compared to earlier levels .
the pre-tax non-cash impairments of certain mineral rights and real estate discussed above under the caption fffdland and development impairments fffd are not included in segment income .
liquidity and capital resources on january 29 , 2018 , we announced that a definitive agreement had been signed for us to acquire all of the outstanding shares of kapstone for $ 35.00 per share and the assumption of approximately $ 1.36 billion in net debt , for a total enterprise value of approximately $ 4.9 billion .
in contemplation of the transaction , on march 6 , 2018 , we issued $ 600.0 million aggregate principal amount of 3.75% ( 3.75 % ) senior notes due 2025 and $ 600.0 million aggregate principal amount of 4.0% ( 4.0 % ) senior notes due 2028 in an unregistered offering pursuant to rule 144a and regulation s under the securities act of 1933 , as amended ( the fffdsecurities act fffd ) .
in addition , on march 7 , 2018 , we entered into the delayed draw credit facilities ( as hereinafter defined ) that provide for $ 3.8 billion of senior unsecured term loans .
on november 2 , 2018 , in connection with the closing of the kapstone acquisition , we drew upon the facility in full .
the proceeds of the delayed draw credit facilities ( as hereinafter defined ) and other sources of cash were used to pay the consideration for the kapstone acquisition , to repay certain existing indebtedness of kapstone and to pay fees and expenses incurred in connection with the kapstone acquisition .
we fund our working capital requirements , capital expenditures , mergers , acquisitions and investments , restructuring activities , dividends and stock repurchases from net cash provided by operating activities , borrowings under our credit facilities , proceeds from our new a/r sales agreement ( as hereinafter defined ) , proceeds from the sale of property , plant and equipment removed from service and proceeds received in connection with the issuance of debt and equity securities .
see fffdnote 13 .
debt fffdtt of the notes to consolidated financial statements for additional information .
funding for our domestic operations in the foreseeable future is expected to come from sources of liquidity within our domestic operations , including cash and cash equivalents , and available borrowings under our credit facilities .
as such , our foreign cash and cash equivalents are not expected to be a key source of liquidity to our domestic operations .
at september 30 , 2018 , excluding the delayed draw credit facilities , we had approximately $ 3.2 billion of availability under our committed credit facilities , primarily under our revolving credit facility , the majority of which matures on july 1 , 2022 .
this liquidity may be used to provide for ongoing working capital needs and for other general corporate purposes , including acquisitions , dividends and stock repurchases .
certain restrictive covenants govern our maximum availability under the credit facilities .
we test and report our compliance with these covenants as required and we were in compliance with all of these covenants at september 30 , 2018 .
at september 30 , 2018 , we had $ 104.9 million of outstanding letters of credit not drawn cash and cash equivalents were $ 636.8 million at september 30 , 2018 and $ 298.1 million at september 30 , 2017 .
we used a significant portion of the cash and cash equivalents on hand at september 30 , 2018 in connection with the closing of the kapstone acquisition .
approximately 20% ( 20 % ) of the cash and cash equivalents at september 30 , 2018 were held outside of the u.s .
at september 30 , 2018 , total debt was $ 6415.2 million , $ 740.7 million of which was current .
at september 30 , 2017 , total debt was $ 6554.8 million , $ 608.7 million of which was current .
cash flow activityy .

( in millions )                           | year ended september 30 , 2018 | year ended september 30 , 2017 | year ended september 30 , 2016
----------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------
net cash provided by operating activities | $ 2420.9                       | $ 1900.5                       | $ 1688.4
net cash used for investing activities    | $ -1298.9 ( 1298.9 )           | $ -1285.8 ( 1285.8 )           | $ -1351.4 ( 1351.4 )
net cash used for financing activities    | $ -755.1 ( 755.1 )             | $ -655.4 ( 655.4 )             | $ -231.0 ( 231.0 )

net cash provided by operating activities during fiscal 2018 increased $ 520.4 million from fiscal 2017 primarily due to higher cash earnings and lower cash taxes due to the impact of the tax act .
net cash provided by operating activities during fiscal 2017 increased $ 212.1 million from fiscal 2016 primarily due to a $ 111.6 million net increase in cash flow from working capital changes plus higher after-tax cash proceeds from our land and development segment fffds accelerated monetization .
the changes in working capital in fiscal 2018 , 2017 and 2016 included a


contractual cash flows following is a summary of our contractual payment obligations related to our consolidated debt , contingent consideration , operating leases , other commitments and long-term liabilities at september 30 , 2011 ( see notes 9 and 13 to the consolidated financial statements contained this annual report ) , ( in thousands ) : .

obligation                                               | payments due by period total | payments due by period less than 1year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period thereafter
-------------------------------------------------------- | ---------------------------- | -------------------------------------- | -------------------------------- | -------------------------------- | ---------------------------------
short-term debt obligations                              | $ 26677                      | $ 26677                                | $ 2014                           | $ 2014                           | $ 2014
cash premium on convertible notes due march 2012 ( 1 )   | 23558                        | 23558                                  | 2014                             | 2014                             | 2014
other commitments ( 2 )                                  | 5170                         | 3398                                   | 1772                             | 2014                             | 2014
operating lease obligations                              | 37788                        | 8247                                   | 13819                            | 9780                             | 5942
contingent consideration for business combinations ( 3 ) | 59400                        | 58400                                  | 1000                             | 2014                             | 2014
other long-term liabilities ( 4 )                        | 34199                        | 2683                                   | 769                              | 146                              | 30601
total ( 5 )                                              | $ 186792                     | $ 122963                               | $ 17360                          | $ 9926                           | $ 36543

( 1 ) cash premiums related to the 201cif converted 201d value of the 2007 convertible notes that exceed aggregate principal balance using the closing stock price of $ 17.96 on september 30 , 2011 .
the actual amount of the cash premium will be calculated based on the 20 day average stock price prior to maturity .
a $ 1.00 change in our stock price would change the 201cif converted 201d value of the cash premium of the total aggregate principle amount of the remaining convertible notes by approximately $ 2.8 million .
( 2 ) other commitments consist of contractual license and royalty payments , and other purchase obligations .
( 3 ) contingent consideration related to business combinations is recorded at fair value and actual results could differ .
( 4 ) other long-term liabilities includes our gross unrecognized tax benefits , as well as executive deferred compensation which are both classified as beyond five years due to the uncertain nature of the commitment .
( 5 ) amounts do not include potential cash payments for the pending acquisition of aati .
critical accounting estimates the discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements , which have been prepared in accordance with gaap .
the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues and expenses , and related disclosure of contingent assets and liabilities .
the sec has defined critical accounting policies as those that are both most important to the portrayal of our financial condition and results and which require our most difficult , complex or subjective judgments or estimates .
based on this definition , we believe our critical accounting policies include the policies of revenue recognition , allowance for doubtful accounts , inventory valuation , business combinations , valuation of long-lived assets , share-based compensation , income taxes , goodwill and intangibles , and loss contingencies .
on an ongoing basis , we evaluate the judgments and estimates underlying all of our accounting policies .
these estimates and the underlying assumptions affect the amounts of assets and liabilities reported , disclosures , and reported amounts of revenues and expenses .
these estimates and assumptions are based on our best judgments .
we evaluate our estimates and assumptions using historical experience and other factors , including the current economic environment , which we believe to be reasonable under the circumstances .
we adjust such estimates and assumptions when facts and circumstances dictate .
as future events and their effects cannot be determined with precision , actual results could differ significantly from these estimates .
page 80 skyworks / annual report 2011


table of contents adobe inc .
notes to consolidated financial statements ( continued ) the table below represents the preliminary purchase price allocation to the acquired net tangible and intangible assets of marketo based on their estimated fair values as of the acquisition date and the associated estimated useful lives at that date .
the fair values assigned to assets acquired and liabilities assumed are based on management 2019s best estimates and assumptions as of the reporting date and are considered preliminary pending finalization of valuation analyses pertaining to intangible assets acquired , deferred revenue and tax liabilities assumed including the calculation of deferred tax assets and liabilities .
( in thousands ) amount weighted average useful life ( years ) .

( in thousands )                     | amount             | weighted average useful life ( years )
------------------------------------ | ------------------ | --------------------------------------
customer contracts and relationships | $ 576900           | 11
purchased technology                 | 444500             | 7
backlog                              | 105800             | 2
non-competition agreements           | 12100              | 2
trademarks                           | 328500             | 9
total identifiable intangible assets | 1467800            |
net liabilities assumed              | -191288 ( 191288 ) | n/a
goodwill ( 1 )                       | 3459751            | n/a
total estimated purchase price       | $ 4736263          |

_________________________________________ ( 1 ) non-deductible for tax-purposes .
identifiable intangible assets 2014customer relationships consist of marketo 2019s contractual relationships and customer loyalty related to their enterprise and commercial customers as well as technology partner relationships .
the estimated fair value of the customer contracts and relationships was determined based on projected cash flows attributable to the asset .
purchased technology acquired primarily consists of marketo 2019s cloud-based engagement marketing software platform .
the estimated fair value of the purchased technology was determined based on the expected future cost savings resulting from ownership of the asset .
backlog relates to subscription contracts and professional services .
non-compete agreements include agreements with key marketo employees that preclude them from competing against marketo for a period of two years from the acquisition date .
trademarks include the marketo trade name , which is well known in the marketing ecosystem .
we amortize the fair value of these intangible assets on a straight-line basis over their respective estimated useful lives .
goodwill 2014approximately $ 3.46 billion has been allocated to goodwill , and has been allocated in full to the digital experience reportable segment .
goodwill represents the excess of the purchase price over the fair value of the underlying acquired net tangible and intangible assets .
the factors that contributed to the recognition of goodwill included securing buyer-specific synergies that increase revenue and profits and are not otherwise available to a marketplace participant , acquiring a talented workforce and cost savings opportunities .
net liabilities assumed 2014marketo 2019s tangible assets and liabilities as of october 31 , 2018 were reviewed and adjusted to their fair value as necessary .
the net liabilities assumed included , among other items , $ 100.1 million in accrued expenses , $ 74.8 million in deferred revenue and $ 182.6 million in deferred tax liabilities , which were partially offset by $ 54.9 million in cash and cash equivalents and $ 72.4 million in trade receivables acquired .
deferred revenue 2014included in net liabilities assumed is marketo 2019s deferred revenue which represents advance payments from customers related to subscription contracts and professional services .
we estimated our obligation related to the deferred revenue using the cost build-up approach .
the cost build-up approach determines fair value by estimating the direct and indirect costs related to supporting the obligation plus an assumed operating margin .
the sum of the costs and assumed operating profit approximates , in theory , the amount that marketo would be required to pay a third party to assume the obligation .
the estimated costs to fulfill the obligation were based on the near-term projected cost structure for subscription and professional services .
as a result , we recorded an adjustment to reduce marketo 2019s carrying value of deferred revenue to $ 74.8 million , which represents our estimate of the fair value of the contractual obligations assumed based on a preliminary valuation.


operating expenses millions 2010 2009 2008 % (  % ) change 2010 v 2009 % (  % ) change 2009 v 2008 .

millions                         | 2010    | 2009    | 2008    | % (  % ) change 2010 v 2009 | % (  % ) change2009 v 2008
-------------------------------- | ------- | ------- | ------- | --------------------------- | --------------------------
compensation and benefits        | $ 4314  | $ 4063  | $ 4457  | 6% ( 6 % )                  | ( 9 ) % (  % )
fuel                             | 2486    | 1763    | 3983    | 41                          | -56 ( 56 )
purchased services and materials | 1836    | 1644    | 1928    | 12                          | -15 ( 15 )
depreciation                     | 1487    | 1427    | 1366    | 4                           | 4
equipment and other rents        | 1142    | 1180    | 1326    | -3 ( 3 )                    | -11 ( 11 )
other                            | 719     | 687     | 840     | 5                           | -18 ( 18 )
total                            | $ 11984 | $ 10764 | $ 13900 | 11% ( 11 % )                | ( 23 ) % (  % )

operating expenses increased $ 1.2 billion in 2010 versus 2009 .
our fuel price per gallon increased 31% ( 31 % ) during the year , accounting for $ 566 million of the increase .
wage and benefit inflation , depreciation , volume-related costs , and property taxes also contributed to higher expenses during 2010 compared to 2009 .
cost savings from productivity improvements and better resource utilization partially offset these increases .
operating expenses decreased $ 3.1 billion in 2009 versus 2008 .
our fuel price per gallon declined 44% ( 44 % ) during 2009 , decreasing operating expenses by $ 1.3 billion compared to 2008 .
cost savings from lower volume , productivity improvements , and better resource utilization also decreased operating expenses in 2009 .
in addition , lower casualty expense resulting primarily from improving trends in safety performance decreased operating expenses in 2009 .
conversely , wage and benefit inflation partially offset these reductions .
compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs .
general wage and benefit inflation increased costs by approximately $ 190 million in 2010 compared to 2009 .
volume- related expenses and higher equity and incentive compensation also drove costs up during the year .
workforce levels declined 1% ( 1 % ) in 2010 compared to 2009 as network efficiencies and ongoing productivity initiatives enabled us to effectively handle the 13% ( 13 % ) increase in volume levels with fewer employees .
lower volume and productivity initiatives led to a 10% ( 10 % ) decline in our workforce in 2009 compared to 2008 , saving $ 516 million during the year .
conversely , general wage and benefit inflation increased expenses , partially offsetting these savings .
fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment .
higher diesel fuel prices , which averaged $ 2.29 per gallon ( including taxes and transportation costs ) in 2010 compared to $ 1.75 per gallon in 2009 , increased expenses by $ 566 million .
volume , as measured by gross ton-miles , increased 10% ( 10 % ) in 2010 versus 2009 , driving fuel expense up by $ 166 million .
conversely , the use of newer , more fuel efficient locomotives , our fuel conservation programs and efficient network operations drove a 3% ( 3 % ) improvement in our fuel consumption rate in 2010 , resulting in $ 40 million of cost savings versus 2009 at the 2009 average fuel price .
lower diesel fuel prices , which averaged $ 1.75 per gallon ( including taxes and transportation costs ) in 2009 compared to $ 3.15 per gallon in 2008 , reduced expenses by $ 1.3 billion in 2009 .
volume , as measured by gross ton-miles , decreased 17% ( 17 % ) in 2009 , lowering expenses by $ 664 million compared to 2008 .
our fuel consumption rate improved 4% ( 4 % ) in 2009 , resulting in $ 147 million of cost savings versus 2008 at the 2008 average fuel price .
the consumption rate savings versus 2008 using the lower 2009 fuel price was $ 68 million .
newer , more fuel efficient locomotives , reflecting locomotive acquisitions in recent years and the impact of a smaller fleet due to storage of some of our older locomotives ; increased use of 2010 operating expenses


other items on our consolidated financial statements have been appropriately adjusted from the amounts provided in the earnings release , including a reduction of our full year 2016 gross profit and income from operations by $ 2.9 million , and a reduction of net income by $ 1.7 million. .

( in thousands )                        | at december 31 , 2016 | at december 31 , 2015 | at december 31 , 2014 | at december 31 , 2013 | at december 31 , 2012
--------------------------------------- | --------------------- | --------------------- | --------------------- | --------------------- | ---------------------
cash and cash equivalents               | $ 250470              | $ 129852              | $ 593175              | $ 347489              | $ 341841
working capital ( 1 )                   | 1279337               | 1019953               | 1127772               | 702181                | 651370
inventories                             | 917491                | 783031                | 536714                | 469006                | 319286
total assets                            | 3644331               | 2865970               | 2092428               | 1576369               | 1155052
total debt including current maturities | 817388                | 666070                | 281546                | 151551                | 59858
total stockholders 2019 equity          | $ 2030900             | $ 1668222             | $ 1350300             | $ 1053354             | $ 816922

( 1 ) working capital is defined as current assets minus current liabilities.


hologic , inc .
notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) fiscal 2007 acquisition : acquisition of biolucent , inc .
on september 18 , 2007 the company completed the acquisition of biolucent , inc .
( 201cbiolucent 201d ) pursuant to a definitive agreement dated june 20 , 2007 .
the results of operations for biolucent have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment .
the company has concluded that the acquisition of biolucent does not represent a material business combination and therefore no pro forma financial information has been provided herein .
biolucent , previously located in aliso viejo , california , develops , markets and sells mammopad breast cushions to decrease the discomfort associated with mammography .
prior to the acquisition , biolucent 2019s primary research and development efforts were directed at its brachytherapy business which was focused on breast cancer therapy .
prior to the acquisition , biolucent spun-off its brachytherapy technology and business to the holders of biolucent 2019s outstanding shares of capital stock .
as a result , the company only acquired biolucent 2019s mammopad cushion business and related assets .
the company invested $ 1000 directly in the spun-off brachytherapy business in exchange for shares of preferred stock issued by the new business .
the aggregate purchase price for biolucent was approximately $ 73200 , consisting of approximately $ 6800 in cash and 2314 shares of hologic common stock valued at approximately $ 63200 , debt assumed and paid off of approximately $ 1600 and approximately $ 1600 for acquisition related fees and expenses .
the company determined the fair value of the shares issued in connection with the acquisition in accordance with eitf issue no .
99-12 , determination of the measurement date for the market price of acquirer securities issued in a purchase business combination .
the acquisition also provides for up to two annual earn-out payments not to exceed $ 15000 in the aggregate based on biolucent 2019s achievement of certain revenue targets .
the company has considered the provision of eitf issue no .
95-8 , accounting for contingent consideration paid to the shareholders of an acquired enterprise in a purchase business combination , and concluded that this contingent consideration will represent additional purchase price .
as a result , goodwill will be increased by the amount of the additional consideration , if any , when it becomes due and payable .
as of september 27 , 2008 , the company has not recorded any amounts for these potential earn-outs .
the allocation of the purchase price is based upon estimates of the fair value of assets acquired and liabilities assumed as of september 18 , 2007 .
the components and allocation of the purchase price consists of the following approximate amounts: .

net tangible assets acquired as of september 18 2007 | $ 2800
---------------------------------------------------- | --------------
developed technology and know how                    | 12300
customer relationship                                | 17000
trade name                                           | 2800
deferred income tax liabilities net                  | -9500 ( 9500 )
goodwill                                             | 47800
final purchase price                                 | $ 73200

as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued .
it was determined that only customer relationship , trade name and developed technology and know-how had separately identifiable values .
the fair value of these intangible assets was determined through the application of the income approach .
customer relationship represents a large customer base that is expected to purchase the disposable mammopad product on a regular basis .
trade name represents the


performance graph the following graph compares the yearly change in the cumulative total stockholder return for our last five full fiscal years , based upon the market price of our common stock , with the cumulative total return on a nasdaq composite index ( u.s .
companies ) and a peer group , the nasdaq medical equipment-sic code 3840-3849 index , which is comprised of medical equipment companies , for that period .
the performance graph assumes the investment of $ 100 on march 31 , 2010 in our common stock , the nasdaq composite index ( u.s .
companies ) and the peer group index , and the reinvestment of any and all dividends. .

                                            | 3/31/2010 | 3/31/2011 | 3/31/2012 | 3/31/2013 | 3/31/2014 | 3/31/2015
------------------------------------------- | --------- | --------- | --------- | --------- | --------- | ---------
abiomed inc                                 | 100       | 140.79    | 215.02    | 180.91    | 252.33    | 693.60
nasdaq composite index                      | 100       | 115.98    | 128.93    | 136.26    | 175.11    | 204.38
nasdaq medical equipment sic code 3840-3849 | 100       | 108.31    | 115.05    | 105.56    | 123.18    | 118.95

this graph is not 201csoliciting material 201d under regulation 14a or 14c of the rules promulgated under the securities exchange act of 1934 , is not deemed filed with the securities and exchange commission and is not to be incorporated by reference in any of our filings under the securities act of 1933 , as amended , or the exchange act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing .
transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038 , is our stock transfer agent.


the valuation allowance as of 30 september 2016 of $ 155.2 primarily related to the tax benefit on the federal capital loss carryforward of $ 48.0 , tax benefit of foreign loss carryforwards of $ 37.7 , and capital assets of $ 58.0 that were generated from the loss recorded on the exit from the energy-from-waste business in 2016 .
if events warrant the reversal of the valuation allowance , it would result in a reduction of tax expense .
we believe it is more likely than not that future earnings and reversal of deferred tax liabilities will be sufficient to utilize our deferred tax assets , net of existing valuation allowance , at 30 september 2016 .
the deferred tax liability associated with unremitted earnings of foreign entities decreased in part due to the dividend to repatriate cash from a foreign subsidiary in south korea .
this amount was also impacted by ongoing activity including earnings , dividend payments , tax credit adjustments , and currency translation impacting the undistributed earnings of our foreign subsidiaries and corporate joint ventures which are not considered to be indefinitely reinvested outside of the u.s .
we record u.s .
income taxes on the undistributed earnings of our foreign subsidiaries and corporate joint ventures unless those earnings are indefinitely reinvested outside of the u.s .
these cumulative undistributed earnings that are considered to be indefinitely reinvested in foreign subsidiaries and corporate joint ventures are included in retained earnings on the consolidated balance sheets and amounted to $ 6300.9 as of 30 september 2016 .
an estimated $ 1467.8 in u.s .
income and foreign withholding taxes would be due if these earnings were remitted as dividends after payment of all deferred taxes .
a reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows: .

unrecognized tax benefits                       | 2016         | 2015           | 2014
----------------------------------------------- | ------------ | -------------- | --------------
balance at beginning of year                    | $ 97.5       | $ 108.7        | $ 124.3
additions for tax positions of the current year | 15.0         | 6.9            | 8.1
additions for tax positions of prior years      | 3.8          | 7.5            | 4.9
reductions for tax positions of prior years     | -.3 ( .3 )   | -7.9 ( 7.9 )   | -14.6 ( 14.6 )
settlements                                     | -5.6 ( 5.6 ) | -.6 ( .6 )     | 2014
statute of limitations expiration               | -3.0 ( 3.0 ) | -11.2 ( 11.2 ) | -14.0 ( 14.0 )
foreign currency translation                    | -.5 ( .5 )   | -5.9 ( 5.9 )   | 2014
balance at end of year                          | $ 106.9      | $ 97.5         | $ 108.7

at 30 september 2016 and 2015 , we had $ 106.9 and $ 97.5 of unrecognized tax benefits , excluding interest and penalties , of which $ 64.5 and $ 62.5 , respectively , would impact the effective tax rate if recognized .
interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense and totaled $ 2.3 in 2016 , $ ( 1.8 ) in 2015 , and $ 1.2 in 2014 .
our accrued balance for interest and penalties was $ 9.8 and $ 7.5 as of 30 september 2016 and 2015 , respectively.


31 , 2015 , the price was r$ 218/mwh .
after the expiration of contract with eletropaulo , tiet ea's strategy is to contract most of its physical guarantee , as described in regulatory framework section below , and sell the remaining portion in the spot market .
tiet ea's strategy is reassessed from time to time according to changes in market conditions , hydrology and other factors .
tiet ea has been continuously selling its available energy from 2016 forward through medium-term bilateral contracts of three to five years .
as of december 31 , 2016 , tiet ea's contracted portfolio position is 95% ( 95 % ) and 88% ( 88 % ) with average prices of r$ 157/ mwh and r$ 159/mwh ( inflation adjusted until december 2016 ) for 2016 and 2017 , respectively .
as brazil is mostly a hydro-based country with energy prices highly tied to the hydrological situation , the deterioration of the hydrology since the beginning of 2014 caused an increase in energy prices going forward .
tiet ea is closely monitoring and analyzing system supply conditions to support energy commercialization decisions .
under the concession agreement , tiet ea has an obligation to increase its capacity by 15% ( 15 % ) .
tiet ea , as well as other concession generators , have not yet met this requirement due to regulatory , environmental , hydrological and fuel constraints .
the state of s e3o paulo does not have a sufficient potential for wind power and only has a small remaining potential for hydro projects .
as such , the capacity increases in the state will mostly be derived from thermal gas capacity projects .
due to the highly complex process to obtain an environmental license for coal projects , tiet ea decided to fulfill its obligation with gas-fired projects in line with the federal government plans .
petrobras refuses to supply natural gas and to offer capacity in its pipelines and regasification terminals .
therefore , there are no regulations for natural gas swaps in place , and it is unfeasible to bring natural gas to aes tiet ea .
a legal case has been initiated by the state of s e3o paulo requiring the investment to be performed .
tiet ea is in the process of analyzing options to meet the obligation .
uruguaiana is a 640 mw gas-fired combined cycle power plant located in the town of uruguaiana in the state of rio grande do sul , commissioned in december 2000 .
aes manages and has a 46% ( 46 % ) economic interest in the plant with the remaining interest held by bndes .
the plant's operations were suspended in april 2009 due to the unavailability of gas .
aes has evaluated several alternatives to bring gas supply on a competitive basis to uruguaiana .
one of the challenges is the capacity restrictions on the argentinean pipeline , especially during the winter season when gas demand in argentina is very high .
the plant operated on a short-term basis during february and march 2013 , march through may 2014 , and february through may 2015 due to the short-term supply of lng for the facility .
the plant did not operate in 2016 .
uruguaiana continues to work toward securing gas on a long-term basis .
market structure 2014 brazil has installed capacity of 150136 mw , which is 65% ( 65 % ) hydroelectric , 19% ( 19 % ) thermal and 16% ( 16 % ) renewable ( biomass and wind ) .
brazil's national grid is divided into four subsystems .
tiet ea is in the southeast and uruguaiana is in the south subsystems of the national grid .
regulatory framework 2014 in brazil , the ministry of mines and energy determines the maximum amount of energy that a plant can sell , called physical guarantee , which represents the long-term average expected energy production of the plant .
under current rules , physical guarantee can be sold to distribution companies through long- term regulated auctions or under unregulated bilateral contracts with large consumers or energy trading companies .
the national system operator ( "ons" ) is responsible for coordinating and controlling the operation of the national grid .
the ons dispatches generators based on hydrological conditions , reservoir levels , electricity demand and the prices of fuel and thermal generation .
given the importance of hydro generation in the country , the ons sometimes reduces dispatch of hydro facilities and increases dispatch of thermal facilities to protect reservoir levels in the system .
in brazil , the system operator controls all hydroelectric generation dispatch and reservoir levels .
a mechanism known as the energy reallocation mechanism ( "mre" ) was created to share hydrological risk across mre hydro generators .
if the hydro plants generate less than the total mre physical guarantee , the hydro generators may need to purchase energy in the short-term market to fulfill their contract obligations .
when total hydro generation is higher than the total mre physical guarantee , the surplus is proportionally shared among its participants and they are able to make extra revenue selling the excess energy on the spot market .
the consequences of unfavorable hydrology are ( i ) thermal plants more expensive to the system being dispatched , ( ii ) lower hydropower generation with deficits in the mre and ( iii ) high spot prices .
aneel defines the spot price cap for electricity in the brazilian market .
the spot price caps as defined by aneel and average spot prices by calendar year are as follows ( r$ / .

year                               | 2017 | 2016 | 2015 | 2014
---------------------------------- | ---- | ---- | ---- | ----
spot price cap as defined by aneel | 534  | 423  | 388  | 822
average spot rate                  |      | 94   | 287  | 689


positions and collateral of the defaulting firm at each respective clearing organization , and taking into account any cross-margining loss sharing payments , any of the participating clearing organizations has a remaining liquidating surplus , and any other participating clearing organization has a remaining liquidating deficit , any additional surplus from the liquidation would be shared with the other clearing house to the extent that it has a remaining liquidating deficit .
any remaining surplus funds would be passed to the bankruptcy trustee .
mf global bankruptcy trust .
the company provided a $ 550.0 million financial guarantee to the bankruptcy trustee of mf global to accelerate the distribution of funds to mf global customers .
in the event that the trustee distributed more property in the second or third interim distributions than was permitted by the bankruptcy code and cftc regulations , the company will make a cash payment to the trustee for the amount of the erroneous distribution or distributions up to $ 550.0 million in the aggregate .
a payment will only be made after the trustee makes reasonable efforts to collect the property erroneously distributed to the customer ( s ) .
if a payment is made by the company , the company may have the right to seek reimbursement of the erroneously distributed property from the applicable customer ( s ) .
the guarantee does not cover distributions made by the trustee to customers on the basis of their claims filed in the bankruptcy .
because the trustee has now made payments to nearly all customers on the basis of their claims , the company believes that the likelihood of payment to the trustee is very remote .
as a result , the guarantee liability is estimated to be immaterial at december 31 , 2012 .
family farmer and rancher protection fund .
in april 2012 , the company established the family farmer and rancher protection fund ( the fund ) .
the fund is designed to provide payments , up to certain maximum levels , to family farmers , ranchers and other agricultural industry participants who use cme group agricultural products and who suffer losses to their segregated account balances due to their cme clearing member becoming insolvent .
under the terms of the fund , farmers and ranchers are eligible for up to $ 25000 per participant .
farming and ranching cooperatives are eligible for up to $ 100000 per cooperative .
the fund has an aggregate maximum payment amount of $ 100.0 million .
if payments to participants were to exceed this amount , payments would be pro-rated .
clearing members and customers must register in advance with the company and provide certain documentation in order to substantiate their eligibility .
peregrine financial group , inc .
( pfg ) filed for bankruptcy protection on july 10 , 2012 .
pfg was not one of cme 2019s clearing members and its customers had not registered for the fund .
accordingly , they were not technically eligible for payments from the fund .
however , because the fund was newly implemented and because pfg 2019s customers included many agricultural industry participants for whom the program was designed , the company decided to waive certain terms and conditions of the fund , solely in connection with the pfg bankruptcy , so that otherwise eligible family farmers , ranchers and agricultural cooperatives could apply for and receive benefits from cme .
based on the number of such pfg customers who applied and the estimated size of their claims , the company has recorded a liability in the amount of $ 2.1 million at december 31 , 2012 .
16 .
redeemable non-controlling interest the following summarizes the changes in redeemable non-controlling interest for the years presented .
non- controlling interests that do not contain redemption features are presented in the statements of equity. .

( in millions )                                                                | 2012   | 2011   | 2010
------------------------------------------------------------------------------ | ------ | ------ | ----------------
balance at january 1                                                           | $ 70.3 | $ 68.1 | $ 2014
contribution by dow jones                                                      | 2014   | 2014   | 675.0
distribution to dow jones                                                      | 2014   | 2014   | -607.5 ( 607.5 )
allocation of stock-based compensation                                         | 2014   | 0.1    | 2014
total comprehensive income attributable to redeemable non-controlling interest | 10.5   | 2.1    | 0.6
balance at december 31                                                         | $ 80.8 | $ 70.3 | $ 68.1

contribution by dow jones .
.
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2014 2014 675.0 distribution to dow jones .
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2014 2014 ( 607.5 ) allocation of stock- compensation .
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2014 0.1 2014 total comprehensive income attributable to redeemable non- controlling interest .
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10.5 2.1 0.6 balance at december 31 .
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$ 80.8 $ 70.3 $ 68.1


mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) the following table summarizes expected benefit payments through 2019 for the pension plans , including those payments expected to be paid from the company 2019s general assets .
since the majority of the benefit payments are made in the form of lump-sum distributions , actual benefit payments may differ from expected benefit payments. .

2010      | $ 18181
--------- | -------
2011      | 27090
2012      | 21548
2013      | 25513
2014      | 24002
2015-2019 | 128494

substantially all of the company 2019s u.s .
employees are eligible to participate in a defined contribution savings plan ( the 201csavings plan 201d ) sponsored by the company .
the savings plan allows employees to contribute a portion of their base compensation on a pre-tax and after-tax basis in accordance with specified guidelines .
the company matches a percentage of employees 2019 contributions up to certain limits .
in 2007 and prior years , the company could also contribute to the savings plan a discretionary profit sharing component linked to company performance during the prior year .
beginning in 2008 , the discretionary profit sharing amount related to prior year company performance was paid directly to employees as a short-term cash incentive bonus rather than as a contribution to the savings plan .
in addition , the company has several defined contribution plans outside of the united states .
the company 2019s contribution expense related to all of its defined contribution plans was $ 40627 , $ 35341 and $ 26996 for 2009 , 2008 and 2007 , respectively .
note 13 .
postemployment and postretirement benefits the company maintains a postretirement plan ( the 201cpostretirement plan 201d ) providing health coverage and life insurance benefits for substantially all of its u.s .
employees hired before july 1 , 2007 .
the company amended the life insurance benefits under the postretirement plan effective january 1 , 2007 .
the impact , net of taxes , of this amendment was an increase of $ 1715 to accumulated other comprehensive income in 2007 .
in 2009 , the company recorded a $ 3944 benefit expense as a result of enhanced postretirement medical benefits under the postretirement plan provided to employees that chose to participate in a voluntary transition program.


notes to consolidated financial statements 2014 ( continued ) merchant acquiring business in the united kingdom to the partnership .
in addition , hsbc uk entered into a ten-year marketing alliance with the partnership in which hsbc uk will refer customers to the partnership for payment processing services in the united kingdom .
on june 23 , 2008 , we entered into a new five year , $ 200 million term loan to fund a portion of the acquisition .
we funded the remaining purchase price with excess cash and our existing credit facilities .
the term loan bears interest , at our election , at the prime rate or london interbank offered rate plus a margin based on our leverage position .
as of july 1 , 2008 , the interest rate on the term loan was 3.605% ( 3.605 % ) .
the term loan calls for quarterly principal payments of $ 5 million beginning with the quarter ending august 31 , 2008 and increasing to $ 10 million beginning with the quarter ending august 31 , 2010 and $ 15 million beginning with the quarter ending august 31 , 2011 .
the partnership agreement includes provisions pursuant to which hsbc uk may compel us to purchase , at fair value , additional membership units from hsbc uk ( the 201cput option 201d ) .
hsbc uk may exercise the put option on the fifth anniversary of the closing of the acquisition and on each anniversary thereafter .
by exercising the put option , hsbc uk can require us to purchase , on an annual basis , up to 15% ( 15 % ) of the total membership units .
additionally , on the tenth anniversary of closing and each tenth anniversary thereafter , hsbc uk may compel us to purchase all of their membership units at fair value .
while not redeemable until june 2013 , we estimate the maximum total redemption amount of the minority interest under the put option would be $ 421.4 million , as of may 31 , 2008 .
the purpose of this acquisition was to establish a presence in the united kingdom .
the key factors that contributed to the decision to make this acquisition include historical and prospective financial statement analysis and hsbc uk 2019s market share and retail presence in the united kingdom .
the purchase price was determined by analyzing the historical and prospective financial statements and applying relevant purchase price multiples .
the purchase price totaled $ 441.1 million , consisting of $ 438.6 million cash consideration plus $ 2.5 million of direct out of pocket costs .
the acquisition has been recorded using the purchase method of accounting , and , accordingly , the purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition .
the following table summarizes the preliminary purchase price allocation: .

                                                                 | total
---------------------------------------------------------------- | ----------------
goodwill                                                         | $ 294741
customer-related intangible assets                               | 116920
contract-based intangible assets                                 | 13437
trademark                                                        | 2204
property and equipment                                           | 26955
other current assets                                             | 100
total assets acquired                                            | 454357
minority interest in equity of subsidiary ( at historical cost ) | -13257 ( 13257 )
net assets acquired                                              | $ 441100

due to the recent timing of the transaction , the allocation of the purchase price is preliminary .
all of the goodwill associated with the acquisition is expected to be deductible for tax purposes .
the customer-related intangible assets have amortization periods of up to 13 years .
the contract-based intangible assets have amortization periods of 7 years .
the trademark has an amortization period of 5 years.


agreements .
deferred financing costs amounted to $ 51 million and $ 60 million , net of accumulated amortization , as of december 31 , 2007 and 2006 , respectively .
amortization of deferred financing costs totaled $ 13 million , $ 15 million and $ 14 million in 2007 , 2006 and 2005 , respectively , and is included in interest expense on the accompanying statements of operations .
amortization of property and equipment under capital leases totaled $ 2 million , $ 2 million and $ 3 million in 2007 , 2006 and 2005 , respectively , and is included in depreciation and amortization on the accompanying consolidated state- ments of operations .
5 stockholders 2019 equity seven hundred fifty million shares of common stock , with a par value of $ 0.01 per share , are authorized , of which 522.6 million and 521.1 million were outstanding as of december 31 , 2007 and 2006 , respectively .
fifty million shares of no par value preferred stock are authorized , with 4.0 million shares out- standing as of december 31 , 2007 and 2006 .
dividends we are required to distribute at least 90% ( 90 % ) of our annual taxable income , excluding net capital gain , to qualify as a reit .
however , our policy on common dividends is generally to distribute 100% ( 100 % ) of our estimated annual taxable income , including net capital gain , unless otherwise contractually restricted .
for our preferred dividends , we will generally pay the quarterly dividend , regard- less of the amount of taxable income , unless similarly contractu- ally restricted .
the amount of any dividends will be determined by host 2019s board of directors .
all dividends declared in 2007 , 2006 and 2005 were determined to be ordinary income .
the table below presents the amount of common and preferred dividends declared per share as follows: .

                                         | 2007   | 2006  | 2005
---------------------------------------- | ------ | ----- | -----
common stock                             | $ 1.00 | $ .76 | $ .41
class b preferred stock 10% ( 10 % )     | 2014   | 2014  | .87
class c preferred stock 10% ( 10 % )     | 2014   | .625  | 2.50
class e preferred stock 87/8% ( 87/8 % ) | 2.22   | 2.22  | 2.22

class e preferred stock 8 7/8% ( 7/8 % ) 2.22 2.22 2.22 common stock on april 10 , 2006 , we issued approximately 133.5 million com- mon shares for the acquisition of hotels from starwood hotels & resorts .
see note 12 , acquisitions-starwood acquisition .
during 2006 , we converted our convertible subordinated debentures into approximately 24 million shares of common stock .
the remainder was redeemed for $ 2 million in april 2006 .
see note 4 , debt .
preferred stock we currently have one class of publicly-traded preferred stock outstanding : 4034400 shares of 8 7/8% ( 7/8 % ) class e preferred stock .
holders of the preferred stock are entitled to receive cumulative cash dividends at 8 7/8% ( 7/8 % ) per annum of the $ 25.00 per share liqui- dation preference , which are payable quarterly in arrears .
after june 2 , 2009 , we have the option to redeem the class e preferred stock for $ 25.00 per share , plus accrued and unpaid dividends to the date of redemption .
the preferred stock ranks senior to the common stock and the authorized series a junior participating preferred stock ( discussed below ) .
the preferred stockholders generally have no voting rights .
accrued preferred dividends at december 31 , 2007 and 2006 were approximately $ 2 million .
during 2006 and 2005 , we redeemed , at par , all of our then outstanding shares of class c and b cumulative preferred stock , respectively .
the fair value of the preferred stock ( which was equal to the redemption price ) exceeded the carrying value of the class c and b preferred stock by approximately $ 6 million and $ 4 million , respectively .
these amounts represent the origi- nal issuance costs .
the original issuance costs for the class c and b preferred stock have been reflected in the determination of net income available to common stockholders for the pur- pose of calculating our basic and diluted earnings per share in the respective years of redemption .
stockholders rights plan in 1998 , the board of directors adopted a stockholder rights plan under which a dividend of one preferred stock purchase right was distributed for each outstanding share of our com- mon stock .
each right when exercisable entitles the holder to buy 1/1000th of a share of a series a junior participating pre- ferred stock of ours at an exercise price of $ 55 per share , subject to adjustment .
the rights are exercisable 10 days after a person or group acquired beneficial ownership of at least 20% ( 20 % ) , or began a tender or exchange offer for at least 20% ( 20 % ) , of our com- mon stock .
shares owned by a person or group on november 3 , 1998 and held continuously thereafter are exempt for purposes of determining beneficial ownership under the rights plan .
the rights are non-voting and expire on november 22 , 2008 , unless exercised or previously redeemed by us for $ .005 each .
if we were involved in a merger or certain other business combina- tions not approved by the board of directors , each right entitles its holder , other than the acquiring person or group , to purchase common stock of either our company or the acquiror having a value of twice the exercise price of the right .
stock repurchase plan our board of directors has authorized a program to repur- chase up to $ 500 million of common stock .
the common stock may be purchased in the open market or through private trans- actions , dependent upon market conditions .
the plan does not obligate us to repurchase any specific number of shares and may be suspended at any time at management 2019s discretion .
6 income taxes we elected to be treated as a reit effective january 1 , 1999 , pursuant to the u.s .
internal revenue code of 1986 , as amended .
in general , a corporation that elects reit status and meets certain tax law requirements regarding the distribution of its taxable income to its stockholders as prescribed by applicable tax laws and complies with certain other requirements ( relating primarily to the nature of its assets and the sources of its revenues ) is generally not subject to federal and state income taxation on its operating income distributed to its stockholders .
in addition to paying federal and state income taxes on any retained income , we are subject to taxes on 201cbuilt-in-gains 201d resulting from sales of certain assets .
additionally , our taxable reit subsidiaries are subject to federal , state and foreign 63h o s t h o t e l s & r e s o r t s 2 0 0 7 60629p21-80x4 4/8/08 4:02 pm page 63


the goldman sachs group , inc .
and subsidiaries management 2019s discussion and analysis the risk committee of the board and the risk governance committee ( through delegated authority from the firmwide risk committee ) approve market risk limits and sub-limits at firmwide , business and product levels , consistent with our risk appetite statement .
in addition , market risk management ( through delegated authority from the risk governance committee ) sets market risk limits and sub-limits at certain product and desk levels .
the purpose of the firmwide limits is to assist senior management in controlling our overall risk profile .
sub-limits are set below the approved level of risk limits .
sub-limits set the desired maximum amount of exposure that may be managed by any particular business on a day-to-day basis without additional levels of senior management approval , effectively leaving day-to-day decisions to individual desk managers and traders .
accordingly , sub-limits are a management tool designed to ensure appropriate escalation rather than to establish maximum risk tolerance .
sub-limits also distribute risk among various businesses in a manner that is consistent with their level of activity and client demand , taking into account the relative performance of each area .
our market risk limits are monitored daily by market risk management , which is responsible for identifying and escalating , on a timely basis , instances where limits have been exceeded .
when a risk limit has been exceeded ( e.g. , due to positional changes or changes in market conditions , such as increased volatilities or changes in correlations ) , it is escalated to senior managers in market risk management and/or the appropriate risk committee .
such instances are remediated by an inventory reduction and/or a temporary or permanent increase to the risk limit .
model review and validation our var and stress testing models are regularly reviewed by market risk management and enhanced in order to incorporate changes in the composition of positions included in our market risk measures , as well as variations in market conditions .
prior to implementing significant changes to our assumptions and/or models , model risk management performs model validations .
significant changes to our var and stress testing models are reviewed with our chief risk officer and chief financial officer , and approved by the firmwide risk committee .
see 201cmodel risk management 201d for further information about the review and validation of these models .
systems we have made a significant investment in technology to monitor market risk including : 2030 an independent calculation of var and stress measures ; 2030 risk measures calculated at individual position levels ; 2030 attribution of risk measures to individual risk factors of each position ; 2030 the ability to report many different views of the risk measures ( e.g. , by desk , business , product type or entity ) ; 2030 the ability to produce ad hoc analyses in a timely manner .
metrics we analyze var at the firmwide level and a variety of more detailed levels , including by risk category , business , and region .
the tables below present average daily var and period-end var , as well as the high and low var for the period .
diversification effect in the tables below represents the difference between total var and the sum of the vars for the four risk categories .
this effect arises because the four market risk categories are not perfectly correlated .
the table below presents average daily var by risk category. .

$ in millions          | year ended december 2017 | year ended december 2016 | year ended december 2015
---------------------- | ------------------------ | ------------------------ | ------------------------
interest rates         | $ 40                     | $ 45                     | $ 47
equity prices          | 24                       | 25                       | 26
currency rates         | 12                       | 21                       | 30
commodity prices       | 13                       | 17                       | 20
diversification effect | -35 ( 35 )               | -45 ( 45 )               | -47 ( 47 )
total                  | $ 54                     | $ 63                     | $ 76

our average daily var decreased to $ 54 million in 2017 from $ 63 million in 2016 , due to reductions across all risk categories , partially offset by a decrease in the diversification effect .
the overall decrease was primarily due to lower levels of volatility .
our average daily var decreased to $ 63 million in 2016 from $ 76 million in 2015 , due to reductions across all risk categories , partially offset by a decrease in the diversification effect .
the overall decrease was primarily due to reduced exposures .
goldman sachs 2017 form 10-k 91


marathon oil corporation notes to consolidated financial statements stock appreciation rights 2013 prior to 2005 , we granted sars under the 2003 plan .
no stock appreciation rights have been granted under the 2007 plan .
similar to stock options , stock appreciation rights represent the right to receive a payment equal to the excess of the fair market value of shares of common stock on the date the right is exercised over the grant price .
under the 2003 plan , certain sars were granted as stock-settled sars and others were granted in tandem with stock options .
in general , sars granted under the 2003 plan vest ratably over a three-year period and have a maximum term of ten years from the date they are granted .
stock-based performance awards 2013 prior to 2005 , we granted stock-based performance awards under the 2003 plan .
no stock-based performance awards have been granted under the 2007 plan .
beginning in 2005 , we discontinued granting stock-based performance awards and instead now grant cash-settled performance units to officers .
all stock-based performance awards granted under the 2003 plan have either vested or been forfeited .
as a result , there are no outstanding stock-based performance awards .
restricted stock 2013 we grant restricted stock and restricted stock units under the 2007 plan and previously granted such awards under the 2003 plan .
in 2005 , the compensation committee began granting time-based restricted stock to certain u.s.-based officers of marathon and its consolidated subsidiaries as part of their annual long-term incentive package .
the restricted stock awards to officers vest three years from the date of grant , contingent on the recipient 2019s continued employment .
we also grant restricted stock to certain non-officer employees and restricted stock units to certain international employees ( 201crestricted stock awards 201d ) , based on their performance within certain guidelines and for retention purposes .
the restricted stock awards to non-officers generally vest in one-third increments over a three-year period , contingent on the recipient 2019s continued employment , however , certain restricted stock awards granted in 2008 will vest over a four-year period , contingent on the recipient 2019s continued employment .
prior to vesting , all restricted stock recipients have the right to vote such stock and receive dividends thereon .
the non-vested shares are not transferable and are held by our transfer agent .
common stock units 2013 we maintain an equity compensation program for our non-employee directors under the 2007 plan and previously maintained such a program under the 2003 plan .
all non-employee directors other than the chairman receive annual grants of common stock units , and they are required to hold those units until they leave the board of directors .
when dividends are paid on marathon common stock , directors receive dividend equivalents in the form of additional common stock units .
total stock-based compensation expense total employee stock-based compensation expense was $ 43 million , $ 66 million and $ 78 million in 2008 , 2007 and 2006 .
the total related income tax benefits were $ 16 million , $ 24 million and $ 29 million .
in 2008 and 2007 , cash received upon exercise of stock option awards was $ 9 million and $ 27 million .
tax benefits realized for deductions during 2008 and 2007 that were in excess of the stock-based compensation expense recorded for options exercised and other stock-based awards vested during the period totaled $ 7 million and $ 30 million .
cash settlements of stock option awards totaled $ 1 million in 2007 .
there were no cash settlements in 2008 .
stock option awards during 2008 , 2007 and 2006 , we granted stock option awards to both officer and non-officer employees .
the weighted average grant date fair value of these awards was based on the following black-scholes assumptions: .

                                                                      | 2008           | 2007           | 2006
--------------------------------------------------------------------- | -------------- | -------------- | --------------
weighted average exercise price per share                             | $ 51.74        | $ 60.94        | $ 37.84
expected annual dividends per share                                   | $ 0.96         | $ 0.96         | $ 0.80
expected life in years                                                | 4.8            | 5.0            | 5.1
expected volatility                                                   | 30% ( 30 % )   | 27% ( 27 % )   | 28% ( 28 % )
risk-free interest rate                                               | 3.1% ( 3.1 % ) | 4.1% ( 4.1 % ) | 5.0% ( 5.0 % )
weighted average grant date fair value of stock option awards granted | $ 13.03        | $ 17.24        | $ 10.19


issuer purchases of equity securities the following table provides information about purchases by us during the three months ended december 31 , 2013 of equity securities that are registered by us pursuant to section 12 of the exchange act : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced plans or programs ( 1 ) ( 2 ) dollar value of shares that may yet be purchased under the plans or programs ( 1 ) .

period        | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announcedplans or programs ( 1 ) ( 2 ) | dollar value of shares that may yet be purchased under the plans orprograms ( 1 )
------------- | -------------------------------------- | ---------------------------- | ------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------
october 2013  | 0                                      | $ 0                          | 0                                                                                | $ 781118739
november 2013 | 1191867                                | 98.18                        | 1191867                                                                                | 664123417
december 2013 | 802930                                 | 104.10                       | 802930                                                                                | 580555202
total         | 1994797                                | $ 100.56                     | 1994797                                                                                |

( 1 ) as announced on may 1 , 2013 , in april 2013 , the board of directors replaced its previously approved share repurchase authorization of up to $ 1 billion with a current authorization for repurchases of up to $ 1 billion of our common shares exclusive of shares repurchased in connection with employee stock plans , expiring on june 30 , 2015 .
under the current share repurchase authorization , shares may be purchased from time to time at prevailing prices in the open market , by block purchases , or in privately-negotiated transactions , subject to certain regulatory restrictions on volume , pricing , and timing .
as of february 1 , 2014 , the remaining authorized amount under the current authorization totaled approximately $ 580 million .
( 2 ) excludes 0.1 million shares repurchased in connection with employee stock plans.


26 | 2009 annual report in fiscal 2008 , revenues in the credit union systems and services business segment increased 14% ( 14 % ) from fiscal 2007 .
all revenue components within the segment experienced growth during fiscal 2008 .
license revenue generated the largest dollar growth in revenue as episys ae , our flagship core processing system aimed at larger credit unions , experienced strong sales throughout the year .
support and service revenue , which is the largest component of total revenues for the credit union segment , experienced 34 percent growth in eft support and 10 percent growth in in-house support .
gross profit in this business segment increased $ 9344 in fiscal 2008 compared to fiscal 2007 , due primarily to the increase in license revenue , which carries the highest margins .
liquidity and capital resources we have historically generated positive cash flow from operations and have generally used funds generated from operations and short-term borrowings on our revolving credit facility to meet capital requirements .
we expect this trend to continue in the future .
the company 2019s cash and cash equivalents increased to $ 118251 at june 30 , 2009 from $ 65565 at june 30 , 2008 .
the following table summarizes net cash from operating activities in the statement of cash flows : 2009 2008 2007 .

2008                                   | year ended june 30 2009 2008 | year ended june 30 2009 2008 | year ended june 30 2009
-------------------------------------- | ---------------------------- | ---------------------------- | -----------------------
net income                             | $ 103102                     | $ 104222                     | $ 104681
non-cash expenses                      | 74397                        | 70420                        | 56348
change in receivables                  | 21214                        | -2913 ( 2913 )               | -28853 ( 28853 )
change in deferred revenue             | 21943                        | 5100                         | 24576
change in other assets and liabilities | -14068 ( 14068 )             | 4172                         | 17495
net cash from operating activities     | $ 206588                     | $ 181001                     | $ 174247

year ended june 30 , cash provided by operations increased $ 25587 to $ 206588 for the fiscal year ended june 30 , 2009 as compared to $ 181001 for the fiscal year ended june 30 , 2008 .
this increase is primarily attributable to a decrease in receivables compared to the same period a year ago of $ 21214 .
this decrease is largely the result of fiscal 2010 annual software maintenance billings being provided to customers earlier than in the prior year , which allowed more cash to be collected before the end of the fiscal year than in previous years .
further , we collected more cash overall related to revenues that will be recognized in subsequent periods in the current year than in fiscal 2008 .
cash used in investing activities for the fiscal year ended june 2009 was $ 59227 and includes $ 3027 in contingent consideration paid on prior years 2019 acquisitions .
cash used in investing activities for the fiscal year ended june 2008 was $ 102148 and includes payments for acquisitions of $ 48109 , plus $ 1215 in contingent consideration paid on prior years 2019 acquisitions .
capital expenditures for fiscal 2009 were $ 31562 compared to $ 31105 for fiscal 2008 .
cash used for software development in fiscal 2009 was $ 24684 compared to $ 23736 during the prior year .
net cash used in financing activities for the current fiscal year was $ 94675 and includes the repurchase of 3106 shares of our common stock for $ 58405 , the payment of dividends of $ 26903 and $ 13489 net repayment on our revolving credit facilities .
cash used in financing activities was partially offset by proceeds of $ 3773 from the exercise of stock options and the sale of common stock ( through the employee stock purchase plan ) and $ 348 excess tax benefits from stock option exercises .
during fiscal 2008 , net cash used in financing activities for the fiscal year was $ 101905 and includes the repurchase of 4200 shares of our common stock for $ 100996 , the payment of dividends of $ 24683 and $ 429 net repayment on our revolving credit facilities .
cash used in financing activities was partially offset by proceeds of $ 20394 from the exercise of stock options and the sale of common stock and $ 3809 excess tax benefits from stock option exercises .
beginning during fiscal 2008 , us financial markets and many of the largest us financial institutions have been shaken by negative developments in the home mortgage industry and the mortgage markets , and particularly the markets for subprime mortgage-backed securities .
since that time , these and other such developments have resulted in a broad , global economic downturn .
while we , as is the case with most companies , have experienced the effects of this downturn , we have not experienced any significant issues with our current collection efforts , and we believe that any future impact to our liquidity will be minimized by cash generated by recurring sources of revenue and due to our access to available lines of credit.


during 2014 , the company closed on thirteen acquisitions of various regulated water and wastewater systems for a total aggregate purchase price of $ 9 .
assets acquired , principally plant , totaled $ 17 .
liabilities assumed totaled $ 8 , including $ 5 of contributions in aid of construction and assumed debt of $ 2 .
during 2013 , the company closed on fifteen acquisitions of various regulated water and wastewater systems for a total aggregate net purchase price of $ 24 .
assets acquired , primarily utility plant , totaled $ 67 .
liabilities assumed totaled $ 43 , including $ 26 of contributions in aid of construction and assumed debt of $ 13 .
included in these totals was the company 2019s november 14 , 2013 acquisition of all of the capital stock of dale service corporation ( 201cdale 201d ) , a regulated wastewater utility company , for a total cash purchase price of $ 5 ( net of cash acquired of $ 7 ) , plus assumed liabilities .
the dale acquisition was accounted for as a business combination ; accordingly , operating results from november 14 , 2013 were included in the company 2019s results of operations .
the purchase price was allocated to the net tangible and intangible assets based upon their estimated fair values at the date of acquisition .
the company 2019s regulatory practice was followed whereby property , plant and equipment ( rate base ) was considered fair value for business combination purposes .
similarly , regulatory assets and liabilities acquired were recorded at book value and are subject to regulatory approval where applicable .
the acquired debt was valued in a manner consistent with the company 2019s level 3 debt .
see note 17 2014fair value of financial instruments .
non-cash assets acquired in the dale acquisition , primarily utility plant , totaled $ 41 ; liabilities assumed totaled $ 36 , including debt assumed of $ 13 and contributions of $ 19 .
divestitures in november 2014 , the company completed the sale of terratec , previously included in the market-based businesses .
after post-close adjustments , net proceeds from the sale totaled $ 1 , and the company recorded a pretax loss on sale of $ 1 .
the following table summarizes the operating results of discontinued operations presented in the accompanying consolidated statements of operations for the years ended december 31: .

                                                      | 2014       | 2013
----------------------------------------------------- | ---------- | ----------
operating revenues                                    | $ 13       | $ 23
total operating expenses net                          | 19         | 26
loss from discontinued operations before income taxes | -6 ( 6 )   | -3 ( 3 )
provision ( benefit ) for income taxes                | 1          | -1 ( 1 )
loss from discontinued operations net of tax          | $ -7 ( 7 ) | $ -2 ( 2 )

the provision for income taxes of discontinued operations includes the recognition of tax expense related to the difference between the tax basis and book basis of assets upon the sales of terratec that resulted in taxable gains , since an election was made under section 338 ( h ) ( 10 ) of the internal revenue code to treat the sales as asset sales .
there were no assets or liabilities of discontinued operations in the accompanying consolidated balance sheets as of december 31 , 2015 and 2014.


in april 2009 , the fasb issued additional guidance under asc 820 which provides guidance on estimat- ing the fair value of an asset or liability ( financial or nonfinancial ) when the volume and level of activity for the asset or liability have significantly decreased , and on identifying transactions that are not orderly .
the application of the requirements of this guidance did not have a material effect on the accompanying consolidated financial statements .
in august 2009 , the fasb issued asu 2009-05 , 201cmeasuring liabilities at fair value , 201d which further amends asc 820 by providing clarification for cir- cumstances in which a quoted price in an active market for the identical liability is not available .
the company included the disclosures required by this guidance in the accompanying consolidated financial statements .
accounting for uncertainty in income taxes in june 2006 , the fasb issued guidance under asc 740 , 201cincome taxes 201d ( formerly fin 48 ) .
this guid- ance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in tax returns .
specifically , the financial statement effects of a tax position may be recognized only when it is determined that it is 201cmore likely than not 201d that , based on its technical merits , the tax position will be sustained upon examination by the relevant tax authority .
the amount recognized shall be measured as the largest amount of tax benefits that exceed a 50% ( 50 % ) probability of being recognized .
this guidance also expands income tax disclosure requirements .
international paper applied the provisions of this guidance begin- ning in the first quarter of 2007 .
the adoption of this guidance resulted in a charge to the beginning bal- ance of retained earnings of $ 94 million at the date of adoption .
note 3 industry segment information financial information by industry segment and geo- graphic area for 2009 , 2008 and 2007 is presented on pages 47 and 48 .
effective january 1 , 2008 , the company changed its method of allocating corpo- rate overhead expenses to its business segments to increase the expense amounts allocated to these businesses in reports reviewed by its chief executive officer to facilitate performance comparisons with other companies .
accordingly , the company has revised its presentation of industry segment operat- ing profit to reflect this change in allocation method , and has adjusted all comparative prior period information on this basis .
note 4 earnings per share attributable to international paper company common shareholders basic earnings per common share from continuing operations are computed by dividing earnings from continuing operations by the weighted average number of common shares outstanding .
diluted earnings per common share from continuing oper- ations are computed assuming that all potentially dilutive securities , including 201cin-the-money 201d stock options , were converted into common shares at the beginning of each year .
in addition , the computation of diluted earnings per share reflects the inclusion of contingently convertible securities in periods when dilutive .
a reconciliation of the amounts included in the computation of basic earnings per common share from continuing operations , and diluted earnings per common share from continuing operations is as fol- in millions except per share amounts 2009 2008 2007 .

in millions except per share amounts                                  | 2009   | 2008             | 2007
--------------------------------------------------------------------- | ------ | ---------------- | ------
earnings ( loss ) from continuing operations                          | $ 663  | $ -1269 ( 1269 ) | $ 1215
effect of dilutive securities ( a )                                   | 2013   | 2013             | 2013
earnings ( loss ) from continuing operations 2013 assumingdilution    | $ 663  | $ -1269 ( 1269 ) | $ 1215
average common shares outstanding                                     | 425.3  | 421.0            | 428.9
effect of dilutive securities restricted performance share plan ( a ) | 2.7    | 2013             | 3.7
stock options ( b )                                                   | 2013   | 2013             | 0.4
average common shares outstanding 2013 assuming dilution              | 428.0  | 421.0            | 433.0
basic earnings ( loss ) per common share from continuing operations   | $ 1.56 | $ -3.02 ( 3.02 ) | $ 2.83
diluted earnings ( loss ) per common share from continuing operations | $ 1.55 | $ -3.02 ( 3.02 ) | $ 2.81

average common shares outstanding 2013 assuming dilution 428.0 421.0 433.0 basic earnings ( loss ) per common share from continuing operations $ 1.56 $ ( 3.02 ) $ 2.83 diluted earnings ( loss ) per common share from continuing operations $ 1.55 $ ( 3.02 ) $ 2.81 ( a ) securities are not included in the table in periods when anti- dilutive .
( b ) options to purchase 22.2 million , 25.1 million and 17.5 million shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively , were not included in the computation of diluted common shares outstanding because their exercise price exceeded the average market price of the company 2019s common stock for each respective reporting date .
note 5 restructuring and other charges this footnote discusses restructuring and other charges recorded for each of the three years included in the period ended december 31 , 2009 .
it


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 and the s&p 400 information technology index .
the graph assumes that the value of the investment in our common stock and in each index on december 31 , 2011 ( including reinvestment of dividends ) was $ 100 and tracks it each year thereafter on the last day of our fiscal year through december 31 , 2016 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 , and s&p 400 information technology cadence design systems , inc .
nasdaq composite s&p 400 information technology 12/31/1612/28/13 1/2/1612/31/11 1/3/1512/29/12 *$ 100 invested on 12/31/11 in stock or index , including reinvestment of dividends .
indexes calculated on month-end basis .
copyright a9 2017 standard & poor 2019s , a division of s&p global .
all rights reserved. .

                               | 12/31/2011 | 12/29/2012 | 12/28/2013 | 1/3/2015 | 1/2/2016 | 12/31/2016
------------------------------ | ---------- | ---------- | ---------- | -------- | -------- | ----------
cadence design systems inc .   | 100.00     | 129.23     | 133.94     | 181.06   | 200.10   | 242.50
nasdaq composite               | 100.00     | 116.41     | 165.47     | 188.69   | 200.32   | 216.54
s&p 400 information technology | 100.00     | 118.41     | 165.38     | 170.50   | 178.74   | 219.65

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


part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities at january 25 , 2019 , we had 26812 holders of record of our common stock , par value $ 1 per share .
our common stock is traded on the new york stock exchange ( nyse ) under the symbol lmt .
information concerning dividends paid on lockheed martin common stock during the past two years is as follows : common stock - dividends paid per share .

quarter | dividends paid per share 2018 | dividends paid per share 2017
------- | ----------------------------- | -----------------------------
first   | $ 2.00                        | $ 1.82
second  | 2.00                          | 1.82
third   | 2.00                          | 1.82
fourth  | 2.20                          | 2.00
year    | $ 8.20                        | $ 7.46

stockholder return performance graph the following graph compares the total return on a cumulative basis of $ 100 invested in lockheed martin common stock on december 31 , 2013 to the standard and poor 2019s ( s&p ) 500 index and the s&p aerospace & defense index .
the s&p aerospace & defense index comprises arconic inc. , general dynamics corporation , harris corporation , huntington ingalls industries , l3 technologies , inc. , lockheed martin corporation , northrop grumman corporation , raytheon company , textron inc. , the boeing company , transdigm group inc. , and united technologies corporation .
the stockholder return performance indicated on the graph is not a guarantee of future performance.


subject to fluctuation and , consequently , the amount realized in the subsequent sale of an investment may differ significantly from its current reported value .
fluctuations in the market price of a security may result from perceived changes in the underlying economic characteristics of the issuer , the relative price of alternative investments and general market conditions .
the table below summarizes equity investments that are subject to equity price fluctuations at december 31 , 2012 .
equity investments are included in other assets in our consolidated balance sheets .
( in millions ) carrying unrealized net of tax .

( in millions )                            | costbasis | fairvalue | carryingvalue | unrealizedgainnet of tax
------------------------------------------ | --------- | --------- | ------------- | ------------------------
bm&fbovespa s.a .                          | $ 262.9   | $ 690.6   | $ 690.6       | $ 271.4
bolsa mexicana de valores s.a.b . de c.v . | 17.3      | 29.3      | 29.3          | 7.6
imarex asa                                 | 2014      | 1.8       | 1.8           | 1.1

we do not currently hedge against equity price risk .
equity investments are assessed for other-than- temporary impairment on a quarterly basis.


s c h e d u l e i v ace limited and subsidiaries s u p p l e m e n t a l i n f o r m a t i o n c o n c e r n i n g r e i n s u r a n c e premiums earned for the years ended december 31 , 2009 , 2008 , and 2007 ( in millions of u.s .
dollars , except for percentages ) direct amount ceded to companies assumed from other companies net amount percentage of amount assumed to .

for the years ended december 31 2009 2008 and 2007 ( in millions of u.s . dollars except for percentages ) | direct amount | ceded to other companies | assumed from other companies | net amount | percentage of amount assumed to net
---------------------------------------------------------------------------------------------------------- | ------------- | ------------------------ | ---------------------------- | ---------- | -----------------------------------
2009                                                                                | $ 15415       | $ 5943                   | $ 3768                       | $ 13240    | 28% ( 28 % )
2008                                                                                | $ 16087       | $ 6144                   | $ 3260                       | $ 13203    | 25% ( 25 % )
2007                                                                                | $ 14673       | $ 5834                   | $ 3458                       | $ 12297    | 28% ( 28 % )


during 2015 , continued management actions , primarily the sale or transfer to held-for-sale of approximately $ 1.5 billion of delinquent residential first mortgages , including $ 0.9 billion in the fourth quarter largely associated with the transfer of citifinancial loans to held-for-sale referenced above , were the primary driver of the overall improvement in delinquencies within citi holdings 2019 residential first mortgage portfolio .
credit performance from quarter to quarter could continue to be impacted by the amount of delinquent loan sales or transfers to held-for-sale , as well as overall trends in hpi and interest rates .
north america residential first mortgages 2014state delinquency trends the following tables set forth the six u.s .
states and/or regions with the highest concentration of citi 2019s residential first mortgages. .

in billions of dollars state ( 1 ) | in billions of dollars enr ( 2 ) | in billions of dollars enrdistribution | in billions of dollars 90+dpd% ( 90+dpd % ) | in billions of dollars %ltv >100% ( >100 % ) ( 3 ) | in billions of dollars refreshedfico | in billions of dollars enr ( 2 ) | in billions of dollars enrdistribution | in billions of dollars 90+dpd% ( 90+dpd % ) | %ltv >100% ( >100 % ) ( 3 ) | refreshedfico
---------------------------------- | -------------------------------- | -------------------------------------- | ------------------------------------------- | -------------------------------------------------- | ------------------------------------ | -------------------------------- | -------------------------------------- | ------------------------------------------- | --------------------------- | -------------
ca                                 | $ 19.2                           | 37% ( 37 % )                           | 0.2% ( 0.2 % )                              | 1% ( 1 % )                                         | 754                                  | $ 18.9                           | 31% ( 31 % )                           | 0.6% ( 0.6 % )                              | 2% ( 2 % )                  | 745
ny/nj/ct ( 4 )                     | 12.7                             | 25                                     | 0.8                                         | 1                                                  | 751                                  | 12.2                             | 20                                     | 1.9                                         | 2                           | 740
va/md                              | 2.2                              | 4                                      | 1.2                                         | 2                                                  | 719                                  | 3.0                              | 5                                      | 3.0                                         | 8                           | 695
il ( 4 )                           | 2.2                              | 4                                      | 1.0                                         | 3                                                  | 735                                  | 2.5                              | 4                                      | 2.5                                         | 9                           | 713
fl ( 4 )                           | 2.2                              | 4                                      | 1.1                                         | 4                                                  | 723                                  | 2.8                              | 5                                      | 3.0                                         | 14                          | 700
tx                                 | 1.9                              | 4                                      | 1.0                                         | 2014                                               | 711                                  | 2.5                              | 4                                      | 2.7                                         | 2014                        | 680
other                              | 11.0                             | 21                                     | 1.3                                         | 2                                                  | 710                                  | 18.2                             | 30                                     | 3.3                                         | 7                           | 677
total ( 5 )                        | $ 51.5                           | 100% ( 100 % )                         | 0.7% ( 0.7 % )                              | 1% ( 1 % )                                         | 738                                  | $ 60.1                           | 100% ( 100 % )                         | 2.1% ( 2.1 % )                              | 4% ( 4 % )                  | 715

total ( 5 ) $ 51.5 100% ( 100 % ) 0.7% ( 0.7 % ) 1% ( 1 % ) 738 $ 60.1 100% ( 100 % ) 2.1% ( 2.1 % ) 4% ( 4 % ) 715 note : totals may not sum due to rounding .
( 1 ) certain of the states are included as part of a region based on citi 2019s view of similar hpi within the region .
( 2 ) ending net receivables .
excludes loans in canada and puerto rico , loans guaranteed by u.s .
government agencies , loans recorded at fair value and loans subject to long term standby commitments ( ltscs ) .
excludes balances for which fico or ltv data are unavailable .
( 3 ) ltv ratios ( loan balance divided by appraised value ) are calculated at origination and updated by applying market price data .
( 4 ) new york , new jersey , connecticut , florida and illinois are judicial states .
( 5 ) improvement in state trends during 2015 was primarily due to the sale or transfer to held-for-sale of residential first mortgages , including the transfer of citifinancial residential first mortgages to held-for-sale in the fourth quarter of 2015 .
foreclosures a substantial majority of citi 2019s foreclosure inventory consists of residential first mortgages .
at december 31 , 2015 , citi 2019s foreclosure inventory included approximately $ 0.1 billion , or 0.2% ( 0.2 % ) , of the total residential first mortgage portfolio , compared to $ 0.6 billion , or 0.9% ( 0.9 % ) , at december 31 , 2014 , based on the dollar amount of ending net receivables of loans in foreclosure inventory , excluding loans that are guaranteed by u.s .
government agencies and loans subject to ltscs .
north america consumer mortgage quarterly credit trends 2014net credit losses and delinquencies 2014home equity citi 2019s home equity loan portfolio consists of both fixed-rate home equity loans and loans extended under home equity lines of credit .
fixed-rate home equity loans are fully amortizing .
home equity lines of credit allow for amounts to be drawn for a period of time with the payment of interest only and then , at the end of the draw period , the then-outstanding amount is converted to an amortizing loan ( the interest-only payment feature during the revolving period is standard for this product across the industry ) .
after conversion , the home equity loans typically have a 20-year amortization period .
as of december 31 , 2015 , citi 2019s home equity loan portfolio of $ 22.8 billion consisted of $ 6.3 billion of fixed-rate home equity loans and $ 16.5 billion of loans extended under home equity lines of credit ( revolving helocs ) .


3 .
discontinued operations during the second quarter of 2012 , the board of directors authorized the sale of our homecare business , which had previously been reported as part of the merchant gases operating segment .
this business has been accounted for as a discontinued operation .
in the third quarter of 2012 , we sold the majority of our homecare business to the linde group for sale proceeds of 20ac590 million ( $ 777 ) and recognized a gain of $ 207.4 ( $ 150.3 after-tax , or $ .70 per share ) .
the sale proceeds included 20ac110 million ( $ 144 ) that was contingent on the outcome of certain retender arrangements .
these proceeds were reflected in payables and accrued liabilities on our consolidated balance sheet as of 30 september 2013 .
based on the outcome of the retenders , we were contractually required to return proceeds to the linde group .
in the fourth quarter of 2014 , we made a payment to settle this liability and recognized a gain of $ 1.5 .
during the third quarter of 2012 , an impairment charge of $ 33.5 ( $ 29.5 after-tax , or $ .14 per share ) was recorded to write down the remaining business , which was primarily in the united kingdom and ireland , to its estimated net realizable value .
in the fourth quarter of 2013 , an additional charge of $ 18.7 ( $ 13.6 after-tax , or $ .06 per share ) was recorded to update our estimate of the net realizable value .
in the first quarter of 2014 , we sold the remaining portion of the homecare business for a36.1 million ( $ 9.8 ) and recorded a gain on sale of $ 2.4 .
we entered into an operations guarantee related to the obligations under certain homecare contracts assigned in connection with the transaction .
refer to note 16 , commitments and contingencies , for additional information .
the results of discontinued operations are summarized below: .

                                                                       | 2014  | 2013             | 2012
---------------------------------------------------------------------- | ----- | ---------------- | -------
sales                                                                  | $ 8.5 | $ 52.3           | $ 258.0
income before taxes                                                    | $ .7  | $ 3.8            | $ 68.1
income tax provision                                                   | 2014  | .2               | 20.8
income from operations of discontinued operations                      | .7    | 3.6              | 47.3
gain ( loss ) on sale of business and impairment/write-down net of tax | 3.9   | -13.6 ( 13.6 )   | 120.8
income ( loss ) from discontinued operations net of tax                | $ 4.6 | $ -10.0 ( 10.0 ) | $ 168.1

the assets and liabilities classified as discontinued operations for the homecare business at 30 september 2013 consisted of $ 2.5 in trade receivables , net , and $ 2.4 in payables and accrued liabilities .
as of 30 september 2014 , no assets or liabilities were classified as discontinued operations.


federal realty investment trust schedule iii summary of real estate and accumulated depreciation 2014continued three years ended december 31 , 2006 reconciliation of accumulated depreciation and amortization ( in thousands ) .

balance december 31 2003                                             | $ 514177
-------------------------------------------------------------------- | ----------------
additions during period 2014depreciation and amortization expense    | 82551
deductions during period 2014disposition and retirements of property | -1390 ( 1390 )
balance december 31 2004                                             | 595338
additions during period 2014depreciation and amortization expense    | 83656
deductions during period 2014disposition and retirements of property | -15244 ( 15244 )
balance december 31 2005                                             | 663750
additions during period 2014depreciation and amortization expense    | 89564
deductions during period 2014disposition and retirements of property | -12807 ( 12807 )
balance december 31 2006                                             | $ 740507