management 2019s discussion and analysis 130 jpmorgan chase & co./2013 annual report wholesale credit portfolio the wholesale credit environment remained favorable throughout 2013 driving an increase in commercial client activity .
discipline in underwriting across all areas of lending continues to remain a key point of focus , consistent with evolving market conditions and the firm 2019s risk management activities .
the wholesale portfolio is actively managed , in part by conducting ongoing , in-depth reviews of credit quality and of industry , product and client concentrations .
during the year , wholesale criticized assets and nonperforming assets decreased from higher levels experienced in 2012 , including a reduction in nonaccrual loans by 39% ( 39 % ) .
as of december 31 , 2013 , wholesale exposure ( primarily cib , cb and am ) increased by $ 13.7 billion from december 31 , 2012 , primarily driven by increases of $ 11.4 billion in lending-related commitments and $ 8.4 billion in loans reflecting increased client activity primarily in cb and am .
these increases were partially offset by a $ 9.2 billion decrease in derivative receivables .
derivative receivables decreased predominantly due to reductions in interest rate derivatives driven by an increase in interest rates and reductions in commodity derivatives due to market movements .
the decreases were partially offset by an increase in equity derivatives driven by a rise in equity markets .
wholesale credit portfolio december 31 , credit exposure nonperforming ( d ) .

december 31 , ( in millions )                                        | december 31 , 2013 | december 31 , 2012 | 2013       | 2012
-------------------------------------------------------------------- | ------------------ | ------------------ | ---------- | ------------
loans retained                                                       | $ 308263           | $ 306222           | $ 821      | $ 1434
loans held-for-sale                                                  | 11290              | 4406               | 26         | 18
loans at fair value ( a )                                            | 2011               | 2555               | 197        | 265
loans 2013 reported                                                  | 321564             | 313183             | 1044       | 1717
derivative receivables                                               | 65759              | 74983              | 415        | 239
receivables from customers and other ( b )                           | 26744              | 23648              | 2014       | 2014
total wholesale credit-related assets                                | 414067             | 411814             | 1459       | 1956
lending-related commitments                                          | 446232             | 434814             | 206        | 355
total wholesale credit exposure                                      | $ 860299           | $ 846628           | $ 1665     | $ 2311
credit portfolio management derivatives notional net ( c )           | $ -27996 ( 27996 ) | $ -27447 ( 27447 ) | $ -5 ( 5 ) | $ -25 ( 25 )
liquid securities and other cash collateral held against derivatives | -14435 ( 14435 )   | -15201 ( 15201 )   | na         | na

receivables from customers and other ( b ) 26744 23648 2014 2014 total wholesale credit- related assets 414067 411814 1459 1956 lending-related commitments 446232 434814 206 355 total wholesale credit exposure $ 860299 $ 846628 $ 1665 $ 2311 credit portfolio management derivatives notional , net ( c ) $ ( 27996 ) $ ( 27447 ) $ ( 5 ) $ ( 25 ) liquid securities and other cash collateral held against derivatives ( 14435 ) ( 15201 ) na na ( a ) during 2013 , certain loans that resulted from restructurings that were previously classified as performing were reclassified as nonperforming loans .
prior periods were revised to conform with the current presentation .
( b ) receivables from customers and other primarily includes margin loans to prime and retail brokerage customers ; these are classified in accrued interest and accounts receivable on the consolidated balance sheets .
( c ) represents the net notional amount of protection purchased and sold through credit derivatives used to manage both performing and nonperforming wholesale credit exposures ; these derivatives do not qualify for hedge accounting under u.s .
gaap .
excludes the synthetic credit portfolio .
for additional information , see credit derivatives on pages 137 2013138 , and note 6 on pages 220 2013233 of this annual report .
( d ) excludes assets acquired in loan satisfactions.


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

                                                   | u.s .        | canada     | total
-------------------------------------------------- | ------------ | ---------- | ------------
proved undeveloped reserves as of december 31 2012 | 407          | 433        | 840
extensions and discoveries                         | 57           | 38         | 95
revisions due to prices                            | 1            | -10 ( 10 ) | -9 ( 9 )
revisions other than price                         | -91 ( 91 )   | 13         | -78 ( 78 )
conversion to proved developed reserves            | -116 ( 116 ) | -31 ( 31 ) | -147 ( 147 )
proved undeveloped reserves as of december 31 2013 | 258          | 443        | 701

at december 31 , 2013 , devon had 701 mmboe of proved undeveloped reserves .
this represents a 17 percent decrease as compared to 2012 and represents 24 percent of total proved reserves .
drilling and development activities increased devon 2019s proved undeveloped reserves 95 mmboe and resulted in the conversion of 147 mmboe , or 18 percent , of the 2012 proved undeveloped reserves to proved developed reserves .
costs incurred related to the development and conversion of devon 2019s proved undeveloped reserves were $ 1.9 billion for 2013 .
additionally , revisions other than price decreased devon 2019s proved undeveloped reserves 78 mmboe primarily due to evaluations of certain u.s .
onshore dry-gas areas , which devon does not expect to develop in the next five years .
the largest revisions relate to the dry-gas areas in the cana-woodford shale in western oklahoma , carthage in east texas and the barnett shale in north texas .
a significant amount of devon 2019s proved undeveloped reserves at the end of 2013 related to its jackfish operations .
at december 31 , 2013 and 2012 , devon 2019s jackfish proved undeveloped reserves were 441 mmboe and 429 mmboe , respectively .
development schedules for the jackfish reserves are primarily controlled by the need to keep the processing plants at their 35000 barrel daily facility capacity .
processing plant capacity is controlled by factors such as total steam processing capacity , steam-oil ratios and air quality discharge permits .
as a result , these reserves are classified as proved undeveloped for more than five years .
currently , the development schedule for these reserves extends though the year 2031 .
price revisions 2013 2013 reserves increased 94 mmboe primarily due to higher gas prices .
of this increase , 43 mmboe related to the barnett shale and 19 mmboe related to the rocky mountain area .
2012 2013 reserves decreased 171 mmboe primarily due to lower gas prices .
of this decrease , 100 mmboe related to the barnett shale and 25 mmboe related to the rocky mountain area .
2011 2013 reserves decreased 21 mmboe due to lower gas prices and higher oil prices .
the higher oil prices increased devon 2019s canadian royalty burden , which reduced devon 2019s oil reserves .
revisions other than price total revisions other than price for 2013 , 2012 and 2011 primarily related to devon 2019s evaluation of certain dry gas regions , with the largest revisions being made in the cana-woodford shale , barnett shale and carthage


item 1b .
unresolved staff comments item 2 .
properties the table below provides a summary of our containerboard mills , the principal products produced and each mill 2019s year-end 2011 annual practical maximum capacity based upon all of our paper machines 2019 production capabilities , as reported to the af&pa : location function capacity ( tons ) counce , tn .
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kraft linerboard mill 1043000 valdosta , ga .
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kraft linerboard mill 556000 tomahawk , wi .
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semi-chemical medium mill 538000 filer city , mi .
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semi-chemical medium mill 438000 .

location      | function kraft linerboard mill kraft linerboard mill semi-chemical medium mill semi-chemical medium mill | capacity ( tons ) 1043000 556000 538000 438000
------------- | -------------------------------------------------------------------------------------------------------- | ----------------------------------------------
counce tn     | valdosta ga                                                                                | tomahawk wi
filer city mi | filer city mi                                                                                | filer city mi
total         |                                                                                | 2575000

we currently own our four containerboard mills and 44 of our corrugated manufacturing operations ( 37 corrugated plants and seven sheet plants ) .
we also own one warehouse and miscellaneous other property , which includes sales offices and woodlands management offices .
these sales offices and woodlands management offices generally have one to four employees and serve as administrative offices .
pca leases the space for four corrugated plants , 23 sheet plants , six regional design centers , and numerous other distribution centers , warehouses and facilities .
the equipment in these leased facilities is , in virtually all cases , owned by pca , except for forklifts and other rolling stock which are generally leased .
we lease the cutting rights to approximately 88000 acres of timberland located near our valdosta mill ( 77000 acres ) and our counce mill ( 11000 acres ) .
on average , these cutting rights agreements have terms with approximately 12 years remaining .
our corporate headquarters is located in lake forest , illinois .
the headquarters facility is leased for the next ten years with provisions for two additional five year lease extensions .
item 3 .
legal proceedings during september and october 2010 , pca and eight other u.s .
and canadian containerboard producers were named as defendants in five purported class action lawsuits filed in the united states district court for the northern district of illinois , alleging violations of the sherman act .
the lawsuits have been consolidated in a single complaint under the caption kleen products llc v packaging corp .
of america et al .
the consolidated complaint alleges that the defendants conspired to limit the supply of containerboard , and that the purpose and effect of the alleged conspiracy was to artificially increase prices of containerboard products during the period from august 2005 to the time of filing of the complaints .
the complaint was filed as a purported class action suit on behalf of all purchasers of containerboard products during such period .
the complaint seeks treble damages and costs , including attorney 2019s fees .
the defendants 2019 motions to dismiss the complaint were denied by the court in april 2011 .
pca believes the allegations are without merit and will defend this lawsuit vigorously .
however , as the lawsuit is in the early stages of discovery , pca is unable to predict the ultimate outcome or estimate a range of reasonably possible losses .
pca is a party to various other legal actions arising in the ordinary course of our business .
these legal actions cover a broad variety of claims spanning our entire business .
as of the date of this filing , we believe it is not reasonably possible that the resolution of these legal actions will , individually or in the aggregate , have a material adverse effect on our financial condition , results of operations or cash flows.


liquidity monitoring and measurement stress testing liquidity stress testing is performed for each of citi 2019s major entities , operating subsidiaries and/or countries .
stress testing and scenario analyses are intended to quantify the potential impact of a liquidity event on the balance sheet and liquidity position , and to identify viable funding alternatives that can be utilized .
these scenarios include assumptions about significant changes in key funding sources , market triggers ( such as credit ratings ) , potential uses of funding and political and economic conditions in certain countries .
these conditions include expected and stressed market conditions as well as company- specific events .
liquidity stress tests are conducted to ascertain potential mismatches between liquidity sources and uses over a variety of time horizons ( overnight , one week , two weeks , one month , three months , one year ) and over a variety of stressed conditions .
liquidity limits are set accordingly .
to monitor the liquidity of an entity , these stress tests and potential mismatches are calculated with varying frequencies , with several tests performed daily .
given the range of potential stresses , citi maintains a series of contingency funding plans on a consolidated basis and for individual entities .
these plans specify a wide range of readily available actions for a variety of adverse market conditions or idiosyncratic stresses .
short-term liquidity measurement : liquidity coverage ratio ( lcr ) in addition to internal measures that citi has developed for a 30-day stress scenario , citi also monitors its liquidity by reference to the lcr , as calculated pursuant to the u.s .
lcr rules .
generally , the lcr is designed to ensure that banks maintain an adequate level of hqla to meet liquidity needs under an acute 30-day stress scenario .
the lcr is calculated by dividing hqla by estimated net outflows over a stressed 30-day period , with the net outflows determined by applying prescribed outflow factors to various categories of liabilities , such as deposits , unsecured and secured wholesale borrowings , unused lending commitments and derivatives- related exposures , partially offset by inflows from assets maturing within 30 days .
banks are required to calculate an add-on to address potential maturity mismatches between contractual cash outflows and inflows within the 30-day period in determining the total amount of net outflows .
the minimum lcr requirement is 100% ( 100 % ) , effective january 2017 .
in december 2016 , the federal reserve board adopted final rules which require additional disclosures relating to the lcr of large financial institutions , including citi .
among other things , the final rules require citi to disclose components of its average hqla , lcr and inflows and outflows each quarter .
in addition , the final rules require disclosure of citi 2019s calculation of the maturity mismatch add-on as well as other qualitative disclosures .
the effective date for these disclosures is april 1 , 2017 .
the table below sets forth the components of citi 2019s lcr calculation and hqla in excess of net outflows for the periods indicated : in billions of dollars dec .
31 , sept .
30 , dec .
31 .

in billions of dollars         | dec . 31 2016  | sept . 30 2016 | dec . 31 2015
------------------------------ | -------------- | -------------- | --------------
hqla                           | $ 403.7        | $ 403.8        | $ 389.2
net outflows                   | 332.5          | 335.3          | 344.4
lcr                            | 121% ( 121 % ) | 120% ( 120 % ) | 113% ( 113 % )
hqla in excess of net outflows | $ 71.3         | $ 68.5         | $ 44.8

note : amounts set forth in the table above are presented on an average basis .
as set forth in the table above , citi 2019s lcr increased both year-over-year and sequentially .
the increase year-over-year was driven by both an increase in hqla and a reduction in net outflows .
sequentially , the increase was driven by a slight reduction in net outflows , as hqla remained largely unchanged .
long-term liquidity measurement : net stable funding ratio ( nsfr ) in the second quarter of 2016 , the federal reserve board , the fdic and the occ issued a proposed rule to implement the basel iii nsfr requirement .
the u.s.-proposed nsfr is largely consistent with the basel committee 2019s final nsfr rules .
in general , the nsfr assesses the availability of a bank 2019s stable funding against a required level .
a bank 2019s available stable funding would include portions of equity , deposits and long-term debt , while its required stable funding would be based on the liquidity characteristics of its assets , derivatives and commitments .
standardized weightings would be required to be applied to the various asset and liabilities classes .
the ratio of available stable funding to required stable funding would be required to be greater than 100% ( 100 % ) .
while citi believes that it is compliant with the proposed u.s .
nsfr rules as of december 31 , 2016 , it will need to evaluate any final version of the rules , which are expected to be released during 2017 .
the proposed rules would require full implementation of the u.s .
nsfr beginning january 1 , 2018.


entity transfers of inventory , the income tax effects will continue to be deferred until the inventory has been sold to a third party .
cadence adopted the new standard on the first day of fiscal 2018 using the modified retrospective transition approach and recorded a cumulative-effect adjustment to decrease retained earnings in the amount of $ 8.3 million .
the cumulative-effect adjustment includes the write-off of income tax consequences deferred from prior intra-entity transfers involving assets other than inventory and new deferred tax assets for amounts not recognized under u.s .
gaap .
we anticipate the potential for increased volatility in future effective tax rates from the adoption of this guidance .
stock-based compensation in may 2017 , the fasb issued asu 2017-09 , 201ccompensation 2014stock compensation ( topic 718 ) : scope of modification accounting , 201d that provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting .
cadence adopted the standard on the first day of fiscal 2018 .
the adoption of this standard did not impact cadence 2019s consolidated financial statements or the related disclosures .
cumulative effect adjustments to retained earnings the following table presents the cumulative effect adjustments , net of income tax effects , to beginning retained earnings for new accounting standards adopted by cadence on the first day of fiscal 2018 : retained earnings ( in thousands ) .

                                                                                | retained earnings ( in thousands )
--------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------
balance december 30 2017 as previously reported                                                                                | $ 341003
cumulative effect adjustment from the adoption of new accounting standards:                                                       |
revenue from contracts with customers ( topic 606 ) *                                                                             | 91640
financial instruments 2014overall ( subtopic 825-10 ) : recognition and measurement of financial assets and financial liabilities | 2638
income taxes ( topic 740 ) : intra-entity transfers of assets other than inventory                                                | -8349 ( 8349 )
balance december 30 2017 as adjusted                                                                                | 426932
net income                                                                                | 345777
balance december 29 2018                                                                                | $ 772709

* the cumulative effect adjustment from the adoption of revenue from contracts with customers ( topic 606 ) is presented net of the related income tax effect of $ 17.5 million .
new accounting standards not yet adopted leases in february 2016 , the fasb issued asu 2016-02 , 201cleases ( topic 842 ) , 201d requiring , among other things , the recognition of lease liabilities and corresponding right-of-use assets on the balance sheet by lessees for all leases with a term longer than 12 months .
the new standard is effective for cadence in the first quarter of fiscal 2019 .
a modified retrospective approach is required , applying the new standard to leases existing as of the date of initial application .
an entity may choose to apply the standard as of either its effective date or the beginning of the earliest comparative period presented in the financial statements .
cadence adopted the new standard on december 30 , 2018 , the first day of fiscal 2019 , and used the effective date as the date of initial application .
consequently , financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods prior to the first quarter of fiscal 2019 .
cadence elected certain practical expedients permitted under the transition guidance within the new standard , which among other things , allowed cadence to carry forward its prior conclusions about lease identification and classification.


credit commitments and lines of credit the table below summarizes citigroup 2019s credit commitments as of december 31 , 2009 and december 31 , 2008 : in millions of dollars u.s .
outside of december 31 , december 31 .

in millions of dollars                                                         | u.s .    | outside of u.s . | december 31 2009 | december 31 2008
------------------------------------------------------------------------------ | -------- | ---------------- | ---------------- | ----------------
commercial and similar letters of credit                                       | $ 1321   | $ 5890           | $ 7211           | $ 8215
one- to four-family residential mortgages                                      | 788      | 282              | 1070             | 937
revolving open-end loans secured by one- to four-family residential properties | 20914    | 3002             | 23916            | 25212
commercial real estate construction and land development                       | 1185     | 519              | 1704             | 2702
credit card lines                                                              | 649625   | 135870           | 785495           | 1002437
commercial and other consumer loan commitments                                 | 167510   | 89832            | 257342           | 309997
total                                                                          | $ 841343 | $ 235395         | $ 1076738        | $ 1349500

the majority of unused commitments are contingent upon customers 2019 maintaining specific credit standards .
commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees .
such fees ( net of certain direct costs ) are deferred and , upon exercise of the commitment , amortized over the life of the loan or , if exercise is deemed remote , amortized over the commitment period .
commercial and similar letters of credit a commercial letter of credit is an instrument by which citigroup substitutes its credit for that of a customer to enable the customer to finance the purchase of goods or to incur other commitments .
citigroup issues a letter on behalf of its client to a supplier and agrees to pay the supplier upon presentation of documentary evidence that the supplier has performed in accordance with the terms of the letter of credit .
when a letter of credit is drawn , the customer is then required to reimburse citigroup .
one- to four-family residential mortgages a one- to four-family residential mortgage commitment is a written confirmation from citigroup to a seller of a property that the bank will advance the specified sums enabling the buyer to complete the purchase .
revolving open-end loans secured by one- to four-family residential properties revolving open-end loans secured by one- to four-family residential properties are essentially home equity lines of credit .
a home equity line of credit is a loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt outstanding for the first mortgage .
commercial real estate , construction and land development commercial real estate , construction and land development include unused portions of commitments to extend credit for the purpose of financing commercial and multifamily residential properties as well as land development projects .
both secured-by-real-estate and unsecured commitments are included in this line , as well as undistributed loan proceeds , where there is an obligation to advance for construction progress payments .
however , this line only includes those extensions of credit that , once funded , will be classified as total loans , net on the consolidated balance sheet .
credit card lines citigroup provides credit to customers by issuing credit cards .
the credit card lines are unconditionally cancellable by the issuer .
commercial and other consumer loan commitments commercial and other consumer loan commitments include overdraft and liquidity facilities , as well as commercial commitments to make or purchase loans , to purchase third-party receivables , to provide note issuance or revolving underwriting facilities and to invest in the form of equity .
amounts include $ 126 billion and $ 170 billion with an original maturity of less than one year at december 31 , 2009 and december 31 , 2008 , respectively .
in addition , included in this line item are highly leveraged financing commitments , which are agreements that provide funding to a borrower with higher levels of debt ( measured by the ratio of debt capital to equity capital of the borrower ) than is generally considered normal for other companies .
this type of financing is commonly employed in corporate acquisitions , management buy-outs and similar transactions.


management 2019s discussion and analysis institutional client services our institutional client services segment is comprised of : fixed income , currency and commodities client execution .
includes client execution activities related to making markets in interest rate products , credit products , mortgages , currencies and commodities .
2030 interest rate products .
government bonds , money market instruments such as commercial paper , treasury bills , repurchase agreements and other highly liquid securities and instruments , as well as interest rate swaps , options and other derivatives .
2030 credit products .
investment-grade corporate securities , high-yield securities , credit derivatives , bank and bridge loans , municipal securities , emerging market and distressed debt , and trade claims .
2030 mortgages .
commercial mortgage-related securities , loans and derivatives , residential mortgage-related securities , loans and derivatives ( including u.s .
government agency-issued collateralized mortgage obligations , other prime , subprime and alt-a securities and loans ) , and other asset-backed securities , loans and derivatives .
2030 currencies .
most currencies , including growth-market currencies .
2030 commodities .
crude oil and petroleum products , natural gas , base , precious and other metals , electricity , coal , agricultural and other commodity products .
equities .
includes client execution activities related to making markets in equity products and commissions and fees from executing and clearing institutional client transactions on major stock , options and futures exchanges worldwide , as well as otc transactions .
equities also includes our securities services business , which provides financing , securities lending and other prime brokerage services to institutional clients , including hedge funds , mutual funds , pension funds and foundations , and generates revenues primarily in the form of interest rate spreads or fees .
the table below presents the operating results of our institutional client services segment. .

$ in millions                                          | year ended december 2014 | year ended december 2013 | year ended december 2012
------------------------------------------------------ | ------------------------ | ------------------------ | ------------------------
fixed income currency and commodities client execution | $ 8461                   | $ 8651                   | $ 9914
equities client execution1                             | 2079                     | 2594                     | 3171
commissions and fees                                   | 3153                     | 3103                     | 3053
securities services                                    | 1504                     | 1373                     | 1986
total equities                                         | 6736                     | 7070                     | 8210
total net revenues                                     | 15197                    | 15721                    | 18124
operating expenses                                     | 10880                    | 11792                    | 12490
pre-tax earnings                                       | $ 4317                   | $ 3929                   | $ 5634

1 .
net revenues related to the americas reinsurance business were $ 317 million for 2013 and $ 1.08 billion for 2012 .
in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business .
42 goldman sachs 2014 annual report


we are required under the terms of our preferred stock to pay scheduled quarterly dividends , subject to legally available funds .
for so long as the preferred stock remains outstanding , ( 1 ) we will not declare , pay or set apart funds for the payment of any dividend or other distribution with respect to any junior stock or parity stock and ( 2 ) neither we , nor any of our subsidiaries , will , subject to certain exceptions , redeem , purchase or otherwise acquire for consideration junior stock or parity stock through a sinking fund or otherwise , in each case unless we have paid or set apart funds for the payment of all accumulated and unpaid dividends with respect to the shares of preferred stock and any parity stock for all preceding dividend periods .
pursuant to this policy , we paid quarterly dividends of $ 0.265625 per share on our preferred stock on february 1 , 2009 , may 1 , 2009 , august 3 , 2009 and november 2 , 2009 and similar quarterly dividends during each quarter of 2008 .
the annual cash dividend declared and paid during the years ended december 31 , 2009 and 2008 were $ 10 million and $ 10 million , respectively .
on january 5 , 2010 , we declared a cash dividend of $ 0.265625 per share on our preferred stock amounting to $ 3 million and a cash dividend of $ 0.04 per share on our series a common stock amounting to $ 6 million .
both cash dividends are for the period from november 2 , 2009 to january 31 , 2010 and were paid on february 1 , 2010 to holders of record as of january 15 , 2010 .
on february 1 , 2010 , we announced we would elect to redeem all of our outstanding preferred stock on february 22 , 2010 .
holders of the preferred stock also have the right to convert their shares at any time prior to 5:00 p.m. , new york city time , on february 19 , 2010 , the business day immediately preceding the february 22 , 2010 redemption date .
based on the number of outstanding shares as of december 31 , 2009 and considering the redemption of our preferred stock , cash dividends to be paid in 2010 are expected to result in annual dividend payments less than those paid in 2009 .
the amount available to us to pay cash dividends is restricted by our senior credit agreement .
any decision to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on , among other things , our results of operations , cash requirements , financial condition , contractual restrictions and other factors that our board of directors may deem relevant .
celanese purchases of its equity securities the table below sets forth information regarding repurchases of our series a common stock during the three months ended december 31 , 2009 : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced program approximate dollar value of shares remaining that may be purchased under the program .

period             | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announced program | approximate dollar value of shares remaining that may be purchased under the program
------------------ | -------------------------------------- | ---------------------------- | ---------------------------------------------------------------------- | ------------------------------------------------------------------------------------
october 1-31 2009  | 24980                                  | $ 24.54                      | -                                                                      | $ 122300000.00
november 1-30 2009 | -                                      | $ -                          | -                                                                      | $ 122300000.00
december 1-31 2009 | 334                                    | $ 32.03                      | -                                                                      | $ 122300000.00

( 1 ) relates to shares employees have elected to have withheld to cover their statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock units .
no shares were purchased during the three months ended december 31 , 2009 under our previously announced stock repurchase plan .
%%transmsg*** transmitting job : d70731 pcn : 033000000 ***%%pcmsg|33 |00012|yes|no|02/10/2010 05:41|0|0|page is valid , no graphics -- color : n|


part ii item 5 2013 market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities ( a ) ( 1 ) our common stock is listed on the new york stock exchange and is traded under the symbol 201cpnc . 201d at the close of business on february 15 , 2013 , there were 75100 common shareholders of record .
holders of pnc common stock are entitled to receive dividends when declared by the board of directors out of funds legally available for this purpose .
our board of directors may not pay or set apart dividends on the common stock until dividends for all past dividend periods on any series of outstanding preferred stock have been paid or declared and set apart for payment .
the board presently intends to continue the policy of paying quarterly cash dividends .
the amount of any future dividends will depend on economic and market conditions , our financial condition and operating results , and other factors , including contractual restrictions and applicable government regulations and policies ( such as those relating to the ability of bank and non- bank subsidiaries to pay dividends to the parent company and regulatory capital limitations ) .
the amount of our dividend is also currently subject to the results of the federal reserve 2019s 2013 comprehensive capital analysis and review ( ccar ) as part of its supervisory assessment of capital adequacy described under 201csupervision and regulation 201d in item 1 of this report .
the federal reserve has the power to prohibit us from paying dividends without its approval .
for further information concerning dividend restrictions and restrictions on loans , dividends or advances from bank subsidiaries to the parent company , see 201csupervision and regulation 201d in item 1 of this report , 201cfunding and capital sources 201d in the consolidated balance sheet review section , 201cliquidity risk management 201d in the risk management section , and 201ctrust preferred securities 201d in the off-balance sheet arrangements and variable interest entities section of item 7 of this report , and note 14 capital securities of subsidiary trusts and perpetual trust securities and note 22 regulatory matters in the notes to consolidated financial statements in item 8 of this report , which we include here by reference .
we include here by reference additional information relating to pnc common stock under the caption 201ccommon stock prices/dividends declared 201d in the statistical information ( unaudited ) section of item 8 of this report .
we include here by reference the information regarding our compensation plans under which pnc equity securities are authorized for issuance as of december 31 , 2012 in the table ( with introductory paragraph and notes ) that appears in item 12 of this report .
our registrar , stock transfer agent , and dividend disbursing agent is : computershare trust company , n.a .
250 royall street canton , ma 02021 800-982-7652 we include here by reference the information that appears under the caption 201ccommon stock performance graph 201d at the end of this item 5 .
( a ) ( 2 ) none .
( b ) not applicable .
( c ) details of our repurchases of pnc common stock during the fourth quarter of 2012 are included in the following table : in thousands , except per share data 2012 period ( a ) total shares purchased ( b ) average paid per total shares purchased as part of publicly announced programs ( c ) maximum number of shares that may yet be purchased under the programs ( c ) .

2012 period ( a )  | total sharespurchased ( b ) | averagepricepaid pershare | total sharespurchased aspartofpubliclyannouncedprograms ( c ) | maximumnumber ofshares thatmay yet bepurchasedundertheprograms ( c )
------------------ | --------------------------- | ------------------------- | ------------------------------------------------------------- | --------------------------------------------------------------------
october 1 2013 31  | 13                          | $ 60.05                   |                                                               | 22552
november 1 2013 30 | 750                         | $ 55.08                   | 750                                                           | 21802
december 1 2013 31 | 292                         | $ 55.74                   | 251                                                           | 21551
total              | 1055                        | $ 55.32                   | 1001                                                          |

( a ) in addition to the repurchases of pnc common stock during the fourth quarter of 2012 included in the table above , pnc redeemed all 5001 shares of its series m preferred stock on december 10 , 2012 as further described below .
as part of the national city transaction , we established the pnc non-cumulative perpetual preferred stock , series m ( the 201cseries m preferred stock 201d ) , which mirrored in all material respects the former national city non-cumulative perpetual preferred stock , series e .
on december 10 , 2012 , pnc issued $ 500.1 million aggregate liquidation amount ( 5001 shares ) of the series m preferred stock to the national city preferred capital trust i ( the 201ctrust 201d ) as required pursuant to the settlement of a stock purchase contract agreement between the trust and pnc dated as of january 30 , 2008 .
immediately upon such issuance , pnc redeemed all 5001 shares of the series m preferred stock from the trust on december 10 , 2012 at a redemption price equal to $ 100000 per share .
( b ) includes pnc common stock purchased under the program referred to in note ( c ) to this table and pnc common stock purchased in connection with our various employee benefit plans .
note 15 employee benefit plans and note 16 stock based compensation plans in the notes to consolidated financial statements in item 8 of this report include additional information regarding our employee benefit plans that use pnc common stock .
( c ) our current stock repurchase program allows us to purchase up to 25 million shares on the open market or in privately negotiated transactions .
this program was authorized on october 4 , 2007 and will remain in effect until fully utilized or until modified , superseded or terminated .
the extent and timing of share repurchases under this program will depend on a number of factors including , among others , market and general economic conditions , economic capital and regulatory capital considerations , alternative uses of capital , the potential impact on our credit ratings , and contractual and regulatory limitations , including the impact of the federal reserve 2019s supervisory assessment of capital adequacy program .
the pnc financial services group , inc .
2013 form 10-k 27


future impairments would be recorded in income from continuing operations .
the statement provides specific guidance for testing goodwill for impairment .
the company had $ 3.2 billion of goodwill at december 31 , 2001 .
goodwill amortization was $ 62 million for the year ended december 31 , 2001 .
the company is currently assessing the impact of sfas no .
142 on its financial position and results of operations .
in june 2001 , the fasb issued sfas no .
143 , 2018 2018accounting for asset retirement obligations , 2019 2019 which addresses financial accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs .
this statement is effective for financial statements issued for fiscal years beginning after june 15 , 2002 .
the statement requires recognition of legal obligations associated with the retirement of a long-lived asset , except for certain obligations of lessees .
the company is currently assessing the impact of sfas no .
143 on its financial position and results of operations .
in december 2001 , the fasb revised its earlier conclusion , derivatives implementation group ( 2018 2018dig 2019 2019 ) issue c-15 , related to contracts involving the purchase or sale of electricity .
contracts for the purchase or sale of electricity , both forward and option contracts , including capacity contracts , may qualify for the normal purchases and sales exemption and are not required to be accounted for as derivatives under sfas no .
133 .
in order for contracts to qualify for this exemption , they must meet certain criteria , which include the requirement for physical delivery of the electricity to be purchased or sold under the contract only in the normal course of business .
additionally , contracts that have a price based on an underlying that is not clearly and closely related to the electricity being sold or purchased or that are denominated in a currency that is foreign to the buyer or seller are not considered normal purchases and normal sales and are required to be accounted for as derivatives under sfas no .
133 .
this revised conclusion is effective beginning april 1 , 2002 .
the company is currently assessing the impact of revised dig issue c-15 on its financial condition and results of operations .
2001 compared to 2000 revenues revenues increased $ 1.8 billion , or 24% ( 24 % ) to $ 9.3 billion in 2001 from $ 7.5 billion in 2000 .
the increase in revenues is due to the acquisition of new businesses , new operations from greenfield projects and positive improvements from existing operations .
excluding businesses acquired or that commenced commercial operations in 2001 or 2000 , revenues increased 5% ( 5 % ) to $ 7.1 billion in 2001 .
the following table shows the revenue of each segment: .

                    | 2001          | 2000          | % (  % ) change
------------------- | ------------- | ------------- | ---------------
contract generation | $ 2.5 billion | $ 1.7 billion | 47% ( 47 % )
competitive supply  | $ 2.7 billion | $ 2.4 billion | 13% ( 13 % )
large utilities     | $ 2.4 billion | $ 2.1 billion | 14% ( 14 % )
growth distribution | $ 1.7 billion | $ 1.3 billion | 31% ( 31 % )

contract generation revenues increased $ 800 million , or 47% ( 47 % ) to $ 2.5 billion in 2001 from $ 1.7 billion in 2000 , principally resulting from the addition of revenues attributable to businesses acquired during 2001 or 2000 .
excluding businesses acquired or that commenced commercial operations in 2001 or 2000 , contract generation revenues increased 2% ( 2 % ) to $ 1.7 billion in 2001 .
the increase in contract generation segment revenues was due primarily to increases in south america , europe/africa and asia .
in south america , contract generation segment revenues increased $ 472 million due mainly to the acquisition of gener and the full year of operations at uruguaiana offset by reduced revenues at tiete from the electricity rationing in brazil .
in europe/africa , contract generation segment revenues increased $ 88 million , and the acquisition of a controlling interest in kilroot during 2000 was the largest contributor to the increase .
in asia , contract generation segment revenues increased $ 96 million , and increased operations from our ecogen peaking plant was the most significant contributor to the


able to reasonably estimate the timing of future cash flows beyond 12 months due to uncertainties in the timing of tax audit outcomes .
the remaining amount of our unrecognized tax liability was classified in other liabilities .
we report accrued interest and penalties related to unrecognized tax benefit liabilities in income tax expense .
for fiscal 2017 , we recognized a net benefit of $ 5.6 million of tax-related net interest and penalties , and had $ 23.1 million of accrued interest and penalties as of may 28 , 2017 .
for fiscal 2016 , we recognized a net benefit of $ 2.7 million of tax-related net interest and penalties , and had $ 32.1 million of accrued interest and penalties as of may 29 , 2016 .
note 15 .
leases , other commitments , and contingencies the company 2019s leases are generally for warehouse space and equipment .
rent expense under all operating leases from continuing operations was $ 188.1 million in fiscal 2017 , $ 189.1 million in fiscal 2016 , and $ 193.5 million in fiscal 2015 .
some operating leases require payment of property taxes , insurance , and maintenance costs in addition to the rent payments .
contingent and escalation rent in excess of minimum rent payments and sublease income netted in rent expense were insignificant .
noncancelable future lease commitments are : operating capital in millions leases leases .

in millions                                       | operating leases | capital leases
------------------------------------------------- | ---------------- | --------------
fiscal 2018                                       | $ 118.8          | $ 0.4
fiscal 2019                                       | 101.7            | 0.4
fiscal 2020                                       | 80.7             | 0.2
fiscal 2021                                       | 60.7             | 0.1
fiscal 2022                                       | 49.7             | 2014
after fiscal 2022                                 | 89.1             | 0.1
total noncancelable future lease commitments      | $ 500.7          | $ 1.2
less : interest                                   |                  | -0.1 ( 0.1 )
present value of obligations under capital leases |                  | $ 1.1

depreciation on capital leases is recorded as deprecia- tion expense in our results of operations .
as of may 28 , 2017 , we have issued guarantees and comfort letters of $ 504.7 million for the debt and other obligations of consolidated subsidiaries , and guarantees and comfort letters of $ 165.3 million for the debt and other obligations of non-consolidated affiliates , mainly cpw .
in addition , off-balance sheet arrangements are generally limited to the future payments under non-cancelable operating leases , which totaled $ 500.7 million as of may 28 , 2017 .
note 16 .
business segment and geographic information we operate in the consumer foods industry .
in the third quarter of fiscal 2017 , we announced a new global orga- nization structure to streamline our leadership , enhance global scale , and drive improved operational agility to maximize our growth capabilities .
as a result of this global reorganization , beginning in the third quarter of fiscal 2017 , we reported results for our four operating segments as follows : north america retail , 65.3 percent of our fiscal 2017 consolidated net sales ; convenience stores & foodservice , 12.0 percent of our fiscal 2017 consolidated net sales ; europe & australia , 11.7 percent of our fiscal 2017 consolidated net sales ; and asia & latin america , 11.0 percent of our fiscal 2017 consoli- dated net sales .
we have restated our net sales by seg- ment and segment operating profit amounts to reflect our new operating segments .
these segment changes had no effect on previously reported consolidated net sales , operating profit , net earnings attributable to general mills , or earnings per share .
our north america retail operating segment consists of our former u.s .
retail operating units and our canada region .
within our north america retail operating seg- ment , our former u.s .
meals operating unit and u.s .
baking operating unit have been combined into one operating unit : u.s .
meals & baking .
our convenience stores & foodservice operating segment is unchanged .
our europe & australia operating segment consists of our former europe region .
our asia & latin america operating segment consists of our former asia/pacific and latin america regions .
under our new organization structure , our chief operating decision maker assesses performance and makes decisions about resources to be allocated to our segments at the north america retail , convenience stores & foodservice , europe & australia , and asia & latin america operating segment level .
our north america retail operating segment reflects business with a wide variety of grocery stores , mass merchandisers , membership stores , natural food chains , drug , dollar and discount chains , and e-commerce gro- cery providers .
our product categories in this business 84 general mills


table of contents ( 4 ) the decline in cash flows was driven by the timing of inventory purchases at the end of 2014 versus 2013 .
in order to manage our working capital and operating cash needs , we monitor our cash conversion cycle , defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable , based on a rolling three-month average .
components of our cash conversion cycle are as follows: .

( in days )                                 | december 31 , 2015 | december 31 , 2014 | december 31 , 2013
------------------------------------------- | ------------------ | ------------------ | ------------------
days of sales outstanding ( dso ) ( 1 )     | 48                 | 42                 | 44
days of supply in inventory ( dio ) ( 2 )   | 13                 | 13                 | 14
days of purchases outstanding ( dpo ) ( 3 ) | -40 ( 40 )         | -34 ( 34 )         | -35 ( 35 )
cash conversion cycle                       | 21                 | 21                 | 23

( 1 ) represents the rolling three-month average of the balance of trade accounts receivable , net at the end of the period divided by average daily net sales for the same three-month period .
also incorporates components of other miscellaneous receivables .
( 2 ) represents the rolling three-month average of the balance of merchandise inventory at the end of the period divided by average daily cost of goods sold for the same three-month period .
( 3 ) represents the rolling three-month average of the combined balance of accounts payable-trade , excluding cash overdrafts , and accounts payable-inventory financing at the end of the period divided by average daily cost of goods sold for the same three-month period .
the cash conversion cycle remained at 21 days at december 31 , 2015 and december 31 , 2014 .
the increase in dso was primarily driven by a higher accounts receivable balance at december 31 , 2015 driven by higher public segment sales where customers generally take longer to pay than customers in our corporate segment , slower government payments in certain states due to budget issues and an increase in net sales and related accounts receivable for third-party services such as software assurance and warranties .
these services have an unfavorable impact on dso as the receivable is recognized on the balance sheet on a gross basis while the corresponding sales amount in the statement of operations is recorded on a net basis .
these services have a favorable impact on dpo as the payable is recognized on the balance sheet without a corresponding cost of sale in the statement of operations because the cost paid to the vendor or third-party service provider is recorded as a reduction to net sales .
in addition to the impact of these services on dpo , dpo also increased due to the mix of payables with certain vendors that have longer payment terms .
the cash conversion cycle decreased to 21 days at december 31 , 2014 compared to 23 days at december 31 , 2013 , primarily driven by improvement in dso .
the decline in dso was primarily driven by improved collections and early payments from certain customers .
additionally , the timing of inventory receipts at the end of 2014 had a favorable impact on dio and an unfavorable impact on dpo .
investing activities net cash used in investing activities increased $ 189.6 million in 2015 compared to 2014 .
the increase was primarily due to the completion of the acquisition of kelway by purchasing the remaining 65% ( 65 % ) of its outstanding common stock on august 1 , 2015 .
additionally , capital expenditures increased $ 35.1 million to $ 90.1 million from $ 55.0 million for 2015 and 2014 , respectively , primarily for our new office location and an increase in spending related to improvements to our information technology systems .
net cash used in investing activities increased $ 117.7 million in 2014 compared to 2013 .
we paid $ 86.8 million in the fourth quarter of 2014 to acquire a 35% ( 35 % ) non-controlling interest in kelway .
additionally , capital expenditures increased $ 7.9 million to $ 55.0 million from $ 47.1 million in 2014 and 2013 , respectively , primarily for improvements to our information technology systems during both years .
financing activities net cash used in financing activities increased $ 114.5 million in 2015 compared to 2014 .
the increase was primarily driven by share repurchases during the year ended december 31 , 2015 which resulted in an increase in cash used for financing activities of $ 241.3 million .
for more information on our share repurchase program , see item 5 , 201cmarket for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . 201d the increase was partially offset by the changes in accounts payable-inventory financing , which resulted in an increase in cash provided for financing activities of $ 20.4 million , and the net impact of our debt transactions which resulted in cash outflows of $ 7.1 million and $ 145.9 million during the years


table of contents tceq and harris county pollution control services department ( hcpcs ) ( houston terminal ) .
we have an outstanding noe from the tceq and an outstanding vn from the hcpcs alleging excess emissions from tank 003 that occurred during hurricane harvey .
we are working with the pertinent authorities to resolve these matters .
item 4 .
mine safety disclosures part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock trades on the nyse under the trading symbol 201cvlo . 201d as of january 31 , 2019 , there were 5271 holders of record of our common stock .
dividends are considered quarterly by the board of directors , may be paid only when approved by the board , and will depend on our financial condition , results of operations , cash flows , prospects , industry conditions , capital requirements , and other factors and restrictions our board deems relevant .
there can be no assurance that we will pay a dividend at the rates we have paid historically , or at all , in the future .
the following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2018 .
period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( a ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( b ) .

period        | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a ) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b )
------------- | ------------------------------ | -------------------------- | -------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------
october 2018  | 939957                         | $ 87.23                    | 8826                                                                                | 931131                                                                       | $ 2.7 billion
november 2018 | 3655945                        | $ 87.39                    | 216469                                                                                | 3439476                                                                      | $ 2.4 billion
december 2018 | 3077364                        | $ 73.43                    | 4522                                                                                | 3072842                                                                      | $ 2.2 billion
total         | 7673266                        | $ 81.77                    | 229817                                                                                | 7443449                                                                      | $ 2.2 billion

( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2018 relating to ( i ) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans and ( ii ) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options , the vesting of restricted stock , and other stock compensation transactions in accordance with the terms of our stock-based compensation plans .
( b ) on january 23 , 2018 , we announced that our board of directors authorized our purchase of up to $ 2.5 billion of our outstanding common stock ( the 2018 program ) , with no expiration date , which was in addition to the remaining amount available under a $ 2.5 billion program authorized on september 21 , 2016 ( the 2016 program ) .
during the fourth quarter of 2018 , we completed our purchases under the 2016 program .
as of december 31 , 2018 , we had $ 2.2 billion remaining available for purchase under the 2018 program.


we are exposed to market risk stemming from changes in interest and foreign exchange rates and commod- ity and equity prices .
changes in these factors could cause fl uctuations in our earnings and cash fl ows .
in the normal course of business , we actively manage our exposure to these market risks by entering into vari- ous hedging transactions , authorized under established policies that place clear controls on these activities .
th e counterparties in these transactions are generally highly rated institutions .
we establish credit limits for each counterparty .
our hedging transactions include but are not limited to a variety of derivative fi nancial instruments .
for information on interest rate , foreign exchange , commodity price , and equity instrument risk , please see note 7 to the consolidated financial statements on page 61 of this report .
value at risk th e estimates in the table below are intended to mea- sure the maximum potential fair value we could lose in one day from adverse changes in market interest rates , foreign exchange rates , commodity prices , and equity prices under normal market conditions .
a monte carlo value-at-risk ( var ) methodology was used to quantify the market risk for our exposures .
th e models assumed normal market conditions and used a 95 percent confi - dence level .
th e var calculation used historical interest and for- eign exchange rates , and commodity and equity prices from the past year to estimate the potential volatility and correlation of these rates in the future .
th e market data were drawn from the riskmetrics 2122 data set .
th e calculations are not intended to represent actual losses in fair value that we expect to incur .
further , since the hedging instrument ( the derivative ) inversely cor- relates with the underlying exposure , we would expect that any loss or gain in the fair value of our derivatives would be generally off set by an increase or decrease in the fair value of the underlying exposure .
th e positions included in the calculations were : debt ; investments ; interest rate swaps ; foreign exchange forwards ; com- modity swaps , futures and options ; and equity instru- ments .
th e calculations do not include the underlying foreign exchange and commodities or equity-related positions that are off set by these market-risk-sensitive instruments .
th e table below presents the estimated maximum potential var arising from a one-day loss in fair value for our interest rate , foreign currency , commodity , and equity market-risk-sensitive instruments outstanding as of may 28 , 2017 , and may 29 , 2016 , and the average fair value impact during the year ended may 28 , 2017. .

in millions                  | fair value impact may 28 2017 | fair value impact averageduringfiscal 2017 | fair value impact may 29 2016
---------------------------- | ----------------------------- | ------------------------------------------ | -----------------------------
interest rate instruments    | $ 25.1                        | $ 26.5                                     | $ 33.3
foreign currency instruments | 24.6                          | 22.9                                       | 27.6
commodity instruments        | 3.2                           | 2.5                                        | 3.3
equity instruments           | 1.3                           | 1.4                                        | 1.7

quantitative and qualitative disclosures about market risk 44 general mills


unusual , ( ii ) is material in amount , and ( iii ) varies significantly from the retirement profile identified through our depreciation studies .
a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations .
when we purchase an asset , we capitalize all costs necessary to make the asset ready for its intended use .
however , many of our assets are self-constructed .
a large portion of our capital expenditures is for replacement of existing road infrastructure assets ( program projects ) , which is typically performed by our employees , and for track line expansion ( capacity projects ) .
costs that are directly attributable or overhead costs that relate directly to capital projects are capitalized .
direct costs that are capitalized as part of self-constructed assets include material , labor , and work equipment .
indirect costs are capitalized if they clearly relate to the construction of the asset .
these costs are allocated using appropriate statistical bases .
general and administrative expenditures are expensed as incurred .
normal repairs and maintenance are also expensed as incurred , while costs incurred that extend the useful life of an asset , improve the safety of our operations or improve operating efficiency are capitalized .
assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease .
amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease .
11 .
accounts payable and other current liabilities dec .
31 , dec .
31 , millions of dollars 2009 2008 .

millions of dollars                                  | dec . 31 2009 | dec . 31 2008
---------------------------------------------------- | ------------- | -------------
accounts payable                                     | $ 612         | $ 629
accrued wages and vacation                           | 339           | 367
accrued casualty costs                               | 379           | 390
income and other taxes                               | 224           | 207
dividends and interest                               | 347           | 328
equipment rents payable                              | 89            | 93
other                                                | 480           | 546
total accounts payable and other current liabilities | $ 2470        | $ 2560

12 .
financial instruments strategy and risk 2013 we may use derivative financial instruments in limited instances for other than trading purposes to assist in managing our overall exposure to fluctuations in interest rates and fuel prices .
we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes .
derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period .
we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk-management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness .
changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings .
we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable interest rate and fuel price movements.


item 2 .
properties our principal offices are located in boston , southborough and woburn , massachusetts ; atlanta , georgia ; cary , north carolina ; mexico city , mexico ; and sao paulo , brazil .
details of each of these offices are provided below: .

location            | function                                                                                | size ( square feet ) | property interest
------------------- | ------------------------------------------------------------------------------------------------------- | -------------------- | -----------------
boston ma           | corporate headquarters us tower division headquarters and american tower international headquarters     | 19600                | leased
southborough ma     | information technology data center                                                                      | 13900                | leased
woburn ma           | us tower division lease administration site leasing management and broadcast division headquarters      | 57800                | owned ( 1 )
atlanta ga          | us tower division accounting services headquarters                                                      | 21400                | leased
cary north carolina | us tower division new site development site operations and structural engineering services headquarters | 17500                | leased
mexico city mexico  | mexico headquarters                                                                                | 11000                | leased
sao paulo brazil    | brazil headquarters                                                                                | 5200                 | leased

( 1 ) the facility in woburn contains a total of 163000 square feet of space .
approximately 57100 square feet of space is occupied by our lease administration office and our broadcast division , and we lease the remaining space to unaffiliated tenants .
in addition to the principal offices set forth above , we maintain 15 regional area offices in the united states through which we operate our tower leasing and services businesses .
we believe that our owned and leased facilities are suitable and adequate to meet our anticipated needs .
we have also established an office in delhi , india to pursue business opportunities in india and southeast asia , and we have an international business development group based in london , england .
our interests in our communications sites are comprised of a variety of ownership interests , including leases created by long-term ground lease agreements , easements , licenses or rights-of-way granted by government entities .
pursuant to the loan agreement for the securitization , the tower sites subject to the securitization are subject to mortgages , deeds of trust and deeds to secure the loan .
a typical tower site consists of a compound enclosing the tower site , a tower structure , and one or more equipment shelters that house a variety of transmitting , receiving and switching equipment .
there are three principal types of towers : guyed , self- supporting lattice , and monopole .
2022 a guyed tower includes a series of cables attaching separate levels of the tower to anchor foundations in the ground .
a guyed tower can reach heights of up to 2000 feet .
a guyed tower site for a typical broadcast tower can consist of a tract of land of up to 20 acres .
2022 a lattice tower typically tapers from the bottom up and usually has three or four legs .
a lattice tower can reach heights of up to 1000 feet .
depending on the height of the tower , a lattice tower site for a wireless communications tower can consist of a tract of land of 10000 square feet for a rural site or less than 2500 square feet for a metropolitan site .
2022 a monopole is a tubular structure that is used primarily to address space constraints or aesthetic concerns .
monopoles typically have heights ranging from 50 to 200 feet .
a monopole tower site of the kind typically used in metropolitan areas for a wireless communications tower can consist of a tract of land of less than 2500 square feet.


interest rate to a variable interest rate based on the three-month libor plus 2.05% ( 2.05 % ) ( 2.34% ( 2.34 % ) as of october 31 , 2009 ) .
if libor changes by 100 basis points , our annual interest expense would change by $ 3.8 million .
foreign currency exposure as more fully described in note 2i .
in the notes to consolidated financial statements contained in item 8 of this annual report on form 10-k , we regularly hedge our non-u.s .
dollar-based exposures by entering into forward foreign currency exchange contracts .
the terms of these contracts are for periods matching the duration of the underlying exposure and generally range from one month to twelve months .
currently , our largest foreign currency exposure is the euro , primarily because our european operations have the highest proportion of our local currency denominated expenses .
relative to foreign currency exposures existing at october 31 , 2009 and november 1 , 2008 , a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates over the course of the year would not expose us to significant losses in earnings or cash flows because we hedge a high proportion of our year-end exposures against fluctuations in foreign currency exchange rates .
the market risk associated with our derivative instruments results from currency exchange rate or interest rate movements that are expected to offset the market risk of the underlying transactions , assets and liabilities being hedged .
the counterparties to the agreements relating to our foreign exchange instruments consist of a number of major international financial institutions with high credit ratings .
we do not believe that there is significant risk of nonperformance by these counterparties because we continually monitor the credit ratings of such counterparties .
while the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions , they do not represent the amount of our exposure to credit risk .
the amounts potentially subject to credit risk ( arising from the possible inability of counterparties to meet the terms of their contracts ) are generally limited to the amounts , if any , by which the counterparties 2019 obligations under the contracts exceed our obligations to the counterparties .
the following table illustrates the effect that a 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates , relative to the u.s .
dollar , would have on the fair value of our forward exchange contracts as of october 31 , 2009 and november 1 , 2008: .

                                                                                | october 31 2009  | november 1 2008
----------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ------------------
fair value of forward exchange contracts asset ( liability )                                                                              | $ 6427           | $ -23158 ( 23158 )
fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset ( liability ) | $ 20132          | $ -9457 ( 9457 )
fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability             | $ -6781 ( 6781 ) | $ -38294 ( 38294 )

fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset ( liability ) .
.
.
.
.
.
.
.
.
$ 20132 $ ( 9457 ) fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability .
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$ ( 6781 ) $ ( 38294 ) the calculation assumes that each exchange rate would change in the same direction relative to the u.s .
dollar .
in addition to the direct effects of changes in exchange rates , such changes typically affect the volume of sales or the foreign currency sales price as competitors 2019 products become more or less attractive .
our sensitivity analysis of the effects of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency selling prices.


note 17 .
accumulated other comprehensive losses : pmi's accumulated other comprehensive losses , net of taxes , consisted of the following: .

( losses ) earnings ( in millions )          | ( losses ) earnings 2015 | ( losses ) earnings 2014 | 2013
-------------------------------------------- | ------------------------ | ------------------------ | ----------------
currency translation adjustments             | $ -6129 ( 6129 )         | $ -3929 ( 3929 )         | $ -2207 ( 2207 )
pension and other benefits                   | -3332 ( 3332 )           | -3020 ( 3020 )           | -2046 ( 2046 )
derivatives accounted for as hedges          | 59                       | 123                      | 63
total accumulated other comprehensive losses | $ -9402 ( 9402 )         | $ -6826 ( 6826 )         | $ -4190 ( 4190 )

reclassifications from other comprehensive earnings the movements in accumulated other comprehensive losses and the related tax impact , for each of the components above , that are due to current period activity and reclassifications to the income statement are shown on the consolidated statements of comprehensive earnings for the years ended december 31 , 2015 , 2014 , and 2013 .
the movement in currency translation adjustments for the year ended december 31 , 2013 , was also impacted by the purchase of the remaining shares of the mexican tobacco business .
in addition , $ 1 million , $ 5 million and $ 12 million of net currency translation adjustment gains were transferred from other comprehensive earnings to marketing , administration and research costs in the consolidated statements of earnings for the years ended december 31 , 2015 , 2014 and 2013 , respectively , upon liquidation of subsidiaries .
for additional information , see note 13 .
benefit plans and note 15 .
financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments .
note 18 .
colombian investment and cooperation agreement : on june 19 , 2009 , pmi announced that it had signed an agreement with the republic of colombia , together with the departments of colombia and the capital district of bogota , to promote investment and cooperation with respect to the colombian tobacco market and to fight counterfeit and contraband tobacco products .
the investment and cooperation agreement provides $ 200 million in funding to the colombian governments over a 20-year period to address issues of mutual interest , such as combating the illegal cigarette trade , including the threat of counterfeit tobacco products , and increasing the quality and quantity of locally grown tobacco .
as a result of the investment and cooperation agreement , pmi recorded a pre-tax charge of $ 135 million in the operating results of the latin america & canada segment during the second quarter of 2009 .
at december 31 , 2015 and 2014 , pmi had $ 73 million and $ 71 million , respectively , of discounted liabilities associated with the colombian investment and cooperation agreement .
these discounted liabilities are primarily reflected in other long-term liabilities on the consolidated balance sheets and are expected to be paid through 2028 .
note 19 .
rbh legal settlement : on july 31 , 2008 , rothmans inc .
( "rothmans" ) announced the finalization of a cad 550 million settlement ( or approximately $ 540 million , based on the prevailing exchange rate at that time ) between itself and rothmans , benson & hedges inc .
( "rbh" ) , on the one hand , and the government of canada and all 10 provinces , on the other hand .
the settlement resolved the royal canadian mounted police's investigation relating to products exported from canada by rbh during the 1989-1996 period .
rothmans' sole holding was a 60% ( 60 % ) interest in rbh .
the remaining 40% ( 40 % ) interest in rbh was owned by pmi.


cgmhi has committed long-term financing facilities with unaffiliated banks .
at december 31 , 2010 , cgmhi had drawn down the full $ 900 million available under these facilities , of which $ 150 million is guaranteed by citigroup .
generally , a bank can terminate these facilities by giving cgmhi one-year prior notice .
the company issues both fixed and variable rate debt in a range of currencies .
it uses derivative contracts , primarily interest rate swaps , to effectively convert a portion of its fixed rate debt to variable rate debt and variable rate debt to fixed rate debt .
the maturity structure of the derivatives generally corresponds to the maturity structure of the debt being hedged .
in addition , the company uses other derivative contracts to manage the foreign exchange impact of certain debt issuances .
at december 31 , 2010 , the company 2019s overall weighted average interest rate for long-term debt was 3.53% ( 3.53 % ) on a contractual basis and 2.78% ( 2.78 % ) including the effects of derivative contracts .
aggregate annual maturities of long-term debt obligations ( based on final maturity dates ) including trust preferred securities are as follows : long-term debt at december 31 , 2010 and december 31 , 2009 includes $ 18131 million and $ 19345 million , respectively , of junior subordinated debt .
the company formed statutory business trusts under the laws of the state of delaware .
the trusts exist for the exclusive purposes of ( i ) issuing trust securities representing undivided beneficial interests in the assets of the trust ; ( ii ) investing the gross proceeds of the trust securities in junior subordinated deferrable interest debentures ( subordinated debentures ) of its parent ; and ( iii ) engaging in only those activities necessary or incidental thereto .
upon approval from the federal reserve , citigroup has the right to redeem these securities .
citigroup has contractually agreed not to redeem or purchase ( i ) the 6.50% ( 6.50 % ) enhanced trust preferred securities of citigroup capital xv before september 15 , 2056 , ( ii ) the 6.45% ( 6.45 % ) enhanced trust preferred securities of citigroup capital xvi before december 31 , 2046 , ( iii ) the 6.35% ( 6.35 % ) enhanced trust preferred securities of citigroup capital xvii before march 15 , 2057 , ( iv ) the 6.829% ( 6.829 % ) fixed rate/floating rate enhanced trust preferred securities of citigroup capital xviii before june 28 , 2047 , ( v ) the 7.250% ( 7.250 % ) enhanced trust preferred securities of citigroup capital xix before august 15 , 2047 , ( vi ) the 7.875% ( 7.875 % ) enhanced trust preferred securities of citigroup capital xx before december 15 , 2067 , and ( vii ) the 8.300% ( 8.300 % ) fixed rate/floating rate enhanced trust preferred securities of citigroup capital xxi before december 21 , 2067 , unless certain conditions , described in exhibit 4.03 to citigroup 2019s current report on form 8-k filed on september 18 , 2006 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on november 28 , 2006 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on march 8 , 2007 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on july 2 , 2007 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on august 17 , 2007 , in exhibit 4.2 to citigroup 2019s current report on form 8-k filed on november 27 , 2007 , and in exhibit 4.2 to citigroup 2019s current report on form 8-k filed on december 21 , 2007 , respectively , are met .
these agreements are for the benefit of the holders of citigroup 2019s 6.00% ( 6.00 % ) junior subordinated deferrable interest debentures due 2034 .
citigroup owns all of the voting securities of these subsidiary trusts .
these subsidiary trusts have no assets , operations , revenues or cash flows other than those related to the issuance , administration , and repayment of the subsidiary trusts and the subsidiary trusts 2019 common securities .
these subsidiary trusts 2019 obligations are fully and unconditionally guaranteed by citigroup. .

in millions of dollars | 2011    | 2012    | 2013    | 2014    | 2015    | thereafter
---------------------- | ------- | ------- | ------- | ------- | ------- | ----------
bank                   | $ 35066 | $ 38280 | $ 8013  | $ 7620  | $ 6380  | $ 17875
non-bank               | 15213   | 25950   | 7858    | 5187    | 3416    | 18381
parent company         | 21194   | 30004   | 21348   | 19096   | 12131   | 88171
total                  | $ 71473 | $ 94234 | $ 37219 | $ 31903 | $ 21927 | $ 124427


entergy louisiana , inc .
management's financial discussion and analysis setting any of entergy louisiana's rates .
therefore , to the extent entergy louisiana's use of the proceeds would ordinarily have reduced its rate base , no change in rate base shall be reflected for ratemaking purposes .
the sec approval for additional return of equity capital is now expired .
entergy louisiana's receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: .

2004             | 2003             | 2002             | 2001
---------------- | ---------------- | ---------------- | ----------------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
$ 40549          | ( $ 41317 )      | $ 18854          | $ 3812

money pool activity used $ 81.9 million of entergy louisiana's operating cash flow in 2004 , provided $ 60.2 million in 2003 , and used $ 15.0 million in 2002 .
see note 4 to the domestic utility companies and system energy financial statements for a description of the money pool .
investing activities the decrease of $ 25.1 million in net cash used by investing activities in 2004 was primarily due to decreased spending on customer service projects , partially offset by increases in spending on transmission projects and fossil plant projects .
the increase of $ 56.0 million in net cash used by investing activities in 2003 was primarily due to increased spending on customer service , transmission , and nuclear projects .
financing activities the decrease of $ 404.4 million in net cash used by financing activities in 2004 was primarily due to : 2022 the net issuance of $ 98.0 million of long-term debt in 2004 compared to the retirement of $ 261.0 million in 2022 a principal payment of $ 14.8 million in 2004 for the waterford lease obligation compared to a principal payment of $ 35.4 million in 2003 ; and 2022 a decrease of $ 29.0 million in common stock dividends paid .
the decrease of $ 105.5 million in net cash used by financing activities in 2003 was primarily due to : 2022 a decrease of $ 125.9 million in common stock dividends paid ; and 2022 the repurchase of $ 120 million of common stock from entergy corporation in 2002 .
the decrease in net cash used in 2003 was partially offset by the following : 2022 the retirement in 2003 of $ 150 million of 8.5% ( 8.5 % ) series first mortgage bonds compared to the net retirement of $ 134.6 million of first mortgage bonds in 2002 ; and 2022 principal payments of $ 35.4 million in 2003 for the waterford 3 lease obligation compared to principal payments of $ 15.9 million in 2002 .
see note 5 to the domestic utility companies and system energy financial statements for details of long-term debt .
uses of capital entergy louisiana requires capital resources for : 2022 construction and other capital investments ; 2022 debt and preferred stock maturities ; 2022 working capital purposes , including the financing of fuel and purchased power costs ; and 2022 dividend and interest payments.


advance auto parts , inc .
and subsidiaries notes to the consolidated financial statements december 28 , 2013 , december 29 , 2012 and december 31 , 2011 ( in thousands , except per share data ) in july 2012 , the fasb issued asu no .
2012-02 201cintangible-goodwill and other 2013 testing indefinite-lived intangible assets for impairment . 201d asu 2012-02 modifies the requirement to test intangible assets that are not subject to amortization based on events or changes in circumstances that might indicate that the asset is impaired now requiring the test only if it is more likely than not that the asset is impaired .
furthermore , asu 2012-02 provides entities the option of performing a qualitative assessment to determine if it is more likely than not that the fair value of an intangible asset is less than the carrying amount as a basis for determining whether it is necessary to perform a quantitative impairment test .
asu 2012-02 is effective for fiscal years beginning after september 15 , 2012 and early adoption is permitted .
the adoption of asu 2012-02 had no impact on the company 2019s consolidated financial condition , results of operations or cash flows .
3 .
inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at both december 28 , 2013 and december 29 , 2012 .
under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2013 and prior years .
the company recorded a reduction to cost of sales of $ 5572 and $ 24087 in fiscal 2013 and fiscal 2012 , respectively .
the company 2019s overall costs to acquire inventory for the same or similar products have generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies .
in fiscal 2011 , the company recorded an increase to cost of sales of $ 24708 due to an increase in supply chain costs and inflationary pressures affecting certain product categories .
product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( 201cfifo 201d ) method .
product cores are included as part of the company 2019s merchandise costs and are either passed on to the customer or returned to the vendor .
because product cores are not subject to frequent cost changes like the company 2019s other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method .
inventory overhead costs purchasing and warehousing costs included in inventory as of december 28 , 2013 and december 29 , 2012 , were $ 161519 and $ 134258 , respectively .
inventory balance and inventory reserves inventory balances at the end of fiscal 2013 and 2012 were as follows : december 28 , december 29 .

                                         | december 282013 | december 292012
---------------------------------------- | --------------- | ---------------
inventories at fifo net                  | $ 2424795       | $ 2182419
adjustments to state inventories at lifo | 131762          | 126190
inventories at lifo net                  | $ 2556557       | $ 2308609

inventory quantities are tracked through a perpetual inventory system .
the company completes physical inventories and other targeted inventory counts in its store locations to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory in these locations .
in its distribution centers and pdq aes , the company uses a cycle counting program to ensure the accuracy of the perpetual inventory quantities of both merchandise and product core inventory .
reserves for estimated shrink are established based on the results of physical inventories conducted by the company with the assistance of an independent third party in substantially all of the company 2019s stores over the course of the year , other targeted inventory counts in its stores , results from recent cycle counts in its distribution facilities and historical and current loss trends.


nike , inc .
notes to consolidated financial statements 2014 ( continued ) such agreements in place .
however , based on the company 2019s historical experience and the estimated probability of future loss , the company has determined that the fair value of such indemnifications is not material to the company 2019s financial position or results of operations .
in the ordinary course of its business , the company is involved in various legal proceedings involving contractual and employment relationships , product liability claims , trademark rights , and a variety of other matters .
the company does not believe there are any pending legal proceedings that will have a material impact on the company 2019s financial position or results of operations .
note 16 2014 restructuring charges during the fourth quarter of fiscal 2009 , the company took necessary steps to streamline its management structure , enhance consumer focus , drive innovation more quickly to market and establish a more scalable , long-term cost structure .
as a result , the company reduced its global workforce by approximately 5% ( 5 % ) and incurred pre-tax restructuring charges of $ 195 million , primarily consisting of severance costs related to the workforce reduction .
as nearly all of the restructuring activities were completed in the fourth quarter of fiscal 2009 , the company does not expect to recognize additional costs in future periods relating to these actions .
the restructuring charge is reflected in the corporate expense line in the segment presentation of pre-tax income in note 19 2014 operating segments and related information .
the activity in the restructuring accrual for the year ended may 31 , 2009 is as follows ( in millions ) : .

restructuring accrual 2014 june 1 2008             | $ 2014
-------------------------------------------------- | --------------
severance and related costs                        | 195.0
cash payments                                      | -29.4 ( 29.4 )
non-cash stock option and restricted stock expense | -19.5 ( 19.5 )
foreign currency translation and other             | 3.5
restructuring accrual 2014 may 31 2009             | $ 149.6

the accrual balance as of may 31 , 2009 will be relieved throughout fiscal year 2010 and early 2011 , as severance payments are completed .
the restructuring accrual is included in accrued liabilities in the consolidated balance sheet .
as part of its restructuring activities , the company reorganized its nike brand operations geographic structure .
in fiscal 2009 , 2008 and 2007 , nike brand operations were organized into the following four geographic regions : u.s. , europe , middle east and africa ( collectively , 201cemea 201d ) , asia pacific , and americas .
in the fourth quarter of 2009 , the company initiated a reorganization of the nike brand business into a new operating model .
as a result of this reorganization , beginning in the first quarter of fiscal 2010 , the nike brand operations will consist of the following six geographies : north america , western europe , central/eastern europe , greater china , japan , and emerging markets .
note 17 2014 divestitures on december 17 , 2007 , the company completed the sale of the starter brand business to iconix brand group , inc .
for $ 60.0 million in cash .
this transaction resulted in a gain of $ 28.6 million during the year ended may 31 , 2008.


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 , 2010 , 2009 , and 2008 ( 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 2010 2009 and 2008 ( in millions of u.s . dollars except for percentages ) | directamount | ceded to other companies | assumed from other companies | net amount | percentage of amount assumed to net
---------------------------------------------------------------------------------------------------------- | ------------ | ------------------------ | ---------------------------- | ---------- | -----------------------------------
2010                                                                                | $ 15780      | $ 5792                   | $ 3516                       | $ 13504    | 26% ( 26 % )
2009                                                                                | $ 15415      | $ 5943                   | $ 3768                       | $ 13240    | 28% ( 28 % )
2008                                                                                | $ 16087      | $ 6144                   | $ 3260                       | $ 13203    | 25% ( 25 % )


the following graph compares the cumulative 5-year total return to shareholders of cadence design systems , inc . 2019s common stock relative to the cumulative total returns of the s & p 500 index , the nasdaq composite index and the s & p information technology index .
the graph assumes that the value of the investment in the company 2019s common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on december 29 , 2001 and tracks it through december 30 , 2006 .
comparison of 5 year cumulative total return* among cadence design systems , inc. , the s & p 500 index , the nasdaq composite index and the s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems , inc .
nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/29/01 in stock or on 12/31/01 in index-incuding reinvestment of dividends .
indexes calculated on month-end basis .
copyright b7 2007 , standard & poor 2019s , a division of the mcgraw-hill companies , inc .
all rights reserved .
www.researchdatagroup.com/s&p.htm december 29 , december 28 , january 3 , january 1 , december 31 , december 30 .

                             | december 29 2001 | december 28 2002 | january 3 2004 | january 1 2005 | december 31 2005 | december 30 2006
---------------------------- | ---------------- | ---------------- | -------------- | -------------- | ---------------- | ----------------
cadence design systems inc . | 100.00           | 54.38            | 81.52          | 61.65          | 75.54            | 79.96
s & p 500                    | 100.00           | 77.90            | 100.24         | 111.15         | 116.61           | 135.03
nasdaq composite             | 100.00           | 71.97            | 107.18         | 117.07         | 120.50           | 137.02
s & p information technology | 100.00           | 62.59            | 92.14          | 94.50          | 95.44            | 103.47