the redemptions resulted in an early extinguishment charge of $ 5 million .
on march 22 , 2010 , we redeemed $ 175 million of our 6.5% ( 6.5 % ) notes due april 15 , 2012 .
the redemption resulted in an early extinguishment charge of $ 16 million in the first quarter of 2010 .
on november 1 , 2010 , we redeemed all $ 400 million of our outstanding 6.65% ( 6.65 % ) notes due january 15 , 2011 .
the redemption resulted in a $ 5 million early extinguishment charge .
receivables securitization facility 2013 as of december 31 , 2011 and 2010 , we have recorded $ 100 million as secured debt under our receivables securitization facility .
( see further discussion of our receivables securitization facility in note 10 ) .
15 .
variable interest entities we have entered into various lease transactions in which the structure of the leases contain variable interest entities ( vies ) .
these vies were created solely for the purpose of doing lease transactions ( principally involving railroad equipment and facilities , including our headquarters building ) and have no other activities , assets or liabilities outside of the lease transactions .
within these lease arrangements , we have the right to purchase some or all of the assets at fixed prices .
depending on market conditions , fixed-price purchase options available in the leases could potentially provide benefits to us ; however , these benefits are not expected to be significant .
we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry .
as such , we have no control over activities that could materially impact the fair value of the leased assets .
we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies .
additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase price options are not considered to be potentially significant to the vie 2019s .
the future minimum lease payments associated with the vie leases totaled $ 3.9 billion as of december 31 , 2011 .
16 .
leases we lease certain locomotives , freight cars , and other property .
the consolidated statement of financial position as of december 31 , 2011 and 2010 included $ 2458 million , net of $ 915 million of accumulated depreciation , and $ 2520 million , net of $ 901 million of accumulated depreciation , respectively , for properties held under capital leases .
a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .
future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2011 , were as follows : millions operating leases capital leases .

millions                               | operatingleases | capitalleases
-------------------------------------- | --------------- | -------------
2012                                   | $ 525           | $ 297
2013                                   | 489             | 269
2014                                   | 415             | 276
2015                                   | 372             | 276
2016                                   | 347             | 262
later years                            | 2380            | 1179
total minimum leasepayments            | $ 4528          | $ 2559
amount representing interest           | n/a             | -685 ( 685 )
present value of minimum leasepayments | n/a             | $ 1874

the majority of capital lease payments relate to locomotives .
rent expense for operating leases with terms exceeding one month was $ 637 million in 2011 , $ 624 million in 2010 , and $ 686 million in 2009 .
when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .
contingent rentals and sub-rentals are not significant.


during the fourth quarter of 2010 , schlumberger issued 20ac1.0 billion 2.75% ( 2.75 % ) guaranteed notes due under this program .
schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us denominated debt on which schlumberger will pay interest in us dollars at a rate of 2.56% ( 2.56 % ) .
during the first quarter of 2009 , schlumberger issued 20ac1.0 billion 4.50% ( 4.50 % ) guaranteed notes due 2014 under this program .
schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us dollar denominated debt on which schlumberger will pay interest in us dollars at a rate of 4.95% ( 4.95 % ) .
0160 on april 17 , 2008 , the schlumberger board of directors approved an $ 8 billion share repurchase program for shares of schlumberger common stock , to be acquired in the open market before december 31 , 2011 .
on july 21 , 2011 , the schlumberger board of directors approved an extension of this repurchase program to december 31 , 2013 .
schlumberger had repurchased $ 7.12 billion of shares under this program as of december 31 , 2012 .
the following table summarizes the activity under this share repurchase program during 2012 , 2011 and 2010 : ( stated in thousands except per share amounts ) total cost of shares purchased total number of shares purchased average price paid per share .

     | total cost of shares purchased | total number of shares purchased | average price paid per share
---- | ------------------------------ | -------------------------------- | ----------------------------
2012 | $ 971883                       | 14087.8                          | $ 68.99
2011 | $ 2997688                      | 36940.4                          | $ 81.15
2010 | $ 1716675                      | 26624.8                          | $ 64.48

0160 cash flow provided by operations was $ 6.8 billion in 2012 , $ 6.1 billion in 2011 and $ 5.5 billion in 2010 .
in recent years , schlumberger has actively managed its activity levels in venezuela relative to its accounts receivable balance , and has recently experienced an increased delay in payment from its national oil company customer there .
schlumberger operates in approximately 85 countries .
at december 31 , 2012 , only five of those countries ( including venezuela ) individually accounted for greater than 5% ( 5 % ) of schlumberger 2019s accounts receivable balance of which only one , the united states , represented greater than 10% ( 10 % ) .
0160 dividends paid during 2012 , 2011 and 2010 were $ 1.43 billion , $ 1.30 billion and $ 1.04 billion , respectively .
on january 17 , 2013 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 13.6% ( 13.6 % ) , to $ 0.3125 .
on january 19 , 2012 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 10% ( 10 % ) , to $ 0.275 .
on january 21 , 2011 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 19% ( 19 % ) , to $ 0.25 .
0160 capital expenditures were $ 4.7 billion in 2012 , $ 4.0 billion in 2011 and $ 2.9 billion in 2010 .
capital expenditures are expected to approach $ 3.9 billion for the full year 2013 .
0160 during 2012 , 2011 and 2010 schlumberger made contributions of $ 673 million , $ 601 million and $ 868 million , respectively , to its postretirement benefit plans .
the us pension plans were 82% ( 82 % ) funded at december 31 , 2012 based on the projected benefit obligation .
this compares to 87% ( 87 % ) funded at december 31 , 2011 .
schlumberger 2019s international defined benefit pension plans are a combined 88% ( 88 % ) funded at december 31 , 2012 based on the projected benefit obligation .
this compares to 88% ( 88 % ) funded at december 31 , 2011 .
schlumberger currently anticipates contributing approximately $ 650 million to its postretirement benefit plans in 2013 , subject to market and business conditions .
0160 there were $ 321 million outstanding series b debentures at december 31 , 2009 .
during 2010 , the remaining $ 320 million of the 2.125% ( 2.125 % ) series b convertible debentures due june 1 , 2023 were converted by holders into 8.0 million shares of schlumberger common stock and the remaining $ 1 million of outstanding series b debentures were redeemed for cash.


defined contribution plan the company and certain subsidiaries have various defined contribution plans , in which all eligible employees may participate .
in the u.s. , the 401 ( k ) plan is a contributory plan .
matching contributions are based upon the amount of the employees 2019 contributions .
after temporarily suspending all matching contributions , effective july 1 , 2010 , the company reinstated matching contributions and provides a dollar for dollar ( 100% ( 100 % ) ) match on the first 4% ( 4 % ) of employee contributions .
the maximum matching contribution for 2010 was pro-rated to account for the number of months remaining after the reinstatement .
the company 2019s expenses for material defined contribution plans for the years ended december 31 , 2012 , 2011 and 2010 were $ 42 million , $ 48 million and $ 23 million , respectively .
beginning january 1 , 2012 , the company may make an additional discretionary 401 ( k ) plan matching contribution to eligible employees .
for the year ended december 31 , 2012 , the company made no discretionary matching contributions .
8 .
share-based compensation plans and other incentive plans stock options , stock appreciation rights and employee stock purchase plan the company grants options to acquire shares of common stock to certain employees and to existing option holders of acquired companies in connection with the merging of option plans following an acquisition .
each option granted and stock appreciation right has an exercise price of no less than 100% ( 100 % ) of the fair market value of the common stock on the date of the grant .
the awards have a contractual life of five to ten years and vest over two to four years .
stock options and stock appreciation rights assumed or replaced with comparable stock options or stock appreciation rights in conjunction with a change in control of the company only become exercisable if the holder is also involuntarily terminated ( for a reason other than cause ) or quits for good reason within 24 months of a change in control .
the employee stock purchase plan allows eligible participants to purchase shares of the company 2019s common stock through payroll deductions of up to 20% ( 20 % ) of eligible compensation on an after-tax basis .
plan participants cannot purchase more than $ 25000 of stock in any calendar year .
the price an employee pays per share is 85% ( 85 % ) of the lower of the fair market value of the company 2019s stock on the close of the first trading day or last trading day of the purchase period .
the plan has two purchase periods , the first one from october 1 through march 31 and the second one from april 1 through september 30 .
for the years ended december 31 , 2012 , 2011 and 2010 , employees purchased 1.4 million , 2.2 million and 2.7 million shares , respectively , at purchase prices of $ 34.52 and $ 42.96 , $ 30.56 and $ 35.61 , and $ 41.79 and $ 42.00 , respectively .
the company calculates the value of each employee stock option , estimated on the date of grant , using the black-scholes option pricing model .
the weighted-average estimated fair value of employee stock options granted during 2012 , 2011 and 2010 was $ 9.60 , $ 13.25 and $ 21.43 , respectively , using the following weighted-average assumptions: .

                        | 2012             | 2011             | 2010
----------------------- | ---------------- | ---------------- | ----------------
expected volatility     | 24.0% ( 24.0 % ) | 28.8% ( 28.8 % ) | 41.7% ( 41.7 % )
risk-free interest rate | 0.8% ( 0.8 % )   | 2.1% ( 2.1 % )   | 2.1% ( 2.1 % )
dividend yield          | 2.2% ( 2.2 % )   | 0.0% ( 0.0 % )   | 0.0% ( 0.0 % )
expected life ( years ) | 6.1              | 6.0              | 6.1

the company uses the implied volatility for traded options on the company 2019s stock as the expected volatility assumption required in the black-scholes model .
the selection of the implied volatility approach was based upon the availability of actively traded options on the company 2019s stock and the company 2019s assessment that implied volatility is more representative of future stock price trends than historical volatility .
the risk-free interest rate assumption is based upon the average daily closing rates during the year for u.s .
treasury notes that have a life which approximates the expected life of the option .
the dividend yield assumption is based on the company 2019s future expectation of dividend payouts .
the expected life of employee stock options represents the average of the contractual term of the options and the weighted-average vesting period for all option tranches .
the company has applied forfeiture rates , estimated based on historical data , of 13%-50% ( 13%-50 % ) to the option fair values calculated by the black-scholes option pricing model .
these estimated forfeiture rates are applied to grants based on their remaining vesting term and may be revised in subsequent periods if actual forfeitures differ from these estimates.


retail and hnw investors ( excluding investments in ishares ) retail / hnw long-term aum by asset class & client region december 31 , 2012 ( dollar amounts in millions ) americas emea asia-pacific total .

( dollar amounts in millions ) | americas | emea    | asia-pacific | total
------------------------------ | -------- | ------- | ------------ | --------
equity                         | $ 94805  | $ 53140 | $ 16803      | $ 164748
fixed income                   | 121640   | 11444   | 5341         | 138425
multi-asset class              | 76714    | 9538    | 4374         | 90626
alternatives                   | 4865     | 3577    | 1243         | 9685
long-term retail/hnw           | $ 298024 | $ 77699 | $ 27761      | $ 403484

blackrock serves retail and hnw investors globally through separate accounts , open-end and closed-end funds , unit trusts and private investment funds .
at december 31 , 2012 , long-term assets managed for retail and hnw investors totaled $ 403.5 billion , up 11% ( 11 % ) , or $ 40.1 billion , versus year-end 2011 .
during the year , net inflows of $ 11.6 billion in long-term products were augmented by market valuation improvements of $ 28.3 billion .
retail and hnw investors are served principally through intermediaries , including broker-dealers , banks , trust companies , insurance companies and independent financial advisors .
clients invest primarily in mutual funds , which totaled $ 322.4 billion , or 80% ( 80 % ) , of retail and hnw long-term aum at year-end , with the remainder invested in private investment funds and separately managed accounts .
the product mix is well diversified , with 41% ( 41 % ) of long-term aum in equities , 34% ( 34 % ) in fixed income , 23% ( 23 % ) in multi-asset class and 2% ( 2 % ) in alternatives .
the vast majority ( 98% ( 98 % ) ) of long-term aum is invested in active products , although this is partially inflated by the fact that ishares is shown separately , since we do not identify all of the underlying investors .
the client base is also diversified geographically , with 74% ( 74 % ) of long-term aum managed for investors based in the americas , 19% ( 19 % ) in emea and 7% ( 7 % ) in asia-pacific at year- end 2012 .
2022 u.s .
retail and hnw long-term inflows of $ 9.8 billion were driven by strong demand for u.s .
sector- specialty and municipal fixed income mutual fund offerings and income-oriented equity .
in 2012 , we broadened the distribution of alternatives funds to bring higher alpha , institutional quality hedge fund products to retail investors as three mutual funds launched at the end of 2011 gained traction and acceptance , raising close to $ 0.8 billion of assets .
u.s .
retail alternatives aum crossed the $ 5.0 billion threshold in 2012 .
the year also included the launch of the blackrock municipal target term trust ( 201cbtt 201d ) with $ 2.1 billion of assets raised , making it the largest municipal fund ever launched and the largest overall industry offering since 2007 .
we are the leading u.s .
manager by aum of separately managed accounts , the second largest closed-end fund manager and a top-ten manager of long-term open-end mutual funds2 .
2022 international retail net inflows of $ 1.8 billion in 2012 were driven by fixed income net inflows of $ 5.2 billion .
investor demand remained distinctly risk-off in 2012 , largely driven by macro political and economic instability and continued trends toward de-risking .
equity net outflows of $ 2.9 billion were predominantly from sector-specific and regional and country- specific equity strategies due to uncertainty in european markets .
our international retail and hnw offerings include our luxembourg cross-border fund families , blackrock global funds ( 201cbgf 201d ) , blackrock strategic funds with $ 83.1 billion and $ 2.4 billion of aum at year-end 2012 , respectively , and a range of retail funds in the united kingdom .
bgf contained 67 funds registered in 35 jurisdictions at year-end 2012 .
over 60% ( 60 % ) of the funds were rated by s&p .
in 2012 , we were ranked as the third largest cross border fund provider3 .
in the united kingdom , we ranked among the five largest fund managers3 , and are known for our innovative product offerings , especially within natural resources , european equity , asian equity and equity income .
global clientele our footprint in each of these regions reflects strong relationships with intermediaries and an established ability to deliver our global investment expertise in funds and other products tailored to local regulations and requirements .
2 simfund , cerulli 3 lipper feri


management 2019s discussion and analysis sensitivity measures certain portfolios and individual positions are not included in var because var is not the most appropriate risk measure .
other sensitivity measures we use to analyze market risk are described below .
10% ( 10 % ) sensitivity measures .
the table below presents market risk for inventory positions that are not included in var .
the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% ( 10 % ) decline in the underlying asset value .
equity positions below relate to private and restricted public equity securities , including interests in funds that invest in corporate equities and real estate and interests in hedge funds , which are included in 201cfinancial instruments owned , at fair value . 201d debt positions include interests in funds that invest in corporate mezzanine and senior debt instruments , loans backed by commercial and residential real estate , corporate bank loans and other corporate debt , including acquired portfolios of distressed loans .
these debt positions are included in 201cfinancial instruments owned , at fair value . 201d see note 6 to the consolidated financial statements for further information about cash instruments .
these measures do not reflect diversification benefits across asset categories or across other market risk measures .
asset categories 10% ( 10 % ) sensitivity amount as of december in millions 2013 2012 equity 1 $ 2256 $ 2471 .

asset categories | asset categories |
---------------- | ---------------- | ------
in millions      | 2013             | 2012
equity1          | $ 2256           | $ 2471
debt             | 1522             | 1676
total            | $ 3778           | $ 4147

1 .
december 2012 includes $ 208 million related to our investment in the ordinary shares of icbc , which was sold in the first half of 2013 .
credit spread sensitivity on derivatives and borrowings .
var excludes the impact of changes in counterparty and our own credit spreads on derivatives as well as changes in our own credit spreads on unsecured borrowings for which the fair value option was elected .
the estimated sensitivity to a one basis point increase in credit spreads ( counterparty and our own ) on derivatives was a gain of $ 4 million and $ 3 million ( including hedges ) as of december 2013 and december 2012 , respectively .
in addition , the estimated sensitivity to a one basis point increase in our own credit spreads on unsecured borrowings for which the fair value option was elected was a gain of $ 8 million and $ 7 million ( including hedges ) as of december 2013 and december 2012 , respectively .
however , the actual net impact of a change in our own credit spreads is also affected by the liquidity , duration and convexity ( as the sensitivity is not linear to changes in yields ) of those unsecured borrowings for which the fair value option was elected , as well as the relative performance of any hedges undertaken .
interest rate sensitivity .
as of december 2013 and december 2012 , the firm had $ 14.90 billion and $ 6.50 billion , respectively , of loans held for investment which were accounted for at amortized cost and included in 201creceivables from customers and counterparties , 201d substantially all of which had floating interest rates .
as of december 2013 and december 2012 , the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 136 million and $ 62 million , respectively , of additional interest income over a 12-month period , which does not take into account the potential impact of an increase in costs to fund such loans .
see note 8 to the consolidated financial statements for further information about loans held for investment .
goldman sachs 2013 annual report 95


technical and research personnel and lab facilities , and significantly expanded the portfolio of patents available to us via license and through a cooperative development program .
in addition , we have acquired a 20 percent interest in grt , inc .
the gtftm technology is protected by an intellectual property protection program .
the u.s .
has granted 17 patents for the technology , with another 22 pending .
worldwide , there are over 300 patents issued or pending , covering over 100 countries including regional and direct foreign filings .
another innovative technology that we are developing focuses on reducing the processing and transportation costs of natural gas by artificially creating natural gas hydrates , which are more easily transportable than natural gas in its gaseous form .
much like lng , gas hydrates would then be regasified upon delivery to the receiving market .
we have an active pilot program in place to test and further develop a proprietary natural gas hydrates manufacturing system .
the above discussion of the integrated gas segment contains forward-looking statements with respect to the possible expansion of the lng production facility .
factors that could potentially affect the possible expansion of the lng production facility include partner and government approvals , access to sufficient natural gas volumes through exploration or commercial negotiations with other resource owners and access to sufficient regasification capacity .
the foregoing factors ( among others ) could cause actual results to differ materially from those set forth in the forward-looking statements .
refining , marketing and transportation we have refining , marketing and transportation operations concentrated primarily in the midwest , upper great plains , gulf coast and southeast regions of the u.s .
we rank as the fifth largest crude oil refiner in the u.s .
and the largest in the midwest .
our operations include a seven-plant refining network and an integrated terminal and transportation system which supplies wholesale and marathon-brand customers as well as our own retail operations .
our wholly-owned retail marketing subsidiary speedway superamerica llc ( 201cssa 201d ) is the third largest chain of company-owned and -operated retail gasoline and convenience stores in the u.s .
and the largest in the midwest .
refining we own and operate seven refineries with an aggregate refining capacity of 1.188 million barrels per day ( 201cmmbpd 201d ) of crude oil as of december 31 , 2009 .
during 2009 , our refineries processed 957 mbpd of crude oil and 196 mbpd of other charge and blend stocks .
the table below sets forth the location and daily crude oil refining capacity of each of our refineries as of december 31 , 2009 .
crude oil refining capacity ( thousands of barrels per day ) 2009 .

( thousands of barrels per day ) | 2009
-------------------------------- | ----
garyville louisiana              | 436
catlettsburg kentucky            | 212
robinson illinois                | 206
detroit michigan                 | 106
canton ohio                      | 78
texas city texas                 | 76
st . paul park minnesota         | 74
total                            | 1188

our refineries include crude oil atmospheric and vacuum distillation , fluid catalytic cracking , catalytic reforming , desulfurization and sulfur recovery units .
the refineries process a wide variety of crude oils and produce numerous refined products , ranging from transportation fuels , such as reformulated gasolines , blend- grade gasolines intended for blending with fuel ethanol and ultra-low sulfur diesel fuel , to heavy fuel oil and asphalt .
additionally , we manufacture aromatics , cumene , propane , propylene , sulfur and maleic anhydride .
our garyville , louisiana , refinery is located along the mississippi river in southeastern louisiana between new orleans and baton rouge .
the garyville refinery predominantly processes heavy sour crude oil into products


goodwill is reviewed annually during the fourth quarter for impairment .
in addition , the company performs an impairment analysis of other intangible assets based on the occurrence of other factors .
such factors include , but are not limited to , signifi- cant changes in membership , state funding , medical contracts and provider networks and contracts .
an impairment loss is rec- ognized if the carrying value of intangible assets exceeds the implied fair value .
the company did not recognize any impair- ment losses for the periods presented .
medical claims liabilities medical services costs include claims paid , claims reported but not yet paid ( inventory ) , estimates for claims incurred but not yet received ( ibnr ) and estimates for the costs necessary to process unpaid claims .
the estimates of medical claims liabilities are developed using standard actuarial methods based upon historical data for payment patterns , cost trends , product mix , seasonality , utiliza- tion of healthcare services and other relevant factors including product changes .
these estimates are continually reviewed and adjustments , if necessary , are reflected in the period known .
management did not change actuarial methods during the years presented .
management believes the amount of medical claims payable is reasonable and adequate to cover the company 2019s liabil- ity for unpaid claims as of december 31 , 2005 ; however , actual claim payments may differ from established estimates .
revenue recognition the majority of the company 2019s medicaid managed care premi- um revenue is received monthly based on fixed rates per member as determined by state contracts .
some contracts allow for addi- tional premium related to certain supplemental services provided such as maternity deliveries .
revenue is recognized as earned over the covered period of services .
revenues are recorded based on membership and eligibility data provided by the states , which may be adjusted by the states for updates to this membership and eligibility data .
these adjustments are immaterial in relation to total revenue recorded and are reflected in the period known .
premiums collected in advance are recorded as unearned revenue .
the specialty services segment generates revenue under con- tracts with state and local government entities , our health plans and third-party customers .
revenues for services are recognized when the services are provided or as ratably earned over the cov- ered period of services .
for performance-based contracts , the company does not recognize revenue subject to refund until data is sufficient to measure performance .
such amounts are recorded as unearned revenue .
revenues due to the company are recorded as premium and related receivables and recorded net of an allowance for uncol- lectible accounts based on historical trends and management 2019s judgment on the collectibility of these accounts .
activity in the allowance for uncollectible accounts for the years ended december 31 is summarized below: .

                                        | 2005         | 2004         | 2003
--------------------------------------- | ------------ | ------------ | ----------
allowances beginning of year            | $ 462        | $ 607        | $ 219
amounts charged to expense              | 80           | 407          | 472
write-offs of uncollectible receivables | -199 ( 199 ) | -552 ( 552 ) | -84 ( 84 )
allowances end of year                  | $ 343        | $ 462        | $ 607

significant customers centene receives the majority of its revenues under contracts or subcontracts with state medicaid managed care programs .
the contracts , which expire on various dates between june 30 , 2006 and august 31 , 2008 , are expected to be renewed .
contracts with the states of indiana , kansas , texas and wisconsin each accounted for 18% ( 18 % ) , 12% ( 12 % ) , 22% ( 22 % ) and 23% ( 23 % ) , respectively , of the company 2019s revenues for the year ended december 31 , 2005 .
reinsurance centene has purchased reinsurance from third parties to cover eligible healthcare services .
the current reinsurance program covers 90% ( 90 % ) of inpatient healthcare expenses in excess of annual deductibles of $ 300 per member , up to a lifetime maximum of $ 2000 .
centene 2019s medicaid managed care subsidiaries are respon- sible for inpatient charges in excess of an average daily per diem .
reinsurance recoveries were $ 4014 , $ 3730 , and $ 5345 , in 2005 , 2004 , and 2003 , respectively .
reinsurance expenses were approximately $ 4105 , $ 6724 , and $ 6185 in 2005 , 2004 , and 2003 , respectively .
reinsurance recoveries , net of expenses , are included in medical costs .
other income ( expense ) other income ( expense ) consists principally of investment income and interest expense .
investment income is derived from the company 2019s cash , cash equivalents , restricted deposits and investments .
interest expense relates to borrowings under our credit facility , mortgage interest , interest on capital leases and credit facility fees .
income taxes deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases .
deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled .
the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the tax rate change .
valuation allowances are provided when it is considered more likely than not that deferred tax assets will not be realized .
in determining if a deductible temporary difference or net operating loss can be realized , the company considers future reversals of


transaction and commercial issues in many of our businesses .
these skills are a valuable resource as we monitor regulatory and tariff schemes to determine our capital budgeting needs and integrate acquisitions .
the company expects to realize cost reduction and performance improvement benefits in both earnings and cash flows ; however , there can be no assurance that the reductions and improvements will continue and our inability to sustain the reductions and improvements may result in less than expected earnings and cash flows in 2004 and beyond .
asset sales during 2003 , we continued the initiative to sell all or part of certain of the company 2019s subsidiaries .
this initiative was designed to decrease the company 2019s dependence on access to capital markets and improve the strength of our balance sheet by reducing financial leverage and improving liquidity .
the following chart details the asset sales that were closed during 2003 .
sales proceeds project name date completed ( in millions ) location .

project name                                       | date completed | sales proceeds ( in millions ) | location
-------------------------------------------------- | -------------- | ------------------------------ | -------------------
cilcorp/medina valley                              | january 2003   | $ 495                          | united states
aes ecogen/aes mt . stuart                         | january 2003   | $ 59                           | australia
mountainview                                       | march 2003     | $ 30                           | united states
kelvin                                             | march 2003     | $ 29                           | south africa
songas                                             | april 2003     | $ 94                           | tanzania
aes barry limited                                  | july 2003      | a340/$ 62                      | united kingdom
aes haripur private ltd/aes meghnaghat ltd         | december 2003  | $ 145                          | bangladesh
aes mtkvari/aes khrami/aes telasi                  | august 2003    | $ 23                           | republic of georgia
medway power limited/aes medway operations limited | november 2003  | a347/$ 78                      | united kingdom
aes oasis limited                                  | december 2003  | $ 150                          | pakistan/oman

the company continues to evaluate its portfolio and business performance and may decide to dispose of additional businesses in the future .
however given the improvements in our liquidity there will be a lower emphasis placed on asset sales in the future for purposes of improving liquidity and strengthening the balance sheet .
for any sales that happen in the future , there can be no guarantee that the proceeds from such sale transactions will cover the entire investment in the subsidiaries .
depending on which businesses are eventually sold , the entire or partial sale of any business may change the current financial characteristics of the company 2019s portfolio and results of operations .
furthermore future sales may impact the amount of recurring earnings and cash flows the company would expect to achieve .
subsidiary restructuring during 2003 , we completed and initiated restructuring transactions for several of our south american businesses .
the efforts are focused on improving the businesses long-term prospects for generating acceptable returns on invested capital or extending short-term debt maturities .
businesses impacted include eletropaulo , tiete , uruguaiana and sul in brazil and gener in chile .
brazil eletropaulo .
aes has owned an interest in eletropaulo since april 1998 , when the company was privatized .
in february 2002 aes acquired a controlling interest in the business and as a consequence started to consolidate it .
aes financed a significant portion of the acquisition of eletropaulo , including both common and preferred shares , through loans and deferred purchase price financing arrangements provided by the brazilian national development bank 2014 ( 2018 2018bndes 2019 2019 ) , and its wholly-owned subsidiary , bndes participac 0327o 0303es s.a .
( 2018 2018bndespar 2019 2019 ) , to aes 2019s subsidiaries , aes elpa s.a .
( 2018 2018aes elpa 2019 2019 ) and aes transgas empreendimentos , s.a .
( 2018 2018aes transgas 2019 2019 ) .


part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock is listed on the nasdaq global select market under the symbol adi .
information regarding our equity compensation plans and the securities authorized for issuance thereunder is set forth in item 12 of this annual report on form 10-k .
issuer purchases of equity securities the table below summarizes the activity related to stock repurchases for the three months ended november 2 , 2019 .
period total number shares purchased ( 1 ) average price paid per share ( 2 ) total number of shares purchased as part of publicly announced plans or programs ( 3 ) approximate dollar value of shares that may yet be purchased under the plans or programs .

period                                     | total number ofshares purchased ( 1 ) | average price paidper share ( 2 ) | total number of sharespurchased as part ofpublicly announcedplans or programs ( 3 ) | approximate dollarvalue of shares thatmay yet be purchasedunder the plans or programs
------------------------------------------ | ------------------------------------- | --------------------------------- | ----------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------
august 4 2019 through august 31 2019       | 199231                                | $ 109.00                          | 194849                                                                              | $ 2213017633
september 1 2019 through september 28 2019 | 342313                                | $ 113.39                          | 338534                                                                              | $ 2174639499
september 29 2019 through november 2 2019  | 1023202                               | $ 109.32                          | 949531                                                                              | $ 2070927831
total                                      | 1564746                               | $ 110.17                          | 1482914                                                                             | $ 2070927831

_______________________________________ ( 1 ) includes 81832 shares withheld by us from employees to satisfy employee tax obligations upon vesting of restricted stock units/ awards granted to our employees under our equity compensation plans .
( 2 ) the average price paid for shares in connection with vesting of restricted stock units/awards are averages of the closing stock price at the vesting date which is used to calculate the number of shares to be withheld .
( 3 ) shares repurchased pursuant to the stock repurchase program publicly announced on august 12 , 2004 .
on august 21 , 2018 , the board of directors approved an increase to the current authorization for the stock repurchase program by an additional $ 2.0 billion to $ 8.2 billion in the aggregate .
under the repurchase program , we may repurchase outstanding shares of our common stock froff m time to time in the open market and through privately negotiated transactions .
unless terminated earlier by resolution of our board of directors , the repurchase program will expire when we have repurchased all shares authorized for repurchase under the repurchase program .
the number of holders of record of our common stock at november 22 , 2019 was 2059 .
this number does not include shareholders for whom shares are held in a 201cnominee 201d or 201cstreet 201d name .
on november 1 , 2019 , the last reported sales price of our common stock on the nasdaq global select market was $ 109.37 per share.


state street corporation | 52 shareholder return performance presentation the graph presented below compares the cumulative total shareholder return on state street's common stock to the cumulative total return of the s&p 500 index , the s&p financial index and the kbw bank index over a five-year period .
the cumulative total shareholder return assumes the investment of $ 100 in state street common stock and in each index on december 31 , 2012 .
it also assumes reinvestment of common stock dividends .
the s&p financial index is a publicly available , capitalization-weighted index , comprised of 67 of the standard & poor 2019s 500 companies , representing 27 diversified financial services companies , 23 insurance companies , and 17 banking companies .
the kbw bank index is a modified cap-weighted index consisting of 24 exchange-listed stocks , representing national money center banks and leading regional institutions. .

                         | 2012  | 2013  | 2014  | 2015  | 2016  | 2017
------------------------ | ----- | ----- | ----- | ----- | ----- | -----
state street corporation | $ 100 | $ 159 | $ 172 | $ 148 | $ 178 | $ 227
s&p 500 index            | 100   | 132   | 151   | 153   | 171   | 208
s&p financial index      | 100   | 136   | 156   | 154   | 189   | 230
kbw bank index           | 100   | 138   | 151   | 151   | 195   | 231


notes to the consolidated financial statements related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2010 , 2009 and 2008 was $ 1 million , $ ( 16 ) million and $ 30 million , respectively .
19 .
employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s .
employees .
the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations .
for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation .
for those participants whose employment is covered by a collective bargaining agreement , the level of company- matching contribution , if any , is determined by the collective bargaining agreement .
the company-matching contribution was 100% ( 100 % ) for 2008 and for the first two months of 2009 .
the company- matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession .
effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) contributed for most employees eligible for the company-matching contribution feature .
this would have included the bargained employees in accordance with their collective bargaining agreements .
on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) contributed by these eligible employees .
compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2010 , 2009 and 2008 totaled $ 9 million , $ 7 million and $ 42 million , respectively .
a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan .
as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 24 million , $ 28 million and $ 29 million for 2010 , 2009 and 2008 , respectively .
20 .
other earnings ( millions ) 2010 2009 2008 .

( millions )                                                       | 2010  | 2009     | 2008
------------------------------------------------------------------ | ----- | -------- | -----
interest income                                                    | $ 34  | $ 28     | $ 26
royalty income                                                     | 58    | 45       | 52
share of net earnings ( loss ) of equity affiliates ( see note 6 ) | 45    | -5 ( 5 ) | 3
gain on sale of assets                                             | 8     | 36       | 23
other                                                              | 69    | 74       | 61
total                                                              | $ 214 | $ 178    | $ 165

total $ 214 $ 178 $ 165 21 .
stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return .
all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc .
omnibus incentive plan ( 201cppg omnibus plan 201d ) .
shares available for future grants under the ppg omnibus plan were 4.1 million as of december 31 , 2010 .
total stock-based compensation cost was $ 52 million , $ 34 million and $ 33 million in 2010 , 2009 and 2008 , respectively .
the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 18 million , $ 12 million and $ 12 million in 2010 , 2009 and 2008 , respectively .
stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc .
stock plan ( 201cppg stock plan 201d ) and the ppg omnibus plan .
under the ppg omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted .
the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years .
upon exercise of a stock option , shares of company stock are issued from treasury stock .
the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that allows an optionee to exercise options and satisfy the option price by certifying ownership of mature shares of ppg common stock with equivalent market value .
the fair value of stock options issued to employees is measured on the date of grant and is recognized as expense over the requisite service period .
ppg estimates the fair value of stock options using the black-scholes option pricing model .
the risk-free interest rate is determined by using the u.s .
treasury yield curve at the date of the grant and using a maturity equal to the expected life of the option .
the expected life of options is calculated using the average of the vesting term and the maximum term , as prescribed by accounting guidance on the use of the simplified method for determining the expected term of an employee share option .
this method is used as the vesting term of stock options was changed to three years in 2004 and , as a result , the historical exercise data does not provide a reasonable basis upon which to estimate the expected life of options .
the expected dividend yield and volatility are based on historical stock prices and dividend amounts over past time periods equal in length to the expected life of the options .
66 2010 ppg annual report and form 10-k


the following table presents the net periodic pension and opeb cost/ ( benefit ) for the years ended december 31 : millions 2013 2012 2011 2010 .

millions                            | est.2013 | 2012 | 2011     | 2010
----------------------------------- | -------- | ---- | -------- | ----------
net periodic pension cost           | $ 111    | $ 89 | $ 78     | $ 51
net periodic opeb cost/ ( benefit ) | 15       | 13   | -6 ( 6 ) | -14 ( 14 )

our net periodic pension cost is expected to increase to approximately $ 111 million in 2013 from $ 89 million in 2012 .
the increase is driven mainly by a decrease in the discount rate to 3.78% ( 3.78 % ) , our net periodic opeb expense is expected to increase to approximately $ 15 million in 2013 from $ 13 million in 2012 .
the increase in our net periodic opeb cost is primarily driven by a decrease in the discount rate to 3.48% ( 3.48 % ) .
cautionary information certain statements in this report , and statements in other reports or information filed or to be filed with the sec ( as well as information included in oral statements or other written statements made or to be made by us ) , are , or will be , forward-looking statements as defined by the securities act of 1933 and the securities exchange act of 1934 .
these forward-looking statements and information include , without limitation , ( a ) statements in the ceo 2019s letter preceding part i ; statements regarding planned capital expenditures under the caption 201c2013 capital expenditures 201d in item 2 of part i ; statements regarding dividends in item 5 ; and statements and information set forth under the captions 201c2013 outlook 201d and 201cliquidity and capital resources 201d in this item 7 , and ( b ) any other statements or information in this report ( including information incorporated herein by reference ) regarding : expectations as to financial performance , revenue growth and cost savings ; the time by which goals , targets , or objectives will be achieved ; projections , predictions , expectations , estimates , or forecasts as to our business , financial and operational results , future economic performance , and general economic conditions ; expectations as to operational or service performance or improvements ; expectations as to the effectiveness of steps taken or to be taken to improve operations and/or service , including capital expenditures for infrastructure improvements and equipment acquisitions , any strategic business acquisitions , and modifications to our transportation plans ( including statements set forth in item 2 as to expectations related to our planned capital expenditures ) ; expectations as to existing or proposed new products and services ; expectations as to the impact of any new regulatory activities or legislation on our operations or financial results ; estimates of costs relating to environmental remediation and restoration ; estimates and expectations regarding tax matters ; expectations that claims , litigation , environmental costs , commitments , contingent liabilities , labor negotiations or agreements , or other matters will not have a material adverse effect on our consolidated results of operations , financial condition , or liquidity and any other similar expressions concerning matters that are not historical facts .
forward-looking statements may be identified by their use of forward-looking terminology , such as 201cbelieves , 201d 201cexpects , 201d 201cmay , 201d 201cshould , 201d 201cwould , 201d 201cwill , 201d 201cintends , 201d 201cplans , 201d 201cestimates , 201d 201canticipates , 201d 201cprojects 201d and similar words , phrases or expressions .
forward-looking statements should not be read as a guarantee of future performance or results , and will not necessarily be accurate indications of the times that , or by which , such performance or results will be achieved .
forward-looking statements and information are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements and information .
forward-looking statements and information reflect the good faith consideration by management of currently available information , and may be based on underlying assumptions believed to be reasonable under the circumstances .
however , such information and assumptions ( and , therefore , such forward-looking statements and information ) are or may be subject to variables or unknown or unforeseeable events or circumstances over which management has little or no influence or control .
the risk factors in item 1a of this report could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in any forward-looking statements or information .
to the extent circumstances require or we deem it otherwise necessary , we will update or amend these risk factors in a form 10-q , form 8-k or subsequent form 10-k .
all forward-looking statements are qualified by , and should be read in conjunction with , these risk factors .
forward-looking statements speak only as of the date the statement was made .
we assume no obligation to update forward-looking information to reflect actual results , changes in assumptions or changes in other factors affecting forward-looking information .
if we do update one or more forward-looking


note 21 .
expenses during the fourth quarter of 2008 , we elected to provide support to certain investment accounts managed by ssga through the purchase of asset- and mortgage-backed securities and a cash infusion , which resulted in a charge of $ 450 million .
ssga manages certain investment accounts , offered to retirement plans , that allow participants to purchase and redeem units at a constant net asset value regardless of volatility in the underlying value of the assets held by the account .
the accounts enter into contractual arrangements with independent third-party financial institutions that agree to make up any shortfall in the account if all the units are redeemed at the constant net asset value .
the financial institutions have the right , under certain circumstances , to terminate this guarantee with respect to future investments in the account .
during 2008 , the liquidity and pricing issues in the fixed-income markets adversely affected the market value of the securities in these accounts to the point that the third-party guarantors considered terminating their financial guarantees with the accounts .
although we were not statutorily or contractually obligated to do so , we elected to purchase approximately $ 2.49 billion of asset- and mortgage-backed securities from these accounts that had been identified as presenting increased risk in the current market environment and to contribute an aggregate of $ 450 million to the accounts to improve the ratio of the market value of the accounts 2019 portfolio holdings to the book value of the accounts .
we have no ongoing commitment or intent to provide support to these accounts .
the securities are carried in investment securities available for sale in our consolidated statement of condition .
the components of other expenses were as follows for the years ended december 31: .

( in millions )                     | 2008  | 2007  | 2006
----------------------------------- | ----- | ----- | -----
customer indemnification obligation | $ 200 |       |
securities processing               | 187   | $ 79  | $ 37
other                               | 505   | 399   | 281
total other expenses                | $ 892 | $ 478 | $ 318

in september and october 2008 , lehman brothers holdings inc. , or lehman brothers , and certain of its affiliates filed for bankruptcy or other insolvency proceedings .
while we had no unsecured financial exposure to lehman brothers or its affiliates , we indemnified certain customers in connection with these and other collateralized repurchase agreements with lehman brothers entities .
in the then current market environment , the market value of the underlying collateral had declined .
during the third quarter of 2008 , to the extent these declines resulted in collateral value falling below the indemnification obligation , we recorded a reserve to provide for our estimated net exposure .
the reserve , which totaled $ 200 million , was based on the cost of satisfying the indemnification obligation net of the fair value of the collateral , which we purchased during the fourth quarter of 2008 .
the collateral , composed of commercial real estate loans which are discussed in note 5 , is recorded in loans and leases in our consolidated statement of condition.


notes to consolidated financial statements ( continued ) note 1 2014summary of significant accounting policies ( continued ) present value is accreted over the life of the related lease as an operating expense .
all of the company 2019s existing asset retirement obligations are associated with commitments to return property subject to operating leases to original condition upon lease termination .
the following table reconciles changes in the company 2019s asset retirement liabilities for fiscal 2006 and 2005 ( in millions ) : .

asset retirement liability as of september 25 2004 | $ 8.2
-------------------------------------------------- | ------
additional asset retirement obligations recognized | 2.8
accretion recognized                               | 0.7
asset retirement liability as of september 24 2005 | $ 11.7
additional asset retirement obligations recognized | 2.5
accretion recognized                               | 0.5
asset retirement liability as of september 30 2006 | $ 14.7

long-lived assets including goodwill and other acquired intangible assets the company reviews property , plant , and equipment and certain identifiable intangibles , excluding goodwill , for impairment in accordance with sfas no .
144 , accounting for the impairment of long-lived assets and for long-lived assets to be disposed of .
long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable .
recoverability of these assets is measured by comparison of its carrying amount to future undiscounted cash flows the assets are expected to generate .
if property , plant , and equipment and certain identifiable intangibles are considered to be impaired , the impairment to be recognized equals the amount by which the carrying value of the assets exceeds its fair market value .
for the three fiscal years ended september 30 , 2006 , the company had no material impairment of its long-lived assets , except for the impairment of certain assets in connection with the restructuring actions described in note 6 of these notes to consolidated financial statements .
sfas no .
142 , goodwill and other intangible assets requires that goodwill and intangible assets with indefinite useful lives should not be amortized but rather be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that they may be impaired .
the company performs its goodwill impairment tests on or about august 30 of each year .
the company did not recognize any goodwill or intangible asset impairment charges in 2006 , 2005 , or 2004 .
the company established reporting units based on its current reporting structure .
for purposes of testing goodwill for impairment , goodwill has been allocated to these reporting units to the extent it relates to each reporting sfas no .
142 also requires that intangible assets with definite lives be amortized over their estimated useful lives and reviewed for impairment in accordance with sfas no .
144 .
the company is currently amortizing its acquired intangible assets with definite lives over periods ranging from 3 to 10 years .
foreign currency translation the company translates the assets and liabilities of its international non-u.s .
functional currency subsidiaries into u.s .
dollars using exchange rates in effect at the end of each period .
revenue and expenses for these subsidiaries are translated using rates that approximate those in effect during the period .
gains and losses from these translations are credited or charged to foreign currency translation


have access to liquidity by issuing bonds to public or private investors based on our assessment of the current condition of the credit markets .
at december 31 , 2009 , we had a working capital surplus of approximately $ 1.0 billion , which reflects our decision to maintain additional cash reserves to enhance liquidity in response to difficult economic conditions .
at december 31 , 2008 , we had a working capital deficit of approximately $ 100 million .
historically , we have had a working capital deficit , which is common in our industry and does not indicate a lack of liquidity .
we maintain adequate resources and , when necessary , have access to capital to meet any daily and short-term cash requirements , and we have sufficient financial capacity to satisfy our current liabilities .
cash flows millions of dollars 2009 2008 2007 .

millions of dollars                     | 2009           | 2008           | 2007
--------------------------------------- | -------------- | -------------- | --------------
cash provided by operating activities   | $ 3234         | $ 4070         | $ 3277
cash used in investing activities       | -2175 ( 2175 ) | -2764 ( 2764 ) | -2426 ( 2426 )
cash used in financing activities       | -458 ( 458 )   | -935 ( 935 )   | -800 ( 800 )
net change in cash and cash equivalents | $ 601          | $ 371          | $ 51

operating activities lower net income in 2009 , a reduction of $ 184 million in the outstanding balance of our accounts receivable securitization program , higher pension contributions of $ 72 million , and changes to working capital combined to decrease cash provided by operating activities compared to 2008 .
higher net income and changes in working capital combined to increase cash provided by operating activities in 2008 compared to 2007 .
in addition , accelerated tax deductions enacted in 2008 on certain new operating assets resulted in lower income tax payments in 2008 versus 2007 .
voluntary pension contributions in 2008 totaling $ 200 million and other pension contributions of $ 8 million partially offset the year-over-year increase versus 2007 .
investing activities lower capital investments and higher proceeds from asset sales drove the decrease in cash used in investing activities in 2009 versus 2008 .
increased capital investments and lower proceeds from asset sales drove the increase in cash used in investing activities in 2008 compared to 2007.


entergy texas , inc .
and subsidiaries management 2019s financial discussion and analysis plan to spin off the utility 2019s transmission business see the 201cplan to spin off the utility 2019s transmission business 201d section of entergy corporation and subsidiaries management 2019s financial discussion and analysis for a discussion of this matter , including the planned retirement of debt and preferred securities .
results of operations net income 2011 compared to 2010 net income increased by $ 14.6 million primarily due to higher net revenue , partially offset by higher taxes other than income taxes , higher other operation and maintenance expenses , and higher depreciation and amortization expenses .
2010 compared to 2009 net income increased by $ 2.4 million primarily due to higher net revenue and lower interest expense , partially offset by lower other income , higher taxes other than income taxes , and higher other operation and maintenance expenses .
net revenue 2011 compared to 2010 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .
following is an analysis of the change in net revenue comparing 2011 to 2010 .
amount ( in millions ) .

                         | amount ( in millions )
------------------------ | ----------------------
2010 net revenue         | $ 540.2
retail electric price    | 36.0
volume/weather           | 21.3
purchased power capacity | -24.6 ( 24.6 )
other                    | 4.9
2011 net revenue         | $ 577.8

the retail electric price variance is primarily due to rate actions , including an annual base rate increase of $ 59 million beginning august 2010 , with an additional increase of $ 9 million beginning may 2011 , as a result of the settlement of the december 2009 rate case .
see note 2 to the financial statements for further discussion of the rate case settlement .
the volume/weather variance is primarily due to an increase of 721 gwh , or 4.5% ( 4.5 % ) , in billed electricity usage , including the effect of more favorable weather on residential and commercial sales compared to last year .
usage in the industrial sector increased 8.2% ( 8.2 % ) primarily in the chemicals and refining industries .
the purchased power capacity variance is primarily due to price increases for ongoing purchased power capacity and additional capacity purchases.


edwards lifesciences corporation notes to consolidated financial statements ( continued ) 12 .
common stock ( continued ) the company also maintains the nonemployee directors stock incentive compensation program ( the 2018 2018nonemployee directors program 2019 2019 ) .
under the nonemployee directors program , each nonemployee director may receive annually up to 10000 stock options or 4000 restricted stock units of the company 2019s common stock , or a combination thereof , provided that in no event may the total value of the combined annual award exceed $ 0.2 million .
additionally , each nonemployee director may elect to receive all or a portion of the annual cash retainer to which the director is otherwise entitled through the issuance of stock options or restricted stock units .
each option and restricted stock unit award granted in 2011 or prior generally vests in three equal annual installments .
each option and restricted stock unit award granted after 2011 generally vests after one year .
upon a director 2019s initial election to the board , the director receives an initial grant of restricted stock units equal to a fair market value on grant date of $ 0.2 million , not to exceed 10000 shares .
these grants vest over three years from the date of grant .
under the nonemployee directors program , an aggregate of 1.4 million shares of the company 2019s common stock has been authorized for issuance .
the company has an employee stock purchase plan for united states employees and a plan for international employees ( collectively 2018 2018espp 2019 2019 ) .
under the espp , eligible employees may purchase shares of the company 2019s common stock at 85% ( 85 % ) of the lower of the fair market value of edwards lifesciences common stock on the effective date of subscription or the date of purchase .
under the espp , employees can authorize the company to withhold up to 12% ( 12 % ) of their compensation for common stock purchases , subject to certain limitations .
the espp is available to all active employees of the company paid from the united states payroll and to eligible employees of the company outside the united states to the extent permitted by local law .
the espp for united states employees is qualified under section 423 of the internal revenue code .
the number of shares of common stock authorized for issuance under the espp was 6.6 million shares .
the fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the black-scholes option valuation model that uses the assumptions noted in the following tables .
the risk-free interest rate is estimated using the u.s .
treasury yield curve and is based on the expected term of the award .
expected volatility is estimated based on a blend of the weighted-average of the historical volatility of edwards 2019 stock and the implied volatility from traded options on edwards 2019 stock .
the expected term of awards granted is estimated from the vesting period of the award , as well as historical exercise behavior , and represents the period of time that awards granted are expected to be outstanding .
the company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 5.1% ( 5.1 % ) .
the black-scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods : option awards .

                                | 2013           | 2012           | 2011
------------------------------- | -------------- | -------------- | --------------
average risk-free interest rate | 0.8% ( 0.8 % ) | 0.7% ( 0.7 % ) | 1.7% ( 1.7 % )
expected dividend yield         | none           | none           | none
expected volatility             | 31% ( 31 % )   | 31% ( 31 % )   | 27% ( 27 % )
expected life ( years )         | 4.6            | 4.6            | 4.5
fair value per share            | $ 19.47        | $ 23.93        | $ 22.78


system energy resources , inc .
management 2019s financial discussion and analysis sources of capital system energy 2019s sources to meet its capital requirements include : internally generated funds ; cash on hand ; debt issuances ; and bank financing under new or existing facilities .
system energy may refinance , redeem , or otherwise retire debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable .
all debt and common stock issuances by system energy require prior regulatory approval .
debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements .
system energy has sufficient capacity under these tests to meet its foreseeable capital needs .
in february 2012 , system energy vie issued $ 50 million of 4.02% ( 4.02 % ) series h notes due february 2017 .
system energy used the proceeds to purchase additional nuclear fuel .
system energy has obtained a short-term borrowing authorization from the ferc under which it may borrow , through october 2013 , up to the aggregate amount , at any one time outstanding , of $ 200 million .
see note 4 to the financial statements for further discussion of system energy 2019s short-term borrowing limits .
system energy has also obtained an order from the ferc authorizing long-term securities issuances .
the current long-term authorization extends through july 2013 .
system energy 2019s receivables from the money pool were as follows as of december 31 for each of the following years: .

2011             | 2010             | 2009             | 2008
---------------- | ---------------- | ---------------- | ----------------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
$ 120424         | $ 97948          | $ 90507          | $ 42915

see note 4 to the financial statements for a description of the money pool .
nuclear matters system energy owns and operates grand gulf .
system energy is , therefore , subject to the risks related to owning and operating a nuclear plant .
these include risks from the use , storage , handling and disposal of high- level and low-level radioactive materials , regulatory requirement changes , including changes resulting from events at other plants , limitations on the amounts and types of insurance commercially available for losses in connection with nuclear operations , and technological and financial uncertainties related to decommissioning nuclear plants at the end of their licensed lives , including the sufficiency of funds in decommissioning trusts .
in the event of an unanticipated early shutdown of grand gulf , system energy may be required to provide additional funds or credit support to satisfy regulatory requirements for decommissioning .
after the nuclear incident in japan resulting from the march 2011 earthquake and tsunami , the nrc established a task force to conduct a review of processes and regulations relating to nuclear facilities in the united states .
the task force issued a near term ( 90-day ) report in july 2011 that has made recommendations , which are currently being evaluated by the nrc .
it is anticipated that the nrc will issue certain orders and requests for information to nuclear plant licensees by the end of the first quarter 2012 that will begin to implement the task force 2019s recommendations .
these orders may require u.s .
nuclear operators , including entergy , to undertake plant modifications or perform additional analyses that could , among other things , result in increased costs and capital requirements associated with operating entergy 2019s nuclear plants.


management 2019s discussion and analysis of financial condition and results of operations in 2008 , sales to the segment 2019s top five customers represented approximately 45% ( 45 % ) of the segment 2019s net sales .
the segment 2019s backlog was $ 2.3 billion at december 31 , 2008 , compared to $ 2.6 billion at december 31 , 2007 .
in 2008 , our digital video customers significantly increased their purchases of the segment 2019s products and services , primarily due to increased demand for digital entertainment devices , particularly ip and hd/dvr devices .
in february 2008 , the segment acquired the assets related to digital cable set-top products of zhejiang dahua digital technology co. , ltd and hangzhou image silicon ( known collectively as dahua digital ) , a developer , manufacturer and marketer of cable set-tops and related low-cost integrated circuits for the emerging chinese cable business .
the acquisition helped the segment strengthen its position in the rapidly growing cable market in china .
enterprise mobility solutions segment the enterprise mobility solutions segment designs , manufactures , sells , installs and services analog and digital two-way radios , wireless lan and security products , voice and data communications products and systems for private networks , wireless broadband systems and end-to-end enterprise mobility solutions to a wide range of customers , including government and public safety agencies ( which , together with all sales to distributors of two-way communication products , are referred to as the 2018 2018government and public safety market 2019 2019 ) , as well as retail , energy and utilities , transportation , manufacturing , healthcare and other commercial customers ( which , collectively , are referred to as the 2018 2018commercial enterprise market 2019 2019 ) .
in 2009 , the segment 2019s net sales represented 32% ( 32 % ) of the company 2019s consolidated net sales , compared to 27% ( 27 % ) in 2008 and 21% ( 21 % ) in 2007 .
years ended december 31 percent change ( dollars in millions ) 2009 2008 2007 2009 20142008 2008 20142007 .

( dollars in millions ) | years ended december 31 2009 | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2009 20142008 | 2008 20142007
----------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ------------------------------------- | -------------
segment net sales       | $ 7008                       | $ 8093                       | $ 7729                       | ( 13 ) % (  % )                       | 5% ( 5 % )
operating earnings      | 1057                         | 1496                         | 1213                         | ( 29 ) % (  % )                       | 23% ( 23 % )

segment results 20142009 compared to 2008 in 2009 , the segment 2019s net sales were $ 7.0 billion , a decrease of 13% ( 13 % ) compared to net sales of $ 8.1 billion in 2008 .
the 13% ( 13 % ) decrease in net sales reflects a 21% ( 21 % ) decrease in net sales to the commercial enterprise market and a 10% ( 10 % ) decrease in net sales to the government and public safety market .
the decrease in net sales to the commercial enterprise market reflects decreased net sales in all regions .
the decrease in net sales to the government and public safety market was primarily driven by decreased net sales in emea , north america and latin america , partially offset by higher net sales in asia .
the segment 2019s overall net sales were lower in north america , emea and latin america and higher in asia the segment had operating earnings of $ 1.1 billion in 2009 , a decrease of 29% ( 29 % ) compared to operating earnings of $ 1.5 billion in 2008 .
the decrease in operating earnings was primarily due to a decrease in gross margin , driven by the 13% ( 13 % ) decrease in net sales and an unfavorable product mix .
also contributing to the decrease in operating earnings was an increase in reorganization of business charges , relating primarily to higher employee severance costs .
these factors were partially offset by decreased sg&a expenses and r&d expenditures , primarily related to savings from cost-reduction initiatives .
as a percentage of net sales in 2009 as compared 2008 , gross margin decreased and r&d expenditures and sg&a expenses increased .
net sales in north america continued to comprise a significant portion of the segment 2019s business , accounting for approximately 58% ( 58 % ) of the segment 2019s net sales in 2009 , compared to approximately 57% ( 57 % ) in 2008 .
the regional shift in 2009 as compared to 2008 reflects a 16% ( 16 % ) decline in net sales outside of north america and a 12% ( 12 % ) decline in net sales in north america .
the segment 2019s backlog was $ 2.4 billion at both december 31 , 2009 and december 31 , 2008 .
in our government and public safety market , we see a continued emphasis on mission-critical communication and homeland security solutions .
in 2009 , we led market innovation through the continued success of our mototrbo line and the delivery of the apx fffd family of products .
while spending by end customers in the segment 2019s government and public safety market is affected by government budgets at the national , state and local levels , we continue to see demand for large-scale mission critical communications systems .
in 2009 , we had significant wins across the globe , including several city and statewide communications systems in the united states , and continued success winning competitive projects with our tetra systems in europe , the middle east


m .
employee retirement plans 2013 ( continued ) of equities and fixed-income investments , and would be less liquid than financial instruments that trade on public markets .
potential events or circumstances that could have a negative effect on estimated fair value include the risks of inadequate diversification and other operating risks .
to mitigate these risks , investments are diversified across and within asset classes in support of investment objectives .
policies and practices to address operating risks include ongoing manager oversight , plan and asset class investment guidelines and instructions that are communicated to managers , and periodic compliance and audit reviews to ensure adherence to these policies .
in addition , the company periodically seeks the input of its independent advisor to ensure the investment policy is appropriate .
the company sponsors certain post-retirement benefit plans that provide medical , dental and life insurance coverage for eligible retirees and dependents in the united states based upon age and length of service .
the aggregate present value of the unfunded accumulated post-retirement benefit obligation was $ 13 million at both december 31 , 2010 and 2009 .
cash flows at december 31 , 2010 , the company expected to contribute approximately $ 30 million to $ 35 million to its qualified defined-benefit pension plans to meet erisa requirements in 2011 .
the company also expected to pay benefits of $ 3 million and $ 10 million to participants of its unfunded foreign and non-qualified ( domestic ) defined-benefit pension plans , respectively , in 2011 .
at december 31 , 2010 , the benefits expected to be paid in each of the next five years , and in aggregate for the five years thereafter , relating to the company 2019s defined-benefit pension plans , were as follows , in millions : qualified non-qualified .

          | qualified plans | non-qualified plans
--------- | --------------- | -------------------
2011      | $ 38            | $ 10
2012      | $ 40            | $ 11
2013      | $ 41            | $ 11
2014      | $ 41            | $ 12
2015      | $ 43            | $ 12
2016-2020 | $ 235           | $ 59

n .
shareholders 2019 equity in july 2007 , the company 2019s board of directors authorized the repurchase for retirement of up to 50 million shares of the company 2019s common stock in open-market transactions or otherwise .
at december 31 , 2010 , the company had remaining authorization to repurchase up to 27 million shares .
during 2010 , the company repurchased and retired three million shares of company common stock , for cash aggregating $ 45 million to offset the dilutive impact of the 2010 grant of three million shares of long-term stock awards .
the company repurchased and retired two million common shares in 2009 and nine million common shares in 2008 for cash aggregating $ 11 million and $ 160 million in 2009 and 2008 , respectively .
on the basis of amounts paid ( declared ) , cash dividends per common share were $ .30 ( $ .30 ) in 2010 , $ .46 ( $ .30 ) in 2009 and $ .925 ( $ .93 ) in 2008 , respectively .
in 2009 , the company decreased its quarterly cash dividend to $ .075 per common share from $ .235 per common share .
masco corporation notes to consolidated financial statements 2014 ( continued )


part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our class a common stock trades on the new york stock exchange under the symbol 201cma 201d .
at february 8 , 2019 , we had 73 stockholders of record for our class a common stock .
we believe that the number of beneficial owners is substantially greater than the number of record holders because a large portion of our class a common stock is held in 201cstreet name 201d by brokers .
there is currently no established public trading market for our class b common stock .
there were approximately 287 holders of record of our non-voting class b common stock as of february 8 , 2019 , constituting approximately 1.1% ( 1.1 % ) of our total outstanding equity .
stock performance graph the graph and table below compare the cumulative total stockholder return of mastercard 2019s class a common stock , the s&p 500 financials and the s&p 500 index for the five-year period ended december 31 , 2018 .
the graph assumes a $ 100 investment in our class a common stock and both of the indices and the reinvestment of dividends .
mastercard 2019s class b common stock is not publicly traded or listed on any exchange or dealer quotation system .
total returns to stockholders for each of the years presented were as follows : indexed returns base period for the years ended december 31 .

company/index      | base period 2013 | base period 2014 | base period 2015 | base period 2016 | base period 2017 | 2018
------------------ | ---------------- | ---------------- | ---------------- | ---------------- | ---------------- | --------
mastercard         | $ 100.00         | $ 103.73         | $ 118.05         | $ 126.20         | $ 186.37         | $ 233.56
s&p 500 financials | 100.00           | 115.20           | 113.44           | 139.31           | 170.21           | 148.03
s&p 500 index      | 100.00           | 113.69           | 115.26           | 129.05           | 157.22           | 150.33


notes to consolidated financial statements 2014 ( continued ) fiscal years ended may 27 , 2007 , may 28 , 2006 , and may 29 , 2005 columnar amounts in millions except per share amounts due to the purchase price of the cattle feeding business being entirely financed by the company , the legal divestiture of the cattle feeding operation was not recognized as a divestiture for accounting purposes , and the assets , liabilities and results of operations of the cattle feeding business were reflected in continuing operations in the company 2019s financial statements prior to october 15 , 2004 .
on september 24 , 2004 , the company reached an agreement with affiliates of swift foods by which the company took control and ownership of approximately $ 300 million of the net assets of the cattle feeding business , including feedlots and live cattle .
on october 15 , 2004 , the company sold the feedlots to smithfield foods for approximately $ 70 million .
these transactions resulted in a gain of approximately $ 19 million ( net of taxes of $ 11.6 million ) .
the company retained live cattle inventory and related derivative instruments and liquidated those assets in an orderly manner over the succeeding several months .
beginning september 24 , 2004 , the assets , liabilities and results of operations , including the gain on sale , of the cattle feeding business are classified as discontinued operations .
culturelle business during the first quarter of fiscal 2007 , the company completed its divestiture of its nutritional supplement business for proceeds of approximately $ 8.2 million , resulting in a pre-tax gain of approximately $ 6.2 million ( $ 3.5 million after tax ) .
the company reflects this gain within discontinued operations .
the results of the aforementioned businesses which have been divested are included within discontinued operations .
the summary comparative financial results of discontinued operations were as follows: .

                                                                      | 2007           | 2006             | 2005
--------------------------------------------------------------------- | -------------- | ---------------- | --------------
net sales                                                             | $ 727.6        | $ 2690.0         | $ 4131.7
long-lived asset impairment charge                                    | -21.1 ( 21.1 ) | -240.9 ( 240.9 ) | -59.4 ( 59.4 )
income from operations of discontinued operations before income taxes | 92.5           | 179.7            | 157.7
net gain from disposal of businesses                                  | 64.3           | 115.5            | 26.3
income before income taxes                                            | 135.7          | 54.3             | 124.6
income tax expense                                                    | -54.9 ( 54.9 ) | -109.8 ( 109.8 ) | -41.8 ( 41.8 )
income ( loss ) from discontinued operations net of tax               | $ 80.8         | $ -55.5 ( 55.5 ) | $ 82.8

the effective tax rate for discontinued operations is significantly higher than the statutory rate due to the nondeductibility of certain goodwill of divested businesses .
other assets held for sale during the third quarter of fiscal 2006 , the company initiated a plan to dispose of a refrigerated pizza business with annual revenues of less than $ 70 million .
during the second quarter of fiscal 2007 , the company disposed of this business for proceeds of approximately $ 22.0 million , resulting in no significant gain or loss .
due to the company 2019s expected significant continuing cash flows associated with this business , the results of operations of this business are included in continuing operations for all periods presented .
the assets and liabilities of this business are classified as assets and liabilities held for sale in the consolidated balance sheets for all periods prior to the sale .
during the second quarter of fiscal 2007 , the company completed the disposal of an oat milling business for proceeds of approximately $ 35.8 million , after final working capital adjustments made during the third quarter


the goldman sachs group , inc .
and subsidiaries management 2019s discussion and analysis scenario analyses .
we conduct various scenario analyses including as part of the comprehensive capital analysis and review ( ccar ) and dodd-frank act stress tests ( dfast ) , as well as our resolution and recovery planning .
see 201cequity capital management and regulatory capital 2014 equity capital management 201d below for further information .
these scenarios cover short-term and long- term time horizons using various macroeconomic and firm- specific assumptions , based on a range of economic scenarios .
we use these analyses to assist us in developing our longer-term balance sheet management strategy , including the level and composition of assets , funding and equity capital .
additionally , these analyses help us develop approaches for maintaining appropriate funding , liquidity and capital across a variety of situations , including a severely stressed environment .
balance sheet allocation in addition to preparing our consolidated statements of financial condition in accordance with u.s .
gaap , we prepare a balance sheet that generally allocates assets to our businesses , which is a non-gaap presentation and may not be comparable to similar non-gaap presentations used by other companies .
we believe that presenting our assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with the firm 2019s assets and better enables investors to assess the liquidity of the firm 2019s assets .
the table below presents our balance sheet allocation. .

$ in millions                      | as of december 2015 | as of december 2014
---------------------------------- | ------------------- | -------------------
global core liquid assets ( gcla ) | $ 199120            | $ 182947
other cash                         | 9180                | 7805
gcla and cash                      | 208300              | 190752
secured client financing           | 221325              | 210641
inventory                          | 208836              | 230667
secured financing agreements       | 63495               | 74767
receivables                        | 39976               | 47317
institutional client services      | 312307              | 352751
public equity                      | 3991                | 4041
private equity                     | 16985               | 17979
debt1                              | 23216               | 24768
loans receivable2                  | 45407               | 28938
other                              | 4646                | 3771
investing & lending                | 94245               | 79497
total inventory and related assets | 406552              | 432248
other assets                       | 25218               | 22201
total assets                       | $ 861395            | $ 855842

1 .
includes $ 17.29 billion and $ 18.24 billion as of december 2015 and december 2014 , respectively , of direct loans primarily extended to corporate and private wealth management clients that are accounted for at fair value .
2 .
see note 9 to the consolidated financial statements for further information about loans receivable .
the following is a description of the captions in the table above : 2030 global core liquid assets and cash .
we maintain liquidity to meet a broad range of potential cash outflows and collateral needs in a stressed environment .
see 201cliquidity risk management 201d below for details on the composition and sizing of our 201cglobal core liquid assets 201d ( gcla ) .
in addition to our gcla , we maintain other operating cash balances , primarily for use in specific currencies , entities , or jurisdictions where we do not have immediate access to parent company liquidity .
2030 secured client financing .
we provide collateralized financing for client positions , including margin loans secured by client collateral , securities borrowed , and resale agreements primarily collateralized by government obligations .
as a result of client activities , we are required to segregate cash and securities to satisfy regulatory requirements .
our secured client financing arrangements , which are generally short-term , are accounted for at fair value or at amounts that approximate fair value , and include daily margin requirements to mitigate counterparty credit risk .
2030 institutional client services .
in institutional client services , we maintain inventory positions to facilitate market making in fixed income , equity , currency and commodity products .
additionally , as part of market- making activities , we enter into resale or securities borrowing arrangements to obtain securities which we can use to cover transactions in which we or our clients have sold securities that have not yet been purchased .
the receivables in institutional client services primarily relate to securities transactions .
2030 investing & lending .
in investing & lending , we make investments and originate loans to provide financing to clients .
these investments and loans are typically longer- term in nature .
we make investments , directly and indirectly through funds and separate accounts that we manage , in debt securities , loans , public and private equity securities , real estate entities and other investments .
2030 other assets .
other assets are generally less liquid , non- financial assets , including property , leasehold improvements and equipment , goodwill and identifiable intangible assets , income tax-related receivables , equity- method investments , assets classified as held for sale and miscellaneous receivables .
68 goldman sachs 2015 form 10-k


part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities .
the company 2019s common stock is listed on the new york stock exchange .
prior to the separation of alcoa corporation from the company , the company 2019s common stock traded under the symbol 201caa . 201d in connection with the separation , on november 1 , 2016 , the company changed its stock symbol and its common stock began trading under the symbol 201carnc . 201d on october 5 , 2016 , the company 2019s common shareholders approved a 1-for-3 reverse stock split of the company 2019s outstanding and authorized shares of common stock ( the 201creverse stock split 201d ) .
as a result of the reverse stock split , every three shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock , without any change in the par value per share .
the reverse stock split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares , and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares .
the company 2019s common stock began trading on a reverse stock split-adjusted basis on october 6 , 2016 .
on november 1 , 2016 , the company completed the separation of its business into two independent , publicly traded companies : the company and alcoa corporation .
the separation was effected by means of a pro rata distribution by the company of 80.1% ( 80.1 % ) of the outstanding shares of alcoa corporation common stock to the company 2019s shareholders .
the company 2019s shareholders of record as of the close of business on october 20 , 2016 ( the 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of the company 2019s common stock held as of the record date .
the company retained 19.9% ( 19.9 % ) of the outstanding common stock of alcoa corporation immediately following the separation .
see disposition of retained shares in note c to the consolidated financial statements in part ii item 8 of this form 10-k .
the following table sets forth , for the periods indicated , the high and low sales prices and quarterly dividend amounts per share of the company 2019s common stock as reported on the new york stock exchange , adjusted to take into account the reverse stock split effected on october 6 , 2016 .
the prices listed below for those dates prior to november 1 , 2016 reflect stock trading prices of alcoa inc .
prior to the separation of alcoa corporation from the company on november 1 , 2016 , and therefore are not comparable to the company 2019s post-separation prices. .

quarter                                           | 2017 high | 2017 low | 2017 dividend | 2017 high | 2017 low | dividend
------------------------------------------------- | --------- | -------- | ------------- | --------- | -------- | --------
first                                             | $ 30.69   | $ 18.64  | $ 0.06        | $ 30.66   | $ 18.42  | $ 0.09
second                                            | 28.65     | 21.76    | 0.06          | 34.50     | 26.34    | 0.09
third                                             | 26.84     | 22.67    | 0.06          | 32.91     | 27.09    | 0.09
fourth ( separation occurred on november 1 2016 ) | 27.85     | 22.74    | 0.06          | 32.10     | 16.75    | 0.09
year                                              | $ 30.69   | $ 18.64  | $ 0.24        | $ 34.50   | $ 16.75  | $ 0.36

the number of holders of record of common stock was approximately 12271 as of february 16 , 2018.