not included in the computation of diluted earnings per common share under the treasury stock method.
Adopted accounting standards Recognition and Measurement of Financial Assets and Financial Liabilities Effective January 1, 2018, the Company adopted new FASB guidance requiring equity investments, including equity securities and limited partnership interests not accounted for under the equity method of accounting or that do not result in consolidation to be measured at fair value with changes in fair value recognized in net income.
The guidance clarifies that an entity should evaluate the realizability of deferred tax assets related to available-for-sale fixed income securities in combination with the entity’s other deferred tax assets.
The Company’s adoption of the new FASB guidance included adoption of the relevant elements of Technical Corrections and Improvements to Financial Instruments, issued in February 2018.
Upon adoption of the new guidance on January 1, 2018, $1.16 billion of pre-tax unrealized net capital gains for equity securities were reclassified from AOCI to retained income.
The after-tax change in accounting for equity securities did not affect the Company’s total shareholders’ equity and the unrealized net capital gains of $910 million reclassified to retained income will never be recognized in net income.
Upon adoption of the new guidance on January 1, 2018, the carrying value of cost method limited partnership interests increased $224 million pre-tax, to fair value.
The after-tax cumulative-effect increase in retained income of $177 million increased the Company’s shareholders’ equity but will never be recognized in net income thereby negatively impacting calculations of returns on equity.
Revenue from Contracts with Customers Effective January 1, 2018, the Company adopted new FASB guidance which revises the criteria for revenue recognition.
Insurance contracts are excluded from the scope of the new guidance.
The Company’s principal activities impacted by the new guidance are those related to the issuance of protection plans for consumer products and automobiles and service contracts that provide roadside assistance.
Under the guidance, the transaction price is attributed to underlying performance obligations in the contract and revenue is recognized as the entity satisfies performance obligations and transfers control of a good or service to the customer.
Incremental costs of obtaining a contract may be capitalized and amortized to the extent the entity expects to recover those costs.
Adoption of the guidance on January 1, 2018 under the modified retrospective approach resulted in the recognition of an immaterial after-tax net cumulative effect increase to the beginning balance of retained income.
In addition to the net cumulative effect, the
CITIZENS FINANCIAL GROUP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
## Table 5 ##
(6) Excludes deposits held for sale of $5.3 billion as of December 31, 2013.
(7) U. S.  Basel III transitional rules for institutions applying the Standardized approach to calculating risk-weighted assets became effective January 1, 2015.
The capital ratios and associated components as of December 31, 2017, 2016 and 2015 are prepared using the U. S.  Basel III Standardized transitional approach.
The December 31, 2017 capital ratios reflect the retrospective adoption of FASB ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — 2017 compared with 2016 — Income Tax Expense” for additional information.
(8) “Common equity tier 1 capital ratio” represents CET1 capital divided by total risk-weighted assets as defined under U. S.  Basel III Standardized approach.
(9) “Tier 1 capital ratio” is tier 1 capital, which includes CET1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by total risk-weighted assets as defined under U. S.  Basel III Standardized approach.
(10) “Total capital ratio” is total capital divided by total risk-weighted assets as defined under U. S.  Basel III Standardized approach.
(11) “Tier 1 leverage ratio” is tier 1 capital divided by quarterly average total assets as defined under U. S.  Basel III Standardized approach.
El Paso Market The El Paso market for refined products is currently supplied by a number of area and Gulf Coast refiners and pipelines.
Area refiners include Navajo, WRB Refining, LLC (“WRB”) (a joint venture between Phillips 66 and Cenovus Energy), Valero, Delek and Andeavor.
Pipelines serving this market are owned by Magellan, NuStar Energy L. P.  and HEP.
Refined products from the Gulf Coast are transported via Magellan pipelines.
Arizona Market The Arizona market for refined products is currently supplied by a number of refiners via pipelines and trucks.
Refiners include companies located in west Texas, eastern New Mexico, northern New Mexico, the Gulf Coast and the West Coast.
Magellan's pipeline systems deliver refined products from the Texas Gulf Coast to El Paso and, through interconnections with third-party common carrier pipelines, into the Arizona market.
New Mexico Markets The Artesia, Albuquerque, Moriarty and Bloomfield markets are supplied by a number of refiners via pipelines and trucks.
Refiners include Navajo, Valero, Andeavor, Delek and WRB.
We use a common carrier pipeline out of El Paso to serve the Albuquerque market.
In addition, HEP leases from Mid-America Pipeline Company, L. L. C. , a pipeline between White Lakes, New Mexico and the Albuquerque vicinity and Bloomfield, New Mexico.
The lease agreement currently runs through 2026, and HEPhas options to renew for one additional ten-year period.
HEP owns and operates a 12-inch pipeline from the Navajo Refinery to the leased pipeline as well as terminalling facilities in Moriarty, which is 40 miles east of Albuquerque.
This facility permits us to ship light products to the Albuquerque and Santa Fe, New Mexico areas.
In addition, we serve southern Colorado and northern Arizona primarily out of a terminal in Bloomfield, New Mexico, which is owned by Andeavor.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>Asbestos Cases</td></tr><tr><td>As of December 31, 2009</td><td>526</td></tr><tr><td>Case adjustments</td><td>2</td></tr><tr><td>New cases filed</td><td>41</td></tr><tr><td>Resolved cases</td><td>-70</td></tr><tr><td>As of December 31, 2010</td><td>499</td></tr></table>
<table><tr><td></td><td>Advanced Engineered Materials</td><td>Consumer Specialties</td><td>Industrial Specialties</td><td>Acetyl Intermediates</td><td>Other Activities</td><td>Eliminations</td><td>Consolidated</td></tr><tr><td></td><td colspan="7">(In $ millions)</td></tr><tr><td></td><td colspan="7"> Year ended December 31, 2010</td></tr><tr><td>Net sales</td><td>1,109</td><td>1,098-1</td><td>1,036</td><td>3,082-1</td><td>2</td><td>-409</td><td>5,918</td></tr><tr><td>Other (charges) gains, net</td><td>31</td><td>-76</td><td>25-3</td><td>-12</td><td>-14 (3)</td><td>-</td><td>-46</td></tr><tr><td>Equity in net earnings (loss) of affiliates</td><td>144</td><td>2</td><td>-</td><td>5</td><td>17</td><td>-</td><td>168</td></tr><tr><td>Earnings (loss) from continuing operations before tax</td><td>329</td><td>237</td><td>89</td><td>252</td><td>-369</td><td>-</td><td>538</td></tr><tr><td>Depreciation and amortization</td><td>76-4</td><td>42</td><td>41</td><td>117-4</td><td>11</td><td>-</td><td>287</td></tr><tr><td>Capital expenditures</td><td>52</td><td>50</td><td>55</td><td>49</td><td>16</td><td>-</td><td>222-2</td></tr><tr><td>Goodwill and intangible assets, net</td><td>423</td><td>284</td><td>55</td><td>264</td><td>-</td><td>-</td><td>1,026</td></tr><tr><td>Total assets</td><td>2,765</td><td>998</td><td>841</td><td>1,909</td><td>1,768</td><td>-</td><td>8,281</td></tr><tr><td></td><td colspan="7"> Year ended December 31, 2009 - As Adjusted (Note 4)</td></tr><tr><td>Net sales</td><td>808</td><td>1,084-1</td><td>974</td><td>2,603-1</td><td>2</td><td>-389</td><td>5,082</td></tr><tr><td>Other (charges) gains, net</td><td>-18</td><td>-9</td><td>4-3</td><td>-91</td><td>-22 (3)</td><td>-</td><td>-136</td></tr><tr><td>Equity in net earnings (loss) of affiliates</td><td>78</td><td>1</td><td>-</td><td>5</td><td>15</td><td>-</td><td>99</td></tr><tr><td>Earnings (loss) from continuing operations before tax</td><td>114</td><td>288</td><td>89</td><td>102</td><td>-342</td><td>-</td><td>251</td></tr><tr><td>Depreciation and amortization</td><td>73</td><td>50</td><td>51</td><td>123</td><td>11</td><td>-</td><td>308</td></tr><tr><td>Capital expenditures</td><td>27</td><td>50</td><td>45</td><td>36</td><td>9</td><td>-</td><td>167-2</td></tr><tr><td>Goodwill and intangible assets, net</td><td>385</td><td>299</td><td>62</td><td>346</td><td>-</td><td>-</td><td>1,092</td></tr><tr><td>Total assets</td><td>2,268</td><td>1,083</td><td>740</td><td>1,985</td><td>2,336</td><td>-</td><td>8,412</td></tr><tr><td></td><td colspan="7"> Year ended December 31, 2008 - As Adjusted (Note 4)</td></tr><tr><td>Net sales</td><td>1,061</td><td>1,155-1</td><td>1,406</td><td>3,875-1</td><td>2</td><td>-676</td><td>6,823</td></tr><tr><td>Other (charges) gains, net</td><td>-29</td><td>-2</td><td>-3</td><td>-78</td><td>4</td><td>-</td><td>-108</td></tr><tr><td>Equity in net earnings (loss) of affiliates</td><td>155</td><td>-</td><td>-</td><td>3</td><td>14</td><td>-</td><td>172</td></tr><tr><td>Earnings (loss) from continuing operations before tax</td><td>190</td><td>237</td><td>47</td><td>312</td><td>-353</td><td>-</td><td>433</td></tr><tr><td>Depreciation and amortization</td><td>76</td><td>53</td><td>62</td><td>150</td><td>9</td><td>-</td><td>350</td></tr><tr><td>Capital expenditures</td><td>55</td><td>49</td><td>67</td><td>86</td><td>10</td><td>-</td><td>267-2</td></tr></table>
<table><tr><td></td><td colspan="2"> Year Ended December 31,</td><td rowspan="2"> Change   in $</td></tr><tr><td></td><td> 2010</td><td> 2009</td></tr><tr><td></td><td colspan="3"> (In $ millions, except percentages)</td></tr><tr><td>Net sales</td><td>1,036</td><td>974</td><td>62</td></tr><tr><td>Net sales variance</td><td></td><td></td><td></td></tr><tr><td><i>Volume</i></td><td>11%</td><td></td><td></td></tr><tr><td><i>Price</i></td><td>6%</td><td></td><td></td></tr><tr><td><i>Currency</i></td><td>-3%</td><td></td><td></td></tr><tr><td><i>Other</i></td><td>-8%</td><td></td><td></td></tr><tr><td>Operating profit</td><td>89</td><td>89</td><td>-</td></tr><tr><td>Operating margin</td><td>8.6%</td><td>9.1%</td><td></td></tr><tr><td>Other (charges) gains, net</td><td>25</td><td>4</td><td>21</td></tr><tr><td>Earnings (loss) from continuing operations before tax</td><td>89</td><td>89</td><td>-</td></tr><tr><td>Depreciation and amortization</td><td>41</td><td>51</td><td>-10</td></tr></table>
<table><tr><td></td><td>2002</td><td>2003</td><td>2004</td></tr><tr><td>Net loss, as reported</td><td>$-21,193</td><td>$-18,171</td><td>$-9,446</td></tr><tr><td>Add: Stock based employee compensation included in reported net loss</td><td>255</td><td>60</td><td>103</td></tr><tr><td>Deduct: Total stock-based employee compensation expense determined under fair value based method for all awards</td><td>-1,774</td><td>-1,919</td><td>-1,690</td></tr><tr><td>Pro forma net loss</td><td>$-22,712</td><td>$-20,030</td><td>$-11,033</td></tr><tr><td>Basic and diluted loss per share</td><td></td><td></td><td></td></tr><tr><td>As reported</td><td>$-1.02</td><td>$-0.87</td><td>$-0.45</td></tr><tr><td>Pro forma</td><td>$-1.09</td><td>$-0.95</td><td>$-0.52</td></tr></table>
<table><tr><td></td><td colspan="3">For the years ended December 31,</td></tr><tr><td>($ in millions, except per share data)</td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Numerator:</td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>$2,252</td><td>$3,189</td><td>$1,877</td></tr><tr><td>Less: Preferred stock dividends</td><td>148</td><td>116</td><td>116</td></tr><tr><td>Net income applicable to common shareholders<sup></sup><sup>-1</sup></td><td>$2,104</td><td>$3,073</td><td>$1,761</td></tr><tr><td>Denominator:</td><td></td><td></td><td></td></tr><tr><td>Weighted average common shares outstanding</td><td>347.8</td><td>362.0</td><td>372.8</td></tr><tr><td>Effect of dilutive potential common shares:</td><td></td><td></td><td></td></tr><tr><td>Stock options</td><td>3.6</td><td>4.3</td><td>3.2</td></tr><tr><td>Restricted stock units (non-participating) and performance stock awards</td><td>1.8</td><td>1.5</td><td>1.3</td></tr><tr><td>Weighted average common and dilutive potential common shares outstanding</td><td>353.2</td><td>367.8</td><td>377.3</td></tr><tr><td>Earnings per common share – Basic</td><td>$6.05</td><td>$8.49</td><td>$4.72</td></tr><tr><td>Earnings per common share – Diluted</td><td>$5.96</td><td>$8.36</td><td>$4.67</td></tr></table>
<table><tr><td></td><td colspan="5">As of December 31,</td></tr><tr><td>(in millions, except ratio data)</td><td>2017</td><td>2016</td><td>2015</td><td>2014</td><td>2013<sup>-1</sup></td></tr><tr><td>BALANCE SHEET DATA:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>$152,336</td><td>$149,520</td><td>$138,208</td><td>$132,857</td><td>$122,154</td></tr><tr><td>Loans held for sale, at fair value</td><td>497</td><td>583</td><td>325</td><td>256</td><td>176</td></tr><tr><td>Other loans held for sale</td><td>221</td><td>42</td><td>40</td><td>25</td><td>1,078</td></tr><tr><td>Loans and leases</td><td>110,617</td><td>107,669</td><td>99,042</td><td>93,410</td><td>85,859</td></tr><tr><td>Allowance for loan and lease losses</td><td>-1,236</td><td>-1,236</td><td>-1,216</td><td>-1,195</td><td>-1,221</td></tr><tr><td>Total securities</td><td>25,733</td><td>25,610</td><td>24,075</td><td>24,704</td><td>21,274</td></tr><tr><td>Goodwill</td><td>6,887</td><td>6,876</td><td>6,876</td><td>6,876</td><td>6,876</td></tr><tr><td>Total liabilities</td><td>132,066</td><td>129,773</td><td>118,562</td><td>113,589</td><td>102,958</td></tr><tr><td>Total deposits<sup>-6</sup></td><td>115,089</td><td>109,804</td><td>102,539</td><td>95,707</td><td>86,903</td></tr><tr><td>Federal funds purchased and securities sold under agreements to repurchase</td><td>815</td><td>1,148</td><td>802</td><td>4,276</td><td>4,791</td></tr><tr><td>Other short-term borrowed funds</td><td>1,856</td><td>3,211</td><td>2,630</td><td>6,253</td><td>2,251</td></tr><tr><td>Long-term borrowed funds</td><td>11,765</td><td>12,790</td><td>9,886</td><td>4,642</td><td>1,405</td></tr><tr><td>Total stockholders’ equity</td><td>20,270</td><td>19,747</td><td>19,646</td><td>19,268</td><td>19,196</td></tr><tr><td>OTHER BALANCE SHEET DATA:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Asset Quality Ratios:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Allowance for loan and lease losses as a % of total loans and leases</td><td>1.12%</td><td>1.15%</td><td>1.23%</td><td>1.28%</td><td>1.42%</td></tr><tr><td>Allowance for loan and lease losses as a % of nonperforming loans and leases</td><td>142</td><td>118</td><td>115</td><td>109</td><td>86</td></tr><tr><td>Nonperforming loans and leases as a % of total loans and leases</td><td>0.79</td><td>0.97</td><td>1.07</td><td>1.18</td><td>1.65</td></tr><tr><td>Capital Ratios:<sup>-7</sup></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>CET1 capital ratio<sup>-8</sup></td><td>11.2</td><td>11.2</td><td>11.7</td><td>12.4</td><td>13.5</td></tr><tr><td>Tier 1 capital ratio<sup>-9</sup></td><td>11.4</td><td>11.4</td><td>12.0</td><td>12.4</td><td>13.5</td></tr><tr><td>Total capital ratio<sup>-10</sup></td><td>13.9</td><td>14.0</td><td>15.3</td><td>15.8</td><td>16.1</td></tr><tr><td>Tier 1 leverage ratio<sup>-11</sup></td><td>10.0</td><td>9.9</td><td>10.5</td><td>10.6</td><td>11.6</td></tr></table>

Question: What is the average increasing rate of net sale of Industrial Specialties between 2009 and 2010?
Answer: -0.1218
Reasoning program: subtract(1036,974), divide(#0,974), subtract(974,1406), divide(#2,1406), add(#1,#3), divide(#4,const_2)