to , rather than as a substitute for , cash provided by operating activities .
the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : .

millions                              | 2015           | 2014           | 2013
------------------------------------- | -------------- | -------------- | --------------
cash provided by operating activities | $ 7344         | $ 7385         | $ 6823
cash used in investing activities     | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 )
dividends paid                        | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 )
free cash flow                        | $ 524          | $ 1504         | $ 2085

2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve .
we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments .
we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety .
we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network .
f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability .
f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment .
we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .
domestic demand , refining capacity , geopolitical events , weather conditions and other factors .
as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months .
continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport .
alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments .
f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars .
the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .
( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels .
we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions .
the strong u.s .
dollar and historic low commodity prices could also drive continued volatility .
one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities .
in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise .
over the longer term , we expect the overall u.s .
economy to continue to improve at a modest pace , with some markets outperforming others.


management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) liquidity and capital resources cash flow overview the following tables summarize key financial data relating to our liquidity , capital resources and uses of capital. .

cash flow data                                                                           | years ended december 31 , 2015 | years ended december 31 , 2014 | years ended december 31 , 2013
---------------------------------------------------------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------
net income adjusted to reconcile net income to net cashprovided by operating activities1 | $ 848.2                        | $ 831.2                        | $ 598.4
net cash used in working capital2                                                        | -117.5 ( 117.5 )               | -131.1 ( 131.1 )               | -9.6 ( 9.6 )
changes in other non-current assets and liabilities using cash                           | -56.7 ( 56.7 )                 | -30.6 ( 30.6 )                 | 4.1
net cash provided by operating activities                                                | $ 674.0                        | $ 669.5                        | $ 592.9
net cash used in investing activities                                                    | -202.8 ( 202.8 )               | -200.8 ( 200.8 )               | -224.5 ( 224.5 )
net cash used in financing activities                                                    | -472.8 ( 472.8 )               | -343.9 ( 343.9 )               | -1212.3 ( 1212.3 )

1 reflects net income adjusted primarily for depreciation and amortization of fixed assets and intangible assets , amortization of restricted stock and other non-cash compensation , non-cash ( gain ) loss related to early extinguishment of debt , losses on sales of businesses and deferred income taxes .
2 reflects changes in accounts receivable , expenditures billable to clients , other current assets , accounts payable and accrued liabilities .
operating activities net cash provided by operating activities during 2015 was $ 674.0 , which was an improvement of $ 4.5 as compared to 2014 , primarily as a result of an improvement in working capital usage of $ 13.6 .
due to the seasonality of our business , we typically generate cash from working capital in the second half of a year and use cash from working capital in the first half of a year , with the largest impacts in the first and fourth quarters .
our net working capital usage in 2015 was primarily attributable to our media businesses .
net cash provided by operating activities during 2014 was $ 669.5 , which was an improvement of $ 76.6 as compared to 2013 , primarily as a result of an increase in net income , offset by an increase in working capital usage of $ 121.5 .
our net working capital usage in 2014 was impacted by our media businesses .
the timing of media buying on behalf of our clients affects our working capital and operating cash flow .
in most of our businesses , our agencies enter into commitments to pay production and media costs on behalf of clients .
to the extent possible , we pay production and media charges after we have received funds from our clients .
the amounts involved substantially exceed our revenues and primarily affect the level of accounts receivable , expenditures billable to clients , accounts payable and accrued liabilities .
our assets include both cash received and accounts receivable from clients for these pass-through arrangements , while our liabilities include amounts owed on behalf of clients to media and production suppliers .
our accrued liabilities are also affected by the timing of certain other payments .
for example , while annual cash incentive awards are accrued throughout the year , they are generally paid during the first quarter of the subsequent year .
investing activities net cash used in investing activities during 2015 primarily related to payments for capital expenditures of $ 161.1 , largely attributable to purchases of leasehold improvements and computer hardware .
net cash used in investing activities during 2014 primarily related to payments for capital expenditures and acquisitions .
capital expenditures of $ 148.7 related primarily to computer hardware and software and leasehold improvements .
we made payments of $ 67.8 related to acquisitions completed during 2014 , net of cash acquired.


condition are valued using a monte carlo model .
expected volatility is based on historical volatilities of traded common stock of the company and comparative companies using daily stock prices over the past three years .
the expected term is three years and the risk-free interest rate is based on the three-year u.s .
treasury rate in effect as of the measurement date .
the following table provides the weighted average assumptions used in the monte carlo simulation and the weighted average grant date fair values of psus granted for the years ended december 31: .

                                | 2018               | 2017               | 2016
------------------------------- | ------------------ | ------------------ | ------------------
expected volatility             | 17.23% ( 17.23 % ) | 17.40% ( 17.40 % ) | 15.90% ( 15.90 % )
risk-free interest rate         | 2.36% ( 2.36 % )   | 1.53% ( 1.53 % )   | 0.91% ( 0.91 % )
expected life ( years )         | 3.0                | 3.0                | 3.0
grant date fair value per share | $ 73.62            | $ 72.81            | $ 77.16

the grant date fair value of psus that vest ratably and have market and/or performance conditions are amortized through expense over the requisite service period using the graded-vesting method .
if dividends are paid with respect to shares of the company 2019s common stock before the rsus and psus are distributed , the company credits a liability for the value of the dividends that would have been paid if the rsus and psus were shares of company common stock .
when the rsus and psus are distributed , the company pays the participant a lump sum cash payment equal to the value of the dividend equivalents accrued .
the company accrued dividend equivalents totaling $ 1 million , less than $ 1 million and $ 1 million to accumulated deficit in the accompanying consolidated statements of changes in shareholders 2019 equity for the years ended december 31 , 2018 , 2017 and 2016 , respectively .
employee stock purchase plan the company maintains a nonqualified employee stock purchase plan ( the 201cespp 201d ) through which employee participants may use payroll deductions to acquire company common stock at a discount .
prior to february 5 , 2019 , the purchase price of common stock acquired under the espp was the lesser of 90% ( 90 % ) of the fair market value of the common stock at either the beginning or the end of a three -month purchase period .
on july 27 , 2018 , the espp was amended , effective february 5 , 2019 , to permit employee participants to acquire company common stock at 85% ( 85 % ) of the fair market value of the common stock at the end of the purchase period .
as of december 31 , 2018 , there were 1.9 million shares of common stock reserved for issuance under the espp .
the espp is considered compensatory .
during the years ended december 31 , 2018 , 2017 and 2016 , the company issued 95 thousand , 93 thousand and 93 thousand shares , respectively , under the espp.


item 2 .
properties .
we conduct our primary operations at the owned and leased facilities described below .
location operations conducted approximate square feet expiration new haven , connecticut corporate headquarters and executive , sales , research and development offices 514000 .

location                | operations conducted                                                        | approximatesquare feet | leaseexpirationdates
----------------------- | --------------------------------------------------------------------------- | ---------------------- | --------------------
new haven connecticut   | corporate headquarters and executive sales research and development offices | 514000                 | 2030
dublin ireland          | global supply chain distribution and administration offices                 | 215000                 | owned
lexington massachusetts | research and development offices                                            | 81000                  | 2019
bogart georgia          | commercial research and development manufacturing                           | 70000                  | 2024
smithfield rhode island | commercial research and development manufacturing                           | 67000                  | owned
zurich switzerland      | regional executive and sales offices                                        | 69000                  | 2025

we believe that our administrative office space is adequate to meet our needs for the foreseeable future .
we also believe that our research and development facilities and our manufacturing facility , together with third party manufacturing facilities , will be adequate for our on-going activities .
in addition to the locations above , we also lease space in other u.s .
locations and in foreign countries to support our operations as a global organization .
as of december 31 , 2015 , we also leased approximately 254000 square feet in cheshire , connecticut , which was the previous location of our corporate headquarters and executive , sales , research and development offices .
in december 2015 , we entered into an early termination of this lease and will occupy this space through may 2016 .
in april 2014 , we purchased a fill/finish facility in athlone , ireland .
following refurbishment of the facility , and after successful completion of the appropriate validation processes and regulatory approvals , the facility will become our first company-owned fill/finish and packaging facility for our commercial and clinical products .
in may 2015 , we announced plans to construct a new biologics manufacturing facility on our existing property in dublin ireland , which is expected to be completed by 2020 .
item 3 .
legal proceedings .
in may 2015 , we received a subpoena in connection with an investigation by the enforcement division of the sec requesting information related to our grant-making activities and compliance with the fcpa in various countries .
the sec also seeks information related to alexion 2019s recalls of specific lots of soliris and related securities disclosures .
in addition , in october 2015 , alexion received a request from the doj for the voluntary production of documents and other information pertaining to alexion's compliance with the fcpa .
alexion is cooperating with these investigations .
at this time , alexion is unable to predict the duration , scope or outcome of these investigations .
given the ongoing nature of these investigations , management does not currently believe a loss related to these matters is probable or that the potential magnitude of such loss or range of loss , if any , can be reasonably estimated .
item 4 .
mine safety disclosures .
not applicable.


the discount rate used to measure pension obligations is determined by comparing the expected future benefits that will be paid under the plan with yields available on high quality corporate bonds of similar duration .
the impact on pension expense of a .5% ( .5 % ) decrease in discount rate in the current environment is an increase of $ 18 million per year .
this sensitivity depends on the economic environment and amount of unrecognized actuarial gains or losses on the measurement date .
the expected long-term return on assets assumption also has a significant effect on pension expense .
the expected return on plan assets is a long-term assumption established by considering historical and anticipated returns of the asset classes invested in by the pension plan and the asset allocation policy currently in place .
for purposes of setting and reviewing this assumption , 201clong term 201d refers to the period over which the plan 2019s projected benefit obligations will be disbursed .
we review this assumption at each measurement date and adjust it if warranted .
our selection process references certain historical data and the current environment , but primarily utilizes qualitative judgment regarding future return expectations .
to evaluate the continued reasonableness of our assumption , we examine a variety of viewpoints and data .
various studies have shown that portfolios comprised primarily of u.s .
equity securities have historically returned approximately 9% ( 9 % ) annually over long periods of time , while u.s .
debt securities have returned approximately 6% ( 6 % ) annually over long periods .
application of these historical returns to the plan 2019s allocation ranges for equities and bonds produces a result between 6.50% ( 6.50 % ) and 7.25% ( 7.25 % ) and is one point of reference , among many other factors , that is taken into consideration .
we also examine the plan 2019s actual historical returns over various periods and consider the current economic environment .
recent experience is considered in our evaluation with appropriate consideration that , especially for short time periods , recent returns are not reliable indicators of future returns .
while annual returns can vary significantly ( actual returns for 2014 , 2013 and 2012 were +6.50% ( +6.50 % ) , +15.48% ( +15.48 % ) , and +15.29% ( +15.29 % ) , respectively ) , the selected assumption represents our estimated long-term average prospective returns .
acknowledging the potentially wide range for this assumption , we also annually examine the assumption used by other companies with similar pension investment strategies , so that we can ascertain whether our determinations markedly differ from others .
in all cases , however , this data simply informs our process , which places the greatest emphasis on our qualitative judgment of future investment returns , given the conditions existing at each annual measurement date .
taking into consideration all of these factors , the expected long-term return on plan assets for determining net periodic pension cost for 2014 was 7.00% ( 7.00 % ) , down from 7.50% ( 7.50 % ) for 2013 .
after considering the views of both internal and external capital market advisors , particularly with regard to the effects of the recent economic environment on long-term prospective fixed income returns , we are reducing our expected long-term return on assets to 6.75% ( 6.75 % ) for determining pension cost for under current accounting rules , the difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods .
each one percentage point difference in actual return compared with our expected return can cause expense in subsequent years to increase or decrease by up to $ 9 million as the impact is amortized into results of operations .
we currently estimate pretax pension expense of $ 9 million in 2015 compared with pretax income of $ 7 million in 2014 .
this year-over-year expected increase in expense reflects the effects of the lower expected return on asset assumption , improved mortality , and the lower discount rate required to be used in 2015 .
these factors will be partially offset by the favorable impact of the increase in plan assets at december 31 , 2014 and the assumed return on a $ 200 million voluntary contribution to the plan made in february 2015 .
the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2015 estimated expense as a baseline .
table 26 : pension expense 2013 sensitivity analysis change in assumption ( a ) estimated increase/ ( decrease ) to 2015 pension expense ( in millions ) .

change in assumption ( a )                                   | estimatedincrease/ ( decrease ) to 2015pensionexpense ( in millions )
------------------------------------------------------------ | ---------------------------------------------------------------------
.5% ( .5 % ) decrease in discount rate                       | $ 18
.5% ( .5 % ) decrease in expected long-term return on assets | $ 22
.5% ( .5 % ) increase in compensation rate                   | $ 2

( a ) the impact is the effect of changing the specified assumption while holding all other assumptions constant .
our pension plan contribution requirements are not particularly sensitive to actuarial assumptions .
investment performance has the most impact on contribution requirements and will drive the amount of required contributions in future years .
also , current law , including the provisions of the pension protection act of 2006 , sets limits as to both minimum and maximum contributions to the plan .
notwithstanding the voluntary contribution made in february 2015 noted above , we do not expect to be required to make any contributions to the plan during 2015 .
we maintain other defined benefit plans that have a less significant effect on financial results , including various nonqualified supplemental retirement plans for certain employees , which are described more fully in note 13 employee benefit plans in the notes to consolidated financial statements in item 8 of this report .
66 the pnc financial services group , inc .
2013 form 10-k


note 12 derivative instruments and fair value measurements the company is exposed to certain market risks such as changes in interest rates , foreign currency exchange rates , and commodity prices , which exist as a part of its ongoing business operations .
management uses derivative financial and commodity instruments , including futures , options , and swaps , where appropriate , to manage these risks .
instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the contract .
the company designates derivatives as cash flow hedges , fair value hedges , net investment hedges , and uses other contracts to reduce volatility in interest rates , foreign currency and commodities .
as a matter of policy , the company does not engage in trading or speculative hedging transactions .
total notional amounts of the company 2019s derivative instruments as of december 29 , 2012 and december 31 , 2011 were as follows: .

( millions )                        | 2012   | 2011
----------------------------------- | ------ | ------
foreign currency exchange contracts | $ 570  | $ 1265
interest rate contracts             | 2150   | 600
commodity contracts                 | 136    | 175
total                               | $ 2856 | $ 2040

following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the company that were included in each category at december 29 , 2012 and december 31 , 2011 , measured on a recurring basis .
level 1 2014 financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market .
for the company , level 1 financial assets and liabilities consist primarily of commodity derivative contracts .
level 2 2014 financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability .
for the company , level 2 financial assets and liabilities consist of interest rate swaps and over-the-counter commodity and currency contracts .
the company 2019s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve .
over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices less the contract rate multiplied by the notional amount .
foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount .
the company 2019s calculation of the fair value of level 2 financial assets and liabilities takes into consideration the risk of nonperformance , including counterparty credit risk .
level 3 2014 financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement .
these inputs reflect management 2019s own assumptions about the assumptions a market participant would use in pricing the asset or liability .
the company did not have any level 3 financial assets or liabilities as of december 29 , 2012 or december 31 , 2011 .
the following table presents assets and liabilities that were measured at fair value in the consolidated balance sheet on a recurring basis as of december 29 , 2012 and december 31 , 2011 : derivatives designated as hedging instruments : 2012 2011 ( millions ) level 1 level 2 total level 1 level 2 total assets : foreign currency exchange contracts : other current assets $ 2014 $ 4 $ 4 $ 2014 $ 11 $ 11 interest rate contracts ( a ) : other assets 2014 64 64 2014 23 23 commodity contracts : other current assets 2014 2014 2014 2 2014 2 total assets $ 2014 $ 68 $ 68 $ 2 $ 34 $ 36 liabilities : foreign currency exchange contracts : other current liabilities $ 2014 $ ( 3 ) $ ( 3 ) $ 2014 $ ( 18 ) $ ( 18 ) commodity contracts : other current liabilities 2014 ( 11 ) ( 11 ) ( 4 ) ( 12 ) ( 16 ) other liabilities 2014 ( 27 ) ( 27 ) 2014 ( 34 ) ( 34 ) total liabilities $ 2014 $ ( 41 ) $ ( 41 ) $ ( 4 ) $ ( 64 ) $ ( 68 ) ( a ) the fair value of the related hedged portion of the company 2019s long-term debt , a level 2 liability , was $ 2.3 billion as of december 29 , 2012 and $ 626 million as of december 31 , derivatives not designated as hedging instruments : 2012 2011 ( millions ) level 1 level 2 total level 1 level 2 total assets : commodity contracts : other current assets $ 5 $ 2014 $ 5 $ 2014 $ 2014 $ 2014 total assets $ 5 $ 2014 $ 5 $ 2014 $ 2014 $ 2014 liabilities : commodity contracts : other current liabilities $ ( 3 ) $ 2014 $ ( 3 ) $ 2014 $ 2014 $ 2014 total liabilities $ ( 3 ) $ 2014 $ ( 3 ) $ 2014 $ 2014 $ 2014


entergy corporation and subsidiaries management 2019s financial discussion and analysis the miso deferral variance is primarily due to the deferral in 2014 of non-fuel miso-related charges , as approved by the lpsc and the mpsc .
the deferral of non-fuel miso-related charges is partially offset in other operation and maintenance expenses .
see note 2 to the financial statements for further discussion of the recovery of non-fuel miso-related charges .
the waterford 3 replacement steam generator provision is due to a regulatory charge of approximately $ 32 million recorded in 2015 related to the uncertainty associated with the resolution of the waterford 3 replacement steam generator project .
see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding .
entergy wholesale commodities following is an analysis of the change in net revenue comparing 2015 to 2014 .
amount ( in millions ) .

                                               | amount ( in millions )
---------------------------------------------- | ----------------------
2014 net revenue                               | $ 2224
nuclear realized price changes                 | -310 ( 310 )
vermont yankee shutdown in december 2014       | -305 ( 305 )
nuclear volume excluding vermont yankee effect | 20
other                                          | 37
2015 net revenue                               | $ 1666

as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 558 million in 2015 primarily due to : 2022 lower realized wholesale energy prices , primarily due to significantly higher northeast market power prices in 2014 , and lower capacity prices in 2015 ; and 2022 a decrease in net revenue as a result of vermont yankee ceasing power production in december 2014 .
the decrease was partially offset by higher volume in the entergy wholesale commodities nuclear fleet , excluding vermont yankee , resulting from fewer refueling outage days in 2015 as compared to 2014 , partially offset by more unplanned outage days in 2015 as compared to 2014.


devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) proved undeveloped reserves the following table presents the changes in devon 2019s total proved undeveloped reserves during 2014 ( in mmboe ) . .

                                                   | u.s .      | canada     | total
-------------------------------------------------- | ---------- | ---------- | ----------
proved undeveloped reserves as of december 31 2013 | 258        | 443        | 701
extensions and discoveries                         | 153        | 8          | 161
revisions due to prices                            | -1 ( 1 )   | -34 ( 34 ) | -35 ( 35 )
revisions other than price                         | -61 ( 61 ) | 18         | -43 ( 43 )
sale of reserves                                   | -4 ( 4 )   | -2 ( 2 )   | -6 ( 6 )
conversion to proved developed reserves            | -40 ( 40 ) | -49 ( 49 ) | -89 ( 89 )
proved undeveloped reserves as of december 31 2014 | 305        | 384        | 689

at december 31 , 2014 , devon had 689 mmboe of proved undeveloped reserves .
this represents a 2 percent decrease as compared to 2013 and represents 25 percent of total proved reserves .
drilling and development activities increased devon 2019s proved undeveloped reserves 161 mmboe and resulted in the conversion of 89 mmboe , or 13 percent , of the 2013 proved undeveloped reserves to proved developed reserves .
costs incurred related to the development and conversion of devon 2019s proved undeveloped reserves were approximately $ 1.0 billion for 2014 .
additionally , revisions other than price decreased devon 2019s proved undeveloped reserves 43 mmboe primarily due to evaluations of certain u.s .
onshore dry-gas areas , which devon does not expect to develop in the next five years .
the largest revisions , which were approximately 69 mmboe , relate to the dry-gas areas in the barnett shale in north texas .
a significant amount of devon 2019s proved undeveloped reserves at the end of 2014 related to its jackfish operations .
at december 31 , 2014 and 2013 , devon 2019s jackfish proved undeveloped reserves were 384 mmboe and 441 mmboe , respectively .
development schedules for the jackfish reserves are primarily controlled by the need to keep the processing plants at their 35000 barrel daily facility capacity .
processing plant capacity is controlled by factors such as total steam processing capacity and steam-oil ratios .
furthermore , development of these projects involves the up-front construction of steam injection/distribution and bitumen processing facilities .
due to the large up-front capital investments and large reserves required to provide economic returns , the project conditions meet the specific circumstances requiring a period greater than 5 years for conversion to developed reserves .
as a result , these reserves are classified as proved undeveloped for more than five years .
currently , the development schedule for these reserves extends though the year 2031 .
price revisions 2014 2013 reserves increased 9 mmboe primarily due to higher gas prices in the barnett shale and the anadarko basin , partially offset by higher bitumen prices , which result in lower after-royalty volumes , in canada .
2013 2013 reserves increased 94 mmboe primarily due to higher gas prices .
of this increase , 43 mmboe related to the barnett shale and 19 mmboe related to the rocky mountain area .
2012 2013 reserves decreased 171 mmboe primarily due to lower gas prices .
of this decrease , 100 mmboe related to the barnett shale and 25 mmboe related to the rocky mountain area.


with these types of uncapped damage provisions are fairly rare , but individual contracts could still represent meaningful risk .
there is a possibility that a damage claim by a counterparty to one of these contracts could result in expenses to the company that are far in excess of the revenue received from the counterparty in connection with the contract .
indemnification provisions : in addition , the company may provide indemnifications for losses that result from the breach of general warranties contained in certain commercial , intellectual property and divestiture agreements .
historically , the company has not made significant payments under these agreements , nor have there been significant claims asserted against the company .
however , there is an increasing risk in relation to intellectual property indemnities given the current legal climate .
in indemnification cases , payment by the company is conditioned on the other party making a claim pursuant to the procedures specified in the particular contract , which procedures typically allow the company to challenge the other party 2019s claims .
further , the company 2019s obligations under these agreements for indemnification based on breach of representations and warranties are generally limited in terms of duration , typically not more than 24 months , and for amounts not in excess of the contract value , and in some instances the company may have recourse against third parties for certain payments made by the company .
legal matters : the company is a defendant in various lawsuits , claims and actions , which arise in the normal course of business .
these include actions relating to products , contracts and securities , as well as matters initiated by third parties or motorola relating to infringements of patents , violations of licensing arrangements and other intellectual property-related matters .
in the opinion of management , the ultimate disposition of these matters will not have a material adverse effect on the company 2019s consolidated financial position , liquidity or results of operations .
segment information the following commentary should be read in conjunction with the financial results of each reporting segment as detailed in note 12 , 201cinformation by segment and geographic region , 201d to the company 2019s consolidated financial statements .
net sales and operating results for the company 2019s three operating segments for 2008 , 2007 and 2006 are presented below .
mobile devices segment the mobile devices segment designs , manufactures , sells and services wireless handsets with integrated software and accessory products , and licenses intellectual property .
in 2008 , the segment 2019s net sales represented 40% ( 40 % ) of the company 2019s consolidated net sales , compared to 52% ( 52 % ) in 2007 and 66% ( 66 % ) in 2006 .
( dollars in millions ) 2008 2007 2006 2008 20142007 2007 20142006 years ended december 31 percent change .

( dollars in millions )     | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2006 | years ended december 31 2008 20142007 | 2007 20142006
--------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ------------------------------------- | ---------------
segment net sales           | $ 12099                      | $ 18988                      | $ 28383                      | ( 36 ) % (  % )                       | ( 33 ) % (  % )
operating earnings ( loss ) | -2199 ( 2199 )               | -1201 ( 1201 )               | 2690                         | 83% ( 83 % )                          | ***

*** percentage change is not meaningful .
segment results 20142008 compared to 2007 in 2008 , the segment 2019s net sales were $ 12.1 billion , a decrease of 36% ( 36 % ) compared to net sales of $ 19.0 billion in 2007 .
the 36% ( 36 % ) decrease in net sales was primarily driven by a 37% ( 37 % ) decrease in unit shipments .
the segment 2019s net sales were negatively impacted by the segment 2019s limited product offerings in critical market segments , particularly 3g products , including smartphones , as well as very low-tier products .
in addition , the segment 2019s net sales were impacted by the global economic downturn in the second half of 2008 , which resulted in the slowing of end user demand .
on a product technology basis , net sales decreased substantially for gsm and cdma technologies and , to a lesser extent , decreased for iden and 3g technologies .
on a geographic basis , net sales decreased substantially in north america , the europe , middle east and africa region ( 201cemea 201d ) and asia and , to a lesser extent , decreased in latin america .
the segment incurred an operating loss of $ 2.2 billion in 2008 , compared to an operating loss of $ 1.2 billion in 2007 .
the increase in the operating loss was primarily due to a decrease in gross margin , driven by : ( i ) a 36% ( 36 % ) decrease in net sales , ( ii ) excess inventory and other related charges of $ 370 million in 2008 due to a decision to 61management 2019s discussion and analysis of financial condition and results of operations %%transmsg*** transmitting job : c49054 pcn : 064000000 ***%%pcmsg|61 |00028|yes|no|02/24/2009 12:31|0|0|page is valid , no graphics -- color : n|


income taxes american water and its subsidiaries participate in a consolidated federal income tax return for u.s .
tax purposes .
members of the consolidated group are charged with the amount of federal income tax expense determined as if they filed separate returns .
certain income and expense items are accounted for in different time periods for financial reporting than for income tax reporting purposes .
the company provides deferred income taxes on the difference between the tax basis of assets and liabilities and the amounts at which they are carried in the financial statements .
these deferred income taxes are based on the enacted tax rates expected to be in effect when these temporary differences are projected to reverse .
in addition , the regulated utility subsidiaries recognize regulatory assets and liabilities for the effect on revenues expected to be realized as the tax effects of temporary differences , previously flowed through to customers , reverse .
investment tax credits have been deferred by the regulated utility subsidiaries and are being amortized to income over the average estimated service lives of the related assets .
the company recognizes accrued interest and penalties related to tax positions as a component of income tax expense and accounts for sales tax collected from customers and remitted to taxing authorities on a net basis .
see note 13 2014income taxes .
allowance for funds used during construction afudc is a non-cash credit to income with a corresponding charge to utility plant that represents the cost of borrowed funds or a return on equity funds devoted to plant under construction .
the regulated utility subsidiaries record afudc to the extent permitted by the pucs .
the portion of afudc attributable to borrowed funds is shown as a reduction of interest , net in the accompanying consolidated statements of operations .
any portion of afudc attributable to equity funds would be included in other income ( expenses ) in the accompanying consolidated statements of operations .
afudc is summarized in the following table for the years ended december 31: .

                                                      | 2017 | 2016 | 2015
----------------------------------------------------- | ---- | ---- | ----
allowance for other funds used during construction    | $ 19 | $ 15 | $ 13
allowance for borrowed funds used during construction | 8    | 6    | 8

environmental costs the company 2019s water and wastewater operations and the operations of its market-based businesses are subject to u.s .
federal , state , local and foreign requirements relating to environmental protection , and as such , the company periodically becomes subject to environmental claims in the normal course of business .
environmental expenditures that relate to current operations or provide a future benefit are expensed or capitalized as appropriate .
remediation costs that relate to an existing condition caused by past operations are accrued , on an undiscounted basis , when it is probable that these costs will be incurred and can be reasonably estimated .
a conservation agreement entered into by a subsidiary of the company with the national oceanic and atmospheric administration in 2010 and amended in 2017 required the company to , among other provisions , implement certain measures to protect the steelhead trout and its habitat in the carmel river watershed in the state of california .
the company agreed to pay $ 1 million annually commencing in 2010 with the final payment being made in 2021 .
remediation costs accrued amounted to $ 6 million and less than $ 1 million as of december 31 , 2017 and 2016 , respectively .
derivative financial instruments the company uses derivative financial instruments for purposes of hedging exposures to fluctuations in interest rates .
these derivative contracts are entered into for periods consistent with the related underlying


dish network corporation notes to consolidated financial statements - continued recorded as a decrease in 201cincome tax ( provision ) benefit , net 201d on our consolidated statements of operations and comprehensive income ( loss ) for the year ended december 31 , 2013 .
10 .
discontinued operations as of december 31 , 2013 , blockbuster had ceased material operations .
the results of blockbuster are presented for all periods as discontinued operations in our consolidated financial statements .
during the years ended december 31 , 2013 and 2012 , the revenue from our discontinued operations was $ 503 million and $ 1.085 billion , respectively .
201cincome ( loss ) from discontinued operations , before income taxes 201d for the same periods was a loss of $ 54 million and $ 62 million , respectively .
in addition , 201cincome ( loss ) from discontinued operations , net of tax 201d for the same periods was a loss of $ 47 million and $ 37 million , respectively .
as of december 31 , 2013 , the net assets from our discontinued operations consisted of the following : december 31 , 2013 ( in thousands ) .

                                                   | as of december 31 2013 ( in thousands )
-------------------------------------------------- | ---------------------------------------
current assets from discontinued operations        | $ 68239
noncurrent assets from discontinued operations     | 9965
current liabilities from discontinued operations   | -49471 ( 49471 )
long-term liabilities from discontinued operations | -19804 ( 19804 )
net assets from discontinued operations            | $ 8929

blockbuster - domestic since the blockbuster acquisition , we continually evaluated the impact of certain factors , including , among other things , competitive pressures , the ability of significantly fewer company-owned domestic retail stores to continue to support corporate administrative costs , and other issues impacting the store-level financial performance of our company-owned domestic retail stores .
these factors , among others , previously led us to close a significant number of company-owned domestic retail stores during 2012 and 2013 .
on november 6 , 2013 , we announced that blockbuster would close all of its remaining company-owned domestic retail stores and discontinue the blockbuster by-mail dvd service .
as of december 31 , 2013 , blockbuster had ceased material operations .
blockbuster 2013 mexico during the third quarter 2013 , we determined that our blockbuster operations in mexico ( 201cblockbuster mexico 201d ) were 201cheld for sale . 201d as a result , we recorded pre-tax impairment charges of $ 19 million related to exiting the business , which was recorded in 201cincome ( loss ) from discontinued operations , net of tax 201d on our consolidated statements of operations and comprehensive income ( loss ) for the year ended december 31 , 2013 .
on january 14 , 2014 , we completed the sale of blockbuster mexico .
blockbuster uk administration on january 16 , 2013 , blockbuster entertainment limited and blockbuster gb limited , our blockbuster operating subsidiaries in the united kingdom , entered into administration proceedings in the united kingdom ( the 201cadministration 201d ) .
as a result of the administration , we wrote down the assets of all our blockbuster uk subsidiaries to their estimated net realizable value on our consolidated balance sheets as of december 31 , 2012 .
in total , we recorded charges of approximately $ 46 million on a pre-tax basis related to the administration , which was recorded in 201cincome ( loss ) from discontinued operations , net of tax 201d on our consolidated statements of operations and comprehensive income ( loss ) for the year ended december 31 , 2012.


american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) ati 7.25% ( 7.25 % ) notes 2014during the year ended december 31 , 2006 , the company repurchased in privately negotiated transactions $ 74.9 million principal amount of ati 7.25% ( 7.25 % ) notes for $ 77.3 million in cash .
in connection with these transactions , the company recorded a charge of $ 3.9 million related to amounts paid in excess of carrying value and the write-off of related deferred financing fees , which is reflected in loss on retirement of long-term obligations in the accompanying consolidated statement of operations for the year ended december 31 , 2006 .
as of december 31 , 2006 and 2005 , the company had $ 325.1 million and $ 400.0 million outstanding under the ati 7.25% ( 7.25 % ) notes , respectively .
capital lease obligations and notes payable 2014the company 2019s capital lease obligations and notes payable approximated $ 59.8 million and $ 60.4 million as of december 31 , 2006 and 2005 , respectively .
these obligations bear interest at rates ranging from 6.3% ( 6.3 % ) to 9.5% ( 9.5 % ) and mature in periods ranging from less than one year to approximately seventy years .
maturities 2014as of december 31 , 2006 , aggregate carrying value of long-term debt , including capital leases , for the next five years and thereafter are estimated to be ( in thousands ) : year ending december 31 .

2007                                                                                | $ 253907
------------------------------------------------------------------------------------------------- | ---------
2008                                                                                | 1278
2009                                                                                | 654
2010                                                                                | 1833416
2011                                                                                | 338501
thereafter                                                                                | 1112253
total cash obligations                                                                            | $ 3540009
accreted value of the discount and premium of 3.00% ( 3.00 % ) notes and 7.125% ( 7.125 % ) notes | 3007
balance as of december 31 2006                                                                    | $ 3543016

the holders of the company 2019s 5.0% ( 5.0 % ) notes have the right to require the company to repurchase their notes on specified dates prior to the maturity date in 2010 , but the company may pay the purchase price by issuing shares of class a common stock , subject to certain conditions .
obligations with respect to the right of the holders to put the 5.0% ( 5.0 % ) notes have been included in the table above as if such notes mature the date on which the put rights become exercisable in 2007 .
in february 2007 , the company conducted a cash tender offer for its outstanding 5.0% ( 5.0 % ) notes to enable note holders to exercise their right to require the company to purchase their notes .
( see note 19. ) 8 .
derivative financial instruments the company has entered into interest rate protection agreements to manage exposure on the variable rate debt under its credit facilities and to manage variability in cash flows relating to forecasted interest payments in connection with the likely issuance of new fixed rate debt that the company expects to issue on or before july 31 , 2007 .
under these agreements , the company is exposed to credit risk to the extent that a counterparty fails to meet the terms of a contract .
such exposure is limited to the current value of the contract at the time the counterparty fails to perform .
the company believes its contracts as of december 31 , 2006 and 2005 are with credit worthy institutions .
during the fourth quarter of 2005 and january 2006 , the company entered into a total of ten interest rate swap agreements to manage exposure to variable rate interest obligations under its american tower and spectrasite


advance auto parts , inc .
and subsidiaries notes to the consolidated financial statements december 31 , 2011 , january 1 , 2011 and january 2 , 2010 ( in thousands , except per share data ) 2011-12 superseded certain pending paragraphs in asu 2011-05 201ccomprehensive income 2013 presentation of comprehensive income 201d to effectively defer only those changes in asu 2011-05 that related to the presentation of reclassification adjustments out of accumulated other comprehensive income .
the adoption of asu 2011-05 is not expected to have a material impact on the company 2019s consolidated financial condition , results of operations or cash flows .
in january 2010 , the fasb issued asu no .
2010-06 201cfair value measurements and disclosures 2013 improving disclosures about fair value measurements . 201d asu 2010-06 requires new disclosures for significant transfers in and out of level 1 and 2 of the fair value hierarchy and the activity within level 3 of the fair value hierarchy .
the updated guidance also clarifies existing disclosures regarding the level of disaggregation of assets or liabilities and the valuation techniques and inputs used to measure fair value .
the updated guidance is effective for interim and annual reporting periods beginning after december 15 , 2009 , with the exception of the new level 3 activity disclosures , which are effective for interim and annual reporting periods beginning after december 15 , 2010 .
the adoption of asu 2010-06 had no impact on the company 2019s consolidated financial condition , results of operations or cash flows .
3 .
inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at december 31 , 2011 and january 1 , 2011 .
under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2011 and prior years .
as a result of utilizing lifo , the company recorded an increase to cost of sales of $ 24708 for fiscal 2011 due to an increase in supply chain costs and inflationary pressures affecting certain product categories .
the company recorded a reduction to cost of sales of $ 29554 and $ 16040 for fiscal 2010 and 2009 , respectively .
prior to fiscal 2011 , the company 2019s overall costs to acquire inventory for the same or similar products generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies .
product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( "fifo" ) method .
product cores are included as part of the company's merchandise costs and are either passed on to the customer or returned to the vendor .
because product cores are not subject to frequent cost changes like the company's other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method .
inventory overhead costs purchasing and warehousing costs included in inventory , at fifo , at december 31 , 2011 and january 1 , 2011 , were $ 126840 and $ 103989 , respectively .
inventory balance and inventory reserves inventory balances at year-end for fiscal 2011 and 2010 were as follows : inventories at fifo , net adjustments to state inventories at lifo inventories at lifo , net december 31 , $ 1941055 102103 $ 2043158 january 1 , $ 1737059 126811 $ 1863870 .

                                         | december 312011 | january 12011
---------------------------------------- | --------------- | -------------
inventories at fifo net                  | $ 1941055       | $ 1737059
adjustments to state inventories at lifo | 102103          | 126811
inventories at lifo net                  | $ 2043158       | $ 1863870

advance auto parts , inc .
and subsidiaries notes to the consolidated financial statements december 31 , 2011 , january 1 , 2011 and january 2 , 2010 ( in thousands , except per share data ) 2011-12 superseded certain pending paragraphs in asu 2011-05 201ccomprehensive income 2013 presentation of comprehensive income 201d to effectively defer only those changes in asu 2011-05 that related to the presentation of reclassification adjustments out of accumulated other comprehensive income .
the adoption of asu 2011-05 is not expected to have a material impact on the company 2019s consolidated financial condition , results of operations or cash flows .
in january 2010 , the fasb issued asu no .
2010-06 201cfair value measurements and disclosures 2013 improving disclosures about fair value measurements . 201d asu 2010-06 requires new disclosures for significant transfers in and out of level 1 and 2 of the fair value hierarchy and the activity within level 3 of the fair value hierarchy .
the updated guidance also clarifies existing disclosures regarding the level of disaggregation of assets or liabilities and the valuation techniques and inputs used to measure fair value .
the updated guidance is effective for interim and annual reporting periods beginning after december 15 , 2009 , with the exception of the new level 3 activity disclosures , which are effective for interim and annual reporting periods beginning after december 15 , 2010 .
the adoption of asu 2010-06 had no impact on the company 2019s consolidated financial condition , results of operations or cash flows .
3 .
inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at december 31 , 2011 and january 1 , 2011 .
under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2011 and prior years .
as a result of utilizing lifo , the company recorded an increase to cost of sales of $ 24708 for fiscal 2011 due to an increase in supply chain costs and inflationary pressures affecting certain product categories .
the company recorded a reduction to cost of sales of $ 29554 and $ 16040 for fiscal 2010 and 2009 , respectively .
prior to fiscal 2011 , the company 2019s overall costs to acquire inventory for the same or similar products generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies .
product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( "fifo" ) method .
product cores are included as part of the company's merchandise costs and are either passed on to the customer or returned to the vendor .
because product cores are not subject to frequent cost changes like the company's other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method .
inventory overhead costs purchasing and warehousing costs included in inventory , at fifo , at december 31 , 2011 and january 1 , 2011 , were $ 126840 and $ 103989 , respectively .
inventory balance and inventory reserves inventory balances at year-end for fiscal 2011 and 2010 were as follows : inventories at fifo , net adjustments to state inventories at lifo inventories at lifo , net december 31 , $ 1941055 102103 $ 2043158 january 1 , $ 1737059 126811 $ 1863870


devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) asset divestitures in conjunction with the asset divestitures in 2013 and 2014 , devon removed $ 26 million and $ 706 million of goodwill , respectively , which were allocated to these assets .
impairment devon 2019s canadian goodwill was originally recognized in 2001 as a result of a business combination consisting almost entirely of conventional gas assets that devon no longer owns .
as a result of performing the goodwill impairment test described in note 1 , devon concluded the implied fair value of its canadian goodwill was zero as of december 31 , 2014 .
this conclusion was largely based on the significant decline in benchmark oil prices , particularly after opec 2019s decision not to reduce its production targets that was announced in late november 2014 .
consequently , in the fourth quarter of 2014 , devon wrote off its remaining canadian goodwill and recognized a $ 1.9 billion impairment .
other intangible assets as of december 31 , 2014 , intangible assets associated with customer relationships had a gross carrying amount of $ 569 million and $ 36 million of accumulated amortization .
the weighted-average amortization period for the customer relationships is 13.7 years .
amortization expense for intangibles was approximately $ 36 million for the year ended december 31 , 2014 .
other intangible assets are reported in other long-term assets in the accompanying consolidated balance sheets .
the following table summarizes the estimated aggregate amortization expense for the next five years .
year amortization amount ( in millions ) .

year | amortization amount ( in millions )
---- | -----------------------------------
2015 | $ 45
2016 | $ 45
2017 | $ 45
2018 | $ 45
2019 | $ 44


liquidity the primary source of our liquidity is cash flow from operations .
over the most recent two-year period , our operations have generated $ 5.6 billion in cash .
a substantial portion of this operating cash flow has been returned to shareholders through share repurchases and dividends .
we also use cash from operations to fund our capital expenditures and acquisitions .
we typically use a combination of cash , notes payable , and long-term debt , and occasionally issue shares of stock , to finance significant acquisitions .
as of may 26 , 2019 , we had $ 399 million of cash and cash equivalents held in foreign jurisdictions .
as a result of the tcja , the historic undistributed earnings of our foreign subsidiaries were taxed in the u.s .
via the one-time repatriation tax in fiscal 2018 .
we have re-evaluated our assertion and have concluded that although earnings prior to fiscal 2018 will remain permanently reinvested , we will no longer make a permanent reinvestment assertion beginning with our fiscal 2018 earnings .
as part of the accounting for the tcja , we recorded local country withholding taxes related to certain entities from which we began repatriating undistributed earnings and will continue to record local country withholding taxes on all future earnings .
as a result of the transition tax , we may repatriate our cash and cash equivalents held by our foreign subsidiaries without such funds being subject to further u.s .
income tax liability ( please see note 14 to the consolidated financial statements in item 8 of this report for additional information ) .
cash flows from operations .

in millions                                                                                | fiscal year 2019 | fiscal year 2018
----------------------------------------------------------------------------------------------- | ---------------- | ----------------
net earnings including earnings attributable to redeemable and noncontrollinginterests          | $ 1786.2         | $ 2163.0
depreciation and amortization                                                                   | 620.1            | 618.8
after-taxearnings from joint ventures                                                           | -72.0 ( 72.0 )   | -84.7 ( 84.7 )
distributions of earnings from joint ventures                                                   | 86.7             | 113.2
stock-based compensation                                                                        | 84.9             | 77.0
deferred income taxes                                                                           | 93.5             | -504.3 ( 504.3 )
pension and other postretirement benefit plan contributions                                     | -28.8 ( 28.8 )   | -31.8 ( 31.8 )
pension and other postretirement benefit plan costs                                             | 6.1              | 4.6
divestitures loss                                                                               | 30.0             | -
restructuring impairment and other exit costs                                                   | 235.7            | 126.0
changes in current assets and liabilities excluding the effects of acquisitions anddivestitures | -7.5 ( 7.5 )     | 542.1
other net                                                                                | -27.9 ( 27.9 )   | -182.9 ( 182.9 )
net cash provided by operating activities                                                       | $ 2807.0         | $ 2841.0

during fiscal 2019 , cash provided by operations was $ 2807 million compared to $ 2841 million in the same period last year .
the $ 34 million decrease was primarily driven by a $ 377 million decrease in net earnings and a $ 550 million change in current assets and liabilities , partially offset by a $ 598 million change in deferred income taxes .
the $ 550 million change in current assets and liabilities was primarily driven by a $ 413 million change in the timing of accounts payable , including the impact of longer payment terms implemented in prior fiscal years .
the change in deferred income taxes was primarily related to the $ 638 million provisional benefit from revaluing our net u.s .
deferred tax liabilities to reflect the new u.s .
corporate tax rate as a result of the tcja in fiscal we strive to grow core working capital at or below the rate of growth in our net sales .
for fiscal 2019 , core working capital decreased 34 percent , compared to a net sales increase of 7 percent .
as of may 26 , 2019 , our core working capital balance totaled $ 385 million , down 34 percent versus last year , this is primarily driven by continued benefits from our payment terms extension program and lower inventory balances .
in fiscal 2018 , core working capital decreased 27 percent , compared to a net sales increase of 1 percent.


notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) cash flows for 2010 , we expect to contribute $ 25.2 and $ 9.2 to our foreign pension plans and domestic pension plans , respectively .
a significant portion of our contributions to the foreign pension plans relate to the u.k .
pension plan .
additionally , we are in the process of modifying the schedule of employer contributions for the u.k .
pension plan and we expect to finalize this during 2010 .
as a result , we expect our contributions to our foreign pension plans to increase from current levels in 2010 and subsequent years .
during 2009 , we contributed $ 31.9 to our foreign pension plans and contributions to the domestic pension plan were negligible .
the following estimated future benefit payments , which reflect future service , as appropriate , are expected to be paid in the years indicated below .
domestic pension plans foreign pension plans postretirement benefit plans .

years          | domestic pension plans | foreign pension plans | postretirement benefit plans
-------------- | ---------------------- | --------------------- | ----------------------------
2010           | $ 17.2                 | $ 23.5                | $ 5.8
2011           | 11.1                   | 24.7                  | 5.7
2012           | 10.8                   | 26.4                  | 5.7
2013           | 10.5                   | 28.2                  | 5.6
2014           | 10.5                   | 32.4                  | 5.5
2015 2013 2019 | 48.5                   | 175.3                 | 24.8

the estimated future payments for our postretirement benefit plans are before any estimated federal subsidies expected to be received under the medicare prescription drug , improvement and modernization act of 2003 .
federal subsidies are estimated to range from $ 0.5 in 2010 to $ 0.6 in 2014 and are estimated to be $ 2.4 for the period 2015-2019 .
savings plans we sponsor defined contribution plans ( the 201csavings plans 201d ) that cover substantially all domestic employees .
the savings plans permit participants to make contributions on a pre-tax and/or after-tax basis and allows participants to choose among various investment alternatives .
we match a portion of participant contributions based upon their years of service .
amounts expensed for the savings plans for 2009 , 2008 and 2007 were $ 35.1 , $ 29.6 and $ 31.4 , respectively .
expense includes a discretionary company contribution of $ 3.8 , $ 4.0 and $ 4.9 offset by participant forfeitures of $ 2.7 , $ 7.8 , $ 6.0 in 2009 , 2008 and 2007 , respectively .
in addition , we maintain defined contribution plans in various foreign countries and contributed $ 25.0 , $ 28.7 and $ 26.7 to these plans in 2009 , 2008 and 2007 , respectively .
deferred compensation and benefit arrangements we have deferred compensation arrangements which ( i ) permit certain of our key officers and employees to defer a portion of their salary or incentive compensation , or ( ii ) require us to contribute an amount to the participant 2019s account .
the arrangements typically provide that the participant will receive the amounts deferred plus interest upon attaining certain conditions , such as completing a certain number of years of service or upon retirement or termination .
as of december 31 , 2009 and 2008 , the deferred compensation liability balance was $ 100.3 and $ 107.6 , respectively .
amounts expensed for deferred compensation arrangements in 2009 , 2008 and 2007 were $ 11.6 , $ 5.7 and $ 11.9 , respectively .
we have deferred benefit arrangements with certain key officers and employees that provide participants with an annual payment , payable when the participant attains a certain age and after the participant 2019s employment has terminated .
the deferred benefit liability was $ 178.2 and $ 182.1 as of december 31 , 2009 and 2008 , respectively .
amounts expensed for deferred benefit arrangements in 2009 , 2008 and 2007 were $ 12.0 , $ 14.9 and $ 15.5 , respectively .
we have purchased life insurance policies on participants 2019 lives to assist in the funding of the related deferred compensation and deferred benefit liabilities .
as of december 31 , 2009 and 2008 , the cash surrender value of these policies was $ 119.4 and $ 100.2 , respectively .
in addition to the life insurance policies , certain investments are held for the purpose of paying the deferred compensation and deferred benefit liabilities .
these investments , along with the life insurance policies , are held in a separate revocable trust for the purpose of paying the deferred compensation and the deferred benefit


state street bank issuances : state street bank currently has authority to issue up to an aggregate of $ 1 billion of subordinated fixed-rate , floating-rate or zero-coupon bank notes with a maturity of five to fifteen years .
with respect to the 5.25% ( 5.25 % ) subordinated bank notes due 2018 , state street bank is required to make semi-annual interest payments on the outstanding principal balance of the notes on april 15 and october 15 of each year , and the notes qualify as tier 2 capital under regulatory capital guidelines .
with respect to the 5.30% ( 5.30 % ) subordinated notes due 2016 and the floating-rate subordinated notes due 2015 , state street bank is required to make semi-annual interest payments on the outstanding principal balance of the 5.30% ( 5.30 % ) notes on january 15 and july 15 of each year beginning in july 2006 , and quarterly interest payments on the outstanding principal balance of the floating-rate notes on march 8 , june 8 , september 8 and december 8 of each year beginning in march 2006 .
the notes qualify as tier 2 capital under regulatory capital guidelines .
note 10 .
commitments and contingencies off-balance sheet commitments and contingencies : credit-related financial instruments include indemnified securities financing , unfunded commitments to extend credit or purchase assets and standby letters of credit .
the total potential loss on unfunded commitments , standby and commercial letters of credit and securities finance indemnifications is equal to the total contractual amount , which does not consider the value of any collateral .
the following is a summary of the contractual amount of credit-related , off-balance sheet financial instruments at december 31 .
amounts reported do not reflect participations to unrelated third parties. .

( in millions )                       | 2006     | 2005
------------------------------------- | -------- | --------
indemnified securities financing      | $ 506032 | $ 372863
liquidity asset purchase agreements   | 30251    | 24412
unfunded commitments to extend credit | 16354    | 14403
standby letters of credit             | 4926     | 5027

on behalf of our customers , we lend their securities to creditworthy brokers and other institutions .
in certain circumstances , we may indemnify our customers for the fair market value of those securities against a failure of the borrower to return such securities .
collateral funds received in connection with our securities finance services are held by us as agent and are not recorded in our consolidated statement of condition .
we require the borrowers to provide collateral in an amount equal to or in excess of 100% ( 100 % ) of the fair market value of the securities borrowed .
the borrowed securities are revalued daily to determine if additional collateral is necessary .
we held , as agent , cash and u.s .
government securities totaling $ 527.37 billion and $ 387.22 billion as collateral for indemnified securities on loan at december 31 , 2006 and 2005 , respectively .
approximately 81% ( 81 % ) of the unfunded commitments to extend credit and liquidity asset purchase agreements expire within one year from the date of issue .
since many of the commitments are expected to expire or renew without being drawn upon , the total commitment amounts do not necessarily represent future cash requirements .
in the normal course of business , we provide liquidity and credit enhancements to asset-backed commercial paper programs , or 201cconduits . 201d these conduits are more fully described in note 11 .
the commercial paper issuances and commitments of the conduits to provide funding are supported by liquidity asset purchase agreements and backup liquidity lines of credit , the majority of which are provided by us .
in addition , we provide direct credit support to the conduits in the form of standby letters of credit .
our commitments under liquidity asset purchase agreements and backup lines of credit totaled $ 23.99 billion at december 31 , 2006 , and are included in the preceding table .
our commitments under seq 83 copyarea : 38 .
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alexion pharmaceuticals , inc .
notes to consolidated financial statements for the years ended december 31 , 2016 , 2015 and 2014 ( amounts in millions except per share amounts ) depending upon our consolidated net leverage ratio ( as calculated in accordance with the credit agreement ) .
at december 31 , 2016 , the interest rate on our outstanding loans under the credit agreement was 2.52% ( 2.52 % ) .
our obligations under the credit facilities are guaranteed by certain of alexion 2019s foreign and domestic subsidiaries and secured by liens on certain of alexion 2019s and its subsidiaries 2019 equity interests , subject to certain exceptions .
the credit agreement requires us to comply with certain financial covenants on a quarterly basis .
under these financial covenants , we are required to deliver to the administrative agent , not later than 50 days after each fiscal quarter , our quarterly financial statements , and within 5 days thereafter , a compliance certificate .
in november 2016 , we obtained a waiver from the necessary lenders for this requirement and the due date for delivery of the third quarter 2016 financial statements and compliance certificate was extended to january 18 , 2017 .
the posting of the third quarter report on form 10-q on our website on january 4 , 2017 satisfied the financial statement covenant , and we simultaneously delivered the required compliance certificate , as required by the lenders .
further , the credit agreement includes negative covenants , subject to exceptions , restricting or limiting our ability and the ability of our subsidiaries to , among other things , incur additional indebtedness , grant liens , and engage in certain investment , acquisition and disposition transactions .
the credit agreement also contains customary representations and warranties , affirmative covenants and events of default , including payment defaults , breach of representations and warranties , covenant defaults and cross defaults .
if an event of default occurs , the interest rate would increase and the administrative agent would be entitled to take various actions , including the acceleration of amounts due under the loan .
in connection with entering into the credit agreement , we paid $ 45 in financing costs which are being amortized as interest expense over the life of the debt .
amortization expense associated with deferred financing costs for the years ended december 31 , 2016 and 2015 was $ 10 and $ 6 , respectively .
amortization expense associated with deferred financing costs for the year ended december 31 , 2014 was not material .
in connection with the acquisition of synageva in june 2015 , we borrowed $ 3500 under the term loan facility and $ 200 under the revolving facility , and we used our available cash for the remaining cash consideration .
we made principal payments of $ 375 during the year ended december 31 , 2016 .
at december 31 , 2016 , we had $ 3081 outstanding on the term loan and zero outstanding on the revolving facility .
at december 31 , 2016 , we had open letters of credit of $ 15 , and our borrowing availability under the revolving facility was $ 485 .
the fair value of our long term debt , which is measured using level 2 inputs , approximates book value .
the contractual maturities of our long-term debt obligations due subsequent to december 31 , 2016 are as follows: .

2017 | $ 2014
---- | ------
2018 | 150
2019 | 175
2020 | 2756

based upon our intent and ability to make payments during 2017 , we included $ 175 within current liabilities on our consolidated balance sheet as of december 31 , 2016 , net of current deferred financing costs .
9 .
facility lease obligations new haven facility lease obligation in november 2012 , we entered into a lease agreement for office and laboratory space to be constructed in new haven , connecticut .
the term of the lease commenced in 2015 and will expire in 2030 , with a renewal option of 10 years .
although we do not legally own the premises , we are deemed to be the owner of the building due to the substantial improvements directly funded by us during the construction period based on applicable accounting guidance for build-to-suit leases .
accordingly , the landlord 2019s costs of constructing the facility during the construction period are required to be capitalized , as a non-cash transaction , offset by a corresponding facility lease obligation in our consolidated balance sheet .
construction of the new facility was completed and the building was placed into service in the first quarter 2016 .
the imputed interest rate on this facility lease obligation as of december 31 , 2016 was approximately 11% ( 11 % ) .
for the year ended december 31 , 2016 and 2015 , we recognized $ 14 and $ 5 , respectively , of interest expense associated with this arrangement .
as of december 31 , 2016 and 2015 , our total facility lease obligation was $ 136 and $ 133 , respectively , recorded within other current liabilities and facility lease obligation on our consolidated balance sheets.


54| | duke realty corporation annual report 2010 .

                                                                           | 2010               | 2009                 | 2008
-------------------------------------------------------------------------- | ------------------ | -------------------- | --------------
net income ( loss ) attributable to common shareholders                    | $ -14108 ( 14108 ) | $ -333601 ( 333601 ) | $ 50408
less : dividends on share-based awards expected to vest                    | -2513 ( 2513 )     | -1759 ( 1759 )       | -1631 ( 1631 )
basic net income ( loss ) attributable to common shareholders              | -16621 ( 16621 )   | -335360 ( 335360 )   | 48777
noncontrolling interest in earnings of common unitholders                  | -                  | -                    | 2640
diluted net income ( loss ) attributable to common shareholders            | $ -16621 ( 16621 ) | $ -335360 ( 335360 ) | $ 51417
weighted average number of common shares outstanding                       | 238920             | 201206               | 146915
weighted average partnership units outstanding                             | -                  | -                    | 7619
other potential dilutive shares                                            | -                  | -                    | 19
weighted average number of common shares and potential dilutive securities | 238920             | 201206               | 154553

weighted average number of common shares and potential diluted securities 238920 201206 154553 criteria in fasb asc 360-20 related to the terms of the transactions and any continuing involvement in the form of management or financial assistance from the seller associated with the properties .
we make judgments based on the specific terms of each transaction as to the amount of the total profit from the transaction that we recognize considering factors such as continuing ownership interest we may have with the buyer ( 201cpartial sales 201d ) and our level of future involvement with the property or the buyer that acquires the assets .
if the full accrual sales criteria are not met , we defer gain recognition and account for the continued operations of the property by applying the finance , installment or cost recovery methods , as appropriate , until the full accrual sales criteria are met .
estimated future costs to be incurred after completion of each sale are included in the determination of the gain on sales .
to the extent that a property has had operations prior to sale , and that we do not have continuing involvement with the property , gains from sales of depreciated property are included in discontinued operations and the proceeds from the sale of these held-for-rental properties are classified in the investing activities section of the consolidated statements of cash flows .
gains or losses from our sale of properties that were developed or repositioned with the intent to sell and not for long-term rental ( 201cbuild-for-sale 201d properties ) are classified as gain on sale of properties in the consolidated statements of operations .
other rental properties that do not meet the criteria for presentation as discontinued operations are also classified as gain on sale of properties in the consolidated statements of operations .
net income ( loss ) per common share basic net income ( loss ) per common share is computed by dividing net income ( loss ) attributable to common shareholders , less dividends on share- based awards expected to vest , by the weighted average number of common shares outstanding for the period .
diluted net income ( loss ) per common share is computed by dividing the sum of basic net income ( loss ) attributable to common shareholders and the noncontrolling interest in earnings allocable to units not owned by us ( to the extent the units are dilutive ) , by the sum of the weighted average number of common shares outstanding and , to the extent they are dilutive , partnership units outstanding , as well as any potential dilutive securities for the period .
during the first quarter of 2009 , we adopted a new accounting standard ( fasb asc 260-10 ) on participating securities , which we have applied retrospectively to prior period calculations of basic and diluted earnings per common share .
pursuant to this new standard , certain of our share-based awards are considered participating securities because they earn dividend equivalents that are not forfeited even if the underlying award does not vest .
the following table reconciles the components of basic and diluted net income ( loss ) per common share ( in thousands ) :


part ii .
item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock is traded on the nasdaq global select market under the symbol cdns .
as of february 2 , 2019 , we had 523 registered stockholders and approximately 56000 beneficial owners of our common stock .
stockholder return performance graph the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index , the s&p 500 index and the s&p 500 information technology index .
the graph assumes that the value of the investment in our common stock and in each index on december 28 , 2013 ( including reinvestment of dividends ) was $ 100 and tracks it each year thereafter on the last day of our fiscal year through december 29 , 2018 and , for each index , on the last day of the calendar year .
comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , the s&p 500 index and the s&p 500 information technology index 12/29/181/2/16 12/30/1712/28/13 12/31/161/3/15 *$ 100 invested on 12/28/13 in stock or index , including reinvestment of dividends .
fiscal year ending december 29 .
copyright a9 2019 standard & poor 2019s , a division of s&p global .
all rights reserved .
nasdaq compositecadence design systems , inc .
s&p 500 s&p 500 information technology .

                               | 12/28/2013 | 1/3/2015 | 1/2/2016 | 12/31/2016 | 12/30/2017 | 12/29/2018
------------------------------ | ---------- | -------- | -------- | ---------- | ---------- | ----------
cadence design systems inc .   | $ 100.00   | $ 135.18 | $ 149.39 | $ 181.05   | $ 300.22   | $ 311.13
nasdaq composite               | 100.00     | 112.60   | 113.64   | 133.19     | 172.11     | 165.84
s&p 500                        | 100.00     | 110.28   | 109.54   | 129.05     | 157.22     | 150.33
s&p 500 information technology | 100.00     | 115.49   | 121.08   | 144.85     | 201.10     | 200.52

the stock price performance included in this graph is not necessarily indicative of future stock price performance.


abiomed , inc .
and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 8 .
stock award plans and stock-based compensation ( continued ) restricted stock and restricted stock units the following table summarizes restricted stock and restricted stock unit activity for the fiscal year ended march 31 , 2012 : number of shares ( in thousands ) weighted average grant date fair value ( per share ) .

                                                                 | number of shares ( in thousands ) | weighted average grant date fair value ( per share )
---------------------------------------------------------------- | --------------------------------- | ----------------------------------------------------
restricted stock and restricted stock units at beginning of year | 407                               | $ 9.84
granted                                                          | 607                               | 18.13
vested                                                           | -134 ( 134 )                      | 10.88
forfeited                                                        | -9 ( 9 )                          | 13.72
restricted stock and restricted stock units at end of year       | 871                               | $ 15.76

the remaining unrecognized compensation expense for outstanding restricted stock and restricted stock units , including performance-based awards , as of march 31 , 2012 was $ 7.1 million and the weighted-average period over which this cost will be recognized is 2.2 years .
the weighted average grant-date fair value for restricted stock and restricted stock units granted during the years ended march 31 , 2012 , 2011 , and 2010 was $ 18.13 , $ 10.00 and $ 7.67 per share , respectively .
the total fair value of restricted stock and restricted stock units vested in fiscal years 2012 , 2011 , and 2010 was $ 1.5 million , $ 1.0 million and $ 0.4 million , respectively .
performance-based awards included in the restricted stock and restricted stock units activity discussed above are certain awards granted in fiscal years 2012 , 2011 and 2010 that vest subject to certain performance-based criteria .
in june 2010 , 311000 shares of restricted stock and a performance-based award for the potential issuance of 45000 shares of common stock were issued to certain executive officers and members of senior management of the company , all of which would vest upon achievement of prescribed service milestones by the award recipients and performance milestones by the company .
during the year ended march 31 , 2011 , the company determined that it met the prescribed performance targets and a portion of these shares and stock options vested .
the remaining shares will vest upon satisfaction of prescribed service conditions by the award recipients .
during the three months ended june 30 , 2011 , the company determined that it should have been using the graded vesting method instead of the straight-line method to expense stock-based compensation for the performance-based awards issued in june 2010 .
this resulted in additional stock based compensation expense of approximately $ 0.6 million being recorded during the three months ended june 30 , 2011 that should have been recorded during the year ended march 31 , 2011 .
the company believes that the amount is not material to its march 31 , 2011 consolidated financial statements and therefore recorded the adjustment in the quarter ended june 30 , 2011 .
during the three months ended june 30 , 2011 , performance-based awards of restricted stock units for the potential issuance of 284000 shares of common stock were issued to certain executive officers and members of the senior management , all of which would vest upon achievement of prescribed service milestones by the award recipients and revenue performance milestones by the company .
as of march 31 , 2012 , the company determined that it met the prescribed targets for 184000 shares underlying these awards and it believes it is probable that the prescribed performance targets will be met for the remaining 100000 shares , and the compensation expense is being recognized accordingly .
during the year ended march 31 , 2012 , the company has recorded $ 3.3 million in stock-based compensation expense for equity awards in which the prescribed performance milestones have been achieved or are probable of being achieved .
the remaining unrecognized compensation expense related to these equity awards at march 31 , 2012 is $ 3.6 million based on the company 2019s current assessment of probability of achieving the performance milestones .
the weighted-average period over which this cost will be recognized is 2.1 years.


part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2008 and 2007. .

2008                       | high    | low
-------------------------- | ------- | -------
quarter ended march 31     | $ 42.72 | $ 32.10
quarter ended june 30      | 46.10   | 38.53
quarter ended september 30 | 43.43   | 31.89
quarter ended december 31  | 37.28   | 19.35
2007                       | high    | low
quarter ended march 31     | $ 41.31 | $ 36.63
quarter ended june 30      | 43.84   | 37.64
quarter ended september 30 | 45.45   | 36.34
quarter ended december 31  | 46.53   | 40.08

on february 13 , 2009 , the closing price of our common stock was $ 28.85 per share as reported on the nyse .
as of february 13 , 2009 , we had 397097677 outstanding shares of common stock and 499 registered holders .
dividends we have never paid a dividend on our common stock .
we anticipate that we may retain future earnings , if any , to fund the development and growth of our business .
the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 201c7.50% ( 201c7.50 % ) notes 201d ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 201c7.125% ( 201c7.125 % ) notes 201d ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants .
the loan agreement for our revolving credit facility and term loan , and the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes contain covenants that restrict our ability to pay dividends unless certain financial covenants are satisfied .
in addition , while spectrasite and its subsidiaries are classified as unrestricted subsidiaries under the indentures for our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes , certain of spectrasite 2019s subsidiaries are subject to restrictions on the amount of cash that they can distribute to us under the loan agreement related to our securitization transaction .
for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization transaction , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report.


visa inc .
notes to consolidated financial statements 2014 ( continued ) september 30 , 2008 ( in millions , except as noted ) volume and support incentives the company has agreements with customers for various programs designed to build sales volume and increase the acceptance of its payment products .
these agreements , with original terms ranging from one to thirteen years , provide card issuance , marketing and program support based on specific performance requirements .
these agreements are designed to encourage customer business and to increase overall visa-branded payment volume , thereby reducing unit transaction processing costs and increasing brand awareness for all visa customers .
payments made and obligations incurred under these programs are included on the company 2019s consolidated balance sheets .
the company 2019s obligation under these customer agreements will be amortized as a reduction to revenue in the same period as the related revenues are earned , based on management 2019s estimate of the customer 2019s performance compared to the terms of the incentive agreement .
the agreements may or may not limit the amount of customer incentive payments .
excluding anticipated revenue to be earned from higher payments and transaction volumes in connection with these agreements , the company 2019s potential exposure under agreements with and without limits to incentive payments , is estimated as follows at september 30 , 2008 : fiscal ( in millions ) volume and support incentives .

fiscal ( in millions ) | volume and support incentives
---------------------- | -----------------------------
2009                   | $ 1088
2010                   | 1105
2011                   | 945
2012                   | 798
2013                   | 1005
thereafter             | 3
total                  | $ 4944

the ultimate amounts to be paid under these agreements may be greater than or less than the estimates above .
based on these agreements , increases in the incentive payments are generally driven by increased payment and transaction volume , and as a result , in the event incentive payments exceed this estimate such payments are not expected to have a material effect on the company 2019s financial condition , results of operations or cash flows .
indemnification under framework agreement in connection with the framework agreement entered into between visa inc .
and visa europe , visa europe indemnifies visa inc .
for any claims arising out of the provision of the services brought by visa europe 2019s member banks against visa inc. , while visa inc .
indemnifies visa europe for any claims arising out of the provision of the services brought against visa europe by visa inc . 2019s customer financial institutions .
based on current known facts , the company assessed the probability of loss in the future as remote .
consequently , the estimated maximum probability-weighted liability is considered insignificant and no liability has been accrued .
for further information with respect to the company 2019s commitments and contingencies also see note 4 2014visa europe , note 5 2014retrospective responsibility plan , note 11 2014debt , note 13 2014settlement guarantee management and note 23 2014legal matters.


table of content part ii item 5 .
market for the registrant's common equity , related stockholder matters and issuer purchases of equity securities our common stock is traded on the new york stock exchange under the trading symbol 201chfc . 201d in september 2018 , our board of directors approved a $ 1 billion share repurchase program , which replaced all existing share repurchase programs , authorizing us to repurchase common stock in the open market or through privately negotiated transactions .
the timing and amount of stock repurchases will depend on market conditions and corporate , regulatory and other relevant considerations .
this program may be discontinued at any time by the board of directors .
the following table includes repurchases made under this program during the fourth quarter of 2018 .
period total number of shares purchased average price paid per share total number of shares purchased as part of publicly announced plans or programs maximum dollar value of shares that may yet be purchased under the plans or programs .

period                             | total number ofshares purchased | average pricepaid per share | total number ofshares purchasedas part of publicly announced plans or programs | maximum dollarvalue of sharesthat may yet bepurchased under the plans or programs
---------------------------------- | ------------------------------- | --------------------------- | ------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------
october 2018                       | 1360987                         | $ 66.34                     | 1360987                                                                        | $ 859039458
november 2018                      | 450000                          | $ 61.36                     | 450000                                                                         | $ 831427985
december 2018                      | 912360                          | $ 53.93                     | 810000                                                                         | $ 787613605
total for october to december 2018 | 2723347                         |                             | 2620987                                                                        |

during the quarter ended december 31 , 2018 , 102360 shares were withheld from certain executives and employees under the terms of our share-based compensation agreements to provide funds for the payment of payroll and income taxes due at vesting of restricted stock awards .
as of february 13 , 2019 , we had approximately 97419 stockholders , including beneficial owners holding shares in street name .
we intend to consider the declaration of a dividend on a quarterly basis , although there is no assurance as to future dividends since they are dependent upon future earnings , capital requirements , our financial condition and other factors.