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49_1 |
part ii item 5 : market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities snap-on had 55610781 shares of common stock outstanding as of 2018 year end .
snap-on 2019s stock is listed on the new york stock exchange under the ticker symbol 201csna . 201d at februar... | SNA/2018/page_31.pdf-1 | SNA/2018/page_31.pdf | 1 | 477 | 870 |
49_2 |
issuer purchases of equity securities the following chart discloses information regarding the shares of snap-on 2019s common stock repurchased by the company during the fourth quarter of fiscal 2018 , all of which were purchased pursuant to the board 2019s authorizations that the company has publicly announced .
snap-... | SNA/2018/page_31.pdf-1 | SNA/2018/page_31.pdf | 2 | 870 | 1,463 |
49_3 |
the repurchase of snap-on common stock is at the company 2019s discretion , subject to prevailing financial and market conditions .
period shares purchased average price per share shares purchased as part of publicly announced plans or programs approximate value of shares that may yet be purchased under publicly annou... | SNA/2018/page_31.pdf-1 | SNA/2018/page_31.pdf | 3 | 1,463 | 1,808 |
49_4 |
period the 09/30/18 to 10/27/18 of sharespurchased is 90000 ; the 09/30/18 to 10/27/18 of average priceper share is $ 149.28 ; the 09/30/18 to 10/27/18 of shares purchased aspart of publiclyannounced plans orprograms is 90000 ; the 09/30/18 to 10/27/1 | SNA/2018/page_31.pdf-1 | SNA/2018/page_31.pdf | 4 | 1,808 | 2,060 |
49_5 | 8 of approximatevalue of sharesthat may yet bepurchased underpubliclyannounced plansor programs* is $ 292.4 million ;
period the 10/28/18 to 11/24/18 of sharespurchased is 335000 ; the 10/28/18 to 11/24/18 of average priceper share is $ 159.35 ; the 10/28/18 to 11/24/18 of shares purchased aspart of publicly | SNA/2018/page_31.pdf-1 | SNA/2018/page_31.pdf | 5 | 2,060 | 2,369 |
49_6 | announced plans orprograms is 335000 ; the 10/28/18 to 11/24/18 of approximatevalue of sharesthat may yet bepurchased underpubliclyannounced plansor programs* is $ 239.1 million ;
period the 11/25/18 to 12/29/18 of sharespurchased is 205000 ; the 11/25/18 to 12/29/18 of average priceper share is $ 1 | SNA/2018/page_31.pdf-1 | SNA/2018/page_31.pdf | 6 | 2,369 | 2,669 |
49_7 | 60.20 ; the 11/25/18 to 12/29/18 of shares purchased aspart of publiclyannounced plans orprograms is 205000 ; the 11/25/18 to 12/29/18 of approximatevalue of sharesthat may yet bepurchased underpubliclyannounced plansor programs* is $ 215.7 million ;
period the total/average of sharespurchased is 630000 ; the total/ave... | SNA/2018/page_31.pdf-1 | SNA/2018/page_31.pdf | 7 | 2,669 | 3,025 |
49_8 | 158.19 ; the total/average of shares purchased aspart of publiclyannounced plans orprograms is 630000 ; the total/average of approximatevalue of sharesthat may yet bepurchased underpubliclyannounced plansor programs* is n/a ;
______________________ n/a : not applicable * subject to further adjustment pursuant to the 19... | SNA/2018/page_31.pdf-1 | SNA/2018/page_31.pdf | 8 | 3,025 | 3,550 |
49_9 |
2022 in 1996 , the board authorized the company to repurchase shares of the company 2019s common stock from time to time in the open market or in privately negotiated transactions ( 201cthe 1996 authorization 201d ) .
the 1996 authorization allows the repurchase of up to the number of shares issued or delivered from t... | SNA/2018/page_31.pdf-1 | SNA/2018/page_31.pdf | 9 | 3,550 | 4,007 |
49_10 |
because the number of shares that are purchased pursuant to the 1996 authorization will change from time to time as ( i ) the company issues shares under its various plans ; and ( ii ) shares are repurchased pursuant to this authorization , the number of shares authorized to be repurchased will vary from time to time ... | SNA/2018/page_31.pdf-1 | SNA/2018/page_31.pdf | 10 | 4,007 | 4,394 |
49_11 |
when calculating the approximate value of shares that the company may yet purchase under the 1996 authorization , the company assumed a price of $ 148.71 , $ 161.00 and $ 144.25 per share of common stock as of the end of the fiscal 2018 months ended october 27 , 2018 , november 24 , 2018 , and december 29 , 2018 , res... | SNA/2018/page_31.pdf-1 | SNA/2018/page_31.pdf | 11 | 4,394 | 4,725 |
49_12 |
2022 in 2017 , the board authorized the repurchase of an aggregate of up to $ 500 million of the company 2019s common stock ( 201cthe 2017 authorization 201d ) .
the 2017 authorization will expire when the aggregate repurchase price limit is met , unless terminated earlier by the board. . | SNA/2018/page_31.pdf-1 | SNA/2018/page_31.pdf | 12 | 4,725 | 5,015 |
53_0 | warrants in conjunction with its acquisition of solexa , inc .
on january 26 , 2007 , the company assumed 4489686 warrants issued by solexa prior to the acquisition .
during the year ended december 28 , 2008 , there were 401362 warrants exercised , resulting in cash proceeds to the company of $ 3.0 million .
as of dece... | ILMN/2008/page_82.pdf-1 | ILMN/2008/page_82.pdf | 0 | 0 | 381 |
53_1 |
a summary of all warrants outstanding as of december 28 , 2008 is as follows: . | ILMN/2008/page_82.pdf-1 | ILMN/2008/page_82.pdf | 1 | 381 | 461 |
53_2 |
number of shares the 238510 of exercise price is $ 7.27 ; the 238510 of expiration date is 4/25/2010 ;
number of shares the 864040 of exercise price is $ 7.27 ; the 864040 of expiration date is 7/12/2010 ;
number of shares the 809246 of exercise price is $ 10.91 ; the 809246 of expiration date is | ILMN/2008/page_82.pdf-1 | ILMN/2008/page_82.pdf | 2 | 461 | 759 |
53_3 | 11/23/2010 ;
number of shares the 1125734 of exercise price is $ 10.91 ; the 1125734 of expiration date is 1/19/2011 ;
number of shares the 18322320 ( 1 ) of exercise price is $ 31.44 ; the 18322320 ( 1 ) of expiration date is 2/15/2014 ;
number of shares the 21 | ILMN/2008/page_82.pdf-1 | ILMN/2008/page_82.pdf | 3 | 759 | 1,022 |
53_4 | 359850 of exercise price is ; the 21359850 of expiration date is ;
( 1 ) represents warrants sold in connection with the offering of the company 2019s convertible senior notes ( see note 8 ) . | ILMN/2008/page_82.pdf-1 | ILMN/2008/page_82.pdf | 4 | 1,022 | 1,216 |
53_5 |
treasury stock in connection with its issuance of $ 400.0 million principal amount of 0.625% ( 0.625 % ) convertible senior notes due 2014 on february 16 , 2007 , the company repurchased 11.6 million shares of its outstanding common stock for $ 201.6 million in privately negotiated transactions concurrently with the o... | ILMN/2008/page_82.pdf-1 | ILMN/2008/page_82.pdf | 5 | 1,216 | 1,545 |
53_6 |
on february 20 , 2007 , the company executed a rule 10b5-1 trading plan to repurchase up to $ 75.0 million of its outstanding common stock over a period of six months .
the company repurchased 3.2 million shares of its common stock under this plan for $ 50.0 million .
as of december 30 , 2007 , this plan had expired . | ILMN/2008/page_82.pdf-1 | ILMN/2008/page_82.pdf | 6 | 1,545 | 1,865 |
53_7 |
on october 23 , 2008 , the board of directors authorized a $ 120.0 million stock repurchase program .
as of december 28 , 2008 the company had repurchased 3.1 million shares for $ 70.8 million under the plan in open-market transactions or through privately negotiated transactions in compliance with rule 10b-18 under t... | ILMN/2008/page_82.pdf-1 | ILMN/2008/page_82.pdf | 7 | 1,865 | 2,221 |
53_8 |
as of december 28 , 2008 , $ 49.2 million remains authorized for future repurchases under the program .
stockholder rights plan on may 3 , 2001 , the board of directors of the company declared a dividend of one preferred share purchase right ( a right ) for each outstanding share of common stock of the company .
the d... | ILMN/2008/page_82.pdf-1 | ILMN/2008/page_82.pdf | 8 | 2,221 | 2,642 |
53_9 |
each right entitles the registered holder to purchase from the company one unit consisting of one-thousandth of a share of its series a junior participating preferred stock at a price of $ 100 per unit .
the rights will be exercisable if a person or group hereafter acquires beneficial ownership of 15% ( 15 % ) or more... | ILMN/2008/page_82.pdf-1 | ILMN/2008/page_82.pdf | 9 | 2,642 | 3,090 |
53_10 |
if a person or group acquires 15% ( 15 % ) or more of the outstanding common stock of the company , each right will entitle its holder to purchase , at the exercise price of the right , a number of shares of common stock having a market value of two times the exercise price of the right . | ILMN/2008/page_82.pdf-1 | ILMN/2008/page_82.pdf | 10 | 3,090 | 3,380 |
53_11 |
if the company is acquired in a merger or other business combination transaction after a person acquires 15% ( 15 % ) or more of the company 2019s common stock , each right will entitle its holder to purchase , at the right 2019s then-current exercise price , a number of common shares of the acquiring illumina , inc .... | ILMN/2008/page_82.pdf-1 | ILMN/2008/page_82.pdf | 11 | 3,380 | 3,764 |
58_0 | . | FIS/2012/page_48.pdf-1 | FIS/2012/page_48.pdf | 0 | 0 | 1 |
58_1 |
currency the real of 2012 is $ 40.4 ; the real of 2011 is $ 42.4 ; the real of 2010 is $ 32.5 ;
currency the euro of 2012 is 27.1 ; the euro of 2011 is 26.4 ; the euro of 2010 is 18.6 ;
currency the pound sterling of 2012 is 18.5 ; the pound sterling of 2011 is 17 | FIS/2012/page_48.pdf-1 | FIS/2012/page_48.pdf | 1 | 1 | 266 |
58_2 | .6 ; the pound sterling of 2010 is 9.0 ;
currency the indian rupee of 2012 is 4.3 ; the indian rupee of 2011 is 3.6 ; the indian rupee of 2010 is 2.6 ;
currency the total impact of 2012 is $ 90.3 ; the total impact of 2011 is $ 90.0 ; the total impact of 2010 is $ 62.7 ;
the impact on earnings of the | FIS/2012/page_48.pdf-1 | FIS/2012/page_48.pdf | 2 | 266 | 567 |
58_3 | foregoing assumed 10% ( 10 % ) change in each of the periods presented would not have been significant .
revenue included $ 100.8 million and operating income included $ 9.0 million of unfavorable foreign currency impact during 2012 resulting from a stronger u.s .
dollar during 2012 compared to 2011 .
our foreign exch... | FIS/2012/page_48.pdf-1 | FIS/2012/page_48.pdf | 3 | 567 | 1,118 |
58_4 |
our international operations' revenues and expenses are generally denominated in local currency , which limits the economic exposure to foreign exchange risk in those jurisdictions .
we do not enter into foreign currency derivative instruments for trading purposes .
we have entered into foreign currency forward exchan... | FIS/2012/page_48.pdf-1 | FIS/2012/page_48.pdf | 4 | 1,118 | 1,644 |
58_5 |
these derivatives are intended to hedge the foreign exchange risks related to intercompany loans , but have not been designated as hedges for accounting purposes. . | FIS/2012/page_48.pdf-1 | FIS/2012/page_48.pdf | 5 | 1,644 | 1,809 |
59_0 | other information related to the company's share options is as follows ( in millions ) : . | AON/2015/page_96.pdf-1 | AON/2015/page_96.pdf | 0 | 0 | 90 |
59_1 |
the aggregate intrinsic value of stock options exercised of 2015 is $ 104 ; the aggregate intrinsic value of stock options exercised of 2014 is $ 61 ; the aggregate intrinsic value of stock options exercised of 2013 is $ 73 ;
the cash received from the exercise of stock options of 2015 is 40 ; the cash received from t... | AON/2015/page_96.pdf-1 | AON/2015/page_96.pdf | 1 | 90 | 548 |
59_2 | from the exercise of stock options of 2015 is 36 ; the tax benefit realized from the exercise of stock options of 2014 is 16 ; the tax benefit realized from the exercise of stock options of 2013 is 15 ;
unamortized deferred compensation expense , which includes both options and rsus , amounted to $ 378 million as of d... | AON/2015/page_96.pdf-1 | AON/2015/page_96.pdf | 2 | 548 | 970 |
59_3 |
employee share purchase plan united states the company has an employee share purchase plan that provides for the purchase of a maximum of 7.5 million shares of the company's ordinary shares by eligible u.s .
employees .
the company's ordinary shares were purchased at 6-month intervals at 85% ( 85 % ) of the lower of t... | AON/2015/page_96.pdf-1 | AON/2015/page_96.pdf | 3 | 970 | 1,383 |
59_4 |
in 2015 , 2014 , and 2013 , 411636 shares , 439000 shares and 556000 shares , respectively , were issued to employees under the plan .
compensation expense recognized was $ 9 million in 2015 , $ 7 million in 2014 , and $ 6 million in 2013 .
united kingdom the company also has an employee share purchase plan for eligib... | AON/2015/page_96.pdf-1 | AON/2015/page_96.pdf | 4 | 1,383 | 1,711 |
59_5 |
employees that provides for the purchase of shares after a 3-year period and that is similar to the u.s .
plan previously described .
three-year periods began in 2015 , 2014 , 2013 , allowing for the purchase of a maximum of 100000 , 300000 , and 350000 shares , respectively . | AON/2015/page_96.pdf-1 | AON/2015/page_96.pdf | 5 | 1,711 | 1,989 |
59_6 |
in 2015 , 2014 , and 2013 , 2779 shares , 642 shares , and 172110 shares , respectively , were issued under the plan .
compensation expense of $ 2 million was recognized in 2015 and 2014 , as compared to $ 1 million of compensation expense in 2013 .
12 .
derivatives and hedging the company is exposed to market risks ,... | AON/2015/page_96.pdf-1 | AON/2015/page_96.pdf | 6 | 1,989 | 2,383 |
59_7 |
to manage the risk related to these exposures , the company enters into various derivative instruments that reduce these risks by creating offsetting exposures .
the company does not enter into derivative transactions for trading or speculative purposes .
foreign exchange risk management the company is exposed to fore... | AON/2015/page_96.pdf-1 | AON/2015/page_96.pdf | 7 | 2,383 | 2,972 |
59_8 |
the company uses foreign exchange derivatives , typically forward contracts , options and cross-currency swaps , to reduce its overall exposure to the effects of currency fluctuations on cash flows .
these exposures are hedged , on average , for less than two years .
these derivatives are accounted for as hedges , and... | AON/2015/page_96.pdf-1 | AON/2015/page_96.pdf | 8 | 2,972 | 3,435 |
59_9 |
the company also uses foreign exchange derivatives , typically forward contracts and options to economically hedge the currency exposure of the company's global liquidity profile , including monetary assets or liabilities that are denominated in a non-functional currency of an entity , typically on a rolling 30-day ba... | AON/2015/page_96.pdf-1 | AON/2015/page_96.pdf | 9 | 3,435 | 3,969 |
60_0 | 5 .
other current assets other current assets consisted of the following at december 31: . | CME/2010/page_91.pdf-1 | CME/2010/page_91.pdf | 0 | 0 | 90 |
60_1 |
( in millions ) the refundable income tax of 2010 is $ 61.0 ; the refundable income tax of 2009 is $ 24.1 ;
( in millions ) the net deferred income taxes ( note 14 ) of 2010 is 18.3 ; the net deferred income taxes ( note 14 ) of 2009 is 23.8 ;
( in millions ) the prepaid technology license and maintenance contracts of... | CME/2010/page_91.pdf-1 | CME/2010/page_91.pdf | 1 | 90 | 482 |
60_2 | of 2009 is 17.0 ;
( in millions ) the forward contract receivable ( note 20 ) of 2010 is 11.8 ; the forward contract receivable ( note 20 ) of 2009 is 27.3 ;
( in millions ) the receivables from brokers of 2010 is 11.2 ; the receivables from brokers of 2009 is 8.8 ;
( in millions ) the other prepaid expenses of 2010 i... | CME/2010/page_91.pdf-1 | CME/2010/page_91.pdf | 2 | 482 | 807 |
60_3 | ; the other prepaid expenses of 2009 is 13.5 ;
( in millions ) the prepaid insurance of 2010 is 6.3 ; the prepaid insurance of 2009 is 7.0 ;
( in millions ) the cboe exercise rights privilege of 2010 is 2014 ; the cboe exercise rights privilege of 2009 is 39.8 ;
( in millions ) the other of 2010 is 9.9 ; the other of ... | CME/2010/page_91.pdf-1 | CME/2010/page_91.pdf | 3 | 807 | 1,138 |
60_4 | ;
( in millions ) the total of 2010 is $ 146.1 ; the total of 2009 is $ 165.6 ;
6 .
performance bonds and guaranty fund contributions cme clears and guarantees the settlement of cme , cbot and nymex contracts traded in their respective markets .
in its guarantor role , cme has precisely equal and offsetting claims to ... | CME/2010/page_91.pdf-1 | CME/2010/page_91.pdf | 4 | 1,138 | 1,574 |
60_5 |
clearing firm positions are combined to create a single portfolio for each clearing firm 2019s regulated and non-regulated accounts with cme for which performance bond and guaranty fund requirements are calculated .
to the extent that funds are not otherwise available to satisfy an obligation under the applicable cont... | CME/2010/page_91.pdf-1 | CME/2010/page_91.pdf | 5 | 1,574 | 2,296 |
60_6 |
each clearing firm is required to deposit and maintain balances in the form of cash , u.s .
government securities , bank letters of credit or other approved investments to satisfy performance bond and guaranty fund requirements .
all obligations and non-cash deposits are marked to market on a daily basis .
in addition... | CME/2010/page_91.pdf-1 | CME/2010/page_91.pdf | 6 | 2,296 | 2,944 |
60_7 |
cme marks-to-market open positions at least twice a day , and requires payment from clearing firms whose positions have lost value and makes payments to clearing firms whose positions have gained value .
for select product offerings within newer markets , positions are marked-to-market once daily , with the capability... | CME/2010/page_91.pdf-1 | CME/2010/page_91.pdf | 7 | 2,944 | 3,329 |
60_8 |
under the extremely unlikely scenario of simultaneous default by every clearing firm who has open positions with unrealized losses , the maximum exposure related to cme 2019s guarantee would be one half day of changes in fair value of all open positions , before considering cme 2019s ability to access defaulting clear... | CME/2010/page_91.pdf-1 | CME/2010/page_91.pdf | 8 | 3,329 | 3,746 |
60_9 |
during 2010 , cme transferred an average of approximately $ 2.4 billion a day through its clearing system for settlement from clearing firms whose positions had lost value to clearing firms whose positions had gained value .
cme reduces its guarantee exposure through initial and maintenance performance bond requiremen... | CME/2010/page_91.pdf-1 | CME/2010/page_91.pdf | 9 | 3,746 | 4,246 |
61_0 | notes to consolidated financial statements ( continued ) 1 .
basis of presentation and accounting policies ( continued ) sop 03-1 was effective for financial statements for fiscal years beginning after december 15 , 2003 . | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 0 | 0 | 222 |
61_1 |
at the date of initial application , january 1 , 2004 , the cumulative effect of the adoption of sop 03-1 on net income and other comprehensive income was comprised of the following individual impacts shown net of income tax benefit of $ 12 : in may 2003 , the financial accounting standards board ( 201cfasb 201d ) iss... | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 1 | 222 | 612 |
61_2 |
150 , 201caccounting for certain financial instruments with characteristics of both liabilities and equity 201d .
sfas no .
150 establishes standards for classifying and measuring as liabilities certain financial instruments that embody obligations of the issuer and have characteristics of both liabilities and equity ... | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 2 | 612 | 955 |
61_3 |
150 requires liability classification for two broad classes of financial instruments : ( a ) instruments that represent , or are indexed to , an obligation to buy back the issuer 2019s shares regardless of whether the instrument is settled on a net-cash or gross-physical basis and ( b ) obligations that ( i ) can be s... | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 3 | 955 | 1,380 |
61_4 |
security prices , interest rates , and currency rates ) , ( ii ) have a fixed value , or ( iii ) have a value inversely related to the issuer 2019s shares .
mandatorily redeemable equity and written options requiring the issuer to buyback shares are examples of financial instruments that should be reported as liabilit... | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 4 | 1,380 | 1,927 |
61_5 |
150 was effective for instruments entered into or modified after may 31 , 2003 and for all other instruments beginning with the first interim reporting period beginning after june 15 , 2003 .
adoption of this statement did not have a material impact on the company 2019s consolidated financial condition or results of o... | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 5 | 1,927 | 2,397 |
61_6 |
51 201d ( 201cfin 46 201d ) , which required an enterprise to assess whether consolidation of an entity is appropriate based upon its interests in a variable interest entity .
a vie is an entity in which the equity investors do not have the characteristics of a controlling financial interest or do not have sufficient ... | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 6 | 2,397 | 2,983 |
61_7 |
an enterprise shall consolidate a vie if it has a variable interest that will absorb a majority of the vies expected losses if they occur , receive a majority of the entity 2019s expected residual returns if they occur or both .
fin 46 was effective immediately for new vies established or purchased subsequent to janua... | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 7 | 2,983 | 3,317 |
61_8 |
for vies established or purchased subsequent to january 31 , 2003 , the adoption of fin 46 did not have a material impact on the company 2019s consolidated financial condition or results of operations as there were no material vies which required consolidation .
in december 2003 , the fasb issued a revised version of ... | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 8 | 3,317 | 3,754 |
61_9 |
fin 46r replaced the previously issued fin 46 and , subject to certain special provisions , was effective no later than the end of the first reporting period that ends after december 15 , 2003 for entities considered to be special- purpose entities and no later than the end of the first reporting period that ends afte... | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 9 | 3,754 | 4,203 |
61_10 |
the adoption of fin 46r did not result in the consolidation of any material vies but resulted in the deconsolidation of vies that issued mandatorily redeemable preferred securities of subsidiary trusts ( 201ctrust preferred securities 201d ) .
the company is not the primary beneficiary of the vies , which issued the t... | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 10 | 4,203 | 4,762 |
61_11 |
as a result , the vies , which the company previously consolidated , are no longer consolidated .
the sole assets of the vies are junior subordinated debentures issued by the company with payment terms identical to the trust preferred securities .
previously , the trust preferred securities were reported as a separate... | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 11 | 4,762 | 5,284 |
61_12 |
at december 31 , 2003 and 2002 , the impact of deconsolidation was to increase long-term debt and decrease the trust preferred securities by $ 952 and $ 1.5 billion , respectively .
( for further discussion , see note 14 for disclosure of information related to these vies as required under fin 46r. ) future adoption o... | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 12 | 5,284 | 5,675 |
61_13 |
123 ( revised 2004 ) , 201cshare-based payment 201d ( 201csfas no .
123r 201d ) , which replaces sfas no .
123 , 201caccounting for stock-based compensation 201d ( 201csfas no .
123 201d ) and supercedes apb opinion no .
25 , 201caccounting for stock issued to employees 201d .
sfas no . | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 13 | 5,675 | 5,963 |
61_14 |
123r requires all companies to recognize compensation costs for share-based payments to employees based on the grant-date fair value of the award for financial statements for reporting periods beginning after june 15 , 2005 .
the pro forma disclosures previously permitted under sfas no .
123 will no longer be an alter... | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 14 | 5,963 | 6,445 |
61_15 |
components of cumulative effect of adoption the establishing gmdb and other benefit reserves for annuity contracts of net income is $ -54 ( 54 ) ; the establishing gmdb and other benefit reserves for annuity contracts of other comprehensive income is $ 2014 ;
components of cumulative effect of adoption the reclassifyi... | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 15 | 6,445 | 7,059 |
61_16 | 2 ) ;
components of cumulative effect of adoption the total cumulative effect of adoption of net income is $ -23 ( 23 ) ; the total cumulative effect of adoption of other comprehensive income is $ 292 ;
. | HIG/2004/page_140.pdf-1 | HIG/2004/page_140.pdf | 16 | 7,059 | 7,264 |
70_0 | we have an option to purchase the class a interests for consideration equal to the then current capital account value , plus any unpaid preferred return and the prescribed make-whole amount .
if we purchase these interests , any change in the third-party holder 2019s capital account from its original value will be char... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 0 | 0 | 439 |
70_1 |
off-balance sheet arrangements and contractual obligations as of may 28 , 2017 , we have issued guarantees and comfort letters of $ 505 million for the debt and other obligations of consolidated subsidiaries , and guarantees and comfort letters of $ 165 million for the debt and other obligations of non-consolidated af... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 1 | 439 | 962 |
70_2 |
as of may 28 , 2017 , we had invested in five variable interest entities ( vies ) .
none of our vies are material to our results of operations , financial condition , or liquidity as of and for the fiscal year ended may 28 , 2017 .
our defined benefit plans in the united states are subject to the requirements of the p... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 2 | 962 | 1,409 |
70_3 |
we do not expect to be required to make any contribu- tions in fiscal 2017 .
the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period: . | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 3 | 1,409 | 1,629 |
70_4 |
in millions the long-term debt ( a ) of payments due by fiscal year total is $ 8290.6 ; the long-term debt ( a ) of payments due by fiscal year 2018 is 604.2 ; the long-term debt ( a ) of payments due by fiscal year 2019 -20 is 2647.7 ; the long-term debt ( a ) of payments due by fiscal year 2021 -22 is 1559.3 ; the l... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 4 | 1,629 | 2,001 |
70_5 | 023 and thereafter is 3479.4 ;
in millions the accrued interest of payments due by fiscal year total is 83.8 ; the accrued interest of payments due by fiscal year 2018 is 83.8 ; the accrued interest of payments due by fiscal year 2019 -20 is 2014 ; the accrued interest of payments due by fiscal year 2021 -22 is 2014 ; ... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 5 | 2,001 | 2,405 |
70_6 | millions the operating leases ( b ) of payments due by fiscal year total is 500.7 ; the operating leases ( b ) of payments due by fiscal year 2018 is 118.8 ; the operating leases ( b ) of payments due by fiscal year 2019 -20 is 182.4 ; the operating leases ( b ) of payments due by fiscal year 2021 -22 is 110.4 ; the o... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 6 | 2,405 | 2,805 |
70_7 | ;
in millions the capital leases of payments due by fiscal year total is 1.2 ; the capital leases of payments due by fiscal year 2018 is 0.4 ; the capital leases of payments due by fiscal year 2019 -20 is 0.6 ; the capital leases of payments due by fiscal year 2021 -22 is 0.1 ; the capital leases of payments due by fi... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 7 | 2,805 | 3,249 |
70_8 | 91.0 ; the purchase obligations ( c ) of payments due by fiscal year 2018 is 2304.8 ; the purchase obligations ( c ) of payments due by fiscal year 2019 -20 is 606.8 ; the purchase obligations ( c ) of payments due by fiscal year 2021 -22 is 264.3 ; the purchase obligations ( c ) of payments due by fiscal year 2023 and... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 8 | 3,249 | 3,676 |
70_9 | 12067.3 ; the total contractual obligations of payments due by fiscal year 2018 is 3112.0 ; the total contractual obligations of payments due by fiscal year 2019 -20 is 3437.5 ; the total contractual obligations of payments due by fiscal year 2021 -22 is 1934.1 ; the total contractual obligations of payments due by fi... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 9 | 3,676 | 4,106 |
70_10 | fiscal year total is 1372.7 ; the other long-term obligations ( d ) of payments due by fiscal year 2018 is 2014 ; the other long-term obligations ( d ) of payments due by fiscal year 2019 -20 is 2014 ; the other long-term obligations ( d ) of payments due by fiscal year 2021 -22 is 2014 ; the other long-term obligatio... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 10 | 4,106 | 4,511 |
70_11 | total long-term obligations of payments due by fiscal year total is $ 13440.0 ; the total long-term obligations of payments due by fiscal year 2018 is $ 3112.0 ; the total long-term obligations of payments due by fiscal year 2019 -20 is $ 3437.5 ; the total long-term obligations of payments due by fiscal year 2021 -22... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 11 | 4,511 | 4,935 |
70_12 | 583.7 ;
total contractual obligations 12067.3 3112.0 3437.5 1934.1 3583.7 other long-term obligations ( d ) 1372.7 2014 2014 2014 2014 total long-term obligations $ 13440.0 $ 3112.0 $ 3437.5 $ 1934.1 $ 3583.7 ( a ) | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 12 | 4,935 | 5,149 |
70_13 | amounts represent the expected cash payments of our long-term debt and do not include $ 1.2 million for capital leases or $ 44.4 million for net unamortized debt issuance costs , premiums and discounts , and fair value adjustments .
( b ) operating leases represents the minimum rental commitments under non-cancelable ... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 13 | 5,149 | 5,709 |
70_14 |
for purposes of this table , arrangements are considered purchase obliga- tions if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure , and approximate timing of the transaction .
most arrangements are cancelable without a significant penalty and wi... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 14 | 5,709 | 6,203 |
70_15 |
( d ) the fair value of our foreign exchange , equity , commodity , and grain derivative contracts with a payable position to the counterparty was $ 24 million as of may 28 , 2017 , based on fair market values as of that date .
future changes in market values will impact the amount of cash ultimately paid or received ... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 15 | 6,203 | 6,566 |
70_16 |
other long-term obligations mainly consist of liabilities for accrued compensation and bene- fits , including the underfunded status of certain of our defined benefit pen- sion , other postretirement benefit , and postemployment benefit plans , and miscellaneous liabilities .
we expect to pay $ 21 million of benefits ... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 16 | 6,566 | 7,080 |
70_17 |
as of may 28 , 2017 , our total liability for uncertain tax positions and accrued interest and penalties was $ 158.6 million .
significant accounting estimates for a complete description of our significant account- ing policies , see note 2 to the consolidated financial statements on page 51 of this report .
our signi... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 17 | 7,080 | 7,541 |
70_18 |
these estimates include our accounting for promotional expenditures , valuation of long-lived assets , intangible assets , redeemable interest , stock-based compensation , income taxes , and defined benefit pension , other postretirement benefit , and pos- temployment benefit plans .
promotional expenditures our promo... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 18 | 7,541 | 7,964 |
70_19 |
these activities include : payments to customers to perform merchan- dising activities on our behalf , such as advertising or in-store displays ; discounts to our list prices to lower retail shelf prices ; payments to gain distribution of new products ; coupons , contests , and other incentives ; and media and adverti... | GIS/2017/page_31.pdf-1 | GIS/2017/page_31.pdf | 19 | 7,964 | 8,452 |
71_0 | our annual goodwill impairment test from the first quarter to the second quarter .
the change was made to more closely align the impairment testing date with our long-range planning and forecasting process .
we had determined that this change in accounting principle was preferable under the circumstances and believe th... | PM/2017/page_32.pdf-1 | PM/2017/page_32.pdf | 0 | 0 | 723 |
71_1 |
the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value .
if the carrying value exceeds the fair value , goodwill or a non-amortizable intangible asset is considered impaired .
to determine the fair value of goodwill , we primarily use ... | PM/2017/page_32.pdf-1 | PM/2017/page_32.pdf | 1 | 723 | 1,202 |
71_2 |
at december 31 , 2017 , the carrying value of our goodwill was $ 7.7 billion , which is related to ten reporting units , each of which consists of a group of markets with similar economic characteristics .
the estimated fair value of each of our ten reporting units exceeded the carrying value as of december 31 , 2017 ... | PM/2017/page_32.pdf-1 | PM/2017/page_32.pdf | 2 | 1,202 | 1,678 |
71_3 |
we concluded that the fair value of our non-amortizable intangible assets exceeded the carrying value .
these discounted cash flow models include management assumptions relevant for forecasting operating cash flows , which are subject to changes in business conditions , such as volumes and prices , costs to produce , ... | PM/2017/page_32.pdf-1 | PM/2017/page_32.pdf | 3 | 1,678 | 2,279 |
71_4 |
since the march 28 , 2008 , spin-off from altria group , inc. , we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets .
marketing and advertising costs - we incur certain costs to support our products through programs that include advertising , marketing , consume... | PM/2017/page_32.pdf-1 | PM/2017/page_32.pdf | 4 | 2,279 | 2,731 |
71_5 |
recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program .
for volume-based incentives provided to customers , management continually assesses and estimates , by cus... | PM/2017/page_32.pdf-1 | PM/2017/page_32.pdf | 5 | 2,731 | 3,318 |
71_6 |
changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position , results of operations or operating cash flows .
employee benefit plans - as discussed in item 8 , note 13 .
benefit plans to our consolidated financial statements... | PM/2017/page_32.pdf-1 | PM/2017/page_32.pdf | 6 | 3,318 | 3,911 |
71_7 |
these calculations include various actuarial assumptions , such as discount rates , assumed rates of return on plan assets , compensation increases , mortality , turnover rates and health care cost trend rates .
we review actuarial assumptions on an annual basis and make modifications to the assumptions based on curre... | PM/2017/page_32.pdf-1 | PM/2017/page_32.pdf | 7 | 3,911 | 4,571 |
71_8 |
weighted-average discount rate assumptions for pensions and postretirement plans are as follows: . | PM/2017/page_32.pdf-1 | PM/2017/page_32.pdf | 8 | 4,571 | 4,670 |
71_9 |
the pension plans of 2017 is 1.51% ( 1.51 % ) ; the pension plans of 2016 is 1.52% ( 1.52 % ) ;
the postretirement plans of 2017 is 3.79% ( 3.79 % ) ; the postretirement plans of 2016 is 3.68% ( 3.68 % ) ;
we anticipate that assumption changes will decrease 2018 pre-tax pension and postretirement expense to | PM/2017/page_32.pdf-1 | PM/2017/page_32.pdf | 9 | 4,670 | 4,979 |
71_10 | approximately $ 164 million as compared with approximately $ 199 million in 2017 , excluding amounts related to early retirement programs .
the anticipated decrease is primarily due to higher expected return on assets of $ 21 million , coupled with lower amortization out of other comprehensive earnings for prior servi... | PM/2017/page_32.pdf-1 | PM/2017/page_32.pdf | 10 | 4,979 | 5,597 |
71_11 |
a fifty-basis-point decrease in our discount rate would increase our 2018 pension and postretirement expense by approximately $ 38 million , and a fifty-basis-point increase in our discount rate would decrease our 2018 pension and postretirement expense by approximately $ 54 million .
similarly , a fifty-basis-point d... | PM/2017/page_32.pdf-1 | PM/2017/page_32.pdf | 11 | 5,597 | 6,083 |
71_12 |
benefit plans to our consolidated financial statements for a sensitivity discussion of the assumed health care cost trend rates. . | PM/2017/page_32.pdf-1 | PM/2017/page_32.pdf | 12 | 6,083 | 6,214 |
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