texts
stringlengths 189
3.2k
| labels
class label 3
classes | embeddings
list |
|---|---|---|
2013
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview and Highlights
The Company designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players, and sells a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company sells its products worldwide through its retail stores, online stores, and direct sales force, as well as through third-party cellular network carriers, wholesalers, retailers, and value-added resellers. In addition, the Company sells a variety of third-party iPhone, iPad, Mac and iPod compatible products, including application software, and various accessories through its online and retail stores. The Company sells to consumers; small and mid-sized businesses; and education, enterprise and government customers.
Fiscal 2013 Highlights
Net sales rose 9% or $14.4 billion during 2013 compared to 2012. This resulted from growth in net sales of iPhone; iTunes, software, and services; and iPad. Growth in 2013 reflects strong sales of iPhone 5, strong continuing sales of iPhone 4 and 4s, the introduction of iPhone 5c and 5s, strong performance of the iPad Mini and fourth generation iPad, and continued growth in the Company’s online sales of apps, digital content, and services. Growth in these areas was partially offset by declines in net sales of Mac and iPod. All of the Company’s operating segments experienced increased net sales in 2013, with net sales growth being particularly strong in the Americas, Greater China and Japan operating segments. Similar to 2012, growth in total net sales was higher during the first half of 2013, rising $12.6 billion or 14.7% over the same period in 2012. First half growth in 2013 was driven by iPhone and iPad introductions at or near the beginning of 2013.
During the first quarter of 2013, the Company introduced the fourth generation iPad and iPad Mini, a new MacBook Pro with Retina display, a new iPod touch, a new iMac, and expanded the rollout of iPhone 5 which began in September 2012. In June 2013 at its Worldwide Developer Conference, the Company announced iOS 7 and OS X Mavericks, announced iTunes Radio, introduced a significant upgrade to MacBook Air, and provided a preview of all new Mac Pro desktops expected to be introduced during 2014. In September 2013, the Company introduced iPhone 5s and iPhone 5c, released iOS 7, launched iTunes Radio, and announced that beginning in September 2013 iPhoto, iMovie and iWork apps for iOS would be available as free downloads with all new “iOS devices,” namely iPhone, iPad and iPod touch. In October 2013, the Company announced iPad AirTM, its fifth generation iPad, and iPad mini with Retina display.
In April 2013 the Company announced a significant increase to its program to return capital to shareholders by raising the total amount it expected to utilize for the program through December 2015 to $100 billion. This included increasing its share repurchase authorization to $60 billion and raising its quarterly dividend to $3.05 per common share beginning in
| 2SELL
|
[
-0.0020741887856274843,
0.06869111210107803,
0.0021579270251095295,
-0.021453488618135452,
-0.1308559775352478,
-0.017421409487724304,
-0.001175304176285863,
0.0020043612457811832,
-0.07305724918842316,
0.020146096125245094,
0.00967574492096901,
-0.036767974495887756,
0.028436625376343727,
-0.016050295904278755,
0.00804141815751791,
0.023305974900722504,
0.026379184797406197,
-0.005223127081990242,
-0.04469967260956764,
0.014539654366672039,
0.012697129510343075,
0.017911426723003387,
0.011634130962193012,
0.0054617044515907764,
0.012339839711785316,
0.017905812710523605,
-0.051758091896772385,
0.02589406631886959,
0.06743398308753967,
-0.04581960663199425,
0.026512842625379562,
0.02909911423921585,
0.038322459906339645,
-0.01769072376191616,
0.032732028514146805,
0.006709839683026075,
-0.048985131084918976,
0.021042952314019203,
0.058733291923999786,
-0.002132709603756666,
-0.04987731948494911,
0.01687660813331604,
0.01015474833548069,
-0.017044391483068466,
0.013007658533751965,
-0.013959812000393867,
0.027223536744713783,
0.03440164774656296,
0.011908226646482944,
-0.01089601218700409,
-0.00325383641757071,
-0.035277049988508224,
-0.01996350660920143,
-0.009029694832861423,
-0.022810807451605797,
-0.012002824805676937,
-0.02370045892894268,
-0.03916347026824951,
0.08850549906492233,
0.04072559252381325,
0.02764158695936203,
-0.0359269417822361,
0.00819053128361702,
0.03170216828584671,
0.006493706256151199,
-0.013142991811037064,
-0.006035198457539082,
0.002849539974704385,
-0.03890153393149376,
-0.02984827570617199,
0.02392369695007801,
0.028465798124670982,
-0.018748827278614044,
-0.024591347202658653,
0.004728446248918772,
-0.04374651983380318,
0.030138883739709854,
-0.0002126229228451848,
0.10225522518157959,
-0.041961316019296646,
0.00748339993879199,
-0.083701491355896,
0.03861141949892044,
-0.07597503811120987,
0.01769660972058773,
-0.020946964621543884,
-0.02163761295378208,
-0.05659438297152519,
-0.02397281862795353,
-0.0010528648272156715,
0.017362328246235847,
0.0034117524046450853,
-0.03125668317079544,
-0.05447522923350334,
-0.03642689809203148,
0.002890006173402071,
0.029296409338712692,
-0.1722358614206314,
-0.0008437043288722634,
-0.005970324389636517,
0.05386267974972725,
0.011693466454744339,
0.045300181955099106,
-0.021405933424830437,
0.01886463351547718,
0.020526979118585587,
-0.03365211561322212,
0.02349523827433586,
0.0012657715706154704,
0.021272173151373863,
-0.010968731716275215,
-0.07611678540706635,
0.020660853013396263,
-0.010077418759465218,
-0.012288251891732216,
0.0467008613049984,
0.0015411776257678866,
0.03285718709230423,
0.0005398650537244976,
-0.06805361062288284,
0.005758576560765505,
-0.020712919533252716,
-0.02935713157057762,
-0.006203607656061649,
-0.036924514919519424,
0.04474209249019623,
-0.03129620477557182,
-0.01391252875328064,
0.04216422885656357,
-0.011543340981006622,
-0.003997248597443104,
-0.002051844960078597,
-0.011162643320858479,
0.03801126778125763,
-0.04051472619175911,
0.00391466123983264,
-0.01813650131225586,
0.004074663855135441,
-0.044242508709430695,
0.0175556018948555,
-0.027080629020929337,
-0.038428306579589844,
-0.011306656524538994,
-0.021877935156226158,
-0.04882557690143585,
-0.005568382330238819,
-0.02197662927210331,
0.0025983897503465414,
0.04634568467736244,
0.07948208600282669,
-0.011656195856630802,
0.005760048516094685,
-0.04253512993454933,
-0.01952432282269001,
-0.03156530484557152,
-0.014194216579198837,
0.04726215451955795,
-0.018925216048955917,
-0.07189211249351501,
-0.005617357790470123,
-0.007996950298547745,
-0.0065181986428797245,
-0.007648004684597254,
-0.07510800659656525,
-0.039184290915727615,
-0.036956362426280975,
0.023249438032507896,
-0.02324434369802475,
0.04699760302901268,
0.050135403871536255,
0.020739715546369553,
0.03737780824303627,
0.005149035714566708,
0.006011283025145531,
0.025632841512560844,
-0.07011562585830688,
0.02505563199520111,
0.036100029945373535,
-0.005281070247292519,
0.01357751339673996,
0.028647685423493385,
0.0014098385581746697,
0.05701345205307007,
-0.06181627884507179,
-0.06681609153747559,
-0.02460988238453865,
0.007957636378705502,
0.03663088008761406,
-0.010872949846088886,
-0.030939791351556778,
0.04229748249053955,
-0.0020464439876377583,
0.010027852840721607,
0.0005911701591685414,
-0.027207516133785248,
-0.011021486483514309,
-0.028554845601320267,
0.008582470938563347,
0.004964056424796581,
-0.011196031235158443,
-0.10426079481840134,
0.029403170570731163,
-0.0132920416072011,
0.024181781336665154,
0.0439000204205513,
-0.021639540791511536,
-0.011441714130342007,
0.0032190445344895124,
-0.008987742476165295,
-0.01380190346390009,
-0.06712210178375244,
-0.025332197546958923,
0.005049055442214012,
-0.03599103167653084,
0.010671769268810749,
0.05372007191181183,
-0.011761982925236225,
-0.0927276760339737,
-0.012113150209188461,
-0.04532048478722572,
0.009498865343630314,
-0.010153811424970627,
0.01498928852379322,
0.0012940254528075457,
0.04838760569691658,
-0.018532203510403633,
0.04154146462678909,
-0.003536794800311327,
-0.05212094262242317,
0.036334920674562454,
0.013598442077636719,
0.06954162567853928,
-0.03473404049873352,
0.039058588445186615,
0.010028022341430187,
-0.01196349412202835,
0.0038385512307286263,
0.0026353958528488874,
-0.02924208715558052,
0.06581125408411026,
0.11382701992988586,
-0.016067426651716232,
-0.011231239885091782,
-0.014166515320539474,
-0.04477819427847862,
0.04921222850680351,
0.010550634004175663,
0.049950011074543,
-0.0003936800640076399,
-0.012137914076447487,
-0.016544511541724205,
0.030650844797492027,
-0.016046546399593353,
0.0028484915383160114,
-0.050092414021492004,
0.021045053377747536,
0.010925423353910446,
-0.008322876878082752,
0.009910053573548794,
-0.1493684947490692,
-0.009014067240059376,
-0.04013645276427269,
-0.000036270175769459456,
-0.03405629098415375,
0.012604598887264729,
0.006070774979889393,
0.020332060754299164,
-0.001038035494275391,
-0.007268034853041172,
0.002738980110734701,
-0.0042541539296507835,
-0.013157522305846214,
0.044477712363004684,
-0.013409312814474106,
0.00378643861040473,
0.005284452345222235,
0.0407269261777401,
-0.009407090954482555,
0.022717928513884544,
-0.03538333997130394,
-0.007906662300229073,
0.0012655452592298388,
0.006288584321737289,
-0.026707319542765617,
-0.021479597315192223,
-0.02196688950061798,
-0.030846046283841133,
-0.0008919132524169981,
0.0768800750374794,
-0.02854040451347828,
-0.020206324756145477,
0.007649562321603298,
0.012271201238036156,
-0.03665683791041374,
-0.018025916069746017,
0.06549084931612015,
-0.006701923441141844,
-0.05111901834607124,
-0.005341116338968277,
0.047670893371105194,
0.010949422605335712,
0.028815243393182755,
0.011229665949940681,
-0.01928403414785862,
-0.01406598836183548,
-0.01603315770626068,
-0.018462687730789185,
-0.02132941596210003,
0.11224270612001419,
-0.02617999166250229,
0.00944911502301693,
0.011760054156184196,
0.002240890869870782,
-0.006896311417222023,
-0.016761600971221924,
-0.043741319328546524,
-0.03750065341591835,
0.030222030356526375,
-0.027939103543758392,
-0.039904963225126266,
0.011098391376435757,
0.00375336199067533,
0.013997566886246204,
0.02710740827023983,
0.044169679284095764,
0.000086898377048783,
0.07420399785041809,
-0.04269048571586609,
0.02831302210688591,
-0.031352899968624115,
0.11605078727006912,
0.09664221107959747,
-0.030870405957102776,
0.04096041992306709,
-0.029009196907281876,
0.014034366235136986,
0.022760068997740746,
-0.03137465938925743,
0.0011157856788486242,
-0.004785936325788498,
-0.009342529810965061,
-0.010449319146573544,
0.031717948615550995,
-0.03139051795005798,
-0.0036982630845159292,
0.09906225651502609,
0.01585421711206436,
-0.07453735917806625,
0.022344520315527916,
0.07993663847446442,
0.058932431042194366,
-0.013523191213607788,
0.014285076409578323,
0.04986170306801796,
0.0022677527740597725,
-0.04485020413994789,
0.039492346346378326,
0.0039836689829826355,
-0.01435071136802435,
0.02302529849112034,
-0.020998889580368996,
-0.022595427930355072,
-0.0015156455338001251,
-0.004079548176378012,
0.05328267812728882,
-0.015659701079130173,
-0.013393174856901169,
0.01450695563107729,
0.013849780894815922,
-0.022182809188961983,
-0.003549247281625867,
0.007477027829736471,
0.008343535475432873,
0.06334535777568817,
-0.052848853170871735,
0.007577633019536734,
0.02597898617386818,
-0.013895404525101185,
0.005286714062094688,
0.039334457367658615,
0.001738878432661295,
-0.0037218136712908745,
-0.007451753597706556,
-0.012965665198862553,
0.03368009254336357,
-0.019364943727850914,
0.001317271962761879,
-0.006500893272459507,
-0.0038692334201186895,
0.02233154885470867,
-0.0068164062686264515,
0.05079283192753792,
0.053607359528541565,
0.0043143159709870815,
-0.0158059224486351,
-0.00011266696674283594,
0.033197883516550064,
-0.022209495306015015,
-0.04401884227991104,
-0.024987269192934036,
-0.006860451307147741,
-0.002849702723324299,
-0.012999859638512135,
0.009995014406740665,
0.06303919851779938,
0.015033983625471592,
-0.03097602352499962,
0.042370233684778214,
-0.003964660223573446,
0.05022537708282471,
-0.007957872934639454,
-0.1084151491522789,
-0.01756720431149006,
0.03586045652627945,
-0.0502932034432888,
0.027127105742692947,
-0.008566344156861305,
0.04468170180916786,
0.05331346392631531,
0.011161760427057743,
-0.05277350917458534,
0.007138875313103199,
0.0449945293366909,
0.009414643980562687,
-0.11348984390497208,
0.02168368734419346,
-0.07402699440717697,
-0.030317112803459167,
0.01793648488819599,
0.017792867496609688,
-0.010202528908848763,
0.008126670494675636,
0.028607089072465897,
-0.01687568798661232,
-0.00030532365781255066,
0.016125785186886787,
-0.00034681762917898595,
-0.03312504664063454,
0.007305205799639225,
0.03401554003357887,
-0.035533659160137177,
0.029903996735811234,
0.011982440948486328,
-0.025481704622507095,
-0.014417709782719612,
0.018856890499591827,
0.05659940466284752,
-0.025699548423290253,
0.025590555742383003,
-0.04743342846632004,
0.000539851316716522,
0.018283898010849953,
0.0006786795565858483,
0.006723356898874044,
0.013970499858260155,
-0.0076718940399587154,
-0.004925188142806292,
0.004444822669029236,
-0.017087414860725403,
0.005593807436525822,
0.01457486767321825,
0.003048461163416505,
0.027852192521095276,
-0.021461373195052147,
0.00182106695137918,
0.026063809171319008,
0.02235022559762001,
0.008583773858845234,
0.060505110770463943,
-0.009741459973156452,
-0.0007861012127250433,
0.013972335495054722,
0.004173796623945236,
0.0051129222847521305,
0.020534999668598175,
-0.00686184735968709,
0.04595545306801796,
-0.00886918231844902,
-0.013006956316530704,
-0.03668384253978729,
0.02139134891331196,
-0.021866450086236,
-0.0237942673265934,
0.009386351332068443,
0.0018282475648447871,
-0.08890040218830109,
-0.06565601378679276,
-0.019661054015159607,
-0.011514668352901936,
-0.001268442953005433,
-0.05543059855699539,
-0.02222859114408493,
-0.031931184232234955,
0.02939949557185173,
-0.0034545650705695152,
-0.005651417188346386,
-0.16938427090644836,
0.07943511754274368,
0.012990439310669899,
-0.008098457008600235,
0.02422313392162323,
-0.018275270238518715,
0.028763042762875557,
0.046820320188999176,
0.008373132906854153,
0.02399478666484356,
-0.010242985561490059,
0.027624407783150673,
-0.04316554591059685,
0.0024842959828674793,
0.030180571600794792,
0.05041895806789398,
-0.013956227339804173,
-0.03166474774479866,
0.020852940157055855,
-0.0651995986700058,
0.040368422865867615,
-0.003931657876819372,
0.01799277402460575,
0.0001657698448980227,
-0.0031812128145247698,
0.027275804430246353,
0.022296054288744926,
-0.0018880071584135294,
0.040588248521089554,
-0.006383656058460474,
0.024707121774554253,
-0.006889781914651394,
0.0545271635055542,
0.016311056911945343,
0.013368505984544754,
0.14875774085521698,
-0.002868789480999112,
-0.020663104951381683,
-0.0034631413873285055,
-0.00426289439201355,
0.0062109013088047504,
-0.012930810451507568,
-0.014058919623494148,
-0.017026778310537338,
-0.025218944996595383,
0.026470772922039032,
0.02051059901714325,
-0.005374553147703409,
0.025423167273402214,
-0.017846249043941498,
-0.08189626783132553,
-0.004218106158077717,
-0.0028096346650272608,
-0.08364242315292358,
-0.016574060544371605,
0.12399295717477798,
0.047753505408763885,
-0.0017607519403100014,
0.009959010407328606,
-0.029466694220900536,
0.027226004749536514,
-0.006454500835388899,
0.00832085870206356,
0.012397450394928455,
0.004653796553611755,
-0.04584261775016785,
0.004598881117999554,
-0.016121940687298775,
-0.0820980817079544,
-0.00011469364835647866,
-0.00802433118224144,
-0.03345360606908798,
0.02091830037534237,
-0.009226372465491295,
0.11233579367399216,
0.011745138093829155,
-0.01856032758951187,
-0.06639348715543747,
0.04205254092812538,
-0.0005974102532491088,
0.006741889286786318,
-0.018870417028665543,
-0.008060735650360584,
-0.05261274054646492,
0.06035910174250603,
0.0005199023289605975,
-0.020668847486376762,
0.002723801415413618,
0.02001597359776497,
-0.11623957753181458,
0.021191783249378204,
0.025737911462783813,
-0.0013149726437404752,
-0.005991614889353514,
-0.018804404884576797,
0.0042406548745930195,
-0.015404732897877693,
0.01916971430182457,
0.05003013461828232,
-0.10720325261354446,
-0.015057508833706379,
0.02013048715889454,
0.0028189262375235558,
-0.009400350973010063,
0.0025710402987897396,
-0.003609126666560769,
0.02167443186044693,
0.026424353942275047,
0.024128779768943787,
-0.012969774194061756,
0.030891597270965576,
-0.0017768202815204859,
0.03871000185608864,
-0.021542252972722054,
-0.012082022614777088,
-0.02646530792117119,
-0.008483489975333214,
-0.041836995631456375,
-0.006956675089895725,
0.03728605806827545,
0.019831448793411255,
-0.13338707387447357,
0.030709125101566315,
0.03380197286605835,
-0.0009096113499253988,
-0.01706291176378727,
0.02756723202764988,
-0.012595943175256252,
-0.033166900277137756,
0.00025168221327476203,
-0.02361040934920311,
-0.037353597581386566,
0.030990587547421455,
-0.002316598780453205,
-0.025687508285045624,
0.00032847104012034833,
0.012846552766859531,
-0.01396913267672062,
0.0038761331234127283,
0.04511185735464096,
-0.016259796917438507,
0.023962967097759247,
-0.04908394068479538,
-0.10820421576499939,
-0.002682530554011464,
-0.03442784398794174,
-0.00959224347025156,
0.011476964689791203,
0.03325634449720383,
0.005988257005810738,
-0.013321583159267902,
-0.046901822090148926,
0.032076336443424225,
0.06777199357748032,
0.02620937116444111,
0.00026837518089450896,
0.028686340898275375,
0.05054808780550957,
-0.011140279471874237,
-0.026372626423835754,
0.011525596491992474,
-0.01656300760805607,
-0.0015796601073816419,
-0.028075583279132843,
-0.02079949341714382,
0.027694374322891235,
-0.01985800638794899,
0.050309669226408005,
0.0006800490082241595,
0.008584326133131981,
0.043906211853027344,
0.006310730241239071,
-0.04780514910817146,
-0.008985514752566814,
0.019364403560757637,
0.015967175364494324,
-0.011908668093383312,
0.026511814445257187,
0.05310928076505661,
0.002888017101213336,
-0.029320161789655685,
0.005434929393231869,
0.03584563732147217,
-0.06010887399315834,
0.0070229582488536835,
0.012405808083713055,
-0.013213654980063438,
0.023436134681105614,
-0.06434844434261322,
0.0186026468873024,
0.041778743267059326,
-0.1014501228928566,
-0.09265798330307007,
-0.06868957728147507,
0.014224509708583355,
0.00831078365445137,
-0.015336398966610432,
-0.003906106809154153,
-0.03183922544121742,
-0.006318414118140936,
0.0009482116438448429,
-0.02013247273862362,
0.00726529024541378,
-0.046862006187438965,
0.033928945660591125,
-0.02136998437345028,
0.011423763819038868,
0.017503097653388977,
-0.021224958822131157,
0.019247576594352722,
-0.01107911579310894,
-0.01087801530957222,
-0.003687927732244134,
0.02783997915685177,
0.00788137037307024,
-0.011477496474981308,
-0.010330728255212307,
-0.034977782517671585,
-0.0006560417241416872,
-0.06603840738534927,
0.006870361976325512,
0.004534724168479443,
0.010978118516504765,
0.0026384051889181137,
-0.027435442432761192,
-0.04761045426130295,
-0.02706688642501831,
-0.0059030987322330475,
0.08632008731365204,
0.0015265949768945575,
0.0376429408788681,
-0.021242264658212662,
0.011798365041613579,
-0.017853805795311928,
0.013071849942207336,
-0.04260976240038872,
0.04755321517586708,
-0.03649889677762985,
0.0009653140441514552,
0.0014291433617472649,
-0.050931625068187714,
-0.016909388825297356,
-0.011125325225293636,
0.004805839154869318,
0.055536165833473206,
0.0343804694712162,
0.0012187252286821604,
0.017805052921175957,
0.05502140894532204,
-0.00593860587105155,
-0.015654144808650017,
-0.04011111333966255,
-0.04761026054620743,
0.05391866713762283,
-0.059471771121025085,
-0.008381442166864872,
0.029986610636115074,
0.005861697718501091,
-0.035602815449237823,
0.010918848216533661,
-0.014666743576526642,
-0.027272894978523254,
0.007321615237742662,
-0.04203718528151512,
-0.011518196202814579,
0.015508095733821392,
0.0426088348031044,
-0.02717948704957962,
0.0553036592900753,
-0.041547298431396484,
0.031157393008470535,
0.00035238073905929923
] |
our historical practices, we do not expect that dilution from future grants before the effect of our stock repurchase program will exceed 2.0% per year for our ongoing business. In recent years, our stock repurchase program has more than offset the dilutive effect of our stock option program; however, we may reduce the level of our stock repurchases in the future as we may use our available cash for acquisitions, to pay dividends, to repay or repurchase indebtedness or for other purposes. At May 31, 2009, the maximum potential dilution from all outstanding and unexercised option awards, regardless of when granted and regardless of whether vested or unvested and including options where the strike price is higher than the current market price, was 7.2%.
The Compensation Committee of the Board of Directors reviews and approves the organization-wide stock option grants to selected employees, all stock option grants to executive officers and any individual stock option grants in excess of 100,000 shares. A separate Plan Committee, which is an executive officer committee, approves individual stock option grants up to 100,000 shares to non-executive officers and employees. Stock option activity from June 1, 2006 through May 31, 2009 is summarized as follows (shares in millions):
Our Compensation Committee approves the annual organization-wide option grants to certain key employees. These annual option grants are made during the ten business day period following the second trading day after the announcement of our fiscal fourth quarter earnings report.
Recent Accounting Pronouncements
For information with respect to recent accounting pronouncements and the impact of these pronouncements on our consolidated financial statements, see Note 1 of Notes to Consolidated Financial Statements.
| 1HOLD
|
[
-0.007839107885956764,
0.04516598582267761,
0.015031352639198303,
0.027394970878958702,
-0.11318214237689972,
0.011657262220978737,
-0.008159630931913853,
-0.010612577199935913,
-0.05760590732097626,
-0.005309732165187597,
0.015529094263911247,
0.009641185402870178,
0.021849263459444046,
-0.023758171126246452,
-0.017294801771640778,
-0.03294985741376877,
-0.06858737766742706,
-0.011910640634596348,
-0.02281317487359047,
-0.005711810663342476,
0.002819992834702134,
0.014004179276525974,
0.003045659512281418,
-0.006978429388254881,
0.018212471157312393,
0.034651242196559906,
-0.0022777016274631023,
0.037283506244421005,
0.03797337785363197,
-0.020532669499516487,
0.01026161015033722,
-0.02004121243953705,
0.032382458448410034,
-0.014115228317677975,
-0.010453957132995129,
0.009146305732429028,
-0.07859093695878983,
-0.0010441172635182738,
0.04656326398253441,
0.011682365089654922,
-0.03109228052198887,
0.030716674402356148,
-0.0036744531244039536,
0.011338816955685616,
0.015664266422390938,
-0.007545837666839361,
0.027777886018157005,
0.02682100236415863,
0.011517366394400597,
-0.0030985064804553986,
-0.00534195639193058,
-0.004529731348156929,
-0.02341216616332531,
-0.009909562766551971,
0.0004832011181861162,
-0.013980230316519737,
-0.0016651995247229934,
0.0015625355299562216,
0.07178795337677002,
0.03588457778096199,
0.04072974622249603,
-0.033698439598083496,
0.004110744222998619,
0.043716587126255035,
0.00040622218511998653,
-0.02069595269858837,
-0.025075847283005714,
-0.032834652811288834,
-0.020135188475251198,
-0.054413650184869766,
0.009699180722236633,
0.019064519554376602,
-0.0005341796204447746,
0.0034329912159591913,
0.0025710526388138533,
-0.042190585285425186,
0.03250330686569214,
-0.020557506009936333,
0.07890680432319641,
-0.048336468636989594,
-0.011852768249809742,
-0.061109770089387894,
-0.08476372063159943,
0.0248783677816391,
0.044594768434762955,
0.015076519921422005,
0.0019826663192361593,
-0.0607600174844265,
-0.02421848475933075,
-0.0036458480171859264,
0.010039941407740116,
0.01714339107275009,
-0.03786015883088112,
-0.0943727120757103,
-0.05422293394804001,
0.0018600702751427889,
0.01857708767056465,
-0.07899045944213867,
-0.0045949495397508144,
-0.04957512766122818,
0.03137173131108284,
0.016217179596424103,
0.042044129222631454,
-0.02411654219031334,
0.008572648279368877,
-0.007676068227738142,
-0.006175864953547716,
0.023084165528416634,
-0.0055382694117724895,
0.008364562876522541,
-0.02039831317961216,
-0.05895749107003212,
0.02692241780459881,
-0.012796921655535698,
-0.0056425780057907104,
0.06265739351511002,
-0.029467472806572914,
-0.026226529851555824,
-0.040815748274326324,
-0.06943757832050323,
0.005584113299846649,
-0.014284041710197926,
-0.027503477409482002,
0.011870358139276505,
-0.01728840358555317,
-0.015159550122916698,
0.03704947233200073,
-0.015675878152251244,
0.04172586649656296,
-0.028671426698565483,
-0.0005403195973485708,
-0.011294147931039333,
-0.019250819459557533,
0.03180214390158653,
-0.018615633249282837,
0.009761924855411053,
-0.009466316550970078,
0.0030167491640895605,
-0.04200095310807228,
0.029790189117193222,
0.00844140537083149,
-0.03985477611422539,
-0.06940126419067383,
0.00008367214468307793,
-0.0067758504301309586,
-0.006397576536983252,
-0.020346522331237793,
0.007098581176251173,
0.0543459951877594,
0.09544775635004044,
-0.0036242071073502302,
0.0033490394707769156,
-0.019811997190117836,
-0.02808499149978161,
-0.047554075717926025,
0.006364770233631134,
0.03307102248072624,
-0.039509378373622894,
-0.05289970338344574,
-0.0035138640087097883,
-0.007199421525001526,
-0.021185951307415962,
-0.018873341381549835,
-0.032334547489881516,
0.006943911779671907,
-0.04735700786113739,
0.040764499455690384,
-0.009802562184631824,
0.031126156449317932,
0.03792104497551918,
0.035572830587625504,
0.027020076289772987,
0.01025873888283968,
-0.0032719525042921305,
0.007527473848313093,
-0.02824254333972931,
0.05519397556781769,
-0.03591598942875862,
0.025060556828975677,
0.00851769745349884,
0.018162693828344345,
-0.011574584059417248,
-0.011040649376809597,
0.050215139985084534,
-0.03772822767496109,
-0.03129347786307335,
-0.0038730811793357134,
0.0041732643730938435,
0.0029677185229957104,
-0.007724748458713293,
0.005216374062001705,
0.006676152348518372,
0.026195814833045006,
-0.017859455198049545,
-0.025694184005260468,
-0.001807727967388928,
-0.06970615684986115,
-0.00991966761648655,
0.0558178685605526,
-0.01649792492389679,
-0.06462151557207108,
0.022717470303177834,
-0.0007973479805514216,
0.02345399558544159,
0.008764323778450489,
-0.011171652935445309,
-0.000007588188509544125,
-0.007862132973968983,
-0.00861746072769165,
0.0033501468133181334,
-0.03287654370069504,
-0.023899691179394722,
0.003634241409599781,
-0.06843973696231842,
0.019650187343358994,
0.012385927140712738,
0.007781959138810635,
-0.07652156800031662,
-0.051796767860651016,
-0.027308017015457153,
0.011088138446211815,
-0.010659532621502876,
-0.008930129930377007,
0.01321709156036377,
0.005836287513375282,
0.0047313617542386055,
0.08479762822389603,
0.00430319644510746,
-0.03949359804391861,
0.05263277888298035,
0.023017674684524536,
0.03122786246240139,
-0.00039823970291763544,
0.027108198031783104,
-0.005975190084427595,
-0.03149800002574921,
-0.004852485377341509,
0.01899418979883194,
-0.011183499358594418,
-0.0034032869152724743,
0.09385121613740921,
-0.019051751121878624,
-0.013997931033372879,
-0.011262536980211735,
-0.018716275691986084,
0.022826965898275375,
-0.03814394026994705,
0.0897790938615799,
0.005911305546760559,
-0.04067016392946243,
0.0037652209866791964,
0.0022540234494954348,
0.07308609783649445,
-0.008187703788280487,
0.0007240312988869846,
0.002352840965613723,
0.007146328687667847,
-0.014078321866691113,
-0.0030733314342796803,
-0.08819373697042465,
-0.0072800214402377605,
-0.016467126086354256,
0.011086221784353256,
0.003576604649424553,
0.020941119641065598,
-0.02520773559808731,
0.026149116456508636,
0.004296406637877226,
-0.007861797697842121,
-0.001156260259449482,
-0.017205778509378433,
-0.007484124042093754,
0.06345146149396896,
-0.015387491323053837,
0.010511755011975765,
0.019341502338647842,
0.0308506041765213,
-0.01163228414952755,
0.004258400294929743,
-0.04194456711411476,
0.0013396517606452107,
0.002615954726934433,
-0.022757286205887794,
-0.009605128318071365,
-0.010327567346394062,
-0.008302532136440277,
-0.021550826728343964,
0.024356741458177567,
0.03791474923491478,
-0.01452144980430603,
-0.014006544835865498,
0.032533351331949234,
-0.0019228463061153889,
-0.018531497567892075,
0.014288893900811672,
0.051326364278793335,
-0.013730489648878574,
-0.0452880859375,
0.002974939998239279,
0.006999299395829439,
-0.02902139164507389,
0.012766378000378609,
-0.01631380245089531,
-0.02104887366294861,
-0.020054982975125313,
0.005789687391370535,
-0.004288454540073872,
-0.010243510827422142,
0.011265396140515804,
-0.025307511910796165,
0.012738019227981567,
-0.008345229551196098,
0.005920133087784052,
-0.010349434800446033,
0.0027655246667563915,
-0.0319482684135437,
-0.009691928513348103,
-0.041123826056718826,
-0.07805675268173218,
-0.01406159345060587,
0.010414276272058487,
-0.003841177560389042,
0.00298313214443624,
0.0208402331918478,
0.03354911133646965,
0.022560475394129753,
0.031381770968437195,
-0.011553023010492325,
-0.05718725174665451,
-0.07179271429777145,
0.2123352736234665,
0.16295385360717773,
-0.027090635150671005,
0.012474002316594124,
0.0013963448582217097,
-0.0756998285651207,
0.010890254750847816,
-0.0351933054625988,
0.005896222312003374,
-0.04455055296421051,
-0.02962244674563408,
0.02349018305540085,
-0.01337442733347416,
-0.01614069752395153,
0.0002651869144756347,
0.017310846596956253,
0.021130064502358437,
-0.08301706612110138,
-0.011246297508478165,
0.009796961210668087,
0.057271696627140045,
0.014027869328856468,
-0.02207985892891884,
0.03227951377630234,
-0.001644300064072013,
-0.026192832738161087,
0.004766257479786873,
0.009818521328270435,
-0.007687591481953859,
0.021399613469839096,
-0.015024064108729362,
-0.016592998057603836,
0.0030206432566046715,
0.003853181377053261,
0.04569602012634277,
-0.09888643771409988,
0.0038872978184372187,
0.009230345487594604,
0.008301832713186741,
0.001784231630153954,
0.03313971310853958,
0.024082325398921967,
0.014270038343966007,
0.11368127167224884,
-0.005186688154935837,
-0.02283860184252262,
-0.00811794027686119,
0.005328291095793247,
0.010582022368907928,
-0.0031260678078979254,
-0.017293300479650497,
-0.010161866433918476,
-0.010453145019710064,
-0.011801228858530521,
0.004103184677660465,
0.008342739194631577,
0.004010490607470274,
0.0173033457249403,
-0.027422774583101273,
0.048433974385261536,
-0.007717437576502562,
0.020664287731051445,
0.037233270704746246,
-0.027421660721302032,
0.012316501699388027,
0.005089153535664082,
-0.005094791296869516,
0.041639577597379684,
-0.05981055647134781,
0.015022069215774536,
-0.0028210210148245096,
0.013867218978703022,
-0.008479555137455463,
-0.004070873372256756,
0.042107317596673965,
0.06633926182985306,
-0.03559566289186478,
0.035715922713279724,
-0.0004224194271955639,
0.013406272046267986,
-0.011390984058380127,
-0.014137809164822102,
0.004598424769937992,
0.00950566679239273,
-0.006390197668224573,
0.02125449664890766,
-0.019100503996014595,
0.013049112632870674,
0.04312944784760475,
-0.017749913036823273,
-0.053170062601566315,
0.014178731478750706,
0.030999410897493362,
-0.011348305270075798,
-0.05441552400588989,
0.02797551080584526,
-0.081281378865242,
-0.02568195015192032,
0.03478742390871048,
-0.01183150615543127,
-0.020081106573343277,
-0.016709566116333008,
0.03017280250787735,
-0.038317058235406876,
0.011603656224906445,
0.007636894006282091,
0.0018407970201224089,
-0.013888879679143429,
0.01302633248269558,
0.008972026407718658,
-0.025686046108603477,
-0.001869949628598988,
0.009078815579414368,
0.00474574975669384,
0.0029857868794351816,
0.074742890894413,
0.0323459766805172,
-0.021024715155363083,
0.03195101022720337,
-0.01615898869931698,
-0.014175464399158955,
0.012491007335484028,
-0.0266801118850708,
0.011685669422149658,
-0.003284125356003642,
-0.01827271468937397,
0.020952370017766953,
0.00782688707113266,
-0.019645653665065765,
-0.014635864645242691,
0.02442188747227192,
-0.015367305837571621,
0.02419724315404892,
-0.041730236262083054,
0.0032101627439260483,
0.002679741010069847,
0.02146400511264801,
-0.009087045677006245,
0.032922450453042984,
-0.010862268507480621,
-0.010699020698666573,
0.006783302873373032,
-0.016050610691308975,
0.00925783533602953,
-0.009632177650928497,
0.007023457903414965,
0.010069187730550766,
0.018190132454037666,
-0.05140240862965584,
-0.018971674144268036,
0.02369343303143978,
-0.04723889380693436,
-0.01345925871282816,
-0.0029839433263987303,
-0.015355201438069344,
-0.022887205705046654,
-0.09164805710315704,
-0.025551093742251396,
-0.010515023022890091,
-0.03180050849914551,
-0.04536028578877449,
-0.03623117879033089,
-0.02136867679655552,
0.02514422871172428,
-0.004298328887671232,
0.0007975028129294515,
-0.1805223971605301,
0.24435172975063324,
0.04743875190615654,
0.00708895456045866,
0.02771911956369877,
-0.014367775060236454,
0.022747443988919258,
0.08747289329767227,
0.021797562018036842,
0.011463171802461147,
-0.010142700746655464,
0.05740731209516525,
-0.04497411102056503,
0.0032793725840747356,
0.015770383179187775,
0.027530530467629433,
-0.0025394530966877937,
0.018370861187577248,
-0.00377599336206913,
0.0036297664046287537,
0.005232947412878275,
0.00840775202959776,
0.025166688486933708,
-0.028409568592905998,
0.000965616840403527,
0.013304931111633778,
0.005521088372915983,
-0.01169797033071518,
0.018023710697889328,
-0.013872248120605946,
0.017221011221408844,
-0.007654391694813967,
0.03775623440742493,
0.0016158813377842307,
0.00023641661391593516,
0.008929082192480564,
0.005948867183178663,
-0.024091687053442,
0.01505153626203537,
-0.016459954902529716,
-0.008546913973987103,
-0.011842705309391022,
-0.004505917429924011,
-0.024218382313847542,
-0.04673514515161514,
-0.0008305045776069164,
0.0113574443385005,
-0.008857003413140774,
0.02235696092247963,
-0.025367358699440956,
-0.04731663316488266,
-0.003792436793446541,
-0.009633551351726055,
-0.10762730985879898,
-0.028347348794341087,
0.19894805550575256,
0.001884582219645381,
-0.0010437235468998551,
0.005114248488098383,
-0.04383207857608795,
0.04480903968214989,
0.012029038742184639,
0.04025253653526306,
0.029087303206324577,
0.002740842290222645,
-0.03954814374446869,
0.0226926077157259,
-0.025844963267445564,
-0.12915506958961487,
-0.01172327995300293,
-0.015507913194596767,
-0.023329049348831177,
0.006981450133025646,
-0.015794096514582634,
0.12040978670120239,
0.01933388225734234,
0.014626588672399521,
-0.07332462072372437,
0.008618802763521671,
-0.033466942608356476,
0.018787197768688202,
-0.019779423251748085,
-0.006628871895372868,
-0.04615404084324837,
0.05790337920188904,
-0.03883279860019684,
-0.0148286372423172,
0.0385095551609993,
-0.0019964936655014753,
-0.08152326196432114,
0.009073304943740368,
0.006222152151167393,
-0.0014136550016701221,
-0.028121018782258034,
-0.005170545075088739,
-0.022551575675606728,
-0.0566781684756279,
0.0033923769369721413,
0.018871385604143143,
-0.0018160808831453323,
0.008788022212684155,
0.01589255966246128,
0.012318425811827183,
-0.0004089799476787448,
-0.03271930664777756,
0.04754412919282913,
-0.02705938182771206,
0.04372917860746384,
-0.02001851797103882,
-0.007189098745584488,
0.006972921546548605,
-0.0012912553502246737,
0.03164256736636162,
0.003603251650929451,
0.0072409845888614655,
-0.05476188659667969,
-0.004333942197263241,
-0.0362272672355175,
-0.010391906835138798,
-0.0025839032605290413,
0.012752537615597248,
0.06227904185652733,
0.02605527825653553,
0.01808767020702362,
0.019815834239125252,
0.008611390367150307,
0.033787380903959274,
-0.009698468260467052,
0.06526144593954086,
-0.0044081429950892925,
-0.005892183165997267,
-0.033467523753643036,
-0.0037132075522094965,
0.008724631741642952,
-0.02205151692032814,
-0.025922497734427452,
0.0068237753584980965,
-0.008829619735479355,
-0.010511830449104309,
0.02974713034927845,
0.015529884956777096,
0.02267874777317047,
-0.016616811975836754,
-0.03445007652044296,
0.030799878761172295,
-0.004371449816972017,
-0.001317271264269948,
0.019617438316345215,
0.010444685816764832,
-0.0008036684012040496,
-0.008040867745876312,
-0.06165747344493866,
0.04043908044695854,
-0.025262121111154556,
-0.03377852216362953,
-0.013474010862410069,
0.07624135911464691,
0.039426039904356,
0.006464411038905382,
-0.007856793701648712,
0.0014591885264962912,
0.022482525557279587,
-0.0012389607727527618,
-0.010593289509415627,
-0.034400057047605515,
0.009351842105388641,
-0.00527785811573267,
0.12607470154762268,
0.0189363993704319,
0.04405786469578743,
0.0012680951040238142,
-0.007561859209090471,
-0.038512807339429855,
-0.02117573842406273,
0.03740214183926582,
-0.013850069604814053,
0.039231669157743454,
-0.0000610790157224983,
-0.00039997397107072175,
0.035375043749809265,
-0.011648772284388542,
-0.10207344591617584,
0.049370039254426956,
-0.041427627205848694,
0.006826621014624834,
0.026894977316260338,
-0.004032781347632408,
-0.005488581024110317,
-0.05926985293626785,
-0.01581830345094204,
0.08888081461191177,
0.05446897819638252,
-0.10075437277555466,
-0.03475003316998482,
0.006990223191678524,
0.012735451571643353,
0.0031547360122203827,
-0.029156144708395004,
-0.025098133832216263,
0.0009847821202129126,
-0.016525235027074814,
-0.010878452099859715,
0.0016487782122567296,
0.13204631209373474,
-0.0005072118365205824,
-0.008398536592721939,
0.027914984151721,
0.01718265190720558,
-0.004846228286623955,
0.01259211078286171,
-0.002335458528250456,
0.009550509974360466,
-0.0062169646844267845,
0.017709262669086456,
0.006618369370698929,
-0.03005082905292511,
-0.03392060101032257,
-0.012182437814772129,
-0.016303086653351784,
-0.05532539635896683,
0.03228085860610008,
-0.007786888629198074,
0.022480599582195282,
0.0014010228915140033,
-0.017381401732563972,
-0.052231088280677795,
-0.003424495691433549,
-0.009541305713355541,
-0.009448561817407608,
0.009415903128683567,
0.027870746329426765,
-0.016008839011192322,
0.023884214460849762,
-0.01921081729233265,
0.006193604785948992,
-0.05611832067370415,
-0.0929546132683754,
-0.0324191190302372,
-0.009945555590093136,
-0.02631199359893799,
-0.0198373906314373,
-0.050871361047029495,
-0.009167441166937351,
-0.03532404080033302,
0.022462621331214905,
0.03820359706878662,
-0.029810724779963493,
0.00587455416098237,
0.03894709050655365,
0.026653939858078957,
-0.015305256471037865,
-0.0454959012567997,
-0.007034774404019117,
0.12168049067258835,
0.06333939731121063,
-0.026045573875308037,
0.03892857953906059,
-0.025409787893295288,
-0.052434686571359634,
0.013052348047494888,
0.0007115500047802925,
-0.04143361747264862,
-0.009530780836939812,
0.0016903431387618184,
-0.11143791675567627,
0.014067817479372025,
0.05201055109500885,
-0.02431478165090084,
0.03659511357545853,
-0.007466101553291082,
-0.005061587784439325,
-0.017261529341340065
] |
4.7 percent in Safety and Graphics, led by roofing granules, personal safety, and commercial solutions. Organic local-currency sales grew 3.6 percent in the Health Care business segment, with the strongest sales growth in health information systems, food safety, critical and chronic care, and infection prevention; organic local-currency sales declined in drug delivery systems. Organic local-currency sales increased 1.3 percent in the Consumer business segment, led by the consumer health care and home care businesses. Electronics and Energy organic local-currency sales growth was 0.4 percent, with increases in energy-related sales in renewable energy and electrical markets. Electronic-related sales declined, with growth in display materials and systems more than offset by declines in electronics materials solutions. For the Company in total, organic-local currency sales grew 3.4 percent, with higher organic volumes contributing 2.0 percent and selling price increases contributing 1.4 percent. Acquisitions added 0.7 percent to sales, which related to the late November 2012 acquisition of Ceradyne, Inc. Foreign currency translation reduced sales by 1.7 percent year-on-year.
From a geographic area perspective, fourth-quarter 2013 organic local-currency sales growth was 4.5 percent in the United States, 3.4 percent in EMEA, 3.3 percent in Asia Pacific, and 2.2 percent in Latin America/Canada. In the U.S., EMEA, and Asia Pacific, all five business segments generated positive organic local-currency sales growth. Organic local-currency sales growth in the United States was led by Industrial, and Safety and Graphics. Organic local-currency sales growth in EMEA was led by Industrial. West Europe grew organically by 3 percent year-on-year, continuing the positive trends 3M had seen in preceding quarters. Organic local-currency sales growth in Asia Pacific was led by Consumer, Safety and Graphics, and Health Care. Sales in Japan grew 4 percent organically. China/Hong Kong sales grew 1 percent organically, impacted by a strong prior-year comparison of 16 percent growth in the fourth quarter of 2012 and weakness in electronics. Organic local-currency sales growth in Latin America/Canada was positive across most countries, but below trend levels for a few reasons. First, slowing in government tenders for infrastructure projects in certain countries impacted sales in Electronics and Energy. Consumer was also soft in the fourth quarter due to weak retail demand and challenging year-on-year comparisons. And lastly, sales in Venezuela declined year-on-year due to the economic and political situation there. Venezuela diluted fourth-quarter organic sales growth in Latin America/Canada by 1.5 percentage points, as 3M continued to work towards minimizing its Bolivar exposure and any associated costs.
Year 2013 results:
For total year 2013, net income attributable to 3M was $4.659 billion, or $6.72 per diluted share, compared to $4.444 billion, or $6.32 per diluted share, in 2012, an increase of 6.3 percent on a per diluted share basis. Sales totaled $30.9 billion, an increase of 3.2 percent from 2012. From a business segment perspective, organic
| 2SELL
|
[
-0.007646908052265644,
0.06297589093446732,
-0.003001760458573699,
-0.023457303643226624,
-0.11954491585493088,
-0.01184757985174656,
-0.00224185548722744,
-0.0015372558264061809,
-0.07226675748825073,
0.03069225884974003,
0.004908750299364328,
-0.022868432104587555,
0.016945870593190193,
-0.030013494193553925,
0.005764506291598082,
0.019221296533942223,
0.03730257600545883,
-0.006341237109154463,
-0.03794290870428085,
0.008298694156110287,
0.014870254322886467,
0.020180609077215195,
0.007353002205491066,
-0.011340305209159851,
0.014267672784626484,
0.02360958233475685,
-0.05490688607096672,
0.024322587996721268,
0.0566229484975338,
-0.044900886714458466,
0.02304203063249588,
0.0213702991604805,
0.038673318922519684,
-0.021037686616182327,
0.05392482504248619,
0.004224533215165138,
-0.05695674568414688,
0.018528860062360764,
0.04035549983382225,
0.008323825895786285,
-0.04351641982793808,
0.006262487731873989,
-0.009098963811993599,
-0.011318273842334747,
0.01091329287737608,
-0.011259487830102444,
0.029412677511572838,
0.025287730619311333,
0.017070168629288673,
-0.011350283399224281,
0.002512532053515315,
-0.030583936721086502,
-0.016316676512360573,
-0.026959553360939026,
-0.024954289197921753,
-0.011540145613253117,
-0.015476757660508156,
-0.028050146996974945,
0.08213585615158081,
0.035226333886384964,
0.03325418010354042,
-0.03792906180024147,
0.007825245149433613,
0.02882029116153717,
0.005755098070949316,
-0.011988498270511627,
-0.005358977243304253,
0.0065157776698470116,
-0.04072275385260582,
-0.023936428129673004,
0.02407986670732498,
0.03659367188811302,
-0.022886577993631363,
-0.03104742057621479,
0.0032175870146602392,
-0.047272395342588425,
0.033852238208055496,
0.0007687723264098167,
0.0848812609910965,
-0.03508458659052849,
0.002118184696882963,
-0.07971521466970444,
0.03472711518406868,
-0.0705193281173706,
0.01439939346164465,
-0.0013731576036661863,
-0.016959762200713158,
-0.054813630878925323,
-0.012170672416687012,
0.002011039759963751,
0.0028419343288987875,
0.005486584734171629,
-0.025044551119208336,
-0.05090057849884033,
-0.035716358572244644,
-0.0000595770834479481,
0.02994101494550705,
-0.17390713095664978,
-0.0050799231976270676,
-0.008474833332002163,
0.05958942323923111,
0.010241176933050156,
0.0404970608651638,
-0.019600993022322655,
0.018667778000235558,
0.018025314435362816,
-0.028898466378450394,
0.030681872740387917,
0.006225146818906069,
0.012503203935921192,
-0.015886785462498665,
-0.06877915561199188,
0.025989700108766556,
-0.007372006308287382,
-0.0060379384085536,
0.0412609837949276,
0.006141838151961565,
0.0343792587518692,
-0.00456306803971529,
-0.0701540932059288,
0.013476580381393433,
-0.028251435607671738,
-0.030346330255270004,
-0.0007901231874711812,
-0.03675840422511101,
0.02864222228527069,
-0.02691015601158142,
-0.004567149560898542,
0.04304841160774231,
-0.011283697560429573,
-0.004976189695298672,
-0.0015902810264378786,
-0.016240203753113747,
0.030618511140346527,
-0.044548630714416504,
0.015108203515410423,
-0.01332135871052742,
0.004497561603784561,
-0.04275370389223099,
0.012179013341665268,
-0.026094861328601837,
-0.030675990507006645,
-0.015520802699029446,
-0.006916300393640995,
-0.045320238918066025,
-0.000217926106415689,
-0.01643534004688263,
0.0042086089961230755,
0.03489091247320175,
0.08716703206300735,
-0.01090270932763815,
-0.006401393096894026,
-0.0352606400847435,
-0.015651369467377663,
-0.02111474610865116,
-0.01225456316024065,
0.055025435984134674,
-0.02560410462319851,
-0.07325766235589981,
-0.0007720789290033281,
-0.004984214901924133,
-0.009808871895074844,
-0.004775023553520441,
-0.06148602440953255,
-0.055444225668907166,
-0.034644972532987595,
0.015024488791823387,
-0.025753524154424667,
0.03554430976510048,
0.048298828303813934,
0.022465763613581657,
0.031529199331998825,
0.005901251453906298,
0.0038564198184758425,
0.026104331016540527,
-0.0645010843873024,
0.020530318841338158,
0.04429358243942261,
-0.006129908375442028,
0.018909119069576263,
0.022082269191741943,
0.004308279138058424,
0.05563898757100105,
-0.08826684951782227,
-0.06010860949754715,
-0.01855330541729927,
0.010739176534116268,
0.03758655861020088,
0.002916626865044236,
-0.018908128142356873,
0.04466591030359268,
-0.011508301831781864,
0.0038453033193945885,
-0.008690017275512218,
-0.013952285051345825,
-0.0180788766592741,
-0.02259097248315811,
-0.00155348249245435,
0.00096083153039217,
-0.006095090415328741,
-0.1104770228266716,
0.024084940552711487,
-0.000016698017134331167,
0.022827090695500374,
0.04328298568725586,
-0.01659480296075344,
-0.010328482836484909,
-0.00007075783651089296,
-0.00280217663384974,
-0.008922163397073746,
-0.06302620470523834,
-0.008881628513336182,
0.0007950825965963304,
-0.04017272964119911,
0.0002663537743501365,
0.04617161303758621,
-0.0001379875175189227,
-0.09863905608654022,
-0.023104894906282425,
-0.04591628536581993,
0.008585851639509201,
-0.014188110828399658,
0.01828509010374546,
0.006444024387747049,
0.05649779364466667,
-0.006574326194822788,
0.04332255944609642,
-0.0061663007363677025,
-0.0542125329375267,
0.02712349221110344,
0.014607871882617474,
0.06425478309392929,
-0.04037854075431824,
0.033185914158821106,
0.009376328438520432,
-0.003682047827169299,
0.0012965486384928226,
0.004665853921324015,
-0.03145107999444008,
0.061242856085300446,
0.11254890263080597,
-0.01485736295580864,
-0.01665610633790493,
-0.014880461618304253,
-0.04186439886689186,
0.05102625861763954,
0.020974602550268173,
0.048967741429805756,
-0.012159794569015503,
-0.01581474579870701,
-0.011629519984126091,
0.026072721928358078,
-0.02597813680768013,
-0.00099723762832582,
-0.04331463947892189,
0.018302008509635925,
0.021177394315600395,
-0.012042638845741749,
0.011934429407119751,
-0.14302104711532593,
-0.009876938536763191,
-0.02799844555556774,
0.0025075464509427547,
-0.026491772383451462,
0.012868125922977924,
0.008136662654578686,
0.027560491114854813,
-0.0024732411839067936,
-0.013201790861785412,
0.007261812221258879,
-0.00023892770695965737,
-0.010879602283239365,
0.04718727990984917,
-0.012148399837315083,
0.000976612907834351,
0.007925039157271385,
0.03787688910961151,
-0.010294649749994278,
0.02825186215341091,
-0.031133148819208145,
-0.0006102708866819739,
-0.006948484573513269,
0.00473798718303442,
-0.025288917124271393,
-0.019751008599996567,
-0.01563320867717266,
-0.038465894758701324,
-0.009062561206519604,
0.08575624227523804,
-0.0328049510717392,
-0.016844630241394043,
0.016536353155970573,
0.015263449400663376,
-0.041102319955825806,
-0.028710415586829185,
0.06977921724319458,
-0.010274038650095463,
-0.04964475706219673,
-0.004129793960601091,
0.053207673132419586,
0.0041777896694839,
0.028403867036104202,
0.032516710460186005,
-0.031201526522636414,
-0.011030716821551323,
-0.011828010901808739,
-0.02352358214557171,
-0.02055690437555313,
0.11608847975730896,
-0.020669443532824516,
0.016294369474053383,
0.021126670762896538,
-0.005620784126222134,
-0.005332448519766331,
-0.01621471717953682,
-0.03911823406815529,
-0.031427957117557526,
0.03158756345510483,
-0.026770973578095436,
-0.03340422362089157,
0.01814301870763302,
0.003392877522855997,
0.022400081157684326,
0.02807280234992504,
0.04753130301833153,
0.005617254879325628,
0.057570382952690125,
-0.04302535951137543,
0.022872088477015495,
-0.027709737420082092,
0.04936257749795914,
0.09689177572727203,
-0.03115375153720379,
0.041707366704940796,
-0.025025106966495514,
0.005624659825116396,
0.02394917607307434,
-0.028067510575056076,
-0.0022016996517777443,
-0.00340439029969275,
0.0034288126043975353,
0.0008070518379099667,
0.02722749300301075,
-0.024293672293424606,
-0.0019692862406373024,
0.103056401014328,
0.010720834136009216,
-0.06057297810912132,
0.015387042425572872,
0.0773448646068573,
0.05796834081411362,
-0.020752552896738052,
0.004356227815151215,
0.04395090416073799,
0.009262816049158573,
-0.03919899836182594,
0.04066423699259758,
0.007300148718059063,
-0.017530465498566628,
0.022377703338861465,
-0.013416104018688202,
-0.016538672149181366,
-0.003751009004190564,
-0.004162806551903486,
0.05082174763083458,
-0.020421693101525307,
-0.028154805302619934,
0.011842063628137112,
0.021862581372261047,
-0.01683230511844158,
-0.008871464058756828,
0.006457135546952486,
0.018511097878217697,
0.054001156240701675,
-0.03596075251698494,
0.005630174186080694,
0.020105035975575447,
-0.022443396970629692,
0.0007165562710724771,
0.026421327143907547,
0.0022754340898245573,
0.004531674087047577,
-0.008260472677648067,
-0.01374130230396986,
0.060140375047922134,
-0.020755209028720856,
0.0059821717441082,
-0.0053406995721161366,
-0.010332626290619373,
0.017460407689213753,
-0.00677056610584259,
0.03757886961102486,
0.0442323163151741,
0.005716859363019466,
-0.023076221346855164,
0.004603630863130093,
0.02512609399855137,
-0.006482237484306097,
-0.024642817676067352,
-0.01975824683904648,
-0.0026032221503555775,
-0.008301155641674995,
-0.009835958480834961,
0.017805127426981926,
0.053645260632038116,
0.017423925921320915,
-0.028447208926081657,
0.03617960587143898,
-0.0027662506327033043,
0.03889106586575508,
-0.0061900680884718895,
-0.11971321702003479,
-0.020383397117257118,
0.026415571570396423,
-0.050901368260383606,
0.031556274741888046,
-0.02109561301767826,
0.045031215995550156,
0.06780180335044861,
0.03217696398496628,
-0.04571671411395073,
0.010742593556642532,
0.034580450505018234,
0.0077271731570363045,
-0.1223628968000412,
0.01091223768889904,
-0.0671466588973999,
-0.029576022177934647,
0.020827438682317734,
0.010325265116989613,
-0.011556476354598999,
0.007532421033829451,
0.029329663142561913,
-0.019451182335615158,
0.00021190280676819384,
0.012483675964176655,
0.0010546896373853087,
-0.032132405787706375,
0.0015367813175544143,
0.031582556664943695,
-0.02863755263388157,
0.03515040501952171,
0.004742136225104332,
-0.021388651803135872,
-0.01399780809879303,
0.01633272133767605,
0.05455305427312851,
-0.018451491370797157,
0.030897730961441994,
-0.05705621838569641,
-0.002210303908213973,
0.01516294851899147,
0.012583186849951744,
0.015467382036149502,
0.006801714189350605,
-0.011829757131636143,
-0.007378186099231243,
0.009691394865512848,
-0.01992158405482769,
0.005675151012837887,
0.0025445292703807354,
0.00792784709483385,
0.02596883662045002,
-0.011737464927136898,
0.0024358266964554787,
0.02778005786240101,
0.022270966321229935,
0.001176319783553481,
0.054116372019052505,
-0.008535961620509624,
0.003935788758099079,
0.010233848355710506,
0.005932372994720936,
0.010030261240899563,
0.03380722180008888,
-0.009304010309278965,
0.04510665312409401,
-0.01511591300368309,
-0.016306256875395775,
-0.025973044335842133,
0.017318805679678917,
-0.024373646825551987,
-0.02710806205868721,
0.017733849585056305,
0.007289266679435968,
-0.08247148245573044,
-0.05638665705919266,
-0.014866608195006847,
-0.012695102952420712,
0.00004856668601860292,
-0.04454582929611206,
-0.034760311245918274,
-0.03585357964038849,
0.03194236010313034,
-0.0032626136671751738,
-0.01253492757678032,
-0.17929330468177795,
0.061938706785440445,
-0.004923837259411812,
-0.015393704175949097,
0.03658882901072502,
-0.016774063929915428,
0.021793033927679062,
0.04357914999127388,
0.002771737053990364,
0.028809070587158203,
-0.0035112896002829075,
0.03213132545351982,
-0.04466402530670166,
0.009910677559673786,
0.024067658931016922,
0.04483228549361229,
-0.01282619871199131,
-0.03215286135673523,
0.02135230414569378,
-0.06866028904914856,
0.03789922595024109,
0.0005458017694763839,
0.0352964773774147,
0.004176895599812269,
-0.0046066041104495525,
0.027685312554240227,
0.021485978737473488,
0.0006515438435599208,
0.04601532965898514,
-0.005646497942507267,
0.03070802241563797,
-0.008094463497400284,
0.04973338171839714,
0.0014886455610394478,
0.009293771348893642,
0.18221299350261688,
-0.008555328473448753,
-0.015367401763796806,
0.0013313664821907878,
-0.004908076021820307,
0.004955173935741186,
-0.015547757968306541,
-0.018890097737312317,
-0.018002590164542198,
-0.014111461117863655,
0.031108412891626358,
0.01716710813343525,
-0.017732826992869377,
0.02479631081223488,
-0.0122066056355834,
-0.06621038168668747,
-0.004186841193586588,
-0.000749607163015753,
-0.08398522436618805,
-0.015613958239555359,
0.10138824582099915,
0.04083095118403435,
0.0065091620199382305,
0.01491990964859724,
-0.03237726911902428,
0.028971096500754356,
-0.0019359866855666041,
0.007901095785200596,
0.009240858256816864,
0.0015978848095983267,
-0.04224890097975731,
0.002978505101054907,
-0.01843898743391037,
-0.08166912198066711,
0.004697356838732958,
0.0025210075546056032,
-0.03150028735399246,
0.026047678664326668,
-0.012288779020309448,
0.10570216178894043,
0.010507717728614807,
-0.012312684208154678,
-0.06896278262138367,
0.03601008281111717,
0.007412542123347521,
0.005562647245824337,
-0.015593799762427807,
-0.015250947326421738,
-0.04665212333202362,
0.0561082698404789,
0.011683116666972637,
-0.017579292878508568,
0.01568625122308731,
0.0187719464302063,
-0.11173959821462631,
0.037910543382167816,
0.02671981230378151,
-0.0011467827716842294,
0.004620951134711504,
-0.02241978608071804,
-0.0004344751941971481,
-0.01706903614103794,
0.026222337037324905,
0.043456584215164185,
-0.11130478233098984,
-0.018323492258787155,
0.016192980110645294,
0.0028352304361760616,
-0.015935849398374557,
0.011349305510520935,
0.008391509763896465,
0.02748493105173111,
0.030657688155770302,
0.021529652178287506,
-0.015548447147011757,
0.018816916272044182,
-0.004506354685872793,
0.035487446933984756,
-0.023249011486768723,
-0.01694161631166935,
-0.01944534294307232,
-0.007163485512137413,
-0.03655192255973816,
-0.0037364335730671883,
0.025627706199884415,
0.01416532788425684,
-0.18346425890922546,
0.02111164666712284,
0.03829573467373848,
-0.007308670785278082,
-0.01768428087234497,
0.030242281034588814,
-0.011746397241950035,
-0.03869079053401947,
0.008304240182042122,
-0.020331991836428642,
-0.037645768374204636,
0.02457360178232193,
-0.007411228492856026,
-0.018133677542209625,
0.014443622902035713,
0.018620166927576065,
-0.025208918377757072,
0.006607433781027794,
0.04480864107608795,
-0.01659202389419079,
0.03516471013426781,
-0.04620424658060074,
-0.12845444679260254,
0.004288139287382364,
-0.04876731336116791,
-0.012655116617679596,
0.01375328004360199,
0.029674461111426353,
0.00679323123767972,
-0.012457066215574741,
-0.037468671798706055,
0.033219896256923676,
0.06156183034181595,
0.025479981675744057,
-0.013563135638833046,
0.011245104484260082,
0.04942455515265465,
-0.018712034448981285,
-0.030254773795604706,
0.017839975655078888,
-0.009985730983316898,
-0.004367023706436157,
-0.024022571742534637,
-0.025081992149353027,
0.021378470584750175,
-0.0483500100672245,
0.027005165815353394,
0.010539239272475243,
0.005896392744034529,
0.04115809500217438,
0.013426637277007103,
-0.044685013592243195,
-0.008079813793301582,
0.024596523493528366,
0.010742890648543835,
-0.008919172920286655,
0.02556004747748375,
0.06829705834388733,
0.0114448182284832,
-0.018339145928621292,
0.019589940086007118,
0.03127506747841835,
-0.05768097564578056,
0.008028222247958183,
0.012459403835237026,
-0.013857228681445122,
0.01539895124733448,
-0.065522700548172,
0.021454934030771255,
0.04082394018769264,
-0.1416913866996765,
-0.0893666222691536,
-0.06652796268463135,
0.02062479965388775,
0.0062938472256064415,
-0.014831219799816608,
0.008064729161560535,
-0.022757012397050858,
-0.011550298891961575,
-0.006264908239245415,
-0.02393455244600773,
0.006243794225156307,
-0.08633168786764145,
0.028924599289894104,
-0.019170597195625305,
0.0032579274848103523,
0.015714602544903755,
-0.016589809209108353,
0.02062150649726391,
-0.008299031294882298,
-0.015214912593364716,
0.0002169411163777113,
0.025434907525777817,
0.005228050984442234,
-0.009176387451589108,
-0.010713731870055199,
-0.023478399962186813,
0.012212689034640789,
-0.06494701653718948,
0.009748236276209354,
-0.0008748459513299167,
0.01774832047522068,
0.001569849788211286,
-0.007512651849538088,
-0.04014452546834946,
-0.032218851149082184,
-0.00424096267670393,
0.11159773916006088,
0.0011717216111719608,
0.024696093052625656,
-0.020771490409970284,
0.010819156654179096,
-0.013702898286283016,
-0.0022854432463645935,
-0.03539249300956726,
0.05842695012688637,
-0.027787311002612114,
-0.005947011522948742,
-0.0016015844885259867,
-0.04640791192650795,
-0.019206875935196877,
-0.00021605752408504486,
0.004745598416775465,
0.047823864966630936,
0.03478660807013512,
0.0016896161250770092,
0.021940791979432106,
0.05096878483891487,
-0.00687744515016675,
-0.013373699970543385,
-0.04084363579750061,
-0.0402611568570137,
0.05999361723661423,
-0.08654352277517319,
-0.018831953406333923,
0.015578950755298138,
0.0020091175101697445,
-0.03754693642258644,
0.00952120404690504,
-0.01375060435384512,
-0.007315286435186863,
0.015872927382588387,
-0.036885228008031845,
-0.008205393329262733,
0.005463998764753342,
0.03830224275588989,
-0.02503376267850399,
0.03317071869969368,
-0.04454103857278824,
0.03302096202969551,
-0.0007382223266176879
] |
currencies other than their functional currency. These balance sheet items are subject to remeasurement which may create fluctuations in other (income) expense, net within our consolidated results of operations.
Managing transactional exposures
Transactional exposures are managed on a portfolio basis within our foreign currency risk management program. As of May 31, 2010, we use currency forward contracts and options with maturities up to 18 months to hedge the effect of exchange rate fluctuations on probable forecasted future cash flows, including non−functional currency revenues and expenses. These are accounted for as cash flow hedges in accordance with the accounting standards for derivatives and hedging. The fair value of these instruments at May 31, 2010 and 2009 was $206 million and $248 million in assets and $25 million and
$12 million in liabilities, respectively. The effective portion of the changes in fair value of these instruments is reported in other comprehensive income (“OCI”), a component of shareholders’ equity, and reclassified into earnings in the same financial statement line item and in the same period or periods during which the related hedged transactions affect earnings. The ineffective portion was a gain of $5 million for the year ended May 31, 2010. The ineffective portion was immediately recognized in earnings as a component of other (income) expense, net. Ineffectiveness was not material for the years ended May 31, 2010, 2009 and 2008.
Certain currency forward contracts used to manage foreign exchange exposure of non−functional currency assets and liabilities subject to remeasurement are not designated as hedges under the accounting standards for derivatives and hedging. In these cases, the change in value of the instruments is intended to offset the foreign currency impact of the remeasurement of the related non−functional currency asset or liability. The fair value of these instruments at May 31, 2010 and 2009 was $104 million and $13 million in assets and $140 million and $34 million in liabilities, respectively. The change in value of these instruments is immediately recognized in earnings. The impact of such instruments is included in other (income) expense, net and aims to offset foreign currency remeasurement gains and losses of the exposures being hedged.
Refer to Note 18 — Risk Management and Derivatives in the accompanying Notes to the Consolidated Financial Statements for additional quantitative detail.
Translational exposures
Substantially all of our foreign subsidiaries operate in functional currencies other than the U.S. dollar. Fluctuations in currency exchange rates create volatility in our reported results as we are required to translate the balance sheets and operational results of these foreign currency denominated subsidiaries into U.S. dollars for consolidated reporting. The translation of foreign subsidiaries non−U.S. dollar balance sheets into U.S. dollars for consolidated reporting results in a cumulative translation adjustment to OCI within shareholders’ equity. In preparing our consolidated statements of income, foreign exchange rate fluctuations impact our operating results as
| 1HOLD
|
[
-0.006008377764374018,
0.03396756947040558,
0.0021070882212370634,
0.06570466607809067,
-0.11944884061813354,
-0.004921230487525463,
-0.014336883090436459,
0.0006365666631609201,
-0.03030109405517578,
-0.0035518240183591843,
0.002511360449716449,
0.019691167399287224,
0.018120327964425087,
-0.006062262691557407,
-0.012858065776526928,
-0.022590400651097298,
-0.0913243517279625,
0.0000234701201407006,
-0.017701774835586548,
0.004232298117130995,
0.0035566692240536213,
-0.007266596890985966,
-0.002248185221105814,
-0.01766972430050373,
-0.001528531196527183,
0.03693303093314171,
-0.0021556606516242027,
0.02162916585803032,
0.025875914841890335,
-0.019376268610358238,
0.010658837854862213,
-0.028083859011530876,
0.025356072932481766,
-0.021713459864258766,
-0.03552067652344704,
0.010277864523231983,
-0.06564296782016754,
-0.004578011576086283,
0.02475610002875328,
0.015539639629423618,
0.018701966851949692,
0.028085477650165558,
0.010679730214178562,
0.01362498477101326,
0.018536265939474106,
-0.02002640999853611,
0.010940933600068092,
0.03043592907488346,
0.01373765803873539,
-0.006471869070082903,
0.0001797281001927331,
0.03167986124753952,
-0.01968083530664444,
-0.02308649942278862,
-0.00566650927066803,
0.00728403078392148,
0.010907115414738655,
0.014482643455266953,
0.05755706876516342,
0.024381674826145172,
0.04049935191869736,
-0.008201943710446358,
0.0012673696037381887,
0.04387645423412323,
0.005975604522973299,
-0.02944958582520485,
-0.008763261139392853,
0.04615277796983719,
-0.02750241756439209,
-0.04492618888616562,
-0.0024082267191261053,
0.0007317198906093836,
0.003678711596876383,
-0.009638108313083649,
0.013800685293972492,
-0.010270028375089169,
0.0335053950548172,
-0.01978420466184616,
0.05017339065670967,
-0.02791951410472393,
-0.019418930634856224,
-0.05511927977204323,
-0.06210460886359215,
0.053361985832452774,
0.05070757493376732,
0.030732640996575356,
0.015873225405812263,
-0.036027804017066956,
-0.00865977443754673,
-0.003491358831524849,
-0.006109857000410557,
-0.00019304508168715984,
-0.036097656935453415,
-0.10349742323160172,
-0.03063831850886345,
-0.013106019236147404,
0.007057103328406811,
-0.11000020056962967,
-0.007175537291914225,
-0.05465276911854744,
0.059690870344638824,
0.01095488853752613,
0.017520800232887268,
0.013049746863543987,
0.0027865672018378973,
0.004026241600513458,
0.009121338836848736,
0.007456871680915356,
-0.008351126685738564,
-0.003094766056165099,
-0.02190706692636013,
-0.046903178095817566,
0.019814830273389816,
-0.0033923506271094084,
-0.005411479622125626,
0.026339052245020866,
-0.012570665217936039,
-0.03268829733133316,
-0.05110851302742958,
-0.03721735626459122,
-0.00561467744410038,
-0.028676705434918404,
-0.02288857474923134,
-0.015717316418886185,
-0.00535250548273325,
0.006690066307783127,
0.011745558120310307,
-0.01838858798146248,
0.02630687691271305,
-0.02949005924165249,
0.005047378595918417,
-0.02553238719701767,
-0.02157943695783615,
-0.01897495426237583,
-0.02081155776977539,
0.0174272283911705,
-0.003581165336072445,
-0.011964547447860241,
-0.023039765655994415,
0.018847400322556496,
-0.0015519476728513837,
-0.03290870785713196,
-0.05905376002192497,
-0.014522082172334194,
-0.017407013103365898,
-0.009225728921592236,
-0.011453746818006039,
0.007649443112313747,
0.00939862709492445,
0.09361571818590164,
0.0041953930631279945,
0.0015725605189800262,
-0.0043191127479076385,
-0.020057937130331993,
-0.05459483340382576,
0.038608502596616745,
0.021230001002550125,
-0.0620301216840744,
0.004831111058592796,
-0.002832933561876416,
-0.0033698081970214844,
0.0025610916782170534,
-0.01107850857079029,
-0.019107993692159653,
0.03080618567764759,
-0.025113144889473915,
0.037179432809352875,
-0.003670146455988288,
0.012205165810883045,
0.02902848832309246,
0.017911357805132866,
0.023694124072790146,
0.007390607614070177,
-0.0006647534901276231,
-0.022791435942053795,
-0.005857372190803289,
0.07529579848051071,
-0.014238188043236732,
0.021418096497654915,
0.011655725538730621,
0.02243831567466259,
-0.020440086722373962,
-0.008233495056629181,
0.09320524334907532,
-0.015403692610561848,
-0.0202071163803339,
-0.03098316304385662,
0.031109657138586044,
0.0009814295917749405,
-0.009649913758039474,
0.009884089231491089,
-0.0049825101159513,
0.004698979668319225,
-0.01726234145462513,
-0.018134403973817825,
-0.010889232158660889,
-0.041467323899269104,
-0.010002009570598602,
0.054616086184978485,
-0.01201367937028408,
-0.002418291987851262,
0.0019524622475728393,
0.03184874728322029,
0.010713601484894753,
0.0442490354180336,
-0.022997494786977768,
0.005115018226206303,
-0.008707614615559578,
-0.0018527820939198136,
-0.01552966982126236,
-0.025934085249900818,
-0.01621583290398121,
0.013007476925849915,
-0.024437163025140762,
0.013252733275294304,
0.006546061020344496,
0.00409967266023159,
-0.10100586712360382,
-0.06262572109699249,
-0.0313606821000576,
0.0020540866535156965,
-0.0037930195685476065,
-0.007383165415376425,
-0.00012832701031584293,
0.007878548465669155,
0.007193917408585548,
0.0681702196598053,
0.0022727756295353174,
-0.047236159443855286,
0.04595046490430832,
0.029248816892504692,
0.004543916322290897,
0.04400898888707161,
0.041231829673051834,
0.0014441714156419039,
-0.02917764149606228,
-0.0035223159939050674,
0.04261372983455658,
0.0047966670244932175,
0.015290860086679459,
0.08053548634052277,
-0.027325177565217018,
-0.0045000165700912476,
-0.01814870908856392,
-0.021746279671788216,
0.004677767865359783,
-0.03623554855585098,
0.043050624430179596,
0.004783024080097675,
-0.014677746221423149,
-0.008831966668367386,
-0.020317867398262024,
0.07254744321107864,
-0.011657602153718472,
-0.015578762628138065,
-0.01377111580222845,
0.018884198740124702,
-0.018498092889785767,
-0.00752287358045578,
-0.11092716455459595,
-0.004022938199341297,
0.0010332241654396057,
0.010720402002334595,
-0.011046182364225388,
0.015293829143047333,
-0.012096480466425419,
0.024382799863815308,
0.0015849416377022862,
0.0018128795782104135,
0.011861251667141914,
-0.017999934032559395,
-0.01934870518743992,
0.0682293027639389,
-0.007901392877101898,
0.004935779143124819,
0.014893898740410805,
0.026933113113045692,
-0.02204851806163788,
0.022662341594696045,
-0.012734120711684227,
-0.002997491043061018,
0.004717367701232433,
-0.030341455712914467,
0.002099305856972933,
-0.009942886419594288,
-0.012133288197219372,
-0.0038820928893983364,
0.0038023232482373714,
-0.012064453214406967,
-0.0276163462549448,
-0.017437221482396126,
0.010642713867127895,
0.013294007629156113,
0.0012328681768849492,
0.009216386824846268,
0.0435960590839386,
-0.022426363080739975,
-0.012712341733276844,
0.002172559266909957,
0.017808346077799797,
-0.04447443410754204,
0.005324490834027529,
-0.025478877127170563,
-0.02886180579662323,
-0.024590829387307167,
0.004955900367349386,
0.0011107356986030936,
-0.009298298507928848,
-0.023228636011481285,
-0.01899980567395687,
-0.007893821224570274,
0.00779841048642993,
0.011359767988324165,
-0.009157029911875725,
0.005251689814031124,
-0.03724557161331177,
-0.012484396807849407,
-0.02362333983182907,
-0.06488554179668427,
-0.019453149288892746,
0.004479153547435999,
0.006757741793990135,
0.013929669745266438,
0.025950558483600616,
0.05082085356116295,
0.012418104335665703,
0.04050595313310623,
-0.02861291542649269,
-0.03682055324316025,
-0.042193811386823654,
0.36633870005607605,
0.10081543773412704,
-0.015279537066817284,
-0.00175997125916183,
0.015436611138284206,
-0.07659991085529327,
0.014090748503804207,
-0.017478449270129204,
0.007155724335461855,
-0.03467665612697601,
-0.012715560384094715,
0.022326018661260605,
0.005257637705653906,
-0.03037330135703087,
0.007504715118557215,
-0.011498645879328251,
0.018279530107975006,
-0.0884513109922409,
0.00901040993630886,
-0.007943468168377876,
0.048001572489738464,
0.011486389674246311,
-0.02278056927025318,
0.013045154511928558,
-0.0021281747613102198,
-0.035345595329999924,
-0.001997479470446706,
0.017023196443915367,
-0.002449826570227742,
0.008059076964855194,
-0.01670992746949196,
-0.009778399951756,
-0.0030786239076405764,
-0.005004828330129385,
0.024078236892819405,
-0.050092753022909164,
0.015881342813372612,
0.008735012263059616,
0.008750881999731064,
-0.002398049458861351,
0.015515896491706371,
0.01361237931996584,
0.016420219093561172,
0.12242786586284637,
0.022908972576260567,
-0.027309317141771317,
0.0019955739844590425,
0.023534130305051804,
0.005527223460376263,
-0.0036392617039382458,
-0.0022432433906942606,
-0.006181614939123392,
-0.004516775719821453,
-0.01060363370925188,
-0.03871669992804527,
0.019008537754416466,
0.011395418085157871,
0.010651910677552223,
-0.03813300281763077,
0.034834668040275574,
-0.0034145775716751814,
-0.0032208962365984917,
0.028868166729807854,
-0.021598823368549347,
0.016576042398810387,
0.001105809467844665,
-0.004527324344962835,
-0.014731911942362785,
-0.04063774645328522,
0.022809984162449837,
-0.01179208979010582,
0.012315807864069939,
0.0015300735831260681,
-0.01451788004487753,
0.01619132049381733,
0.05201597139239311,
-0.04144180193543434,
0.032168805599212646,
-0.023932749405503273,
0.0476997047662735,
-0.006129876710474491,
-0.023204199969768524,
-0.003447210416197777,
0.017400968819856644,
0.02083026058971882,
-0.0012597644235938787,
-0.012312721461057663,
0.020750921219587326,
0.04476388543844223,
-0.02879113145172596,
-0.05056224763393402,
0.0012875850079581141,
0.029745925217866898,
-0.02113969624042511,
0.0004109611618332565,
0.021258434280753136,
-0.06573130935430527,
-0.0061189248226583,
0.0016936430474743247,
-0.021152449771761894,
-0.026912542060017586,
-0.011617777869105339,
0.006755545735359192,
-0.0417039580643177,
-0.000584970461204648,
0.008007999509572983,
0.007527175359427929,
-0.017864838242530823,
0.009330006316304207,
0.013006912544369698,
-0.00844717025756836,
-0.011324712075293064,
0.004823909141123295,
0.008764075115323067,
-0.01769527979195118,
0.06586924195289612,
0.03252799063920975,
-0.00982895027846098,
0.0241533350199461,
-0.011762192472815514,
-0.02327052131295204,
0.0009508059592917562,
-0.06426621228456497,
0.033919092267751694,
-0.008908668532967567,
-0.01594211347401142,
0.03655284270644188,
-0.0011386106489226222,
0.01185309886932373,
-0.009842362254858017,
0.023181932047009468,
-0.020812951028347015,
0.012920372188091278,
-0.03929075226187706,
-0.00567045621573925,
-0.00971708633005619,
0.012534553185105324,
0.0033927131444215775,
-0.02262948267161846,
-0.010438383556902409,
-0.01708483137190342,
0.007955647073686123,
-0.011487090960144997,
-0.0060266172513365746,
-0.011627424508333206,
0.014093473553657532,
0.0004138469521421939,
0.01968439109623432,
-0.04813515022397041,
-0.01007548812776804,
0.010987418703734875,
-0.03240882232785225,
-0.01239844597876072,
-0.011824555695056915,
-0.006823349744081497,
-0.010546662844717503,
-0.09459758549928665,
-0.013797813095152378,
-0.003402288071811199,
-0.030259504914283752,
-0.0372428297996521,
-0.0284077450633049,
-0.032889336347579956,
0.015407989732921124,
-0.004031983204185963,
-0.0029359529726207256,
-0.1583046317100525,
0.20525944232940674,
0.010420596227049828,
0.010200253687798977,
0.021661359816789627,
-0.02437359094619751,
0.002385757863521576,
0.06381207704544067,
0.017862355336546898,
-0.0017757451860234141,
-0.009277948178350925,
0.04764096438884735,
-0.020580563694238663,
0.011448371224105358,
0.016885370016098022,
0.03240690752863884,
-0.010503404773771763,
0.022162146866321564,
0.005474113393574953,
0.01873738318681717,
-0.01736701838672161,
0.008067320100963116,
0.02463565021753311,
-0.006962395738810301,
-0.003388000186532736,
0.014517810195684433,
0.003985922783613205,
-0.0047127865254879,
0.001817735843360424,
-0.00437353877350688,
-0.01744556985795498,
-0.017781388014554977,
0.020219331607222557,
-0.000003860070137307048,
0.0043739378452301025,
-0.06083071604371071,
-0.012602709233760834,
-0.03689304739236832,
0.019730104133486748,
-0.018056493252515793,
0.009674498811364174,
-0.010667895898222923,
-0.03935272991657257,
-0.0197449903935194,
-0.017749054357409477,
0.0090110395103693,
0.026305411010980606,
-0.011818751692771912,
0.01451217383146286,
-0.013536320999264717,
-0.023985328152775764,
0.0014808111591264606,
-0.003994810860604048,
-0.09350507706403732,
-0.033386681228876114,
0.18592379987239838,
-0.014968817122280598,
0.01231370773166418,
-0.004703715909272432,
-0.04010339826345444,
0.04150009900331497,
0.026376117020845413,
0.03803803771734238,
0.012268983758985996,
-0.0012947862269356847,
-0.045149773359298706,
0.009077362716197968,
-0.014168011955916882,
-0.12385224550962448,
-0.0007055113674141467,
-0.017143666744232178,
-0.03314315527677536,
0.013920127414166927,
-0.01140033733099699,
0.09146501868963242,
0.017469974234700203,
-0.0007966001867316663,
-0.053680550307035446,
0.024382904171943665,
-0.029150892049074173,
0.003859379095956683,
-0.05058171600103378,
-0.04891030490398407,
-0.0037548397667706013,
0.03831086307764053,
-0.029834607616066933,
-0.0096374386921525,
0.053126413375139236,
-0.004183369223028421,
-0.055652908980846405,
0.0066077690571546555,
0.022402921691536903,
-0.002651897957548499,
-0.027912039309740067,
-0.006878003012388945,
-0.026508348062634468,
-0.07409632951021194,
-0.004719733260571957,
0.021460482850670815,
0.020039211958646774,
0.0053626797161996365,
0.012721309438347816,
0.015511054545640945,
-0.007049471139907837,
-0.017450615763664246,
0.05187516659498215,
-0.02906714752316475,
0.023142289370298386,
-0.009679710492491722,
-0.022136947140097618,
0.01610565185546875,
-0.005961554124951363,
0.023688431829214096,
-0.019237346947193146,
0.020193496719002724,
-0.02944224141538143,
-0.02458653226494789,
-0.005766237620264292,
-0.01674414984881878,
-0.008390998467803001,
-0.0005421458627097309,
0.15973661839962006,
0.03629116341471672,
0.001816163188777864,
0.014871999621391296,
0.008236034773290157,
0.022396299988031387,
-0.023830335587263107,
0.06841562688350677,
0.013178808614611626,
-0.015255813486874104,
-0.03180733323097229,
-0.001806357642635703,
0.011301744729280472,
-0.022175615653395653,
-0.01037599891424179,
0.00830601155757904,
-0.007071565371006727,
0.03158007934689522,
0.008744844235479832,
-0.002140409778803587,
0.01723599061369896,
-0.032018620520830154,
0.017237266525626183,
0.024116721004247665,
-0.031515978276729584,
0.00034537792089395225,
0.02098805457353592,
0.025040633976459503,
-0.00792519561946392,
0.004693474154919386,
-0.04370862618088722,
0.026002461090683937,
-0.00562107702717185,
-0.03223767504096031,
0.00029169570188969374,
0.09716717153787613,
-0.012729625217616558,
0.014311088249087334,
-0.021488433703780174,
0.006455253344029188,
0.049814701080322266,
-0.006808011326938868,
0.00025461637414991856,
-0.029408328235149384,
0.012524154037237167,
0.004787789657711983,
0.11684742569923401,
0.014239469543099403,
0.015279561281204224,
0.003933771979063749,
-0.025485990568995476,
-0.03759797289967537,
-0.025330251082777977,
0.045744381844997406,
0.010747824795544147,
0.039296142756938934,
0.005757511127740145,
-0.029192538931965828,
0.02223614789545536,
-0.018220672383904457,
-0.0881730169057846,
0.02490873634815216,
-0.03218948841094971,
-0.0025122512597590685,
0.028021497651934624,
0.024773383513092995,
0.00487820990383625,
-0.08137714862823486,
-0.032466549426317215,
0.06100323796272278,
0.11333085596561432,
-0.06300888955593109,
-0.05555930733680725,
0.009620249271392822,
-0.003287430154159665,
-0.02044716291129589,
-0.028386956080794334,
0.0005462431581690907,
0.017734874039888382,
-0.008526649326086044,
-0.011402063071727753,
0.007139671593904495,
0.20394347608089447,
-0.0031312452629208565,
-0.010622221976518631,
0.04190945252776146,
0.01364688016474247,
-0.023471664637327194,
0.010368510149419308,
-0.004498602822422981,
0.02870556153357029,
0.0008279040921479464,
0.019401809200644493,
0.010433217510581017,
-0.03634939715266228,
-0.04494360089302063,
-0.007612206041812897,
-0.009965469129383564,
-0.03400558978319168,
0.016844045370817184,
-0.012543498538434505,
0.03634309396147728,
-0.015454436652362347,
-0.0022518772166222334,
-0.03389982879161835,
0.01225482951849699,
-0.020652221515774727,
-0.0380086787045002,
-0.001037551905028522,
0.017282577231526375,
0.0028558755293488503,
0.01199596468359232,
0.0019089364213868976,
0.012745608575642109,
-0.0162986908107996,
-0.10065960884094238,
-0.02508438006043434,
-0.0025880690664052963,
-0.033333223313093185,
-0.0017605334287509322,
-0.05972982197999954,
-0.0006710795569233596,
-0.02667520008981228,
0.03511379286646843,
0.0308238472789526,
-0.014823618344962597,
0.018179360777139664,
0.0107220858335495,
0.012622685171663761,
-0.0202031247317791,
-0.04150567576289177,
-0.010177148506045341,
0.09318123757839203,
0.10531385242938995,
-0.013083898462355137,
0.06363082677125931,
-0.03373253345489502,
-0.04507458582520485,
0.005452686455100775,
-0.0031178570352494717,
-0.049813754856586456,
0.0021029619965702295,
0.02048061043024063,
-0.0869351327419281,
0.03786459192633629,
0.028156636282801628,
-0.023065662011504173,
0.015456801280379295,
-0.0013793312245979905,
-0.028528299182653427,
-0.02950502373278141
] |
and exploratory expenditures will be $21.6 billion, including $1.6 billion of spending by affiliates. About 80 percent of the total, or $17.3 billion, is budgeted for exploration and production activities, with $13.2 billion of this amount for projects outside the United States. Spending in 2010 is primarily targeted for exploratory prospects in the U.S. Gulf of Mexico and major development projects in Angola, Australia, Brazil, Canada, China, Nigeria, Thailand and the U.S. Gulf of Mexico. Also included is funding for base business improvements and focused appraisals in core hydrocarbon basins.
Worldwide downstream spending in 2010 is estimated at $3.4 billion, with about $1.6 billion for projects in the
United States. Major capital outlays include projects under construction at refineries in the United States and South Korea and construction of gas-to-liquids facilities in support of associated upstream projects.
Investments in chemicals, technology and other corporate businesses in 2010 are budgeted at $900 million. Technology investments include projects related to unconventional hydrocarbon technologies, oil and gas reservoir management, and gas-fired and renewable power generation.
Noncontrolling interests The company had noncontrolling interests of $647 million and $469 million at December 31, 2009 and 2008, respectively. Distributions to noncontrolling interests totaled $71 million and $99 million in 2009 and 2008, respectively.
Pension Obligations In 2009, the company’s pension plan contributions were $1.7 billion (including $1.5 billion to the U.S. plans and $200 million to the international plans). The company estimates contributions in 2010 will be approximately $900 million ($600 million for the U.S. plans and $300 million for the international plans). Actual contribution amounts are dependent upon investment returns, changes in pension obligations, regulatory environments and other economic factors. Additional funding may ultimately be required if investment returns are insufficient to offset increases in plan obligations. Refer also to the discussion of pension accounting in “Critical Accounting Estimates and Assumptions,” beginning on page FS-18.
Financial Ratios
Current Ratio – current assets divided by current liabilities. The current ratio in all periods was adversely affected by the fact that Chevron’s inventories are valued on a Last-In, First-Out basis. At year-end 2009, the book value of inventory was lower than replacement costs, based on average acquisition costs during the year, by approximately $5.5 billion.
Interest Coverage Ratio – income before income tax expense, plus interest and debt expense and amortization of capitalized interest, less net income attributable to noncontrolling interests, divided by before-tax interest costs. The company’s interest coverage ratio in 2009 was lower than 2008 and 2007 due to lower before-tax income.
Debt Ratio – total debt as a percentage of total debt plus Chevron Corporation Stockholders’ Equity. The increase in 2009 over 2008 and 2007 was primarily due to the increase in debt as a result of the $5 billion issuance of public bonds in
| 1HOLD
|
[
-0.008251896128058434,
0.05659854784607887,
0.0022118438500910997,
0.0024656876921653748,
-0.13780982792377472,
-0.017356136813759804,
-0.015990201383829117,
-0.018568621948361397,
-0.0652768686413765,
0.005763832479715347,
0.010156565345823765,
-0.004805675242096186,
0.029518697410821915,
-0.0027461161371320486,
-0.004474973771721125,
-0.036556705832481384,
-0.03381133824586868,
-0.018695177510380745,
-0.02454415336251259,
0.017750250175595284,
0.014503316953778267,
0.021474268287420273,
0.00867650005966425,
-0.011267820373177528,
0.007728443015366793,
0.02454230561852455,
-0.02259232848882675,
0.022479701787233353,
0.03408795967698097,
-0.04168913513422012,
0.020813748240470886,
-0.012227381579577923,
0.03738746792078018,
-0.016992982476949692,
0.004069265443831682,
0.0035636862739920616,
-0.0810621976852417,
0.0012940187007188797,
0.05015191435813904,
0.010485983453691006,
-0.026362037286162376,
0.01341967936605215,
0.013378394767642021,
-0.005746991839259863,
0.020838407799601555,
-0.005498648155480623,
0.033034492284059525,
0.028195010498166084,
0.018137488514184952,
-0.01604793407022953,
0.0017494846833869815,
-0.0064338273368775845,
-0.028815465047955513,
-0.006437120493501425,
-0.0069272685796022415,
-0.019711006432771683,
-0.011773282662034035,
-0.015690365806221962,
0.08002012223005295,
0.04043944180011749,
0.018104275688529015,
-0.031109390780329704,
0.007572470232844353,
0.03884368762373924,
0.0012140072649344802,
-0.00879786815494299,
-0.009424813091754913,
-0.008883007802069187,
-0.03858774155378342,
-0.046765659004449844,
0.013085567392408848,
0.00039185257628560066,
-0.015874754637479782,
-0.0026775943115353584,
0.01231758575886488,
-0.042356207966804504,
0.029794171452522278,
-0.018766796216368675,
0.08314873278141022,
-0.04597040265798569,
-0.007338408846408129,
-0.07923099398612976,
-0.03897039592266083,
-0.012965117581188679,
0.030207762494683266,
0.013767278753221035,
0.006141249090433121,
-0.07367382943630219,
-0.019653357565402985,
-0.002738779177889228,
0.012804213911294937,
0.006136610638350248,
-0.028445500880479813,
-0.10044791549444199,
-0.059021804481744766,
0.0055791884660720825,
0.013658745214343071,
-0.14851437509059906,
-0.010278802365064621,
-0.03371714428067207,
0.04661126062273979,
0.01177939772605896,
0.03906245157122612,
-0.028874410316348076,
0.001964347204193473,
0.01762217842042446,
-0.018491724506020546,
0.01713349111378193,
0.010656952857971191,
0.007311705965548754,
-0.020478053018450737,
-0.06248936429619789,
0.021709365770220757,
-0.0065109385177493095,
0.006085745990276337,
0.05020211264491081,
-0.0029017969500273466,
-0.01309564895927906,
-0.041772421449422836,
-0.069940946996212,
0.00802719034254551,
-0.021485380828380585,
-0.040216099470853806,
-0.015466603450477123,
-0.028650911524891853,
0.0171453095972538,
0.009631238877773285,
-0.012522484175860882,
0.04234840348362923,
-0.025080161169171333,
0.00326742697507143,
-0.015407947823405266,
-0.019277768209576607,
0.026744302362203598,
-0.018238307908177376,
0.007274658884853125,
-0.01765165664255619,
0.001549103413708508,
-0.04167598485946655,
0.0338955856859684,
-0.01122218370437622,
-0.045163415372371674,
-0.043840691447257996,
-0.009233266115188599,
-0.0328003391623497,
-0.00838503148406744,
-0.01240962278097868,
-0.0054375664331018925,
0.028982846066355705,
0.10520466417074203,
-0.0036276576574891806,
0.009352858178317547,
-0.02732682414352894,
-0.02537635713815689,
-0.01892988011240959,
0.00718965707346797,
0.04312027990818024,
-0.06694698333740234,
-0.05521520599722862,
0.01613197848200798,
-0.01050768792629242,
0.005601793527603149,
-0.015599886886775494,
-0.036606039851903915,
-0.015024220570921898,
-0.046339672058820724,
0.035388343036174774,
-0.024461517110466957,
0.04067676141858101,
0.050479304045438766,
0.03361928462982178,
0.028048820793628693,
0.013836138881742954,
0.004686407744884491,
0.004305228590965271,
-0.03815080225467682,
0.03161253035068512,
0.011388336308300495,
0.01156105101108551,
0.01942126452922821,
0.018001755699515343,
-0.009169048629701138,
0.032202575355768204,
0.03469749167561531,
-0.04735661670565605,
-0.02253170870244503,
-0.00881241261959076,
0.03556879237294197,
-0.005123461131006479,
-0.01584155298769474,
0.020747948437929153,
0.001807594089768827,
0.00796306412667036,
-0.03953133150935173,
-0.014977637678384781,
-0.012669086456298828,
-0.038670122623443604,
-0.00955398753285408,
0.020707685500383377,
-0.010136078111827374,
-0.06737391650676727,
0.018334778025746346,
-0.008478764444589615,
0.030214738100767136,
0.04665329307317734,
-0.014966495335102081,
0.008229187689721584,
0.0029927201103419065,
-0.007729281205683947,
0.004144893493503332,
-0.04201877489686012,
-0.012898431159555912,
0.004159844946116209,
-0.05986287072300911,
0.014440897852182388,
0.01625111512839794,
-0.001100847963243723,
-0.09539373964071274,
-0.06128475442528725,
-0.03540726378560066,
0.003888555336743593,
-0.01837657019495964,
0.0067421989515423775,
0.01253262348473072,
0.04287438467144966,
-0.006511294282972813,
0.08455707132816315,
0.005990418139845133,
-0.05054944008588791,
0.039794061332941055,
0.026159219443798065,
0.03468713164329529,
0.003326589008793235,
0.03660205379128456,
-0.0011583649320527911,
-0.01354485098272562,
-0.006503697019070387,
0.02068694680929184,
-0.024757133796811104,
0.03631700202822685,
0.11233129352331161,
-0.023057788610458374,
-0.011423584073781967,
-0.0145714757964015,
-0.03895372524857521,
0.0334184356033802,
-0.011957753449678421,
0.08302398771047592,
-0.0065692756325006485,
-0.01111070066690445,
0.002311261836439371,
0.01753063127398491,
0.0368398055434227,
-0.009373397566378117,
-0.031234854832291603,
-0.00659955246374011,
0.011069000698626041,
-0.008270056918263435,
0.008988338522613049,
-0.1335999071598053,
-0.010274604894220829,
-0.005163921043276787,
0.021209092810750008,
-0.018677709624171257,
0.015000082552433014,
-0.017502376809716225,
0.01945190504193306,
0.017268529161810875,
-0.01915208250284195,
-0.0025341699365526438,
-0.0046252780593931675,
-0.016764376312494278,
0.06950744241476059,
-0.020674940198659897,
0.004082485567778349,
0.0105215385556221,
0.045422591269016266,
-0.021470502018928528,
0.03059036284685135,
-0.03697042912244797,
0.010731679387390614,
-0.006529035046696663,
-0.009553876705467701,
-0.01988011784851551,
-0.011308988556265831,
-0.0181133933365345,
-0.02771478332579136,
0.006174471229314804,
0.041959237307310104,
-0.026211151853203773,
-0.015504528768360615,
0.03794211149215698,
0.004234881140291691,
-0.014471995644271374,
-0.005893044639378786,
0.06869358569383621,
-0.018291067332029343,
-0.030478529632091522,
0.004828454926609993,
0.03503945842385292,
-0.019832001999020576,
0.007012653164565563,
0.015902390703558922,
-0.04433722421526909,
-0.01486318837851286,
-0.009451053105294704,
0.0171373188495636,
-0.007047089748084545,
0.042793158441782,
-0.01951594278216362,
0.0006172742578200996,
0.006525092758238316,
0.004140892531722784,
-0.0066341194324195385,
-0.006839714478701353,
-0.03716985881328583,
-0.012858293019235134,
-0.00895653571933508,
-0.06482589244842529,
-0.02307005226612091,
0.009511241689324379,
0.0013467543758451939,
0.010753810405731201,
0.019271057099103928,
0.0515015535056591,
0.019352100789546967,
0.09002275764942169,
-0.03128507360816002,
-0.014495410025119781,
-0.07521461695432663,
0.24873006343841553,
0.1310703009366989,
-0.025115763768553734,
0.0359518937766552,
-0.007564664352685213,
-0.03979814425110817,
0.01721026562154293,
-0.036173488944768906,
-0.006651726085692644,
-0.03915194422006607,
0.007172675803303719,
0.026609061285853386,
0.006728349253535271,
-0.025478245690464973,
-0.006271751597523689,
0.03845889866352081,
0.024765921756625175,
-0.08803904801607132,
0.01676621101796627,
0.036437083035707474,
0.04197017103433609,
0.004523247480392456,
-0.018079256638884544,
0.02158879116177559,
0.003247473854571581,
-0.029387369751930237,
0.03127812594175339,
0.013742491602897644,
-0.012127893045544624,
0.03289705142378807,
0.0008370354189537466,
-0.030034683644771576,
0.001985201146453619,
-0.017032094299793243,
0.05928688123822212,
-0.07894448190927505,
-0.006323270965367556,
0.005569151137024164,
0.021302906796336174,
0.0038352494593709707,
0.011968431994318962,
0.015058308839797974,
0.0173479076474905,
0.09106304496526718,
-0.008997769095003605,
-0.02532198280096054,
0.00784364528954029,
-0.0012528121005743742,
0.020582443103194237,
0.008204483427107334,
-0.011196780018508434,
0.004696288146078587,
-0.017690962180495262,
-0.015612475574016571,
0.0020574198570102453,
-0.01045973040163517,
0.01159676630049944,
0.0026611455250531435,
-0.0476829931139946,
0.0392601303756237,
0.003570074215531349,
0.017778189852833748,
0.025839637964963913,
-0.013958792202174664,
0.00007649675535503775,
0.002023838460445404,
0.013272746466100216,
0.023104578256607056,
-0.04969620704650879,
-0.00036487579927779734,
-0.007206637877970934,
0.013920494355261326,
-0.005876025650650263,
-0.002788281999528408,
0.05073167756199837,
0.031435780227184296,
-0.05299106240272522,
0.01922941766679287,
-0.015517846681177616,
0.016756724566221237,
-0.008260328322649002,
-0.05277254432439804,
-0.005636187735944986,
0.03928695246577263,
-0.026620956137776375,
0.01665390282869339,
-0.020553991198539734,
0.022096486762166023,
0.06030777096748352,
-0.014544142410159111,
-0.04551440104842186,
0.010812799446284771,
0.044491320848464966,
-0.009893609210848808,
-0.03364788740873337,
0.01972886361181736,
-0.08763217180967331,
-0.026363033801317215,
0.008972502313554287,
-0.007454688660800457,
-0.012859816662967205,
-0.003354245563969016,
0.023302946239709854,
-0.03261515125632286,
-0.0061094677075743675,
0.012224259786307812,
0.016669301316142082,
-0.03300967440009117,
0.008678206242620945,
0.01785430870950222,
-0.02523757889866829,
0.01343555934727192,
0.008842500858008862,
-0.01636888086795807,
-0.007509185001254082,
0.05375780537724495,
0.040669918060302734,
-0.02501472644507885,
0.02884780429303646,
-0.03992615267634392,
-0.014430098235607147,
0.025044575333595276,
-0.021575018763542175,
0.019294220954179764,
-0.004509189631789923,
-0.016732387244701385,
0.024962829425930977,
-0.002936597680673003,
-0.01984325796365738,
-0.008834007196128368,
0.013171276077628136,
-0.015241923741996288,
0.021156471222639084,
-0.021392464637756348,
0.007464081048965454,
0.005598914809525013,
0.016414804384112358,
-0.014532577246427536,
0.051938995718955994,
-0.013056686148047447,
-0.00004915333556709811,
0.005950560327619314,
-0.0006983641651459038,
0.01843894273042679,
-0.001063575386069715,
0.004388891626149416,
0.03080258145928383,
-0.001851164153777063,
-0.0404842272400856,
-0.03539454936981201,
0.02332916669547558,
-0.042920634150505066,
-0.016329582780599594,
-0.005543838255107403,
0.0007564499974250793,
-0.04708871617913246,
-0.08396302908658981,
-0.03345624729990959,
-0.0028406777419149876,
-0.024219131097197533,
-0.04395225644111633,
-0.04613015055656433,
-0.026470813900232315,
0.02470487169921398,
-0.00594013836234808,
-0.0025699338875710964,
-0.2593401372432709,
0.18445071578025818,
0.0038114767521619797,
-0.0066373771987855434,
0.03103569895029068,
-0.010026220232248306,
0.01468136440962553,
0.061898741871118546,
0.02083013206720352,
0.009453822858631611,
-0.015198282897472382,
0.045565005391836166,
-0.033732350915670395,
0.011931316927075386,
0.018576959148049355,
0.017989948391914368,
-0.020788704976439476,
-0.0010546182747930288,
0.014532569795846939,
-0.021883217617869377,
0.009351516142487526,
0.003443296067416668,
0.029520412907004356,
-0.001577854622155428,
-0.014495467767119408,
0.02925099804997444,
0.022733235731720924,
-0.0055855331011116505,
0.016531512141227722,
-0.009224165230989456,
0.029430557042360306,
-0.01231352612376213,
0.04713926836848259,
0.005914785899221897,
0.0024911328218877316,
0.05575476586818695,
-0.010527342557907104,
-0.04192158952355385,
0.015915533527731895,
-0.0093767661601305,
-0.01963401399552822,
-0.027266649529337883,
-0.015184874646365643,
-0.020695125684142113,
-0.009720590896904469,
0.011815092526376247,
0.017012007534503937,
-0.002990751527249813,
0.023957587778568268,
-0.014674370177090168,
-0.06658229976892471,
0.003383689559996128,
-0.010425849817693233,
-0.11678794771432877,
-0.020249802619218826,
0.17425397038459778,
0.015491347759962082,
0.01147922407835722,
0.015562144108116627,
-0.04506121948361397,
0.052970945835113525,
0.006424823775887489,
0.028910376131534576,
0.020422743633389473,
-0.004392667673528194,
-0.041633691638708115,
0.0018453937955200672,
-0.025134580209851265,
-0.12059029191732407,
-0.01136758178472519,
0.0017921645194292068,
-0.032909758388996124,
0.011529846116900444,
-0.01881658285856247,
0.10532765090465546,
0.01264434028416872,
0.001432015560567379,
-0.09235452115535736,
0.04440992698073387,
-0.030466314405202866,
0.0001663192524574697,
-0.03607114404439926,
-0.013771583326160908,
-0.045392606407403946,
0.040142789483070374,
-0.036130521446466446,
-0.014588228426873684,
0.033808838576078415,
0.0005670256214216352,
-0.0954030305147171,
0.014916242100298405,
0.01697845570743084,
-0.0017139753326773643,
-0.023015199229121208,
-0.015877187252044678,
-0.010893183760344982,
-0.054806966334581375,
-0.0004342898027971387,
0.04295305907726288,
-0.04457341134548187,
-0.025820432230830193,
0.005802900996059179,
0.020290352404117584,
0.0011132535291835666,
-0.007930783554911613,
0.031105613335967064,
-0.005077250301837921,
0.04640280082821846,
-0.003897302318364382,
-0.008345392532646656,
-0.003206686582416296,
-0.0008841194212436676,
0.037505168467760086,
-0.03320000693202019,
-0.006859023589640856,
-0.025653338059782982,
-0.009380299597978592,
-0.02408541366457939,
0.00557650625705719,
0.024608496576547623,
0.014913138933479786,
0.00824589841067791,
0.025592369958758354,
0.02428351528942585,
0.010386520996689796,
-0.010236221365630627,
0.03747929260134697,
-0.009958884678781033,
0.02301265485584736,
0.00157540466170758,
-0.025874480605125427,
-0.03835059702396393,
0.0048355599865317345,
-0.013621979393064976,
-0.011975106783211231,
-0.01237222459167242,
0.009325515478849411,
-0.01477778796106577,
0.029249047860503197,
0.020754657685756683,
0.004458229057490826,
0.02956746518611908,
-0.041770048439502716,
-0.049864351749420166,
0.029406635090708733,
-0.0505879744887352,
-0.008665615692734718,
0.015922537073493004,
0.016593681648373604,
-0.004197170492261648,
-0.0032191770151257515,
-0.040818508714437485,
0.041696783155202866,
0.018823102116584778,
-0.00948599074035883,
-0.008265632204711437,
0.0772910937666893,
0.05266668274998665,
0.0004930604482069612,
-0.02020959183573723,
0.0030914824455976486,
0.00347416615113616,
-0.0034259415697306395,
-0.012233497574925423,
-0.021749669685959816,
-0.002235849853605032,
-0.03495628386735916,
0.10130763053894043,
0.013642034493386745,
0.012952554039657116,
0.005664521362632513,
0.0007636371301487088,
-0.04270186275243759,
-0.015419511124491692,
0.025829384103417397,
0.005497760139405727,
0.015073519200086594,
0.015305526554584503,
0.0417514331638813,
0.04174638167023659,
-0.03619607537984848,
-0.05540928244590759,
0.03286188840866089,
-0.04618540406227112,
0.004949360620230436,
0.013408622704446316,
0.004144294187426567,
0.008237226866185665,
-0.06330808997154236,
-0.0025420202873647213,
0.08167197555303574,
0.020854977890849113,
-0.10457948595285416,
-0.06616583466529846,
0.020899495109915733,
-0.005541702266782522,
-0.013521483168005943,
-0.016467932611703873,
-0.017850369215011597,
-0.0022932353895157576,
-0.016079476103186607,
-0.0071923513896763325,
0.005570528097450733,
0.08635610342025757,
0.020013755187392235,
-0.021106572821736336,
0.01872592233121395,
0.023194467648863792,
-0.009668040089309216,
0.01031563337892294,
-0.020002825185656548,
-0.00606403686106205,
-0.0029203856829553843,
0.027085255831480026,
0.0009331002365797758,
-0.025552142411470413,
-0.027130194008350372,
-0.012885453179478645,
-0.01192958652973175,
-0.06554999947547913,
0.01953369937837124,
-0.0012154971482232213,
0.021523820236325264,
-0.00009018646960612386,
0.009395181201398373,
-0.043518777936697006,
-0.00703616114333272,
0.00006881905574118719,
0.03487643226981163,
0.007542732171714306,
0.037120770663022995,
-0.024355847388505936,
0.026190513744950294,
-0.0064120907336473465,
-0.007683675270527601,
-0.03760581463575363,
-0.04337508603930473,
-0.045317042618989944,
-0.011435034684836864,
-0.013719765469431877,
-0.044496823102235794,
-0.05522486940026283,
-0.009774461388587952,
-0.01635024882853031,
0.018368566408753395,
0.04127003625035286,
-0.033776771277189255,
0.016574839130043983,
0.03615451976656914,
0.002121156081557274,
-0.0071022468619048595,
-0.04674481227993965,
-0.02802940271794796,
0.09254420548677444,
0.017146054655313492,
-0.010674330405890942,
0.04201599210500717,
-0.0192413330078125,
-0.05757728964090347,
0.011608129367232323,
-0.0026499105151742697,
-0.043225839734077454,
-0.005938451737165451,
-0.021290762349963188,
-0.09330323338508606,
0.008130280300974846,
0.02666619047522545,
-0.02789946272969246,
0.051285576075315475,
-0.017274638637900352,
0.008701862767338753,
-0.02701694704592228
] |
our key growth objectives for our MCP Business are to deliver new motherboard products for the Intel CPU segment and maintain our leadership positions on AMD platforms. We believe that Intel-based consumers will demand NVIDIA-branded graphics and system performance.
Handheld GPU Business
In March 2006, NVIDIA and Intel announced a collaboration to bring a 3D gaming and multimedia platform to handheld devices. The collaboration combines the NVIDIA GoForce family of handheld GPUs with Intel processors to deliver a development platform to content developers.
Our GoForce handheld GPUs ship in the Motorola 3G RAZR V3X, SLVR L6i, SLVR L7i, MOTORAZR Maxx, and Sony Ericsson Walkman phones. Our newest handheld GPU, the NVIDIA GoForce 5500 GPU, has been designed into Digital Video Broadcast - Handheld, or DVB-H, phones in North America, Europe, and Integrated Services Digital Broadcasting - Terrestrial, or ISDB-T, in Japan.
In March 2006, we acquired Hybrid Graphics Ltd., or Hybrid Graphics, a developer of embedded 2D and 3D graphics software for handheld devices.
In June 2006, we launched our MobileMedia Platform for handheld devices running Windows Mobile 5.0. The MobileMedia Platform is a development kit, containing both software and hardware components, that enables handheld manufacturers to design and release digital media-rich devices with Windows Mobile 5.0.
In January 2007, we completed our acquisition of PortalPlayer, Inc., or PortalPlayer. Until recently, our Handheld GPU strategy has been to focus on establishing ourselves in the market as the leader of multimedia technology by leveraging our expertise in graphics, video, and image processing. With the acquisition of PortalPlayer’s expertise in building low power application processors for personal media players, or PMPs, we are now focused on delivering Systems-On-A-Chip, or SOCs, that combine our application processors and GPUs. We expect SOCs such as these to power next generation smart phone and PMP devices.
Consumer Electronics Business
We record license revenue from our initial agreement with SCE to jointly develop a custom GPU for SCE’s PlayStation 3 computer entertainment system, as well as from certain additional agreements with them. In addition, we record royalty revenue from SCE based on per unit sales of the PlayStation 3, which was launched by SCE in November 2006.
Gross Margin Improvement
We continue to remain focused on improving our gross margin. Beginning in fiscal 2005, we implemented profit improvement initiatives across our company which were designed to improve business and operational processes. During fiscal 2007, our gross margin was 42.4%, which represents an increase of over 410 basis points from our gross margin of 38.3% for fiscal 2006. Our gross margin was 38.3% for fiscal 2006, which represents an increase of 610 basis points from our gross margin of 32.2% for fiscal 2005. We will continue to focus on improving our gross margin during fiscal 2008.
Restatement
On November 29, 2006, we restated our previously-issued financial statements for fiscal years 2004 through 2006, and for the first quarter of fiscal 2007, together
| 2SELL
|
[
-0.0042502679862082005,
0.060854557901620865,
-0.007565376814454794,
-0.020158719271421432,
-0.11966404318809509,
-0.014981423504650593,
-0.0015169449616223574,
-0.012283874675631523,
-0.07233872264623642,
0.024973871186375618,
0.01475636288523674,
-0.022333424538373947,
0.019022544845938683,
-0.015091479755938053,
0.01937277801334858,
0.03650585189461708,
0.03529763221740723,
-0.023851655423641205,
-0.0384572297334671,
-0.010449565015733242,
0.020945025607943535,
0.01987399347126484,
-0.011413360014557838,
-0.01608704961836338,
0.002867992501705885,
0.023383812978863716,
-0.05987938866019249,
0.029612861573696136,
0.0665285512804985,
-0.05618036165833473,
0.019715260714292526,
0.012401808984577656,
0.03280004858970642,
-0.020188093185424805,
0.0557829923927784,
0.003965174313634634,
-0.047932930290699005,
0.015442142263054848,
0.04397088289260864,
0.010844324715435505,
-0.05402953177690506,
0.013963807374238968,
-0.0094198202714324,
-0.009480485692620277,
0.012738393619656563,
-0.016634194180369377,
0.025428038090467453,
0.04543342813849449,
0.019278207793831825,
-0.006182284560054541,
0.0006813292857259512,
-0.016065509989857674,
-0.009654170833528042,
-0.0411718487739563,
-0.03174934536218643,
-0.004342862404882908,
-0.013228406198322773,
-0.02852845937013626,
0.06753028929233551,
0.034196995198726654,
0.02964644320309162,
-0.018944233655929565,
0.020312869921326637,
0.016875555738806725,
0.0075155096128582954,
-0.007981916889548302,
-0.010138536803424358,
0.005084552802145481,
-0.04011994227766991,
-0.02387343905866146,
0.025459015741944313,
0.027731865644454956,
-0.017369061708450317,
-0.023675860837101936,
0.005238919984549284,
-0.032047003507614136,
0.03439580276608467,
-0.0012355413055047393,
0.0900580957531929,
-0.027231542393565178,
-0.011435138992965221,
-0.07251445204019547,
0.032782141119241714,
-0.06984162330627441,
0.02559772878885269,
0.004305396694689989,
-0.01063262578099966,
-0.06044599041342735,
-0.014648882672190666,
-0.004520175512880087,
0.006101411767303944,
0.0048576961271464825,
-0.028966112062335014,
-0.06479156762361526,
-0.03645887225866318,
-0.00572657585144043,
0.03085293248295784,
-0.16554652154445648,
0.0018717447528615594,
-0.026683934032917023,
0.0660000815987587,
0.014118451625108719,
0.04734290391206741,
-0.02432089112699032,
0.01821942999958992,
0.02090505324304104,
-0.04434928670525551,
0.032842837274074554,
0.005064719822257757,
-0.0028603277169167995,
-0.02008572779595852,
-0.06164564564824104,
0.014681469649076462,
-0.0001905216631712392,
-0.008756834082305431,
0.04506998136639595,
0.014325087890028954,
0.03211090713739395,
-0.011171487160027027,
-0.07040354609489441,
0.012748020701110363,
-0.0297671090811491,
-0.015964826568961143,
-0.007790648844093084,
-0.02873481623828411,
0.031155740842223167,
-0.03603880852460861,
0.0007838123710826039,
0.037426382303237915,
-0.005511686205863953,
-0.0025230301544070244,
-0.023454030975699425,
-0.018534939736127853,
0.024007365107536316,
-0.04569551348686218,
0.015613791532814503,
-0.011950753629207611,
-0.001778620295226574,
-0.05900714173913002,
0.007953347638249397,
-0.033437326550483704,
-0.028813576325774193,
-0.015327904373407364,
-0.009277413599193096,
-0.056973882019519806,
-0.006549871992319822,
-0.012794642709195614,
0.003528315806761384,
0.0532207265496254,
0.08860696107149124,
-0.009459497407078743,
-0.002270272932946682,
-0.023734617978334427,
-0.018436063081026077,
-0.03166903182864189,
-0.009682743810117245,
0.0446309894323349,
0.02246616967022419,
-0.060330580919981,
-0.00903555192053318,
-0.0027510751970112324,
-0.010540208779275417,
-0.005334456916898489,
-0.052750114351511,
-0.05313161388039589,
-0.03418046608567238,
0.01569293439388275,
-0.017887698486447334,
0.04352785646915436,
0.039388690143823624,
0.021425744518637657,
0.021648094058036804,
-0.0031579609494656324,
0.0025195127818733454,
0.015395203605294228,
-0.06656534224748611,
0.028207777068018913,
0.04246434569358826,
-0.002032454591244459,
0.02771446481347084,
0.027107352390885353,
0.0075185950845479965,
0.0455179437994957,
-0.09290413558483124,
-0.06475913524627686,
-0.02237638086080551,
0.013231717050075531,
0.04897855222225189,
-0.005998864769935608,
-0.020194442942738533,
0.046475257724523544,
-0.013638957403600216,
-0.008634932339191437,
0.003825422143563628,
-0.017846649512648582,
-0.012426003813743591,
-0.02290220931172371,
-0.002935453550890088,
0.006919809151440859,
-0.010680173523724079,
-0.10559024661779404,
0.0056162429973483086,
0.015114717185497284,
0.02360902540385723,
0.04973374679684639,
-0.013318483717739582,
-0.01595972292125225,
-0.0029058647342026234,
-0.004849948920309544,
0.005730624310672283,
-0.06384014338254929,
-0.027818631380796432,
0.014382731169462204,
-0.038580916821956635,
0.035782501101493835,
0.05084723234176636,
0.009140139445662498,
-0.11135674268007278,
-0.03705306351184845,
-0.049353521317243576,
0.011315010488033295,
-0.009070726111531258,
0.015047481283545494,
0.012470334768295288,
0.061520498245954514,
-0.007921582087874413,
0.048988260328769684,
-0.0006768385064788163,
-0.053352028131484985,
0.021064558997750282,
0.006067337933927774,
0.0694543868303299,
-0.030227964743971825,
0.03890496492385864,
0.01343264989554882,
0.00361249060370028,
0.002509240061044693,
0.0010302775772288442,
-0.03207343816757202,
0.07527215033769608,
0.11081687361001968,
-0.01192789152264595,
-0.012927482835948467,
-0.011653472669422626,
-0.028502782806754112,
0.05124841257929802,
0.027486998587846756,
0.038538169115781784,
-0.008404567837715149,
-0.005137408152222633,
-0.012814774177968502,
0.01027656625956297,
-0.021567540243268013,
0.003414285834878683,
-0.03820556402206421,
0.035720717161893845,
0.005087625700980425,
-0.008789082989096642,
0.018521316349506378,
-0.12287039309740067,
-0.01215109508484602,
-0.018179425969719887,
0.003616711124777794,
-0.015755191445350647,
0.010611976496875286,
0.00991581380367279,
0.027052735909819603,
-0.007418075576424599,
-0.010247237980365753,
0.010630369186401367,
-0.006643043365329504,
-0.00959804281592369,
0.04618149995803833,
-0.017181865870952606,
0.002165773883461952,
0.007987075485289097,
0.03709690645337105,
-0.0026261110324412584,
0.032282304018735886,
-0.03215722367167473,
-0.008195715956389904,
-0.010102453641593456,
-0.00042441784171387553,
-0.02954697422683239,
-0.02598627842962742,
-0.02238880656659603,
-0.026224687695503235,
0.00756958220154047,
0.08028224855661392,
-0.027711084112524986,
-0.027692226693034172,
0.009928584098815918,
0.002154025249183178,
-0.036807168275117874,
-0.03269045427441597,
0.06581684947013855,
-0.011391212232410908,
-0.04063102602958679,
-0.004825698211789131,
0.04670701175928116,
0.01650095358490944,
0.027629971504211426,
0.014236592687666416,
-0.02431543357670307,
-0.014363198541104794,
-0.008695472963154316,
-0.022036442533135414,
-0.02301941066980362,
0.12722153961658478,
-0.014889861457049847,
0.007550238631665707,
0.009900442324578762,
-0.014004413969814777,
-0.0049774921499192715,
-0.022891245782375336,
-0.03580601513385773,
-0.04571197181940079,
0.058707743883132935,
-0.032431576400995255,
-0.04560644552111626,
0.018917018547654152,
0.004313311073929071,
0.026564327999949455,
0.026747383177280426,
0.06747044622898102,
-0.0011963656870648265,
0.023087969049811363,
-0.024337947368621826,
0.028998548164963722,
-0.02561463601887226,
0.08235475420951843,
0.08502956479787827,
-0.03275804966688156,
0.046936050057411194,
-0.02140270359814167,
-0.007267220411449671,
0.02536703273653984,
-0.016400370746850967,
0.001084897667169571,
-0.005348458420485258,
-0.0061928993090987206,
-0.0002629468508530408,
0.015642646700143814,
-0.03242647647857666,
0.0043963720090687275,
0.09208253026008606,
-0.0012418667320162058,
-0.06889785826206207,
0.019270868971943855,
0.06101074442267418,
0.05786638334393501,
-0.014880956150591373,
-0.005586149636656046,
0.04343884438276291,
0.006148058455437422,
-0.046488210558891296,
0.03356850892305374,
0.009873231872916222,
-0.015061250887811184,
0.012821479700505733,
-0.01575743965804577,
-0.012236344628036022,
-0.006366269197314978,
0.004822980612516403,
0.04600583761930466,
-0.01087204460054636,
-0.04043176770210266,
0.01809767633676529,
0.011445197276771069,
-0.021385671570897102,
-0.01389432605355978,
0.014687838032841682,
0.015861207619309425,
0.08023108541965485,
-0.03312362730503082,
0.002116803778335452,
0.045767128467559814,
-0.02714564837515354,
0.01985134556889534,
0.029932929202914238,
-0.005134020932018757,
-0.002505612326785922,
-0.00799653772264719,
-0.016041224822402,
0.06648971885442734,
-0.0015173391439020634,
0.005414197221398354,
0.026281574741005898,
-0.010019363835453987,
0.019981171935796738,
-0.0051339976489543915,
0.03588762506842613,
0.03353733941912651,
0.0068517038598656654,
-0.022325905039906502,
-0.00176004518289119,
0.03172452002763748,
-0.029159653931856155,
-0.03385745361447334,
-0.009036926552653313,
-0.0007652531494386494,
-0.008078793995082378,
-0.017309458926320076,
0.014500811696052551,
0.05686808004975319,
0.0246360432356596,
-0.025850601494312286,
0.03373963013291359,
-0.010649779811501503,
0.046247705817222595,
-0.004556928761303425,
-0.13050594925880432,
-0.018760453909635544,
0.031833142042160034,
-0.06260938942432404,
0.03400438651442528,
-0.013706199824810028,
0.05061620473861694,
0.07967028766870499,
0.036925308406353,
-0.040926214307546616,
0.008417562581598759,
0.03730897605419159,
0.011718646623194218,
-0.13295294344425201,
0.001763831009157002,
-0.058364517986774445,
-0.03037390299141407,
0.044824451208114624,
0.013870070688426495,
-0.021931493654847145,
0.011589537374675274,
0.03764355555176735,
-0.02040027640759945,
-0.005582939833402634,
0.006348710972815752,
0.0017744911601766944,
-0.026948705315589905,
0.006139577832072973,
0.036130860447883606,
-0.03303728625178337,
0.034099169075489044,
0.005505850072950125,
-0.014489568769931793,
-0.009506513364613056,
0.022521138191223145,
0.05868518352508545,
-0.02018463984131813,
0.020822396501898766,
-0.05415479838848114,
-0.012044388800859451,
0.017741216346621513,
0.020494183525443077,
-0.013774077408015728,
0.002775289583951235,
-0.02397381141781807,
-0.012070568278431892,
0.007664530072361231,
-0.008030683733522892,
0.01013159565627575,
0.0015783450799062848,
0.00942185427993536,
0.023241011425852776,
-0.007618854288011789,
-0.004359487909823656,
0.015457716770470142,
0.014279765076935291,
0.004327571019530296,
0.04490329697728157,
-0.009954402223229408,
-0.002442754339426756,
0.004433540627360344,
0.007292903959751129,
-0.010368658229708672,
0.03885326161980629,
-0.018928542733192444,
0.04635215550661087,
-0.007877478376030922,
-0.011647128500044346,
-0.028778275474905968,
0.01662445068359375,
-0.022349050268530846,
-0.026271343231201172,
0.01993090659379959,
0.003479030914604664,
-0.07396817207336426,
-0.05275123938918114,
-0.009183414280414581,
-0.009597811847925186,
-0.008561667054891586,
-0.045907970517873764,
-0.028217729181051254,
-0.03617686405777931,
0.026304444298148155,
-0.003494561417028308,
-0.011286002583801746,
-0.1668313443660736,
0.049500539898872375,
-0.006894872058182955,
-0.0194309800863266,
0.034241557121276855,
-0.01971517875790596,
0.00973743386566639,
0.058630019426345825,
0.005553266499191523,
0.022855130955576897,
-0.013082393445074558,
0.027343183755874634,
-0.04946587234735489,
0.004762519150972366,
0.019599907100200653,
0.029792621731758118,
-0.018190141767263412,
-0.02908310852944851,
0.019512245431542397,
-0.05159993842244148,
0.03147567808628082,
0.008025884628295898,
0.03624429553747177,
0.010419873520731926,
0.004952023737132549,
0.02200738899409771,
0.025791142135858536,
0.008038497529923916,
0.04680483043193817,
-0.003177393227815628,
0.03300490230321884,
-0.022439701482653618,
0.0630793645977974,
-0.004673347342759371,
0.011516711674630642,
0.1674252599477768,
-0.00978637021034956,
-0.008296795189380646,
-0.001570161897689104,
-0.004667271394282579,
0.015311823226511478,
-0.00997775886207819,
-0.02475351095199585,
-0.0030674124136567116,
-0.024824870750308037,
0.021918198093771935,
0.015312078408896923,
-0.015469585545361042,
0.03053133189678192,
-0.009689375758171082,
-0.08690104633569717,
-0.00879217404872179,
-0.0013180209789425135,
-0.06682344526052475,
-0.016232315450906754,
0.12868542969226837,
0.04044235125184059,
-0.00007048104453133419,
0.0075808377005159855,
-0.03176363185048103,
0.015792472288012505,
0.011723706498742104,
0.007621736265718937,
0.02466227300465107,
0.0011144477175548673,
-0.046063877642154694,
0.007915242575109005,
-0.011018553748726845,
-0.05712377652525902,
0.015020057559013367,
0.0027694457676261663,
-0.036056481301784515,
0.015278167091310024,
-0.020081186667084694,
0.10445811599493027,
0.004379289224743843,
-0.010892915539443493,
-0.06823831051588058,
0.04041898623108864,
0.007418081164360046,
0.012333274818956852,
-0.012276425957679749,
-0.02643580362200737,
-0.04582386091351509,
0.0487343929708004,
0.0016095498576760292,
-0.015915635973215103,
0.0038583397399634123,
0.024686455726623535,
-0.10910407453775406,
0.049393005669116974,
0.0232084970921278,
-0.0019487786339595914,
-0.003951850347220898,
-0.017494041472673416,
0.0008670369279570878,
-0.007676955312490463,
0.0316363126039505,
0.03903118148446083,
-0.09813055396080017,
-0.024470586329698563,
0.019426362589001656,
0.0003452119999565184,
-0.026749523356556892,
0.0018960668239742517,
0.020076027140021324,
0.028990164399147034,
0.0263090617954731,
0.0090460404753685,
-0.02774996869266033,
0.02349027618765831,
-0.0027170302346348763,
0.030430220067501068,
-0.008050600998103619,
-0.008059666492044926,
-0.01935352198779583,
-0.01070645172148943,
-0.031060898676514626,
-0.014068354852497578,
0.011928144842386246,
0.013517800718545914,
-0.16447709500789642,
0.03235282376408577,
0.0395643413066864,
-0.010282998904585838,
-0.01339434552937746,
0.02156279981136322,
-0.02551894634962082,
-0.021177539601922035,
0.01978214457631111,
-0.02065420150756836,
-0.033016055822372437,
0.026190588250756264,
-0.009761597961187363,
-0.02193044126033783,
0.014834878966212273,
0.024005355313420296,
-0.025931309908628464,
-0.007138003595173359,
0.04050952196121216,
-0.021519096568226814,
0.03698033094406128,
-0.05655677244067192,
-0.12165486812591553,
0.008819477632641792,
-0.043124616146087646,
-0.0127782691270113,
0.016195274889469147,
0.026278510689735413,
0.00944251287728548,
-0.009361972101032734,
-0.05025453492999077,
0.033696722239255905,
0.052559543401002884,
0.026096491143107414,
-0.004963321145623922,
-0.003558524651452899,
0.04411911219358444,
-0.01691412180662155,
-0.022876422852277756,
0.012982982210814953,
-0.006625947076827288,
0.0015166949015110731,
-0.025237642228603363,
-0.03570574149489403,
0.027533965185284615,
-0.028699716553092003,
0.03686143457889557,
0.014385301619768143,
0.0072043645195662975,
0.03669531270861626,
-0.0029003985691815615,
-0.04004160687327385,
-0.008341355249285698,
0.02475825883448124,
0.008963305503129959,
-0.008320972323417664,
0.011875804513692856,
0.056007932871580124,
0.006767946761101484,
-0.020597416907548904,
0.03161820024251938,
0.01896204613149166,
-0.058354925364255905,
0.011001046746969223,
0.008741200901567936,
-0.025435423478484154,
0.006187359802424908,
-0.07227382808923721,
0.012891629710793495,
0.04912416264414787,
-0.1377796232700348,
-0.08526845276355743,
-0.08243126422166824,
0.007046389393508434,
0.006476553622633219,
-0.023339146748185158,
-0.0017401657532900572,
-0.009971831925213337,
-0.02703811600804329,
-0.00528925284743309,
-0.028164297342300415,
0.003396437270566821,
-0.05409005656838417,
0.020996348932385445,
-0.014811022207140923,
0.016782835125923157,
0.01815074495971203,
-0.0173436738550663,
0.019618315622210503,
0.0029280923772603273,
-0.018688203766942024,
-0.007012845948338509,
0.023916911333799362,
0.009829132817685604,
-0.009351976215839386,
-0.012088351882994175,
-0.026353491470217705,
0.007020448800176382,
-0.07484439015388489,
-0.0002675505820661783,
-0.006543353199958801,
0.008954870514571667,
0.00043193771853111684,
-0.011939676478505135,
-0.04325442388653755,
-0.033117543905973434,
-0.0068115489557385445,
0.1215430498123169,
-0.00466791819781065,
0.027589360252022743,
-0.014522156678140163,
-0.001162096275947988,
-0.022897666320204735,
0.00755667220801115,
-0.03754843398928642,
0.04803096875548363,
-0.008153216913342476,
-0.007510977331548929,
0.031605735421180725,
-0.03924042731523514,
-0.022931495681405067,
0.001989786745980382,
-0.009486979804933071,
0.057044949382543564,
0.05277995392680168,
-0.0013974686153233051,
0.02087889052927494,
0.06287862360477448,
0.004243442323058844,
-0.022675026208162308,
-0.04072092846035957,
-0.03755886107683182,
0.0515173077583313,
-0.08269292116165161,
-0.01449074037373066,
0.031608305871486664,
0.002672474132850766,
-0.05200784280896187,
0.007220507133752108,
0.009804208762943745,
-0.010193425230681896,
0.005420162808150053,
-0.03782021254301071,
-0.004504159092903137,
0.013828498311340809,
0.028549078851938248,
-0.02006962150335312,
0.022511117160320282,
-0.04479612410068512,
0.03949539735913277,
-0.0026578539982438087
] |
IPR&D, and the volume and geographic mix of product sales and restructuring charges in 2007 compared to 2006, partially offset by certain one-time tax benefits in 2006, all discussed below.
In the third quarter of 2006, we recorded a decrease to the 2005 estimated U.S. tax provision related to the repatriation of foreign earnings, due primarily to the receipt of information that raised our assessment of the likelihood of prevailing on the technical merits of a certain position, and we recognized a tax benefit of $124 million.
In the first quarter of 2006, we were notified by the Internal Revenue Service (IRS) Appeals Division that a resolution had been reached on the matter that we were in the process of appealing related to the tax deductibility of an acquisition-related breakup fee paid by the Warner-Lambert Company in 2000. As a result, in the first quarter of 2006, we recorded a tax benefit of approximately $441 million related to the resolution of this issue.
On January 23, 2006, the IRS issued final regulations on Statutory Mergers and Consolidations, which impacted certain prior-period transactions. In the first quarter of 2006, we recorded a tax benefit of $217 million, reflecting the total impact of these regulations.
Discontinued Operations—Net of Tax
For further discussion about our dispositions, see the “Our Strategic Initiatives—Strategy and Recent Transactions: Dispositions” section of this Financial Review. The following amounts, primarily related to our former Consumer Healthcare business, have been segregated from continuing operations and included in Discontinued operations—net of tax in the consolidated statements of income:
Adjusted income is an alternative view of performance used by management and we believe that investors’ understanding of our performance is enhanced by disclosing this performance measure. We report Adjusted income in order to portray the results of our major operations—the discovery, development, manufacture, marketing and sale of prescription medicines for humans and animals—prior to considering certain income statement elements. We have defined Adjusted income as Net income before the impact of purchase accounting for acquisitions, acquisition-related costs, discontinued operations and certain significant items. The Adjusted income measure is not, and should not be viewed as, a substitute for U.S. GAAP Net income.
The Adjusted income measure is an important internal measurement for Pfizer. We measure the performance of the overall Company on this basis, in conjunction with other performance metrics. The following are examples of how the Adjusted income measure is utilized.
• Senior management receives a monthly analysis of our operating results that is prepared on an Adjusted income basis;
• Our annual budgets are prepared on an Adjusted income basis; and
• Senior management’s annual compensation is derived, in part, using this Adjusted income measure. Adjusted income is one of the performance metrics utilized in the determination of bonuses under the Pfizer Inc Executive Annual Incentive Plan that is designed to limit the bonuses payable to the Executive Leadership Team
| 2SELL
|
[
-0.0022338915150612593,
0.05785083770751953,
-0.006004674360156059,
-0.026401648297905922,
-0.11238203942775726,
-0.017420852556824684,
-0.004450987558811903,
0.004387507680803537,
-0.06056957691907883,
0.03239739313721657,
0.006561757531017065,
-0.03871148079633713,
0.021313127130270004,
-0.02535363659262657,
0.011596158146858215,
0.041919201612472534,
0.06283459067344666,
-0.00523354671895504,
-0.03922481834888458,
0.00451161852106452,
0.013684835284948349,
0.01424888614565134,
0.013734335079789162,
-0.007890067994594574,
0.027644924819469452,
0.02002757601439953,
-0.0613802932202816,
0.01986248418688774,
0.061451904475688934,
-0.05511695146560669,
0.024897074326872826,
0.02828599140048027,
0.028860969468951225,
-0.023412445560097694,
0.045699797570705414,
0.005445075687021017,
-0.04497876763343811,
0.01812843047082424,
0.025291377678513527,
0.006564425770193338,
-0.0491633415222168,
-0.00801883079111576,
-0.004002726171165705,
-0.015363475307822227,
0.008904736489057541,
-0.009684360586106777,
0.030169477686285973,
0.03521803021430969,
0.013957513496279716,
-0.011367639526724815,
0.0012452267110347748,
-0.03451508656144142,
-0.014514860697090626,
-0.024240192025899887,
-0.026175208389759064,
-0.000815085950307548,
-0.01943531632423401,
-0.028901604935526848,
0.07335730642080307,
0.03380632773041725,
0.025665154680609703,
-0.035909801721572876,
0.012277205474674702,
0.029622329398989677,
0.009092590771615505,
-0.008827703073620796,
-0.008337712846696377,
-0.004444185644388199,
-0.03548915311694145,
-0.02159188687801361,
0.023104099556803703,
0.04433933645486832,
-0.018234100192785263,
-0.019369257614016533,
0.006463701371103525,
-0.048632990568876266,
0.03585274890065193,
-0.0015820233384147286,
0.08680504560470581,
-0.029857512563467026,
0.003982036840170622,
-0.08209282159805298,
0.06057664752006531,
-0.08417245745658875,
0.009321318939328194,
-0.025329507887363434,
-0.018889183178544044,
-0.0446939580142498,
-0.022720642387866974,
-0.002358535537496209,
0.0029159230180084705,
0.0024497474078089,
-0.018272090703248978,
-0.03231639042496681,
-0.02017257921397686,
0.006601018365472555,
0.032647524029016495,
-0.15649749338626862,
0.0014988690381869674,
0.00275427452288568,
0.06369966268539429,
0.014616531319916248,
0.03649725019931793,
-0.02738993801176548,
0.016999924555420876,
0.010020604357123375,
-0.02744024246931076,
0.03776240721344948,
0.000534534570761025,
0.018375540152192116,
-0.011120729148387909,
-0.05425198748707771,
0.031140459701418877,
-0.002901604399085045,
-0.008798494003713131,
0.05170635133981705,
0.009876405820250511,
0.04007679969072342,
0.004754894878715277,
-0.06484377384185791,
0.011733165010809898,
-0.03080715425312519,
-0.03445080295205116,
-0.002011907985433936,
-0.030806414783000946,
0.04126619175076485,
-0.029698854312300682,
-0.00838956143707037,
0.04040953516960144,
-0.007366630248725414,
-0.005967901553958654,
-0.0064890566281974316,
-0.009685654193162918,
0.03039427101612091,
-0.04658765345811844,
0.011683172546327114,
-0.02075163647532463,
0.004623401910066605,
-0.041421886533498764,
0.008759520947933197,
-0.03340582177042961,
-0.02215641923248768,
-0.005600184667855501,
-0.01048209797590971,
-0.037281617522239685,
-0.005781576503068209,
-0.012796667404472828,
0.002063218504190445,
0.04031059145927429,
0.0744326189160347,
-0.013558872975409031,
-0.006003023125231266,
-0.03261464834213257,
-0.01691865362226963,
-0.01908566989004612,
-0.012735316529870033,
0.05542311072349548,
0.003917826805263758,
-0.0644364133477211,
-0.0031398667488247156,
-0.005369208287447691,
-0.01079576089978218,
-0.007920106872916222,
-0.06158687546849251,
-0.05773844197392464,
-0.032328926026821136,
0.012256624177098274,
-0.018047962337732315,
0.044209353625774384,
0.045760322362184525,
0.02859131060540676,
0.024601778015494347,
-0.00042088175541721284,
0.0006632341537624598,
0.03697887808084488,
-0.06775999814271927,
0.02846459485590458,
0.05080456659197807,
-0.01653672568500042,
0.014601200819015503,
0.028186729177832603,
0.007489045616239309,
0.06012318655848503,
-0.10489227622747421,
-0.06683318316936493,
-0.026963353157043457,
0.010101580061018467,
0.036888379603624344,
-0.00411138916388154,
-0.019898246973752975,
0.04688640311360359,
-0.013425727374851704,
0.0018816004740074277,
-0.00004038710903842002,
-0.0019180813105776906,
-0.012654786929488182,
-0.011006385087966919,
0.005907097365707159,
-0.006112291943281889,
-0.00885593332350254,
-0.10305691510438919,
0.01488023716956377,
-0.007388749159872532,
0.022854246199131012,
0.0402335450053215,
-0.01781275123357773,
-0.01852433755993843,
0.002573855221271515,
-0.0016969925491139293,
-0.013415886089205742,
-0.057720910757780075,
-0.01372204627841711,
0.010131705552339554,
-0.027911758050322533,
-0.0031553085427731276,
0.046740517020225525,
-0.0022798292338848114,
-0.09039502590894699,
-0.012928230687975883,
-0.037613704800605774,
0.005273805465549231,
-0.01603216677904129,
0.027116501703858376,
-0.0016231815097853541,
0.057903118431568146,
-0.011585335247218609,
0.0336708165705204,
-0.00905568990856409,
-0.0463092178106308,
0.020113438367843628,
0.008854132145643234,
0.06361495703458786,
-0.046391233801841736,
0.02667243592441082,
0.009818256832659245,
-0.0018626009114086628,
0.004609762225300074,
-0.00023795143351890147,
-0.0289780143648386,
0.0688767060637474,
0.08612922579050064,
-0.010487773455679417,
-0.013720961287617683,
-0.008914020843803883,
-0.03713929280638695,
0.05094218999147415,
0.0324084497988224,
0.03708649054169655,
-0.014323340728878975,
-0.013330725952982903,
-0.011530298739671707,
0.037350401282310486,
-0.04704449325799942,
0.0030666394159197807,
-0.04644618555903435,
0.01775822974741459,
0.020782120525836945,
-0.01183424424380064,
0.007060330361127853,
-0.13842222094535828,
-0.013856790028512478,
-0.03205891698598862,
0.010753720067441463,
-0.02829001285135746,
0.013246998190879822,
0.016735075041651726,
0.02177295833826065,
-0.004065134562551975,
-0.010568677447736263,
0.0036303678061813116,
-0.009698444046080112,
-0.013282930478453636,
0.0341082327067852,
-0.013734910637140274,
-0.0018170292023569345,
0.007970483042299747,
0.029763827100396156,
-0.013362673111259937,
0.017638979479670525,
-0.030933761969208717,
-0.0014575126115232706,
0.0005776708130724728,
-0.0009038574062287807,
-0.02612921968102455,
-0.0214628167450428,
-0.006115429103374481,
-0.029670167714357376,
-0.005205875728279352,
0.08536707609891891,
-0.03501295670866966,
-0.014813832007348537,
0.01302504912018776,
0.011011387221515179,
-0.04127466678619385,
-0.025164391845464706,
0.06314625591039658,
-0.01031971164047718,
-0.05648280680179596,
-0.004804076161235571,
0.05575302615761757,
0.025360751897096634,
0.0383087582886219,
0.022915443405508995,
-0.03152620047330856,
-0.012279991060495377,
-0.012087640352547169,
-0.01794210635125637,
-0.020011037588119507,
0.12456163018941879,
-0.019386064261198044,
0.015240699984133244,
0.015186515636742115,
-0.01088246051222086,
-0.004834477324038744,
-0.01591915264725685,
-0.04339251294732094,
-0.03560900688171387,
0.036971043795347214,
-0.01868441328406334,
-0.03004690445959568,
0.019833635538816452,
0.005197247490286827,
0.021590812131762505,
0.021703245118260384,
0.045240890234708786,
-0.003255857154726982,
0.05294737592339516,
-0.03751017153263092,
0.041374221444129944,
-0.0176780316978693,
0.03238388150930405,
0.08098071813583374,
-0.03252245858311653,
0.03205768018960953,
-0.028137333691120148,
0.01926303096115589,
0.018859336152672768,
-0.02627500891685486,
0.004897908307611942,
-0.0012421049177646637,
0.0009493366815149784,
-0.005201284307986498,
0.034957583993673325,
-0.027133118361234665,
0.00008884556154953316,
0.10176771134138107,
0.007509530056267977,
-0.04756513983011246,
0.020230310037732124,
0.08264152705669403,
0.04944625496864319,
-0.024922244250774384,
0.013591771014034748,
0.04982876032590866,
0.009974007494747639,
-0.037592723965644836,
0.04151937738060951,
0.006374134216457605,
-0.016114234924316406,
0.0043404120951890945,
-0.016442690044641495,
-0.02260598912835121,
-0.003810372669249773,
-0.004986433777958155,
0.04317333549261093,
-0.004908944945782423,
-0.040665119886398315,
0.009162633679807186,
0.01672236993908882,
-0.02720257081091404,
-0.014300660230219364,
0.011357241310179234,
0.015437214635312557,
0.05491769313812256,
-0.04041805863380432,
0.015483305789530277,
0.02591569535434246,
-0.03106595017015934,
-0.0053151980973780155,
0.03440546989440918,
0.003125293180346489,
-0.005502915941178799,
-0.005633306223899126,
-0.009201444685459137,
0.0689902976155281,
-0.019388996064662933,
-0.00042005538125522435,
0.007683104369789362,
0.0012971439864486456,
0.009622029960155487,
-0.014823559671640396,
0.03744370490312576,
0.04333652928471565,
0.012487120926380157,
-0.0193046722561121,
0.0019505310337990522,
0.03909187763929367,
-0.010821347124874592,
-0.013344934210181236,
-0.024741485714912415,
-0.003677204018458724,
-0.01340781431645155,
-0.0048068552277982235,
0.028021827340126038,
0.0524575300514698,
0.0009210337302647531,
-0.016315991058945656,
0.03375708684325218,
0.002943597733974457,
0.04762149602174759,
-0.006118181627243757,
-0.12320701032876968,
-0.014988601207733154,
0.015467410907149315,
-0.06094708666205406,
0.03638628125190735,
-0.010226510465145111,
0.030747154727578163,
0.06284726411104202,
0.03849048167467117,
-0.051210977137088776,
0.009214437566697598,
0.03162206709384918,
0.00991843268275261,
-0.1367187350988388,
0.010522627271711826,
-0.05804520100355148,
-0.031003694981336594,
0.02109191194176674,
0.018415367230772972,
-0.0076938471756875515,
0.011041522957384586,
0.02685077302157879,
-0.005099104251712561,
-0.0012496496783569455,
0.00968872755765915,
-0.007795277051627636,
-0.032502997666597366,
-0.007032210472971201,
0.03260611370205879,
-0.03365405276417732,
0.039484601467847824,
0.0031632694881409407,
-0.011789899319410324,
-0.017598040401935577,
0.005380420014262199,
0.04749845713376999,
-0.013574599288403988,
0.02567111887037754,
-0.05988672375679016,
-0.004746712278574705,
0.020711766555905342,
0.01861070841550827,
0.0058285691775381565,
0.010881409980356693,
-0.005471749696880579,
-0.010461530648171902,
0.01036537904292345,
-0.019682111218571663,
0.008648096583783627,
0.001617927453480661,
0.0054291472770273685,
0.025984764099121094,
-0.000717372982762754,
0.0001654617371968925,
0.019215216860175133,
0.015535752288997173,
-0.0001267450425075367,
0.053303834050893784,
-0.00730360159650445,
0.008193710818886757,
0.00469340430572629,
0.0021401429548859596,
0.005103388801217079,
0.03244554623961449,
-0.019777685403823853,
0.04586445912718773,
-0.007766711991280317,
-0.010357221588492393,
-0.025963861495256424,
0.019218483939766884,
-0.015913985669612885,
-0.022134168073534966,
0.01965763233602047,
0.006141790188848972,
-0.09082388132810593,
-0.030806951224803925,
-0.010275028645992279,
-0.00785802397876978,
0.0027488055638968945,
-0.05187645182013512,
-0.03676420450210571,
-0.032335106283426285,
0.035621803253889084,
-0.0032922017853707075,
-0.008490110747516155,
-0.141891211271286,
0.017163746058940887,
-0.01541772298514843,
-0.01214807853102684,
0.03203929588198662,
-0.016483722254633904,
0.01768806017935276,
0.03770270198583603,
0.0037238048389554024,
0.028766058385372162,
-0.0036040195263922215,
0.02660517767071724,
-0.04765884578227997,
0.00240527605637908,
0.030220897868275642,
0.038876522332429886,
-0.01696210727095604,
-0.03935927897691727,
0.024000750854611397,
-0.07374763488769531,
0.045059703290462494,
-0.001540165743790567,
0.03046180121600628,
0.0026427987031638622,
-0.0010194162605330348,
0.023454658687114716,
0.023576758801937103,
-0.0039953491650521755,
0.05088277906179428,
-0.0055513400584459305,
0.03552373871207237,
-0.0031181322410702705,
0.05323275923728943,
-0.007202358916401863,
0.012168590910732746,
0.1871645450592041,
-0.0034397963900119066,
-0.009922337718307972,
0.0037698366213589907,
-0.006380155216902494,
-0.0017186349723488092,
-0.01030351035296917,
-0.016518408432602882,
-0.017546575516462326,
-0.012189061380922794,
0.026548029854893684,
0.0184632521122694,
-0.01714586466550827,
0.020856671035289764,
-0.015336149372160435,
-0.07394719123840332,
-0.005213819444179535,
0.0054702553898096085,
-0.06630808115005493,
-0.010750336572527885,
0.09084288775920868,
0.04772450402379036,
-0.0011537013342604041,
0.012243456207215786,
-0.027138814330101013,
0.016620945185422897,
0.0005057062953710556,
0.008171536028385162,
0.01260038185864687,
0.000385033868951723,
-0.04354479908943176,
0.00401831092312932,
-0.010821455158293247,
-0.050455834716558456,
0.0036273219157010317,
0.0008358873892575502,
-0.029778705909848213,
0.023928655311465263,
-0.01248068269342184,
0.06965453177690506,
0.011322763748466969,
-0.01568242721259594,
-0.05493203178048134,
0.034661125391721725,
0.012870311737060547,
0.002019244711846113,
-0.01658501662313938,
-0.013142496347427368,
-0.0462375208735466,
0.05941591411828995,
0.021655172109603882,
-0.0188655536621809,
-0.0009375705267302692,
0.027382507920265198,
-0.12171982228755951,
0.03895490616559982,
0.032102786004543304,
-0.002055283635854721,
0.010665939189493656,
-0.022814609110355377,
-0.0012160001788288355,
-0.002864491892978549,
0.029909998178482056,
0.049040786921978,
-0.13363277912139893,
-0.023042703047394753,
0.016918757930397987,
-0.0012530643725767732,
-0.012128167785704136,
0.01731235161423683,
0.001132254721596837,
0.026665352284908295,
0.02863878570497036,
0.028286341577768326,
-0.01776120997965336,
0.023140739649534225,
0.00014512919005937874,
0.03782833367586136,
-0.010604474693536758,
-0.019609736278653145,
-0.01703733019530773,
-0.00685901939868927,
-0.03329376503825188,
-0.004448464140295982,
0.026426026597619057,
0.017243964597582817,
-0.2053273320198059,
0.024103332310914993,
0.03977879881858826,
-0.0076082064770162106,
-0.01583097316324711,
0.017236407846212387,
-0.012333949096500874,
-0.049628015607595444,
0.011895406059920788,
-0.013277456164360046,
-0.04009891673922539,
0.022416887804865837,
-0.0037136818282306194,
-0.024448486045002937,
0.016968436539173126,
0.01770893856883049,
-0.021240457892417908,
0.0018618471221998334,
0.04527709260582924,
-0.025282319635152817,
0.032093387097120285,
-0.04785599932074547,
-0.13495242595672607,
0.00018836508388631046,
-0.0555250458419323,
-0.012223020195960999,
0.015798216685652733,
0.03204984962940216,
0.0068312957882881165,
-0.012197041884064674,
-0.03666999936103821,
0.026682725176215172,
0.06665138155221939,
0.035176318138837814,
-0.013672510161995888,
-0.003602024167776108,
0.05166204273700714,
-0.02161278761923313,
-0.018243994563817978,
0.0033569533843547106,
-0.015430347993969917,
-0.0033112582750618458,
-0.034810058772563934,
-0.02482764981687069,
0.029804790392518044,
-0.04584866389632225,
-0.005058701615780592,
0.004582950379699469,
0.007628032471984625,
0.04146803915500641,
0.014946161769330502,
-0.042735662311315536,
-0.010615162551403046,
0.018920334056019783,
0.010162913240492344,
-0.012397527694702148,
0.028521036729216576,
0.06907599419355392,
0.009852593764662743,
-0.03674904257059097,
0.03935420885682106,
0.03294694796204567,
-0.05765555053949356,
0.007893215864896774,
0.001666021766141057,
-0.024354610592126846,
0.009898442775011063,
-0.05471384897828102,
0.02128922939300537,
0.030362453311681747,
-0.16672317683696747,
-0.07528790086507797,
-0.05445971339941025,
0.0213797464966774,
0.007529201451689005,
-0.014864219352602959,
0.0035614806693047285,
-0.026220742613077164,
-0.003143162466585636,
-0.0021781160030514,
-0.025592776015400887,
0.005825808271765709,
-0.11228008568286896,
0.028918545693159103,
-0.015675624832510948,
0.005960647948086262,
0.018600616604089737,
-0.02211907133460045,
0.017753109335899353,
-0.0055778841488063335,
-0.022822264581918716,
-0.006792058236896992,
0.02262362465262413,
0.011650582775473595,
-0.0018009456107392907,
-0.0023240670561790466,
-0.021813321858644485,
0.00172518752515316,
-0.0616879016160965,
0.004798481240868568,
0.0019347153138369322,
0.00795786827802658,
-0.0005290326662361622,
-0.016868997365236282,
-0.03870052471756935,
-0.029452860355377197,
-0.008092496544122696,
0.11920201778411865,
0.0004663438885472715,
0.02331838384270668,
-0.020069457590579987,
0.00214807759039104,
-0.005925724282860756,
-0.0025677781086415052,
-0.036554787307977676,
0.08938852697610855,
-0.02434936910867691,
-0.009792654775083065,
0.006804761942476034,
-0.04563870653510094,
-0.010188189335167408,
-0.004234203603118658,
0.006509754341095686,
0.06159549579024315,
0.02432302199304104,
0.00336364540271461,
0.017593864351511,
0.05161069333553314,
-0.012941369786858559,
-0.014451869763433933,
-0.035225849598646164,
-0.03741341084241867,
0.05220892280340195,
-0.10094071924686432,
-0.024743225425481796,
0.02174060046672821,
0.0069099608808755875,
-0.02330789715051651,
0.01040093693882227,
-0.008848125115036964,
-0.004196577705442905,
0.010321658104658127,
-0.046179451048374176,
0.02138041891157627,
0.0007527099223807454,
0.02967977151274681,
-0.021824656054377556,
0.05487560108304024,
-0.054510705173015594,
0.04126640409231186,
0.006390908267349005
] |
30 net new stores, as well as online sales growth. The increase in DTC revenues more than offset a 4% decrease in sales in our wholesale business as we continued to manage the amount of product sold into the market and worked with our wholesale partners to optimize product mix for the consumer. On a category basis, higher revenues in our Basketball, Sportswear, and Running categories more than offset declines in Men’s Training, Action Sports, and Women’s Training.
Constant currency footwear revenue growth for Greater China in fiscal 2014 was driven by increased sales in our Basketball and Sportswear categories, partially offset by declines in our Men’s Training, Running, and Action Sports categories. Unit sales for fiscal 2014 were flat compared to the prior year while average selling price per pair increased 5%, driven by favorable revenue mix resulting from a higher percentage of sales from our higher price DTC business, as well as a shift in mix to higher priced product.
Constant currency apparel revenue growth for fiscal 2014 was driven by increases in the Running, Sportswear, and Basketball categories, partially offset by decreases in Men’s Training and Women’s Training. Apparel unit sales in fiscal 2014 were 1% higher while average selling price per unit was flat.
Fiscal 2014 reported EBIT for Greater China was flat compared to the prior year as reported revenue and gross margin increases were offset by higher selling and administrative expense as a percentage of sales. Gross margin increased 150 basis points as higher average selling prices, growth in our higher margin DTC business, and improved margins on closeout sales more than offset higher product input costs and unfavorable product mix. Selling and administrative expense increased due to higher operating overhead costs driven by increased investments to support DTC growth and our new Greater China headquarters in Shanghai, as well as higher demand creation spending.
Fiscal 2013 Compared to Fiscal 2012
On a currency neutral basis, Greater China revenues decreased in fiscal 2013, driven by lower futures orders as well as increased discounts, product returns and proactive cancellation of orders to manage inventory levels at retail. These downsides were partially offset by 33% growth in our DTC business driven by comparable store sales growth of 13% and the addition of 29 net new stores. Fiscal 2013 revenues for most key categories were lower than in fiscal 2012.
For fiscal 2013, constant currency footwear revenues for Greater China declined, driven by lower sales across most key categories, most notably Sportswear, Men’s Training, and Women’s Training; and increased reserves for product discounts and returns. Unit sales decreased 1%, while average selling price per pair decreased 2%, reflecting a higher mix of closeout sales and higher discounts.
The decrease in constant currency apparel revenues for fiscal 2013 was driven by lower revenues in Sportswear, Men’s Training, and Women’s Training, partially offset by higher revenues in Basketball. Apparel unit sales in fiscal 2013 were 3% lower than the prior year while average selling price per unit was down 5%,
| 2SELL
|
[
-0.001800447585992515,
0.050419047474861145,
-0.004793684929609299,
-0.027027100324630737,
-0.11887593567371368,
-0.010652448050677776,
-0.0034840696025639772,
0.0022755730897188187,
-0.07193247973918915,
0.029606299474835396,
0.008459971286356449,
-0.03495943918824196,
0.02010432817041874,
-0.025223324075341225,
0.01252568606287241,
0.04245634004473686,
0.047472912818193436,
-0.002907297108322382,
-0.036133989691734314,
-0.007879314944148064,
0.013076460920274258,
0.01880028285086155,
0.008374853990972042,
-0.007742594927549362,
0.01873229816555977,
0.024594437330961227,
-0.06246811896562576,
0.020202478393912315,
0.06628815829753876,
-0.043372489511966705,
0.027122849598526955,
0.027824845165014267,
0.03300875052809715,
-0.01939435303211212,
0.0492715947329998,
0.004896195139735937,
-0.04181883484125137,
0.018422994762659073,
0.030117467045783997,
0.010930685326457024,
-0.04297276958823204,
0.010336492210626602,
-0.020540114492177963,
-0.006470967549830675,
0.01016874797642231,
-0.011326305568218231,
0.03864423185586929,
0.03800596669316292,
0.013904538936913013,
-0.01338022481650114,
0.002693746704608202,
-0.03289742395281792,
-0.018569570034742355,
-0.028821010142564774,
-0.028366340324282646,
-0.0033061110880225897,
-0.013588751666247845,
-0.0413881279528141,
0.07560749351978302,
0.029667124152183533,
0.025196576490998268,
-0.034004393965005875,
0.0031419736333191395,
0.040519580245018005,
0.008043460547924042,
-0.014144291169941425,
-0.0037140853237360716,
0.009762836620211601,
-0.03225685656070709,
-0.01744900830090046,
0.02460366301238537,
0.033013444393873215,
-0.01999782957136631,
-0.026396915316581726,
0.005343182943761349,
-0.043067097663879395,
0.030736424028873444,
0.0053806789219379425,
0.07644256204366684,
-0.0329437218606472,
0.0012489923974499106,
-0.08072486519813538,
0.050390586256980896,
-0.08970346301794052,
0.01651735045015812,
-0.021108148619532585,
-0.01927112229168415,
-0.05144241824746132,
-0.015135626308619976,
0.0021538857836276293,
0.003346421755850315,
0.008881310932338238,
-0.0195167176425457,
-0.044887639582157135,
-0.02452477626502514,
0.009424582123756409,
0.036599285900592804,
-0.15517018735408783,
0.0007844585925340652,
-0.004543733317404985,
0.05079466104507446,
0.012605116702616215,
0.05392977222800255,
-0.02327384427189827,
0.01933394931256771,
0.013321942649781704,
-0.02967747487127781,
0.038484737277030945,
-0.001141439308412373,
0.014338449575006962,
-0.021763738244771957,
-0.052789680659770966,
0.02765492908656597,
-0.00581344123929739,
-0.004567884374409914,
0.05510722100734711,
0.0049317036755383015,
0.03963560238480568,
0.002949794754385948,
-0.05860314890742302,
0.012657859362661839,
-0.026618139818310738,
-0.03404456749558449,
-0.007192674092948437,
-0.04380865395069122,
0.019039273262023926,
-0.033016204833984375,
-0.011441566981375217,
0.040976062417030334,
-0.012913565151393414,
-0.005236554890871048,
-0.00230140658095479,
-0.012773862108588219,
0.0379963181912899,
-0.04695668816566467,
0.012158735655248165,
-0.012749209068715572,
0.00024185149231925607,
-0.04669848829507828,
0.0049202777445316315,
-0.03567560389637947,
-0.031822893768548965,
-0.010637432336807251,
-0.013007375411689281,
-0.05589504539966583,
-0.005005823913961649,
-0.01480666920542717,
0.006779628340154886,
0.03427805006504059,
0.0662417784333229,
-0.02023717388510704,
-0.002696989569813013,
-0.03755754232406616,
-0.012261323630809784,
-0.024613119661808014,
-0.015314387157559395,
0.04546568542718887,
0.008061712607741356,
-0.06980421394109726,
-0.004360424354672432,
-0.005201359279453754,
-0.006535422522574663,
-0.003457513637840748,
-0.06000712513923645,
-0.057456791400909424,
-0.028051307424902916,
0.01743292063474655,
-0.017512327060103416,
0.04454321041703224,
0.0506187342107296,
0.020181110128760338,
0.025124482810497284,
0.0001515898620709777,
-0.00206018821336329,
0.03555487468838692,
-0.06306824088096619,
0.02067532204091549,
0.04732504114508629,
-0.01137454528361559,
0.01459614560008049,
0.02464197389781475,
0.007251090370118618,
0.05673668161034584,
-0.09998314827680588,
-0.06691210716962814,
-0.01316901482641697,
0.018317343667149544,
0.05081774294376373,
-0.0033767474815249443,
-0.019506162032485008,
0.05071530118584633,
-0.01708787865936756,
-0.004134594462811947,
0.005932984873652458,
-0.003016913076862693,
-0.007421978749334812,
-0.015213490463793278,
0.005133331287652254,
-0.003069050842896104,
-0.008146385662257671,
-0.11328694224357605,
0.016692794859409332,
-0.006890648510307074,
0.018463147804141045,
0.03859664127230644,
-0.01475878432393074,
-0.013131000101566315,
0.000891129719093442,
-0.002573783276602626,
-0.012438477948307991,
-0.06612913310527802,
-0.0012979237362742424,
0.00897092092782259,
-0.029473181813955307,
-0.0006354732322506607,
0.05222700536251068,
0.00016265515296254307,
-0.08855340629816055,
-0.009234053082764149,
-0.04576332867145538,
0.007006087340414524,
-0.007887832820415497,
0.01759175769984722,
0.005316875874996185,
0.07274502515792847,
-0.005720891989767551,
0.03370296210050583,
-0.006169890984892845,
-0.042094290256500244,
0.029042018577456474,
0.009223590604960918,
0.06647220999002457,
-0.04660721868276596,
0.028649084270000458,
0.010016468353569508,
-0.0021620190236717463,
0.0018146579386666417,
0.0005637394497171044,
-0.029762614518404007,
0.06558128446340561,
0.0935787782073021,
-0.010298999957740307,
-0.010618890635669231,
-0.009972072206437588,
-0.03479304909706116,
0.05222679674625397,
0.03097737953066826,
0.027981579303741455,
-0.008838063105940819,
-0.012768810614943504,
-0.014258544892072678,
0.03353697806596756,
-0.036744438111782074,
0.0026943793054670095,
-0.04979034513235092,
0.024495577439665794,
0.016397835686802864,
-0.01532177533954382,
0.01416573766618967,
-0.13416343927383423,
-0.005338409449905157,
-0.027398625388741493,
0.004836186766624451,
-0.029849573969841003,
0.01057729497551918,
0.011082915589213371,
0.02105036750435829,
-0.009294559247791767,
-0.0075183166190981865,
0.004576466977596283,
-0.005161112640053034,
-0.008470265194773674,
0.038041479885578156,
-0.014090881682932377,
-0.010424547828733921,
0.0029946763534098864,
0.032078344374895096,
-0.011373125948011875,
0.02770807594060898,
-0.03288962319493294,
-0.006029077805578709,
0.003542389487847686,
0.006870720535516739,
-0.023516181856393814,
-0.02006061188876629,
-0.014782929793000221,
-0.0321301706135273,
-0.011243668384850025,
0.08316211402416229,
-0.03166097775101662,
-0.019731484353542328,
0.004369891248643398,
0.011486023664474487,
-0.039545170962810516,
-0.023925121873617172,
0.06366974115371704,
-0.008189748041331768,
-0.04199393093585968,
-0.0013222291599959135,
0.05873710289597511,
0.02577025257050991,
0.033522140234708786,
0.012670266442000866,
-0.026532089337706566,
-0.013403377495706081,
-0.011643754318356514,
-0.028156481683254242,
-0.019505813717842102,
0.12565487623214722,
-0.01175317820161581,
0.014130732044577599,
0.018867963925004005,
-0.0033133092802017927,
-0.0029845614917576313,
-0.016213513910770416,
-0.03701293095946312,
-0.036208413541316986,
0.04218541830778122,
-0.02022271603345871,
-0.03621959686279297,
0.020092841237783432,
0.007150684949010611,
0.021906699985265732,
0.026150377467274666,
0.04970986023545265,
0.00033856628579087555,
0.040536846965551376,
-0.04697820171713829,
0.04325128719210625,
-0.014647488482296467,
0.03371415287256241,
0.07843754440546036,
-0.03406449407339096,
0.047132235020399094,
-0.030114833265542984,
0.025798028334975243,
0.018207473680377007,
-0.02168719843029976,
0.003588633146136999,
0.00038372486596927047,
-0.009779411368072033,
-0.012148240581154823,
0.04117921367287636,
-0.02480444870889187,
0.0041348799131810665,
0.10933376848697662,
0.013101181946694851,
-0.055573657155036926,
0.02016092836856842,
0.08067925274372101,
0.0494721420109272,
-0.02364189550280571,
0.009062531404197216,
0.05534174665808678,
0.012242643162608147,
-0.031522344797849655,
0.03865103796124458,
0.01438231859356165,
-0.013689485378563404,
0.011479978449642658,
-0.016292527318000793,
-0.023676594719290733,
-0.0037716394290328026,
0.006982953753322363,
0.04057207703590393,
0.0030509596690535545,
-0.035428572446107864,
0.006502073723822832,
0.010099370032548904,
-0.021199960261583328,
-0.01654280163347721,
0.008417452685534954,
0.014887024648487568,
0.0578005425632,
-0.04195430129766464,
0.008359708823263645,
0.014816157519817352,
-0.029989438131451607,
-0.006976326461881399,
0.03543351963162422,
0.001836769049987197,
-0.00017253965779673308,
-0.011249200440943241,
-0.01216040551662445,
0.06474454700946808,
-0.019358713179826736,
-0.0031849800143390894,
0.006799932569265366,
-0.0030181475449353456,
0.009430943988263607,
0.0034492609556764364,
0.03762456774711609,
0.05223158001899719,
0.013903269544243813,
-0.023695986717939377,
0.0023664869368076324,
0.032126329839229584,
-0.01650509238243103,
-0.029650265350937843,
-0.028867207467556,
-0.002886255504563451,
-0.015932274982333183,
-0.007718680892139673,
0.017314206808805466,
0.05185461416840553,
0.0086036566644907,
-0.02103225328028202,
0.03973682224750519,
-0.007843759842216969,
0.050941891968250275,
-0.005547074135392904,
-0.11798147112131119,
-0.018617885187268257,
0.032346464693546295,
-0.05526692792773247,
0.027379628270864487,
-0.014184894971549511,
0.03077424317598343,
0.05807889625430107,
0.04681769013404846,
-0.048408422619104385,
0.008134669624269009,
0.041514329612255096,
0.010041049681603909,
-0.14842459559440613,
0.013018228113651276,
-0.05613135173916817,
-0.02582879550755024,
0.02833700366318226,
0.013777419924736023,
-0.014559680595993996,
0.009836855344474316,
0.02719128131866455,
-0.0073730298317968845,
0.0044061425141990185,
0.014265998266637325,
-0.006152050569653511,
-0.026447121053934097,
-0.0053751105442643166,
0.03587351739406586,
-0.03792545944452286,
0.038162365555763245,
0.0022476138547062874,
-0.018555305898189545,
-0.016871968284249306,
0.009759901091456413,
0.04588264971971512,
-0.019934140145778656,
0.03153365105390549,
-0.05146855115890503,
-0.0018646492389962077,
0.009881009347736835,
0.0029985825531184673,
0.0015581115148961544,
0.011707093566656113,
-0.008289101533591747,
-0.006934154778718948,
0.01027879398316145,
-0.020240668207406998,
0.0072843171656131744,
0.0031653456389904022,
0.010819694958627224,
0.022610412910580635,
-0.00755704939365387,
-0.007970962673425674,
0.02170129120349884,
0.0184029508382082,
0.003410238539800048,
0.053024694323539734,
-0.004156286828219891,
-0.005160043947398663,
0.00731585081666708,
0.001967076677829027,
0.003546601627022028,
0.030954860150814056,
-0.004406914114952087,
0.045299604535102844,
-0.016104431822896004,
-0.005005667917430401,
-0.02925669215619564,
0.021299298852682114,
-0.016890384256839752,
-0.021132567897439003,
0.022475039586424828,
0.011741123162209988,
-0.08204299211502075,
-0.034344013780355453,
-0.007072639185935259,
-0.012893388979136944,
0.0031079514883458614,
-0.047117482870817184,
-0.02856212668120861,
-0.03442085161805153,
0.032664138823747635,
-0.0031535220332443714,
-0.006838940549641848,
-0.14427824318408966,
0.03324100747704506,
-0.010890341363847256,
-0.011757893487811089,
0.032258547842502594,
-0.01837681047618389,
0.018219465389847755,
0.04055431857705116,
0.0028473411221057177,
0.02917318046092987,
-0.004767482168972492,
0.023082369938492775,
-0.05437646433711052,
0.002610671566799283,
0.021761786192655563,
0.027989400550723076,
-0.00867719016969204,
-0.03780807554721832,
0.022829696536064148,
-0.0663369745016098,
0.042739223688840866,
-0.001467783353291452,
0.02581445686519146,
0.01018364168703556,
-0.002781230490654707,
0.023536961525678635,
0.025234714150428772,
0.001025314093567431,
0.049123574048280716,
-0.0020982171408832073,
0.026249811053276062,
-0.00832838099449873,
0.06246745213866234,
-0.0007096559274941683,
0.015168927609920502,
0.1878524273633957,
-0.00015194941079244018,
-0.006691887974739075,
-0.0010638738749548793,
0.0003030829248018563,
0.0050232564099133015,
-0.011487343348562717,
-0.012741449289023876,
-0.011573633179068565,
-0.01900559477508068,
0.03578248620033264,
0.013040950521826744,
-0.021602924913167953,
0.020269246771931648,
-0.013770224526524544,
-0.07240501046180725,
-0.012676382437348366,
0.000003525444753904594,
-0.08385176211595535,
-0.016576012596488,
0.09707540273666382,
0.045113734900951385,
0.0004839603789150715,
0.00755604263395071,
-0.027445992454886436,
0.013679119758307934,
-0.0031278280075639486,
0.0026600006967782974,
0.008937042206525803,
-0.004441020078957081,
-0.04986242949962616,
0.004458651877939701,
-0.012554357759654522,
-0.06607048213481903,
0.0009366070153191686,
-0.0052687074057757854,
-0.029319489374756813,
0.022407291457057,
-0.00875226128846407,
0.08529271930456161,
0.010602423921227455,
-0.01860148273408413,
-0.06701930612325668,
0.03132250905036926,
0.013738606125116348,
0.00588875962421298,
-0.016352718695998192,
-0.011478159576654434,
-0.0472235381603241,
0.052474863827228546,
0.018595142289996147,
-0.017128486186265945,
0.005435930099338293,
0.02199598401784897,
-0.10438357293605804,
0.029281238093972206,
0.034911006689071655,
-0.0017031054012477398,
0.014153814874589443,
-0.022373732179403305,
0.0037166201509535313,
0.0003590454289223999,
0.03198040649294853,
0.04358859360218048,
-0.11860816925764084,
-0.01774539239704609,
0.0150638772174716,
-0.005009785294532776,
-0.0209193117916584,
0.01003600750118494,
-0.0027189438696950674,
0.027653848752379417,
0.023692520335316658,
0.012149382382631302,
-0.015373078174889088,
0.02510727569460869,
-0.005198789294809103,
0.035087134689092636,
-0.009333780966699123,
-0.01884387992322445,
-0.021214937791228294,
-0.004493192303925753,
-0.04198058322072029,
-0.0035538198426365852,
0.03002328798174858,
0.019275764003396034,
-0.20062410831451416,
0.03268556296825409,
0.04446227476000786,
-0.01144320797175169,
-0.015562220476567745,
0.020691532641649246,
-0.00835889670997858,
-0.04610588401556015,
0.0110291987657547,
-0.02087099477648735,
-0.04192483052611351,
0.02183659002184868,
-0.006036476232111454,
-0.021792368963360786,
0.009354040026664734,
0.015513707883656025,
-0.02419837936758995,
-0.005642604548484087,
0.04891105368733406,
-0.02306116186082363,
0.030041566118597984,
-0.04595658555626869,
-0.13223618268966675,
0.0024264841340482235,
-0.04101673513650894,
-0.009398259222507477,
0.022964613512158394,
0.022899432107806206,
0.0031987803522497416,
-0.010302805341780186,
-0.036974530667066574,
0.02963685616850853,
0.06503876298666,
0.031219758093357086,
-0.016008412465453148,
-0.0034320219419896603,
0.048915404826402664,
-0.017948685213923454,
-0.014758151024580002,
0.00910170841962099,
-0.019760336726903915,
0.005152990575879812,
-0.02808927185833454,
-0.02514120377600193,
0.0340748205780983,
-0.053517039865255356,
0.015827374532818794,
0.0017027694266289473,
0.010793201625347137,
0.051442164927721024,
0.00652502803131938,
-0.04323814809322357,
-0.008299103938043118,
0.01843656413257122,
0.007648012135177851,
-0.01181804295629263,
0.022886794060468674,
0.06322416663169861,
0.010997436940670013,
-0.02968120574951172,
0.04333086311817169,
0.034242045134305954,
-0.05819472298026085,
0.007270227186381817,
0.006315651349723339,
-0.01691533252596855,
0.012125075794756413,
-0.05925295501947403,
0.01703144609928131,
0.028895653784275055,
-0.1675058752298355,
-0.08494256436824799,
-0.06387726217508316,
0.021265923976898193,
0.00469610933214426,
-0.014833633787930012,
0.008749433793127537,
-0.02396261692047119,
-0.008421290665864944,
-0.0012871096841990948,
-0.027056608349084854,
0.00788014754652977,
-0.10908564180135727,
0.030418051406741142,
-0.016434071585536003,
0.002142193727195263,
0.015854384750127792,
-0.02399061806499958,
0.024214033037424088,
-0.004740316886454821,
-0.01874825730919838,
-0.0044112298637628555,
0.018754051998257637,
0.01040174625813961,
-0.003981617279350758,
0.0004385716456454247,
-0.020718112587928772,
0.008099212311208248,
-0.05285750702023506,
0.0020604513119906187,
0.00016190088354051113,
0.011627388186752796,
0.006733251269906759,
-0.024247972294688225,
-0.04275704547762871,
-0.03985494375228882,
-0.008161811158061028,
0.11325464397668839,
0.002196666318923235,
0.018676619976758957,
-0.014924434944987297,
0.005841287784278393,
-0.016095969825983047,
-0.0029949331656098366,
-0.04306806996464729,
0.08325953781604767,
-0.029765939339995384,
-0.010119032114744186,
-0.0018059853464365005,
-0.039899617433547974,
-0.011104395613074303,
-0.00030286703258752823,
0.012005352415144444,
0.05865364521741867,
0.024517353624105453,
0.00639803521335125,
0.012684202753007412,
0.050764549523591995,
-0.0066102477721869946,
-0.015432505868375301,
-0.03941956162452698,
-0.03886547312140465,
0.0415269136428833,
-0.10035393387079239,
-0.019173890352249146,
0.02782096527516842,
0.006060568615794182,
-0.029658908024430275,
0.008573310449719429,
-0.003577163442969322,
-0.0018233482260257006,
0.016812874004244804,
-0.04025945067405701,
0.011103745549917221,
0.004786673467606306,
0.038862813264131546,
-0.02151467837393284,
0.0390198640525341,
-0.05414300039410591,
0.03980636969208717,
0.003054256783798337
] |
as of the time of the impairment review and are consistent with the assumptions that we believe hypothetical marketplace participants would use. If different assessments were made, this could have a material impact on our consolidated financial statements.
Other Assets
Our Company invests in infrastructure programs with our bottlers that are directed at strengthening our bottling system and increasing unit case volume. Additionally, our Company advances payments to certain customers to fund future marketing activities intended to generate profitable volume and expenses such payments over the periods benefited. Advance payments are also made to certain customers for distribution rights. Payments under these programs are generally capitalized and reported as other assets in our consolidated balance sheets. Management evaluates the recoverability of the carrying value of these assets when facts and circumstances indicate that the carrying value of these assets may not be recoverable by preparing estimates of sales volume and the resulting gross profit and cash flows. If the carrying value of these assets is assessed to be recoverable, it is amortized over the periods benefited. If the carrying value of these assets is considered to be not recoverable, an impairment is recognized, resulting in a write-down of assets.
Property, Plant and Equipment
Certain events or changes in circumstances may indicate that the recoverability of the carrying amount of property, plant and equipment should be assessed. Such events or changes may include a significant decrease in market value, a significant change in the business climate in a particular market, or a current-period operating or cash flow loss combined with historical losses or projected future losses. If an event occurs or changes in circumstances are present, we estimate the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment loss. The impairment loss recognized is the amount by which the carrying amount exceeds the fair value.
Goodwill, Trademarks and Other Intangible Assets
Statement of Financial Accounting Standards ("SFAS") No. 142, "Goodwill and Other Intangible Assets," classifies intangible assets into three categories: (1) intangible assets with definite lives subject to amortization; (2) intangible assets with indefinite lives not subject to amortization; and (3) goodwill. For intangible assets with definite lives, tests for impairment must be performed if conditions exist that indicate the carrying value may not be recoverable. For intangible assets with indefinite lives and goodwill, tests for impairment must be performed at least annually or more frequently if events or circumstances indicate that assets might be impaired. Our equity method investees also perform such tests for impairment for intangible assets and/or goodwill. If an impairment charge was recorded by one of our equity method investees, the Company would record its proportionate share of such charge.
In 2006, our Company
| 2SELL
|
[
-0.014010246843099594,
0.0565975047647953,
-0.01071185152977705,
-0.0036598697770386934,
-0.11912596970796585,
-0.009851311333477497,
-0.00950705073773861,
-0.005730174016207457,
-0.06899353861808777,
0.021685132756829262,
0.004474441520869732,
-0.009725917130708694,
0.020212307572364807,
-0.027461277320981026,
0.003836470190435648,
0.021321475505828857,
0.019545549526810646,
-0.006966321729123592,
-0.028651416301727295,
0.0053369528613984585,
0.022586476057767868,
0.008388944901525974,
0.020038258284330368,
-0.01728244498372078,
0.011030297726392746,
0.03577383607625961,
-0.048748064786195755,
0.03053106926381588,
0.06010468304157257,
-0.052814316004514694,
0.01629984751343727,
-0.002543459413573146,
0.04443849250674248,
-0.015394811518490314,
0.04153594374656677,
0.004861332476139069,
-0.08112601935863495,
0.00970000121742487,
0.03939588740468025,
0.006432312540709972,
-0.04340742900967598,
0.015595104545354843,
-0.02547788806259632,
-0.008680598810315132,
0.013650262728333473,
-0.022182032465934753,
0.014427801594138145,
0.04205641523003578,
0.013376109302043915,
-0.010961736552417278,
0.0011792560108006,
-0.00613738875836134,
-0.025375885888934135,
-0.026104573160409927,
-0.01561751775443554,
0.002174004213884473,
-0.0026387758553028107,
-0.022941287606954575,
0.08580151945352554,
0.027340535074472427,
0.04670703411102295,
-0.03717998415231705,
-0.001340807299129665,
0.05493209883570671,
0.007354632019996643,
-0.011090601794421673,
-0.00928933173418045,
0.010791034437716007,
-0.04209689050912857,
-0.022640159353613853,
0.013025406748056412,
0.03716598078608513,
-0.018547728657722473,
-0.03425363078713417,
0.014682912267744541,
-0.07313722372055054,
0.02519836463034153,
-0.014440600760281086,
0.08671421557664871,
-0.040529605001211166,
-0.014011476188898087,
-0.08252309262752533,
-0.011732512153685093,
-0.05796780809760094,
0.0424036867916584,
0.006482381373643875,
0.0007836738950572908,
-0.060714203864336014,
-0.021735241636633873,
0.002842615358531475,
0.010731569491326809,
0.021066896617412567,
-0.03220487758517265,
-0.08164691925048828,
-0.04377831891179085,
0.015771685168147087,
0.03270643949508667,
-0.15935763716697693,
-0.008225546218454838,
-0.03554423153400421,
0.055084072053432465,
0.015062198974192142,
0.03100084327161312,
-0.012176483869552612,
0.021628692746162415,
0.023807505145668983,
-0.006480398587882519,
0.03951623663306236,
-0.014572224579751492,
0.01693321019411087,
-0.024521244689822197,
-0.06401213258504868,
0.030517613515257835,
0.005391058977693319,
-0.000494724721647799,
0.044600121676921844,
0.00427768100053072,
0.015715138986706734,
-0.015054134652018547,
-0.07468689978122711,
0.0069445231929421425,
-0.030226921662688255,
-0.02941094897687435,
0.013126079924404621,
-0.04334491863846779,
0.021413421258330345,
-0.0082528842613101,
0.004569231532514095,
0.026974912732839584,
-0.014534089714288712,
0.001320080948062241,
-0.028083311393857002,
-0.018028700724244118,
0.041159383952617645,
-0.031193487346172333,
0.019535668194293976,
-0.00886561069637537,
-0.0029562264680862427,
-0.04882014915347099,
0.021203385666012764,
-0.021411284804344177,
-0.038335200399160385,
-0.029769087210297585,
-0.004713224247097969,
-0.05888020247220993,
-0.015237865038216114,
-0.004028609488159418,
0.00704151438549161,
0.049252353608608246,
0.0973236933350563,
-0.01144841592758894,
0.0032258369028568268,
-0.024732433259487152,
-0.01749284751713276,
-0.03406279534101486,
0.004501239396631718,
0.06375408172607422,
-0.019189203158020973,
-0.06622854620218277,
-0.01747548021376133,
-0.005403071641921997,
-0.005362456664443016,
-0.009762109257280827,
-0.05517636984586716,
-0.04468584060668945,
-0.041102949529886246,
0.03320353105664253,
-0.00980838481336832,
0.04072871059179306,
0.044511906802654266,
0.030596721917390823,
0.02644924633204937,
0.0028795853722840548,
-0.008893166668713093,
0.0019797037821263075,
-0.042274534702301025,
0.053937170654535294,
0.03635311871767044,
0.011639338918030262,
0.02364755980670452,
0.02855108119547367,
0.005701510701328516,
0.043401796370744705,
-0.05977292358875275,
-0.04861752316355705,
-0.022405875846743584,
0.00850381888449192,
0.05098648741841316,
-0.011250313371419907,
-0.015769075602293015,
0.046440064907073975,
-0.006488066166639328,
0.0004911001888103783,
-0.014905852265655994,
-0.026722531765699387,
-0.01342563796788454,
-0.0428379662334919,
0.007616197224706411,
0.02826901711523533,
-0.010579884052276611,
-0.09923074394464493,
0.004861318971961737,
-0.002396449213847518,
0.03762829676270485,
0.04436248168349266,
-0.005919813644140959,
-0.011341936886310577,
-0.003468720242381096,
-0.008418398909270763,
-0.0048851873725652695,
-0.042416784912347794,
-0.03644459322094917,
0.013102694414556026,
-0.015933742746710777,
0.009531525894999504,
0.039361484348773956,
0.004464360419660807,
-0.09729732573032379,
-0.023281795904040337,
-0.03296985477209091,
0.0009528570808470249,
-0.007573841605335474,
0.029805714264512062,
0.021836888045072556,
0.039337702095508575,
-0.005774395540356636,
0.07830088585615158,
0.007462720386683941,
-0.055870670825242996,
0.04086632654070854,
0.017100855708122253,
0.04830242320895195,
-0.025293882936239243,
0.0384470596909523,
0.00920941773802042,
-0.006269459147006273,
-0.00046410824870690703,
0.007984565570950508,
-0.020162593573331833,
0.0496324822306633,
0.0982251912355423,
-0.022232679650187492,
-0.015847327187657356,
-0.0013427730882540345,
-0.03430699184536934,
0.04091348499059677,
0.006184861529618502,
0.07053153216838837,
-0.004354285076260567,
-0.012573583982884884,
-0.01767079345881939,
0.004834780935198069,
0.0005798799684271216,
-0.007367338053882122,
-0.036103274673223495,
0.01424802653491497,
0.016510432586073875,
-0.006634514778852463,
0.005267118103802204,
-0.14550314843654633,
-0.01734640635550022,
-0.017062954604625702,
0.03365376591682434,
-0.030610036104917526,
0.0157501008361578,
-0.010258663445711136,
0.02370838262140751,
0.0069105178117752075,
-0.015871644020080566,
0.012083726935088634,
-0.023909328505396843,
-0.0074193826876580715,
0.050439655780792236,
-0.01755683124065399,
-0.002476318273693323,
0.01781187206506729,
0.03114941529929638,
-0.023848198354244232,
0.01990627683699131,
-0.03155944123864174,
-0.004985989071428776,
0.01882980577647686,
-0.02338087186217308,
-0.01749877817928791,
-0.02873087301850319,
-0.01748485118150711,
-0.023840712383389473,
-0.006014259532094002,
0.07077525556087494,
-0.03127209469676018,
-0.019475221633911133,
0.013493040576577187,
0.01295957900583744,
-0.030207401141524315,
-0.0076660956256091595,
0.060589030385017395,
-0.012555025517940521,
-0.05016881227493286,
0.004633755888789892,
0.04646199569106102,
0.0045085204765200615,
0.022318432107567787,
0.010791067965328693,
-0.028388619422912598,
-0.016553064808249474,
-0.006932384800165892,
0.01584607921540737,
-0.02098672278225422,
0.12335266917943954,
-0.01964530162513256,
0.015491307713091373,
0.00871253665536642,
0.004026319831609726,
0.007272219285368919,
-0.016683291643857956,
-0.03638501465320587,
-0.02758241631090641,
0.010614664293825626,
-0.04143548384308815,
-0.03321423754096031,
0.004488892387598753,
0.004733112175017595,
0.01854453608393669,
0.02307269349694252,
0.06061235070228577,
-0.003105341223999858,
0.05712391808629036,
-0.036881886422634125,
0.0011108817998319864,
-0.05657731741666794,
0.12124847620725632,
0.1157468780875206,
-0.035847701132297516,
0.02608337625861168,
-0.008499476127326488,
-0.014197665266692638,
0.015169785358011723,
-0.02895481511950493,
0.010742971673607826,
-0.023815155029296875,
-0.011097747832536697,
0.00728978868573904,
0.031717460602521896,
-0.009014484472572803,
-0.00447774538770318,
0.07262895256280899,
0.015387564897537231,
-0.07780871540307999,
0.0185569878667593,
0.04209943860769272,
0.057533517479896545,
-0.001963357673957944,
-0.013631492853164673,
0.03888420760631561,
0.012325611896812916,
-0.035728756338357925,
0.02828892134130001,
0.009724952280521393,
-0.017804987728595734,
0.016638675704598427,
-0.01944538950920105,
-0.019567998126149178,
-0.002318725921213627,
0.004461537580937147,
0.03548281267285347,
-0.0400598905980587,
-0.041539303958415985,
0.025717537850141525,
0.008367888629436493,
-0.010818906128406525,
-0.0004360791062936187,
0.016073118895292282,
0.009061165153980255,
0.11081558465957642,
-0.007135495543479919,
-0.013610818423330784,
0.020687058568000793,
-0.016321728006005287,
0.011023585684597492,
0.010806991718709469,
-0.006722047459334135,
-0.007681755349040031,
-0.006028464995324612,
-0.008186640217900276,
0.045282069593667984,
0.007708974648267031,
0.018616093322634697,
0.026258155703544617,
-0.012851863168179989,
0.03528515622019768,
0.006408963352441788,
0.027477499097585678,
0.03869947791099548,
-0.006497071124613285,
-0.01758531667292118,
-0.00023242912720888853,
0.023827018216252327,
-0.014626293443143368,
-0.03189612179994583,
-0.010870881378650665,
-0.016067225486040115,
-0.005873166956007481,
-0.006262177135795355,
0.011081652715802193,
0.05020948126912117,
0.04889410734176636,
-0.03649367764592171,
0.053846005350351334,
-0.02477334439754486,
0.046839214861392975,
-0.010560519061982632,
-0.1275600790977478,
-0.0019998480565845966,
0.010653828270733356,
-0.03616730868816376,
0.024105627089738846,
-0.004525901284068823,
0.03273655101656914,
0.07665211707353592,
0.03064597025513649,
-0.037048935890197754,
-0.004696442745625973,
0.02554217539727688,
0.01811765506863594,
-0.11150842905044556,
0.02384958229959011,
-0.0794563740491867,
-0.03550811484456062,
0.014825653284788132,
-0.0017112033674493432,
-0.0108517836779356,
0.008421692997217178,
0.01143457368016243,
-0.03280114755034447,
-0.02411458268761635,
0.006662658881396055,
0.008910431526601315,
-0.04031382501125336,
0.010473392903804779,
0.03583386167883873,
-0.033760882914066315,
0.024268969893455505,
0.01117564644664526,
0.008296262472867966,
-0.018413370475172997,
0.03741411492228508,
0.03174451366066933,
-0.010721735656261444,
0.027884576469659805,
-0.04254763945937157,
-0.013420901261270046,
0.01602226123213768,
0.010481863282620907,
0.02160644344985485,
0.0012506484054028988,
-0.015734627842903137,
0.013205206952989101,
0.004166618455201387,
-0.01720740832388401,
0.002886787988245487,
0.024435004219412804,
-0.004174502100795507,
0.029686056077480316,
-0.01746409200131893,
-0.012850801460444927,
0.015739645808935165,
0.00823349878191948,
0.00105753680691123,
0.030643068253993988,
-0.021993204951286316,
0.006311920005828142,
0.009016551077365875,
-0.005531868897378445,
-0.0003482613537926227,
0.021925363689661026,
-0.0035651023499667645,
0.029405590146780014,
-0.003607636084780097,
-0.036501482129096985,
-0.027185486629605293,
0.023641394451260567,
-0.031550128012895584,
-0.022151097655296326,
0.014724524691700935,
-0.0004221632843837142,
-0.07823985815048218,
-0.07479764521121979,
-0.012184889055788517,
0.007544550113379955,
-0.014320607297122478,
-0.04455898702144623,
-0.04171337932348251,
-0.036414116621017456,
0.018405713140964508,
-0.0032194755040109158,
-0.01428154855966568,
-0.20155860483646393,
0.10370475053787231,
0.011639295145869255,
-0.006838805507868528,
0.039842233061790466,
-0.019695501774549484,
0.007494708057492971,
0.04446033015847206,
0.01095325592905283,
0.008402582257986069,
-0.01237410120666027,
0.05024651810526848,
-0.053462184965610504,
0.011898450553417206,
0.02019539289176464,
0.04354295879602432,
-0.03139428421854973,
-0.017541399225592613,
0.02367694489657879,
-0.04791542515158653,
0.0014036651700735092,
0.00885822158306837,
0.03465470299124718,
0.0016180422389879823,
-0.011454125866293907,
0.020106643438339233,
0.028236478567123413,
0.0002112991496687755,
0.03218764439225197,
0.00008366649126401171,
0.026314321905374527,
-0.008685189299285412,
0.049809668213129044,
-0.007037807255983353,
0.007020243443548679,
0.14313139021396637,
-0.013026264496147633,
-0.02938992716372013,
0.013023965992033482,
-0.01206423994153738,
0.012515907175838947,
-0.0016426164656877518,
-0.024108093231916428,
-0.024480003863573074,
-0.018410131335258484,
0.03807385638356209,
0.024311862885951996,
-0.009146329946815968,
0.028260644525289536,
-0.013049294240772724,
-0.06664586812257767,
0.002137476811185479,
0.00436529703438282,
-0.10871685296297073,
-0.006242741830646992,
0.1432761400938034,
0.03184274211525917,
0.007820109836757183,
0.020752668380737305,
-0.040537480264902115,
0.04269445315003395,
0.02146175503730774,
0.020885679870843887,
0.010055797174572945,
-0.007527950219810009,
-0.04309695586562157,
0.01609725132584572,
-0.018470903858542442,
-0.09343639016151428,
0.0028050823602825403,
-0.0040205176919698715,
-0.02652488276362419,
0.02967384085059166,
-0.017045937478542328,
0.10233449935913086,
0.01440661121159792,
-0.004291800782084465,
-0.06402282416820526,
0.032344751060009,
-0.013558387756347656,
0.004026748705655336,
-0.039827875792980194,
-0.02877609245479107,
-0.05749189108610153,
0.04809023067355156,
-0.014966659247875214,
-0.009426341392099857,
0.004657048732042313,
0.027021432295441628,
-0.10772841423749924,
0.03349537402391434,
0.029817216098308563,
-0.001619516289792955,
-0.008108834736049175,
-0.018352283164858818,
-0.018067961558699608,
-0.02631089836359024,
0.02071857452392578,
0.05407068133354187,
-0.07175212353467941,
-0.01688624732196331,
0.02914542891085148,
0.015711193904280663,
-0.010438450612127781,
0.004953906871378422,
0.032456692308187485,
0.006280460394918919,
0.04410282149910927,
0.029231127351522446,
-0.032344162464141846,
0.0059924740344285965,
0.008313844911754131,
0.05867357552051544,
-0.0012406453024595976,
-0.010784359648823738,
-0.04360256344079971,
-0.008185594342648983,
-0.008657271973788738,
-0.009889473207294941,
0.020550595596432686,
0.014812064357101917,
-0.11357811838388443,
0.025576747953891754,
0.02949880063533783,
0.0023489040322601795,
-0.005819820333272219,
0.0229166392236948,
-0.008971921168267727,
0.006016158498823643,
-0.010450710542500019,
-0.024563655257225037,
-0.03697536513209343,
0.010629306547343731,
0.012056106701493263,
-0.02648901753127575,
0.01465455163270235,
0.010895336046814919,
-0.017858382314443588,
0.014418448321521282,
0.033802907913923264,
-0.013238565064966679,
0.02555922232568264,
-0.052840035408735275,
-0.09675907343626022,
0.0196865014731884,
-0.05870562046766281,
-0.014085865579545498,
0.01467772014439106,
0.038466352969408035,
0.011700569652020931,
-0.005098874680697918,
-0.029391294345259666,
0.046868741512298584,
0.029514791443943977,
-0.0012611462734639645,
-0.0023570386692881584,
0.041736193001270294,
0.05005544796586037,
-0.004729907959699631,
-0.014790684916079044,
-0.0363139808177948,
0.014194624498486519,
-0.006807378493249416,
-0.037639934569597244,
-0.029637519270181656,
0.021652834489941597,
-0.03285837918519974,
0.06073307618498802,
0.0008620637818239629,
0.024351898580789566,
0.02745858021080494,
-0.0059427847154438496,
-0.04450268670916557,
-0.02089896984398365,
0.03761783614754677,
0.0019610447343438864,
0.013675719499588013,
0.003556197974830866,
0.05526731535792351,
0.028583135455846786,
-0.027590399608016014,
-0.025190003216266632,
0.038582250475883484,
-0.0650889202952385,
-0.0032779197208583355,
0.014942261390388012,
-0.004492153879255056,
0.012644767761230469,
-0.06180684641003609,
-0.004197750240564346,
0.07038971781730652,
-0.12482450157403946,
-0.06859505921602249,
-0.08059561997652054,
0.023456813767552376,
-0.0008312265272252262,
-0.015296556055545807,
-0.016963960602879524,
-0.018732890486717224,
0.020100483670830727,
-0.017952995374798775,
-0.024837857112288475,
0.005997775588184595,
-0.014216621406376362,
0.01946459896862507,
-0.011958546005189419,
0.035705212503671646,
0.024530502036213875,
-0.020482730120420456,
0.020758459344506264,
-0.0012676679762080312,
-0.0004434719157870859,
-0.011668202467262745,
0.02401728183031082,
-0.003161023836582899,
-0.020683258771896362,
-0.03944801166653633,
-0.028593773022294044,
-0.0021649328991770744,
-0.06320042908191681,
0.009390538558363914,
-0.008901122957468033,
0.005603741388767958,
-0.009223154745995998,
-0.015929874032735825,
-0.054205190390348434,
-0.018660232424736023,
-0.021420294418931007,
0.09971506148576736,
0.005487455986440182,
0.030464904382824898,
-0.01288508903235197,
-0.0017839160282164812,
0.003393396735191345,
-0.004799139220267534,
-0.026930861175060272,
0.011858395300805569,
-0.027079777792096138,
-0.010369795374572277,
0.008040905930101871,
-0.039385583251714706,
-0.03828001022338867,
-0.008079796098172665,
-0.024951551109552383,
0.04648495092988014,
0.017855467274785042,
0.0015229975106194615,
0.027745846658945084,
0.037246569991111755,
0.01732543297111988,
-0.006848588585853577,
-0.046932585537433624,
-0.024208908900618553,
0.08362193405628204,
-0.03325897827744484,
-0.018797792494297028,
0.04626144468784332,
-0.006325087510049343,
-0.05808992683887482,
0.013933288864791393,
-0.018105337396264076,
-0.02048485167324543,
0.0004109358706045896,
-0.04340115562081337,
-0.05721709504723549,
0.016434846445918083,
0.03252032771706581,
-0.021590473130345345,
0.07156550139188766,
-0.038952670991420746,
0.03480476513504982,
-0.026564065366983414
] |
and purchase of crude oil to supply the company’s refining system. For refined products, buy/sell arrangements are used to help fulfill the company’s supply agreements to customer locations and specifications.
The company has historically accounted for buy/sell transactions in the Consolidated Statement of Income the same as for a monetary transaction – purchases are reported as “Purchased crude oil and products;” sales are reported as “Sales and other operating revenues.” The SEC raised the issue as to whether the accounting for buy/sell contracts should be shown net on the income statement and accounted for under the provisions of Accounting Principles Board (APB) Opinion No. 29, “Accounting for Nonmonetary Transactions” (APB 29). The company understands that others in the oil and gas industry may report buy/sell transactions on a net basis in the income statement rather than gross.
The Emerging Issues Task Force (EITF) of the FASB deliberated this topic as Issue No. 04-13, “Accounting for Purchases and Sales of Inventory with the Same Counterparty” (EITF 04-13). At its September 2005 meeting, the EITF reached consensus that two or more legally separate exchange transactions with the same counterparty, including buy/sell transactions, should be combined and considered as a single arrangement for purposes of applying APB 29 when the transactions were entered into “in contemplation” of one another. EITF 04-13 was ratified by the FASB in September 2005 and is effective for new arrangements, or modifications or renewals of existing arrangements, entered into beginning on or after April 1, 2006, which will be the effective date for the company’s adoption of this standard. Upon adoption, the company will report the net effect of buy/sell transactions on its Consolidated Statement of Income as “Purchased crude oil and products” instead of reporting the revenues associated with these arrangements as “Sales and other operating revenues” and the costs as “Purchased crude oil and products.”
While this issue was under deliberation by the EITF, the SEC staff directed Chevron and other companies to disclose on the face of the income statement the amounts associated with buy/sell contracts and to discuss in a footnote to the financial statements the basis for the underlying accounting. The amounts for buy/sell contracts shown on the company’s Consolidated Statement of Income “Sales and other operating revenues” for the three years ending December 31, 2005, were $23,822, $18,650 and $14,246, respectively. These revenue amounts associated with buy/sell contracts represented 12 percent of total “Sales and other operating revenues” in 2005, 2004 and 2003. Nearly all of these revenue amounts in each period associated with buy/sell contracts pertain to the company’s downstream segment. The costs associated with these buy/sell revenue amounts are included in “Purchased crude oil and products” on the Consolidated Statement of Income in each period.
Other Contingencies Chevron receives claims from, and submits claims to, customers, trading partners, U.S. federal, state and local regulatory bodies, host governments, contractors, insurers
| 1HOLD
|
[
-0.01070584636181593,
0.05521826818585396,
0.0074766576290130615,
0.019747652113437653,
-0.11479385942220688,
-0.011491678655147552,
-0.01822802424430847,
-0.03371381387114525,
-0.05202648416161537,
-0.004716801457107067,
0.01458221860229969,
0.025020994246006012,
0.020509710535407066,
0.00423019053414464,
0.006885054986923933,
-0.039087895303964615,
-0.070111483335495,
-0.017254889011383057,
-0.013081099838018417,
0.015275193378329277,
-0.0006601513596251607,
0.03491280600428581,
0.024192266166210175,
0.003930790349841118,
-0.004056693520396948,
0.02384931780397892,
0.0018476711120456457,
0.02955249324440956,
0.03100179135799408,
-0.030312590301036835,
0.01588851772248745,
-0.020187607035040855,
0.031956832855939865,
-0.013294478878378868,
-0.010461988858878613,
0.004449513275176287,
-0.08129414916038513,
-0.008975999429821968,
0.02561730332672596,
0.016764700412750244,
-0.021727444604039192,
-0.005339068826287985,
0.007338107097893953,
-0.004677706863731146,
0.018972210586071014,
-0.0036318714264780283,
0.04294753819704056,
0.01919936202466488,
0.02007140964269638,
-0.014826406724750996,
-0.0018786891596391797,
0.0037429460790008307,
-0.018886525183916092,
0.0012185508385300636,
-0.011085783131420612,
-0.03556286543607712,
-0.002839340129867196,
0.017627254128456116,
0.06205683574080467,
0.03807498514652252,
0.012341824360191822,
-0.04012433812022209,
0.0010101946536451578,
0.03435249626636505,
0.0009535157587379217,
-0.012738870456814766,
-0.016287019476294518,
-0.0342201367020607,
-0.02286808006465435,
-0.04900498315691948,
0.006275989580899477,
-0.002439959440380335,
-0.006554917898029089,
0.0034122879151254892,
0.012655426748096943,
-0.03720357269048691,
0.025548601523041725,
-0.02010292001068592,
0.0752735435962677,
-0.046418704092502594,
-0.010274404659867287,
-0.05782163515686989,
-0.07861161977052689,
0.030244216322898865,
0.040681373327970505,
0.03940301015973091,
0.01961686462163925,
-0.05883575230836868,
-0.015644261613488197,
0.0011510043404996395,
0.025987697765231133,
0.007976862601935863,
-0.025893302634358406,
-0.09708058089017868,
-0.0682900920510292,
-0.00976628065109253,
0.00798267126083374,
-0.10869430750608444,
-0.011211126111447811,
-0.05489961802959442,
0.037662893533706665,
0.014699072577059269,
0.03202042356133461,
-0.02722952514886856,
-0.0017036900389939547,
0.015973087400197983,
-0.003038635943084955,
0.006957346107810736,
0.024253172799944878,
0.009967964142560959,
-0.022289801388978958,
-0.03364440053701401,
0.02119782194495201,
-0.004815518856048584,
0.007614072412252426,
0.048636194318532944,
-0.011191664263606071,
-0.03871694579720497,
-0.053273532539606094,
-0.07708874344825745,
0.01309923455119133,
-0.022758612409234047,
-0.031602952629327774,
0.0026146273594349623,
-0.01750323176383972,
0.00916445441544056,
0.036538559943437576,
-0.014146681874990463,
0.04324602708220482,
-0.03231196850538254,
0.010552175343036652,
-0.026914840564131737,
-0.010532597079873085,
0.014528159983456135,
-0.006640882696956396,
0.0050772675313055515,
-0.011814169585704803,
0.00483791483566165,
-0.03449254482984543,
0.033739034086465836,
0.016465624794363976,
-0.04231003299355507,
-0.05795532837510109,
0.0021883826702833176,
-0.014617860317230225,
-0.00819062814116478,
-0.011766298674046993,
-0.0019075607415288687,
0.03269277513027191,
0.10113424062728882,
-0.0036547803319990635,
0.0002738939365372062,
-0.013127919286489487,
-0.03016337938606739,
-0.018850039690732956,
0.02461865544319153,
0.040660299360752106,
-0.05353515222668648,
-0.03565015271306038,
0.007428386248648167,
-0.013483302667737007,
-0.014529840089380741,
-0.019681889563798904,
-0.01082830224186182,
0.0036745371762663126,
-0.038605693727731705,
0.04083231836557388,
-0.01743880659341812,
0.02565338835120201,
0.038698744028806686,
0.03415427729487419,
0.016944248229265213,
0.02098408155143261,
0.0000871994998306036,
-0.012872178107500076,
-0.010833651758730412,
0.03432800620794296,
-0.01630076766014099,
0.023793699219822884,
0.012862080708146095,
0.01281645242124796,
-0.011951286345720291,
0.008433607406914234,
0.06424730271100998,
-0.03248162567615509,
-0.03611333668231964,
-0.017066139727830887,
0.018482524901628494,
-0.0033666889648884535,
-0.010735603980720043,
-0.0007971171871758997,
0.014579471200704575,
0.020238542929291725,
-0.04840434715151787,
-0.00738187599927187,
0.012707743793725967,
-0.057445332407951355,
-0.013661070726811886,
0.03432949632406235,
-0.010164283215999603,
-0.03528030216693878,
0.03722832724452019,
-0.017147894948720932,
0.021964197978377342,
0.0462159626185894,
-0.008583481423556805,
0.015545048750936985,
-0.0024356930516660213,
-0.00496332673355937,
0.008393541909754276,
-0.026839200407266617,
-0.020042695105075836,
0.003342337440699339,
-0.06606416404247284,
0.013442267663776875,
-0.01912064477801323,
-0.0007704304880462587,
-0.07308677583932877,
-0.06861163675785065,
-0.023492060601711273,
0.005200206767767668,
-0.018470199778676033,
0.0007145958952605724,
0.009880488738417625,
0.03690968081355095,
0.002151086227968335,
0.09621834009885788,
-0.0009384276927448809,
-0.03884042054414749,
0.06644564121961594,
0.02677953615784645,
0.03272866830229759,
0.0035125648137181997,
0.03674029931426048,
0.004691324662417173,
-0.028879161924123764,
-0.010030162520706654,
0.024820325896143913,
0.0015129694947972894,
0.008226358331739902,
0.10235268622636795,
-0.024627145379781723,
-0.017095645889639854,
-0.01709059439599514,
-0.026176568120718002,
0.021727940067648888,
-0.02208005078136921,
0.09730769693851471,
-0.00632199551910162,
-0.013568219728767872,
0.008669732138514519,
0.008780626580119133,
0.06668227910995483,
-0.016699735075235367,
0.0011471342295408249,
-0.012007263489067554,
0.011745837517082691,
-0.01154307834804058,
0.018130630254745483,
-0.10268552601337433,
-0.010737074539065361,
0.010932797566056252,
0.026659000664949417,
-0.003937105182558298,
0.011959067545831203,
-0.030916783958673477,
0.027691923081874847,
0.015346096828579903,
-0.019065668806433678,
-0.006088158581405878,
-0.007509167771786451,
-0.013576282188296318,
0.05701391026377678,
-0.015809867531061172,
0.007636182010173798,
0.014519669115543365,
0.0373140424489975,
-0.018340207636356354,
0.034420982003211975,
-0.026898568496108055,
0.01648922823369503,
-0.0007045069942250848,
-0.02666483260691166,
-0.006994128692895174,
-0.004736883100122213,
-0.01087144110351801,
-0.01887192204594612,
0.008916947059333324,
0.020910251885652542,
-0.013724985532462597,
-0.005980836693197489,
0.04052846506237984,
-0.0036515509709715843,
-0.004077467601746321,
0.008060229942202568,
0.047455403953790665,
-0.02456689067184925,
-0.008707880973815918,
0.01493015792220831,
0.015392651781439781,
-0.025753594934940338,
0.0008586087496951222,
-0.0021648136898875237,
-0.026163768023252487,
-0.014891321770846844,
0.006521154660731554,
0.016938380897045135,
0.00738554960116744,
-0.008304593153297901,
-0.013121788389980793,
-0.0006971619441173971,
0.0013580265222117305,
0.01669243536889553,
0.0012883911840617657,
0.0017082885606214404,
-0.037591058760881424,
-0.002753789769485593,
-0.02754128724336624,
-0.08126029372215271,
-0.005848460365086794,
0.010471614077687263,
0.008960536681115627,
-0.002905019326135516,
0.01066397875547409,
0.03964568302035332,
0.0292515866458416,
0.07729025185108185,
-0.03430430591106415,
-0.03595612570643425,
-0.07854829728603363,
0.2135491669178009,
0.13096724450588226,
-0.012783782556653023,
0.015392670407891273,
0.005108951590955257,
-0.06910297274589539,
0.015528244897723198,
-0.03379848599433899,
-0.01496049202978611,
-0.04843834415078163,
-0.00019290739146526903,
0.03683125600218773,
-0.007804008200764656,
-0.014258391223847866,
-0.012237867340445518,
0.0035232105292379856,
0.018445249646902084,
-0.07630504667758942,
-0.0010844471398741007,
0.014671087265014648,
0.03287491574883461,
0.017227118834853172,
-0.029816744849085808,
0.010754236951470375,
-0.00140108831692487,
-0.024886177852749825,
0.01695813052356243,
0.020648140460252762,
-0.008453162387013435,
0.024529902264475822,
0.0032960346434265375,
-0.022099360823631287,
0.004653588403016329,
-0.014609582722187042,
0.05117092281579971,
-0.0920138955116272,
0.009432429447770119,
0.008405705913901329,
0.02474186383187771,
0.015380363911390305,
0.028971267864108086,
0.02426239289343357,
0.015153888612985611,
0.11014304310083389,
-0.0021569100208580494,
-0.03690566122531891,
-0.007313717622309923,
0.008084744215011597,
0.039039961993694305,
-0.001255588955245912,
-0.012593397870659828,
-0.010295049287378788,
-0.002579113934189081,
-0.018516678363084793,
-0.023756468668580055,
0.003425675444304943,
0.020306337624788284,
0.006785623263567686,
-0.046991702169179916,
0.041103266179561615,
0.001587758888490498,
0.005137535277754068,
0.0003761641855817288,
-0.0224863663315773,
0.009624479338526726,
0.003598413895815611,
0.007006424479186535,
0.03756032511591911,
-0.05119656026363373,
-0.0015040334546938539,
-0.007258223369717598,
0.01192126888781786,
-0.006304397247731686,
-0.0070553612895309925,
0.03732353821396828,
0.04446576163172722,
-0.07559946924448013,
0.00020912016043439507,
-0.026151327416300774,
0.009023157879710197,
-0.0025389068759977818,
-0.005302104167640209,
-0.0008725743973627687,
0.0216926708817482,
-0.003578850766643882,
0.00862034223973751,
-0.0030785982962697744,
0.011468623764812946,
0.06716441363096237,
-0.028412306681275368,
-0.02928145043551922,
0.014768050983548164,
0.04092578962445259,
-0.014570479281246662,
-0.00525838416069746,
0.018094846978783607,
-0.09483587741851807,
-0.02858230471611023,
0.016199728474020958,
-0.018139000982046127,
-0.014681532047688961,
-0.01465651672333479,
0.019227206707000732,
-0.022351201623678207,
-0.0020457443315535784,
0.013158461079001427,
0.023485057055950165,
-0.021359825506806374,
0.01737627200782299,
-0.0002558626001700759,
-0.02802150882780552,
-0.0007340004667639732,
0.010308809578418732,
0.005820817779749632,
-0.0004082033992744982,
0.05857717618346214,
0.02712632715702057,
-0.024745387956500053,
0.027682457119226456,
-0.040121063590049744,
-0.012086537666618824,
0.01237271074205637,
-0.021817248314619064,
0.008808059617877007,
-0.0108497878536582,
-0.023365909233689308,
0.041049931198358536,
0.006426585838198662,
-0.013351778499782085,
-0.010878129862248898,
0.002324021188542247,
-0.0174392256885767,
0.022486791014671326,
-0.028712758794426918,
0.006452891509979963,
0.001984903123229742,
0.006673573981970549,
-0.025298988446593285,
0.059434011578559875,
-0.013347151689231396,
0.002724711550399661,
0.005721387453377247,
-0.006845864467322826,
0.021165745332837105,
-0.0032447106204926968,
0.008882145397365093,
0.008104415610432625,
0.019802231341600418,
-0.05320008844137192,
-0.03659684956073761,
0.027138590812683105,
-0.04036374017596245,
-0.014527542516589165,
-0.01121487095952034,
0.007887082174420357,
-0.017530428245663643,
-0.08078031241893768,
-0.03473684936761856,
0.004117920529097319,
-0.03465709090232849,
-0.02764642797410488,
-0.042111873626708984,
-0.01973430998623371,
0.009098502807319164,
-0.004931207746267319,
-0.000650632253382355,
-0.2656395137310028,
0.2528906464576721,
0.0203838050365448,
-0.000439958501374349,
0.030558863654732704,
-0.006545696407556534,
0.019354108721017838,
0.05829198285937309,
0.03329860791563988,
-0.008817648515105247,
-0.014162597246468067,
0.05416354909539223,
-0.03171153366565704,
0.005877719260752201,
0.014537043869495392,
-0.007279717829078436,
-0.01631866581737995,
0.02012225240468979,
-0.004317420069128275,
0.0007641037809662521,
0.002919497201219201,
0.0003601816715672612,
0.027956094592809677,
-0.03214351460337639,
-0.011928854510188103,
0.02043093368411064,
0.016218462958931923,
-0.002955441363155842,
0.004211626015603542,
-0.008541603572666645,
0.027949929237365723,
-0.020550761371850967,
0.033885467797517776,
0.012127944268286228,
-0.008665721863508224,
-0.00009956428402801976,
-0.016232168301939964,
-0.0417339950799942,
0.028906913474202156,
-0.003731413511559367,
-0.01668870635330677,
-0.03307027742266655,
-0.01740465871989727,
-0.0179392471909523,
-0.006919823586940765,
0.0035221257712692022,
0.016477158293128014,
-0.00012719075311906636,
0.020007753744721413,
-0.015006989240646362,
-0.0458315946161747,
0.004180203191936016,
-0.013618038967251778,
-0.11957375705242157,
-0.007302950136363506,
0.1453303098678589,
-0.016283562406897545,
0.007044498808681965,
0.014601822942495346,
-0.03979604318737984,
0.0499778650701046,
0.005108783487230539,
0.04708753153681755,
0.014362207613885403,
-0.0006363546708598733,
-0.04096018150448799,
0.006392901297658682,
-0.03928636386990547,
-0.14360645413398743,
-0.010589409619569778,
-0.00559950852766633,
-0.025733044371008873,
0.010716857388615608,
-0.0272973719984293,
0.08441068977117538,
0.011943911202251911,
0.014322304166853428,
-0.07882286608219147,
0.028850741684436798,
-0.04644383117556572,
0.00006735206989105791,
-0.02072116546332836,
-0.032587211579084396,
-0.038210172206163406,
0.03889450058341026,
-0.051659297198057175,
-0.006809053011238575,
0.037232402712106705,
-0.009105992503464222,
-0.06784382462501526,
0.024390481412410736,
0.00780000863596797,
-0.001356520806439221,
-0.041282664984464645,
-0.018431639298796654,
-0.013467489741742611,
-0.07444418966770172,
-0.011530034244060516,
0.035470325499773026,
0.0006843149312771857,
-0.019973959773778915,
-0.0013373626861721277,
0.023522263392806053,
0.023743562400341034,
-0.025882797315716743,
0.044531721621751785,
-0.024717235937714577,
0.04938265308737755,
-0.01484275795519352,
-0.012399730272591114,
-0.005556869320571423,
-0.0005461049149744213,
0.023715173825621605,
-0.021491331979632378,
0.004712346009910107,
-0.050930459052324295,
-0.006248867604881525,
-0.01292832288891077,
0.0054462626576423645,
-0.010512306354939938,
0.008601734414696693,
0.08104068785905838,
0.010300053283572197,
0.013740256428718567,
0.02418537065386772,
0.0058180103078484535,
0.03571266308426857,
-0.0105736143887043,
0.029407497495412827,
0.0018867343896999955,
-0.023431774228811264,
-0.02941090241074562,
-0.005687516648322344,
-0.015393094159662724,
-0.00043305233702994883,
-0.01805228367447853,
0.014030729420483112,
-0.0013959615025669336,
0.022809799760580063,
0.0085983294993639,
0.00953591987490654,
0.03566465154290199,
-0.028234079480171204,
-0.01600915566086769,
0.0483100488781929,
-0.04110761359333992,
-0.004060086328536272,
0.017374353483319283,
0.007935069501399994,
-0.0039314269088208675,
-0.004112246446311474,
-0.05401818826794624,
0.04212931916117668,
-0.01092319656163454,
-0.03408067300915718,
0.0004700272111222148,
0.07985612750053406,
0.03319421410560608,
0.010889632627367973,
-0.01614564284682274,
0.016249293461441994,
0.01145241316407919,
-0.004220795352011919,
-0.000791706086602062,
-0.018993711099028587,
-0.01855197548866272,
-0.026573697105050087,
0.11302392929792404,
0.018436694517731667,
0.01710912398993969,
-0.014964770525693893,
-0.011640118435025215,
-0.04068046063184738,
-0.01612699031829834,
0.03741990402340889,
-0.007904266938567162,
0.02057262510061264,
-0.005942544434219599,
0.01683667302131653,
0.04790869727730751,
-0.025377672165632248,
-0.09349067509174347,
0.02967856451869011,
-0.03227429464459419,
0.017429480329155922,
0.015085598453879356,
0.012991300784051418,
-0.0019006357761099935,
-0.05960720777511597,
-0.013412781059741974,
0.08639483153820038,
0.05951295793056488,
-0.09878332167863846,
-0.05394650995731354,
0.017431063577532768,
-0.004828677047044039,
-0.0031770195346325636,
-0.03502481430768967,
0.0035068891011178493,
0.0045238216407597065,
-0.014341237023472786,
-0.0010074047604575753,
0.00026749508106149733,
0.14393991231918335,
0.001921763876453042,
-0.02280496060848236,
0.03082791343331337,
0.025261981412768364,
-0.004164728801697493,
0.009664551354944706,
-0.01785401627421379,
0.004020807798951864,
-0.003573873545974493,
0.023009056225419044,
0.0018072118982672691,
-0.0245127622038126,
-0.038883283734321594,
-0.0007915312889963388,
-0.023977166041731834,
-0.053420111536979675,
0.018422968685626984,
-0.001502130413427949,
0.022551191970705986,
-0.010207830928266048,
0.01997067779302597,
-0.039340563118457794,
-0.010558821260929108,
-0.005978140514343977,
0.0038825301453471184,
0.008373293094336987,
0.041353557258844376,
-0.023804644122719765,
0.03686264529824257,
-0.006165211088955402,
-0.00544792041182518,
-0.033156998455524445,
-0.09796927869319916,
-0.02739088609814644,
-0.015782715752720833,
-0.01863742247223854,
-0.028290076181292534,
-0.0672910064458847,
-0.005649194587022066,
-0.02199607715010643,
0.006981195416301489,
0.04769580066204071,
-0.05016173794865608,
0.01387567538768053,
0.02170989289879799,
0.020083080977201462,
-0.0009777507511898875,
-0.04928864538669586,
0.0023707877844572067,
0.08949509263038635,
0.04413091763854027,
-0.009283673949539661,
0.03338148072361946,
-0.026671085506677628,
-0.048519302159547806,
0.01485688891261816,
-0.0059663355350494385,
-0.04400736838579178,
-0.01901598833501339,
0.006305781193077564,
-0.11361411213874817,
-0.000055824708397267386,
0.014835728332400322,
-0.022702496498823166,
0.0321456603705883,
-0.0013715142849832773,
-0.008030084893107414,
-0.04160632565617561
] |
assets and liabilities. Actual results may differ from these estimates and such differences may be material.
Management believes the Company’s critical accounting policies and estimates are those related to revenue recognition, valuation and impairment of marketable securities, inventory valuation and valuation of manufacturing-related assets and estimated purchase commitment cancellation fees, warranty costs, income taxes, and legal and other contingencies. Management considers these policies critical because they are both important to the portrayal of the Company’s financial condition and operating results, and they require management to make judgments and estimates about inherently uncertain matters. The Company’s senior management has reviewed these critical accounting policies and related disclosures with the Audit and Finance Committee of the Company’s Board of Directors.
Revenue Recognition
Net sales consist primarily of revenue from the sale of hardware, software, digital content and applications, peripherals, and service and support contracts. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collection is probable. Product is considered delivered to the customer once it has been shipped and title and risk of loss have been transferred. For most of the Company’s product sales, these criteria are met at the time the product is shipped. For online sales to individuals, for some sales to education customers in the U.S., and for certain other sales, the Company defers revenue until the customer receives the product because the Company retains a portion of the risk of loss on these sales during transit. The Company recognizes revenue from the sale of hardware products, software bundled with hardware that is essential to the functionality of the hardware, and third-party digital content sold on the iTunes Store in accordance with general revenue recognition accounting guidance. The Company recognizes revenue in accordance with industry specific software accounting guidance for the following types of sales transactions: (i) standalone sales of software products, (ii) sales of software upgrades and (iii) sales of software bundled with hardware not essential to the functionality of the hardware.
For multi-element arrangements that include hardware products containing software essential to the hardware product’s functionality, undelivered software elements that relate to the hardware product’s essential software, and/or undelivered non-software services, the Company allocates revenue to all deliverables based on their relative selling prices. In such circumstances, the Company uses a hierarchy to determine the selling price to be used for allocating revenue to deliverables: (i) vendor-specific objective evidence of fair value (“VSOE”), (ii) third-party evidence of selling price (“TPE”) and (iii) best estimate of selling price (“ESP”). VSOE generally exists only when the Company sells the deliverable separately and is the price actually charged by the Company for that deliverable. ESPs reflect the Company’s best estimates of what the
| 2SELL
|
[
-0.003178591141477227,
0.05629928037524223,
-0.016458217054605484,
-0.017342466861009598,
-0.14321710169315338,
-0.029382284730672836,
-0.005101705901324749,
-0.003929769620299339,
-0.06115393340587616,
0.029184725135564804,
-0.0029312120750546455,
-0.011540910229086876,
0.01271833386272192,
-0.0400613471865654,
0.01207997277379036,
0.04436857998371124,
0.06397385150194168,
-0.019261321052908897,
-0.038685392588377,
-0.002073255367577076,
0.019617415964603424,
0.011510662734508514,
0.010376405902206898,
-0.018858598545193672,
0.018062975257635117,
0.023377709090709686,
-0.060125287622213364,
0.018443437293171883,
0.05089230835437775,
-0.050117913633584976,
0.013222843408584595,
0.016695568338036537,
0.03146519511938095,
-0.01680993288755417,
0.05416841804981232,
0.009814164601266384,
-0.06001846119761467,
0.014945453964173794,
0.028947889804840088,
0.0015633790753781796,
-0.04716508090496063,
0.006441256031394005,
-0.002395041286945343,
-0.007229596376419067,
0.011151421815156937,
-0.013050069101154804,
0.018194148316979408,
0.028453245759010315,
0.009448106400668621,
-0.0127269197255373,
0.009802023880183697,
-0.014825543388724327,
-0.02105964533984661,
-0.024563273414969444,
-0.022956959903240204,
0.020495180040597916,
-0.0158071331679821,
-0.022580374032258987,
0.07768695056438446,
0.02802247367799282,
0.051497265696525574,
-0.0375942587852478,
0.005604988429695368,
0.021419625729322433,
0.004875151440501213,
-0.00611139228567481,
-0.011607024818658829,
0.0072709680534899235,
-0.03436030447483063,
-0.020716864615678787,
0.032239463180303574,
0.03619424253702164,
-0.02310735546052456,
-0.021750401705503464,
0.009062949568033218,
-0.040192294865846634,
0.03688659146428108,
0.00042186715290881693,
0.08905913680791855,
-0.03477850183844566,
0.00047263779561035335,
-0.07808943837881088,
0.04813649132847786,
-0.060139600187540054,
0.006351010408252478,
-0.014742802828550339,
-0.021595897153019905,
-0.03916732966899872,
-0.028401920571923256,
0.0002584683243185282,
0.004033603239804506,
0.0117109976708889,
-0.025223495438694954,
-0.06361780315637589,
-0.02398231066763401,
0.0037932165432721376,
0.03570062667131424,
-0.16905611753463745,
0.000896874931640923,
-0.026180626824498177,
0.0801122784614563,
0.01981719583272934,
0.039266712963581085,
-0.0076745981350541115,
0.018333686515688896,
0.004322744440287352,
-0.041512779891490936,
0.04508354142308235,
-0.007872145622968674,
0.004069899208843708,
-0.01657099276781082,
-0.06383480876684189,
0.022786561399698257,
0.006192036904394627,
-0.008197600021958351,
0.03212037682533264,
0.004045435693114996,
0.049070410430431366,
-0.004788114223629236,
-0.07307355105876923,
0.018672050908207893,
-0.025609616190195084,
-0.04579731822013855,
0.0018277998315170407,
-0.016945648938417435,
0.02779942750930786,
-0.037953343242406845,
-0.015345633029937744,
0.04621811956167221,
-0.005988186690956354,
-0.0036787008866667747,
-0.012429115362465382,
-0.016939083114266396,
0.030795063823461533,
-0.03819639980792999,
0.023042527958750725,
0.0009266589186154306,
-0.01047756988555193,
-0.04574522003531456,
0.0144125297665596,
-0.03871948644518852,
-0.014243870973587036,
-0.0013354462571442127,
-0.0010988118592649698,
-0.04342968016862869,
-0.011979608796536922,
-0.009116441942751408,
-0.003476610640063882,
0.056563831865787506,
0.07607997953891754,
-0.003644403303042054,
-0.017031459137797356,
-0.026833783835172653,
-0.0094421012327075,
-0.026247605681419373,
-0.009443595074117184,
0.0652577131986618,
0.019489623606204987,
-0.047370851039886475,
-0.013843287713825703,
0.0038948440924286842,
-0.011866619810461998,
-0.0005235552089288831,
-0.07776129990816116,
-0.05492442473769188,
-0.04209489747881889,
0.01609521359205246,
-0.0011165877804160118,
0.048445504158735275,
0.051761675626039505,
0.03187093883752823,
0.024373656138777733,
0.005676047410815954,
-0.006351414602249861,
0.027133896946907043,
-0.07053311914205551,
0.021229146048426628,
0.040452294051647186,
-0.006727059371769428,
0.019134527072310448,
0.016391664743423462,
0.010804777033627033,
0.05804210156202316,
-0.09189938753843307,
-0.06680040061473846,
-0.024209631606936455,
0.005951812490820885,
0.0503438338637352,
-0.0038945418782532215,
-0.026510998606681824,
0.061125099658966064,
-0.010267592966556549,
-0.007636766880750656,
-0.0039290389977395535,
-0.006035881116986275,
-0.01532293576747179,
-0.024222711101174355,
0.0030380808748304844,
0.006176070310175419,
-0.010375291109085083,
-0.10521029680967331,
0.009033349342644215,
-0.006983739323914051,
0.038544707000255585,
0.0624629370868206,
-0.015278894454240799,
-0.03139519318938255,
-0.004384385421872139,
0.0012698458740487695,
0.008508522994816303,
-0.05651940405368805,
-0.0050272452645003796,
0.010606131516397,
-0.03116711787879467,
-0.0047355168499052525,
0.05101810023188591,
0.008635594509541988,
-0.09546428918838501,
-0.020964927971363068,
-0.03835413232445717,
0.003444621805101633,
-0.015798363834619522,
0.024447226896882057,
0.008762157522141933,
0.04623354971408844,
-0.010664085857570171,
0.04270610585808754,
-0.006332071963697672,
-0.05482809245586395,
0.02712790109217167,
0.0033519845455884933,
0.06245994195342064,
-0.039687927812337875,
0.03312593698501587,
0.016143111512064934,
0.011521966196596622,
0.0016547504346817732,
-0.00011332082067383453,
-0.036122336983680725,
0.06949156522750854,
0.0919145941734314,
-0.01258762739598751,
-0.00957049336284399,
-0.00224646320566535,
-0.039892226457595825,
0.04139137268066406,
0.03464902937412262,
0.04643711820244789,
-0.01219983771443367,
-0.028465846553444862,
-0.0012295158812776208,
0.01633731834590435,
-0.038308728486299515,
0.004594078753143549,
-0.04453626647591591,
0.03687569126486778,
0.016958029940724373,
0.0003960335743613541,
0.010295230895280838,
-0.13432975113391876,
-0.006150445900857449,
-0.02309977449476719,
0.013742243871092796,
-0.024552730843424797,
0.01371990330517292,
0.026677940040826797,
0.01698312535881996,
-0.002867983654141426,
-0.010037659667432308,
0.012068369425833225,
-0.01491385605186224,
-0.014621276408433914,
0.041948992758989334,
-0.022095510736107826,
0.0033270029816776514,
0.018775228410959244,
0.04696988686919212,
-0.011234010569751263,
0.03896631672978401,
-0.03736322000622749,
-0.01065454725176096,
-0.018278060480952263,
-0.015004003420472145,
-0.04141862690448761,
-0.026266198605298996,
-0.007990069687366486,
-0.02485826052725315,
-0.0008404125110246241,
0.08615465462207794,
-0.029554644599556923,
-0.007478383835405111,
0.005122473929077387,
0.008714656345546246,
-0.0395222008228302,
-0.03786386176943779,
0.06684170663356781,
-0.010435082949697971,
-0.05194884538650513,
-0.006564169656485319,
0.05304788053035736,
0.013176212087273598,
0.03318343684077263,
0.026343805715441704,
-0.041118111461400986,
-0.009515741840004921,
-0.013526258058845997,
-0.018961641937494278,
-0.025861825793981552,
0.12051375955343246,
-0.027727561071515083,
0.009558437392115593,
0.021494632586836815,
-0.0021420500706881285,
-0.010054230690002441,
-0.023300204426050186,
-0.04587781801819801,
-0.03340225666761398,
0.04610934481024742,
-0.02061431296169758,
-0.03948285058140755,
0.01806977391242981,
-0.010178104974329472,
0.03448601812124252,
0.026730353012681007,
0.07098758220672607,
-0.006549081299453974,
0.046321939677000046,
-0.03689335286617279,
0.01929170824587345,
-0.029308700934052467,
0.09298604726791382,
0.07236343622207642,
-0.03983225300908089,
0.032258957624435425,
-0.024620557203888893,
0.01638183742761612,
0.019824504852294922,
-0.02433859556913376,
-0.0006427984917536378,
-0.00966246984899044,
0.005897917319089174,
-0.00012265187979210168,
0.03595776483416557,
-0.028542814776301384,
0.0005479862447828054,
0.09270723164081573,
0.0075641777366399765,
-0.06229041889309883,
0.012739403173327446,
0.0688016414642334,
0.04958043619990349,
-0.014657515101134777,
-0.000422848534071818,
0.04984011873602867,
0.0029249894432723522,
-0.032500073313713074,
0.03741900995373726,
0.008923507295548916,
-0.02559971623122692,
0.01278268825262785,
-0.017159005627036095,
-0.014571628533303738,
-0.0008906800649128854,
0.003662362927570939,
0.04343535751104355,
-0.01708213798701763,
-0.032214075326919556,
0.012452874332666397,
0.006456322036683559,
-0.01611858233809471,
-0.015003829263150692,
-0.003432038240134716,
0.017003754153847694,
0.07021462172269821,
-0.03284755349159241,
0.009977108798921108,
0.04621854051947594,
-0.02639361098408699,
0.001138234045356512,
0.03029104880988598,
-0.002678410615772009,
-0.0012201016070321202,
-0.0006173786241561174,
-0.010319924913346767,
0.061214059591293335,
0.0030351951718330383,
-0.004529036581516266,
0.0222515556961298,
0.004743159282952547,
0.02390371635556221,
-0.02081207185983658,
0.04102594032883644,
0.05051002278923988,
0.006180840544402599,
-0.028409114107489586,
-0.01274267677217722,
0.030709372833371162,
-0.016628190875053406,
-0.02374052070081234,
-0.01679084450006485,
-0.00756261358037591,
-0.02315131202340126,
-0.012848017737269402,
0.033261362463235855,
0.0464811772108078,
0.011775870807468891,
-0.020437436178326607,
0.04041138291358948,
-0.005635042209178209,
0.043327149003744125,
-0.014231239445507526,
-0.12222187966108322,
-0.012742302380502224,
0.01716039888560772,
-0.05513724684715271,
0.0307291429489851,
-0.020824994891881943,
0.05464496836066246,
0.077083520591259,
0.04321727529168129,
-0.043347906321287155,
0.0025502333883196115,
0.03684469312429428,
0.01927815191447735,
-0.12864668667316437,
0.005277856253087521,
-0.05362125113606453,
-0.03179179131984711,
0.02578561194241047,
0.02068287692964077,
-0.010013820603489876,
0.009233631193637848,
0.03604016825556755,
-0.020181216299533844,
-0.0064606317318975925,
0.0085381381213665,
-0.00546317920088768,
-0.027712026610970497,
-0.01246478222310543,
0.033316850662231445,
-0.021985240280628204,
0.040821000933647156,
-0.006740774028003216,
-0.017033958807587624,
-0.004523197188973427,
0.011470656841993332,
0.05616500973701477,
-0.015828801319003105,
0.03236553072929382,
-0.04927739500999451,
-0.00929280649870634,
0.0005467526498250663,
0.0194832906126976,
0.01239124033600092,
-0.0014887858415022492,
-0.004597350023686886,
-0.015578044578433037,
0.0009007803746499121,
-0.007168835494667292,
0.006679835729300976,
0.004886099137365818,
0.003050251631066203,
0.025658370926976204,
-0.00009831529314396903,
-0.007018006406724453,
0.010118317790329456,
0.017814623191952705,
0.0034904007334262133,
0.028807029128074646,
-0.0015816461527720094,
-0.00812067836523056,
-0.0005650900420732796,
0.008252259343862534,
-0.01343839056789875,
0.032213613390922546,
-0.01956365443766117,
0.04110344499349594,
-0.01975306123495102,
-0.010084818117320538,
-0.03140489384531975,
0.017386849969625473,
-0.01730017364025116,
-0.03777927905321121,
0.022614266723394394,
-0.0050935205072164536,
-0.09060651063919067,
-0.04363672062754631,
-0.00495547242462635,
-0.007186933886259794,
-0.0006203711382113397,
-0.05564449727535248,
-0.04331854730844498,
-0.022257061675190926,
0.03502703830599785,
-0.0031383654568344355,
-0.011817943304777145,
-0.15263257920742035,
0.022982565686106682,
-0.009543792344629765,
-0.02038358524441719,
0.03432231768965721,
-0.021651238203048706,
0.009630654007196426,
0.03929947689175606,
-0.0015634848969057202,
0.02723761647939682,
-0.010455481708049774,
0.025100981816649437,
-0.052334390580654144,
0.018759872764348984,
0.018360240384936333,
0.027342310175299644,
-0.025682765990495682,
-0.030853742733597755,
0.02500666119158268,
-0.07673240453004837,
0.03483842313289642,
0.006545566953718662,
0.042501095682382584,
-0.0010395095450803638,
0.008237199857831001,
0.024217689409852028,
0.02931167557835579,
0.002027678769081831,
0.05156368762254715,
-0.005503314547240734,
0.025729279965162277,
-0.009127944707870483,
0.06267841905355453,
-0.0007087824051268399,
0.0014517800882458687,
0.1652194857597351,
-0.009706307202577591,
-0.014513160102069378,
0.003335379296913743,
-0.005766090005636215,
0.005925415549427271,
-0.002711962442845106,
-0.01662292145192623,
-0.022886499762535095,
-0.016553977504372597,
0.03524135425686836,
0.02127682790160179,
-0.018371673300862312,
0.0400286503136158,
-0.008573414757847786,
-0.08640000224113464,
0.00029522334807552397,
0.008862602524459362,
-0.08234598487615585,
-0.023392537608742714,
0.1044025644659996,
0.04799117520451546,
0.011969250626862049,
0.0064111920073628426,
-0.034642867743968964,
0.007639714982360601,
0.016940230503678322,
0.010571599937975407,
-0.005869701039046049,
-0.008846702985465527,
-0.03609839454293251,
0.003949298989027739,
-0.005541894119232893,
-0.04523838683962822,
0.010765677317976952,
-0.0033097071573138237,
-0.03345933184027672,
0.026137826964259148,
-0.015348871238529682,
0.10131777077913284,
0.0022608195431530476,
-0.0036514741368591785,
-0.05412915721535683,
0.04836420342326164,
0.006463325582444668,
0.006689160596579313,
-0.03170707821846008,
-0.01884172484278679,
-0.04596935585141182,
0.044025201350450516,
0.018001988530158997,
-0.017552174627780914,
0.004746090155094862,
0.028010688722133636,
-0.09811487048864365,
0.036032188683748245,
0.03068455308675766,
-0.001871280139312148,
0.014088097028434277,
-0.02723151631653309,
0.0050419592298567295,
-0.007071538362652063,
0.04174799099564552,
0.04473471641540527,
-0.11502538621425629,
-0.025861551985144615,
0.022131815552711487,
0.0069457232020795345,
-0.030054114758968353,
0.010165813378989697,
0.024517066776752472,
0.022502155974507332,
0.025854196399450302,
0.03839826211333275,
-0.027852386236190796,
0.009031536057591438,
-0.005860430188477039,
0.03261328861117363,
0.0033999644219875336,
-0.019117264077067375,
-0.02771766111254692,
-0.01586098223924637,
-0.030025118961930275,
-0.013248427771031857,
0.021216096356511116,
0.01680811680853367,
-0.17410138249397278,
0.03551599383354187,
0.04147636517882347,
-0.01622823067009449,
-0.016316967085003853,
0.01805059425532818,
-0.014756781980395317,
-0.018393157050013542,
0.008870132267475128,
-0.014606651850044727,
-0.028933515772223473,
0.02358514629304409,
-0.007779172156006098,
-0.029802847653627396,
0.02074686996638775,
0.02204189822077751,
-0.023504039272665977,
0.0043449257500469685,
0.04175928607583046,
-0.019504442811012268,
0.02931039407849312,
-0.05054241418838501,
-0.11852037906646729,
-0.003631127765402198,
-0.050825584679841995,
-0.01822829432785511,
0.0147507693618536,
0.03140280395746231,
0.015296243131160736,
-0.006652692332863808,
-0.027260638773441315,
0.01979079842567444,
0.05205102264881134,
0.031654562801122665,
0.006909264717251062,
-0.0029214939568191767,
0.03675924614071846,
-0.016273900866508484,
-0.018340539187192917,
0.0072328089736402035,
-0.005577985662966967,
-0.000514774292241782,
-0.03810499981045723,
-0.03457142412662506,
0.02651030942797661,
-0.02795635722577572,
0.010695335455238819,
0.02390858344733715,
0.0036270832642912865,
0.04087508097290993,
0.005214960779994726,
-0.03861822932958603,
-0.007941143587231636,
0.017098743468523026,
0.008125903084874153,
-0.019186386838555336,
0.02254389226436615,
0.0639471709728241,
0.012532589957118034,
-0.030489204451441765,
0.011096448637545109,
0.02893173135817051,
-0.06481602042913437,
-0.00599434319883585,
0.0034944014623761177,
-0.01291985809803009,
0.008784820325672626,
-0.07398859411478043,
0.01707126572728157,
0.03869118541479111,
-0.13837830722332,
-0.06851579248905182,
-0.06237640604376793,
0.017801878973841667,
0.009288080967962742,
-0.01937868259847164,
-0.007708290126174688,
-0.023922376334667206,
-0.008725124411284924,
-0.004981223959475756,
-0.027846384793519974,
0.00028981160721741617,
-0.07558538764715195,
0.03717099502682686,
-0.008092694915831089,
0.008211632259190083,
0.025779806077480316,
-0.021656004711985588,
0.006792714819312096,
0.001387519296258688,
-0.007679773028939962,
-0.0057631321251392365,
0.02216055989265442,
0.015492591075599194,
-0.013262173160910606,
-0.0028531369753181934,
-0.018847519531846046,
0.013808171264827251,
-0.06050974875688553,
-0.004431250970810652,
-0.00805507693439722,
0.005960604175925255,
-0.002705999184399843,
-0.014347047545015812,
-0.04497947916388512,
-0.021026218309998512,
-0.016635987907648087,
0.11822845041751862,
0.0017656469717621803,
0.028666241094470024,
-0.01728985272347927,
0.0028839358128607273,
0.014506313018500805,
0.002515748841688037,
-0.0344591960310936,
0.05022646486759186,
-0.021976105868816376,
0.013464678078889847,
0.00016493209113832563,
-0.033492084592580795,
-0.024353785440325737,
-0.004899600055068731,
-0.00992687325924635,
0.05863412469625473,
0.026319893077015877,
-0.002302577020600438,
0.021426180377602577,
0.05412118881940842,
-0.014775147661566734,
-0.00994713045656681,
-0.037799492478370667,
-0.023315127938985825,
0.06028149276971817,
-0.07202348858118057,
-0.034346748143434525,
0.034693360328674316,
0.008192643523216248,
-0.05530982464551926,
0.010038988664746284,
-0.009592946618795395,
-0.0032663289457559586,
0.01617666892707348,
-0.04073231294751167,
-0.0024513897951692343,
0.00923901703208685,
0.042743030935525894,
-0.02537377178668976,
0.046128109097480774,
-0.047103509306907654,
0.048295650631189346,
-0.010529127903282642
] |
and the Company recognized impairment charges of approximately $81 million during the fourth quarter of 2008. These impairment charges were recorded to other income (loss) — net in the consolidated statement of income. Refer to Note 17 of Notes to Consolidated Financial Statements.
Our Company invests in infrastructure programs with our bottlers that are directed at strengthening our bottling system and increasing unit case volume. Additionally, our Company advances payments to certain customers to fund future marketing activities intended to generate profitable volume and expenses such payments over the periods benefited. Advance payments are also made to certain customers for distribution rights. Payments under these programs are generally capitalized and reported in the line items prepaid expenses and other assets or other assets, as appropriate, in our consolidated balance sheets. When facts and circumstances indicate that the carrying value of these assets may not be recoverable, management assesses the recoverability of the carrying value by preparing estimates of sales volume and the resulting gross profit and cash flows. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment loss. The impairment loss recognized is the amount by which the carrying amount exceeds the fair value.
In 2010, as a result of our acquisition of CCE's North American business, the Company recorded a charge of $265 million related to preexisting relationships. The charge was primarily related to the write-off of our investment in infrastructure programs with CCE. Our investment in these infrastructure programs with CCE did not meet the criteria to be recognized as an asset subsequent to the acquisition. Refer to Note 2 and Note 6 of Notes to Consolidated Financial Statements.
Property, Plant and Equipment
As of December 31, 2010, the carrying value of our property, plant and equipment, net of depreciation, was approximately $14,727 million, or 20 percent of our total assets. Certain events or changes in circumstances may indicate that the recoverability of the carrying amount of property, plant and equipment should be assessed, including, among others, a significant decrease in market value, a significant change in the business climate in a particular market, or a current period operating or cash flow loss combined with historical losses or projected future losses. When such events or changes in circumstances are present, we estimate the future cash flows expected to result from the use of the asset (or asset group) and its eventual disposition. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment loss. The impairment loss recognized is the amount by which the carrying amount exceeds the fair value. We use a variety of methodologies to determine the fair value of property, plant and
| 1HOLD
|
[
-0.012375024147331715,
0.03547922521829605,
-0.002400781027972698,
0.024061528965830803,
-0.08812136203050613,
0.024935832247138023,
-0.01463986374437809,
-0.014195119962096214,
-0.05188387259840965,
-0.0012785526923835278,
0.007161310873925686,
0.005455108359456062,
0.017851397395133972,
-0.011021565645933151,
-0.008220461197197437,
-0.027573859319090843,
-0.03727033734321594,
-0.018369698897004128,
0.00008318584150401875,
0.02004007250070572,
0.0169473085552454,
0.018909132108092308,
-0.0005249897949397564,
-0.012882339768111706,
0.00352260610088706,
0.027081025764346123,
-0.008401207625865936,
0.03377142921090126,
0.05344260856509209,
-0.031968481838703156,
0.022622568532824516,
-0.022918567061424255,
0.03638903424143791,
-0.01626845821738243,
-0.00017308260430581868,
0.0064302003011107445,
-0.07875724136829376,
0.0017437220085412264,
0.04354270175099373,
0.006314469035714865,
-0.000250768760452047,
0.018673095852136612,
-0.011102274060249329,
0.007733759004622698,
0.01626802235841751,
-0.010231324471533298,
-0.004943322855979204,
0.013275068253278732,
0.02117210626602173,
-0.0055683027021586895,
-0.002029984025284648,
0.02087966538965702,
-0.022779127582907677,
-0.03093677945435047,
-0.009420914575457573,
-0.010564720258116722,
0.011778099462389946,
-0.013213747180998325,
0.07611611485481262,
0.024456067010760307,
0.030702408403158188,
-0.02229798212647438,
-0.004716983065009117,
0.057656653225421906,
0.0112840561196208,
-0.012726083397865295,
-0.003534406889230013,
0.01349910069257021,
-0.04541105404496193,
-0.04079892486333847,
-0.000399749813368544,
0.014160573482513428,
-0.012066352181136608,
-0.026562271639704704,
0.0143809262663126,
-0.038586948066949844,
0.023522352799773216,
-0.016936665400862694,
0.07080721855163574,
-0.03937617689371109,
-0.02645452506840229,
-0.07347337156534195,
-0.07307590544223785,
0.010884974151849747,
0.04866015538573265,
0.02592398039996624,
0.01095532439649105,
-0.05927630886435509,
-0.008259660564363003,
-0.004142702091485262,
0.01848766766488552,
0.013422361575067043,
-0.03448457270860672,
-0.09728361666202545,
-0.051338937133550644,
-0.005642058793455362,
0.010496311821043491,
-0.13036854565143585,
-0.010642968118190765,
-0.049751024693250656,
0.022387968376278877,
0.011647354811429977,
0.027157966047525406,
-0.000830473902169615,
0.010118606500327587,
0.03406015411019325,
-0.002333985874429345,
0.011851100251078606,
-0.0019268904579803348,
0.004880301654338837,
-0.026480240747332573,
-0.05608684942126274,
0.012135152705013752,
0.003867007326334715,
0.010744358412921429,
0.03767985850572586,
-0.00046864934847690165,
-0.02276534214615822,
-0.04975862056016922,
-0.0714416429400444,
-0.008073554374277592,
-0.0327242948114872,
-0.020797910168766975,
0.001563475583679974,
-0.03772668540477753,
-0.005714473780244589,
0.021355845034122467,
0.004050483927130699,
0.024249713867902756,
-0.028533009812235832,
0.0033086473122239113,
-0.020269179716706276,
-0.028323393315076828,
0.026924673467874527,
-0.024144748225808144,
0.005003788508474827,
-0.018212953582406044,
-0.0132614616304636,
-0.03571616858243942,
0.024564720690250397,
-0.0011173068778589368,
-0.04832986742258072,
-0.052578069269657135,
0.00031087989918887615,
-0.048164065927267075,
-0.01378428004682064,
0.0013690212508663535,
0.0038975821807980537,
0.031612057238817215,
0.10656719654798508,
0.002739835064858198,
-0.006794290151447058,
-0.005550093948841095,
-0.014629521407186985,
-0.046789590269327164,
0.02519962191581726,
0.044050395488739014,
-0.060869134962558746,
-0.03223923593759537,
-0.014529422856867313,
-0.006625184789299965,
0.011482879519462585,
-0.002803950337693095,
-0.002044414170086384,
0.011507843621075153,
-0.025924108922481537,
0.04322972893714905,
-0.018522460013628006,
0.021482519805431366,
0.028723224997520447,
0.020782850682735443,
0.022975703701376915,
0.0025081627536565065,
-0.0029334404971450567,
-0.02448110282421112,
-0.011099806055426598,
0.07081961631774902,
0.0012059565633535385,
0.037722162902355194,
0.022751454263925552,
0.009115013293921947,
-0.016372665762901306,
-0.00510879373177886,
0.07033063471317291,
-0.03110431507229805,
-0.003085955511778593,
-0.0077520813792943954,
0.03925751894712448,
0.003393189748749137,
-0.0032349175307899714,
0.015225046314299107,
-0.010448552668094635,
0.012035461142659187,
-0.016335440799593925,
-0.0326186940073967,
-0.00904618389904499,
-0.05243301019072533,
-0.012701010331511497,
0.05982126295566559,
-0.004507889039814472,
-0.032913532108068466,
0.008011157624423504,
0.022725580260157585,
0.02397824265062809,
0.02882896549999714,
-0.007558444514870644,
-0.0019228041637688875,
-0.0003261800156906247,
-0.019006405025720596,
-0.003524706233292818,
-0.013534209690988064,
-0.045634396374225616,
0.0019210720201954246,
-0.026252970099449158,
0.03590782359242439,
0.005642320029437542,
-0.004714648704975843,
-0.08269248157739639,
-0.04233158007264137,
-0.024027373641729355,
0.007178564090281725,
-0.0011591786751523614,
0.010518079623579979,
0.010583486407995224,
0.00992629025131464,
0.011264710687100887,
0.08182650059461594,
0.009797709994018078,
-0.05536603927612305,
0.050318583846092224,
0.03443877398967743,
0.012845968827605247,
0.008503749966621399,
0.036280784755945206,
0.0008487838786095381,
-0.028653554618358612,
-0.005913031753152609,
0.02832302823662758,
-0.0017448125872761011,
0.017885426059365273,
0.09716083109378815,
-0.022644096985459328,
-0.017466332763433456,
-0.02176017127931118,
-0.03431849554181099,
0.013806192204356194,
-0.047438111156225204,
0.08699167519807816,
0.001084518269635737,
-0.011799553409218788,
-0.013244228437542915,
-0.023976709693670273,
0.0752280130982399,
-0.022124065086245537,
-0.015705743804574013,
-0.004098009318113327,
0.012425752356648445,
-0.018979761749505997,
-0.010645552538335323,
-0.10480978339910507,
-0.020907385274767876,
0.013058597221970558,
0.05005107820034027,
-0.029542436823248863,
0.010013413615524769,
-0.03230593353509903,
0.02644483558833599,
0.016659030690789223,
-0.011199005879461765,
0.017013736069202423,
-0.025134915485978127,
-0.003881042590364814,
0.06744420528411865,
-0.004918036982417107,
0.0040049320086836815,
0.012062853202223778,
0.026989217847585678,
-0.024248946458101273,
0.02556103654205799,
-0.01864079385995865,
0.00006979532918194309,
0.01138364989310503,
-0.04081818088889122,
-0.010376058518886566,
-0.02014235407114029,
-0.014149917289614677,
-0.01952250674366951,
0.0014292626874521375,
0.025811878964304924,
-0.028253696858882904,
-0.026663921773433685,
0.02764817513525486,
0.004071790724992752,
-0.007054305635392666,
0.012774731032550335,
0.04905598238110542,
-0.016593480482697487,
-0.028483275324106216,
0.011422420851886272,
0.0247461199760437,
-0.04353088513016701,
0.005344036500900984,
-0.0037246770225465298,
-0.025343669578433037,
-0.025494758039712906,
0.005294904112815857,
0.015709925442934036,
-0.0069069648161530495,
0.028990039601922035,
-0.009326968342065811,
0.007060069590806961,
-0.0006735828355886042,
0.007092515006661415,
0.016224388033151627,
0.003431981895118952,
-0.029670480638742447,
-0.016668889671564102,
-0.009631465189158916,
-0.07131963968276978,
-0.016876770183444023,
-0.0052322945557534695,
-0.001028825412504375,
0.005482667125761509,
0.01626705564558506,
0.05674123018980026,
0.012925892136991024,
0.05679219961166382,
-0.05228525400161743,
-0.040012069046497345,
-0.07818680256605148,
0.26694804430007935,
0.12481348216533661,
-0.02898743562400341,
0.0529731884598732,
0.005940299015492201,
-0.06814011186361313,
0.023800091817975044,
-0.030799295753240585,
0.006176707334816456,
-0.048062343150377274,
-0.008336782455444336,
0.03209242597222328,
0.0028845774941146374,
-0.009171738289296627,
0.002672278555110097,
0.02150597609579563,
0.024560580030083656,
-0.0939454510807991,
0.01865656115114689,
-0.005428783129900694,
0.048955004662275314,
0.01950724795460701,
-0.03795168548822403,
0.021118123084306717,
0.009557626210153103,
-0.039653342217206955,
0.005910195410251617,
0.016037918627262115,
-0.0023915034253150225,
0.0144651522859931,
-0.013569312170147896,
-0.008614867925643921,
0.002848904812708497,
0.010150901041924953,
0.04735863581299782,
-0.07548554986715317,
-0.012087360955774784,
0.010407471098005772,
0.009384223259985447,
0.0004467748512979597,
0.029035942628979683,
0.01437433809041977,
0.00454214820638299,
0.10930539667606354,
0.01473322231322527,
-0.0285053513944149,
0.019022000953555107,
0.014830593951046467,
0.017099227756261826,
-0.0021806976292282343,
-0.011008801870048046,
0.0015901034930720925,
-0.0047556692734360695,
-0.003834595438092947,
-0.020778104662895203,
0.007069099694490433,
0.024992819875478745,
0.011714097112417221,
-0.045055076479911804,
0.047687828540802,
0.02596600353717804,
-0.0002081625716527924,
0.027211718261241913,
-0.021205386146903038,
0.005373762920498848,
0.005627982318401337,
-0.0005939368857070804,
0.002514066407456994,
-0.05950772762298584,
0.007780511863529682,
-0.019628243520855904,
0.01530294120311737,
0.00459461472928524,
-0.01100199669599533,
0.036269016563892365,
0.057619571685791016,
-0.03943895548582077,
0.042870037257671356,
-0.006506046280264854,
0.022811537608504295,
-0.015915926545858383,
-0.0556550957262516,
0.005803578533232212,
0.01714370772242546,
0.01082950085401535,
0.01663617230951786,
-0.005151171237230301,
0.029112087562680244,
0.06229585036635399,
-0.02262236177921295,
-0.034423068165779114,
0.002648077206686139,
0.018960924819111824,
-0.008736788295209408,
-0.016725707799196243,
0.021710220724344254,
-0.0856199786067009,
-0.010945776477456093,
0.025913622230291367,
-0.030462874099612236,
-0.017149509862065315,
0.0002584544417914003,
0.011305605061352253,
-0.04469195380806923,
-0.0189060028642416,
0.006755100563168526,
0.014746365137398243,
-0.034967392683029175,
0.029819609597325325,
0.01988641358911991,
-0.002454041736200452,
-0.011647899635136127,
0.019325554370880127,
0.0033149169757962227,
-0.010367571376264095,
0.08322197943925858,
0.02998781017959118,
-0.008710772730410099,
0.033689770847558975,
-0.016123702749609947,
-0.014286763034760952,
0.01704334281384945,
-0.01766083762049675,
0.03162284195423126,
-0.007961352355778217,
-0.02944156900048256,
0.03018934465944767,
0.008431592956185341,
-0.005188749171793461,
-0.0069931927137076855,
0.022434938699007034,
-0.015136492438614368,
0.02832106500864029,
-0.04780250042676926,
-0.011686066165566444,
-0.004283684305846691,
0.013228184543550014,
0.008348801173269749,
0.00704009598121047,
-0.01593867316842079,
-0.0026073497720062733,
0.013899357989430428,
-0.005255279131233692,
0.001266322797164321,
-0.006729124579578638,
0.016310304403305054,
0.004185728263109922,
0.004721486009657383,
-0.061648041009902954,
-0.022425290197134018,
0.01850055530667305,
-0.04659878835082054,
-0.010464058257639408,
-0.004324827343225479,
0.002537187421694398,
-0.020618190988898277,
-0.08672648668289185,
-0.021739844232797623,
0.001231981092132628,
-0.039431240409612656,
-0.03439410775899887,
-0.029523737728595734,
-0.025163983926177025,
0.009088852442800999,
-0.0036708093248307705,
-0.010106735862791538,
-0.21539367735385895,
0.19787634909152985,
0.02923397533595562,
0.005091921426355839,
0.0312989242374897,
-0.018094664439558983,
-0.010277430526912212,
0.05007495358586311,
0.0209692120552063,
-0.010329888202250004,
-0.009331445209681988,
0.06034531816840172,
-0.0409412644803524,
0.017447005957365036,
0.008463810198009014,
0.031254835426807404,
-0.016909852623939514,
0.022351546213030815,
0.01019653957337141,
-0.004060716833919287,
-0.023705914616584778,
0.012843231670558453,
0.00972015131264925,
-0.008380446583032608,
-0.017073022201657295,
0.021497586742043495,
0.007733456324785948,
0.0036664188373833895,
0.0035494088660925627,
-0.004594373516738415,
-0.02082674391567707,
-0.02727852761745453,
0.020436128601431847,
-0.008248130790889263,
-0.010958066210150719,
-0.015228746458888054,
-0.008803566917777061,
-0.03863324970006943,
0.023497309535741806,
-0.017177920788526535,
0.005120845511555672,
-0.016837183386087418,
-0.02829120308160782,
-0.01789308711886406,
-0.026015009731054306,
0.014593084342777729,
0.019341155886650085,
-0.007144790608435869,
0.03310329467058182,
-0.013912505470216274,
-0.03312714770436287,
0.009109381586313248,
-0.01080626156181097,
-0.12021864950656891,
-0.0007612625486217439,
0.15240204334259033,
-0.003960824571549892,
0.012931526638567448,
0.011515446938574314,
-0.04411925747990608,
0.04775619134306908,
0.015803901478648186,
0.04197274148464203,
0.01124880276620388,
0.0018101375317201018,
-0.03191392868757248,
0.010523034259676933,
-0.015454222448170185,
-0.11835195869207382,
0.004650751128792763,
-0.008147402666509151,
-0.03104517236351967,
0.015826769173145294,
-0.02014939673244953,
0.087696373462677,
0.025013012811541557,
0.007610551081597805,
-0.06620743125677109,
0.027707353234291077,
-0.03216957300901413,
0.005017933901399374,
-0.03108915686607361,
-0.01081245020031929,
-0.03313221409916878,
0.03775091841816902,
-0.04294424131512642,
-0.018529601395130157,
0.02077556401491165,
0.004264435265213251,
-0.06276125460863113,
0.002520795911550522,
0.015429317951202393,
-0.0016082839574664831,
-0.04340999945998192,
-0.009542802348732948,
-0.02534811571240425,
-0.07024873793125153,
-0.0012206475948914886,
0.02343130297958851,
0.014410804957151413,
-0.004778449423611164,
0.013375859707593918,
0.022039011120796204,
0.01074547041207552,
-0.021077057346701622,
0.05310193821787834,
-0.019082369282841682,
0.050229623913764954,
0.0033565210178494453,
-0.028226187452673912,
-0.0006766286096535623,
0.007363554090261459,
0.04249073565006256,
-0.016824431717395782,
0.0012182298814877868,
-0.042810969054698944,
-0.003820088692009449,
0.002920527709648013,
-0.014465665444731712,
0.0066300127655267715,
0.0004496658220887184,
0.11133424192667007,
0.02480030059814453,
-0.0013317017583176494,
0.015230514109134674,
0.012442109175026417,
0.0339832566678524,
0.0071913399733603,
0.07180972397327423,
-0.019014960154891014,
-0.007549968082457781,
-0.023178350180387497,
-0.0032508347649127245,
0.012295239605009556,
-0.01707586646080017,
-0.013645359314978123,
0.006691239308565855,
-0.01343398168683052,
0.026152467355132103,
0.020737363025546074,
0.0038275185506790876,
0.025318870320916176,
-0.042011793702840805,
0.0012433119118213654,
0.03494161367416382,
-0.042495619505643845,
0.00017890380695462227,
0.01883097179234028,
0.02843957580626011,
0.004522883333265781,
-0.006430481094866991,
-0.01454949751496315,
0.03333534300327301,
-0.019995305687189102,
-0.044562458992004395,
-0.008845092728734016,
0.07712732255458832,
0.011743288487195969,
0.0028788188938051462,
0.0016601303359493613,
-0.01886424608528614,
0.04981018602848053,
-0.017208658158779144,
-0.01065214816480875,
-0.025540510192513466,
-0.0017272543627768755,
-0.011316198855638504,
0.13655461370944977,
-0.00938454456627369,
0.033753491938114166,
0.00415034918114543,
-0.03570899739861488,
-0.043975409120321274,
-0.027493640780448914,
0.043768346309661865,
-0.01563897542655468,
0.022182324901223183,
-0.009894000366330147,
0.016487404704093933,
0.03694901242852211,
-0.01758142001926899,
-0.09762027859687805,
0.034882623702287674,
-0.034247804433107376,
0.0003376391832716763,
0.025239724665880203,
0.0216230321675539,
0.007092841435223818,
-0.06837647408246994,
-0.02594900317490101,
0.08196958154439926,
0.05700138956308365,
-0.07984541356563568,
-0.07268209755420685,
0.012266815640032291,
-0.015420732088387012,
-0.00803803838789463,
-0.03798208385705948,
0.007007083389908075,
0.011627104133367538,
-0.024304833263158798,
-0.007894078269600868,
0.005844408646225929,
0.17127181589603424,
-0.008300235494971275,
-0.01820625737309456,
0.036208271980285645,
0.01297527365386486,
-0.013044972904026508,
0.01208091713488102,
0.0008415824268013239,
0.009083078242838383,
-0.015690971165895462,
0.034642092883586884,
-0.005032464861869812,
-0.03417034447193146,
-0.053216561675071716,
-0.00947609730064869,
-0.008553721010684967,
-0.04737800359725952,
0.029337698593735695,
-0.018448777496814728,
0.03086867742240429,
-0.01522033754736185,
-0.01699114590883255,
-0.03990589827299118,
-0.0025151243899017572,
-0.01806057058274746,
-0.01341226976364851,
0.0052788290195167065,
0.031142108142375946,
0.005662362091243267,
0.000957697571720928,
-0.0052292365580797195,
-0.003212823299691081,
-0.029468625783920288,
-0.10328123718500137,
-0.030718490481376648,
-0.018279219046235085,
-0.024276256561279297,
-0.023548543453216553,
-0.06436288356781006,
-0.002547275507822633,
-0.01808517798781395,
0.02144484408199787,
0.024169471114873886,
-0.0180446058511734,
0.033192217350006104,
0.02131328172981739,
0.025403102859854698,
-0.01710953563451767,
-0.03829575702548027,
-0.030547700822353363,
0.09148344397544861,
0.08380763232707977,
-0.012709523551166058,
0.04991239681839943,
-0.034444935619831085,
-0.05059821531176567,
0.007785055320709944,
-0.01469412911683321,
-0.045989956706762314,
0.00917203351855278,
0.006531523074954748,
-0.10009927302598953,
0.022148190066218376,
0.038186755031347275,
-0.026708057150244713,
0.053744424134492874,
-0.019369428977370262,
-0.0058736070059239864,
-0.0352831594645977
] |
As a percentage of revenues, technology and development expenses decreased primarily due to a greater increase in revenues than technology and development expenses.
We continuously research and test a variety of potential improvements to our internal hardware and software systems in an effort to improve our productivity and enhance our subscribers’ experience. Additionally, we are developing solutions for downloading movies to subscribers. As a result, we expect our technology and development expenses will continue to increase in absolute dollars in 2006.
Marketing
The increase in marketing expenses in absolute dollars in 2005 as compared to 2004 was primarily attributable to an increase in marketing program costs, primarily direct mail, radio, television and online advertising, to attract new subscribers. As a percentage of revenues, the increase in marketing expenses was primarily due to a greater increase in marketing expenses than revenues. Subscriber acquisition cost increased in 2005 as compared to 2004 due to an increase in overall marketing program spending and spending on a per acquired subscriber basis offset partially by a decrease in the cost of providing free trials associated with our new lower priced plans, and by a $2.1 million reduction in liability due to the final settlement of certain marketing programs.
The increase in marketing expenses in absolute dollars in 2004 as compared to 2003 was primarily attributable to an increase in marketing program costs, primarily television and online advertising, to attract new subscribers. In addition, personnel-related costs increased in order to support the higher volume of marketing activities. As a percentage of revenues, the increase in marketing expenses was primarily due to a greater increase in marketing expenses than revenues. Subscriber acquisition cost increased in 2004 compared to 2003 as a result of an increase in marketing program spending, primarily the introduction of television advertising as an acquisition channel and increases in online advertising rates.
The competitive landscape, including the continued offering by Blockbuster of its online service, the potential entry of others into the online subscription rental business, could adversely impact our marketing expenditures as we seek to maintain and increase our market leadership. We anticipate that our marketing expense will increase in absolute dollars in 2006 as we grow our business.
General and Administrative
The increase in general and administrative expenses in absolute dollars in 2005 as compared to 2004 was primarily attributable to an increase in legal costs as well as an increase in personnel-related costs, insurance costs and professional fees, to support our growing operations. General and administrative costs in 2005 included an accrual of $8.1 million (net of expected insurance proceeds for reimbursement of legal defense costs of $0.9 million) related to the proposed settlement costs of the Chavez vs. Netflix, Inc. lawsuit. As a percentage of revenues, the increase in general and administrative expenses was primarily due to a greater increase in general and administrative expenses than increase
| 0BUY
|
[
-0.00951191782951355,
0.008053973317146301,
-0.011255650781095028,
-0.017438188195228577,
-0.0701654851436615,
-0.010356619022786617,
-0.000009942952601704746,
-0.019817110151052475,
0.04108235239982605,
0.0017904005944728851,
0.03532544896006584,
-0.10078012198209763,
-0.0021926946938037872,
-0.016536612063646317,
0.01107938401401043,
-0.05068875849246979,
0.024034619331359863,
-0.009273731149733067,
-0.028233816847205162,
0.016669942066073418,
-0.011922893114387989,
0.0018375036306679249,
0.010904110036790371,
0.01250259205698967,
-0.025189513340592384,
-0.008131791837513447,
0.028988825157284737,
0.016100231558084488,
-0.04726400226354599,
-0.028938213363289833,
0.008597109466791153,
0.015130545012652874,
0.006008381489664316,
-0.01364170853048563,
-0.05486711487174034,
-0.010670628398656845,
0.01278743427246809,
-0.009257808327674866,
0.0013821269385516644,
-0.006881895940750837,
-0.028738785535097122,
0.012108532711863518,
0.18383760750293732,
-0.02884708158671856,
-0.003603160846978426,
-0.04029209166765213,
0.005392337217926979,
-0.004048041068017483,
0.0048508718609809875,
-0.003595834830775857,
-0.0009945682249963284,
-0.016605082899332047,
0.018433189019560814,
-0.0033685655798763037,
-0.018109174445271492,
0.0016820895252749324,
-0.012491932138800621,
-0.026502182707190514,
-0.017590751871466637,
0.009040594100952148,
0.007389322388917208,
-0.05012933537364006,
0.017404120415449142,
-0.01900792494416237,
0.012295118533074856,
0.012630837969481945,
-0.010118319652974606,
-0.00763865327462554,
-0.007685340009629726,
-0.023687735199928284,
-0.00033613681443966925,
0.029578102752566338,
-0.009477296844124794,
0.030161865055561066,
0.001079958863556385,
-0.03547707572579384,
0.02481548860669136,
0.0020654110703617334,
0.04355290159583092,
-0.007429993245750666,
0.0201577115803957,
-0.0482465997338295,
0.13744381070137024,
-0.03451400250196457,
-0.006947201676666737,
-0.06499096751213074,
-0.03360744193196297,
-0.044363852590322495,
-0.0020642171148210764,
0.0005536654498428106,
-0.0336582213640213,
-0.020976072177290916,
-0.03431721404194832,
-0.04874620959162712,
0.03132573887705803,
-0.05471915751695633,
-0.0069234417751431465,
-0.10891493409872055,
0.0022598777431994677,
0.031552162021398544,
0.04383564740419388,
0.021991994231939316,
0.02574884332716465,
-0.02684110403060913,
0.011395898647606373,
-0.008828742429614067,
-0.017614953219890594,
-0.013169179670512676,
-0.004130124114453793,
0.030787942931056023,
-0.015343707986176014,
-0.03498134762048721,
0.039960745722055435,
-0.022794341668486595,
-0.0022149754222482443,
0.02525550127029419,
-0.0201368797570467,
-0.000699385127518326,
0.034450747072696686,
-0.05908408761024475,
-0.00289764697663486,
-0.012505506165325642,
-0.018144723027944565,
-0.019042957574129105,
-0.012102266773581505,
0.033063698559999466,
-0.0387858971953392,
-0.02265631966292858,
0.006093255244195461,
0.004423667211085558,
0.004364150110632181,
-0.0405302532017231,
0.007393340114504099,
0.0418960265815258,
0.03588370233774185,
-0.00024167935771401972,
0.008939500898122787,
0.004579402506351471,
0.022907741367816925,
-0.008565373718738556,
-0.04855875298380852,
0.010698587633669376,
0.01274795550853014,
-0.04769450053572655,
-0.01862683892250061,
0.008852384984493256,
-0.00848050881177187,
0.010792642831802368,
0.013443238101899624,
0.028194298967719078,
0.006617702543735504,
0.011773492209613323,
-0.03377847746014595,
-0.0013702462892979383,
-0.008552748709917068,
0.025417765602469444,
0.010180306620895863,
0.015464549884200096,
-0.03350696712732315,
0.008418440818786621,
-0.01473186258226633,
0.0008604636532254517,
-0.00581353809684515,
-0.08790694922208786,
0.026571892201900482,
-0.047071270644664764,
0.013989039696753025,
-0.03457542136311531,
0.01739976555109024,
0.030244721099734306,
0.003010542830452323,
-0.004077109042555094,
0.00035115182981826365,
0.0033600926399230957,
-0.014240734279155731,
-0.039978474378585815,
0.010593036189675331,
0.0033636456355452538,
-0.019065935164690018,
-0.02841736376285553,
0.04481475427746773,
-0.00029329833341762424,
0.0531434528529644,
0.13426698744297028,
-0.0516500324010849,
-0.013814800418913364,
0.014274400658905506,
-0.003760161343961954,
-0.01225481741130352,
-0.03941978141665459,
0.05191199854016304,
-0.0005563861923292279,
-0.007565417792648077,
0.017547564581036568,
-0.0025187237188220024,
-0.00751276733353734,
0.02130388468503952,
0.002657338511198759,
-0.04247928783297539,
-0.005931552965193987,
0.08819698542356491,
-0.01374724879860878,
-0.0028560319915413857,
0.025073587894439697,
-0.038884375244379044,
-0.007590641267597675,
-0.025995805859565735,
0.010968532413244247,
-0.008341831155121326,
-0.05720574036240578,
-0.006839273031800985,
-0.01793408952653408,
-0.011655556969344616,
-0.024909744039177895,
-0.012709968723356724,
0.025747891515493393,
-0.03040745109319687,
-0.05041195824742317,
0.027728460729122162,
-0.0184656772762537,
-0.00015119275485631078,
-0.013434300199151039,
0.02582276239991188,
-0.041474997997283936,
0.027651745826005936,
-0.0045135533437132835,
-0.04404966160655022,
-0.017623646184802055,
-0.015048698522150517,
0.030348991975188255,
0.017223719507455826,
0.06360094249248505,
-0.0564749576151371,
0.02272048592567444,
0.01750965043902397,
0.019381390884518623,
0.015353905968368053,
-0.014454284682869911,
-0.024402810260653496,
0.04064972698688507,
0.06469275057315826,
-0.01322727371007204,
0.0015391403576359153,
-0.01654539257287979,
-0.020079197362065315,
0.042481355369091034,
0.007769190706312656,
-0.0022476701997220516,
-0.010878345929086208,
0.011468571610748768,
-0.016245927661657333,
0.006869153585284948,
-0.000014893292245687917,
0.015039495192468166,
-0.033759795129299164,
0.00036055303644388914,
0.00535107497125864,
-0.033347684890031815,
0.04826004430651665,
-0.08893997967243195,
-0.01242146734148264,
-0.02688261866569519,
-0.06331776082515717,
-0.0009253299795091152,
0.010333823971450329,
0.006130508612841368,
0.005923951044678688,
0.0031931321136653423,
-0.008207527920603752,
0.005236465483903885,
0.013547041453421116,
-0.000039947561162989587,
0.013634399510920048,
-0.013337621465325356,
-0.013860879465937614,
-0.0031437596771866083,
0.0411786250770092,
-0.02329704910516739,
-0.006981612183153629,
-0.012124363332986832,
-0.010784429498016834,
-0.009615994058549404,
0.03719216585159302,
-0.007264804095029831,
0.0007601762772537768,
0.005080792587250471,
-0.023945987224578857,
-0.001454781275242567,
-0.06848201155662537,
-0.024625860154628754,
-0.007232187315821648,
0.00017104687867686152,
0.02378777787089348,
-0.030580241233110428,
-0.02959335222840309,
0.017108220607042313,
-0.008138461969792843,
0.004363346379250288,
0.0009957845322787762,
0.044082362204790115,
-0.02864505909383297,
-0.0054853009060025215,
0.0629405826330185,
-0.028404036536812782,
-0.00282400194555521,
-0.02131236530840397,
0.0007304423488676548,
-0.012091942131519318,
-0.07416392862796783,
0.006037152837961912,
-0.012309174984693527,
0.005038788542151451,
-0.02803751640021801,
-0.002630347851663828,
-0.016306951642036438,
-0.021296696737408638,
-0.016476836055517197,
0.019126251339912415,
0.0273872260004282,
-0.02984369732439518,
-0.01575809344649315,
-0.008607521653175354,
0.00569122051820159,
0.0018277243943884969,
0.02102283015847206,
-0.014875928871333599,
0.0733867883682251,
-0.009858107194304466,
0.039802346378564835,
0.01570037566125393,
0.41709619760513306,
-0.04980534687638283,
-0.02528695948421955,
-0.004909978248178959,
-0.030990680679678917,
0.05230441316962242,
0.008851711638271809,
-0.02722381427884102,
-0.0027050229255110025,
0.018009761348366737,
-0.0030442955903708935,
-0.017725076526403427,
0.003094404237344861,
-0.042124588042497635,
-0.004927731119096279,
0.02705174870789051,
-0.013480826281011105,
-0.005613882094621658,
0.0025822287425398827,
0.09934214502573013,
0.005366833880543709,
-0.04076119512319565,
-0.013725888915359974,
0.06083796173334122,
0.008993683382868767,
-0.027271609753370285,
0.044993966817855835,
-0.008972469717264175,
-0.017047736793756485,
0.02211916260421276,
-0.007904225029051304,
-0.03025382198393345,
0.0012358037056401372,
0.025084925815463066,
-0.013923479244112968,
0.08634266257286072,
0.06490357220172882,
-0.0006947055808268487,
-0.002302654553204775,
-0.044804226607084274,
-0.008430596441030502,
-0.0011422622483223677,
0.01608952321112156,
-0.021551182493567467,
-0.05783200263977051,
0.020378416404128075,
0.011556733399629593,
-0.024594228714704514,
-0.00017721045878715813,
0.022117916494607925,
-0.0026316524017602205,
-0.02094820886850357,
-0.0006161091150715947,
0.002382152946665883,
-0.12433863431215286,
-0.036123957484960556,
0.00447949068620801,
-0.006570242345333099,
0.0031077582389116287,
0.002149054082110524,
-0.04352450370788574,
-0.0034675938077270985,
0.060970645397901535,
0.0373576320707798,
0.023585302755236626,
0.006691423244774342,
0.03251483663916588,
-0.01770866848528385,
0.010449178516864777,
-0.03165430575609207,
0.002730482490733266,
-0.015518740750849247,
-0.0034069628454744816,
0.03445625677704811,
0.02290992997586727,
-0.03796018660068512,
-0.020497137680649757,
-0.002173676621168852,
0.01999751478433609,
0.029408007860183716,
-0.016727900132536888,
0.03191414102911949,
-0.023590343073010445,
0.01623959094285965,
-0.04344971477985382,
0.010251626372337341,
0.011709344573318958,
-0.005372008308768272,
0.03080850839614868,
-0.09637262672185898,
-0.03107898309826851,
-0.00012146415247116238,
0.014678501524031162,
0.01178775541484356,
0.055327918380498886,
0.02524946630001068,
-0.024916503578424454,
0.005177885759621859,
-0.011257626116275787,
0.023642636835575104,
-0.024690957739949226,
-0.00499744713306427,
0.026235932484269142,
0.006145631894469261,
0.0010646290611475706,
0.0015204906230792403,
0.0008847207063809037,
-0.04849044978618622,
0.010214990004897118,
0.02708120085299015,
-0.01243326161056757,
-0.02024640515446663,
-0.018795643001794815,
-0.05889308825135231,
-0.004685262218117714,
-0.026415619999170303,
0.014566285535693169,
0.011731474660336971,
0.011813139542937279,
-0.03341866284608841,
0.02002713456749916,
-0.042970944195985794,
-0.021979542449116707,
-0.011736193671822548,
0.005281288642436266,
-0.01573045924305916,
-0.03859131783246994,
-0.018104055896401405,
-0.01685858704149723,
0.022529350593686104,
-0.014705720357596874,
0.0018255308968946338,
0.020768331363797188,
-0.026241876184940338,
0.02530200034379959,
-0.018674999475479126,
0.023680903017520905,
0.011209085583686829,
0.015342889353632927,
-0.008822748437523842,
0.02085605077445507,
0.0067078908905386925,
-0.003268988337367773,
-0.012461675330996513,
-0.00492982380092144,
-0.032914042472839355,
0.02700878493487835,
0.019631538540124893,
-0.019319375976920128,
-0.023739777505397797,
0.0042083049193024635,
0.00040902887121774256,
-0.016246818006038666,
-0.010655351914465427,
0.01427692361176014,
-0.0553085021674633,
0.03060251660645008,
-0.0018980028107762337,
0.0009056191775016487,
0.0013011060655117035,
-0.03563852608203888,
-0.009568693116307259,
-0.017556749284267426,
0.038423798978328705,
-0.003969310782849789,
0.016628414392471313,
0.06549869477748871,
-0.008328713476657867,
0.025014562532305717,
0.001997213577851653,
0.005339095368981361,
-0.022511985152959824,
0.017711225897073746,
0.007307679858058691,
-0.008784996345639229,
-0.016046101227402687,
-0.0029814690351486206,
-0.036133721470832825,
0.019547555595636368,
-0.032107509672641754,
0.017961794510483742,
0.04685252904891968,
0.0005750248674303293,
-0.011546462774276733,
0.001796096796169877,
0.01193979475647211,
0.058565013110637665,
-0.008199122734367847,
0.011537859216332436,
-0.014330815523862839,
0.0057453284971416,
0.020482249557971954,
0.03032640740275383,
0.002424572128802538,
0.016255484893918037,
-0.010394507087767124,
-0.10638757050037384,
0.009495898149907589,
0.018259849399328232,
0.018089966848492622,
0.04955010488629341,
-0.170837864279747,
-0.021694781258702278,
0.009469125419855118,
-0.021257348358631134,
-0.017203444615006447,
-0.0010581405367702246,
-0.013160044327378273,
-0.014019026421010494,
-0.02797078900039196,
0.0027470842469483614,
-0.0027708723209798336,
0.008171072229743004,
0.023372968658804893,
-0.01363331824541092,
-0.019115647301077843,
-0.055441394448280334,
0.013814972713589668,
-0.009044662117958069,
0.05856327712535858,
-0.003342126263305545,
0.09764501452445984,
0.06006486713886261,
-0.03419242426753044,
0.02662578597664833,
-0.01757868193089962,
0.02058262936770916,
0.0008244289783760905,
0.01835247315466404,
-0.009013944305479527,
-0.0067479657009243965,
-0.03942212834954262,
0.002692584879696369,
-0.016262808814644814,
0.045985739678144455,
-0.015108514577150345,
-0.004547787830233574,
0.011051039211452007,
0.005606560967862606,
0.005822755862027407,
0.05404751002788544,
0.01363128237426281,
-0.05558846890926361,
-0.01929597556591034,
-0.0015874839155003428,
-0.014641410671174526,
-0.025735799223184586,
-0.0032182112336158752,
0.014455033466219902,
-0.01950136385858059,
0.04909362271428108,
-0.0015936332056298852,
0.017029935494065285,
-0.010412036441266537,
-0.017996398732066154,
-0.07208956778049469,
-0.005359969101846218,
0.01925170049071312,
-0.002920175902545452,
-0.003462059423327446,
-0.01816146820783615,
-0.005489733070135117,
0.021126288920640945,
0.021992625668644905,
0.039264362305402756,
-0.013972271233797073,
-0.020924409851431847,
0.021181052550673485,
0.002163943601772189,
-0.00765687320381403,
-0.03218189999461174,
0.004800225608050823,
0.02531290240585804,
0.010555291548371315,
0.004710945766419172,
-0.013055428862571716,
0.03484126552939415,
-0.0020770186092704535,
0.02384607307612896,
0.021419864147901535,
-0.017990417778491974,
-0.0012868528719991446,
-0.03442494943737984,
-0.01277216337621212,
-0.01899041421711445,
0.0006127030355855823,
0.00533048901706934,
0.17323943972587585,
0.026386288926005363,
0.044619619846343994,
0.023753302171826363,
-0.013079972006380558,
0.006229557562619448,
-0.04875562712550163,
0.08850571513175964,
-0.040469538420438766,
0.002354286378249526,
-0.025725407525897026,
0.013614431954920292,
-0.01834985427558422,
-0.020186468958854675,
-0.018503189086914062,
0.004677853547036648,
0.0005033272900618613,
-0.0036833903286606073,
0.0019996515475213528,
-0.001978259300813079,
-0.003854920156300068,
-0.045617830008268356,
0.09898966550827026,
0.006686254404485226,
-0.026249345391988754,
-0.011560349725186825,
-0.0002505183801986277,
0.014341332949697971,
-0.00998110044747591,
-0.015917493030428886,
-0.009685000404715538,
-0.06407772749662399,
0.04633059352636337,
0.039227958768606186,
-0.015538607724010944,
0.04402212053537369,
-0.022353321313858032,
0.002522191498428583,
-0.0052427020855247974,
0.008012532256543636,
-0.02236041985452175,
-0.0022234099451452494,
-0.026337139308452606,
-0.00028276178636588156,
0.020600397139787674,
-0.010052494704723358,
-0.0023661607410758734,
0.038618262857198715,
-0.024625137448310852,
-0.007500539068132639,
0.012623492628335953,
-0.023899203166365623,
-0.016961432993412018,
-0.0013058449840173125,
-0.00026482611428946257,
-0.001738730352371931,
0.016136353835463524,
0.0664251521229744,
-0.006348234135657549,
-0.02440062165260315,
-0.02211449109017849,
0.013536316342651844,
-0.03831532225012779,
-0.007895134389400482,
-0.020109696313738823,
-0.0405220091342926,
0.0042595211416482925,
-0.00818199384957552,
0.0255657397210598,
0.0071914177387952805,
0.23743946850299835,
0.023533733561635017,
0.00285553396679461,
0.005333510227501392,
0.011294973082840443,
-0.0016088065458461642,
-0.020458579063415527,
-0.03643015772104263,
-0.02201494388282299,
0.043722186237573624,
-0.005412298254668713,
0.00791262835264206,
0.14914508163928986,
0.02826623246073723,
-0.010526553727686405,
0.014253465458750725,
0.0017861349042505026,
-0.010774548165500164,
-0.02954208478331566,
0.0032530769240111113,
-0.01070672832429409,
0.01618368923664093,
0.0010267503093928099,
-0.003700277069583535,
0.022292209789156914,
0.0064211948774755,
-0.025293421000242233,
-0.010829837061464787,
-0.04140900820493698,
0.015979642048478127,
0.020654313266277313,
-0.012199869379401207,
-0.010190930217504501,
-0.04415855184197426,
-0.005396039690822363,
-0.00597244780510664,
-0.009476413019001484,
-0.01276450790464878,
0.01666496880352497,
0.02417079173028469,
-0.015649788081645966,
0.009507439099252224,
-0.0130347004160285,
0.022810079157352448,
-0.006963664200156927,
-0.03176868334412575,
-0.02513117343187332,
0.03114251233637333,
-0.012706148438155651,
-0.04454770311713219,
-0.00636101933196187,
0.012397811748087406,
0.008724100887775421,
0.033056821674108505,
-0.0014452007599174976,
0.022747887298464775,
-0.003533013630658388,
0.030996566638350487,
-0.009633845649659634,
-0.013757701963186264,
-0.004797250032424927,
-0.012775936163961887,
-0.007870159111917019,
0.1947374790906906,
-0.035884980112314224,
0.014817475341260433,
0.02786228246986866,
0.0023599874693900347,
0.01513225119560957,
-0.00943590048700571,
-0.03687097504734993,
-0.009287388063967228,
-0.02801218070089817,
0.06615150719881058,
-0.014249712228775024,
0.00045267364475876093,
-0.014731046743690968,
0.056165896356105804,
-0.07708500325679779,
0.032556455582380295,
0.016285277903079987
] |
service and
preinstallations of Windows CE by OEMs on intelligent devices were strong in
1998.
Independent software vendors, corporate developers, and solutions developers
license tools such as the Microsoft Visual Basic(R) development system to
develop software for Windows operating systems and the Internet. Revenue from
developer products increased steadily in 1996 and 1997 and was flat in 1998.
Applications and Content revenue was $4.56 billion, $5.39 billion, and $6.84
billion in 1996, 1997, and 1998. Applications and Content revenue includes
primarily licenses of desktop and consumer productivity applications,
interactive media programs, and PC input devices. Microsoft Office for Windows
95 was released in fiscal 1996 and Microsoft Office 97 was released in fiscal
1997. Applications and Content revenue grew 27% in 1996, 18% in 1997, and 27%
in 1998. The lower growth rate in 1997 was due primarily to the application of
the ratable revenue recognition model for Office 97.
Absolute increases in desktop applications revenue during the three-year period
were led by the various Microsoft Office integrated suites, including Standard,
Professional, and Small Business Editions. The primary programs in Microsoft
Office are the word processor Microsoft Word, Microsoft Excel spreadsheet, and
Microsoft PowerPoint(R) presentation graphics program. Various versions of
Office, which are available for the 32-bit version of Windows, the 16-bit
version of Windows, and Macintosh operating systems, also include Microsoft
Access database management program, Microsoft Outlook(TM) messaging and
collaboration client, or other programs. Revenue from stand-alone versions of
Microsoft Excel, Word, and PowerPoint continued to decrease as the sales mix shifted to integrated
product suites. Microsoft Project scheduling and project management program
revenue increased during the three-year period.
Microsoft offers a broad range of interactive media products, which also showed
moderate growth. Products include CD-ROM multimedia reference titles and
programs for home and small office productivity, children's creativity, and
entertainment. In addition to the Microsoft Network, online Internet services
include travel information and reservations, local event information, and car
buying information.
The Company also markets input devices. Mouse and gaming device sales increased
while keyboard revenue was steady during the three-year period.
SALES CHANNELS. The Company distributes its products primarily through OEM
licenses, organization licenses, and retail packaged products. OEM channel
revenue represents license fees from original equipment manufacturers.
Microsoft has three major sales and marketing geographies: the United States and
Canada, Europe, and elsewhere in the world (Other International). Sales of
organization licenses and packaged products in these channels are primarily to
distributors and resellers. The trend has continued toward a higher percentage
of organization licensing versus packaged products.
OEM channel revenue was $2.50 billion in 1996, $3.48 billion in 1997, and $4.72
billion in 1998. The
| 1HOLD
|
[
-0.009057408198714256,
0.06594997644424438,
0.014020437374711037,
0.029736235737800598,
-0.08222947269678116,
-0.0354582816362381,
0.004990868270397186,
-0.010669071227312088,
-0.04736894369125366,
0.00468153553083539,
-0.005105946213006973,
0.006470083259046078,
0.016758808866143227,
0.010512826964259148,
-0.0155720803886652,
-0.042997416108846664,
-0.06337075680494308,
-0.019252579659223557,
-0.021826935932040215,
0.0017903734697028995,
0.005702216178178787,
0.03167788311839104,
0.0024127732031047344,
-0.008223643526434898,
-0.003380452049896121,
0.019348200410604477,
0.012848048470914364,
0.02557787299156189,
0.04886407032608986,
-0.018571268767118454,
0.02382039651274681,
0.0036577607970684767,
0.03145209327340126,
-0.02929518185555935,
-0.019605271518230438,
0.0012866855831816792,
-0.06331692636013031,
0.00027294098981656134,
0.04420051723718643,
0.01944100670516491,
-0.0019722688011825085,
0.002129622967913747,
-0.009033644571900368,
0.0006674479227513075,
0.015383060090243816,
0.003250052221119404,
0.013293234631419182,
0.013566537760198116,
0.023981329053640366,
-0.0076892804354429245,
-0.000541249115485698,
0.0013606171123683453,
-0.01893707923591137,
-0.007963815703988075,
-0.014108557254076004,
-0.029954517260193825,
-0.013034895062446594,
0.016259733587503433,
0.06613217294216156,
0.018940337002277374,
0.03456784412264824,
-0.02047104202210903,
-0.013338402844965458,
0.02406887710094452,
0.0021373271010816097,
-0.017843205481767654,
-0.00918099470436573,
0.008806630037724972,
-0.03212805837392807,
-0.06600521504878998,
0.018560877069830894,
0.016733378171920776,
0.0026221205480396748,
-0.015240413136780262,
-0.0017329289112240076,
-0.01799829490482807,
0.02775796316564083,
-0.0068640015088021755,
0.06196224316954613,
-0.03316722437739372,
-0.019946159794926643,
-0.08032995462417603,
-0.06189706176519394,
0.046574920415878296,
0.04957987368106842,
0.027517208829522133,
-0.00006997700984356925,
-0.0338606983423233,
-0.003733322722837329,
-0.01172246690839529,
0.011178430169820786,
0.017666522413492203,
-0.03407867252826691,
-0.09167120605707169,
-0.061396561563014984,
-0.006781380623579025,
-0.0025390032678842545,
-0.13048115372657776,
-0.006181447766721249,
-0.019036322832107544,
0.021629514172673225,
0.018985936418175697,
0.02227591909468174,
0.003335110144689679,
0.019119754433631897,
0.02590661309659481,
-0.010446925647556782,
-0.005671232473105192,
0.01828320510685444,
0.010532591491937637,
-0.01322303805500269,
-0.06666716933250427,
0.03217416629195213,
-0.006445918697863817,
-0.003649091115221381,
0.061696797609329224,
-0.015205921605229378,
-0.027057992294430733,
-0.04140925779938698,
-0.05520551651716232,
-0.002828809665516019,
-0.014336435124278069,
-0.029445156455039978,
0.014272027648985386,
-0.04401685297489166,
0.012781079858541489,
0.024361221119761467,
-0.02280453033745289,
0.0534561462700367,
-0.02738064154982567,
0.01505295466631651,
-0.021833352744579315,
-0.010153631679713726,
0.007800406310707331,
-0.03965103626251221,
0.015231371857225895,
-0.0019213480409234762,
-0.009911131113767624,
-0.025147294625639915,
0.020243817940354347,
0.007714211009442806,
-0.05753542110323906,
-0.04674161225557327,
-0.0010175671195611358,
-0.04518310725688934,
-0.0031956906896084547,
-0.010563732124865055,
0.005648794583976269,
0.01815382018685341,
0.11812715977430344,
-0.0036163502372801304,
-0.024357378482818604,
-0.017368771135807037,
-0.030956892296671867,
-0.04029696807265282,
0.029214290902018547,
0.053426019847393036,
-0.06514045596122742,
-0.013969619758427143,
0.004606385249644518,
-0.015437171794474125,
0.005386225879192352,
-0.0016989785945042968,
-0.03175407275557518,
0.017863159999251366,
-0.048417385667562485,
0.044155221432447433,
-0.011708306148648262,
0.020992890000343323,
0.030121931806206703,
0.021531997248530388,
0.034782275557518005,
-0.00013657692761626095,
0.00830206461250782,
0.0011995278764516115,
-0.02565334178507328,
0.038255251944065094,
0.002223832765594125,
0.03081982396543026,
0.009730490855872631,
0.006975589785724878,
-0.004661033395677805,
0.01801574043929577,
0.06672423332929611,
-0.035892508924007416,
-0.05155942216515541,
-0.015153325162827969,
0.019468288868665695,
0.005868738982826471,
-0.01794261857867241,
0.022971509024500847,
0.005370853003114462,
0.025509782135486603,
-0.013020118698477745,
-0.03956802934408188,
-0.025804590433835983,
-0.0784921869635582,
0.0030165771022439003,
0.07756119966506958,
-0.0006264952244237065,
-0.04170537367463112,
0.022099314257502556,
0.03165190666913986,
0.02191253751516342,
0.07761643826961517,
-0.006772002205252647,
-0.007014327682554722,
-0.016151899471879005,
-0.006883293390274048,
0.02274138666689396,
-0.019678356125950813,
-0.031840577721595764,
0.009259984828531742,
-0.04216901585459709,
-0.015199637971818447,
0.0332840196788311,
-0.011752176098525524,
-0.09027066826820374,
-0.08253975212574005,
-0.03143398091197014,
0.008206425234675407,
-0.013504060916602612,
-0.002904360881075263,
0.018893897533416748,
0.020324693992733955,
-0.0005716733867302537,
0.07427368313074112,
0.009999891743063927,
-0.049256581813097,
0.045467816293239594,
0.025132035836577415,
0.05130415037274361,
0.006795283406972885,
0.04611339420080185,
0.0036962011363357306,
-0.0550350621342659,
0.0030070235952734947,
0.01576913893222809,
-0.00009152902202913538,
0.026820935308933258,
0.09957575798034668,
-0.027122613042593002,
-0.01346716471016407,
-0.026453126221895218,
-0.036132827401161194,
-0.015553546138107777,
-0.03478897362947464,
0.06755663454532623,
-0.014456556178629398,
-0.012669282034039497,
-0.007773902267217636,
0.015882954001426697,
0.07057105004787445,
-0.017122721299529076,
0.007882906123995781,
-0.010048587806522846,
-0.002672474831342697,
-0.0019690380431711674,
0.012777350842952728,
-0.10506568849086761,
-0.010997391305863857,
0.009229959920048714,
-0.010242999531328678,
-0.017555728554725647,
-0.003515808144584298,
-0.007267933804541826,
0.025392770767211914,
0.013641105964779854,
-0.013473414815962315,
-0.0008444242412224412,
0.00426681712269783,
-0.011485700495541096,
0.07164335995912552,
-0.0063194879330694675,
0.006579491309821606,
0.018341757357120514,
0.03431127592921257,
-0.0189749076962471,
-0.0027047647163271904,
-0.02594776079058647,
0.0038832630962133408,
0.00921862293034792,
-0.01846248470246792,
-0.011568238027393818,
-0.01625668630003929,
-0.03449809551239014,
-0.010672483593225479,
0.010905309580266476,
0.03099365346133709,
-0.02909180521965027,
-0.023040950298309326,
0.013878429308533669,
0.013705453835427761,
-0.013143698684871197,
0.0026359870098531246,
0.06082746013998985,
-0.014105970039963722,
-0.0513460636138916,
0.005189558956772089,
0.02248207852244377,
-0.026382507756352425,
0.005947590339928865,
-0.013181368820369244,
-0.007992001250386238,
-0.016392173245549202,
-0.0023447172716259956,
-0.002959428122267127,
-0.016575248911976814,
0.00008474862988805398,
-0.020981451496481895,
0.0068395426496863365,
-0.007026831153780222,
0.0029189703054726124,
-0.0018423848086968064,
-0.004110898356884718,
-0.027563219889998436,
-0.0205240435898304,
-0.012715619057416916,
-0.06890935450792313,
-0.010747542604804039,
0.008173640817403793,
0.004965761210769415,
0.00045229066745378077,
0.03236643224954605,
0.053049325942993164,
0.02221718616783619,
0.07754868268966675,
-0.043235085904598236,
-0.03981644660234451,
-0.06321211904287338,
0.2333119958639145,
0.11091070622205734,
-0.02522357739508152,
0.017998406663537025,
-0.0006531801191158593,
-0.05240797996520996,
0.022656550630927086,
-0.034901607781648636,
-0.008708283305168152,
-0.041221991181373596,
-0.024468859657645226,
0.022715531289577484,
-0.01743830181658268,
-0.029383499175310135,
-0.0016393656842410564,
0.0473020002245903,
0.018367359414696693,
-0.10525660961866379,
0.022614777088165283,
0.026098400354385376,
0.06788939237594604,
0.00973816029727459,
-0.015858091413974762,
0.05384078994393349,
-0.002604269189760089,
-0.04660898819565773,
0.0172251146286726,
0.019950132817029953,
-0.02426826022565365,
0.03258797898888588,
-0.021433914080262184,
0.014864723198115826,
-0.0068392097018659115,
-0.01855665259063244,
0.05627309903502464,
-0.03490838408470154,
0.027691444382071495,
0.003998682834208012,
0.008985779248178005,
0.0067098671570420265,
0.025367477908730507,
0.005738399922847748,
0.01767258159816265,
0.11591960489749908,
-0.022197606042027473,
-0.0370577871799469,
-0.0018737528007477522,
-0.0032285319175571203,
0.012844134122133255,
0.02971869334578514,
-0.005913027562201023,
0.004638750571757555,
-0.009548287838697433,
-0.00876392051577568,
-0.008730439469218254,
0.0011319508776068687,
0.020406099036335945,
0.03246288746595383,
-0.02543344721198082,
0.046220771968364716,
0.018791360780596733,
0.00008755463932175189,
0.020625166594982147,
-0.023614294826984406,
-0.0002831316669471562,
0.01096781250089407,
0.0019383596954867244,
-0.014428889378905296,
-0.06716249883174896,
-0.0034295266959816217,
-0.016174403950572014,
0.021521911025047302,
0.011495373211801052,
-0.008613929152488708,
0.04095681756734848,
0.04420468583703041,
-0.05281257629394531,
0.015605710446834564,
-0.017107399180531502,
0.03557383641600609,
-0.0071828290820121765,
-0.0009494216064922512,
-0.0032385457307100296,
0.0351424403488636,
0.013602775521576405,
0.0318404883146286,
-0.022248525172472,
0.051392149180173874,
0.05834246799349785,
-0.059833962470293045,
-0.03176845237612724,
0.007258300203830004,
0.0131957633420825,
-0.0016116537153720856,
-0.023261452093720436,
0.018972432240843773,
-0.08126250654459,
-0.014768455177545547,
0.02542877569794655,
-0.015780823305249214,
-0.0081490995362401,
-0.004129048902541399,
-0.006602311972528696,
-0.04477173462510109,
-0.012083252891898155,
0.004288309719413519,
0.020665312185883522,
-0.03396674618124962,
0.02239402011036873,
0.01791480928659439,
-0.025825677439570427,
0.003529892535880208,
0.011531826108694077,
-0.01631409488618374,
0.004471628461033106,
0.053141623735427856,
0.007779581937938929,
-0.0229231808334589,
0.016682416200637817,
-0.03692102059721947,
-0.01446596346795559,
-0.0008582559530623257,
0.0000883178217918612,
-0.020507492125034332,
-0.002599571831524372,
-0.007835805416107178,
0.019362155348062515,
0.009803546592593193,
-0.008732129819691181,
-0.013581333681941032,
0.021066581830382347,
-0.0034914498683065176,
0.018316369503736496,
-0.037117745727300644,
0.0072284662164747715,
0.011396151967346668,
0.003593138186261058,
-0.012709461152553558,
0.013061566278338432,
-0.00144815887324512,
0.0017426037229597569,
0.0139768710359931,
-0.0044432939030230045,
0.0009302481194026768,
-0.015685157850384712,
0.013114435598254204,
0.03462730720639229,
0.018406428396701813,
-0.06710755079984665,
-0.030346643179655075,
0.0236979927867651,
-0.028922762721776962,
-0.015368184074759483,
-0.009062780998647213,
0.00010904330702032894,
-0.017269175499677658,
-0.10596274584531784,
-0.0438455231487751,
0.0008707208908163011,
-0.01580933667719364,
-0.03077954426407814,
-0.028248492628335953,
-0.0394100695848465,
0.016239425167441368,
-0.0036368751898407936,
-0.002315726364031434,
-0.22022010385990143,
0.22047321498394012,
0.011071846820414066,
0.006653016898781061,
0.029311131685972214,
-0.020400535315275192,
0.01588885299861431,
0.06666462868452072,
0.013145064935088158,
0.0016574925975874066,
-0.01160996314138174,
0.05338055640459061,
-0.03253934159874916,
0.007061841432005167,
0.014118191786110401,
0.04846321418881416,
-0.011095402762293816,
0.017771050333976746,
0.006974893156439066,
0.007962945848703384,
-0.008881435729563236,
-0.00868880283087492,
0.007901127450168133,
-0.006436948198825121,
-0.007141169160604477,
0.015738483518362045,
0.007677256129682064,
-0.004854485858231783,
0.014994253404438496,
-0.006337805185467005,
-0.004716046154499054,
-0.017927303910255432,
0.026469560340046883,
-0.005666475743055344,
0.006144808139652014,
-0.019742442294955254,
-0.0035684159956872463,
-0.020401477813720703,
0.023802082985639572,
0.0027222849894315004,
0.010696246288716793,
-0.012481115758419037,
-0.024521779268980026,
-0.011586546897888184,
-0.025034356862306595,
0.003805596847087145,
0.013624372892081738,
0.006264941766858101,
0.029879003763198853,
-0.03165899217128754,
-0.030578507110476494,
0.012533745728433132,
-0.013387385755777359,
-0.13225999474525452,
-0.016241133213043213,
0.14902575314044952,
0.00586678134277463,
0.012067415751516819,
0.00831082183867693,
-0.04178427904844284,
0.030190344899892807,
0.004145872313529253,
0.03362881392240524,
0.04143010452389717,
-0.003930705599486828,
-0.031290024518966675,
0.01223964337259531,
-0.020909937098622322,
-0.11459795385599136,
-0.01549426931887865,
0.00125712004955858,
-0.04268062487244606,
0.005966067314147949,
-0.027078745886683464,
0.16423948109149933,
0.02839764580130577,
0.008284544572234154,
-0.08565384149551392,
0.025601202622056007,
-0.032377444207668304,
0.011506830342113972,
-0.032952625304460526,
-0.020937394350767136,
-0.03634487837553024,
0.038256220519542694,
-0.0452507808804512,
0.00949104968458414,
0.04696901515126228,
0.00424522440880537,
-0.09114179760217667,
-0.009800486266613007,
-0.004654637072235346,
-0.0018123609479516745,
-0.02915045991539955,
-0.015557186678051949,
-0.016739021986722946,
-0.09074975550174713,
-0.0067231422290205956,
0.03073137253522873,
-0.0037981595378369093,
-0.00663954671472311,
0.017507432028651237,
0.020516937598586082,
-0.0026326822116971016,
-0.034379713237285614,
0.03748960793018341,
-0.02139083854854107,
0.04501677677035332,
-0.024010850116610527,
-0.01580822840332985,
0.00649605505168438,
0.0008033725316636264,
0.015433087944984436,
-0.0157391969114542,
0.005941126495599747,
-0.010961459949612617,
-0.013095255009829998,
-0.019062858074903488,
0.006944834720343351,
0.0006138069438748062,
0.0025545977987349033,
0.09874113649129868,
0.025920428335666656,
0.027650317177176476,
0.019391052424907684,
-0.000013279484846862033,
0.06735023856163025,
-0.0144497100263834,
0.031759221106767654,
0.00041873575537465513,
-0.01337085384875536,
-0.03254711627960205,
-0.005316372029483318,
-0.0090762535110116,
-0.01642509363591671,
-0.017943168058991432,
0.02026156149804592,
-0.004468683619052172,
0.02512439526617527,
0.02829214371740818,
-0.0067174131982028484,
0.02704726904630661,
-0.030220700427889824,
-0.009396877139806747,
0.04244498163461685,
-0.04343481361865997,
-0.0022807070054113865,
0.00981355644762516,
0.026428097859025,
0.008003385737538338,
-0.004031378775835037,
-0.04262957721948624,
0.04173842817544937,
0.0049872249364852905,
-0.027368677780032158,
-0.0061820815317332745,
0.040594346821308136,
0.045353490859270096,
0.012417084537446499,
0.006791804917156696,
-0.010220085270702839,
0.01442522183060646,
-0.004802080802619457,
-0.02583925612270832,
-0.01840846799314022,
0.028428560122847557,
-0.023199640214443207,
0.11066914349794388,
-0.02379755862057209,
0.014902012422680855,
0.022178873419761658,
0.004152392502874136,
-0.04496360942721367,
-0.01774638146162033,
0.031214063987135887,
0.03305492550134659,
0.022898074239492416,
-0.007351808715611696,
-0.00197791401296854,
0.0250705499202013,
-0.021096456795930862,
-0.09003300219774246,
0.017825478687882423,
-0.04145627096295357,
0.0005125118768773973,
0.028784101828932762,
0.00855784211307764,
0.00509399501606822,
-0.07127818465232849,
-0.004878511652350426,
0.0892581045627594,
0.04365893453359604,
-0.10164136439561844,
-0.0702916756272316,
-0.000028900411052745767,
0.0006663857493549585,
-0.011652105487883091,
-0.01866052858531475,
0.006480654235929251,
0.008199506439268589,
-0.01660405844449997,
-0.00788111798465252,
0.006572921760380268,
0.10469161719083786,
0.03832189738750458,
-0.02769647352397442,
0.01734209433197975,
0.016067858785390854,
-0.007020261604338884,
0.02059931680560112,
-0.005778484512120485,
-0.003647108329460025,
-0.012323434464633465,
0.02474602870643139,
-0.010037405416369438,
-0.030827786773443222,
-0.0483982115983963,
-0.026478171348571777,
-0.008577174507081509,
-0.077340267598629,
-0.004165359307080507,
0.0007154904888011515,
0.043609388172626495,
-0.001256170216947794,
-0.006167914718389511,
-0.04194123297929764,
-0.00644037825986743,
-0.006469937972724438,
-0.01727049984037876,
0.0005788077251054347,
0.03560519590973854,
-0.013608688488602638,
0.01775619387626648,
0.00004186886508250609,
0.00439761858433485,
-0.0345270149409771,
-0.05892036855220795,
-0.03207727521657944,
-0.016222625970840454,
0.020362449809908867,
-0.023030586540699005,
-0.045187808573246,
0.004209120757877827,
-0.01789727434515953,
0.0270907711237669,
0.05319173261523247,
-0.02537989243865013,
0.031096771359443665,
0.03710457310080528,
0.0012790677137672901,
-0.006949160248041153,
-0.040113843977451324,
-0.044802479445934296,
0.10335563868284225,
0.06351085752248764,
-0.016631925478577614,
0.03521638363599777,
-0.02142186462879181,
-0.07289081811904907,
0.01570989564061165,
-0.021798284724354744,
-0.06456386297941208,
-0.0038098401855677366,
0.004635287448763847,
-0.08106176555156708,
0.023839127272367477,
0.022199923172593117,
-0.011573892086744308,
0.027094773948192596,
0.011264199391007423,
-0.006805276032537222,
-0.01071577426046133
] |
on acceptable terms.
Because of technological changes in the computer and consumer electronics industries, current extensive patent coverage, and the rapid rate of issuance of new patents, it is possible certain components of the Company’s products and business methods may unknowingly infringe existing patents of others. The Company has from time to time been notified that it may be infringing certain patents or other intellectual property rights of others. Responding to such claims, regardless of their merit, can be time-consuming, result in significant expenses, and cause the diversion of management and technical personnel. Several pending claims are in various stages of evaluation. The Company may consider the desirability of entering into licensing agreements in certain of these cases. However, no assurance can be given that such licenses can be obtained on acceptable terms or that litigation will not occur. In the event there is a temporary or permanent injunction entered prohibiting the Company from marketing or selling certain of its products or a successful claim of infringement against the Company requiring it to pay royalties to a third-party, the Company’s future operating results and financial condition could be adversely affected. Information regarding certain claims and litigation involving the Company related to alleged patent infringement and other matters is set forth in Part I, Item 3 of this Form 10-K. In the opinion of management, the Company does not have a potential liability for damages or royalties from any current legal proceedings or claims related to the infringement of patent or other intellectual property rights of others that would individually or in the aggregate have a material adverse effect on its results of operations, or financial condition. However, the results of such legal proceedings cannot be predicted with certainty. Should the Company fail to prevail in any of the matters related to infringement of patent or other intellectual property rights of others described in Part I, Item 3 of this Form 10-K or should several of these matters be resolved against the Company in the same reporting period, the operating results of a particular reporting period could be materially adversely affected.
The Company’ s retail initiative has required and will continue to require a substantial investment and commitment of resources and is subject to numerous risks and uncertainties.
Through October 2005, the Company had opened 126 retail stores. The Company’s retail initiative has required substantial investment in equipment and leasehold improvements, information systems, inventory, and personnel. The Company has also entered into substantial operating lease commitments for retail space with lease terms ranging from 5 to 20 years, the majority of which are for 10 years. The Company could incur substantial costs should it choose to terminate this initiative or close individual stores. Such costs could adversely affect the Company’s results of operations and financial condition. Additionally, a relatively high proportion of the Retail segment’s costs are fixed because of depreciation on store construction costs and
| 0BUY
|
[
-0.018335551023483276,
0.015883758664131165,
-0.0038603218272328377,
0.0007269899360835552,
-0.0880599394440651,
-0.008927016519010067,
0.006877067964524031,
-0.0027091901283711195,
0.039200130850076675,
0.00582001730799675,
0.010632365010678768,
-0.12547138333320618,
0.002559881191700697,
-0.0060967071913182735,
0.017311155796051025,
-0.06781671941280365,
0.007483023218810558,
0.017164161428809166,
-0.02213972806930542,
0.008555946871638298,
-0.0314934179186821,
-0.008631379343569279,
-0.00828620232641697,
-0.008657574653625488,
-0.023751556873321533,
0.01341280434280634,
0.02115035429596901,
0.010736732743680477,
-0.07002447545528412,
-0.03373474255204201,
-0.0041608731262385845,
-0.01982240378856659,
0.005084408912807703,
-0.0072577036917209625,
-0.03299136087298393,
-0.014425131492316723,
0.013207748532295227,
-0.0042146979831159115,
-0.0013373406836763024,
0.0003342811542097479,
-0.021259935572743416,
-0.028155118227005005,
0.1750699281692505,
-0.023693254217505455,
-0.0009455644176341593,
-0.017212510108947754,
0.01808016188442707,
0.027937807142734528,
0.001514446223154664,
-0.017997445538640022,
-0.011191821657121181,
0.0009091904503293335,
0.017209429293870926,
-0.01920565962791443,
-0.007009230088442564,
-0.014643505215644836,
-0.016485704109072685,
-0.046123526990413666,
-0.015561625361442566,
0.012945241294801235,
0.005200220271945,
-0.032938264310359955,
0.007799983955919743,
0.0310813095420599,
-0.004501724150031805,
0.0059431870467960835,
-0.022014927119016647,
-0.0073841409757733345,
-0.021975930780172348,
0.00004658072066376917,
-0.006053709425032139,
0.02095898799598217,
-0.003584139281883836,
0.010458639822900295,
0.005843359045684338,
-0.029537497088313103,
-0.00435984181240201,
0.016722990199923515,
0.028108084574341774,
-0.01829887181520462,
0.009821975603699684,
-0.049251116812229156,
0.16621555387973785,
-0.030091270804405212,
-0.004458518233150244,
-0.09629306197166443,
-0.02385861612856388,
-0.037237413227558136,
-0.01432577334344387,
0.01336883194744587,
-0.02234427072107792,
-0.014074445702135563,
-0.006318159867078066,
-0.04740956425666809,
0.03388037905097008,
-0.01663067564368248,
-0.0027070525102317333,
-0.09822571277618408,
-0.003957631066441536,
-0.0053356788121163845,
0.06212971359491348,
0.02098708227276802,
0.02969701960682869,
-0.007570798043161631,
0.011123200878500938,
-0.006846413016319275,
-0.023659314960241318,
-0.008044181391596794,
-0.0020962657872587442,
0.03413841873407364,
-0.015307688154280186,
-0.009358220733702183,
0.02449735440313816,
0.006504043936729431,
-0.00497087650001049,
0.06032437086105347,
-0.010247812606394291,
0.010520684532821178,
0.039484113454818726,
-0.06478935480117798,
-0.002443456556648016,
0.0021571526303887367,
-0.0195934921503067,
-0.03736751526594162,
0.0015144853387027979,
0.044259704649448395,
-0.03633664920926094,
0.0059643033891916275,
0.003321896307170391,
-0.0034825876355171204,
-0.007772310171276331,
-0.01365832332521677,
0.0006827256293036044,
0.006948987953364849,
0.022632865235209465,
-0.003436530940234661,
-0.005100567825138569,
0.0049918340519070625,
0.01551839429885149,
-0.029832962900400162,
-0.030332323163747787,
0.02541663497686386,
0.016312850639224052,
-0.03590015694499016,
-0.05413835868239403,
0.010001977905631065,
-0.007855207659304142,
0.00723003875464201,
0.03319583460688591,
0.026679135859012604,
-0.014225095510482788,
-0.010733730159699917,
-0.03351285308599472,
-0.00969934742897749,
-0.029830237850546837,
0.03352461755275726,
0.01664477214217186,
-0.02170749381184578,
0.01694411225616932,
0.004951728042215109,
-0.0038043607491999865,
-0.007524608168751001,
-0.010605815798044205,
-0.09115061908960342,
0.021172329783439636,
-0.028133004903793335,
0.009599887765944004,
-0.017984118312597275,
0.01792038604617119,
0.011981897056102753,
0.007617042399942875,
0.004004457965493202,
0.010938840918242931,
0.002539878012612462,
-0.005510276649147272,
-0.03691839054226875,
-0.008907144889235497,
0.0027411773335188627,
-0.025438938289880753,
-0.028313353657722473,
0.02606666274368763,
0.01120525412261486,
0.034931544214487076,
0.12954239547252655,
-0.05517571046948433,
-0.031020022928714752,
0.014224470593035221,
-0.011884829960763454,
-0.016431942582130432,
-0.02584734559059143,
0.04392199590802193,
0.013462241739034653,
-0.016698593273758888,
0.00735125970095396,
-0.0044708591885864735,
-0.012221066281199455,
0.032004404813051224,
-0.0008416455239057541,
0.0023995002266019583,
-0.005423363298177719,
0.08258609473705292,
-0.01724567823112011,
-0.020031966269016266,
0.003589815692976117,
-0.015502753667533398,
-0.007374752778559923,
-0.024096494540572166,
0.007258126977831125,
-0.0014101011911407113,
-0.03336028382182121,
0.0003279225784353912,
-0.013989628292620182,
-0.0036541991867125034,
-0.02840898558497429,
-0.020909246057271957,
0.021486852318048477,
-0.008127138949930668,
-0.05627743527293205,
0.03650809824466705,
-0.019264385104179382,
-0.0020101030822843313,
-0.01700034737586975,
0.01591784507036209,
-0.020154070109128952,
0.007422489579766989,
-0.04052484780550003,
-0.04298878088593483,
-0.001121829147450626,
-0.013683512806892395,
0.005345232784748077,
0.011241995729506016,
0.02401222661137581,
-0.030696041882038116,
0.011774413287639618,
0.004437512252479792,
0.01775401644408703,
0.006913882214576006,
-0.009353499859571457,
-0.02821984887123108,
0.053964678198099136,
0.06578116118907928,
-0.013310506008565426,
-0.0022503850050270557,
-0.0012671739095821977,
-0.02017461694777012,
0.05048423632979393,
0.024798525497317314,
-0.015870198607444763,
-0.014383148401975632,
-0.021994009613990784,
-0.006378978956490755,
0.023105770349502563,
-0.008864978328347206,
0.022349296137690544,
-0.011454091407358646,
-0.01923024095594883,
0.020855145528912544,
-0.027427131310105324,
0.012247283942997456,
-0.09941738098859787,
-0.011851058341562748,
-0.022398432716727257,
-0.04667952284216881,
-0.017718395218253136,
0.017919788137078285,
-0.0017553018406033516,
-0.01516121905297041,
0.0071700457483530045,
-0.010250621475279331,
0.01057930663228035,
0.019832845777273178,
-0.0034372645895928144,
-0.0006600013002753258,
-0.019385909661650658,
-0.012248826213181019,
-0.01222535315901041,
0.021762680262327194,
-0.016187353059649467,
-0.002224911469966173,
-0.03147123381495476,
-0.015792006626725197,
0.006208027713000774,
0.009939732030034065,
-0.011391455307602882,
-0.0024411752820014954,
0.02113945223391056,
-0.02236907370388508,
0.009313052520155907,
-0.06546267867088318,
-0.022240903228521347,
-0.009846445173025131,
-0.008104121312499046,
0.0221647247672081,
-0.016686690971255302,
-0.012694526463747025,
0.00833865161985159,
-0.012429415248334408,
-0.007008438464254141,
-0.0010531714651733637,
0.05969870463013649,
-0.011359148658812046,
0.014586935751140118,
0.04386544227600098,
-0.01930304616689682,
-0.00391894718632102,
-0.009799531660974026,
-0.007515094242990017,
-0.016147522255778313,
-0.051722850650548935,
0.0066294921562075615,
-0.0012799991527572274,
0.01034771092236042,
-0.02875283733010292,
-0.006307090632617474,
-0.008195756003260612,
-0.020275048911571503,
-0.014866972342133522,
0.005589248146861792,
0.03875819966197014,
-0.04480528086423874,
-0.013591120019555092,
0.001396135543473065,
0.015354128554463387,
0.0090367142111063,
0.011754087172448635,
-0.026440907269716263,
0.11465347558259964,
-0.01593058370053768,
0.046437278389930725,
0.017137106508016586,
0.45977282524108887,
-0.10542016476392746,
-0.020914530381560326,
-0.007174545433372259,
-0.04445057362318039,
0.07276980578899384,
0.0009740712121129036,
-0.032749418169260025,
0.0025274595245718956,
0.029027597978711128,
0.015584131702780724,
-0.02397783100605011,
0.0012883763993158937,
-0.030249642208218575,
0.005712990649044514,
0.012425458058714867,
-0.009394087828695774,
0.0019261478446424007,
0.001932867686264217,
0.09319046884775162,
0.004650000017136335,
-0.04128393158316612,
0.002020040526986122,
0.04704348370432854,
-0.011276700533926487,
-0.02597557194530964,
0.02637767605483532,
0.005454732570797205,
-0.007374181877821684,
-0.016283826902508736,
-0.009528211317956448,
-0.021506590768694878,
-0.0010706178145483136,
0.007231435738503933,
-0.013188113458454609,
0.10130776464939117,
0.060465481132268906,
0.0008424464031122625,
0.002324014902114868,
-0.045539021492004395,
-0.03460761159658432,
0.006255483254790306,
0.007670848164707422,
-0.0323878638446331,
-0.038923460990190506,
0.024548359215259552,
0.0037199812941253185,
-0.033654071390628815,
0.00039774534525349736,
0.024619555100798607,
0.004312256816774607,
-0.0043375734239816666,
-0.014882415533065796,
-0.0003555213625077158,
-0.13056907057762146,
-0.012082680128514767,
-0.012933184392750263,
-0.03237900510430336,
0.013306865468621254,
-0.00653681717813015,
-0.024065926671028137,
0.014993022195994854,
0.04795590043067932,
0.04962076246738434,
0.029119331389665604,
0.012497849762439728,
0.022326866164803505,
-0.013477043248713017,
0.029265346005558968,
-0.022449657320976257,
0.0006689581787213683,
-0.024594521149992943,
0.005008636508136988,
0.023193558678030968,
0.008308902382850647,
-0.04147157445549965,
-0.01080469973385334,
0.0020134663209319115,
0.01866994984447956,
0.034769464284181595,
-0.016373369842767715,
-0.010256832465529442,
-0.017130732536315918,
0.02659573219716549,
-0.027593150734901428,
-0.003208140842616558,
0.006158707197755575,
0.04008162394165993,
0.019695797935128212,
-0.0691482424736023,
-0.020920969545841217,
0.005838752258569002,
-0.0012971836840733886,
-0.0064017027616500854,
0.06768061220645905,
0.021022344008088112,
-0.01501471921801567,
-0.012544619850814342,
-0.02782762236893177,
0.01013337355107069,
0.005328210536390543,
0.004307883325964212,
0.0224827378988266,
-0.003845534287393093,
0.005217865575104952,
0.022223617881536484,
-0.00496692955493927,
-0.03343872353434563,
0.015837019309401512,
0.02180250734090805,
-0.015926362946629524,
-0.02464212477207184,
-0.01823003776371479,
-0.049867432564496994,
-0.018419690430164337,
-0.019251570105552673,
0.028308100998401642,
0.017431871965527534,
0.01839352957904339,
-0.03126215189695358,
0.009940767660737038,
-0.013935972936451435,
-0.025829609483480453,
-0.009279035963118076,
-0.00022237634402699769,
-0.014397299848496914,
-0.03020123578608036,
-0.021365376189351082,
-0.014067119918763638,
0.009547457098960876,
0.002478427952155471,
0.0028196205385029316,
0.020263535901904106,
-0.01434512808918953,
0.012782077305018902,
-0.007665570359677076,
0.017652345821261406,
0.008797802031040192,
-0.007410440128296614,
-0.010377675294876099,
0.004413318820297718,
0.004552805330604315,
0.003556974232196808,
-0.013649210333824158,
-0.005525554995983839,
-0.011255218647420406,
0.03806541487574577,
0.0037033273838460445,
0.0008973865769803524,
-0.01227850466966629,
0.014162234961986542,
0.0011029898887500167,
-0.024789370596408844,
-0.005090013612061739,
0.013423213735222816,
-0.05681145191192627,
0.025376446545124054,
0.015063825994729996,
0.004667464178055525,
-0.005520959384739399,
-0.0196563508361578,
-0.014669212512671947,
-0.023188289254903793,
0.026982007548213005,
-0.004362653940916061,
0.00880669429898262,
0.07167491316795349,
-0.023557106032967567,
0.004156088922172785,
-0.002925778506323695,
-0.002859885571524501,
-0.011281398124992847,
0.01176097709685564,
-0.017393214628100395,
-0.02044198103249073,
-0.0009886230109259486,
-0.003986046649515629,
-0.022687001153826714,
0.03825608640909195,
-0.030380522832274437,
0.005460914224386215,
0.02835972048342228,
-0.010717632248997688,
-0.01673283986747265,
0.010472310706973076,
0.014930962584912777,
0.031018877401947975,
-0.01214794535189867,
0.014067655429244041,
0.00715529965236783,
0.0023191277869045734,
0.017396187409758568,
0.02423613891005516,
-0.00017303068307228386,
0.01628563366830349,
-0.008994595147669315,
-0.10902843624353409,
-0.009541659615933895,
0.03706299141049385,
0.0020595502573996782,
0.0405568964779377,
-0.16243217885494232,
-0.024201611056923866,
0.0005322183133102953,
0.0023241564631462097,
-0.004656040109694004,
0.010154018178582191,
-0.008304660208523273,
-0.002586700487881899,
-0.0338476300239563,
0.009857012890279293,
0.0033134962432086468,
0.009929392486810684,
0.014317919500172138,
-0.0159742534160614,
-0.03617486730217934,
-0.039535731077194214,
0.006975339725613594,
-0.0047992835752666,
0.08063683658838272,
0.00008065031579462811,
0.07755017280578613,
0.050428491085767746,
-0.020611457526683807,
-0.012341005727648735,
-0.0242377407848835,
0.013675888068974018,
-0.01104733720421791,
0.0019067126559093595,
-0.022442394867539406,
-0.03461432456970215,
-0.03429142385721207,
-0.001814509043470025,
-0.020722391083836555,
0.09576697647571564,
-0.013910932466387749,
0.01568339206278324,
-0.0009457518463023007,
0.011187209747731686,
-0.009359181858599186,
0.06745733320713043,
0.0019905543886125088,
-0.037518441677093506,
0.013325297273695469,
-0.0029326186049729586,
-0.008333415724337101,
-0.03324218466877937,
0.012840022332966328,
-0.002993740374222398,
-0.01076884288340807,
0.014766066335141659,
0.007481289096176624,
0.020509416237473488,
-0.008646606467664242,
-0.01953357644379139,
-0.06927041709423065,
0.015922853723168373,
0.009794628247618675,
-0.0034796574618667364,
0.013079165481030941,
-0.00836961343884468,
-0.019564252346754074,
0.027658168226480484,
0.016002217307686806,
0.03347105532884598,
-0.020252671092748642,
-0.030724260956048965,
0.012204623781144619,
-0.010116820223629475,
-0.03153767064213753,
-0.010760524310171604,
-0.0011745112715288997,
0.014346902258694172,
0.0010387746151536703,
0.008578677661716938,
-0.013463983312249184,
0.026722118258476257,
-0.011408628895878792,
0.03439963236451149,
0.0032096297945827246,
-0.013077531941235065,
0.004120872355997562,
-0.0322662778198719,
0.007048057392239571,
-0.008154132403433323,
0.008669638074934483,
0.01263875886797905,
0.1681755632162094,
0.021931057795882225,
0.038546834141016006,
-0.010081419721245766,
-0.003422427922487259,
0.016578299924731255,
-0.015086771920323372,
0.10190409421920776,
-0.025630615651607513,
0.012429527938365936,
-0.036828745156526566,
0.013741513714194298,
-0.026791617274284363,
-0.0254661925137043,
0.0004059294587932527,
-0.009593326598405838,
-0.00817569438368082,
0.00957208126783371,
-0.0019948971457779408,
-0.005380788818001747,
0.01241571269929409,
-0.036083489656448364,
0.11437845230102539,
-0.00871962122619152,
-0.014942892827093601,
-0.004079604055732489,
0.013248389586806297,
0.016267098486423492,
-0.0011177068809047341,
0.0002067550376523286,
-0.02762371115386486,
-0.056742895394563675,
0.05174827203154564,
0.036078982055187225,
-0.0051677352748811245,
0.015474194660782814,
0.01641032285988331,
0.0008439847151748836,
-0.003547905944287777,
-0.007834442891180515,
-0.030690083280205727,
-0.002571192802861333,
-0.025855226442217827,
-0.001866962411440909,
0.013299201615154743,
-0.026423154398798943,
-0.03736521676182747,
0.0074565778486430645,
-0.02999047003686428,
0.01035462785512209,
0.011982818134129047,
-0.022760514169931412,
-0.007170611061155796,
0.008961742743849754,
-0.00044314860133454204,
-0.003645884105935693,
0.030165215954184532,
0.06705017387866974,
-0.003945658449083567,
-0.025948582217097282,
0.025925226509571075,
0.015903882682323456,
-0.043950218707323074,
-0.002257638145238161,
-0.01171186938881874,
-0.039206359535455704,
-0.0022055041044950485,
-0.015183044597506523,
0.012357068248093128,
0.011204328387975693,
0.23855063319206238,
0.04131076857447624,
-0.002976916031911969,
0.014769540168344975,
0.015751898288726807,
-0.0035812368150800467,
-0.012670645490288734,
-0.024401957169175148,
-0.014019266702234745,
0.03776952996850014,
-0.020620932802557945,
0.018616003915667534,
0.12677577137947083,
0.026083476841449738,
-0.015276649035513401,
0.01900513842701912,
0.006984454579651356,
-0.020337261259555817,
-0.01690606400370598,
-0.006676933262497187,
-0.006696544587612152,
0.01356577780097723,
-0.005107731558382511,
0.0002599210129119456,
0.002415227238088846,
-0.004189480561763048,
-0.02881506085395813,
-0.017308373004198074,
-0.046833716332912445,
0.009345809929072857,
0.00001874836380011402,
-0.024568868800997734,
-0.014262130483984947,
-0.0247136689722538,
-0.007411247584968805,
0.009928406216204166,
-0.011234892532229424,
-0.008159811608493328,
0.0036737113259732723,
-0.013717803172767162,
-0.016378631815314293,
0.016606997698545456,
0.008448266424238682,
-0.0023246852215379477,
-0.022068902850151062,
-0.031000837683677673,
-0.014950919896364212,
0.006887886673212051,
-0.007774918340146542,
-0.025150584056973457,
-0.002071638125926256,
0.014868801459670067,
0.012913144193589687,
0.05233734846115112,
-0.0025373627431690693,
-0.0035782065242528915,
0.00093606993323192,
0.022604210302233696,
-0.005696981679648161,
0.006262919865548611,
-0.012241591699421406,
-0.032426342368125916,
0.0093684745952487,
0.16430534422397614,
-0.047867875546216965,
-0.00012420787243172526,
0.019381528720259666,
-0.028669552877545357,
0.009520972147583961,
0.02355923131108284,
-0.016390817239880562,
-0.016516724601387978,
-0.021985355764627457,
0.08805409073829651,
0.0015134135028347373,
-0.007573791779577732,
-0.016040202230215073,
0.01656091772019863,
-0.06318048387765884,
0.027852490544319153,
0.015727389603853226
] |
example, from a change in a government reimbursement program that results in an inability to sustain projected product revenues and profitability. This also could result from the introduction of a competitor’s product that results in a significant loss of market share or the inability to achieve the previously projected revenue growth, as well as the lack of acceptance of a product by patients, physicians and payers. For in- process research and development (IPR&D) projects, this could result from, among other things, a change in outlook based on clinical trial data, a delay in the projected launch date or additional expenditures to commercialize the product.
Intangible Assets Other than Goodwill
As a result of our intangible asset impairment review work, we recognized a number of impairments of intangible assets other than goodwill.
We recorded the following intangible asset impairment charges in Other deductions––net:
• In 2012, $872 million, reflecting (i) $393 million of IPR&D assets, primarily related to compounds that targeted autoimmune and inflammatory diseases (full write-off) and, to a lesser extent, compounds related to pain treatment; (ii) $175 million related to our Consumer Healthcare indefinite-lived brand assets, primarily Robitussin, a cough suppressant; (iii) $279 million related to Developed Technology Rights, a charge comprised of impairments of various products, none of which individually exceeded $45 million; and (iv) $25 million of finite-lived brands. The intangible asset impairment charges for 2012 reflect, among other things, the impact of new scientific findings, updated commercial forecasts, changes in pricing, an increased competitive environment, litigation uncertainties regarding intellectual property and declining gross margins. The impairment charges in 2012 are associated with the following: Worldwide Research and Development ($303 million); Consumer Healthcare ($200 million); Primary Care ($135 million); Established Products ($83 million); Specialty Care ($56 million); Emerging Markets ($56 million) and Animal Health ($39 million).
• In 2011, $851 million, the majority of which relates to intangible assets that were acquired as part of our acquisition of Wyeth. These impairment charges reflect (i) $475 million of IPR&D assets, primarily related to two compounds for the treatment of certain autoimmune and inflammatory diseases; (ii) $193 million related to our biopharmaceutical indefinite-lived brand, Xanax; and (iii) $183 million related to Developed Technology Rights comprising the impairment of five assets. The intangible asset impairment charges for 2011 reflect, among other things, the impact of new scientific findings and an increased competitive environment. The impairment charges in 2011 are associated with the following: Worldwide Research and Development ($394 million); Established Products ($193 million); Specialty Care ($135 million); Primary Care ($56 million); Oncology ($56 million) and Animal Health ($17 million).
• In 2010, $1.8 billion, the majority of which relates to intangible assets that were acquired as part of our acquisition of Wyeth. These impairment charges reflect (i) $945
| 2SELL
|
[
0.00037408078787848353,
0.05871013179421425,
-0.004603654611855745,
-0.03026815503835678,
-0.11513237655162811,
-0.0094838198274374,
-0.0069560883566737175,
0.005183721426874399,
-0.0705055370926857,
0.030834048986434937,
0.004755339119583368,
-0.020881127566099167,
0.017094390466809273,
-0.024174364283680916,
0.014693126082420349,
0.055265624076128006,
0.05000017583370209,
-0.009117905050516129,
-0.0344206802546978,
0.008095393888652325,
0.012746181339025497,
0.015581218525767326,
0.014839190058410168,
-0.008759795688092709,
0.02370302565395832,
0.027678577229380608,
-0.06090855225920677,
0.02184617891907692,
0.061735205352306366,
-0.04767487198114395,
0.023924604058265686,
0.02840098738670349,
0.03123781457543373,
-0.01787656731903553,
0.04907309636473656,
0.006630484480410814,
-0.04866671934723854,
0.01767374388873577,
0.038497041910886765,
0.012626778334379196,
-0.05136541649699211,
0.0002460319083184004,
-0.020111041143536568,
-0.011130346916615963,
0.008495530113577843,
-0.01271372102200985,
0.029136942699551582,
0.030199209228157997,
0.015182877890765667,
-0.013512247242033482,
0.0021649713162332773,
-0.034436795860528946,
-0.015531932935118675,
-0.03019290417432785,
-0.026555627584457397,
0.002225919160991907,
-0.014466534368693829,
-0.02175884321331978,
0.07977145165205002,
0.030429329723119736,
0.028163721784949303,
-0.03577331081032753,
0.005036863032728434,
0.029680045321583748,
0.008777161128818989,
-0.010921276174485683,
-0.003707774681970477,
-0.009237497113645077,
-0.03490031883120537,
-0.01800268515944481,
0.023997168987989426,
0.033514391630887985,
-0.018644798547029495,
-0.021118856966495514,
0.003491142764687538,
-0.04114455357193947,
0.031086891889572144,
0.0016361603047698736,
0.08089422434568405,
-0.026139000430703163,
0.003880867036059499,
-0.07817848771810532,
0.03518034890294075,
-0.09247934818267822,
0.015370522625744343,
-0.01484026201069355,
-0.01780463010072708,
-0.051862847059965134,
-0.01684998907148838,
0.0025727753527462482,
0.0007913765148259699,
0.005804549437016249,
-0.01596536487340927,
-0.03782035782933235,
-0.02610483020544052,
0.011068676598370075,
0.03743541240692139,
-0.15215270221233368,
-0.001505732536315918,
0.002222246490418911,
0.06213882565498352,
0.008747190237045288,
0.037205301225185394,
-0.01846095733344555,
0.018844330683350563,
0.008157799020409584,
-0.030596770346164703,
0.03638465330004692,
0.0038209930062294006,
0.012410871684551239,
-0.017690667882561684,
-0.05636158958077431,
0.024166349321603775,
-0.004999514203518629,
-0.00733143137767911,
0.03486146405339241,
0.008859056979417801,
0.039652638137340546,
-0.00046456523705273867,
-0.06692992895841599,
0.01448244508355856,
-0.028623497113585472,
-0.031933896243572235,
0.0010356627171859145,
-0.03889508172869682,
0.027517346665263176,
-0.03161576762795448,
-0.010199688374996185,
0.04019998759031296,
-0.006954025477170944,
-0.00364872463978827,
-0.00008049539610510692,
-0.009766073897480965,
0.022886499762535095,
-0.04139121621847153,
0.013906070962548256,
-0.005569073371589184,
0.005698145367205143,
-0.04528267681598663,
0.004336286801844835,
-0.031693071126937866,
-0.021287826821208,
-0.005778331309556961,
-0.00834859162569046,
-0.04827238991856575,
-0.00687865586951375,
-0.014148451387882233,
0.005031201057136059,
0.031640492379665375,
0.07008513063192368,
-0.011960839852690697,
-0.009767157025635242,
-0.03563602641224861,
-0.01530108880251646,
-0.016479874029755592,
-0.010196339339017868,
0.04925742745399475,
-0.008270996622741222,
-0.06795483827590942,
0.0015429724007844925,
-0.002284090965986252,
-0.005665577482432127,
-0.00469909468665719,
-0.05646861344575882,
-0.062042322009801865,
-0.026150362566113472,
0.013634849339723587,
-0.023585161194205284,
0.04135066643357277,
0.048478446900844574,
0.021245766431093216,
0.025909632444381714,
0.004899288527667522,
0.0007260119309648871,
0.03170168399810791,
-0.06637214124202728,
0.023219969123601913,
0.051204863935709,
-0.00808784831315279,
0.01710977405309677,
0.030386758968234062,
0.00598837248980999,
0.06113051623106003,
-0.11654355376958847,
-0.06297214329242706,
-0.02057313174009323,
0.009697926230728626,
0.038679588586091995,
-0.0029985092114657164,
-0.01909937895834446,
0.040517307817935944,
-0.01571674272418022,
-0.0008292182465083897,
0.001593369641341269,
-0.004315979313105345,
-0.012499254196882248,
-0.009882536716759205,
0.005896362476050854,
-0.007722990587353706,
-0.0043622832745313644,
-0.11344245076179504,
0.02117542177438736,
-0.00592779228463769,
0.020499212667346,
0.035055506974458694,
-0.012102914042770863,
-0.012613983824849129,
0.00043100916082039475,
-0.0001142828623414971,
-0.007375639863312244,
-0.06034936010837555,
-0.003556695533916354,
0.009650640189647675,
-0.03044060803949833,
0.0055331215262413025,
0.04860326647758484,
0.0015550719108432531,
-0.09027282148599625,
-0.025623200461268425,
-0.042998410761356354,
0.009498419240117073,
-0.013672505505383015,
0.018121246248483658,
0.0023186185862869024,
0.06914607435464859,
-0.007300814148038626,
0.035379160195589066,
-0.012700775638222694,
-0.04415695741772652,
0.01909538544714451,
0.009433417581021786,
0.061449237167835236,
-0.040729209780693054,
0.025308437645435333,
0.009272311814129353,
-0.001264649908989668,
0.0030905406456440687,
0.002094782656058669,
-0.024712970480322838,
0.06779374182224274,
0.08568505942821503,
-0.009765601716935635,
-0.01453451905399561,
-0.009507786482572556,
-0.03348151221871376,
0.04484241455793381,
0.022970354184508324,
0.03795119747519493,
-0.011686106212437153,
-0.01604151353240013,
-0.008983229286968708,
0.03254905343055725,
-0.03890052065253258,
-0.001849453430622816,
-0.04479113221168518,
0.027092931792140007,
0.020078042522072792,
-0.009695407934486866,
0.016226360574364662,
-0.12804287672042847,
-0.0104590505361557,
-0.02972032129764557,
0.009681160561740398,
-0.027460357174277306,
0.013541792519390583,
0.004859308712184429,
0.022802170366048813,
-0.007275633979588747,
-0.00414906395599246,
0.002654463052749634,
-0.008242283016443253,
-0.014230306260287762,
0.04252934828400612,
-0.01780693791806698,
-0.001327867736108601,
0.0057883793488144875,
0.02903330698609352,
-0.008921139873564243,
0.025631878525018692,
-0.027560962364077568,
-0.0027070280630141497,
-0.007304576691240072,
0.002559215761721134,
-0.02488134056329727,
-0.021577507257461548,
-0.010731300339102745,
-0.030634311959147453,
-0.009708555415272713,
0.08129888027906418,
-0.03357665613293648,
-0.016474155709147453,
0.011289474554359913,
0.013719706796109676,
-0.03915952518582344,
-0.026518313214182854,
0.06273113936185837,
-0.008512857370078564,
-0.049812447279691696,
-0.0035506323911249638,
0.047260601073503494,
0.01891285739839077,
0.030853016301989555,
0.013289307244122028,
-0.02872614935040474,
-0.010747267864644527,
-0.010813661850988865,
-0.018434077501296997,
-0.01853087916970253,
0.13141049444675446,
-0.021306060254573822,
0.014653071761131287,
0.01770913228392601,
-0.0010590516030788422,
-0.005567931570112705,
-0.014792763628065586,
-0.040749382227659225,
-0.03703216835856438,
0.03336569294333458,
-0.016449984163045883,
-0.03297846019268036,
0.018597817048430443,
0.010612704791128635,
0.02126874215900898,
0.024148063734173775,
0.05558643862605095,
-0.00008948279719334096,
0.044206876307725906,
-0.03444618359208107,
0.03472757339477539,
-0.013005021028220654,
0.009562329389154911,
0.09701573103666306,
-0.02720087766647339,
0.04043083265423775,
-0.027300819754600525,
0.016717657446861267,
0.023479828611016273,
-0.017857994884252548,
0.002497744280844927,
-0.00506922323256731,
-0.0017812971491366625,
-0.006267457734793425,
0.03177949786186218,
-0.02236432023346424,
0.005015513859689236,
0.10224486887454987,
0.006345835980027914,
-0.051899611949920654,
0.022215720266103745,
0.0690818578004837,
0.05116911605000496,
-0.026091355830430984,
0.011803915724158287,
0.04332563281059265,
0.015393415465950966,
-0.03225823491811752,
0.040060874074697495,
0.0049020941369235516,
-0.012783372774720192,
0.017145296558737755,
-0.008426635526120663,
-0.015544568188488483,
-0.002364299725741148,
-0.002699298784136772,
0.037198666483163834,
-0.0179497841745615,
-0.042652249336242676,
0.010591886937618256,
0.016799746081233025,
-0.018195323646068573,
-0.012981395237147808,
0.010914882645010948,
0.015786411240696907,
0.04969431459903717,
-0.02688596211373806,
0.012768816202878952,
0.01870710216462612,
-0.02369586005806923,
-0.006345249712467194,
0.03559207543730736,
0.004652735311537981,
-0.0018060840666294098,
-0.004147658124566078,
-0.011978118680417538,
0.07839793711900711,
-0.01506679318845272,
0.006435959134250879,
0.0020465385168790817,
-0.008447348140180111,
0.010808213613927364,
-0.0009888269705697894,
0.038481421768665314,
0.04151799529790878,
0.012329354882240295,
-0.022066039964556694,
0.0008455468923784792,
0.03554658591747284,
-0.008507057093083858,
-0.00979007687419653,
-0.025791192427277565,
-0.004814929328858852,
-0.013647195883095264,
-0.010897339321672916,
0.014354542829096317,
0.05120546370744705,
0.013391121290624142,
-0.029106853529810905,
0.033704981207847595,
-0.01337629184126854,
0.04894954338669777,
-0.000384862651117146,
-0.12393451482057571,
-0.019719751551747322,
0.023929564282298088,
-0.05174137279391289,
0.03201136365532875,
-0.011587039567530155,
0.02833040989935398,
0.06846963614225388,
0.04623962938785553,
-0.04565267637372017,
0.007205871865153313,
0.03675715997815132,
0.008503115735948086,
-0.14211617410182953,
0.007364868186414242,
-0.053842782974243164,
-0.0301903635263443,
0.016286183148622513,
0.010334893129765987,
-0.011074001900851727,
0.009373623877763748,
0.025437891483306885,
-0.008201109245419502,
-0.0024245709646493196,
0.009203922934830189,
-0.008015831932425499,
-0.02873598225414753,
-0.007781611755490303,
0.03399807587265968,
-0.032702866941690445,
0.03544742241501808,
0.003082744777202606,
-0.011964096687734127,
-0.016139600425958633,
0.007291529793292284,
0.04968414083123207,
-0.017270121723413467,
0.030666302889585495,
-0.05654362216591835,
-0.0041934167966246605,
0.011264464817941189,
0.00986787024885416,
0.012364432215690613,
0.01407640241086483,
-0.008875339291989803,
-0.004019713960587978,
0.00860564224421978,
-0.0139009403064847,
0.011923912912607193,
0.004384106490761042,
0.006165610626339912,
0.026862522587180138,
-0.0017906971042975783,
-0.002489896258339286,
0.02679581381380558,
0.01762823387980461,
0.0008763411897234619,
0.058938343077898026,
-0.0012819049879908562,
0.0030709817074239254,
0.007653629407286644,
-0.001894837012514472,
0.005856987088918686,
0.03877963870763779,
-0.013878941535949707,
0.0407780185341835,
-0.009198549203574657,
-0.007243831176310778,
-0.02795054204761982,
0.016368016600608826,
-0.018109355121850967,
-0.022385111078619957,
0.019471656531095505,
0.00793425738811493,
-0.08946908265352249,
-0.038514140993356705,
-0.010777465999126434,
-0.01089952141046524,
0.00568458391353488,
-0.04291880130767822,
-0.038664985448122025,
-0.030343789607286453,
0.028738664463162422,
-0.0030664640944451094,
-0.01040737610310316,
-0.14522196352481842,
0.022394908592104912,
-0.009558337740600109,
-0.013107473962008953,
0.03492124378681183,
-0.010955858044326305,
0.023058243095874786,
0.031494688242673874,
0.005215089302510023,
0.02088327892124653,
-0.004139747004956007,
0.03030250035226345,
-0.05459638312458992,
0.006367359310388565,
0.03292161971330643,
0.0334247425198555,
-0.016090553253889084,
-0.03923765569925308,
0.02218109369277954,
-0.06956452131271362,
0.04521632194519043,
0.0016642541158944368,
0.0359458327293396,
0.003925167489796877,
-0.003328511491417885,
0.020674072206020355,
0.025822170078754425,
0.002503633266314864,
0.04672684520483017,
-0.0013323156163096428,
0.03636155650019646,
-0.00827531423419714,
0.05404326692223549,
0.0020148425828665495,
0.012791558168828487,
0.19900467991828918,
-0.008017647080123425,
-0.009306389838457108,
-0.0045724776573479176,
-0.0025740580167621374,
0.010538306087255478,
-0.01035768911242485,
-0.0250728577375412,
-0.01531052403151989,
-0.008467449806630611,
0.025391586124897003,
0.014836933463811874,
-0.021795663982629776,
0.01955460198223591,
-0.014430684968829155,
-0.06678293645381927,
-0.006901336368173361,
0.0014210949884727597,
-0.08331861346960068,
-0.011391723528504372,
0.09110354632139206,
0.0389661006629467,
0.0026796753518283367,
0.01684700883924961,
-0.02956436388194561,
0.01611863449215889,
0.0008755780872888863,
0.007789841387420893,
0.01837559975683689,
0.0027109282091259956,
-0.04142090678215027,
0.00302339275367558,
-0.016169043257832527,
-0.06845970451831818,
0.002018585568293929,
0.0012876179534941912,
-0.03125381097197533,
0.028501370921730995,
-0.008802207186818123,
0.07997992634773254,
0.0115296496078372,
-0.01556882169097662,
-0.06061968579888344,
0.02492143027484417,
0.012708650901913643,
0.0030855154618620872,
-0.019977465271949768,
-0.015372665598988533,
-0.0451677069067955,
0.05168590694665909,
0.021710580214858055,
-0.020468398928642273,
-0.0015279415529221296,
0.025762801989912987,
-0.10795455425977707,
0.03681222349405289,
0.03216088190674782,
-0.0016580689698457718,
0.006918029394000769,
-0.021803775802254677,
0.0033899678383022547,
-0.0015542525798082352,
0.025756243616342545,
0.048223063349723816,
-0.13036823272705078,
-0.023642858490347862,
0.012505813501775265,
-0.003562946803867817,
-0.012617023661732674,
0.024285156279802322,
0.0023534074425697327,
0.02965773083269596,
0.01794242672622204,
0.023039018735289574,
-0.015572868287563324,
0.022624557837843895,
-0.0019389183726161718,
0.033694297075271606,
-0.018392223864793777,
-0.01626538671553135,
-0.025535812601447105,
-0.002664429135620594,
-0.03197793662548065,
-0.0035251337103545666,
0.023952176794409752,
0.016617825254797935,
-0.21963463723659515,
0.02564839832484722,
0.03528064861893654,
-0.007190979551523924,
-0.01504689920693636,
0.019949939101934433,
-0.014545582234859467,
-0.05885355547070503,
0.012696214951574802,
-0.024007640779018402,
-0.03118167631328106,
0.017750808969140053,
-0.005970134399831295,
-0.022055136039853096,
0.01512861717492342,
0.018127327784895897,
-0.021424055099487305,
0.006031880620867014,
0.044352106750011444,
-0.023896170780062675,
0.03575051203370094,
-0.04677526652812958,
-0.14162130653858185,
-0.0011780582135543227,
-0.05109790340065956,
-0.012616929598152637,
0.014125704765319824,
0.02617238648235798,
0.004886931739747524,
-0.012676133774220943,
-0.03598802909255028,
0.029087454080581665,
0.06750590354204178,
0.030216127634048462,
-0.016013843938708305,
-0.0045413910411298275,
0.045264627784490585,
-0.01859947480261326,
-0.021518027409911156,
0.007779039442539215,
-0.014031365513801575,
-0.003088430967181921,
-0.02497606910765171,
-0.02791553921997547,
0.02269904688000679,
-0.04885441064834595,
0.007845370098948479,
0.013796558603644371,
0.0032533840276300907,
0.048861756920814514,
0.00797971710562706,
-0.03820090740919113,
-0.008324532769620419,
0.02176685631275177,
0.006405014079064131,
-0.020017940551042557,
0.027250463142991066,
0.06341297924518585,
0.007229864131659269,
-0.025910310447216034,
0.04783795028924942,
0.03535033389925957,
-0.056654758751392365,
0.009071552194654942,
0.0073412577621638775,
-0.019430024549365044,
0.009638101793825626,
-0.06308255344629288,
0.017482347786426544,
0.028951480984687805,
-0.17884209752082825,
-0.08073624968528748,
-0.05686938017606735,
0.020278513431549072,
0.0017154336674138904,
-0.016996880993247032,
0.0077596427872776985,
-0.023138858377933502,
-0.005788985174149275,
-0.0028652334585785866,
-0.02432367019355297,
0.006958430167287588,
-0.11084894835948944,
0.030222533270716667,
-0.015829036012291908,
-0.0004687468463089317,
0.01465647853910923,
-0.021641729399561882,
0.023754984140396118,
-0.0025014716666191816,
-0.01576167345046997,
-0.003996932879090309,
0.0228266641497612,
0.006815101020038128,
-0.005794822704046965,
-0.00440838560461998,
-0.019201697781682014,
0.0033590784296393394,
-0.055762261152267456,
0.004266687203198671,
-0.0002176431444240734,
0.0048926956951618195,
0.004798117559403181,
-0.016263447701931,
-0.03924061730504036,
-0.037390999495983124,
-0.007927365601062775,
0.12184520065784454,
-0.0001905688550323248,
0.024089548736810684,
-0.01685047149658203,
0.010112800635397434,
-0.008444095961749554,
-0.0045233522541821,
-0.03684988617897034,
0.08427140861749649,
-0.023782087489962578,
-0.0051345485262572765,
0.002716017421334982,
-0.0452638678252697,
-0.010738703422248363,
-0.00317567796446383,
0.0017199633875861764,
0.055053215473890305,
0.029813241213560104,
0.0023772488348186016,
0.017571043223142624,
0.04756731167435646,
-0.011028315871953964,
-0.013787574134767056,
-0.03907986357808113,
-0.034801185131073,
0.04713242128491402,
-0.1160200834274292,
-0.016584547236561775,
0.025355875492095947,
0.007871466688811779,
-0.01849980093538761,
0.010672265663743019,
-0.00933078769594431,
0.002001763554289937,
0.015018871985375881,
-0.04439828544855118,
0.010655863210558891,
-0.0007352315005846322,
0.0297688040882349,
-0.019575277343392372,
0.035869233310222626,
-0.05035761371254921,
0.03521771728992462,
-0.0012638465268537402
] |
position Pfizer for long-term leadership and creating new models for biomedical collaboration that will expedite the pace of innovation and productivity. To that end, our research primarily focuses on six high-priority areas that have a mix of small molecules and large molecules––immunology and inflammation; cardiovascular and metabolic diseases; oncology; vaccines; neuroscience and pain; and rare diseases. Another area of focus is biosimilars.
While a significant portion of R&D is done internally, we continue to seek to expand our pipeline by entering into agreements with other companies to develop, license or acquire promising compounds, technologies or capabilities. Collaboration, alliance and license agreements and acquisitions allow us to capitalize on these compounds to expand our pipeline of potential future products. In addition, collaborations and alliances allow us to share risk and to access external scientific and technological expertise.
For additional information about R&D by operating segment, see the “Analysis of Operating Segment Information” section of this Financial Review. For additional information about our pending new drug applications and supplemental filings, see the “Analysis of the Consolidated Statements of Income––Product Developments” section of this Financial Review. For additional information about recent transactions and strategic investments that we believe have the potential to advance our pipeline and maximize the value of our in-line products, see the “Our Business Development Initiatives” section of this Financial Review.
Business Development
We continue to build on our broad portfolio of businesses and to expand our R&D pipeline through various business development transactions. For additional information about recent transactions and strategic investments that we believe have the potential to advance our pipeline, enhance our product portfolio and maximize the value of our in-line products, see the “Our Business Development Initiatives” section of this Financial Review.
Intellectual Property Rights
We continue to aggressively defend our patent rights against increasingly aggressive infringement whenever appropriate, and we will continue to support efforts that strengthen worldwide recognition of patent rights while taking necessary steps to ensure appropriate patient access. In addition, we will continue to employ innovative approaches designed to prevent counterfeit pharmaceuticals from entering the supply chain and to achieve greater control over the distribution of our products, and we will continue to participate in the generics market for our products, whenever appropriate, once they lose exclusivity. For additional information about our current efforts to enforce our intellectual property rights, see Notes to Consolidated Financial Statements––Note 17A1. Commitments and Contingencies: Legal Proceedings––Patent Litigation.
Capital Allocation and Expense Management
We seek to maintain a strong balance sheet and robust liquidity so that we continue to have the financial resources necessary to take advantage of prudent commercial, research and business development opportunities and to
| 2SELL
|
[
-0.00031132681760936975,
0.05891589820384979,
-0.006909944117069244,
-0.020879076793789864,
-0.12571027874946594,
-0.015802444890141487,
-0.0034694550558924675,
0.005600879900157452,
-0.07147590816020966,
0.03171956539154053,
0.013180825859308243,
-0.03284556046128273,
0.019803563132882118,
-0.029711861163377762,
0.00811743177473545,
0.03959822654724121,
0.05143395811319351,
-0.006110975053161383,
-0.03935307264328003,
-0.005402781534940004,
0.011607060208916664,
0.011045238934457302,
0.013633182272315025,
-0.007314885500818491,
0.029801685363054276,
0.026243017986416817,
-0.057643864303827286,
0.02133549004793167,
0.060487065464258194,
-0.05667120963335037,
0.021169498562812805,
0.02173486351966858,
0.03434561938047409,
-0.02058958262205124,
0.0453520268201828,
0.0038227615877985954,
-0.05254311114549637,
0.014152750372886658,
0.026185326278209686,
0.011794102378189564,
-0.051649849861860275,
-0.003635128028690815,
-0.009339737705886364,
-0.01088196411728859,
0.007810723967850208,
-0.011636768467724323,
0.029871352016925812,
0.027583181858062744,
0.01451908703893423,
-0.009406871162354946,
0.004918081220239401,
-0.03213968127965927,
-0.017028218135237694,
-0.022642897441983223,
-0.02475610375404358,
-0.0031569970306009054,
-0.017881430685520172,
-0.02484988048672676,
0.0787583440542221,
0.0369446761906147,
0.026763256639242172,
-0.03917235508561134,
0.012197339907288551,
0.037995629012584686,
0.014236210845410824,
-0.01190828438848257,
-0.013769871555268764,
-0.006453482434153557,
-0.03499497100710869,
-0.027918795123696327,
0.02743988297879696,
0.043821319937705994,
-0.01774328388273716,
-0.0183914415538311,
0.0059349010698497295,
-0.04243319854140282,
0.03495046868920326,
-0.0015625240048393607,
0.07972926646471024,
-0.0313841886818409,
0.001892943400889635,
-0.07806994765996933,
0.039965905249118805,
-0.07426120340824127,
0.007760914508253336,
-0.015090052038431168,
-0.020203467458486557,
-0.04850368946790695,
-0.025084704160690308,
-0.0030841948464512825,
-0.0003131563717033714,
0.003578644013032317,
-0.02350493147969246,
-0.04913788288831711,
-0.027364134788513184,
0.010174430906772614,
0.03697756677865982,
-0.1671377271413803,
-0.0010947970440611243,
-0.005969941150397062,
0.06326200067996979,
0.014647746458649635,
0.03442949801683426,
-0.02835681661963463,
0.019257064908742905,
0.014109941199421883,
-0.03302023559808731,
0.04221382737159729,
-0.000544112001080066,
0.014047364704310894,
-0.020510725677013397,
-0.04998260363936424,
0.027912473306059837,
-0.0006884636823087931,
-0.01199506688863039,
0.05471838265657425,
0.0072701130993664265,
0.038511067628860474,
0.0003331699699629098,
-0.0615030936896801,
0.016195882111787796,
-0.030443424358963966,
-0.03485206142067909,
-0.002856029663234949,
-0.022216971963644028,
0.03912217915058136,
-0.02158604934811592,
-0.014304779469966888,
0.04010564461350441,
-0.009333563037216663,
-0.0021002404391765594,
-0.00985295046120882,
-0.011773649603128433,
0.028037279844284058,
-0.05058708414435387,
0.01629103161394596,
-0.012044696137309074,
0.005169250071048737,
-0.04692139849066734,
0.009097233414649963,
-0.031159907579421997,
-0.02142934873700142,
-0.0145274568349123,
-0.015486233867704868,
-0.036810316145420074,
-0.0014992745127528906,
-0.013090581633150578,
0.006340904626995325,
0.04490731284022331,
0.07693815976381302,
-0.012084678746759892,
-0.000054871248721610755,
-0.03415888547897339,
-0.018763452768325806,
-0.025855379179120064,
-0.007913506589829922,
0.05338769406080246,
0.004436769988387823,
-0.060123320668935776,
-0.0076915486715734005,
-0.003332894528284669,
-0.013472137972712517,
-0.005712204147130251,
-0.07143997400999069,
-0.0503908134996891,
-0.04074980318546295,
0.013740083202719688,
-0.016645869240164757,
0.042850248515605927,
0.05188075080513954,
0.026625702157616615,
0.023412737995386124,
0.0029689816292375326,
-0.0028244820423424244,
0.03196257725358009,
-0.06951776891946793,
0.027059439569711685,
0.04799598082900047,
-0.01250496320426464,
0.02140006050467491,
0.028158076107501984,
0.0062007294036448,
0.04904880002140999,
-0.1027083545923233,
-0.06793252378702164,
-0.035496678203344345,
0.00629908824339509,
0.037852633744478226,
-0.0026531254407018423,
-0.026524372398853302,
0.043443966656923294,
-0.01180211640894413,
0.001994156977161765,
-0.00033397306106053293,
-0.0057518077082931995,
-0.01356543693691492,
-0.02409682609140873,
0.006885293405503035,
0.003862263634800911,
-0.010075416415929794,
-0.11026843637228012,
0.010126921348273754,
-0.004048305097967386,
0.029012035578489304,
0.0475936196744442,
-0.0181746743619442,
-0.012289432808756828,
-0.004699556156992912,
-0.0016235191142186522,
-0.013472517021000385,
-0.05987964943051338,
-0.017153192311525345,
0.0070138839073479176,
-0.02778860181570053,
-0.0033171644899994135,
0.047150686383247375,
0.006945492699742317,
-0.09433617442846298,
-0.01818634197115898,
-0.04040250554680824,
0.005192580632865429,
-0.017940783873200417,
0.02488062158226967,
0.0013250613119453192,
0.06067913398146629,
-0.011381568387150764,
0.04498540237545967,
-0.007277191150933504,
-0.05081004649400711,
0.02108873799443245,
0.007953141815960407,
0.06692294776439667,
-0.04297336935997009,
0.03352661058306694,
0.006732544396072626,
-0.0001837668678490445,
0.004673670511692762,
0.003932526800781488,
-0.028947534039616585,
0.06711745262145996,
0.09115782380104065,
-0.01393783837556839,
-0.013894220814108849,
-0.005310594569891691,
-0.03709997609257698,
0.05338981747627258,
0.0341700054705143,
0.042672883719205856,
-0.008507048711180687,
-0.014994500204920769,
-0.008579494431614876,
0.03765745833516121,
-0.038609061390161514,
0.0007027338142506778,
-0.04677719622850418,
0.025644194334745407,
0.02349119260907173,
-0.010996343567967415,
0.00501923868432641,
-0.13821619749069214,
-0.012570717372000217,
-0.03060491569340229,
0.003897520247846842,
-0.023770257830619812,
0.015488744713366032,
0.011031083762645721,
0.022134466096758842,
-0.007446193601936102,
-0.00345026352442801,
0.004407125059515238,
-0.012952635996043682,
-0.018127307295799255,
0.04851892590522766,
-0.01639818772673607,
-0.0008321408531628549,
0.015912020578980446,
0.03564947843551636,
-0.011592504568397999,
0.025013776496052742,
-0.0308137908577919,
0.0008535583619959652,
-0.0012379769468680024,
0.003501654602587223,
-0.02933059260249138,
-0.022809786722064018,
-0.011812356300652027,
-0.024517405778169632,
-0.002728106686845422,
0.0848526656627655,
-0.03196551278233528,
-0.009208573959767818,
0.014675521291792393,
0.015223887749016285,
-0.04132692515850067,
-0.02361145429313183,
0.06536631286144257,
-0.009502031840384007,
-0.0589473731815815,
-0.007819090969860554,
0.053208835422992706,
0.02146379090845585,
0.03578345105051994,
0.02520953305065632,
-0.031512465327978134,
-0.011185210198163986,
-0.01341990940272808,
-0.026824025437235832,
-0.024923231452703476,
0.12062501907348633,
-0.020563138648867607,
0.011162807233631611,
0.015994850546121597,
-0.0057168202474713326,
-0.012882831506431103,
-0.01817832700908184,
-0.039237700402736664,
-0.03638922795653343,
0.03359100595116615,
-0.02525641955435276,
-0.03618583083152771,
0.021072326228022575,
0.0061203353106975555,
0.02335996739566326,
0.022668585181236267,
0.04713812097907066,
-0.002957224613055587,
0.05519941449165344,
-0.03740428388118744,
0.03187977522611618,
-0.022947849705815315,
0.052434612065553665,
0.08265030384063721,
-0.02935667708516121,
0.026403464376926422,
-0.025019006803631783,
0.011512263678014278,
0.020883595570921898,
-0.022559896111488342,
0.0015301990788429976,
-0.008885460905730724,
-0.006103691179305315,
-0.002478357870131731,
0.03564109280705452,
-0.026959935203194618,
0.00023087392037268728,
0.09970130026340485,
0.013526723720133305,
-0.05590628460049629,
0.024905918166041374,
0.07090820372104645,
0.054968178272247314,
-0.022888047620654106,
0.005587882362306118,
0.05198151245713234,
0.017947502434253693,
-0.0375678688287735,
0.04150692746043205,
0.01063084788620472,
-0.011292247101664543,
0.005555702373385429,
-0.010841812007129192,
-0.020594041794538498,
-0.004628652241080999,
-0.007260579150170088,
0.04620209336280823,
-0.01661950722336769,
-0.03836553543806076,
0.01394130103290081,
0.01480450201779604,
-0.02080680802464485,
-0.009025296196341515,
0.011017543263733387,
0.016784606501460075,
0.07656029611825943,
-0.041010282933712006,
0.007704694289714098,
0.02134080044925213,
-0.030219420790672302,
-0.006026617716997862,
0.03455264866352081,
-0.001538052223622799,
-0.003940001130104065,
-0.00466349720954895,
-0.00979305524379015,
0.06919723749160767,
-0.01325678639113903,
0.003694981336593628,
0.02009962685406208,
0.003089816542342305,
0.016596825793385506,
-0.018264444544911385,
0.036686498671770096,
0.044270049780607224,
0.01078731194138527,
-0.019711172208189964,
-0.000056113043683581054,
0.036778680980205536,
-0.01900109089910984,
-0.02091538906097412,
-0.018255343660712242,
0.007310949265956879,
-0.0048156920820474625,
-0.011600667610764503,
0.02922474965453148,
0.05300011485815048,
0.003911847714334726,
-0.020198753103613853,
0.03560016676783562,
-0.004015028011053801,
0.053626611828804016,
-0.005181364249438047,
-0.11805301159620285,
-0.01072399690747261,
0.012301054783165455,
-0.05346819758415222,
0.0356968492269516,
-0.007573323789983988,
0.028820712119340897,
0.05980481207370758,
0.032284531742334366,
-0.05183540657162666,
0.009683029726147652,
0.02712959796190262,
0.003611462889239192,
-0.1317661851644516,
0.01802443154156208,
-0.05892942100763321,
-0.02795211784541607,
0.009228012524545193,
0.015645023435354233,
-0.01128870528191328,
0.008143500424921513,
0.02415532059967518,
-0.011890201829373837,
0.0014218904543668032,
0.009874624200165272,
-0.0013901498168706894,
-0.029290134087204933,
-0.004085803870111704,
0.03833058103919029,
-0.03245800733566284,
0.04182124510407448,
0.0037728464230895042,
-0.01264775451272726,
-0.018971499055624008,
0.009224512614309788,
0.04616597667336464,
-0.015531746670603752,
0.027214182540774345,
-0.052892863750457764,
-0.007909937761723995,
0.02561214752495289,
0.007138622924685478,
0.007225290406495333,
0.004910941701382399,
-0.003968052100390196,
-0.0071928794495761395,
0.009527814574539661,
-0.01528929639607668,
0.005499301478266716,
0.0014528901083394885,
0.006112608127295971,
0.025268342345952988,
-0.002358837053179741,
-0.00019040382176171988,
0.017948953434824944,
0.016504384577274323,
-0.003739333478733897,
0.04370332136750221,
-0.005074039101600647,
0.0024002264253795147,
0.00557906087487936,
0.0017073113704100251,
-0.0009603190119378269,
0.026357389986515045,
-0.01698932982981205,
0.047270212322473526,
0.0020459885708987713,
-0.009489035233855247,
-0.027230018749833107,
0.021713251248002052,
-0.017825758084654808,
-0.020880546420812607,
0.019838761538267136,
0.004756484180688858,
-0.08760110288858414,
-0.04460109770298004,
-0.008916618302464485,
-0.015490551479160786,
-0.0011591243091970682,
-0.05475901439785957,
-0.04226512461900711,
-0.03213801234960556,
0.034919340163469315,
-0.0033463314175605774,
-0.008008251897990704,
-0.1571888029575348,
0.03900016099214554,
-0.006472467910498381,
-0.013467023149132729,
0.03260140120983124,
-0.019920311868190765,
0.024966571480035782,
0.05060045048594475,
0.005070463288575411,
0.01886689104139805,
-0.007650614250451326,
0.03161986917257309,
-0.0515567772090435,
0.007410947233438492,
0.027456365525722504,
0.041292477399110794,
-0.018952319398522377,
-0.03642946109175682,
0.021451789885759354,
-0.05729874223470688,
0.04900682345032692,
-0.0021901128347963095,
0.02843332663178444,
0.002070555929094553,
0.0024328127037733793,
0.026282383129000664,
0.02661639265716076,
-0.000013841218788002152,
0.05413993075489998,
-0.0051936982199549675,
0.04048566520214081,
-0.0024937884882092476,
0.055779293179512024,
-0.011254877783358097,
0.007682796102017164,
0.1855103224515915,
-0.00892243068665266,
-0.017190614715218544,
0.007677276618778706,
-0.006150530651211739,
-0.00552975432947278,
-0.012402833439409733,
-0.018515978008508682,
-0.015510299243032932,
-0.021502835676074028,
0.02328339032828808,
0.02086261287331581,
-0.019715525209903717,
0.024574263021349907,
-0.017108678817749023,
-0.07632805407047272,
-0.006885441951453686,
0.004139539785683155,
-0.07757401466369629,
-0.017686940729618073,
0.09384360164403915,
0.04890776425600052,
0.0012590659316629171,
0.01394592598080635,
-0.0313427671790123,
0.021052122116088867,
0.011502941139042377,
0.009595579467713833,
0.018459759652614594,
0.0013324894243851304,
-0.03440661355853081,
0.008402852341532707,
-0.014063059352338314,
-0.06922457367181778,
0.0024927533231675625,
-0.00043991825077682734,
-0.030120713636279106,
0.023153968155384064,
-0.01531136129051447,
0.07241441309452057,
0.008685755543410778,
-0.01091761514544487,
-0.06618673354387283,
0.035766493529081345,
0.010462535545229912,
0.004601690918207169,
-0.023676389828324318,
-0.02267538756132126,
-0.048271045088768005,
0.04907706007361412,
0.01450088620185852,
-0.02310008928179741,
0.0011339171323925257,
0.028035538271069527,
-0.11287492513656616,
0.038635168224573135,
0.03537709265947342,
-0.002026997273787856,
0.010008416138589382,
-0.023827552795410156,
-0.0021934255491942167,
-0.00925505068153143,
0.03325276076793671,
0.045549508184194565,
-0.12301371246576309,
-0.023780833929777145,
0.01723567582666874,
0.0003815090167336166,
-0.015284675173461437,
0.011050604283809662,
0.0054744393564760685,
0.022041775286197662,
0.0325910747051239,
0.018133919686079025,
-0.011701667681336403,
0.025203494355082512,
-0.00047838216414675117,
0.038083985447883606,
-0.004658407066017389,
-0.017901673913002014,
-0.03303327038884163,
-0.012780566699802876,
-0.0331244058907032,
-0.00984940305352211,
0.025362785905599594,
0.02044905349612236,
-0.1886604130268097,
0.03110484406352043,
0.03612363710999489,
-0.009552322328090668,
-0.016878711059689522,
0.016373272985219955,
-0.01587212085723877,
-0.03604849800467491,
0.011563276872038841,
-0.01673986203968525,
-0.04122297838330269,
0.021680530160665512,
-0.0010826351353898644,
-0.02335582673549652,
0.011187964119017124,
0.02132916823029518,
-0.017512807622551918,
0.0023175401147454977,
0.04677058011293411,
-0.020179061219096184,
0.03288336470723152,
-0.04859117418527603,
-0.13553787767887115,
-0.0014158624690026045,
-0.05376739427447319,
-0.014913547784090042,
0.018163951113820076,
0.025719845667481422,
0.007973901927471161,
-0.013172497041523457,
-0.039095617830753326,
0.030458275228738785,
0.06604139506816864,
0.03334038332104683,
-0.011972595006227493,
0.004490279126912355,
0.04769463092088699,
-0.018374785780906677,
-0.016556931659579277,
-0.00001842636447690893,
-0.015040377154946327,
0.000657511642202735,
-0.03122432716190815,
-0.027691762894392014,
0.02391742542386055,
-0.03332430124282837,
0.00590080302208662,
0.0034285138826817274,
0.004967240616679192,
0.04793525114655495,
0.008884591050446033,
-0.03842175751924515,
-0.005993144121021032,
0.021839817985892296,
0.005032076500356197,
-0.011253110133111477,
0.02984023652970791,
0.058971915394067764,
0.006388530600816011,
-0.028528455644845963,
0.026642026379704475,
0.03533175215125084,
-0.05948673561215401,
0.009585950523614883,
0.004412217065691948,
-0.017473241314291954,
0.00740615651011467,
-0.06290263682603836,
0.01630786620080471,
0.040190763771533966,
-0.15725332498550415,
-0.08237775415182114,
-0.05320817977190018,
0.015938319265842438,
0.0067017399705946445,
-0.017027249559760094,
0.0012424229644238949,
-0.026170430704951286,
-0.0009569552494212985,
-0.0010736529948189855,
-0.024116065353155136,
0.0026460110675543547,
-0.09742323309183121,
0.028762171044945717,
-0.01667516492307186,
0.006939661223441362,
0.018869053572416306,
-0.021588733419775963,
0.016124678775668144,
-0.0030798236839473248,
-0.027913305908441544,
-0.003838789416477084,
0.021723812445998192,
0.012344475835561752,
-0.0034999933559447527,
-0.008919532410800457,
-0.021120045334100723,
0.0038057800848037004,
-0.06045050919055939,
0.0038500213995575905,
0.0009062729659490287,
0.009788854978978634,
0.0019508778350427747,
-0.008508148603141308,
-0.039492882788181305,
-0.027872931212186813,
-0.008664206601679325,
0.11833186447620392,
0.0022739155683666468,
0.03112981468439102,
-0.024470621719956398,
-0.008170713670551777,
-0.005417723674327135,
-0.00046277549699880183,
-0.03350686654448509,
0.07834329456090927,
-0.024868270382285118,
-0.005650873761624098,
-0.004468671046197414,
-0.040987253189086914,
-0.016518548130989075,
-0.0062919920310378075,
-0.0005281024496071041,
0.05763132497668266,
0.030861807987093925,
0.011141735129058361,
0.01531367190182209,
0.05494675412774086,
-0.01311702560633421,
-0.0155376261100173,
-0.036598172038793564,
-0.03282658010721207,
0.05276608467102051,
-0.08118031173944473,
-0.021075474098324776,
0.018374446779489517,
0.005976875778287649,
-0.023686476051807404,
0.009444717317819595,
-0.010013051331043243,
-0.007112185005098581,
0.006371679715812206,
-0.0449824295938015,
0.014831382781267166,
0.005420558620244265,
0.028783412650227547,
-0.02319849282503128,
0.06587613373994827,
-0.04494594782590866,
0.04074125364422798,
-0.0024315982591360807
] |
domestically and internationally, to reduce spending. Our federal government contracts are subject to the approval of appropriations being made by the United States Congress to fund the expenditures under these contracts.
Additionally, government contracts are generally subject to audits and investigations which could result in various civil and criminal penalties and administrative sanctions, including termination of contracts, refund of a portion of fees received, forfeiture of profits, suspension of payments, fines and suspensions or debarment from future government business. If we were assessed any penalties or sanctions, our business and operating results could be adversely affected.
Business disruptions could affect our operating results. A significant portion of our research and development activities and certain other critical business operations are concentrated in a few geographic areas. We are a highly automated business and a disruption or failure of our systems could cause delays in completing sales and providing services, including Oracle On Demand. A major earthquake, fire or other catastrophic event that results in the destruction or disruption of any of our critical business or information technology systems could severely affect our ability to conduct normal business operations and as a result our future operating results could be materially and adversely affected.
We may have exposure to additional tax liabilities. As a multinational corporation, we are subject to income taxes as well as non-income based taxes, in both the United States and various foreign jurisdictions. Significant judgment is required in determining our worldwide provision for income taxes and other tax liabilities.
In the ordinary course of a global business, there are many intercompany transactions and calculations where the ultimate tax determination is uncertain. We are regularly under audit by tax authorities. Our intercompany transfer prices are currently being reviewed by the IRS and by foreign tax jurisdictions and will likely be subject to additional audits in the future. We previously negotiated two Advance Pricing Agreements with the IRS that cover many of our intercompany transfer prices and preclude the IRS from making a transfer pricing adjustment within the scope of these agreements. The agreements, however, are only effective for fiscal years through May 31, 2001, do not cover all elements of our transfer pricing and do not bind tax authorities outside the United States. We are currently negotiating bilateral and unilateral Advance Pricing Agreements to cover periods beyond June 1, 2001.
Although we believe that our tax estimates are reasonable, we cannot assure you that the final determination of tax audits or tax disputes will not be different from what is reflected in our historical income tax provisions and accruals.
We are also subject to non-income taxes, such as payroll, sales, use, value-added, net worth, property and goods and services taxes, in both the United States and various foreign jurisdictions. We are regularly under audit by tax authorities with respect to these non-income taxes and may have
| 1HOLD
|
[
-0.00123751035425812,
0.04982412979006767,
0.014895391650497913,
0.029956728219985962,
-0.06096288934350014,
-0.0009498575236648321,
-0.010670458897948265,
-0.0267287977039814,
-0.03855186328291893,
-0.010206444188952446,
0.020230093970894814,
0.039467304944992065,
0.03494841977953911,
0.02100669965147972,
-0.011939204297959805,
-0.031943026930093765,
-0.08382576704025269,
-0.015164801850914955,
-0.026502355933189392,
0.017038490623235703,
0.018717100843787193,
0.04207140952348709,
0.0027871530037373304,
-0.008141271770000458,
0.014341969043016434,
0.025085197761654854,
0.0158917885273695,
0.03545357659459114,
0.03406887501478195,
-0.024312401190400124,
0.023481445387005806,
-0.018444491550326347,
0.028399938717484474,
-0.017048750072717667,
-0.019976666197180748,
0.011728561483323574,
-0.06549163162708282,
-0.006224449723958969,
0.07711999863386154,
0.003206297056749463,
-0.00483387615531683,
0.01181128341704607,
0.004173243418335915,
0.01301791425794363,
0.021909577772021294,
-0.009122892282903194,
0.025136180222034454,
0.024952281266450882,
0.007119733840227127,
0.003160689026117325,
-0.01038789190351963,
0.02266649343073368,
-0.022800631821155548,
0.004526788834482431,
-0.00032535483478568494,
-0.03666707128286362,
-0.006215323694050312,
0.015123989433050156,
0.05688638240098953,
0.020282993093132973,
0.0391821414232254,
-0.020981287583708763,
0.01467540580779314,
0.03256969526410103,
0.005176160950213671,
-0.012706967070698738,
-0.00815565325319767,
-0.015979940071702003,
-0.02676687203347683,
-0.060176968574523926,
0.014778299257159233,
0.004705626517534256,
0.0023041365202516317,
-0.014044469222426414,
0.0038797869347035885,
-0.022802812978625298,
0.03462471440434456,
-0.032160524278879166,
0.07913372665643692,
-0.025351455435156822,
-0.01319099497050047,
-0.037479232996702194,
-0.11844763904809952,
0.0482996329665184,
0.03506305441260338,
0.033663246780633926,
0.008814052678644657,
-0.04847081005573273,
-0.01068051066249609,
-0.01181970164179802,
0.022440392524003983,
0.009851937182247639,
-0.031487785279750824,
-0.07801422476768494,
-0.05396468564867973,
-0.012112779542803764,
-0.006387267727404833,
-0.07057006657123566,
0.0029405157547444105,
-0.06796722859144211,
0.014292171224951744,
0.010827798396348953,
0.012745705433189869,
-0.021063104271888733,
0.00009301982208853588,
-0.010681523010134697,
-0.0031473564449697733,
-0.008525575511157513,
0.005073140375316143,
0.0029846124816685915,
-0.004804708994925022,
-0.05852440372109413,
0.01847800239920616,
-0.014040134847164154,
0.010584880597889423,
0.02813597582280636,
-0.011015697382390499,
-0.04451778158545494,
-0.05022532120347023,
-0.05861436575651169,
-0.0051406631246209145,
-0.0335690900683403,
-0.01866975799202919,
0.005728351883590221,
-0.010722439736127853,
-0.019613223150372505,
0.05465099588036537,
-0.018259260803461075,
0.0477537177503109,
-0.03730606287717819,
0.002064100466668606,
-0.015013618394732475,
-0.013569442555308342,
0.023087237030267715,
-0.005567213520407677,
0.008687552064657211,
-0.025638824328780174,
0.006152773275971413,
-0.032683856785297394,
0.035927798599004745,
0.014445951208472252,
-0.04409634321928024,
-0.058753471821546555,
0.007057149428874254,
-0.003925384022295475,
-0.01338189747184515,
-0.013776388019323349,
-0.004887554328888655,
0.031207170337438583,
0.09534557163715363,
0.007643356919288635,
0.008069396018981934,
-0.009388202801346779,
-0.02917158044874668,
-0.03495216369628906,
0.014196477830410004,
0.025604233145713806,
-0.06719058007001877,
-0.03492681309580803,
-0.007925760000944138,
-0.012819476425647736,
0.005468934308737516,
-0.006358935497701168,
0.0053833662532269955,
0.02903546765446663,
-0.03912511467933655,
0.03827900439500809,
-0.014312352053821087,
0.02448713406920433,
0.03454258665442467,
0.03268634155392647,
0.015840087085962296,
0.013467790558934212,
-0.003828141139820218,
-0.009458566084504128,
-0.005802334286272526,
0.0322614423930645,
-0.024960985407233238,
0.050250206142663956,
0.014526608400046825,
0.025844357907772064,
-0.007760106585919857,
0.004735109396278858,
0.08627042919397354,
-0.010604345239698887,
-0.040362466126680374,
-0.018354317173361778,
0.008380827493965626,
-0.010426166467368603,
-0.004673806019127369,
-0.020910996943712234,
0.01988532394170761,
0.02439456805586815,
-0.02840430475771427,
-0.026555685326457024,
0.00265415757894516,
-0.07866156846284866,
-0.009556219913065434,
0.05972326919436455,
-0.011903270147740841,
-0.03277873620390892,
0.019656959921121597,
0.00522143580019474,
0.015185639262199402,
0.03908775374293327,
-0.017348093912005424,
0.004762236960232258,
0.0003532803093548864,
-0.015220791101455688,
0.008066930808126926,
-0.028760476037859917,
-0.03810011222958565,
-0.004983574151992798,
-0.06356089562177658,
0.015784895047545433,
-0.0048434194177389145,
-0.0027155678253620863,
-0.053903404623270035,
-0.08628910779953003,
-0.009347504936158657,
0.017968688160181046,
-0.0066915336064994335,
0.005685935262590647,
-0.0022348356433212757,
0.009631386958062649,
-0.011439348571002483,
0.09647997468709946,
0.009576933458447456,
-0.03263022005558014,
0.05035878345370293,
0.03031548671424389,
0.037348367273807526,
0.04207000136375427,
0.03211558610200882,
0.001333694439381361,
-0.04019501060247421,
-0.0032360395416617393,
0.01583501324057579,
-0.0027750437147915363,
-0.0051441979594528675,
0.06700713187456131,
-0.015273012220859528,
-0.016433944925665855,
-0.01269902940839529,
-0.01732322946190834,
-0.00878237746655941,
-0.04456327110528946,
0.08903809636831284,
-0.008589157834649086,
-0.03713842108845711,
0.007573698181658983,
-0.0015537103172391653,
0.0902012288570404,
-0.00938859861344099,
0.004513679072260857,
0.014846501871943474,
-0.013103773817420006,
-0.011156835593283176,
0.010593544691801071,
-0.07114659994840622,
-0.010619297623634338,
-0.0014037222135812044,
0.029875505715608597,
0.005083492491394281,
0.008029633201658726,
-0.021678948774933815,
0.02490122988820076,
0.009141527116298676,
-0.018806714564561844,
-0.010445985943078995,
-0.01682482473552227,
-0.010049425065517426,
0.06547753512859344,
-0.01230847742408514,
0.014189288020133972,
0.02330859564244747,
0.024258187040686607,
-0.012030177749693394,
0.008687267079949379,
-0.0217632744461298,
0.014488196931779385,
0.004618106875568628,
-0.024013787508010864,
-0.007154556922614574,
-0.007085774093866348,
-0.01814843714237213,
-0.008683488704264164,
0.004355703480541706,
0.011651238426566124,
-0.0028321961872279644,
-0.024026773869991302,
0.020507587119936943,
-0.02450837753713131,
0.0035496822092682123,
0.007653970271348953,
0.05347515642642975,
-0.023092519491910934,
-0.031852491199970245,
0.005420889239758253,
-0.0038758418522775173,
-0.017528366297483444,
0.005253603216260672,
-0.0007607948500663042,
-0.01155523955821991,
-0.018503032624721527,
0.0004534847685135901,
0.001238653901964426,
0.0022290139459073544,
-0.017911452800035477,
-0.029818184673786163,
0.005539045203477144,
-0.011989908292889595,
0.01323701161891222,
-0.009981034323573112,
0.0012547738151624799,
-0.040306996554136276,
-0.022520853206515312,
-0.027188636362552643,
-0.07547605782747269,
-0.004580332897603512,
0.012213450856506824,
-0.006276871543377638,
0.0029692852403968573,
0.012524619698524475,
0.03764156997203827,
0.02803928032517433,
0.030235040932893753,
0.009059198200702667,
-0.054527655243873596,
-0.0704462006688118,
0.17724855244159698,
0.15088093280792236,
-0.016537055373191833,
0.005214194301515818,
0.014901438727974892,
-0.07948151975870132,
0.02074900083243847,
-0.03578299656510353,
0.0005117061664350331,
-0.06163409352302551,
-0.01804223284125328,
0.03267605975270271,
-0.035844944417476654,
-0.028455950319767,
-0.004007519222795963,
-0.015484663657844067,
0.01855723187327385,
-0.0982142761349678,
-0.017456116154789925,
0.007761857472360134,
0.05165508762001991,
0.024127760902047157,
-0.03178739920258522,
0.019748397171497345,
-0.00846708845347166,
-0.017425881698727608,
0.0036104931496083736,
-0.00322995544411242,
-0.004878497216850519,
0.03362622857093811,
-0.009345389902591705,
0.0033681660424917936,
0.003086776239797473,
-0.010118251666426659,
0.0573212206363678,
-0.10888778418302536,
0.017063172534108162,
0.0015041595324873924,
0.004444345366209745,
0.0017085823928937316,
0.041531212627887726,
0.014658222906291485,
0.024803724139928818,
0.11027053743600845,
-0.009461329318583012,
-0.036096181720495224,
0.014630026184022427,
0.02494587004184723,
0.021280363202095032,
0.006760881748050451,
-0.016809683293104172,
-0.006049565505236387,
-0.005799389444291592,
-0.011969665996730328,
-0.0062036057934165,
0.010957811959087849,
0.009212913922965527,
0.006558308843523264,
-0.057009704411029816,
0.043588876724243164,
0.013430807739496231,
0.00012287266144994646,
0.011828068643808365,
-0.0390852726995945,
0.011851627379655838,
0.009710396640002728,
-0.010250624269247055,
0.033248502761125565,
-0.05972541123628616,
0.011636557057499886,
-0.00892583280801773,
0.03312693536281586,
0.004481455776840448,
-0.02641371637582779,
0.03631071373820305,
0.07660259306430817,
-0.043201711028814316,
0.00991018209606409,
0.012782073579728603,
-0.005339736584573984,
-0.012351247482001781,
0.02237754873931408,
0.005420800298452377,
0.02857465110719204,
0.0038016755133867264,
0.018646463751792908,
0.0005949721089564264,
0.009384016506373882,
0.01615210622549057,
-0.03959169611334801,
-0.03885411471128464,
0.012497933581471443,
0.023780055344104767,
-0.004945478402078152,
-0.011511806398630142,
0.007335707079619169,
-0.08262236416339874,
-0.020710201933979988,
0.02510254643857479,
-0.006736556999385357,
-0.018833864480257034,
-0.00338944629766047,
0.03144383803009987,
-0.049454718828201294,
0.004124625585973263,
0.0011130566708743572,
0.005280193407088518,
-0.020924502983689308,
0.04066716134548187,
0.011141126044094563,
-0.0003971855330746621,
-0.016444776207208633,
0.021945560351014137,
0.005855351220816374,
0.0061472076922655106,
0.07956423610448837,
0.005133418831974268,
-0.02421952597796917,
0.009741135872900486,
-0.015801286324858665,
-0.008264091797173023,
0.0030249343253672123,
-0.023792482912540436,
0.005500828847289085,
-0.002561894478276372,
-0.02172723226249218,
0.02242802083492279,
0.008152252994477749,
-0.013320696540176868,
-0.005502302199602127,
0.027955668047070503,
-0.022262591868638992,
0.00813587661832571,
-0.04737018421292305,
0.013941018842160702,
0.009663693606853485,
0.009545824490487576,
-0.0005554909585043788,
0.039914656430482864,
-0.006516819354146719,
0.005406747572124004,
0.00812322273850441,
-0.002379641868174076,
-0.0030684799421578646,
-0.01818474568426609,
-0.0017074518837034702,
0.020886622369289398,
0.03498914837837219,
-0.0633261650800705,
-0.0255865678191185,
0.014467844739556313,
-0.04266747087240219,
-0.005008188541978598,
-0.022079115733504295,
-0.014587555080652237,
0.0008080936968326569,
-0.08283238857984543,
-0.04823388531804085,
-0.0046325973235070705,
-0.028887253254652023,
-0.04695015028119087,
-0.03602994978427887,
-0.02954448200762272,
0.01745418831706047,
-0.0035217260010540485,
0.002905133878812194,
-0.2413218915462494,
0.23156636953353882,
0.03700624406337738,
-0.004372076131403446,
0.02776292897760868,
-0.015468738041818142,
0.01864144764840603,
0.07514332234859467,
0.02165316976606846,
0.010562137700617313,
-0.011877783574163914,
0.05405447632074356,
-0.022439466789364815,
0.008905262686312199,
0.012148273177444935,
0.02524305135011673,
-0.009099310263991356,
0.023476991802453995,
-0.008373014628887177,
0.01931563951075077,
-0.014648453332483768,
0.005744986701756716,
0.0330689512193203,
-0.027405353263020515,
-0.010692857205867767,
0.013829134404659271,
-0.004366131033748388,
0.00012395496014505625,
0.0034441854804754257,
-0.014906037598848343,
0.022628895938396454,
-0.013507239520549774,
0.012967461720108986,
0.005168010015040636,
0.0001457924081478268,
-0.03763413801789284,
-0.0011007182765752077,
-0.017588749527931213,
0.025648077949881554,
-0.018681475892663002,
-0.011392267420887947,
-0.021507591009140015,
0.0013762456364929676,
-0.010810403153300285,
-0.03153069689869881,
-0.002850236836820841,
0.013848496600985527,
0.005843329709023237,
0.024119269102811813,
-0.00814533606171608,
-0.040988340973854065,
0.013858059421181679,
-0.0180343147367239,
-0.07223445922136307,
-0.007976940833032131,
0.13345755636692047,
-0.01608310453593731,
0.00377229624427855,
0.0023530726321041584,
-0.03653683140873909,
0.04317469522356987,
0.022737089544534683,
0.055419355630874634,
0.008702211081981659,
0.010299142450094223,
-0.016720052808523178,
0.01299375668168068,
-0.020856982097029686,
-0.1449563205242157,
-0.02046089991927147,
-0.017187654972076416,
-0.01878952793776989,
0.0009539867751300335,
-0.027125276625156403,
0.06975400447845459,
0.01624217815697193,
0.0168752521276474,
-0.05235232785344124,
0.020413151010870934,
-0.04368213564157486,
0.002528869081288576,
-0.02711033634841442,
-0.015652993693947792,
-0.02700023725628853,
0.0523778460919857,
-0.05622011423110962,
-0.01293744146823883,
0.08531776815652847,
0.002400686964392662,
-0.06586581468582153,
0.007247337605804205,
-0.006658443249762058,
-0.001439051702618599,
-0.03972071781754494,
-0.0018584432546049356,
-0.011986753903329372,
-0.08994956314563751,
-0.018837720155715942,
0.03168462589383125,
0.04238145425915718,
0.010229687206447124,
0.016411874443292618,
0.02481081709265709,
0.0075676944106817245,
-0.041483886539936066,
0.05685872212052345,
-0.027869777753949165,
0.05176360532641411,
-0.025950567796826363,
-0.004566880874335766,
0.011062029749155045,
0.005114404484629631,
0.02584961988031864,
-0.02245730720460415,
0.007972798310220242,
-0.05312388390302658,
-0.004912670236080885,
-0.021548474207520485,
-0.004784205462783575,
0.009062361903488636,
-0.0015127687947824597,
0.11533313989639282,
0.016774309799075127,
-0.00572072621434927,
0.027965694665908813,
0.008514500223100185,
0.0514560304582119,
-0.010637745261192322,
0.042560968548059464,
0.00964893028140068,
-0.014509040862321854,
-0.010937660932540894,
0.0027475671377032995,
-0.00435815192759037,
-0.018189523369073868,
-0.026358895003795624,
0.016886824741959572,
-0.009782714769244194,
-0.0024079247377812862,
0.020091257989406586,
0.016285452991724014,
0.02444886416196823,
-0.03318936377763748,
0.007363850250840187,
0.03447369486093521,
-0.01922212913632393,
-0.004491324070841074,
0.0020846915431320667,
0.013251256197690964,
0.0065902722999453545,
-0.003995293751358986,
-0.042961228638887405,
0.03952721878886223,
-0.03234391286969185,
-0.04518428444862366,
-0.002332520904019475,
0.09274633228778839,
0.014412732794880867,
0.018474888056516647,
-0.012379663996398449,
0.010607519187033176,
0.0187477208673954,
-0.00018878192349802703,
0.0010173856280744076,
-0.03401017189025879,
-0.00647808937355876,
0.0024172323755919933,
0.1263156682252884,
0.030936406925320625,
0.032328248023986816,
-0.01835370436310768,
-0.013488286174833775,
-0.04222229868173599,
-0.021059418097138405,
0.03493158519268036,
0.011872528120875359,
0.026316901668906212,
0.0012067402713000774,
-0.02035694010555744,
0.028826283290982246,
-0.004768221639096737,
-0.1115175411105156,
0.022423269227147102,
-0.02015027031302452,
0.014658283442258835,
0.0037690317258238792,
0.013329928740859032,
-0.0004417902964632958,
-0.058178286999464035,
-0.02096138894557953,
0.08377368003129959,
0.08123774826526642,
-0.10084022581577301,
-0.05466923862695694,
-0.009190493263304234,
0.008430064655840397,
-0.012315687723457813,
-0.027750231325626373,
0.000019851535398629494,
0.0063856313936412334,
-0.01177163515239954,
-0.0013649003813043237,
-0.008702332153916359,
0.1984730064868927,
-0.0003939458983950317,
-0.015092667192220688,
0.014334391802549362,
0.018917078152298927,
-0.007376537658274174,
0.032542549073696136,
-0.0012195354793220758,
0.010784237645566463,
-0.01864333264529705,
0.03054157830774784,
-0.0018111817771568894,
-0.028197340667247772,
-0.04186291620135307,
-0.004791188519448042,
-0.02395813539624214,
-0.054059650748968124,
0.032082442194223404,
0.006118034943938255,
0.020781319588422775,
-0.007442828267812729,
-0.012702934443950653,
-0.03926508128643036,
0.011177711188793182,
-0.0008932498749345541,
-0.03981338441371918,
0.0006026162300258875,
0.039696041494607925,
-0.015559438616037369,
0.017314745113253593,
-0.020111121237277985,
0.010418377816677094,
-0.013607112690806389,
-0.10746541619300842,
-0.01174563355743885,
-0.024784371256828308,
-0.0019046395318582654,
-0.0294161606580019,
-0.04987512528896332,
-0.010864032432436943,
-0.0225191842764616,
-0.009700538590550423,
0.03379412367939949,
-0.03574246168136597,
0.006764927413314581,
0.036057665944099426,
0.021234432235360146,
-0.018890414386987686,
-0.027711408212780952,
-0.021566536277532578,
0.11005645990371704,
0.05595909059047699,
-0.0075998916290700436,
0.02340935915708542,
-0.024541456252336502,
-0.06978408247232437,
0.004851264413446188,
0.0028904727660119534,
-0.05605918914079666,
-0.0005113404477015138,
0.006143484264612198,
-0.1271059215068817,
0.018155694007873535,
0.021166663616895676,
-0.023020213469862938,
0.020685184746980667,
0.010758072137832642,
-0.022407468408346176,
-0.010308586061000824
] |
$3.74 billion and $4.66 billion in fiscal 2002, 2003 and 2004 respectively. Segment information appearing in Note 18 – Segment Information of the Notes to Financial Statements is presented in accordance with SFAS 131, Disclosures about Segments of an Enterprise and Related Information.
The tables that follow below for each segment present our segment revenue and operating income, determined on a basis consistent with U.S. GAAP:
Client
Client includes revenue from Windows XP Professional and Home, Windows 2000 Professional, and other standard Windows operating systems. The growth of the Client segment’s revenue is largely correlated with the growth of purchases of PCs from OEMs that pre-install versions of Windows operating systems.
Client revenue increase was driven by a 14% growth in OEM licenses and 16% growth in OEM revenue on increased consumer PC unit shipments in the first half of the fiscal year and growth in business PC unit shipments in the second half of fiscal 2004. Revenue from commercial and retail licensing declined 4% due to lower revenue earned from Upgrade Advantage licensing agreements and lower packaged product sales. In fiscal 2003, Client revenue growth was driven by OEM licensing revenue growth of $933 million and a 9 percentage point increase in the mix of the higher priced Windows Professional operating systems, the majority of which was in the OEM channel. Windows Professional revenue growth for fiscal 2003 was $1.59 billion, or 31%, compared to fiscal 2002. The Windows Professional growth in fiscal 2003 was partially offset by a $573 million decline in revenue from earlier versions of Windows operating systems.
Client operating income was flat for fiscal 2004 compared to fiscal 2003 due to increased operating expenses primarily related to the charge for the Sun Microsystems settlement of $700 million in the third quarter of fiscal 2004 and $307 million of stock-based compensation expense from the employee stock option transfer program in the second quarter of fiscal 2004, offset by growth in revenue. Operating income for fiscal 2003 increased primarily as a result of the 11% growth in revenue, partially offset by an increase in operating expenses, largely attributed to headcount additions and related costs.
We estimate that PC market growth will be from 7% to 9% in fiscal 2005. We expect emerging markets to continue to outpace mature market growth rates and we expect to hold our share in these respective markets. The differential market growth rate is expected to result in lower unit license growth in the OEM business and lower revenue growth, as piracy continues to be problematic in emerging markets, and significant price changes are not anticipated. We plan to continue our efforts to increase premium product mix but expect to see only modest improvements in fiscal 2005. The Client commercial and retail licensing revenues are expected to continue to lag behind overall Client revenue growth. We expect operating profits as a percentage of Client revenue to improve in fiscal 2005, due to the legal settlements expenses and stock-based compensation expense from the employee stock option transfer program in
| 1HOLD
|
[
-0.009721899405121803,
0.043912921100854874,
0.00814702920615673,
0.04045325517654419,
-0.06518519669771194,
-0.01745375618338585,
-0.004623290151357651,
-0.01330716535449028,
-0.027192680165171623,
-0.004077688325196505,
0.010504497215151787,
0.0020521271508187056,
0.00943679641932249,
0.009219642728567123,
-0.011506667360663414,
-0.056645624339580536,
-0.08778931200504303,
-0.0065979668870568275,
-0.014461595565080643,
0.018647106364369392,
0.007700133137404919,
0.019445788115262985,
0.0030530383810400963,
-0.009581845253705978,
-0.02720695547759533,
0.027940742671489716,
0.021484408527612686,
0.020796112716197968,
0.022335274145007133,
-0.016062846407294273,
0.015038450248539448,
-0.03260710835456848,
0.02949368767440319,
-0.013945761136710644,
-0.034185394644737244,
0.00469451118260622,
-0.04937175288796425,
-0.0011653361143544316,
0.031629808247089386,
0.013500484637916088,
0.0016592714237049222,
-0.007034196052700281,
0.030528845265507698,
0.0038656899705529213,
0.015582623891532421,
-0.0008252402767539024,
0.017208149656653404,
0.020350191742181778,
0.017313720658421516,
-0.009776782244443893,
-0.0019289730116724968,
0.015773754566907883,
-0.02373013086616993,
-0.0018618970643728971,
-0.014425448141992092,
-0.027633637189865112,
-0.004435574170202017,
0.030065475031733513,
0.04726036265492439,
0.01579904928803444,
0.03199184685945511,
-0.012972338125109673,
-0.017091017216444016,
0.04538079351186752,
-0.0056249783374369144,
-0.023639557883143425,
-0.016768377274274826,
0.006978767458349466,
-0.03494034707546234,
-0.055368464440107346,
0.0023684867192059755,
0.0022136785555630922,
-0.0009666939731687307,
-0.012308458797633648,
0.0061466265469789505,
-0.02325105480849743,
0.018493566662073135,
-0.016252364963293076,
0.0548560731112957,
-0.026989948004484177,
-0.014814813621342182,
-0.05087992548942566,
-0.04340821132063866,
0.06389869749546051,
0.03268672525882721,
-0.008131451904773712,
0.00907278060913086,
-0.031327247619628906,
-0.001414765720255673,
-0.008651773445308208,
0.005423794500529766,
0.01115888636559248,
-0.022627251222729683,
-0.10536961257457733,
-0.05169164761900902,
0.012054468505084515,
-0.007895057089626789,
-0.11361704021692276,
-0.010982443578541279,
-0.039714258164167404,
0.012845681048929691,
0.018004152923822403,
0.014912857674062252,
-0.006032932084053755,
-0.0017189612844958901,
0.017401298508048058,
0.00589199922978878,
-0.014420266263186932,
0.02141730859875679,
0.003422065870836377,
-0.011365346610546112,
-0.029760345816612244,
0.024437103420495987,
-0.004500299226492643,
0.007825649343430996,
0.056880831718444824,
-0.008039148524403572,
-0.03942587599158287,
-0.052601009607315063,
-0.06335175037384033,
-0.008745640516281128,
-0.015581028535962105,
-0.013099206611514091,
-0.001278590876609087,
-0.023308293893933296,
0.019889583811163902,
0.024864260107278824,
-0.02162935584783554,
0.03623565286397934,
-0.0322367362678051,
0.02358599193394184,
-0.004323811735957861,
-0.008426355198025703,
-0.013175606727600098,
-0.009140070527791977,
0.01917913183569908,
-0.004053905140608549,
-0.000996490241959691,
-0.0089894849807024,
0.01226639375090599,
0.016018075868487358,
-0.030309895053505898,
-0.047836340963840485,
-0.0052543566562235355,
-0.025865759700536728,
-0.005414099432528019,
-0.01031632162630558,
0.0040082684718072414,
0.03493213281035423,
0.09724835306406021,
-0.005805361084640026,
-0.020234553143382072,
-0.0012307967990636826,
-0.02842535637319088,
-0.05385414883494377,
0.03701641783118248,
0.027559593319892883,
-0.06464791297912598,
0.0072848298586905,
-0.006047782022505999,
-0.016413170844316483,
0.002013190882280469,
-0.005674491170793772,
-0.01614324375987053,
0.03701306879520416,
-0.022096076980233192,
0.053940821439027786,
-0.01448671892285347,
0.016955172643065453,
0.01370204146951437,
0.026454472914338112,
0.012177483178675175,
0.015163189731538296,
0.0010191553737968206,
-0.023914530873298645,
-0.003431475255638361,
0.04335112124681473,
-0.02697579562664032,
0.034827109426259995,
0.00447098957374692,
0.007893032394349575,
-0.008485617116093636,
-0.0037817286793142557,
0.12308463454246521,
-0.01716149039566517,
-0.042673707008361816,
-0.0215927604585886,
0.009869950823485851,
-0.0028685263823717833,
-0.013245691545307636,
0.004070896655321121,
0.0052618468180298805,
0.01351167168468237,
-0.02561892755329609,
-0.04292893409729004,
-0.013650440610945225,
-0.07263607531785965,
-0.0013465131632983685,
0.09045535326004028,
0.00029698648722842336,
0.017842361703515053,
0.015453435480594635,
0.02843555063009262,
0.01997336745262146,
0.06237231567502022,
-0.013688542880117893,
-0.0016107443952932954,
-0.015223508700728416,
-0.00006337110244203359,
0.0037293005734682083,
-0.0013266056776046753,
-0.04667168855667114,
0.01539370696991682,
-0.04503444954752922,
-0.006335328333079815,
-0.007914128713309765,
0.00604561623185873,
-0.06912834942340851,
-0.05977889522910118,
-0.015104495920240879,
0.004548834171146154,
-0.014522728510200977,
-0.008136975578963757,
0.00803340133279562,
0.017239199951291084,
-0.011518376879394054,
0.06151760369539261,
0.002882720436900854,
-0.04564054682850838,
0.05109599232673645,
0.027167901396751404,
0.006686941254884005,
0.0057158078998327255,
0.037626009434461594,
0.006929255556315184,
-0.07251962274312973,
-0.002006979426369071,
0.024868188425898552,
-0.002242311369627714,
0.015271632932126522,
0.08006144315004349,
-0.02362007461488247,
-0.02013755962252617,
-0.021616356447339058,
-0.022446967661380768,
-0.0018409257754683495,
-0.041310008615255356,
0.06466419994831085,
-0.011947570368647575,
-0.013259826228022575,
-0.0075797345489263535,
0.002097065793350339,
0.0822007805109024,
-0.018139446154236794,
0.013156694360077381,
-0.02109988033771515,
0.0029810487758368254,
-0.0033403432462364435,
-0.002945865038782358,
-0.10063338279724121,
-0.017885027453303337,
0.017424464225769043,
0.02255980484187603,
-0.014460894279181957,
0.0019890922121703625,
-0.023904619738459587,
0.021547382697463036,
0.014123937115073204,
-0.009594288654625416,
0.004905270878225565,
0.0025908080860972404,
-0.014835422858595848,
0.061122678220272064,
-0.01258990727365017,
0.008970901370048523,
0.014746317639946938,
0.01773032732307911,
-0.02229132317006588,
0.011655045673251152,
-0.016825158149003983,
0.00007633863424416631,
0.002331504598259926,
-0.02894902601838112,
0.00547910388559103,
-0.01232079230248928,
-0.013959087431430817,
-0.007886466570198536,
0.024161342531442642,
-0.015154893510043621,
-0.022841447964310646,
-0.018291329964995384,
0.021406201645731926,
0.01009444147348404,
-0.0020291046239435673,
0.007802816107869148,
0.03427499532699585,
-0.01978757604956627,
-0.03105316311120987,
0.005309225991368294,
0.027103865519165993,
-0.03000859171152115,
0.0014022629475221038,
-0.0057314313016831875,
-0.007462392561137676,
-0.019000660628080368,
0.0062491497956216335,
0.012949391268193722,
-0.007848969660699368,
-0.04744759574532509,
-0.009710924699902534,
-0.009771676734089851,
-0.005178430117666721,
0.005717962048947811,
-0.006988513749092817,
0.002179524628445506,
-0.03611277416348457,
-0.007679203525185585,
-0.028736019507050514,
-0.06677109748125076,
-0.008077898994088173,
0.0057564424350857735,
0.0026604903396219015,
0.0015987432561814785,
0.01806553266942501,
0.05107562616467476,
0.011948749423027039,
0.09183652698993683,
-0.04917267709970474,
-0.05140572786331177,
-0.05477559193968773,
0.31577685475349426,
0.08217694610357285,
-0.01624770648777485,
0.009061005897819996,
0.006436395458877087,
-0.06571675837039948,
0.01913275569677353,
-0.03492704778909683,
-0.004171317908912897,
-0.03914633393287659,
-0.01064653042703867,
0.035735975950956345,
-0.020535146817564964,
-0.02440679259598255,
0.0012728041037917137,
0.00303124007768929,
0.026773782446980476,
-0.0926450863480568,
0.01148032583296299,
0.011062677018344402,
0.05695439502596855,
0.011066951788961887,
-0.01578974351286888,
0.0488845519721508,
-0.004249176941812038,
-0.04750244691967964,
0.012450095266103745,
0.02593414857983589,
-0.012686263769865036,
0.009298683144152164,
-0.009709656238555908,
0.003854081267490983,
-0.001388469012454152,
-0.011376223526895046,
0.0417671836912632,
-0.029781529679894447,
0.050318486988544464,
0.017269153147935867,
0.008583796210587025,
0.0008825288969092071,
0.0249146968126297,
-0.0025791404768824577,
0.011247638612985611,
0.10087161511182785,
-0.0026918668299913406,
-0.04646437242627144,
-0.003769827075302601,
0.001367846503853798,
0.027238475158810616,
0.007183514069765806,
-0.005867205560207367,
-0.005106884986162186,
-0.006076079327613115,
-0.010637030005455017,
-0.05326921120285988,
0.017768369987607002,
0.02246498316526413,
0.01015303935855627,
-0.040627285838127136,
0.041728030890226364,
-0.003229912370443344,
-0.009893015958368778,
0.01352196279913187,
-0.024128178134560585,
0.007989512756466866,
0.018683750182390213,
-0.0040572406724095345,
0.016335101798176765,
-0.05562173202633858,
0.011909362860023975,
-0.015144762583076954,
0.017021868377923965,
0.010937636718153954,
-0.014229628257453442,
0.01799882762134075,
0.05069497972726822,
-0.06636540591716766,
0.010715994983911514,
-0.024456439539790154,
0.017277447506785393,
-0.010311965830624104,
-0.0008879282395355403,
0.009072993882000446,
0.036835912615060806,
0.012770458124577999,
0.008548503741621971,
-0.014585373923182487,
0.04728386923670769,
0.04762263968586922,
-0.062338702380657196,
-0.03275085613131523,
0.00730032566934824,
0.000269567797658965,
-0.009627738036215305,
0.03908818960189819,
0.022131137549877167,
-0.07797083258628845,
-0.013885351829230785,
0.01157372910529375,
-0.020819829776883125,
-0.009873606264591217,
-0.007284384220838547,
-0.006248304154723883,
-0.03923695161938667,
-0.013732493855059147,
0.008567647077143192,
0.02321496419608593,
-0.029093196615576744,
0.023846931755542755,
0.008927896618843079,
-0.017403051257133484,
-0.012559410184621811,
0.012883767485618591,
0.003762924810871482,
-0.007678305264562368,
0.0581703782081604,
0.012022458016872406,
-0.004422208294272423,
0.019402116537094116,
-0.02063296176493168,
-0.02148212306201458,
-0.008159183897078037,
-0.01794721744954586,
0.015703080222010612,
-0.008488639257848263,
-0.014817220158874989,
0.028264658525586128,
-0.000475804292364046,
0.005098310764878988,
-0.013449356891214848,
0.01404296513646841,
-0.010043765418231487,
0.023295123130083084,
-0.032922908663749695,
0.0035995107609778643,
0.0016785863554105163,
0.010396767407655716,
-0.014158741571009159,
0.027188261970877647,
-0.008542489260435104,
0.007757394574582577,
0.011472895741462708,
-0.005280971527099609,
-0.002645757282152772,
-0.02731957845389843,
0.01830713450908661,
0.009426329284906387,
0.026390496641397476,
-0.061942193657159805,
-0.029407348483800888,
0.01867246814072132,
-0.03145579621195793,
-0.012551468797028065,
-0.010375399142503738,
-0.0039007188752293587,
-0.009309574030339718,
-0.08929700404405594,
-0.027759717777371407,
0.008561586029827595,
-0.02523878403007984,
-0.028468724340200424,
-0.043879617005586624,
-0.025354603305459023,
0.00768064521253109,
-0.0037366924807429314,
0.0010667843744158745,
-0.13572938740253448,
0.21373723447322845,
0.011562206782400608,
-0.003813829505816102,
0.020642409101128578,
-0.01639576628804207,
0.01754421927034855,
0.056044913828372955,
0.012993717566132545,
-0.011268850415945053,
-0.008676710538566113,
0.05812236666679382,
-0.0074584283865988255,
-0.006038925610482693,
0.007447115611284971,
0.01859481818974018,
-0.015370314940810204,
0.02214277721941471,
0.0025098177138715982,
0.03023119643330574,
-0.012318462133407593,
-0.00820654071867466,
0.0014822835801169276,
-0.023062096908688545,
-0.012521372176706791,
0.009127947501838207,
0.007966936565935612,
0.00373745895922184,
-0.0036582998000085354,
-0.007569737732410431,
-0.005309034138917923,
-0.022944388911128044,
0.022002125158905983,
-0.008946230635046959,
0.00043594458838924766,
-0.09621725231409073,
-0.0051572746597230434,
-0.021135427057743073,
0.03889821097254753,
0.000878619437571615,
0.0032659631688147783,
-0.018957657739520073,
-0.00891252513974905,
-0.02156374603509903,
-0.013613475486636162,
-0.007850159890949726,
0.017376545816659927,
-0.00034075870644301176,
0.01650809869170189,
-0.03069666028022766,
-0.023347442969679832,
0.0181663166731596,
-0.015738293528556824,
-0.10733357071876526,
-0.011547621339559555,
0.1598348468542099,
-0.0042937444522976875,
0.021146193146705627,
0.0022852004040032625,
-0.03807792440056801,
0.03129848465323448,
0.010105712339282036,
0.04203874245285988,
0.006731507834047079,
-0.00009659554052632302,
-0.030235974118113518,
0.010154413059353828,
-0.024470625445246696,
-0.09576686471700668,
-0.008557749912142754,
-0.002781906630843878,
-0.03659055009484291,
0.011235539801418781,
-0.03807206451892853,
0.09847110509872437,
0.021504057571291924,
0.0003829409833997488,
-0.05705946683883667,
0.03279103338718414,
-0.04278712719678879,
0.0005495326477102935,
-0.02573743648827076,
-0.026273950934410095,
-0.022313641384243965,
0.03515513241291046,
-0.04931265488266945,
0.008824593387544155,
0.04506709426641464,
-0.0011897616786882281,
-0.06439081579446793,
0.0014562098076567054,
0.003724327078089118,
-0.002421119250357151,
-0.029850833117961884,
-0.006570056546479464,
-0.02552475966513157,
-0.08034123480319977,
-0.014261677861213684,
0.015536089427769184,
0.03933721408247948,
-0.006211185362190008,
0.010181409306824207,
0.023023759946227074,
0.002873579505831003,
-0.03513045236468315,
0.04254239797592163,
-0.04007486626505852,
0.035965170711278915,
-0.014750619418919086,
-0.02401665411889553,
-0.0013013194547966123,
-0.002512795850634575,
0.025021053850650787,
0.0040519447065889835,
0.01675780490040779,
-0.01447500754147768,
-0.01751778833568096,
-0.0030597024597227573,
-0.00664529949426651,
-0.011482581496238708,
-0.005616370588541031,
0.1997721791267395,
0.029109757393598557,
-0.0024843080900609493,
0.019864756613969803,
0.011780074797570705,
0.048596300184726715,
-0.01928386650979519,
0.05606898292899132,
0.005039412062615156,
-0.0076169040985405445,
-0.026172911748290062,
-0.0006854686071164906,
-0.016893088817596436,
-0.018349606543779373,
-0.017156796529889107,
0.014289870858192444,
-0.009433818981051445,
0.05673651397228241,
0.007087063975632191,
0.011257519945502281,
0.03225735202431679,
-0.024983078241348267,
0.04588131234049797,
0.040210191160440445,
-0.03916114941239357,
0.00253709452226758,
0.01831113174557686,
0.026518743485212326,
0.0052752126939594746,
0.002428179606795311,
-0.033057816326618195,
0.025939228013157845,
-0.0016076266765594482,
-0.04476393014192581,
-0.008851156570017338,
0.06665857881307602,
0.01779685541987419,
0.01656883768737316,
-0.008941506035625935,
-0.01746365800499916,
0.026343805715441704,
-0.01389646902680397,
-0.013130219653248787,
-0.019115207716822624,
0.016527017578482628,
-0.018929535523056984,
0.10428091138601303,
-0.00703691691160202,
0.011039027012884617,
-0.004204398021101952,
0.0017121834680438042,
-0.037102460861206055,
-0.02164439857006073,
0.028100239112973213,
0.012827380560338497,
0.031163007020950317,
-0.0030305238906294107,
-0.017548097297549248,
0.03940630331635475,
-0.004509384743869305,
-0.10327548533678055,
-0.0033502362202852964,
-0.0332505889236927,
0.015029029920697212,
0.029267454519867897,
0.02379560098052025,
0.0024936809204518795,
-0.060350097715854645,
-0.026023104786872864,
0.08342603594064713,
0.1292075216770172,
-0.06999650597572327,
-0.06319591403007507,
0.008251812309026718,
-0.004052331205457449,
-0.014454496093094349,
-0.042638447135686874,
0.015467164106667042,
0.015127377584576607,
-0.0038775282446295023,
-0.010976473800837994,
0.0005452518817037344,
0.1821305900812149,
0.017750635743141174,
-0.024986956268548965,
0.026505906134843826,
0.017919229343533516,
-0.009304642677307129,
0.010394657962024212,
-0.004945263732224703,
0.009268665686249733,
-0.0004345286579336971,
0.014947187155485153,
-0.005392624996602535,
-0.02923821471631527,
-0.04428575560450554,
-0.01945553347468376,
-0.021882563829421997,
-0.05295094847679138,
0.0058739944361150265,
-0.0013789787190034986,
0.025868402794003487,
-0.014263495802879333,
0.013430331833660603,
-0.03964973986148834,
0.017353927716612816,
-0.010421124286949635,
-0.04150990769267082,
-0.001541141769848764,
0.025857143104076385,
-0.006873249541968107,
0.02851092256605625,
0.0027459808625280857,
0.011720660142600536,
-0.006498655304312706,
-0.12910039722919464,
-0.018338767811655998,
-0.02056799829006195,
-0.0058809323236346245,
-0.011504952795803547,
-0.06004221364855766,
0.0010597922373563051,
-0.028864717110991478,
0.024550369009375572,
0.05369023233652115,
-0.01741316355764866,
0.026495231315493584,
0.016804691404104233,
0.01006278395652771,
-0.003546433988958597,
-0.040397606790065765,
-0.033894725143909454,
0.09995869547128677,
0.1415112018585205,
-0.0213934313505888,
0.02807489223778248,
-0.028077304363250732,
-0.06587454676628113,
0.007232314441353083,
-0.007515780162066221,
-0.05199015140533447,
-0.021333741024136543,
0.015977848321199417,
-0.08931095898151398,
0.02372252382338047,
0.01111297681927681,
-0.008083933964371681,
0.014291229657828808,
0.02186216041445732,
-0.018637677654623985,
-0.02680087275803089
] |
AF/Xyntha are hemophilia products that use state-of-the-art manufacturing to assist patients with this lifelong bleeding disorder. BeneFIX is the only available recombinant factor IX product for the treatment of hemophilia B, while ReFacto AF/ Xyntha are recombinant factor VIII products for the treatment of hemophilia A. Both products are indicated for the control and prevention of bleeding in patients with these disorders and in some countries also are indicated for prophylaxis in certain situations, such as surgery. BeneFIX recorded worldwide revenues of $643 million in 2010. ReFacto AF/Xyntha recorded worldwide revenues of $404 million in 2010.
• Caduet is a single-pill therapy combining Norvasc and Lipitor. Caduet worldwide revenues declined 4% in 2010, compared to 2009, primarily due to increased generic competition, as well as an overall decline in U.S. hypertension market volume, partially offset by strong operational performance in international markets and the favorable impact of foreign exchange. We expect that Caduet will lose exclusivity in the U.S. in November 2011.
• Revatio, for the treatment of PAH, had an increase in worldwide revenues of 7% in 2010, compared to 2009, due in part to increased PAH awareness driving earlier diagnosis and increased therapy days in the U.S. and EU.
• Pristiq was approved for the treatment of Major Depressive Disorder (MDD) in the U.S. in February 2008 and subsequently was approved for that indication in 28 other countries. Pristiq has also been approved for treatment of moderate-to-severe vasomotor symptoms (VMS) associated with menopause in Thailand, Mexico and the Philippines. Pristiq recorded worldwide revenues of $466 million in 2010.
• Alliance revenues worldwide increased 40% in 2010, compared to 2009, mainly due to the strong performance of Spiriva, Aricept and Rebif, as well as the inclusion of sales of Enbrel, a legacy Wyeth product, in the U.S. and Canada. We lost exclusivity for Aricept 5mg and 10mg tablets in the U.S. in November 2010. We expect that the Aricept 23mg tablet will have exclusivity in the U.S. until July 2013.
See Notes to Consolidated Financial Statements—Note 19. Legal Proceedings and Contingencies for a discussion of recent developments concerning patent and product litigation relating to certain of the products discussed above.
Product Developments—Biopharmaceutical
We continue to invest in R&D to provide potential future sources of revenues through the development of new products, as well as through additional uses for existing in-line and alliance products. We remain on track to achieve our previously announced goal of 15 to 20 regulatory submissions in the 2010 to 2012 period. Notwithstanding our efforts, there are no assurances as to when, or if, we will receive regulatory approval for additional indications for existing products or any of our other products in development.
On February 1, 2011, we announced that we are continuing to closely evaluate our global research and development function and will accelerate our current strategies to improve innovation and overall productivity by prioritizing areas with the greatest scientific and commercial
| 2SELL
|
[
-0.000845856498926878,
0.06272309273481369,
-0.006004307419061661,
-0.021293168887495995,
-0.12941381335258484,
-0.012918094173073769,
0.0012365062721073627,
0.012835728004574776,
-0.07597701996564865,
0.02671940065920353,
0.00892436970025301,
-0.025675782933831215,
0.017312122508883476,
-0.031768620014190674,
0.015357298776507378,
0.044681694358587265,
0.02905108965933323,
-0.004764906596392393,
-0.044792331755161285,
0.006133598275482655,
0.011563955806195736,
0.013337386772036552,
0.004634476266801357,
-0.021586643531918526,
0.014631582424044609,
0.03050464577972889,
-0.04998428747057915,
0.027903525158762932,
0.07681535929441452,
-0.04637661576271057,
0.026780739426612854,
0.023115813732147217,
0.030480464920401573,
-0.02308448776602745,
0.037087731063365936,
0.004738038871437311,
-0.048832423985004425,
0.01635955087840557,
0.04117331653833389,
0.013990592211484909,
-0.045936182141304016,
-0.011830531060695648,
-0.0029477402567863464,
-0.0035325794015079737,
0.007079039700329304,
-0.012052629142999649,
0.028493627905845642,
0.03488487750291824,
0.01953369565308094,
-0.016693776473402977,
0.0045264954678714275,
-0.03630848228931427,
-0.026721330359578133,
-0.027058880776166916,
-0.024693936109542847,
0.0031617034692317247,
-0.0169758889824152,
-0.0334748774766922,
0.0852564200758934,
0.03351703658699989,
0.027340548112988472,
-0.025818001478910446,
0.002389283385127783,
0.04083554074168205,
0.013556036166846752,
-0.014189619570970535,
0.0019910139963030815,
-0.01195045467466116,
-0.04186141863465309,
-0.027230260893702507,
0.028117354959249496,
0.02212832309305668,
-0.013226914219558239,
-0.007373983506113291,
0.004271447192877531,
-0.043103061616420746,
0.039901282638311386,
-0.007616656832396984,
0.09720416367053986,
-0.019235042855143547,
-0.006588643882423639,
-0.07835406064987183,
0.02709411270916462,
-0.07899932563304901,
0.023553965613245964,
-0.014922427944839,
-0.01684441603720188,
-0.05926701799035072,
-0.01891264319419861,
0.004076340701431036,
-0.006328309420496225,
0.00215469510294497,
-0.028238365426659584,
-0.04346179589629173,
-0.03827119991183281,
0.009315745905041695,
0.029888097196817398,
-0.15713942050933838,
-0.006911833770573139,
-0.008938572369515896,
0.058366063982248306,
0.01048640813678503,
0.03527361527085304,
-0.008097943849861622,
0.01669900305569172,
0.005133607890456915,
-0.03689608722925186,
0.03298720717430115,
0.0071336859837174416,
0.004276010673493147,
-0.01737385056912899,
-0.05696707218885422,
0.01904107816517353,
-0.008309413678944111,
-0.009003553539514542,
0.04480981081724167,
0.009202053770422935,
0.03243337199091911,
-0.011637931689620018,
-0.06551370024681091,
0.01688745804131031,
-0.023763276636600494,
-0.02202230878174305,
-0.013367891311645508,
-0.03701500594615936,
0.01731085777282715,
-0.03316482529044151,
-0.006945661269128323,
0.038867924362421036,
-0.0018763445550575852,
-0.0014867953723296523,
0.0014648305950686336,
-0.012599963694810867,
0.010614197701215744,
-0.04159966856241226,
0.009796502999961376,
-0.0009338677045889199,
0.0005078574758954346,
-0.049102071672677994,
0.011252574622631073,
-0.034233517944812775,
-0.028320353478193283,
-0.020517805591225624,
-0.008295170962810516,
-0.03527804836630821,
-0.007098819129168987,
-0.012774250470101833,
0.010241128504276276,
0.03231052681803703,
0.09435240179300308,
-0.005052357446402311,
-0.009155339561402798,
-0.03989149630069733,
-0.0160662978887558,
-0.024963503703475,
-0.004228146746754646,
0.04371046647429466,
-0.02556634321808815,
-0.06560339778661728,
0.0009855323005467653,
-0.003732964163646102,
-0.002202484058216214,
-0.0015501187881454825,
-0.05492282286286354,
-0.04835670068860054,
-0.029906917363405228,
0.014642143622040749,
-0.025042859837412834,
0.03382759168744087,
0.05368690565228462,
0.02399206906557083,
0.03237464278936386,
0.003800179809331894,
0.00680721178650856,
0.019802847877144814,
-0.07079366594552994,
0.03469233587384224,
0.044315025210380554,
-0.005547004751861095,
0.015504390932619572,
0.029940303415060043,
0.00529636861756444,
0.048820797353982925,
-0.09380678087472916,
-0.0586002916097641,
-0.03535657748579979,
0.005573280155658722,
0.03816036507487297,
0.010181150399148464,
-0.025604017078876495,
0.03504117205739021,
-0.017279591411352158,
0.0006021991721354425,
0.007447957992553711,
-0.010226997546851635,
-0.020665602758526802,
-0.024064527824521065,
0.004635900724679232,
0.0024006860330700874,
-0.0030237517785280943,
-0.10432344675064087,
0.020012712106108665,
-0.0058291396126151085,
0.02344353310763836,
0.027961986139416695,
-0.01687104068696499,
-0.016568763181567192,
-0.010997355915606022,
-0.0005357727641239762,
-0.012559885159134865,
-0.061835505068302155,
0.0028392185922712088,
0.005136699415743351,
-0.03511066734790802,
0.004966282285749912,
0.05254150554537773,
-0.0007192513439804316,
-0.11307793855667114,
-0.03677462413907051,
-0.0469059981405735,
0.009376844391226768,
-0.01886916160583496,
0.017591631039977074,
-0.006986100226640701,
0.06037842854857445,
-0.003547713626176119,
0.047307804226875305,
-0.010676377452909946,
-0.050088077783584595,
0.021913599222898483,
0.013129808939993382,
0.0653718039393425,
-0.036999523639678955,
0.026935340836644173,
0.011082619428634644,
-0.004642933141440153,
-0.001069757272489369,
0.010377326048910618,
-0.02320767007768154,
0.06733324378728867,
0.09683476388454437,
-0.014431179501116276,
-0.010760373435914516,
-0.008416096679866314,
-0.03617189824581146,
0.04855066537857056,
0.009440549649298191,
0.04749448969960213,
-0.018274052068591118,
-0.01840660534799099,
-0.005386084783822298,
0.025033293291926384,
-0.014604046009480953,
-0.007581835612654686,
-0.04660843685269356,
0.021276190876960754,
0.021921826526522636,
-0.007170726545155048,
0.00812308955937624,
-0.1422419250011444,
-0.012679790146648884,
-0.027601448819041252,
0.004455455578863621,
-0.022335564717650414,
0.011933721601963043,
0.0054433695040643215,
0.020430151373147964,
-0.013586536049842834,
-0.0016885333461686969,
0.009681745432317257,
-0.010635888203978539,
-0.015295080840587616,
0.05273095890879631,
-0.020779022946953773,
0.0002352914889343083,
0.013039056211709976,
0.039302367717027664,
-0.0032121578697115183,
0.03448988497257233,
-0.023229749873280525,
0.0009054021793417633,
-0.017246291041374207,
0.0004083748208358884,
-0.02593969739973545,
-0.020685601979494095,
-0.013010921888053417,
-0.04252009093761444,
-0.012142661958932877,
0.06815607100725174,
-0.03446551039814949,
-0.01703406311571598,
0.014153367839753628,
0.01699068583548069,
-0.038122955709695816,
-0.02849286049604416,
0.06626878678798676,
-0.016039656475186348,
-0.05100652948021889,
-0.005757933482527733,
0.027561478316783905,
-0.003988686949014664,
0.020901262760162354,
0.007599853910505772,
-0.03703462705016136,
-0.010547241196036339,
-0.012926504015922546,
-0.02955591306090355,
-0.017978154122829437,
0.11659596860408783,
-0.02427990920841694,
0.011473475024104118,
0.014676317572593689,
-0.007673866581171751,
-0.012819021940231323,
-0.014714530669152737,
-0.0470694862306118,
-0.04267537593841553,
0.015993699431419373,
-0.027878856286406517,
-0.03030375763773918,
0.019534504041075706,
0.02066732570528984,
0.01786723919212818,
0.030732225626707077,
0.06825484335422516,
0.002065147738903761,
0.05597258731722832,
-0.03508942946791649,
0.021843671798706055,
-0.02639905922114849,
0.07800716161727905,
0.11886250227689743,
-0.028968999162316322,
0.038991764187812805,
-0.02867855131626129,
-0.005850388668477535,
0.02724527195096016,
-0.013007253408432007,
0.007713378872722387,
-0.014031805098056793,
-0.012140508741140366,
0.0008631112868897617,
0.024736806750297546,
-0.03278157487511635,
0.00432548439130187,
0.09890113770961761,
0.02265058271586895,
-0.06741654872894287,
0.005773375742137432,
0.062286511063575745,
0.061462558805942535,
-0.017584197223186493,
0.012807187624275684,
0.052923280745744705,
0.013082458637654781,
-0.03301906958222389,
0.039253003895282745,
0.0009530892129987478,
-0.0048272982239723206,
0.021269867196679115,
-0.011239828541874886,
-0.009617079049348831,
-0.005424852482974529,
-0.009876414202153683,
0.050035618245601654,
-0.012496411800384521,
-0.02291790582239628,
0.008946244604885578,
0.02073001302778721,
-0.01225893385708332,
-0.013726324774324894,
0.011411315761506557,
0.017290424555540085,
0.05493157356977463,
-0.0241805799305439,
0.00874106865376234,
0.018563149496912956,
-0.012942463159561157,
0.0007457099272869527,
0.035130567848682404,
0.0046219066716730595,
-0.002355719916522503,
-0.01296551525592804,
-0.011688899248838425,
0.06453645974397659,
-0.014999551698565483,
0.010398867540061474,
-0.013010113500058651,
-0.015674235299229622,
0.01095059048384428,
-0.01281783264130354,
0.04351068288087845,
0.040812619030475616,
0.011430156417191029,
-0.0165618434548378,
0.0029830504208803177,
0.03308773413300514,
-0.011753635480999947,
-0.014780083671212196,
-0.023283258080482483,
-0.00536479614675045,
-0.0025692011695355177,
-0.014862035401165485,
0.017967691645026207,
0.05148236081004143,
0.022225726395845413,
-0.027938535436987877,
0.03301308676600456,
-0.010589390061795712,
0.04937755689024925,
0.005330333486199379,
-0.12094784528017044,
-0.022837655618786812,
0.026094788685441017,
-0.04516197368502617,
0.028245991095900536,
-0.005070883315056562,
0.025897111743688583,
0.0701800063252449,
0.016251366585493088,
-0.047129400074481964,
0.007049409672617912,
0.037516724318265915,
0.0077686309814453125,
-0.13431882858276367,
0.016716571524739265,
-0.06545192748308182,
-0.03156803548336029,
0.004742315970361233,
0.009276767261326313,
-0.007840737700462341,
0.005151066463440657,
0.018576083704829216,
-0.014619691297411919,
0.0023762162309139967,
0.011650510132312775,
-0.0038472029846161604,
-0.025524964556097984,
-0.005405761301517487,
0.035364966839551926,
-0.020241370424628258,
0.03662389889359474,
0.007606112398207188,
-0.025418685749173164,
-0.011215155944228172,
0.017614221200346947,
0.046223234385252,
-0.019170360639691353,
0.029721541330218315,
-0.04906262084841728,
-0.008279256522655487,
0.005839446093887091,
0.001316221896559,
0.004531382583081722,
0.008984903804957867,
-0.010299568995833397,
0.001678718370385468,
0.004182480275630951,
-0.016321182250976562,
0.016734575852751732,
0.01364914234727621,
-0.0024599081370979548,
0.027416160330176353,
-0.010384449735283852,
0.0074430485256016254,
0.030554167926311493,
0.020248625427484512,
0.0006035076221451163,
0.06553171575069427,
0.004836307838559151,
-0.00040210923179984093,
0.011963051743805408,
-0.0007288014166988432,
-0.0072399224154651165,
0.03304380923509598,
-0.009749012067914009,
0.03558265417814255,
0.002044146182015538,
-0.016110198572278023,
-0.02245766669511795,
0.019342413172125816,
-0.021163510158658028,
-0.022128485143184662,
0.016812916845083237,
0.003313271328806877,
-0.08160583674907684,
-0.051508523523807526,
-0.015782007947564125,
-0.019024301320314407,
0.007866961881518364,
-0.04681376367807388,
-0.029259763658046722,
-0.029708214104175568,
0.03750939294695854,
-0.0037944824434816837,
-0.009624293074011803,
-0.16986829042434692,
0.06643900275230408,
-0.004753438755869865,
-0.009084121324121952,
0.03901711851358414,
-0.015450453385710716,
0.022313961759209633,
0.044552575796842575,
0.006541015580296516,
0.019041182473301888,
-0.004894718062132597,
0.03553248941898346,
-0.05445040389895439,
0.014804031699895859,
0.031250420957803726,
0.04814690724015236,
-0.017244260758161545,
-0.030757848173379898,
0.026277007535099983,
-0.05539112165570259,
0.05360664054751396,
0.007938338443636894,
0.024666083976626396,
-0.0014918301021680236,
-0.002411261200904846,
0.03403342887759209,
0.023139694705605507,
0.005825466476380825,
0.03885262832045555,
-0.0036167725920677185,
0.02324494905769825,
-0.010192729532718658,
0.04200771078467369,
0.008699868805706501,
0.024723656475543976,
0.16144512593746185,
-0.007608279585838318,
-0.01706739515066147,
-0.003663385286927223,
-0.0031100756023079157,
0.01175670512020588,
-0.01279423013329506,
-0.03529121354222298,
-0.008889831602573395,
-0.024193106219172478,
0.015822846442461014,
0.017238635569810867,
-0.019070403650403023,
0.02490335889160633,
-0.01322140358388424,
-0.06548771262168884,
-0.004404212348163128,
0.004316674545407295,
-0.093226857483387,
-0.021885886788368225,
0.1256883442401886,
0.03057280369102955,
0.005151607096195221,
0.018589919432997704,
-0.03659633547067642,
0.022145075723528862,
-0.0006358326063491404,
0.010215219110250473,
0.028058502823114395,
0.008806005120277405,
-0.038241609930992126,
0.001395250903442502,
-0.008575993590056896,
-0.09210093319416046,
0.005089330021291971,
0.001067618140950799,
-0.03791908174753189,
0.022512150928378105,
-0.009056258015334606,
0.1045696958899498,
0.013515694066882133,
-0.008865175768733025,
-0.06843949854373932,
0.027473818510770798,
0.007206594571471214,
0.005661238916218281,
-0.014694773592054844,
-0.008091043680906296,
-0.0424664281308651,
0.05037027969956398,
0.011129877530038357,
-0.023057077080011368,
0.002695305971428752,
0.020156748592853546,
-0.12135637551546097,
0.03516511991620064,
0.02472897619009018,
-0.0017567105824127793,
-0.001418022788129747,
-0.02183406613767147,
-0.0058954013511538506,
-0.017796296626329422,
0.02475317008793354,
0.036080438643693924,
-0.11435610055923462,
-0.023219238966703415,
0.013432702049612999,
-0.006726637948304415,
-0.010290604084730148,
0.02241172082722187,
0.012099647894501686,
0.022036921232938766,
0.02268345281481743,
0.022934529930353165,
-0.0103176673874259,
0.025812581181526184,
-0.0011401018127799034,
0.02915516123175621,
-0.025005916133522987,
-0.01640993170440197,
-0.0365501306951046,
-0.010633548721671104,
-0.03621920570731163,
-0.010135872289538383,
0.016932064667344093,
0.002672425238415599,
-0.17416752874851227,
0.0389539860188961,
0.027937021106481552,
0.002138983691111207,
-0.021529238671064377,
0.028185242787003517,
-0.005761750973761082,
-0.04474269598722458,
0.01468267384916544,
-0.01969020813703537,
-0.03294011950492859,
0.01908494532108307,
-0.006623509805649519,
-0.025949236005544662,
0.009222082793712616,
0.01682642288506031,
-0.02455565147101879,
0.0003398139961063862,
0.04504493996500969,
-0.024670833721756935,
0.042694102972745895,
-0.0489201620221138,
-0.14103098213672638,
-0.006098033394664526,
-0.045667923986911774,
-0.012825341895222664,
0.01452645193785429,
0.02628440037369728,
0.004376568831503391,
-0.01096208207309246,
-0.03543046489357948,
0.031231733039021492,
0.07046493142843246,
0.022290561348199844,
-0.00431878212839365,
0.009378842078149319,
0.04876613989472389,
-0.013026607222855091,
-0.021311959251761436,
0.02765686623752117,
-0.0067435638047754765,
-0.007080600131303072,
-0.012536576949059963,
-0.040410373359918594,
0.024478083476424217,
-0.042236827313899994,
0.047484926879405975,
0.006879113148897886,
0.011660209856927395,
0.05220886319875717,
0.006818531081080437,
-0.03702099993824959,
-0.009336423128843307,
0.022564055398106575,
0.0013461299240589142,
-0.016836989670991898,
0.032084930688142776,
0.04136380925774574,
0.0012796568917110562,
-0.029904955998063087,
0.023678423836827278,
0.033583078533411026,
-0.055157620459795,
0.00791820976883173,
0.011777078732848167,
-0.02357381582260132,
0.005937939044088125,
-0.07656937837600708,
0.01849859207868576,
0.042248159646987915,
-0.13889187574386597,
-0.0908040925860405,
-0.07292726635932922,
0.01726601831614971,
0.0059273638762533665,
-0.018906066194176674,
-0.000524040893651545,
-0.025589579716324806,
-0.0005862785619683564,
-0.014299101196229458,
-0.021200086921453476,
0.009589940309524536,
-0.06449241191148758,
0.025407716631889343,
-0.020476818084716797,
-0.0027278673369437456,
0.014247303828597069,
-0.01500023901462555,
0.028338368982076645,
-0.0045577166602015495,
-0.019518911838531494,
-0.0027114213444292545,
0.027008209377527237,
0.007139309775084257,
-0.015864625573158264,
-0.01006095390766859,
-0.025158045813441277,
0.005098845809698105,
-0.05339384824037552,
0.008896001614630222,
0.00035870514693669975,
-0.00022949794947635382,
0.007470983546227217,
-0.021345604211091995,
-0.036172498017549515,
-0.032651349902153015,
-0.006820976734161377,
0.09825531393289566,
0.0022512765135616064,
0.023062001913785934,
-0.016744500026106834,
-0.005304777529090643,
-0.009372839704155922,
-0.006297839339822531,
-0.030541284009814262,
0.06669868528842926,
-0.01232883706688881,
-0.006246513221412897,
0.00019342721498105675,
-0.043003249913454056,
-0.02787947468459606,
0.0011808030540123582,
-0.009737814776599407,
0.06134277954697609,
0.042701344937086105,
0.013806973583996296,
0.0218806229531765,
0.03967704251408577,
-0.01516435295343399,
-0.01365359965711832,
-0.040998127311468124,
-0.04363102465867996,
0.0723538026213646,
-0.09215235710144043,
-0.008577661588788033,
0.03635799512267113,
-0.003530652029439807,
-0.019385311752557755,
0.00988476350903511,
-0.01229593250900507,
-0.00692905904725194,
0.014903495088219643,
-0.03889735788106918,
0.000006336142632790143,
0.006835591979324818,
0.04208283871412277,
-0.023007990792393684,
0.044606465846300125,
-0.0453944057226181,
0.02967311628162861,
0.00024412812490481883
] |
for any remaining undelivered elements. When the fair value of a delivered element has not been established, we use the residual method to record revenue if the fair value of all undelivered elements is determinable. Under the residual method, the fair value of the undelivered elements is deferred and the remaining portion of the arrangement fee is allocated to the delivered elements and is recognized as revenue.
Substantially all of our software license arrangements do not include acceptance provisions. However, if acceptance provisions exist as part of public policy, for example in agreements with government entities when acceptance periods are required by law, or within previously executed terms and conditions that are referenced in the current agreement and are short-term in nature, we generally recognize revenues upon delivery provided the acceptance terms are perfunctory and all other revenue recognition criteria have been met. If acceptance provisions are not perfunctory (for example, acceptance provisions that are long-term in nature or are not included as standard terms of an arrangement), revenues are recognized upon the earlier of receipt of written customer acceptance or expiration of the acceptance period.
We also evaluate arrangements with governmental entities containing “fiscal funding” or “termination for convenience” provisions, when such provisions are required by law, to determine the probability of possible cancellation. We consider multiple factors, including the history with the customer in similar transactions, the “essential use” of the software licenses and the planning, budgeting and approval processes undertaken by the governmental entity. If we determine upon execution of these arrangements that the likelihood of cancellation is remote, we then recognize revenues once all of the criteria described above have been met. If such a determination cannot be made, revenues are recognized upon the earlier of cash receipt or approval of the applicable funding provision by the governmental entity.
We assess whether fees are fixed or determinable at the time of sale and recognize revenues if all other revenue recognition requirements are met. Our standard payment terms are net 30 days. However, payment terms may vary based on the country in which the agreement is executed. Payments that are due within six months are generally deemed to be fixed or determinable based on our successful collection history on such arrangements, and thereby satisfy the required criteria for revenue recognition.
While most of our arrangements include short-term payment terms, we have a standard practice of providing long-term financing to credit worthy customers through our financing division. Since fiscal 1989, when our financing division was formed, we have established a history of collection, without concessions, on these receivables with payment terms that generally extend up to five years from the contract date. Provided all other revenue recognition criteria have been met, we recognize new software license revenues for these arrangements upon delivery, net of any payment discounts from financing transactions. We have
| 1HOLD
|
[
-0.0015572146512567997,
0.04833829775452614,
0.01096898503601551,
0.036327462643384933,
-0.07163290679454803,
-0.0018161258194595575,
-0.011227629147469997,
-0.013667912222445011,
-0.05171496793627739,
-0.008945172652602196,
0.022235862910747528,
0.02569730579853058,
0.030461348593235016,
-0.0036023445427417755,
-0.02145949937403202,
-0.032081399112939835,
-0.06343930959701538,
-0.028100578114390373,
-0.03243357315659523,
0.025606472045183182,
0.019680725410580635,
0.017296994104981422,
0.005744638852775097,
-0.007581339683383703,
0.010096455924212933,
0.027578487992286682,
0.0003947931691072881,
0.02429458126425743,
0.04555930569767952,
-0.018656104803085327,
0.01201482955366373,
-0.008938190527260303,
0.029193775728344917,
-0.012525923550128937,
-0.03904673084616661,
0.01573527418076992,
-0.06444059312343597,
-0.0044179633259773254,
0.056484121829271317,
0.0006569063989445567,
-0.01020958460867405,
0.0019539727363735437,
-0.010143758729100227,
0.004536195658147335,
0.018388524651527405,
-0.008372233249247074,
0.02686460316181183,
0.012033726088702679,
0.011367084458470345,
0.0035717186983674765,
0.00868604052811861,
0.012673788703978062,
-0.025064539164304733,
-0.005255260970443487,
-0.005215559620410204,
-0.010958455502986908,
0.0014699376188218594,
0.025555701926350594,
0.0634249895811081,
0.02964106574654579,
0.04023744538426399,
-0.0241546630859375,
0.006595990154892206,
0.04792393743991852,
0.0011494401842355728,
-0.01941787265241146,
-0.004530646838247776,
0.02220809832215309,
-0.032143641263246536,
-0.05719570443034172,
0.010427647270262241,
0.015790699049830437,
-0.0035163206048309803,
-0.008766318671405315,
0.00879401434212923,
-0.008942659012973309,
0.044634975492954254,
-0.020764987915754318,
0.05953766778111458,
-0.04461625963449478,
-0.017516490072011948,
-0.05894843116402626,
-0.10859997570514679,
0.03785160556435585,
0.019367363303899765,
0.02652077190577984,
0.0066368840634822845,
-0.03994924575090408,
-0.021417193114757538,
-0.015956083312630653,
0.003716982202604413,
0.003799779573455453,
-0.03592466935515404,
-0.07394174486398697,
-0.05329661816358566,
0.001954261213541031,
-0.000037925405194982886,
-0.10245289653539658,
-0.003058079397305846,
-0.03129707649350166,
0.02465890161693096,
0.012599254958331585,
0.0196355190128088,
-0.006421280093491077,
0.0007101339288055897,
0.01156772393733263,
-0.006035547703504562,
0.0012185013620182872,
-0.0007935763569548726,
-0.007427290081977844,
-0.016954291611909866,
-0.0614413321018219,
0.022340375930070877,
-0.01098121702671051,
0.003056485438719392,
0.027591539546847343,
-0.00960652157664299,
-0.01881488971412182,
-0.04996888339519501,
-0.06244722381234169,
-0.009699144400656223,
-0.035008907318115234,
-0.02931954711675644,
-0.005581192206591368,
-0.00484501151368022,
0.019680077210068703,
0.03644362464547157,
-0.02381063625216484,
0.0502888560295105,
-0.021953189745545387,
0.010763274505734444,
0.0017999218543991446,
-0.015304646454751492,
0.012998318299651146,
-0.021390946581959724,
0.015523801557719707,
-0.015270297415554523,
0.0006359201506711543,
-0.027567198500037193,
0.030845817178487778,
0.008514516055583954,
-0.043909814208745956,
-0.05752388760447502,
0.003627070691436529,
-0.008717618882656097,
-0.014093922451138496,
-0.011745135299861431,
0.0028337847907096148,
0.036551333963871,
0.08358573168516159,
0.006099371239542961,
-0.004668761510401964,
-0.011904737912118435,
-0.023358875885605812,
-0.0387851856648922,
0.01316075585782528,
0.03589450195431709,
-0.07071908563375473,
-0.03864176198840141,
-0.00857306644320488,
-0.012402668595314026,
0.001727768685668707,
-0.007033486384898424,
-0.011891613714396954,
0.02532842382788658,
-0.034230075776576996,
0.0365731455385685,
-0.011705871671438217,
0.017238348722457886,
0.028434086591005325,
0.024999964982271194,
0.023943809792399406,
0.010006532073020935,
-0.005711682140827179,
-0.011906379833817482,
-0.005817721132189035,
0.05108117312192917,
-0.027350028976798058,
0.02970866672694683,
0.011162009090185165,
0.015349632129073143,
-0.020231759175658226,
-0.000578216218855232,
0.09323287755250931,
-0.021430766209959984,
-0.021829618141055107,
-0.017838813364505768,
0.02621540240943432,
0.0018500334117561579,
-0.006931557320058346,
0.0005746601964347064,
-0.0011457041837275028,
0.01694263517856598,
-0.021628722548484802,
-0.03934399038553238,
-0.006881470326334238,
-0.07777644693851471,
-0.003823027713224292,
0.05498681589961052,
-0.00808989629149437,
-0.03737650811672211,
0.02063944563269615,
0.022661229595541954,
0.02077803760766983,
0.042712464928627014,
-0.013675506226718426,
-0.008629867807030678,
-0.012901043519377708,
-0.014452071860432625,
0.00001970887024071999,
-0.025788316503167152,
-0.034462518990039825,
0.0075491066090762615,
-0.051854852586984634,
0.01599935069680214,
0.004515356849879026,
-0.00621963944286108,
-0.05636025220155716,
-0.0799570232629776,
-0.013427014462649822,
0.006142061669379473,
-0.006921463180333376,
0.005246915388852358,
0.0004146686987951398,
0.015668081119656563,
-0.008903001435101032,
0.08467353880405426,
0.005107596516609192,
-0.04278546944260597,
0.04988173395395279,
0.030098192393779755,
0.027790887281298637,
0.025836633518338203,
0.030390074476599693,
0.00919041596353054,
-0.03436550870537758,
0.0026515694335103035,
0.023979080840945244,
-0.005053167697042227,
0.004298101179301739,
0.062305036932229996,
-0.023381168022751808,
-0.00879540666937828,
-0.0278326366096735,
-0.024127529934048653,
-0.008271356113255024,
-0.0501180998980999,
0.07776035368442535,
-0.00016480809426866472,
-0.024311620742082596,
-0.003679829416796565,
-0.010589316487312317,
0.08081875741481781,
-0.011925817467272282,
0.0028937854804098606,
0.001617839327082038,
0.004054350778460503,
-0.009556861594319344,
-0.00018024921882897615,
-0.07709342241287231,
-0.013594092801213264,
-0.0044934069737792015,
0.015724126249551773,
-0.005576599854975939,
0.00970727764070034,
-0.01921381801366806,
0.03169124200940132,
0.010708854533731937,
-0.008819730021059513,
0.0003370724443811923,
-0.010896672494709492,
-0.014570469968020916,
0.07085873931646347,
-0.0029768203385174274,
0.005914363078773022,
0.023257793858647346,
0.014996852725744247,
-0.01867280900478363,
0.01240746770054102,
-0.020211609080433846,
0.0031975426245480776,
-0.0037867012433707714,
-0.033174652606248856,
-0.005464326590299606,
-0.014701664447784424,
-0.018886268138885498,
-0.0042218733578920364,
0.011721642687916756,
0.01578093320131302,
-0.02065766416490078,
-0.017509130761027336,
0.02229531854391098,
0.00887917447835207,
-0.012712085619568825,
0.001231255242601037,
0.06444212794303894,
-0.010090745985507965,
-0.05047587677836418,
0.0021425902377814054,
0.00040244453703053296,
-0.03181476518511772,
0.012649323791265488,
-0.010735460557043552,
-0.023160763084888458,
-0.025128167122602463,
0.0018333308398723602,
0.004986797925084829,
-0.008783804252743721,
-0.015163655392825603,
-0.023750828579068184,
-0.011341217905282974,
-0.0026268090587109327,
0.006113551091402769,
-0.011404665187001228,
-0.00016672277706675231,
-0.04631651192903519,
-0.005134286358952522,
-0.01331393700093031,
-0.08068113029003143,
-0.012976615689694881,
0.010035127401351929,
-0.003588691120967269,
-0.0017285833600908518,
0.01667720265686512,
0.05611450597643852,
0.024926098063588142,
0.045975249260663986,
-0.01684693619608879,
-0.059318725019693375,
-0.0654463991522789,
0.20015457272529602,
0.15684999525547028,
-0.025121770799160004,
0.01718892715871334,
0.01506041269749403,
-0.08485428988933563,
0.02979053556919098,
-0.03402801603078842,
-0.003980045206844807,
-0.046053823083639145,
-0.005182377528399229,
0.04343559220433235,
-0.013055302202701569,
-0.028772803023457527,
-0.006634330376982689,
0.004366702865809202,
0.024027343839406967,
-0.10237559676170349,
-0.003120838198810816,
0.0021273076999932528,
0.05973977595567703,
0.021441198885440826,
-0.024274956434965134,
0.02691003866493702,
0.007824240252375603,
-0.04746488481760025,
0.013286503963172436,
0.01309607457369566,
-0.012059871107339859,
0.030651619657874107,
-0.017682181671261787,
0.01459311880171299,
0.008162937127053738,
-0.015707632526755333,
0.062153223901987076,
-0.09575346857309341,
0.011540005914866924,
0.016227345913648605,
0.0017579197883605957,
0.002530753845348954,
0.047757621854543686,
0.010838259942829609,
0.024510396644473076,
0.11141709238290787,
-0.005069039296358824,
-0.0402701310813427,
0.025021228939294815,
0.016193801537156105,
0.011842926032841206,
-0.0005769069539383054,
-0.016319936141371727,
-0.009072898887097836,
-0.0012506431667134166,
-0.00546251330524683,
-0.002387384884059429,
-0.007884092628955841,
0.007815993390977383,
0.03752654790878296,
-0.04499952495098114,
0.053041037172079086,
0.0058449022471904755,
-0.007740858942270279,
0.03592520207166672,
-0.032812248915433884,
0.0032653112430125475,
0.00688198022544384,
-0.01669687032699585,
0.023625671863555908,
-0.057478174567222595,
0.021625999361276627,
-0.01793934404850006,
0.022700363770127296,
0.003219195641577244,
-0.010775071568787098,
0.0379752591252327,
0.059615444391965866,
-0.03391548618674278,
0.023835834115743637,
0.0039398265071213245,
0.010283743031322956,
-0.019404450431466103,
-0.0004077928315382451,
0.0072764866054058075,
0.014446725137531757,
0.007600970100611448,
0.026046590879559517,
-0.015490338206291199,
0.02583726868033409,
0.03357141092419624,
-0.04327115789055824,
-0.05354839190840721,
0.0058576371520757675,
0.02529130131006241,
-0.007540023420006037,
-0.012990199960768223,
0.01271409634500742,
-0.08631446212530136,
-0.013971647247672081,
0.017483944073319435,
-0.012519321404397488,
-0.02547685243189335,
-0.010365748777985573,
0.016933297738432884,
-0.04736883565783501,
-0.001205148408189416,
-0.0037006614729762077,
0.010876037180423737,
-0.02893027849495411,
0.020518669858574867,
0.01324533298611641,
-0.008999532088637352,
-0.010787839069962502,
0.020381366834044456,
0.0004632993368431926,
-0.004187777638435364,
0.07898396253585815,
0.017413398250937462,
-0.018886564299464226,
0.016228290274739265,
-0.007250740192830563,
-0.022091584280133247,
0.017763538286089897,
-0.0345790721476078,
0.03173241391777992,
-0.009634686633944511,
-0.024886654689908028,
0.012578669935464859,
0.006992158014327288,
-0.004602708853781223,
-0.009683247655630112,
0.01979449950158596,
-0.015890255570411682,
0.02742845006287098,
-0.050435345619916916,
0.004583436064422131,
-0.012109148316085339,
0.01834995672106743,
-0.005973428022116423,
0.022295374423265457,
-0.011558922939002514,
-0.0036935103125870228,
0.008114277385175228,
0.0029218827839940786,
0.0025533789303153753,
-0.02202681452035904,
0.005080211907625198,
0.0020942650735378265,
0.016229018568992615,
-0.06925494968891144,
-0.024728842079639435,
0.014755497686564922,
-0.045788101851940155,
-0.006905107758939266,
-0.015874844044446945,
-0.012646414339542389,
-0.010232110507786274,
-0.09901505708694458,
-0.03502758964896202,
-0.013883321546018124,
-0.02765064686536789,
-0.04803278669714928,
-0.03873313218355179,
-0.024646995589137077,
0.021027350798249245,
-0.0034896000288426876,
0.00032285036286339164,
-0.24240580201148987,
0.21622660756111145,
0.024933306500315666,
-0.0023716348223388195,
0.024905530735850334,
-0.027808938175439835,
0.02285538800060749,
0.09196299314498901,
0.023191194981336594,
0.01648079603910446,
-0.006783829536288977,
0.06012696772813797,
-0.027730891481041908,
0.011849799193441868,
0.010628393851220608,
0.03544056415557861,
-0.005531740840524435,
0.022398341447114944,
0.002372690010815859,
0.020074637606739998,
-0.0021328034345060587,
-0.0030008202884346247,
0.0322008915245533,
-0.018479300662875175,
-0.010753345675766468,
0.01368352584540844,
-0.0015210924902930856,
0.0003539599128998816,
0.009275558404624462,
-0.012979713268578053,
0.022972846403717995,
-0.014089584350585938,
0.01599706895649433,
0.010568096302449703,
-0.0034910193644464016,
-0.03623790666460991,
0.004173226188868284,
-0.019784551113843918,
0.034714024513959885,
-0.022649867460131645,
-0.006752519402652979,
-0.012845257297158241,
-0.0004743209283333272,
-0.022089621052145958,
-0.03769061341881752,
-0.0030607827939093113,
0.01894851215183735,
-0.016648583114147186,
0.02766946330666542,
-0.009388682432472706,
-0.0346829928457737,
0.012051806785166264,
-0.009302974678575993,
-0.10095520317554474,
-0.031138721853494644,
0.13036710023880005,
-0.007652471773326397,
0.02073630690574646,
0.0013413141714408994,
-0.03863834589719772,
0.05006682127714157,
0.012257284484803677,
0.044687990099191666,
0.010041767731308937,
0.016543082892894745,
-0.02561432309448719,
0.02673339657485485,
-0.011709914542734623,
-0.1355922371149063,
0.003541962243616581,
-0.007467716000974178,
-0.028340760618448257,
0.00931384414434433,
-0.022388191893696785,
0.07579005509614944,
0.023633189499378204,
0.008125494234263897,
-0.07492189109325409,
0.046497642993927,
-0.032880786806344986,
0.01924102008342743,
-0.030070429667830467,
-0.009959593415260315,
-0.034437522292137146,
0.05882876366376877,
-0.04226778447628021,
-0.005262427963316441,
0.04065403342247009,
0.00836140476167202,
-0.05728526413440704,
0.009184634312987328,
0.00886873435229063,
-0.0015453199157491326,
-0.0328579917550087,
-0.00225131306797266,
-0.021624037995934486,
-0.09723864495754242,
-0.006967340130358934,
0.02515578083693981,
0.018392547965049744,
0.02369036339223385,
0.007322612218558788,
0.0321161262691021,
0.015120506286621094,
-0.043456196784973145,
0.04889269545674324,
-0.0273236483335495,
0.05132543295621872,
-0.017415964975953102,
-0.006143889389932156,
0.029255008324980736,
-0.0004911856376565993,
0.024312008172273636,
-0.009444165043532848,
0.014011699706315994,
-0.053476881235837936,
-0.008171023800969124,
-0.029594141989946365,
-0.006681001745164394,
0.008508758619427681,
0.004683392122387886,
0.12057586014270782,
0.00571356900036335,
-0.009068765677511692,
0.026856809854507446,
0.006245216820389032,
0.0406825989484787,
-0.017325257882475853,
0.03983886167407036,
0.008992926217615604,
-0.01604587770998478,
-0.015182173810899258,
-0.002405465580523014,
0.008803893812000751,
-0.02563595399260521,
-0.014879478141665459,
0.013112152926623821,
-0.010026109404861927,
0.017746947705745697,
0.029401497915387154,
0.011729351244866848,
0.01829621195793152,
-0.030585527420043945,
0.0024427759926766157,
0.03290333226323128,
-0.018399901688098907,
-0.0054016741923987865,
0.004376285243779421,
0.02455526404082775,
0.005756125785410404,
-0.005567546002566814,
-0.03428902104496956,
0.03725846856832504,
-0.03150533139705658,
-0.04087158292531967,
-0.017064064741134644,
0.07227538526058197,
0.0039027214515954256,
0.0147659657523036,
-0.004755819216370583,
-0.004147849511355162,
0.04085594415664673,
-0.016199840232729912,
-0.01373284962028265,
-0.02693164348602295,
0.005490859504789114,
0.00672769732773304,
0.1410258263349533,
0.025172466412186623,
0.03211422637104988,
-0.0029633373487740755,
-0.015326485969126225,
-0.0448140911757946,
-0.025473691523075104,
0.02575584501028061,
0.01757541298866272,
0.011507133953273296,
0.004208134021610022,
-0.023735390976071358,
0.03585051745176315,
0.0075596594251692295,
-0.11438558250665665,
0.017795376479625702,
-0.03253712132573128,
0.011535036377608776,
0.024373356252908707,
0.019813116639852524,
0.00463138846680522,
-0.06752660870552063,
-0.022183865308761597,
0.08868729323148727,
0.07263907790184021,
-0.09599862992763519,
-0.056816570460796356,
-0.005962345749139786,
0.0006798018584959209,
-0.022423123940825462,
-0.02004864253103733,
0.0016246999148279428,
0.008506663143634796,
-0.01028797309845686,
0.0008255454013124108,
-0.010328655131161213,
0.17822599411010742,
0.005649783182889223,
-0.012028548866510391,
0.022910259664058685,
0.016565898433327675,
-0.01009109616279602,
0.007905387319624424,
0.0005442735273391008,
0.019592707976698875,
-0.014540595933794975,
0.031477756798267365,
0.0012285372940823436,
-0.023183729499578476,
-0.0401172861456871,
-0.007841146551072598,
-0.009309508837759495,
-0.05646122992038727,
0.017604276537895203,
0.0004909403505735099,
0.03385075926780701,
-0.006577807944267988,
-0.019664529711008072,
-0.03983115777373314,
0.012323915027081966,
-0.011748738586902618,
-0.03540593758225441,
0.004568492062389851,
0.053006455302238464,
0.0007901182980276644,
-0.008146855980157852,
-0.01596023142337799,
0.017727676779031754,
-0.021521443501114845,
-0.10467495769262314,
-0.029011240229010582,
-0.010699259117245674,
-0.02120296284556389,
-0.03226273134350777,
-0.05970534309744835,
-0.01127053052186966,
-0.019265510141849518,
0.006421282887458801,
0.03764403238892555,
-0.021009987220168114,
0.019119367003440857,
0.038694195449352264,
0.012256172485649586,
-0.026086876168847084,
-0.026881391182541847,
-0.009002034552395344,
0.11742448806762695,
0.07803816348314285,
0.0005299925105646253,
0.017122840508818626,
-0.03242212161421776,
-0.05554243177175522,
0.014064610935747623,
-0.008780835196375847,
-0.05840073898434639,
-0.00913592241704464,
0.015378639101982117,
-0.11866879463195801,
0.022889090701937675,
0.029148604720830917,
-0.019841166213154793,
0.038251813501119614,
0.02650286629796028,
-0.018885992467403412,
-0.02141110971570015
] |
of fiscal year 2005 and shares repurchased, our retained deficit, including accumulated other comprehensive income, was $18.90 billion at June 30, 2006. Our retained deficit is not expected to impact our future ability to operate or pay dividends given our continuing profitability and strong cash and financial position.
Unearned Revenue
Unearned revenue from volume licensing programs represents customer billings, paid either upfront or annually at the beginning of each billing coverage period, that are accounted for as subscriptions with revenue recognized ratably over the billing coverage period. For certain other licensing arrangements revenue attributable to undelivered elements, including free post-delivery telephone support and the right to receive unspecified upgrades/enhancements of Microsoft Internet Explorer on a when-and-if-available basis, is based on the sales price of those elements when sold separately and is recognized ratably on a straight-line basis over the life cycle of the related product. Other unearned revenue includes services, TV Platform, Microsoft Business Solutions, advertising, and subscriptions for which we have been paid upfront and earn the revenue when we provide the service or software or otherwise meet the revenue recognition criteria.
Unearned revenue as of June 30, 2006, increased $1.74 billion from June 30, 2005, reflecting additions to unearned revenue from multi-year licensing that outpaced recognitions by $1.66 billion, a $53 million decrease in revenue deferred for undelivered elements, and a $127 million increase primarily in unearned revenue for services and subscription services.
The following table outlines the expected recognition of $10.9 billion of unearned revenue as of June 30, 2006:
Cash Flows
Cash flow from operations for fiscal year 2006 decreased 13% to $14.40 billion primarily due to increased payments to fund a $987 million increase in inventory and product costs related to Xbox 360 and increased payments to employees resulting from a 16% growth in headcount. These factors were partially offset by increased cash receipts from customers driven by our 11% revenue growth and $1.74 billion increase in unearned revenue. Cash used in financing was $20.56 billion in fiscal year 2006, a decrease of $20.52 billion from the previous year driven by a $32.57 billion reduction in cash dividend payments. This impact was partially offset by an $11.15 billion increase in common stock repurchases. Net cash from investing was $8.00 billion in fiscal year 2006, a decrease of $7.02 billion from fiscal year 2005 driven primarily by an $8.93 billion decrease in cash from combined purchase, sales, and maturities of investments and a $766 million increase in additions to property and equipment. These factors were partially offset by $3.12 billion of cash proceeds from our securities lending program.
Cash flow from operations for fiscal year 2005 increased 14% to $16.61 billion primarily due to an increase in cash receipts from customers driven by our 8% revenue growth combined with a 12% increase in unearned revenue. Cash payments in fiscal year 2005 resulting from significant legal
| 2SELL
|
[
-0.002195574576035142,
0.06322351098060608,
-0.00013776490231975913,
-0.015435836277902126,
-0.12624195218086243,
-0.011601761914789677,
-0.0019474728032946587,
-0.0027065796311944723,
-0.058530498296022415,
0.022432006895542145,
0.007124174386262894,
-0.03378883749246597,
0.016800951212644577,
-0.03392624482512474,
0.01612033136188984,
0.01791793294250965,
0.05016202852129936,
-0.022356128320097923,
-0.046725187450647354,
0.009397106245160103,
0.012260022573173046,
0.01762065291404724,
0.004881587810814381,
-0.012802266515791416,
0.010833801701664925,
0.015838876366615295,
-0.04944296553730965,
0.017960166558623314,
0.047864627093076706,
-0.05038491263985634,
0.02360525168478489,
0.010250439867377281,
0.037706147879362106,
-0.01725802756845951,
0.03952880948781967,
0.00001093040918931365,
-0.044817060232162476,
0.019253164529800415,
0.04463779553771019,
0.010333198122680187,
-0.0381169430911541,
-0.0002133373636752367,
0.014576551504433155,
-0.012061310932040215,
0.018164899200201035,
-0.005310637876391411,
0.03738560527563095,
0.046863388270139694,
0.015644261613488197,
-0.013119213283061981,
0.003205897519364953,
-0.030409054830670357,
-0.026019321754574776,
-0.027937376871705055,
-0.02313714474439621,
-0.01210496760904789,
-0.02392810955643654,
-0.025544723495841026,
0.07763887941837311,
0.03257163241505623,
0.029362743720412254,
-0.04073014110326767,
0.0005024592974223197,
0.017065366730093956,
0.0007929661078378558,
-0.00863239448517561,
-0.005056620109826326,
0.006570867262780666,
-0.034356459975242615,
-0.041240524500608444,
0.029452458024024963,
0.01949724368751049,
-0.008622999303042889,
-0.028000978752970695,
0.0002965230669360608,
-0.034298766404390335,
0.03942111134529114,
-0.0012853032676503062,
0.07868876308202744,
-0.029212241992354393,
0.005910146050155163,
-0.07780511677265167,
0.052623383700847626,
-0.07260148227214813,
0.004988767672330141,
-0.03102615848183632,
-0.024867413565516472,
-0.061498239636421204,
-0.01610507443547249,
0.00579439802095294,
-0.008611408062279224,
-0.0030552062671631575,
-0.025872204452753067,
-0.04904169589281082,
-0.03817811235785484,
-0.0010651684133335948,
0.03086612932384014,
-0.17476721107959747,
0.004628840833902359,
-0.012616639025509357,
0.06906664371490479,
0.013768584467470646,
0.062028903514146805,
-0.020148349925875664,
0.013284886255860329,
0.002719084033742547,
-0.03307139128446579,
0.01900044083595276,
0.008110089227557182,
-0.00015255810285452753,
-0.001912719919346273,
-0.0697806179523468,
0.02705845795571804,
0.003538100980222225,
-0.009359066374599934,
0.07318883389234543,
0.0002715398441068828,
0.03045237995684147,
0.0007526121917180717,
-0.08354092389345169,
0.009275190532207489,
-0.03272813931107521,
-0.039497360587120056,
-0.017274159938097,
-0.04006153345108032,
0.0336698554456234,
-0.04469704255461693,
-0.0070277368649840355,
0.04410204291343689,
-0.015355769544839859,
0.0015601047780364752,
0.012006198987364769,
-0.007147707976400852,
0.030220381915569305,
-0.04248226061463356,
0.00847922544926405,
-0.018038742244243622,
0.0007330126827582717,
-0.047733452171087265,
0.018784644082188606,
-0.04069378599524498,
-0.03454211354255676,
-0.003140668850392103,
-0.009863205254077911,
-0.06602220237255096,
-0.008524046279489994,
-0.01290797721594572,
0.0077873277477920055,
0.0327073410153389,
0.08238773047924042,
-0.026556197553873062,
-0.010126862674951553,
-0.0292348749935627,
-0.012103729881346226,
-0.0194159634411335,
-0.004321708343923092,
0.0509699210524559,
-0.009156360290944576,
-0.06250344961881638,
-0.001108132186345756,
-0.006085265427827835,
-0.008768678642809391,
-0.004194565583020449,
-0.07956278324127197,
-0.03685245290398598,
-0.038158006966114044,
0.016016963869333267,
-0.025438809767365456,
0.03936513885855675,
0.04432211443781853,
0.01452564261853695,
0.021151533350348473,
0.006963917054235935,
0.010996643453836441,
0.026189960539340973,
-0.07113263010978699,
0.00962336827069521,
0.040258701890707016,
-0.0034889630042016506,
0.011157101951539516,
0.022378457710146904,
0.005675772670656443,
0.05637166276574135,
-0.05544649064540863,
-0.0775996670126915,
-0.040520988404750824,
0.010074677877128124,
0.03280147910118103,
-0.0031161399092525244,
-0.025315934792160988,
0.04297364503145218,
-0.009012303315103054,
0.002102732891216874,
0.005543999839574099,
-0.030250338837504387,
-0.0023323255591094494,
-0.02611738257110119,
0.0009359818650409579,
0.005030160304158926,
-0.0065468112006783485,
-0.10446751862764359,
0.016078652814030647,
0.00638821953907609,
0.022791236639022827,
0.0494326613843441,
-0.011351441033184528,
-0.017399972304701805,
-0.004680792801082134,
-0.010749832727015018,
-0.00903563853353262,
-0.07007280737161636,
-0.0032598560210317373,
-0.0017357018077746034,
-0.0343964546918869,
-0.005772936623543501,
0.06685048341751099,
-0.0214590635150671,
-0.09373687952756882,
-0.04302271082997322,
-0.04338628798723221,
0.0073237232863903046,
-0.02054429240524769,
0.009499146603047848,
0.002149868058040738,
0.07008620351552963,
-0.024522565305233,
0.04401776194572449,
0.0011620237492024899,
-0.050640713423490524,
0.03135352581739426,
0.011678225360810757,
0.07207400351762772,
-0.02995540201663971,
0.03204362466931343,
0.01171963568776846,
0.003371886443346739,
0.004427678417414427,
0.0019470328697934747,
-0.03433472663164139,
0.06598305702209473,
0.10210615396499634,
-0.01229409221559763,
-0.018260404467582703,
-0.015001808293163776,
-0.04358601197600365,
0.01629459671676159,
0.018433308228850365,
0.027434449642896652,
-0.010249748826026917,
-0.01039178017526865,
-0.004815345164388418,
0.03818920627236366,
-0.011769107542932034,
0.004265158902853727,
-0.03068804182112217,
0.015700049698352814,
0.014205845072865486,
-0.007278100587427616,
0.032908450812101364,
-0.15967673063278198,
-0.014913469552993774,
-0.018571197986602783,
-0.014896218664944172,
-0.02293170988559723,
0.011667738668620586,
0.017630180343985558,
0.027560953050851822,
0.0005870471359230578,
-0.007397785782814026,
0.001793922041542828,
0.004551721271127462,
-0.008837442845106125,
0.0525372251868248,
-0.02357623726129532,
-0.00033030795748345554,
0.0078063225373625755,
0.03431415557861328,
-0.009577415883541107,
0.03322965279221535,
-0.03832697495818138,
-0.0034014093689620495,
-0.0014683495974168181,
0.0062063331715762615,
-0.02976677566766739,
-0.01997852325439453,
-0.010304614901542664,
-0.03037247247993946,
0.00823731254786253,
0.05979977548122406,
-0.0346405915915966,
-0.019688250496983528,
-0.008391653187572956,
0.022219911217689514,
-0.03315163031220436,
-0.03468037769198418,
0.08038332313299179,
-0.013566890731453896,
-0.044426079839468,
-0.0023948540911078453,
0.061930492520332336,
0.0019986520055681467,
0.029540998861193657,
0.020075783133506775,
-0.042733948677778244,
-0.009439888410270214,
-0.01858954131603241,
-0.018367907032370567,
-0.018265077844262123,
0.1015467420220375,
0.0015702892560511827,
0.00619947724044323,
0.01744118146598339,
-0.007809413131326437,
-0.016017330810427666,
-0.013280102051794529,
-0.04658007249236107,
-0.04325035214424133,
0.025010285899043083,
-0.026130452752113342,
-0.046704329550266266,
0.01944555714726448,
0.008323906920850277,
0.022111179307103157,
0.03318305313587189,
0.07180282473564148,
0.00044094331678934395,
0.0651039183139801,
-0.027251524850726128,
0.027077743783593178,
-0.024955952540040016,
0.12793290615081787,
0.087599016726017,
-0.039210882037878036,
0.03839900344610214,
-0.029031015932559967,
-0.0064579094760119915,
0.022386107593774796,
-0.03281696140766144,
-0.004138554446399212,
-0.007155098486691713,
-0.006572197191417217,
0.004657390993088484,
0.029223332181572914,
-0.037601638585329056,
0.002661116886883974,
0.10266313701868057,
0.012457765638828278,
-0.07530105859041214,
0.018420476466417313,
0.08198387920856476,
0.06710465252399445,
-0.010455834679305553,
0.004145503509789705,
0.06157844886183739,
0.0013086746912449598,
-0.043681684881448746,
0.04842881113290787,
0.010758689604699612,
-0.024474959820508957,
0.020001426339149475,
-0.018458446487784386,
-0.013648186810314655,
-0.0106961689889431,
-0.004432883113622665,
0.04245956242084503,
-0.01428314484655857,
-0.029096243903040886,
0.011299720034003258,
0.021183492615818977,
-0.02339796908199787,
-0.009740661829710007,
0.005717009771615267,
0.022096218541264534,
0.08044199645519257,
-0.036698438227176666,
-0.002881005872040987,
0.02364317886531353,
-0.02540915086865425,
0.03650248050689697,
0.0413389727473259,
0.004506335593760014,
0.009582430124282837,
-0.012268279679119587,
-0.015091241337358952,
0.04200724512338638,
-0.019211988896131516,
0.0007298440905287862,
-0.004565942566841841,
-0.019183490425348282,
0.022105948999524117,
-0.012097169645130634,
0.0379062294960022,
0.04546444118022919,
0.005465485621243715,
-0.021549785509705544,
0.009322023950517178,
0.028017820790410042,
-0.0036960633005946875,
-0.03273088112473488,
-0.015610763803124428,
-0.01547548919916153,
-0.005270779132843018,
-0.0036302697844803333,
0.005595836788415909,
0.05770804360508919,
0.012304977513849735,
-0.040348783135414124,
0.022568996995687485,
-0.006000077351927757,
0.038180187344551086,
-0.018831225112080574,
-0.09859217703342438,
-0.019284410402178764,
0.022478530183434486,
-0.0540325865149498,
0.030114764347672462,
-0.009734073653817177,
0.048503562808036804,
0.06495097279548645,
-0.0005118665867485106,
-0.04065383970737457,
0.005150520708411932,
0.03966498747467995,
0.013757001608610153,
-0.12432850152254105,
-0.0059014311991631985,
-0.057504892349243164,
-0.018100127577781677,
0.019030150026082993,
0.004461800213903189,
-0.011312689632177353,
0.016264349222183228,
0.022484706714749336,
-0.015702178701758385,
0.009922932833433151,
0.017418136820197105,
0.0049640098586678505,
-0.03470686450600624,
0.006756696850061417,
0.031107446178793907,
-0.03496857360005379,
0.041089095175266266,
0.0067957364954054356,
-0.02949432097375393,
-0.010831370018422604,
0.016597764566540718,
0.06587357074022293,
-0.022417109459638596,
0.02589917741715908,
-0.05069189891219139,
0.003229915164411068,
0.011155988089740276,
0.011146374978125095,
0.008501922711730003,
0.01004717405885458,
-0.002617809223011136,
-0.015410101041197777,
0.006361155770719051,
-0.019855642691254616,
-0.004363317973911762,
0.016286056488752365,
0.00787576474249363,
0.032239675521850586,
-0.009552530944347382,
0.003185803536325693,
0.02977224439382553,
0.023415548726916313,
0.0004291866789571941,
0.04729590564966202,
-0.00008988586341729388,
-0.005948634818196297,
0.018602825701236725,
0.0007738887798041105,
-0.002779345726594329,
0.026062998920679092,
-0.004027812276035547,
0.056182123720645905,
-0.02216508612036705,
-0.014634470455348492,
-0.030872924253344536,
0.019138559699058533,
-0.024361087009310722,
-0.025350941345095634,
0.01583944819867611,
0.01196306012570858,
-0.07200644165277481,
-0.04258701950311661,
-0.02890009805560112,
-0.017737403512001038,
0.0023226370103657246,
-0.048225145787000656,
-0.05420440807938576,
-0.027162592858076096,
0.03245864436030388,
-0.003927902318537235,
-0.0010442778002470732,
-0.1698784977197647,
0.04905577749013901,
-0.006564320996403694,
-0.017407581210136414,
0.04085715487599373,
-0.013946732506155968,
0.02400652877986431,
0.03393038362264633,
0.004733998328447342,
0.028530117124319077,
-0.0096951425075531,
0.028138738125562668,
-0.04209259897470474,
0.008162354119122028,
0.026414422318339348,
0.0441499687731266,
-0.01202890370041132,
-0.03313157707452774,
0.01814822480082512,
-0.05283417925238609,
0.039380691945552826,
-0.0023096720688045025,
0.022264450788497925,
0.020112324506044388,
-0.0023445826955139637,
0.028171326965093613,
0.034683823585510254,
-0.002395974937826395,
0.05042771250009537,
-0.004439202602952719,
0.006685713306069374,
-0.02049678936600685,
0.05400964245200157,
0.012841453775763512,
0.0084958765655756,
0.13781693577766418,
-0.0034324745647609234,
-0.004255622625350952,
-0.005910506006330252,
0.004027329385280609,
-0.007357865571975708,
-0.022220898419618607,
-0.032555680721998215,
-0.016969235613942146,
-0.010433769784867764,
0.02766548842191696,
0.006491584703326225,
-0.008206713944673538,
0.028548477217555046,
-0.015107152983546257,
-0.07360809296369553,
-0.006419772747904062,
-0.003407650627195835,
-0.05634726583957672,
-0.034008339047431946,
0.11474410444498062,
0.0482904389500618,
0.008665940724313259,
0.0028308997862040997,
-0.032046426087617874,
0.025325031951069832,
0.0012915476690977812,
0.012169013731181622,
-0.0009688660502433777,
0.0024706022813916206,
-0.05119463801383972,
0.002036377554759383,
-0.020960908383131027,
-0.05652518570423126,
0.010537919588387012,
0.0029140098486095667,
-0.040247078984975815,
0.028247859328985214,
-0.015512716956436634,
0.11207355558872223,
0.008142044767737389,
-0.015772009268403053,
-0.08174779266119003,
0.04027291014790535,
-0.005140998400747776,
0.0018165442161262035,
-0.017688095569610596,
-0.01589861512184143,
-0.04945094883441925,
0.056230578571558,
0.011145790107548237,
-0.00033816241193562746,
0.03184732049703598,
0.020913638174533844,
-0.11428631097078323,
0.05581995099782944,
0.011661926284432411,
-0.0015177561435848475,
0.0002909185132011771,
-0.015390095300972462,
-0.002444894053041935,
-0.014667105861008167,
0.022441904991865158,
0.039539895951747894,
-0.10422398895025253,
-0.01759074442088604,
0.010444887913763523,
-0.0003827745094895363,
-0.017408056184649467,
0.0052625942043960094,
0.010723099112510681,
0.02047678455710411,
0.03617310896515846,
0.0008721865597181022,
-0.012965574860572815,
0.01741892099380493,
-0.0014105977024883032,
0.03148163482546806,
-0.024204786866903305,
-0.017062537372112274,
-0.007572260685265064,
-0.003926789853721857,
-0.04385721683502197,
0.0025684526190161705,
0.027831239625811577,
0.01202747505158186,
-0.14471592009067535,
0.029544919729232788,
0.024853810667991638,
-0.014651890844106674,
-0.014986975118517876,
0.041169673204422,
-0.02954619564116001,
-0.037330616265535355,
-0.0036953981034457684,
-0.024249190464615822,
-0.03528663516044617,
0.02143903262913227,
-0.02897799201309681,
-0.021068694069981575,
0.007989068515598774,
0.013335902243852615,
-0.019830457866191864,
0.012429432012140751,
0.04980803281068802,
-0.03195825591683388,
0.04159921407699585,
-0.050533782690763474,
-0.10335100442171097,
0.011034601368010044,
-0.03825091943144798,
-0.013835546560585499,
0.022397538647055626,
0.023875456303358078,
0.010636607185006142,
-0.002959033939987421,
-0.04263651743531227,
0.024188335984945297,
0.057641562074422836,
0.026467135176062584,
-0.007865666411817074,
0.0010907003888860345,
0.05212222412228584,
-0.012452206574380398,
-0.012724428437650204,
0.035244736820459366,
-0.018405122682452202,
0.010178578086197376,
-0.03547832369804382,
-0.02392134815454483,
0.03125631436705589,
-0.051896221935749054,
0.0184133592993021,
0.01677796244621277,
0.006035116501152515,
0.03850802779197693,
0.016637302935123444,
-0.04179864004254341,
-0.0024098993744701147,
0.021278947591781616,
0.017888715490698814,
-0.007075909990817308,
0.03505172207951546,
0.06248774006962776,
0.009158737026154995,
-0.017404217272996902,
0.02195155806839466,
0.020089060068130493,
-0.05227601155638695,
0.013077311217784882,
0.007442767731845379,
-0.019383331760764122,
0.013445517048239708,
-0.06366042047739029,
0.02518000639975071,
0.03548816218972206,
-0.09323158115148544,
-0.09418823570013046,
-0.08518635481595993,
0.0147677231580019,
0.012036314234137535,
-0.02507828362286091,
-0.0002414403425063938,
-0.020055122673511505,
-0.0047479900531470776,
-0.0029056326020509005,
-0.02114681713283062,
0.009327075444161892,
-0.056340742856264114,
0.042343758046627045,
-0.03069060668349266,
-0.007421355228871107,
0.020238710567355156,
-0.018710773438215256,
0.009926981292665005,
-0.006490635685622692,
-0.020088043063879013,
0.0029165514279156923,
0.03233525902032852,
0.015997832641005516,
-0.014342107810080051,
-0.004468241706490517,
-0.025617731735110283,
-0.0017229340737685561,
-0.07780596613883972,
0.004954578820616007,
0.002821894595399499,
0.026838304474949837,
0.011598624289035797,
-0.03840642794966698,
-0.03989621251821518,
-0.036732565611600876,
-0.009620783850550652,
0.09952424466609955,
0.002620319603011012,
0.023241320624947548,
-0.01039382815361023,
0.006619209889322519,
-0.0042446209117770195,
0.0013747651828452945,
-0.042822327464818954,
0.053203035145998,
-0.023876436054706573,
-0.010701597668230534,
0.021473778411746025,
-0.0465092808008194,
-0.024689506739377975,
0.001442863023839891,
0.005225182510912418,
0.06074187904596329,
0.03909645974636078,
-0.014989492483437061,
0.016759369522333145,
0.05156709998846054,
-0.025221537798643112,
-0.015605301596224308,
-0.043279875069856644,
-0.03793209791183472,
0.06555231660604477,
-0.06303870677947998,
-0.02310161665081978,
0.020709285512566566,
0.00010700224083848298,
-0.056489963084459305,
0.010715116746723652,
-0.0213535875082016,
-0.017367012798786163,
0.01311574224382639,
-0.033702053129673004,
0.0017252268735319376,
0.004842344671487808,
0.05189872160553932,
-0.01866034045815468,
0.05854612588882446,
-0.048247821629047394,
0.0307928416877985,
0.01894966885447502
] |
level, which is one level below our operating segments. Our operating segments are primarily based on geographic responsibility, which is consistent with the way management runs our business. Our operating segments are subdivided into smaller geographic regions or territories that we sometimes refer to as "business units." These business units are also our reporting units. The Bottling Investments operating segment includes all Company-owned or consolidated bottling operations, regardless of geographic location, except for bottling operations managed by CCR, which are included in our North America operating segment. Generally, each Company-owned or consolidated bottling operation within our Bottling Investments operating segment is its own reporting unit. Goodwill is assigned to the reporting unit or units that benefit from the synergies arising from each business combination.
The goodwill impairment test consists of a two-step process, if necessary. The first step is to compare the fair value of a reporting unit to its carrying value, including goodwill. We typically use discounted cash flow models to determine the fair value of a reporting unit. The assumptions used in these models are consistent with those we believe hypothetical marketplace participants would use. If the fair value of the reporting unit is less than its carrying value, the second step of the impairment test must be performed in order to determine the amount of impairment loss, if any. The second step compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill.
The Company has the option to perform a qualitative assessment of goodwill prior to completing the two-step process described above to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, it must perform the two-step process. Otherwise, the Company will forego the two-step process and does not need to perform any further testing.
During 2013, the Company performed qualitative assessments on approximately 11 percent of our consolidated goodwill balance.
Intangible assets acquired in recent transactions are naturally more susceptible to impairment, primarily due to the fact that they are recorded at fair value based on recent operating plans and macroeconomic conditions present at the time of acquisition. Consequently, if operating results and/or macroeconomic conditions deteriorate shortly after an acquisition, it could result in the impairment of the acquired assets. A deterioration of macroeconomic conditions may not only negatively impact the estimated operating cash flows used in our cash flow models, but may also negatively impact other assumptions used in our analyses, including, but not limited to, the estimated cost of capital and/or discount rates. Additionally, as
| 2SELL
|
[
-0.003133193589746952,
0.05753963813185692,
-0.008249277248978615,
-0.01959562860429287,
-0.10995228588581085,
-0.015895284712314606,
-0.0032160417176783085,
0.0014574792003259063,
-0.0698787271976471,
0.031018851324915886,
0.008092749863862991,
-0.03416148200631142,
0.019550468772649765,
-0.025257006287574768,
0.008928921073675156,
0.045221958309412,
0.03740362450480461,
-0.004507526755332947,
-0.034869223833084106,
0.013349722139537334,
0.015034917742013931,
0.021239742636680603,
0.012177604250609875,
-0.014142295345664024,
0.02304721251130104,
0.025239627808332443,
-0.06346425414085388,
0.023244276642799377,
0.0564425066113472,
-0.043445948511362076,
0.018276279792189598,
0.0299080703407526,
0.03571463003754616,
-0.02125389128923416,
0.04343859851360321,
0.009445803239941597,
-0.05439053103327751,
0.016913264989852905,
0.02970343828201294,
0.008327018469572067,
-0.045079536736011505,
-0.0023339774925261736,
-0.018545739352703094,
-0.008737613447010517,
0.006493973545730114,
-0.01560325175523758,
0.020093146711587906,
0.026531675830483437,
0.014928779564797878,
-0.013424696400761604,
0.0039430828765034676,
-0.030162189155817032,
-0.010997310280799866,
-0.025733711197972298,
-0.03189362585544586,
-0.001999567961320281,
-0.015692219138145447,
-0.024419467896223068,
0.08085934817790985,
0.031135540455579758,
0.03269372880458832,
-0.04133514314889908,
0.007447520736604929,
0.035751283168792725,
0.010601374320685863,
-0.012672703713178635,
-0.0025547444820404053,
0.008443169295787811,
-0.0386061817407608,
-0.021864933893084526,
0.026973534375429153,
0.04259706288576126,
-0.019770044833421707,
-0.026754658669233322,
0.007557312026619911,
-0.04558005928993225,
0.03582713380455971,
-0.0005396059714257717,
0.09287338703870773,
-0.03579599782824516,
-0.005127028562128544,
-0.07987675815820694,
0.025479285046458244,
-0.08324169367551804,
0.016640301793813705,
-0.017831286415457726,
-0.016420705243945122,
-0.047261252999305725,
-0.014229459688067436,
-0.0006101179751567543,
0.00837484747171402,
0.009858367964625359,
-0.020031485706567764,
-0.052944865077733994,
-0.030727975070476532,
0.0016935700550675392,
0.036703307181596756,
-0.16047313809394836,
-0.007512127980589867,
-0.002108199754729867,
0.04880953207612038,
0.012368263676762581,
0.03332694619894028,
-0.017633667215704918,
0.020793531090021133,
0.018369020894169807,
-0.01903804950416088,
0.030648086220026016,
0.0034194025211036205,
0.011767656542360783,
-0.017189281061291695,
-0.061176203191280365,
0.026829635724425316,
-0.003851265413686633,
-0.002349870279431343,
0.04408308491110802,
0.011925066821277142,
0.03984462469816208,
-0.002997863572090864,
-0.07104858756065369,
0.011725639924407005,
-0.029179712757468224,
-0.035966984927654266,
-0.004700804129242897,
-0.04455863684415817,
0.025581665337085724,
-0.027780571952462196,
-0.004415479954332113,
0.04734645038843155,
-0.006766071077436209,
-0.0039198556914925575,
-0.005349585320800543,
-0.017254069447517395,
0.03154603764414787,
-0.039679307490587234,
0.01362576149404049,
-0.013683308847248554,
0.0003880078438669443,
-0.04640039801597595,
0.00831238366663456,
-0.02657787874341011,
-0.029555847868323326,
-0.013841849751770496,
-0.004919943865388632,
-0.04992399364709854,
-0.004626970272511244,
-0.012619499117136002,
0.004525585100054741,
0.029223134741187096,
0.07669255137443542,
-0.012398392893373966,
-0.010891729965806007,
-0.03741171583533287,
-0.015815094113349915,
-0.022276682779192924,
-0.011199462227523327,
0.05320855602622032,
-0.002876340877264738,
-0.06466034054756165,
-0.005840197671204805,
-0.009360798634588718,
-0.002757395152002573,
-0.0042487140744924545,
-0.05639370530843735,
-0.053275369107723236,
-0.028614800423383713,
0.02050771750509739,
-0.014403964392840862,
0.03887273371219635,
0.0425286628305912,
0.032566942274570465,
0.025565912947058678,
0.004054362885653973,
0.0009571589762344956,
0.024480601772665977,
-0.06528635323047638,
0.03786275535821915,
0.04136797413229942,
-0.005493168253451586,
0.020436318591237068,
0.02754071168601513,
0.006689048837870359,
0.05380413681268692,
-0.09825088828802109,
-0.0638168528676033,
-0.019472595304250717,
0.016831889748573303,
0.044047798961400986,
-0.006976259872317314,
-0.020586401224136353,
0.049709051847457886,
-0.01975608430802822,
-0.0022735153324902058,
0.0027926545590162277,
-0.01197055447846651,
-0.011685707606375217,
-0.023455625399947166,
0.005024322308599949,
0.006216066889464855,
-0.006766202859580517,
-0.10801202803850174,
0.022969219833612442,
-0.009949441067874432,
0.025681398808956146,
0.04107572138309479,
-0.01741066202521324,
-0.02049788273870945,
-0.00019363425963092595,
-0.001505675376392901,
-0.012258102186024189,
-0.05930335074663162,
-0.013761135749518871,
0.003080498892813921,
-0.03344153240323067,
0.0020873514004051685,
0.0500987246632576,
-0.0023834637831896544,
-0.09140478819608688,
-0.013875739648938179,
-0.043141867965459824,
0.0061647407710552216,
-0.015672514215111732,
0.01960194669663906,
0.00463551701977849,
0.06380486488342285,
-0.0036576667334884405,
0.042560894042253494,
-0.005182448774576187,
-0.05274007096886635,
0.03643323481082916,
0.013784914277493954,
0.06675748527050018,
-0.035280488431453705,
0.028765961527824402,
0.017402734607458115,
-0.005132873076945543,
0.007367193698883057,
0.003973707556724548,
-0.02366529405117035,
0.061595894396305084,
0.08345355093479156,
-0.012102465145289898,
-0.012114958837628365,
-0.012634466402232647,
-0.03409286215901375,
0.04990234971046448,
0.017707910388708115,
0.04463415965437889,
-0.015998300164937973,
-0.018791895359754562,
-0.0167938694357872,
0.030336610972881317,
-0.024836476892232895,
-0.0027245315723121166,
-0.034778520464897156,
0.015325011685490608,
0.02441829815506935,
-0.010298972949385643,
0.011515174061059952,
-0.13345614075660706,
-0.009297610260546207,
-0.020094646140933037,
0.018169185146689415,
-0.03200194612145424,
0.010275897569954395,
0.011657985858619213,
0.024996664375066757,
-0.008336859755218029,
-0.011853956617414951,
0.006914048921316862,
-0.006968891713768244,
-0.010777532123029232,
0.04150819033384323,
-0.01079507451504469,
-0.0013792600948363543,
0.011415774002671242,
0.027074435725808144,
-0.01144505012780428,
0.02416875585913658,
-0.03033488616347313,
-0.003656205255538225,
-0.00516826007515192,
-0.0029500327073037624,
-0.022045228630304337,
-0.02150629833340645,
-0.01250364724546671,
-0.0348256453871727,
-0.003949177451431751,
0.08553727716207504,
-0.03200144320726395,
-0.01762082800269127,
0.012485649436712265,
0.015615464188158512,
-0.03832143172621727,
-0.031187929213047028,
0.06796958297491074,
-0.007801629602909088,
-0.055483292788267136,
0.000345143664162606,
0.053630437701940536,
0.011515242047607899,
0.02903633750975132,
0.016065387055277824,
-0.03286265209317207,
-0.014382496476173401,
-0.007932481355965137,
-0.014688443392515182,
-0.018324067816138268,
0.13119818270206451,
-0.021634675562381744,
0.013675207272171974,
0.020425379276275635,
-0.010134990327060223,
-0.0035706472117453814,
-0.014494764618575573,
-0.038805603981018066,
-0.0356874093413353,
0.03261014446616173,
-0.02872818522155285,
-0.029260294511914253,
0.017998777329921722,
0.006675294134765863,
0.02336657978594303,
0.021622061729431152,
0.04999566450715065,
0.0020834249444305897,
0.04464517906308174,
-0.04461054876446724,
0.02790834568440914,
-0.025338804349303246,
0.03521891310811043,
0.10250312089920044,
-0.030765997245907784,
0.03720540180802345,
-0.02578968182206154,
0.012639120221138,
0.02354174107313156,
-0.024537453427910805,
0.005036170594394207,
-0.007793332450091839,
-0.0008913524216040969,
-0.004298865795135498,
0.029499253258109093,
-0.02092505805194378,
0.0011072808410972357,
0.0995553582906723,
0.009376469999551773,
-0.06171445548534393,
0.014471168629825115,
0.06952691823244095,
0.05848238617181778,
-0.01980493776500225,
0.011449805460870266,
0.052813466638326645,
0.01069204043596983,
-0.037866152822971344,
0.03997628390789032,
0.009299910627305508,
-0.02006802149116993,
0.01646450161933899,
-0.016963113099336624,
-0.020488042384386063,
-0.0032348812092095613,
-0.0074789272621273994,
0.04102851077914238,
-0.018762044608592987,
-0.04055703431367874,
0.009564640931785107,
0.012193139642477036,
-0.020628485828638077,
-0.009465714916586876,
0.008297625929117203,
0.01567983254790306,
0.06089691445231438,
-0.037309180945158005,
0.008024084381759167,
0.029390396550297737,
-0.029280323535203934,
0.0008786031394265592,
0.026979103684425354,
0.002124938415363431,
-0.0035022387746721506,
-0.009430122561752796,
-0.01002868078649044,
0.07356911152601242,
-0.01607285812497139,
0.0015494448598474264,
0.011055106297135353,
-0.0076896208338439465,
0.017184298485517502,
-0.005328436382114887,
0.029953142628073692,
0.042682163417339325,
0.00865581538528204,
-0.021515676751732826,
0.0074780769646167755,
0.024572066962718964,
-0.0177802462130785,
-0.030134709551930428,
-0.02743837982416153,
-0.0054480163380503654,
-0.016147470101714134,
-0.007938090711832047,
0.01701187714934349,
0.05308828502893448,
0.02865980565547943,
-0.03173894062638283,
0.04641277715563774,
-0.00698687182739377,
0.046738967299461365,
-0.004884235095232725,
-0.12497708946466446,
-0.01849607564508915,
0.019003720954060555,
-0.05602824315428734,
0.03009396605193615,
-0.009437024593353271,
0.03642045333981514,
0.0714019238948822,
0.035544946789741516,
-0.046367283910512924,
0.008831411600112915,
0.035534150898456573,
0.01263898704200983,
-0.1431914120912552,
0.014344791881740093,
-0.06401495635509491,
-0.03006141446530819,
0.027722248807549477,
0.015330983325839043,
-0.019481996074318886,
0.009311102330684662,
0.015969131141901016,
-0.005965341813862324,
-0.002266388852149248,
0.00889500416815281,
-0.0009599623153917491,
-0.03317144140601158,
-0.011129561811685562,
0.03256189078092575,
-0.025608083233237267,
0.037774331867694855,
0.007806542795151472,
-0.012129752896726131,
-0.01732400618493557,
0.012986179441213608,
0.04440916329622269,
-0.015532232820987701,
0.030111657455563545,
-0.05992511287331581,
-0.004460935015231371,
0.015881387516856194,
0.0141410818323493,
0.015150546096265316,
0.011168145574629307,
-0.010599253699183464,
-0.009970707818865776,
0.011821514926850796,
-0.021946296095848083,
0.008732089772820473,
0.0011656938586384058,
0.008137136697769165,
0.029161490499973297,
-0.008824523538351059,
0.0014789471169933677,
0.022018374875187874,
0.019673900678753853,
-0.00026337706367485225,
0.05521330609917641,
-0.010168386623263359,
0.0078967846930027,
0.009070129133760929,
0.006432056427001953,
0.0013925068778917193,
0.03139761835336685,
-0.009752016514539719,
0.03993621841073036,
-0.009715680964291096,
-0.019916212186217308,
-0.027153080329298973,
0.018144557252526283,
-0.02071058191359043,
-0.026305826380848885,
0.018603038042783737,
0.006348546594381332,
-0.08313219994306564,
-0.04174968972802162,
-0.008955738507211208,
-0.008975712582468987,
0.0028306117746979,
-0.04417874664068222,
-0.03596843034029007,
-0.03301237151026726,
0.03375932574272156,
-0.00323933782055974,
-0.011074604466557503,
-0.1645970493555069,
0.05720698460936546,
-0.012885993346571922,
-0.013678236864507198,
0.037581104785203934,
-0.018328888341784477,
0.017847569659352303,
0.04588763788342476,
0.007174904923886061,
0.025436952710151672,
-0.00507636833935976,
0.03628908470273018,
-0.05236620828509331,
0.008571894839406013,
0.021250726655125618,
0.02828308753669262,
-0.014983334578573704,
-0.03506433963775635,
0.02253061532974243,
-0.07159298658370972,
0.028982335701584816,
0.003422017442062497,
0.02606819011271,
0.00031871531973592937,
-0.0015232873847708106,
0.023602746427059174,
0.024213705211877823,
0.0013405104400590062,
0.044426459819078445,
-0.0052192858420312405,
0.03591649606823921,
-0.010385731235146523,
0.05166778340935707,
0.0026290379464626312,
0.016582079231739044,
0.19517600536346436,
-0.005074685905128717,
-0.012658538296818733,
0.005482267588376999,
-0.0070978328585624695,
0.009703182615339756,
-0.012501793913543224,
-0.024318387731909752,
-0.016867712140083313,
-0.02285498008131981,
0.029558157548308372,
0.017216501757502556,
-0.01847982220351696,
0.020986726507544518,
-0.008138174191117287,
-0.06647010892629623,
-0.0032412363216280937,
0.002223839284852147,
-0.08474020659923553,
-0.009052876383066177,
0.09715121984481812,
0.04041038081049919,
0.004405113868415356,
0.013401871547102928,
-0.03239522501826286,
0.017957553267478943,
-0.0012990973191335797,
0.008699624799191952,
0.01836933009326458,
0.0025494263973087072,
-0.03651782125234604,
0.005210198927670717,
-0.013910692185163498,
-0.07528123259544373,
0.008532796986401081,
0.0003105904324911535,
-0.02901099994778633,
0.026476316154003143,
-0.009567744098603725,
0.08917626738548279,
0.013459039852023125,
-0.01993327960371971,
-0.06926791369915009,
0.038670897483825684,
0.011658895760774612,
0.007946161553263664,
-0.015592423267662525,
-0.014663197100162506,
-0.04525291547179222,
0.056131232529878616,
0.011773820966482162,
-0.01209766324609518,
0.0012727659195661545,
0.020607048645615578,
-0.11540797352790833,
0.031918469816446304,
0.02929203025996685,
-0.0016209287568926811,
0.004144409205764532,
-0.021422119811177254,
0.0008443946717306972,
-0.011992502957582474,
0.02414330095052719,
0.047186922281980515,
-0.12007249146699905,
-0.019760290160775185,
0.014690462499856949,
0.004036553204059601,
-0.01106061227619648,
0.008501740172505379,
0.015957102179527283,
0.023967023938894272,
0.03248462826013565,
0.024301499128341675,
-0.022379044443368912,
0.018441420048475266,
0.0011816432233899832,
0.03183538466691971,
-0.017058074474334717,
-0.015855960547924042,
-0.030971836298704147,
-0.004884915892034769,
-0.035501014441251755,
-0.003767996793612838,
0.02457159198820591,
0.010800969786942005,
-0.1824852079153061,
0.02671116404235363,
0.0370798297226429,
-0.002721380675211549,
-0.012345981784164906,
0.02233559638261795,
-0.010554158128798008,
-0.043307218700647354,
0.010945846326649189,
-0.01444663293659687,
-0.038151100277900696,
0.021297143772244453,
-0.0004406435473356396,
-0.025433804839849472,
0.01822642609477043,
0.01724819280207157,
-0.02079700119793415,
0.010291430167853832,
0.04190870374441147,
-0.017280099913477898,
0.029678858816623688,
-0.04957219213247299,
-0.1376982182264328,
0.010561052709817886,
-0.049076300114393234,
-0.011743143200874329,
0.00859359372407198,
0.030258256942033768,
0.0100420406088233,
-0.015386821702122688,
-0.03232957422733307,
0.033598579466342926,
0.06403354555368423,
0.026869796216487885,
-0.0021111706737428904,
0.0027467142790555954,
0.047825880348682404,
-0.015300084836781025,
-0.014399264939129353,
0.0058101932518184185,
-0.004766072612255812,
-0.014676221646368504,
-0.03627629950642586,
-0.027569381520152092,
0.032957371324300766,
-0.04783926531672478,
0.021388903260231018,
0.003007950261235237,
0.012522311881184578,
0.04090196266770363,
0.0034168644342571497,
-0.04518621787428856,
-0.011808858253061771,
0.022054336965084076,
0.011713327839970589,
-0.015346163883805275,
0.026894789189100266,
0.05268815532326698,
0.015049945563077927,
-0.024100877344608307,
0.024268802255392075,
0.03028923273086548,
-0.06047147884964943,
0.007744738832116127,
0.010403822176158428,
-0.020078403875231743,
0.010414481163024902,
-0.06689872592687607,
0.014299496077001095,
0.03635353595018387,
-0.16770492494106293,
-0.08248620480298996,
-0.0752200111746788,
0.024546252563595772,
0.006964281667023897,
-0.013798828236758709,
0.0018874263623729348,
-0.02312900312244892,
-0.008312149904668331,
-0.0002395630144746974,
-0.025157444179058075,
0.0025313145015388727,
-0.10200057178735733,
0.027969690039753914,
-0.017572004348039627,
0.01373774278908968,
0.01929972507059574,
-0.018102696165442467,
0.022391406819224358,
-0.0047068833373487,
-0.012330331839621067,
-0.005334143061190844,
0.023167232051491737,
0.00660344585776329,
-0.005258673336356878,
-0.006372072733938694,
-0.024774059653282166,
0.005782838445156813,
-0.05873745307326317,
0.005514726974070072,
0.0025749672204256058,
0.014248163439333439,
-0.001295538735575974,
-0.014224466867744923,
-0.04081105440855026,
-0.035264309495687485,
-0.01190930511802435,
0.11243326961994171,
-0.0006109440582804382,
0.029997967183589935,
-0.010461656376719475,
0.011208107694983482,
-0.008200235664844513,
-0.0001733719400363043,
-0.04108070954680443,
0.06176409497857094,
-0.027128472924232483,
-0.010231050662696362,
0.006910740397870541,
-0.04422290250658989,
-0.019502824172377586,
-0.0034825264010578394,
0.003759864717721939,
0.04838860407471657,
0.032340746372938156,
-0.006150880362838507,
0.020909765735268593,
0.04401133954524994,
-0.009050893597304821,
-0.014186360873281956,
-0.04243079572916031,
-0.04229201376438141,
0.05462059751152992,
-0.09846711158752441,
-0.0225907564163208,
0.022360455244779587,
0.0004997072974219918,
-0.029919706284999847,
0.014099734835326672,
-0.015047451481223106,
-0.0034822558518499136,
0.01647074706852436,
-0.03968605771660805,
-0.0038410460110753775,
0.007877960801124573,
0.03905612975358963,
-0.018957866355776787,
0.0332716628909111,
-0.04273258149623871,
0.03674330562353134,
0.0014083435526117682
] |
for the year ended December 31, 2005, and 21% of our total revenues for the year ended December 31, 2006.
• Patents covering our products are also subject to legal challenges. Increasingly, generic pharmaceutical manufacturers are launching products that are under legal challenge for patent infringement before the final resolution of the associated legal proceedings—called an “at-risk” launch. The success of any of these “at-risk” challenges could significantly impact our revenues and results of operations.
• There is a continuing disparity in the recognition and enforcement of intellectual property rights among countries worldwide. Organizations such as the World Trade Organization (WTO), under the WTO Agreement on Trade-Related Aspects
of Intellectual Property Rights (TRIPS), have been instrumental in educating governments about the long-term benefits of strong patent laws. However, until patent rights are uniformly recognized around the world, the profitability of our products can be significantly impacted in markets with weak or non- existent protections.
• The integrity of our products is subject to an increasingly predatory atmosphere, seen in the growing problem of counterfeit drugs, which harm patients either through a lack of active ingredients or through the inclusion of harmful components. Our ability to work with law enforcement to successfully counter these dangerous criminal activities will have an impact on our revenues and results of operations.
Our response:
• We will continue to aggressively defend our patent rights against infringement, whenever appropriate, but the number and aggressiveness of these infringements has increased substantially in the past few years. (See also Notes to the Consolidated Financial Statements—Note 19. Legal Proceedings and Contingencies).
• We will continue to participate in the generics market for our products, whenever appropriate, once they lose exclusivity.
• We will continue to take actions to deliver more products of greater value more quickly. (See further discussion in the “Regulatory Environment and Pipeline Productivity” section of this Financial Review.)
• We will continue to support efforts that strengthen worldwide recognition of patent rights, while taking necessary steps to ensure appropriate patient access.
• We will continue to employ innovative approaches to prevent counterfeit pharmaceuticals from entering the supply chain and to achieve greater control over the distribution of our products.
Product Competition
Some of our products face competition in the form of new branded products or generic drugs, which treat similar diseases or indications. For example, Lipitor began to face competition in the U.S. from generic pravastatin (Pravachol) in April 2006 and generic simvastatin (Zocor) in June 2006, as well as other competitive pressures. In addition, as noted above, we face the loss of U.S. exclusivity for Norvasc and Zyrtec during 2007 and Camptosar in 2008.
Our response:
• We will continue to highlight the benefits of our products, in terms of cost, safety and efficacy, as appropriate. For example, the success of Lipitor is the result of an unprecedented array
| 2SELL
|
[
-0.0026490474119782448,
0.06612376123666763,
-0.00773200998082757,
-0.007045594509691,
-0.13856488466262817,
-0.026147397235035896,
-0.007956013083457947,
0.0010162885300815105,
-0.0789937749505043,
0.025242598727345467,
0.020165903493762016,
-0.03178907185792923,
0.020551230758428574,
-0.04017866402864456,
0.009041895158588886,
0.02563897706568241,
0.02616475149989128,
-0.0022558486089110374,
-0.038903895765542984,
-0.0021535020787268877,
0.006324140354990959,
0.013010476715862751,
0.037657175213098526,
-0.0069105373695492744,
0.0286808330565691,
0.026196008548140526,
-0.04323530197143555,
0.01939958892762661,
0.047199200838804245,
-0.04898136109113693,
0.01782701350748539,
0.021910889074206352,
0.03901183232665062,
-0.019190166145563126,
0.027620190754532814,
0.007645414676517248,
-0.06671254336833954,
0.013183318078517914,
0.029407260939478874,
0.009163199923932552,
-0.04120578616857529,
-0.002845699666067958,
-0.0016712566139176488,
-0.008845662698149681,
0.008343957364559174,
-0.012587166391313076,
0.02388843335211277,
0.02643427811563015,
0.017058363184332848,
-0.01989143155515194,
-0.0027703186497092247,
-0.031220266595482826,
-0.019490325823426247,
-0.01847623847424984,
-0.026942892000079155,
0.0034586978144943714,
-0.015546958893537521,
-0.015027320943772793,
0.08563555777072906,
0.03181232511997223,
0.03119598515331745,
-0.0442282073199749,
0.004606913309544325,
0.03572932258248329,
0.019047008827328682,
-0.015329074114561081,
-0.019014554098248482,
-0.012460215948522091,
-0.036660030484199524,
-0.03930256515741348,
0.023562777787446976,
0.03521614149212837,
-0.013223339803516865,
-0.010310626588761806,
0.003843324026092887,
-0.03378649428486824,
0.04393663629889488,
-0.006628965958952904,
0.08999798446893692,
-0.03467041626572609,
-0.00044176768278703094,
-0.0850541740655899,
0.019544893875718117,
-0.06022223085165024,
0.023280590772628784,
-0.017641959711909294,
-0.015256499871611595,
-0.055370114743709564,
-0.022641517221927643,
0.00015898022684268653,
0.0012117094593122602,
-0.003921336028724909,
-0.02833724394440651,
-0.06527505069971085,
-0.04311526566743851,
0.002058180281892419,
0.03260171040892601,
-0.1725894808769226,
-0.007980466820299625,
-0.020475836470723152,
0.06020873785018921,
0.010883712209761143,
0.03661520034074783,
-0.017692890018224716,
0.020612187683582306,
0.003874735441058874,
-0.03748982027173042,
0.03256983309984207,
0.003578352276235819,
0.016979025676846504,
-0.02006455697119236,
-0.04627149924635887,
0.026291746646165848,
0.003502371022477746,
-0.00879816897213459,
0.05977799370884895,
0.0050217811949551105,
0.023654894903302193,
-0.010366791859269142,
-0.07818297296762466,
0.015439107082784176,
-0.026664722710847855,
-0.0334862656891346,
-0.008662442676723003,
-0.02242758683860302,
0.033976174890995026,
-0.018851639702916145,
-0.023857368156313896,
0.04374013468623161,
-0.014607168734073639,
0.001794485142454505,
-0.0063950964249670506,
-0.014432027004659176,
0.018076810985803604,
-0.03178628906607628,
0.010464699938893318,
0.007001105230301619,
0.01166283618658781,
-0.0514107309281826,
0.01561156939715147,
-0.01865273155272007,
-0.032174959778785706,
-0.01861412823200226,
-0.018077263608574867,
-0.035772982984781265,
-0.0018942408496513963,
-0.012077867984771729,
0.01150878332555294,
0.04519450291991234,
0.09272977709770203,
-0.008084333501756191,
-0.007467830553650856,
-0.037009723484516144,
-0.024203024804592133,
-0.03185347467660904,
-0.004541177302598953,
0.04046912118792534,
-0.023185042664408684,
-0.06435166299343109,
-0.006136567797511816,
-0.0037384540773928165,
-0.00504856975749135,
-0.007472963538020849,
-0.0735522210597992,
-0.033754244446754456,
-0.04130842909216881,
0.02410704456269741,
-0.014151036739349365,
0.038662269711494446,
0.04919958859682083,
0.033445052802562714,
0.029012849554419518,
0.0016035059234127402,
0.0012444297317415476,
0.024173898622393608,
-0.059802982956171036,
0.03008803352713585,
0.029961200430989265,
-0.008055606856942177,
0.018822399899363518,
0.026631174609065056,
0.004068776033818722,
0.04471201077103615,
-0.07063562422990799,
-0.07081478834152222,
-0.03547041490674019,
0.002904207445681095,
0.03604283183813095,
-0.006498831324279308,
-0.029835626482963562,
0.03439659997820854,
-0.006397630088031292,
0.004265732131898403,
0.0044662607833743095,
-0.02572505734860897,
-0.008718155324459076,
-0.03948101028800011,
0.003432121127843857,
0.008762543089687824,
-0.00784221664071083,
-0.10272608697414398,
0.017957599833607674,
-0.00880147609859705,
0.03613526374101639,
0.04628586769104004,
-0.007326862309128046,
-0.01388243492692709,
-0.011276290751993656,
-0.0036566625349223614,
-0.01233699731528759,
-0.05592622235417366,
-0.017474539577960968,
0.009576274082064629,
-0.037422697991132736,
-0.0034597094636410475,
0.047790318727493286,
0.005153928883373737,
-0.10450511425733566,
-0.026609519496560097,
-0.043728265911340714,
0.00410778634250164,
-0.024439223110675812,
0.01902419701218605,
-0.004935075528919697,
0.06762795895338058,
-0.016669906675815582,
0.05943630263209343,
-0.0066472627222537994,
-0.0614013671875,
0.041195258498191833,
0.01353289745748043,
0.06886183470487595,
-0.0321490652859211,
0.03681118041276932,
0.007486513815820217,
0.0035821758210659027,
0.005227518267929554,
0.011295993812382221,
-0.019714832305908203,
0.0609840489923954,
0.0921495109796524,
-0.021759970113635063,
-0.0128847761079669,
-0.011241914704442024,
-0.043553754687309265,
0.0399911031126976,
0.01713453233242035,
0.051337141543626785,
-0.009987764060497284,
-0.023698249831795692,
-0.004486114252358675,
0.036827463656663895,
-0.011746494099497795,
-0.0005608925712294877,
-0.03201201558113098,
0.014181332662701607,
0.023225795477628708,
-0.009810768067836761,
0.010284975171089172,
-0.1456204503774643,
-0.013715152628719807,
-0.025801092386245728,
-0.0040598465129733086,
-0.022805694490671158,
0.018637295812368393,
0.010974202305078506,
0.02510765567421913,
-0.001105481875129044,
-0.012692205607891083,
0.005943640135228634,
-0.01455773040652275,
-0.016085844486951828,
0.05538136139512062,
-0.02410382591187954,
0.004170720931142569,
0.017735283821821213,
0.04159805178642273,
-0.008768764324486256,
0.02396584488451481,
-0.03444666415452957,
-0.0017973320791497827,
-0.005680536385625601,
-0.013581971637904644,
-0.01629369892179966,
-0.017933323979377747,
-0.011190474033355713,
-0.029752327129244804,
-0.006395245436578989,
0.07423029094934464,
-0.03600763529539108,
-0.011436307802796364,
0.015289493836462498,
0.028757330030202866,
-0.029215848073363304,
-0.02378283068537712,
0.07165940850973129,
-0.007769138086587191,
-0.04910844564437866,
-0.0031587579287588596,
0.043945662677288055,
-0.0011576464166864753,
0.024298952892422676,
0.01729312352836132,
-0.04114007204771042,
-0.016267819330096245,
-0.00958460196852684,
-0.015533062629401684,
-0.021613219752907753,
0.10074102878570557,
-0.007014138158410788,
-0.0006955470889806747,
0.01931687816977501,
-0.006450564134865999,
-0.011361856013536453,
-0.01538313552737236,
-0.04486522078514099,
-0.03024604357779026,
0.012925297021865845,
-0.04333116486668587,
-0.038645174354314804,
0.01859140582382679,
0.007126459851861,
0.012556358240544796,
0.021226540207862854,
0.06398540735244751,
-0.00024335876514669508,
0.06332048773765564,
-0.03809352591633797,
0.008626280352473259,
-0.03896881267428398,
0.11620359122753143,
0.10612993687391281,
-0.02716422639787197,
0.019622690975666046,
-0.02537194825708866,
-0.008722148835659027,
0.02330010198056698,
-0.02600504457950592,
-0.00036608229856938124,
-0.025128012523055077,
-0.008749116212129593,
-0.0004958793870173395,
0.031644370406866074,
-0.032028619199991226,
-0.00375035940669477,
0.0885424092411995,
0.016348406672477722,
-0.07749871164560318,
0.013980460353195667,
0.06254351139068604,
0.05821320414543152,
-0.009660564363002777,
0.0014824249083176255,
0.05542514845728874,
0.01802746392786503,
-0.04987040534615517,
0.038865625858306885,
0.011139849200844765,
-0.015479846857488155,
0.009577833116054535,
-0.013313000090420246,
-0.022001560777425766,
-0.0006437909323722124,
-0.012411690317094326,
0.04855521023273468,
-0.024280253797769547,
-0.028986657038331032,
0.016975432634353638,
0.013618553057312965,
-0.01254567876458168,
0.0031115508172661066,
0.018128594383597374,
0.018474139273166656,
0.07735386490821838,
-0.03613746538758278,
-0.0008559119887650013,
0.017661774531006813,
-0.027636634185910225,
0.015946989879012108,
0.023312179371714592,
-0.0004277928383089602,
-0.0023523184936493635,
-0.011968687176704407,
-0.010082676075398922,
0.0400533601641655,
-0.013384549878537655,
0.015034920535981655,
0.021382689476013184,
-0.006824527867138386,
0.029524484649300575,
-0.010473971255123615,
0.03777609393000603,
0.05321900546550751,
0.010304423980414867,
-0.020967235788702965,
0.003994855564087629,
0.03357278183102608,
-0.0035718493163585663,
-0.029723089188337326,
-0.012596308253705502,
0.006321944296360016,
-0.0065941889770329,
-0.006751302629709244,
0.01526929996907711,
0.05152798444032669,
0.029312308877706528,
-0.038113031536340714,
0.029653560370206833,
-0.010524073615670204,
0.03878897428512573,
0.0001869966072263196,
-0.093668632209301,
-0.013692879118025303,
0.011671054176986217,
-0.042454540729522705,
0.03250247240066528,
-0.014056100510060787,
0.028604863211512566,
0.07188496738672256,
0.009913664311170578,
-0.045283302664756775,
0.009323314763605595,
0.03775312751531601,
0.0007295303512364626,
-0.12082159519195557,
0.024453816935420036,
-0.0725630521774292,
-0.024556545540690422,
-0.00016504446102771908,
0.008031534031033516,
-0.02062707394361496,
0.007657091598957777,
0.022173365578055382,
-0.01717614196240902,
0.00862281396985054,
0.00900667067617178,
0.00541286077350378,
-0.02791624702513218,
-0.0006169112748466432,
0.03146465867757797,
-0.03894960135221481,
0.041458867490291595,
0.006144300568848848,
-0.02331966906785965,
-0.01918686553835869,
0.01791827380657196,
0.05205605924129486,
-0.018406350165605545,
0.0284303966909647,
-0.04938839375972748,
-0.003233089344576001,
0.02169335074722767,
-0.002675451571121812,
0.0166835505515337,
0.007022493984550238,
-0.008444638922810555,
-0.0005443996633403003,
0.0025464596692472696,
-0.012349662370979786,
0.0037442189641296864,
0.0038302214816212654,
-0.0001206011074827984,
0.03718074411153793,
-0.01080162450671196,
0.0061892010271549225,
0.01950148493051529,
0.018898271024227142,
-0.008801729418337345,
0.04823675751686096,
-0.007120438385754824,
-0.0002907541347667575,
0.013699287548661232,
-0.00713193416595459,
0.003744685323908925,
0.02263123169541359,
-0.011186473071575165,
0.04640595242381096,
0.008569376543164253,
-0.015804581344127655,
-0.03440131992101669,
0.024462971836328506,
-0.021898750215768814,
-0.02487221360206604,
0.014227502048015594,
0.005324734374880791,
-0.07803822308778763,
-0.05219122767448425,
-0.018392333760857582,
-0.014531210996210575,
0.0012430795468389988,
-0.04606980085372925,
-0.05568473041057587,
-0.037982262670993805,
0.03603537380695343,
-0.004011132754385471,
-0.0036456298548728228,
-0.19164089858531952,
0.11299388110637665,
-0.0006447021733038127,
-0.010194046422839165,
0.03923721984028816,
-0.02241460420191288,
0.029524244368076324,
0.04995303601026535,
0.010705549269914627,
0.010715767741203308,
-0.011376233771443367,
0.04196755588054657,
-0.05334388464689255,
0.00861375406384468,
0.029322335496544838,
0.038093600422143936,
-0.015453715808689594,
-0.026715340092778206,
0.01563091017305851,
-0.04429041966795921,
0.03152909874916077,
-0.007003872189670801,
0.019689371809363365,
-0.0030061714351177216,
0.003926291596144438,
0.032053396105766296,
0.03761764615774155,
-0.002388622611761093,
0.04604906961321831,
-0.004991245921701193,
0.022411784157156944,
-0.006821204908192158,
0.05494072288274765,
0.006333375349640846,
0.020785532891750336,
0.1551157385110855,
-0.011285088956356049,
-0.02872084639966488,
0.009319944307208061,
-0.004861574154347181,
0.006394899450242519,
-0.01730208843946457,
-0.030776647850871086,
-0.023291485384106636,
-0.012716757133603096,
0.026167720556259155,
0.025389865040779114,
-0.012773869559168816,
0.025855777785182,
-0.02066366747021675,
-0.07767226547002792,
-0.0012926255585625768,
0.0038799906615167856,
-0.10382761806249619,
-0.015818508341908455,
0.11389174312353134,
0.03998244181275368,
0.00261379755102098,
0.012996355071663857,
-0.03674737364053726,
0.028402067720890045,
0.00004382243423606269,
0.016305003315210342,
0.027627388015389442,
0.005204353481531143,
-0.04663066565990448,
0.00854821503162384,
-0.022068900987505913,
-0.10262560844421387,
0.00432553980499506,
-0.001137249288149178,
-0.028911396861076355,
0.02658858150243759,
-0.013398664072155952,
0.09330251812934875,
0.01241109799593687,
-0.016236161813139915,
-0.08337771892547607,
0.04239829257130623,
-0.00553229870274663,
0.001689366064965725,
-0.02939269132912159,
-0.024500718340277672,
-0.05188778415322304,
0.05140162631869316,
0.0029456454794853926,
-0.014754903502762318,
0.01274066511541605,
0.02439458854496479,
-0.11830569058656693,
0.02580277808010578,
0.024205930531024933,
-0.0018233308801427484,
-0.006105942185968161,
-0.025855539366602898,
-0.001456058002077043,
-0.02150767482817173,
0.0181222353130579,
0.04387331008911133,
-0.10957685112953186,
-0.023802950978279114,
0.0159171000123024,
0.00470794178545475,
-0.011496725492179394,
0.008924044668674469,
0.02148451656103134,
0.00979358609765768,
0.0419425368309021,
0.013176015578210354,
-0.010239914059638977,
0.02281515672802925,
-0.003126142779365182,
0.03912796452641487,
-0.0017632782692089677,
-0.014793629758059978,
-0.037262775003910065,
-0.011233601719141006,
-0.040312644094228745,
-0.001203131745569408,
0.020886903628706932,
0.01757979579269886,
-0.13704028725624084,
0.030416131019592285,
0.03539272025227547,
0.009869564324617386,
-0.012626145966351032,
0.02489214949309826,
-0.01765940710902214,
-0.015667304396629333,
0.003473981050774455,
-0.030315350741147995,
-0.04638819023966789,
0.018215864896774292,
-0.004348155576735735,
-0.021591268479824066,
-0.0015780689427629113,
0.0213832575827837,
-0.009102903306484222,
0.009984837844967842,
0.04861212521791458,
-0.014136790297925472,
0.03395935148000717,
-0.04825659096240997,
-0.11721915006637573,
0.008194784633815289,
-0.03461823612451553,
-0.014980383217334747,
0.016130808740854263,
0.02831590175628662,
0.009314915165305138,
-0.008706505410373211,
-0.03762385621666908,
0.03681068494915962,
0.05869968608021736,
0.021328995004296303,
-0.005053341388702393,
0.023329878225922585,
0.04734337702393532,
-0.007192523218691349,
-0.000851615855935961,
-0.010057859122753143,
-0.013392305932939053,
-0.004680948331952095,
-0.03430018946528435,
-0.01906237006187439,
0.02357254922389984,
-0.04357238858938217,
0.04782402887940407,
0.006242718547582626,
-0.0011674126144498587,
0.04149351641535759,
-0.0005427096621133387,
-0.03740148991346359,
-0.010021963156759739,
0.030988547950983047,
0.00809972919523716,
-0.00726982019841671,
0.02536686509847641,
0.05282283574342728,
0.016090471297502518,
-0.026237675920128822,
-0.006281200796365738,
0.039081040769815445,
-0.05851157754659653,
0.008977530524134636,
0.015861976891756058,
-0.024290671572089195,
0.020512936636805534,
-0.07209128886461258,
0.011969097889959812,
0.05406033247709274,
-0.11421613395214081,
-0.08935883641242981,
-0.06373749673366547,
0.012815132737159729,
0.007762935943901539,
-0.017659764736890793,
-0.010444575920701027,
-0.030139949172735214,
0.01189374178647995,
-0.0014858396025374532,
-0.02302912063896656,
0.003239557147026062,
-0.04790467396378517,
0.032393913716077805,
-0.02271183580160141,
0.012111329473555088,
0.01974027045071125,
-0.01950903609395027,
0.016739225015044212,
-0.007345189340412617,
-0.009310957975685596,
-0.004324608016759157,
0.023329375311732292,
0.016124894842505455,
-0.009630088694393635,
-0.016036806628108025,
-0.02951440028846264,
-0.002393217757344246,
-0.0659579485654831,
0.010521615855395794,
-0.00008989522029878572,
0.0074801817536354065,
-0.0009055801783688366,
-0.022823842242360115,
-0.041272543370723724,
-0.037898413836956024,
-0.006989920977503061,
0.0882987529039383,
0.004513027146458626,
0.0428088903427124,
-0.029234137386083603,
0.005296366289258003,
0.0030226705130189657,
0.009368091821670532,
-0.03873836249113083,
0.04119851440191269,
-0.032725147902965546,
0.0006304142298176885,
-0.006600162945687771,
-0.04252380505204201,
-0.03238096460700035,
-0.0036812014877796173,
-0.009759594686329365,
0.04559727758169174,
0.04097219184041023,
0.005347598344087601,
0.017275987192988396,
0.045803818851709366,
-0.010717659257352352,
-0.014240890741348267,
-0.045321058481931686,
-0.03196600824594498,
0.07238272577524185,
-0.06570533663034439,
-0.016353731974959373,
0.02821490727365017,
0.001782502280548215,
-0.031724244356155396,
0.017810223624110222,
-0.014089653268456459,
-0.0197904072701931,
0.005348877515643835,
-0.03648719936609268,
-0.012672106735408306,
0.007207402028143406,
0.0380321629345417,
-0.029364019632339478,
0.06517650187015533,
-0.026815615594387054,
0.03761151060461998,
-0.006640251725912094
] |
the year ended December 31, 2011 and 2010, the gains or losses on foreign exchange transactions and the effect of exchange rate changes on cash and cash equivalents were immaterial.
Contractual Obligations
Indemnifications
The information set forth under Note 6 of Item 8, Financial Statements and Supplementary Data under the caption “Guarantees—Indemnification Obligations” is incorporated herein by reference.
Critical Accounting Policies and Estimates
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported periods. The Securities and Exchange Commission (“SEC”) has defined a company’s critical accounting policies as the ones that are most important to the portrayal of a company’s financial condition and results of operations, and which require a company to make its most difficult and subjective judgments. Based on this definition, we have identified the critical accounting policies and judgments addressed below. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates.
Content Accounting
We obtain content through streaming content license agreements, DVD direct purchases and DVD revenue sharing agreements with studios, distributors and other suppliers.
We obtain content distribution rights in order to stream TV shows and movies to subscribers’ TVs, computers and mobile devices. Streaming content is generally licensed for a fixed-fee for the term of the license agreement which may have multiple windows of availability. The license agreement may or may not be recognized in content library.
When the streaming license fee is known or reasonably determinable for a specific title and the specific title is first available for streaming to subscribers, the title is recognized on the Consolidated Balance Sheets as “Current content library” for the portion available for streaming within one year and as “Non-current content library” for the remaining portion. New titles recognized in the content library are classified in the line item “Additions to streaming content library” within net cash provided by operating activities in the Consolidated Statements of Cash Flows. We amortize the content library on a straight-line basis over each title’s contractual window of availability, which typically ranges from six months to five years. The steaming content library is reported at the lower of unamortized cost or estimated net realizable value. No write down from unamortized cost to a lower net realizable value was recorded in any of the periods presented. The amortization is classified in “Cost of revenues-Subscription” in the Consolidated Statements of Operations and in the line item “Amortization of streaming content library” within net cash provided by operating activities
| 1HOLD
|
[
0.002125103957951069,
0.016684342175722122,
0.0038156078662723303,
-0.02931375429034233,
-0.09979240596294403,
0.0064455377869307995,
-0.0043618204072117805,
-0.018146956339478493,
-0.033485349267721176,
0.001285589998587966,
0.019629929214715958,
-0.013332191854715347,
0.02161681465804577,
-0.015892917290329933,
-0.011512551456689835,
-0.035193055868148804,
-0.053746502846479416,
-0.00858625490218401,
-0.016254829242825508,
-0.007513727992773056,
0.016645018011331558,
0.04075160250067711,
0.0069430312141776085,
0.019104918465018272,
0.014245949685573578,
0.010304717347025871,
0.013175667263567448,
0.03816208988428116,
0.03440212458372116,
-0.027044503018260002,
0.0234938096255064,
0.002533798571676016,
0.020413370802998543,
-0.023918041959404945,
-0.046851396560668945,
-0.002755209570750594,
-0.027222858741879463,
-0.011701851151883602,
0.09321973472833633,
-0.004731061402708292,
-0.0067187147215008736,
0.028564240783452988,
0.059674978256225586,
-0.005020293407142162,
0.007741278037428856,
-0.020422888919711113,
0.02512309141457081,
0.009163952432572842,
0.00695150438696146,
-0.0037322104908525944,
-0.007830564863979816,
-0.009298386052250862,
-0.009475905448198318,
0.0035816258750855923,
-0.0072793904691934586,
-0.01813417300581932,
-0.003025100566446781,
-0.02917594276368618,
0.02402517944574356,
0.02477937750518322,
-0.012448610737919807,
-0.04080362617969513,
0.039476171135902405,
0.024882428348064423,
0.014237245544791222,
-0.01339737605303526,
-0.0012384087312966585,
0.01661059446632862,
-0.03267064690589905,
-0.045928891748189926,
0.021438773721456528,
0.016254466027021408,
-0.00462835980579257,
0.012078211642801762,
0.006896354723721743,
-0.03020094335079193,
0.05023663118481636,
-0.01888882927596569,
0.08613964170217514,
-0.019162574782967567,
0.008035854436457157,
-0.05834120512008667,
-0.04147251322865486,
-0.04245765134692192,
0.04139409959316254,
-0.0058410330675542355,
-0.0036261044442653656,
-0.07663017511367798,
-0.002947708358988166,
-0.01658000610768795,
0.004110237117856741,
-0.006084049586206675,
-0.047619014978408813,
-0.10263518244028091,
-0.022880321368575096,
-0.006370046641677618,
-0.01562833972275257,
-0.12016494572162628,
0.002917724195867777,
-0.009038105607032776,
0.05174104869365692,
-0.0060906726866960526,
0.017717178910970688,
-0.01188981719315052,
-0.0004392434493638575,
0.0035566750448197126,
-0.02258511446416378,
-0.01722574606537819,
0.001425697235390544,
0.02580900862812996,
-0.037902381271123886,
-0.07267806679010391,
0.008405443280935287,
-0.025369402021169662,
0.004356545861810446,
0.04581984132528305,
-0.02085188217461109,
-0.03968106582760811,
-0.019609279930591583,
-0.055066708475351334,
-0.007223718799650669,
-0.04451350122690201,
-0.00827021338045597,
-0.006440768949687481,
-0.038007885217666626,
0.003170275129377842,
0.004959445912390947,
0.00449340371415019,
0.02348034642636776,
-0.016934266313910484,
0.004504124168306589,
-0.03257066011428833,
-0.0006324558053165674,
0.04162074625492096,
0.02422558329999447,
-0.014461269602179527,
-0.0066335611045360565,
0.007494053337723017,
-0.05172508582472801,
0.021805953234434128,
-0.01233769953250885,
-0.054223667830228806,
-0.04975443333387375,
-0.03733907639980316,
-0.028484592214226723,
-0.009002607315778732,
-0.006784599274396896,
0.008250690065324306,
0.004893460776656866,
0.07775862514972687,
-0.00027187843807041645,
0.022424865514039993,
-0.01951291784644127,
-0.03602101281285286,
0.002640838036313653,
0.019268294796347618,
0.0254613496363163,
-0.033725276589393616,
-0.06255336105823517,
0.031056251376867294,
-0.0032357193995267153,
0.015129194594919682,
-0.023967767134308815,
-0.04474758729338646,
0.015824614092707634,
-0.05462160333991051,
0.03988547623157501,
-0.02938133105635643,
0.0267716646194458,
0.040821827948093414,
0.009525220841169357,
0.004998818971216679,
0.00043967802776023746,
-0.005968356970697641,
-0.018763182684779167,
-0.035897668451070786,
0.009233656339347363,
0.015655312687158585,
0.013314325362443924,
0.0021042367443442345,
0.03078559599816799,
-0.008938437327742577,
0.04570252448320389,
0.08748467266559601,
-0.03266971558332443,
0.011428450234234333,
-0.018471766263246536,
0.04648929089307785,
-0.0162454005330801,
-0.01956896483898163,
0.00452567171305418,
-0.013599993661046028,
-0.004605093505233526,
-0.002912214957177639,
-0.02427307702600956,
-0.014853684231638908,
-0.021024327725172043,
-0.00897018238902092,
-0.012396740727126598,
-0.016767118126153946,
-0.00463665509596467,
0.020920686423778534,
-0.0036797141656279564,
0.01188143901526928,
0.005083856638520956,
-0.00471885222941637,
-0.03145381808280945,
0.007777289021760225,
-0.028687041252851486,
-0.03920702263712883,
-0.03321415185928345,
-0.022366616874933243,
0.0016507706604897976,
-0.01036125048995018,
0.014480971731245518,
0.028338808566331863,
-0.025741199031472206,
-0.09568609297275543,
-0.024368228390812874,
-0.0350467674434185,
0.01364482007920742,
-0.01915310136973858,
0.0129057252779603,
-0.020683716982603073,
0.0381891131401062,
0.021424897015094757,
0.047509320080280304,
-0.00859946757555008,
-0.026705365628004074,
0.02420954406261444,
0.03258423134684563,
0.06695327162742615,
0.018228136003017426,
0.0349767692387104,
0.0074248528108000755,
-0.008915921673178673,
0.006068303249776363,
0.0022385031916201115,
-0.00749477744102478,
0.043290965259075165,
0.11951342225074768,
-0.00951896421611309,
0.0007011216948740184,
-0.021058470010757446,
-0.024065183475613594,
0.013052473776042461,
-0.027770768851041794,
0.04876227676868439,
-0.00859453808516264,
0.019435105845332146,
0.0006129348184913397,
-0.002883977722376585,
0.05334257334470749,
-0.0015201001660898328,
-0.03935937210917473,
0.005904385354369879,
-0.025534268468618393,
-0.023879049345850945,
0.03217640519142151,
-0.10129956156015396,
-0.023539265617728233,
-0.008449015207588673,
-0.011161789298057556,
-0.001768825575709343,
0.013757731765508652,
-0.00981949269771576,
0.025999730452895164,
0.01480739377439022,
-0.003216235199943185,
-0.007489257957786322,
-0.0017690041568130255,
-0.008284593932330608,
0.06702538579702377,
-0.024628808721899986,
0.01391969621181488,
-0.0003167332033626735,
0.04542579874396324,
-0.013175285421311855,
-0.004480717238038778,
-0.006727576721459627,
-0.004838084802031517,
0.02006545662879944,
-0.004098518751561642,
-0.019515205174684525,
0.0057382043451070786,
-0.018622130155563354,
-0.03127972036600113,
-0.013071359135210514,
-0.019597364589571953,
-0.021476803347468376,
-0.022023193538188934,
0.0107898423448205,
-0.013832361437380314,
-0.015840845182538033,
-0.0209613349288702,
0.07183432579040527,
-0.018677812069654465,
-0.03339886665344238,
0.004018332809209824,
0.021738067269325256,
-0.03305862843990326,
-0.019350972026586533,
0.008078076876699924,
-0.01904071867465973,
-0.010293945670127869,
-0.02361196279525757,
0.008749025873839855,
-0.025207383558154106,
-0.021339520812034607,
-0.003451499156653881,
0.0022036090958863497,
-0.012325222603976727,
0.005372330546379089,
0.002010597148910165,
-0.001756600453518331,
-0.02303333394229412,
-0.04856140539050102,
-0.01142076961696148,
-0.03309480473399162,
-0.016294578090310097,
-0.006449865642935038,
0.0004068654961884022,
-0.009643222205340862,
0.017446573823690414,
0.038349755108356476,
0.01583046466112137,
0.0626370906829834,
-0.028818657621741295,
-0.005542644765228033,
-0.0409848615527153,
0.3586242198944092,
0.11061723530292511,
-0.022949088364839554,
0.020639849826693535,
-0.012847958132624626,
-0.0030551159288734198,
0.02084663324058056,
-0.02318475767970085,
0.0011296424781903625,
-0.03016013279557228,
-0.03340572491288185,
-0.006286142859607935,
-0.016569703817367554,
-0.04626523330807686,
0.002485428238287568,
0.03551698103547096,
0.011754490435123444,
-0.07830311357975006,
-0.002089644083753228,
0.05197449401021004,
0.04223864525556564,
-0.005979526787996292,
-0.03904655575752258,
0.03829754889011383,
0.003592777531594038,
-0.030272066593170166,
0.045347146689891815,
-0.015959016978740692,
-0.008537259884178638,
0.06843727082014084,
-0.018819408491253853,
-0.0026319960597902536,
-0.007662667892873287,
0.0157467108219862,
0.04757742956280708,
0.007851749658584595,
0.05831756442785263,
0.014221048913896084,
0.008643916808068752,
-0.0221616942435503,
0.02128414809703827,
0.019144009798765182,
0.012752854265272617,
0.08799972385168076,
-0.016545621678233147,
-0.011617756448686123,
0.03402351215481758,
0.008832897990942001,
0.01972600258886814,
0.027282889932394028,
-0.010180962271988392,
-0.015418292954564095,
0.0025864129420369864,
-0.010371135547757149,
-0.04613656550645828,
-0.01408358570188284,
0.028619660064578056,
0.010911712422966957,
-0.04544338956475258,
0.030341820791363716,
-0.01418670266866684,
-0.0004726098559331149,
0.01692177727818489,
-0.009724171832203865,
0.007142434827983379,
0.010909665375947952,
0.014039088971912861,
-0.017825162038207054,
-0.052815549075603485,
-0.023232653737068176,
-0.006354541517794132,
0.032162558287382126,
-0.006807076744735241,
-0.02717413567006588,
0.03680911660194397,
0.019119543954730034,
-0.034947384148836136,
0.007685111369937658,
0.009533065371215343,
0.027933908626437187,
-0.011401379480957985,
0.004729303997009993,
-0.023038692772388458,
0.05198676884174347,
-0.02493828535079956,
0.006167439743876457,
-0.004786741454154253,
0.00525120971724391,
0.042505912482738495,
-0.09538069367408752,
-0.05361863970756531,
-0.010634995065629482,
0.042143672704696655,
0.008272218517959118,
0.0025928586255759,
0.039150748401880264,
-0.08009301126003265,
-0.0014916229993104935,
-0.013897968456149101,
-0.0026087737642228603,
-0.02070772647857666,
-0.0019160971278324723,
0.019320666790008545,
-0.01488560251891613,
0.0038731275126338005,
-0.009657283313572407,
0.003158430103212595,
-0.03995472937822342,
0.033492181450128555,
0.04137935861945152,
0.0014860659139230847,
-0.0248606838285923,
-0.003173787845298648,
-0.02794444002211094,
0.0038613404612988234,
0.03934135660529137,
-0.005864037200808525,
-0.019884925335645676,
0.0077567389234900475,
-0.03292633593082428,
0.005305636208504438,
0.015963735058903694,
-0.040214039385318756,
0.0006461486918851733,
-0.0014265466015785933,
-0.015368932858109474,
0.01644066721200943,
-0.00955711305141449,
-0.01690518669784069,
0.006393675226718187,
0.014087077230215073,
-0.009653824381530285,
0.008502221666276455,
-0.054349854588508606,
0.02578224241733551,
0.001957871252670884,
0.01580914296209812,
0.012318315915763378,
0.05460941046476364,
-0.0037280505057424307,
0.009038236923515797,
0.009845658205449581,
-0.014643989503383636,
-0.021521931514143944,
-0.010208298452198505,
-0.020168717950582504,
0.026843953877687454,
0.02297849766910076,
-0.04867412522435188,
-0.021658431738615036,
0.0008113343501463532,
-0.03170746937394142,
0.0039707208052277565,
-0.01907854527235031,
0.0051625813357532024,
-0.032973162829875946,
-0.04035818576812744,
-0.043475519865751266,
-0.017520058900117874,
-0.021801233291625977,
-0.04474479332566261,
-0.039164718240499496,
-0.040683992207050323,
0.044633883982896805,
-0.004933684132993221,
0.009265828877687454,
-0.1650034338235855,
0.15092429518699646,
0.024647163227200508,
-0.00005624355617328547,
0.01616831310093403,
-0.0336846187710762,
0.01978706195950508,
0.052838023751974106,
0.01884736493229866,
-0.004058094695210457,
-0.015465895645320415,
0.022027624770998955,
-0.01635061763226986,
-0.0010711663635447621,
0.027802132070064545,
0.04851566627621651,
-0.0051682316698133945,
0.008222879841923714,
0.010510176420211792,
0.007268099579960108,
0.02562168426811695,
-0.002754942746832967,
-0.007798884995281696,
0.009410527534782887,
-0.005049138329923153,
0.021980270743370056,
0.022405972704291344,
0.0004885589587502182,
0.0014036484062671661,
-0.009768133983016014,
-0.029731694608926773,
-0.0016967812553048134,
0.020887477323412895,
0.016831105574965477,
0.04513019695878029,
-0.0922512337565422,
-0.005417612846940756,
-0.01467279065400362,
-0.0019983279053121805,
-0.024090172722935677,
0.002231516409665346,
-0.03287141025066376,
-0.035318318754434586,
-0.009048099629580975,
0.004644935950636864,
-0.0031130057759582996,
0.023531461134552956,
0.020313164219260216,
0.01868731901049614,
-0.006852380000054836,
-0.0777345821261406,
-0.0010978329228237271,
-0.027752336114645004,
-0.0557451955974102,
-0.01539674960076809,
0.17989666759967804,
0.005993745755404234,
-0.01628580316901207,
0.031723592430353165,
-0.03569025173783302,
0.04496096447110176,
-0.0006464829202741385,
0.03823356330394745,
0.0012707759160548449,
0.008080962114036083,
-0.03845636546611786,
0.0076764971017837524,
-0.0186479389667511,
-0.07323267310857773,
-0.0203703586012125,
-0.013991592451930046,
-0.012573081068694592,
0.010371983982622623,
-0.006782378535717726,
0.13527987897396088,
0.021091550588607788,
-0.019958769902586937,
-0.07313044369220734,
0.014455531723797321,
-0.01905868947505951,
0.002137810690328479,
-0.020693201571702957,
-0.017389994114637375,
-0.02200440503656864,
0.04873128980398178,
-0.07121454924345016,
-0.023119060322642326,
0.020085705444216728,
-0.01147186104208231,
-0.08793067932128906,
-0.0028815639670938253,
-0.009907718747854233,
-0.0017357055330649018,
-0.03724709153175354,
-0.010648386552929878,
0.0016774653922766447,
-0.03878512978553772,
0.003778978483751416,
0.05395015701651573,
0.008244289085268974,
-0.008484669961035252,
0.03191592916846275,
0.018429340794682503,
-0.0031069228425621986,
-0.035607051104307175,
0.033165428787469864,
0.008516132831573486,
0.04381432384252548,
0.004296516068279743,
0.002591094933450222,
0.0248115211725235,
0.02159416489303112,
0.025844158604741096,
-0.021341565996408463,
-0.007488911505788565,
-0.05266335979104042,
-0.0134479571133852,
-0.027945637702941895,
-0.017048655077815056,
0.01815161667764187,
-0.00146377831697464,
0.12388543039560318,
0.0352962501347065,
0.019982431083917618,
0.019860485568642616,
-0.007929850369691849,
0.04375298693776131,
-0.031144075095653534,
0.07016198337078094,
-0.01665349490940571,
-0.0013622632250189781,
-0.03545958176255226,
0.019442183896899223,
0.0002062654821202159,
-0.021461261436343193,
-0.03923492133617401,
0.011217410676181316,
-0.007538005243986845,
0.007753483485430479,
0.014167159795761108,
0.011228266172111034,
0.0037687993608415127,
-0.04958697408437729,
0.0319458544254303,
0.027149250730872154,
-0.022070802748203278,
-0.005027217790484428,
0.010247624479234219,
0.0217653289437294,
-0.012327275238931179,
-0.014510491862893105,
-0.04432782158255577,
-0.009683353826403618,
0.014055756852030754,
-0.013114405795931816,
-0.00019428094674367458,
0.09422515332698822,
0.0054946416057646275,
0.004565485753118992,
-0.013219724409282207,
0.005585226695984602,
0.014247366227209568,
0.0027088026981800795,
0.00092505436623469,
-0.02499246969819069,
0.018605146557092667,
0.015181105583906174,
0.1256890743970871,
0.038587845861911774,
0.009825611487030983,
0.005126026924699545,
-0.011588129214942455,
-0.03812588378787041,
-0.024423593655228615,
0.02412343956530094,
-0.01302937138825655,
0.01702582649886608,
0.012450194917619228,
0.054580703377723694,
0.005356469191610813,
-0.012831578031182289,
-0.041440561413764954,
0.030468324199318886,
-0.04752581939101219,
0.013314004987478256,
0.006964486557990313,
-0.02070574462413788,
-0.004475110676139593,
-0.049897655844688416,
-0.015815621241927147,
0.06378001719713211,
0.13007232546806335,
-0.06129581853747368,
-0.05611661449074745,
-0.0019368858775123954,
-0.005491477437317371,
-0.01347386185079813,
-0.016806870698928833,
-0.01867211051285267,
0.000007947424819576554,
0.00366236362606287,
0.0007553664036095142,
0.009584945626556873,
0.20305727422237396,
0.004235705826431513,
-0.028664207085967064,
0.026076683774590492,
0.0008084456785582006,
-0.011765647679567337,
0.007757587358355522,
0.010001355782151222,
-0.016046414151787758,
-0.0074609145522117615,
0.02451198175549507,
-0.010018914937973022,
-0.015366997569799423,
-0.03200114890933037,
-0.021270940080285072,
-0.030466774478554726,
-0.056832876056432724,
0.03799334540963173,
0.00954417698085308,
0.012904640287160873,
0.011958426795899868,
-0.04776739701628685,
-0.027827829122543335,
-0.024257104843854904,
-0.002477193484082818,
-0.018940698355436325,
0.0009177403408102691,
0.04598185420036316,
-0.0005652260733768344,
0.008996864780783653,
-0.05120024457573891,
0.018192891031503677,
-0.026575438678264618,
-0.04830288141965866,
-0.03777579218149185,
-0.013480180874466896,
-0.009238198399543762,
-0.05029529705643654,
-0.037310726940631866,
-0.00354630290530622,
-0.015048297122120857,
0.006327912211418152,
0.036418795585632324,
-0.0156999584287405,
0.01917596533894539,
0.039716050028800964,
-0.004057719372212887,
-0.021378807723522186,
-0.01920599862933159,
0.003741560271009803,
0.08674284815788269,
0.12556269764900208,
-0.012758633121848106,
0.06210429221391678,
-0.009406710043549538,
-0.05512675270438194,
0.0070863100700080395,
-0.01613476872444153,
-0.0596158467233181,
0.0010381409665569663,
-0.03840440511703491,
-0.05039001256227493,
0.01236017793416977,
0.016521364450454712,
-0.029873434454202652,
0.03248501941561699,
-0.035581156611442566,
0.004278586711734533,
0.01640252396464348
] |
charges in 2018 decreased $1.88 billion from 2017. The change between periods was mainly due to absence of a prior year tax charge of $2.47 billion related to U.S. tax reform, lower employee expenses and the absence of a reclamation related charge for a former mining asset, partially offset by other unfavorable tax items and higher interest expense. Foreign currency effects increased net charges by $105 million between periods. Net charges in 2017 increased $2.77 billion from 2016, mainly due to higher tax items, primarily reflecting a $2.47 billion expense from U.S. tax reform, higher interest expense and a reclamation related charge for a former mining asset, partially offset by lower employee expense. Foreign currency effects decreased net charges by $139 million between periods.
Consolidated Statement of Income
Comparative amounts for certain income statement categories are shown below:
Sales and other operating revenues increased in 2018 mainly due to higher crude oil, refined product and natural gas prices. The increase between 2017 and 2016 was primarily due to higher refined product and crude oil prices, higher crude oil volumes, and higher natural gas volumes.
Beginning in 2018, excise, value-added and similar taxes collected on behalf of third parties were no longer included in "Sales and other operating revenue", but were netted in "Taxes other than on income" in accordance with ASU 2014-09. 2017 and 2016 include $7.19 billion and $6.91 billion, respectively, in taxes collected on behalf of third parties.
Income from equity affiliates
Income from equity affiliates increased in 2018 from 2017 mainly due to higher upstream-related earnings from Tengizchevroil in Kazakhstan, Petroboscan and Petropiar in Venezuela, and higher downstream-related earnings from CPChem.
Income from equity affiliates increased in 2017 from 2016 mainly due to higher upstream-related earnings from Tengizchevroil in Kazakhstan and Angola LNG.
Refer to Note 14, beginning on page 69, for a discussion of Chevron’s investments in affiliated companies.
Other income
Other income of $1.1 billion in 2018 included net gains from asset sales of $713 million before-tax. Other income in 2017 and 2016 included net gains from asset sales of $2.2 billion and $1.1 billion before-tax, respectively. Interest income was approximately $192 million in 2018, $107 million in 2017 and $145 million in 2016. Foreign currency effects decreased other income by $123 million in 2018, $131 million in 2017, and $186 million in 2016.
Purchased crude oil and products
Crude oil and product purchases increased $18.8 billion in 2018, primarily due to higher crude oil and refined product prices, partially offset by lower crude oil volumes. Purchases increased $16.4 billion in 2017, primarily due to higher crude oil and refined product prices, and higher refined product and crude oil volumes.
Operating, selling, general and administrative expenses
Operating, selling, general and administrative expenses increased $1.1 billion between 2018 and 2017. The increase included higher services and fees of $450 million, a receivable write-down for $270 million, higher transportation expenses
| 2SELL
|
[
-0.006165422964841127,
0.053480129688978195,
-0.01445661298930645,
-0.02397189475595951,
-0.12185332179069519,
-0.014241470023989677,
-0.010887393727898598,
-0.0013351400848478079,
-0.05882016196846962,
0.032330892980098724,
0.014365811832249165,
-0.030023686587810516,
0.02020660974085331,
-0.009186175651848316,
0.024787332862615585,
0.048430584371089935,
0.04080455005168915,
-0.015668518841266632,
-0.02409745380282402,
-0.004628239665180445,
0.013344774022698402,
0.011273622512817383,
0.012414000928401947,
-0.011476170271635056,
0.02264317311346531,
0.026990296319127083,
-0.06952343881130219,
0.01955806091427803,
0.026651274412870407,
-0.039946623146533966,
0.01882581226527691,
0.019936056807637215,
0.039417024701833725,
-0.014172221533954144,
0.05424828454852104,
0.004080920945852995,
-0.04761280491948128,
0.01669035479426384,
0.02051728032529354,
0.007296756841242313,
-0.0459892563521862,
0.024233127012848854,
-0.01260401215404272,
-0.006065881811082363,
0.009563682600855827,
-0.01160742249339819,
0.023794472217559814,
0.03374559059739113,
0.01723070628941059,
-0.016152627766132355,
0.0021916748955845833,
-0.026509566232562065,
-0.026082515716552734,
-0.02557469718158245,
-0.019556459039449692,
0.011300353333353996,
-0.014142461121082306,
-0.028442632406949997,
0.07365254312753677,
0.027100879698991776,
0.01926802285015583,
-0.03630969673395157,
0.0035648669581860304,
0.018025722354650497,
0.009747590869665146,
-0.004342051688581705,
-0.009031443856656551,
-0.0006334178033284843,
-0.029781300574541092,
-0.015576621517539024,
0.014014109037816525,
0.03526023402810097,
-0.016628418117761612,
-0.020686805248260498,
0.008903484791517258,
-0.05975458025932312,
0.027820736169815063,
0.0033062046859413385,
0.064110666513443,
-0.024036359041929245,
0.009493978694081306,
-0.07965115457773209,
0.05286308377981186,
-0.10065890848636627,
0.00555087486281991,
-0.011741384863853455,
-0.007782080210745335,
-0.05115631967782974,
-0.0129573168233037,
0.002277492545545101,
0.007070173509418964,
0.027749832719564438,
-0.014926126226782799,
-0.03778879716992378,
-0.02233876846730709,
0.014082114212214947,
0.037022002041339874,
-0.15403732657432556,
-0.008974188007414341,
0.01043291762471199,
0.06787872314453125,
0.014978897757828236,
0.034833163022994995,
-0.03177639842033386,
0.008572532795369625,
0.021756920963525772,
-0.02217884361743927,
0.04008256271481514,
0.005923840682953596,
0.011538381688296795,
-0.02004830352962017,
-0.061462920159101486,
0.041385602205991745,
-0.005385861732065678,
-0.001662254799157381,
0.04762681946158409,
0.0026394471060484648,
0.026526741683483124,
-0.0006334799691103399,
-0.05949646607041359,
0.019222455099225044,
-0.018461761996150017,
-0.038731712847948074,
0.005680796690285206,
-0.03438529372215271,
0.03009997121989727,
-0.033952746540308,
0.002286922885105014,
0.039849039167165756,
-0.007291794754564762,
-0.005190126597881317,
-0.010710998438298702,
-0.014256281778216362,
0.031513944268226624,
-0.03929704427719116,
0.01298175286501646,
-0.013291208073496819,
0.007544286549091339,
-0.04554039239883423,
0.01545148529112339,
-0.04564191773533821,
-0.02821553498506546,
-0.006254146341234446,
-0.003906991798430681,
-0.04737060144543648,
-0.007075946778059006,
-0.014533987268805504,
-0.0014193126698955894,
0.03320638835430145,
0.05303582176566124,
-0.017938535660505295,
0.003059579059481621,
-0.03546358272433281,
-0.011833264492452145,
-0.023778140544891357,
-0.009794386103749275,
0.045696549117565155,
0.0034205906558781862,
-0.05854840204119682,
0.004595716018229723,
-0.008929388597607613,
-0.003029346466064453,
-0.0023381628561764956,
-0.05756920576095581,
-0.05652628093957901,
-0.033261045813560486,
0.020609945058822632,
-0.01060395035892725,
0.044007159769535065,
0.035465944558382034,
0.020819341763854027,
0.017506347969174385,
0.004525753669440746,
0.00008561594586353749,
0.0209058728069067,
-0.053779736161231995,
0.013457478024065495,
0.047671493142843246,
-0.009476982057094574,
0.018875407055020332,
0.04131398722529411,
0.005914718843996525,
0.059983424842357635,
-0.11055396497249603,
-0.06422822922468185,
-0.0019246599404141307,
0.010043465532362461,
0.045682553201913834,
-0.004333894699811935,
-0.014697679318487644,
0.05156229808926582,
-0.009187386371195316,
-0.007793528959155083,
-0.014787808060646057,
0.008218644186854362,
-0.017179666087031364,
-0.00012430800416041166,
0.003934479784220457,
-0.0031808840576559305,
-0.012226061895489693,
-0.10351402312517166,
0.00935602281242609,
-0.004142779856920242,
0.030614200979471207,
0.02797357738018036,
-0.015895746648311615,
-0.0058128670789301395,
0.014248515479266644,
-0.004654788877815008,
-0.021706843748688698,
-0.0557858869433403,
-0.0017455709166824818,
0.002260842127725482,
-0.02922702021896839,
-0.007449553348124027,
0.03567767143249512,
0.009375606663525105,
-0.10087825357913971,
-0.008726430125534534,
-0.048758044838905334,
0.007465052418410778,
-0.01846981793642044,
0.018802965059876442,
0.021941393613815308,
0.08041875064373016,
-0.000040959042962640524,
0.03761972859501839,
-0.006008516531437635,
-0.03684712201356888,
0.03019816242158413,
0.011919465847313404,
0.04772863909602165,
-0.04913540929555893,
0.02994147688150406,
-0.00027961385785602033,
0.005874318070709705,
-0.002347417175769806,
0.005290685687214136,
-0.02275826223194599,
0.06912797689437866,
0.09914618730545044,
-0.009473663754761219,
-0.012077262625098228,
-0.007893183268606663,
-0.03026573173701763,
0.059055496007204056,
0.0379166342318058,
0.027180079370737076,
-0.007872984744608402,
-0.025002319365739822,
-0.009205065667629242,
0.027654768899083138,
-0.0511351004242897,
-0.006798922084271908,
-0.04873974993824959,
0.01585637405514717,
0.01610427349805832,
-0.012014673091471195,
-0.002331868512555957,
-0.13268449902534485,
-0.006936836987733841,
-0.030058827251195908,
0.029005516320466995,
-0.0286847073584795,
0.015065101906657219,
0.013243721798062325,
0.01952257938683033,
-0.009910259395837784,
-0.016859102994203568,
0.00010468444088473916,
-0.009540802799165249,
-0.013577486388385296,
0.03535625338554382,
-0.02291247434914112,
-0.0002988519845530391,
0.0036669413093477488,
0.027765579521656036,
-0.012059804052114487,
0.015899058431386948,
-0.03559286147356033,
-0.00275944615714252,
0.0010275422828271985,
0.0103398896753788,
-0.016448426991701126,
-0.021749667823314667,
-0.02201477438211441,
-0.03912442922592163,
-0.002854136982932687,
0.08736790716648102,
-0.02307628095149994,
-0.008082901127636433,
0.012148015201091766,
0.0017061956459656358,
-0.03664889186620712,
-0.03226926550269127,
0.0656796470284462,
-0.008620129898190498,
-0.04360238462686539,
-0.007643541321158409,
0.062310799956321716,
0.018063213676214218,
0.028514040634036064,
0.03743460029363632,
-0.032071005553007126,
-0.008524090982973576,
-0.011016151867806911,
0.0029450482688844204,
-0.014609482139348984,
0.1363353580236435,
-0.003343784250319004,
0.019420530647039413,
0.01794077455997467,
-0.010613536462187767,
-0.000552880868781358,
-0.02053600363433361,
-0.029557880014181137,
-0.042101889848709106,
0.04234445095062256,
-0.017000684514641762,
-0.027295498177409172,
0.013401678763329983,
0.007294056937098503,
0.0341373048722744,
0.024489110335707664,
0.04470112547278404,
-0.005533228628337383,
0.03817085921764374,
-0.03990160673856735,
0.049333080649375916,
-0.017035678029060364,
0.03539050742983818,
0.06468495726585388,
-0.02865372784435749,
0.03956136852502823,
-0.022736039012670517,
0.02098279818892479,
0.013353858143091202,
-0.02013918198645115,
0.01134429406374693,
-0.0031151450239121914,
-0.0038297888822853565,
-0.01199451182037592,
0.04489018768072128,
-0.019083717837929726,
-0.004177736584097147,
0.08650880306959152,
0.012689800933003426,
-0.04546761512756348,
0.036214735358953476,
0.07487044483423233,
0.038911763578653336,
-0.02435353584587574,
0.012550018727779388,
0.028242606669664383,
0.004223553463816643,
-0.010484693571925163,
0.03650106489658356,
0.005315467715263367,
-0.01966501586139202,
0.017562180757522583,
-0.010674269869923592,
-0.024993417784571648,
-0.005183997098356485,
0.0046613761223852634,
0.026549814268946648,
0.005720686633139849,
-0.04701003432273865,
0.013099742121994495,
0.02824503369629383,
-0.019113410264253616,
-0.018152186647057533,
0.016412891447544098,
0.01588689535856247,
0.05435042455792427,
-0.0177494827657938,
0.006209587678313255,
0.01951535791158676,
-0.03266908973455429,
-0.005337558686733246,
0.02697642706334591,
-0.0029874183237552643,
-0.003435361897572875,
-0.016139669343829155,
-0.01174584124237299,
0.08162597566843033,
-0.013877930119633675,
0.0024388758465647697,
0.004119224846363068,
-0.011020486243069172,
0.00968321505934,
-0.017860256135463715,
0.035096436738967896,
0.04932331666350365,
0.0066177393309772015,
-0.01928585208952427,
0.002722842851653695,
0.041363589465618134,
-0.017377054318785667,
0.003006604965776205,
-0.020428020507097244,
0.001237791497260332,
-0.023474019020795822,
-0.015277673490345478,
0.014749963767826557,
0.04518817737698555,
0.004889774601906538,
-0.03130291774868965,
0.03299376741051674,
-0.020968327298760414,
0.05242113023996353,
-0.009171354584395885,
-0.14960557222366333,
-0.012784941121935844,
0.015521429479122162,
-0.06333217769861221,
0.01564880646765232,
-0.016463978216052055,
0.028892429545521736,
0.07992987334728241,
0.05133100226521492,
-0.039459120482206345,
0.005824394058436155,
0.0319010466337204,
0.0025399362202733755,
-0.12845803797245026,
0.01341735664755106,
-0.049686580896377563,
-0.030202310532331467,
0.024748511612415314,
0.016010239720344543,
-0.02541886270046234,
0.009762737900018692,
0.024943290278315544,
-0.011375859379768372,
-0.007954871281981468,
0.005170016549527645,
0.00017411132284905761,
-0.02894502319395542,
0.0033647650852799416,
0.027477631345391273,
-0.03956487029790878,
0.04017969220876694,
0.00013045797822996974,
-0.00008591402001911774,
-0.024415545165538788,
0.005468615796416998,
0.04709151014685631,
-0.014335519634187222,
0.03204210475087166,
-0.05853124335408211,
-0.0008609859505668283,
0.030046403408050537,
0.01383629534393549,
-0.0024027456529438496,
-0.001996520906686783,
-0.002179596107453108,
-0.0006353785283863544,
0.007519951090216637,
-0.0223090760409832,
0.0025448861997574568,
0.0018720431253314018,
-0.004932733718305826,
0.027508176863193512,
0.00499764597043395,
-0.0039841486141085625,
0.03066929802298546,
0.01775568164885044,
-0.009454876184463501,
0.060481566935777664,
-0.02108711004257202,
0.006680585443973541,
-0.0007728370255790651,
-0.0031388101633638144,
0.004343478474766016,
0.02744029462337494,
-0.008422832936048508,
0.04225411266088486,
-0.025502733886241913,
0.006554814055562019,
-0.021719105541706085,
0.016165247187018394,
-0.013636600226163864,
-0.019254660233855247,
0.020813995972275734,
0.008942588232457638,
-0.08369569480419159,
-0.03561612591147423,
-0.007499305997043848,
-0.008354860357940197,
0.0021917042322456837,
-0.04804078862071037,
-0.02977786399424076,
-0.0375211127102375,
0.026886550709605217,
-0.0035235295072197914,
-0.008603573776781559,
-0.13776680827140808,
0.010960140265524387,
-0.018750015646219254,
-0.016169387847185135,
0.0334017276763916,
-0.011248325929045677,
0.020463593304157257,
0.028022730723023415,
0.004492115695029497,
0.026720836758613586,
-0.009427642449736595,
0.018790291622281075,
-0.04834810271859169,
0.007683577015995979,
0.029391271993517876,
0.019203634932637215,
-0.01964714750647545,
-0.0432615652680397,
0.021414384245872498,
-0.08171400427818298,
0.031767215579748154,
0.007920748554170132,
0.024241598322987556,
0.015550549142062664,
-0.008131883107125759,
0.018408436328172684,
0.02918092906475067,
-0.007591828238219023,
0.04145636036992073,
-0.003060906659811735,
0.03985966742038727,
-0.011065670289099216,
0.056580349802970886,
-0.015575087629258633,
0.030668415129184723,
0.19616588950157166,
-0.007596094626933336,
-0.020774023607373238,
0.000556288636289537,
-0.0006672184099443257,
0.0013767026830464602,
-0.012318595312535763,
-0.015952901914715767,
-0.0067399065010249615,
-0.009333787485957146,
0.030586592853069305,
0.013317679986357689,
-0.011847062036395073,
0.020850500091910362,
-0.007108374033123255,
-0.06393873691558838,
-0.004800145048648119,
0.0028203497640788555,
-0.05891460180282593,
-0.0015281232772395015,
0.09908310323953629,
0.042424093931913376,
-0.004970301873981953,
0.018322676420211792,
-0.027792062610387802,
0.016247974708676338,
0.007432745769619942,
0.004913238808512688,
0.01407321635633707,
-0.00567258708178997,
-0.05041645094752312,
0.0023723787162452936,
-0.011969591490924358,
-0.07031532377004623,
0.006366012152284384,
-0.00034397607669234276,
-0.030703270807862282,
0.026211146265268326,
0.001763948705047369,
0.086527518928051,
0.006573731545358896,
-0.011810514144599438,
-0.07605293393135071,
0.023226168006658554,
0.019966645166277885,
0.0002986940089613199,
-0.033453311771154404,
-0.01615634746849537,
-0.03852524608373642,
0.04425600543618202,
0.018937863409519196,
-0.011724581010639668,
0.008856181986629963,
0.021249132230877876,
-0.10691610723733902,
0.039790086448192596,
0.036497145891189575,
-0.002075904980301857,
0.023190105333924294,
-0.0174700990319252,
0.0019768946804106236,
0.01722796820104122,
0.023805836215615273,
0.052260152995586395,
-0.12096812576055527,
-0.0281586404889822,
0.00794217362999916,
-0.0019702883437275887,
-0.025191081687808037,
0.019867831841111183,
0.0024710246361792088,
0.027187684550881386,
0.01950906403362751,
0.021056033670902252,
-0.01956196501851082,
0.001754924189299345,
-0.0015253548044711351,
0.04147369787096977,
-0.0133436294272542,
-0.019192475825548172,
-0.010146151296794415,
-0.006246611941605806,
-0.033593278378248215,
-0.007995511405169964,
0.019709907472133636,
0.025483563542366028,
-0.20717987418174744,
0.030766408890485764,
0.05143876001238823,
-0.009934821166098118,
-0.01872035674750805,
0.002938242396339774,
-0.018673958256840706,
-0.04872555285692215,
0.009923201985657215,
-0.02494427189230919,
-0.03198136016726494,
0.019562456756830215,
-0.008500304073095322,
-0.0030033751390874386,
0.01425209827721119,
0.014993715099990368,
-0.025427667424082756,
0.004938451573252678,
0.0389123372733593,
-0.016672005876898766,
0.03067769855260849,
-0.04710907116532326,
-0.13122297823429108,
0.008473604917526245,
-0.06609372794628143,
-0.021424319595098495,
0.020316921174526215,
0.02213388867676258,
0.006175613962113857,
-0.009534035809338093,
-0.041866887360811234,
0.03306475281715393,
0.06132391840219498,
0.0326879508793354,
-0.011395522393286228,
-0.013518682681024075,
0.047836266458034515,
-0.022735297679901123,
-0.018943315371870995,
0.00625260965898633,
-0.018257806077599525,
0.0020197066478431225,
-0.041224464774131775,
-0.03064008802175522,
0.02329036220908165,
-0.05898107960820198,
-0.00982887577265501,
-0.01080597098916769,
0.009337243624031544,
0.037142232060432434,
0.021772723644971848,
-0.03920968249440193,
-0.005919781047850847,
0.01280386932194233,
0.01873171143233776,
-0.01367914117872715,
0.024217722937464714,
0.0689564198255539,
0.013006076216697693,
-0.03061414323747158,
0.052255917340517044,
0.03221835196018219,
-0.05470074340701103,
-0.00031050705001689494,
0.0024107538629323244,
-0.019241098314523697,
0.006299417931586504,
-0.05861818417906761,
0.006296099629253149,
0.03235273063182831,
-0.17705197632312775,
-0.07483290880918503,
-0.04976142197847366,
0.026114679872989655,
0.005138950888067484,
-0.013914648443460464,
-0.006601649336516857,
-0.021821731701493263,
-0.013697661459445953,
-0.0028500219341367483,
-0.024602945894002914,
0.006550191435962915,
-0.12248855829238892,
0.02608630806207657,
-0.017231935635209084,
0.009028474800288677,
0.019483784213662148,
-0.023012621328234673,
0.016448475420475006,
-0.012993636541068554,
-0.014335516840219498,
-0.004410323221236467,
0.013362633064389229,
0.007744223345071077,
-0.005860952660441399,
-0.0051778946071863174,
-0.01890380308032036,
-0.005121370777487755,
-0.0587051659822464,
0.020522814244031906,
-0.003652918851003051,
0.015344502404332161,
0.002151912311092019,
0.00906254444271326,
-0.033800844103097916,
-0.043222542852163315,
-0.01303282380104065,
0.1368188112974167,
0.003373967483639717,
0.014354215934872627,
-0.019957944750785828,
0.022972814738750458,
-0.012773438356816769,
-0.010340127162635326,
-0.03603286296129227,
0.09055806696414948,
-0.034570060670375824,
-0.012901864014565945,
0.0012080218875780702,
-0.030801499262452126,
-0.006336948834359646,
0.004879825282841921,
0.0016030371189117432,
0.051547467708587646,
0.03348108381032944,
0.0037705767899751663,
0.014671496115624905,
0.04247758165001869,
-0.0022675006184726954,
-0.0032731483224779367,
-0.0439593642950058,
-0.0390416719019413,
0.03435077518224716,
-0.11458024382591248,
-0.010928241536021233,
0.02012535184621811,
0.002421329030767083,
-0.027078816667199135,
0.010259654372930527,
0.0012030134676024318,
0.0021683236118406057,
0.012280642054975033,
-0.05276307836174965,
0.006215641275048256,
0.0015687228878960013,
0.018100032582879066,
-0.019929107278585434,
0.04551541432738304,
-0.034539833664894104,
0.04406330734491348,
-0.006308689247816801
] |
tax rate.
We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. In order for us to realize our deferred tax assets, we must be able to generate sufficient taxable income in those jurisdictions where the deferred tax assets are located. We consider future growth, forecasted earnings, future taxable income, the mix of earnings in the jurisdictions in which we operate and prudent and feasible tax planning strategies in determining the need for a valuation allowance. In the event we were to determine that we would not be able to realize all or part of our net deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to earnings in the period in which we make such a determination. Likewise, if we later determine that it is more likely than not that the net deferred tax assets would be realized, we would reverse the applicable portion of the previously provided valuation allowance.
We calculate our current and deferred tax provision based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed during the subsequent year. Adjustments based on filed returns are generally recorded in the period when the tax returns are filed and the global tax implications are known, which can materially impact our effective tax rate.
The amount of income tax we pay is subject to ongoing audits by federal, state and foreign tax authorities, which often result in proposed assessments. Our estimate of the potential outcome for any uncertain tax issue is highly judgmental. We believe we have adequately provided for any reasonably foreseeable outcome related to these matters. However, our future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved, audits are closed or when statutes of limitation on potential assessments expire. Additionally, the jurisdictions in which our earnings or deductions are realized may differ from our current estimates. As a result, our effective tax rate may fluctuate significantly on a quarterly basis.
As part of our accounting for business combinations, some of the purchase price is allocated to goodwill and intangible assets. Impairment charges associated with goodwill are generally not tax deductible and will result in an increased effective income tax rate in the quarter any impairment is recorded. Amortization expenses associated with acquired intangible assets are generally not tax deductible pursuant to our existing tax structure; however, deferred taxes have been recorded for non-deductible amortization expenses as a part of the purchase price allocation process. We have taken into account the allocation of these identified intangibles among different taxing jurisdictions, including those with nominal or zero percent tax rates, in establishing the related deferred tax liabilities. Income tax contingencies existing as of the acquisition dates of the acquired companies are evaluated quarterly and any adjustments are recorded as adjustments to goodwill.
On June 1, 2007, we
| 1HOLD
|
[
-0.007813453674316406,
0.045316603034734726,
0.011702211573719978,
0.028768207877874374,
-0.0637788325548172,
0.01057229284197092,
-0.007589374203234911,
-0.02889128215610981,
-0.05401270091533661,
-0.010580969043076038,
0.005967979785054922,
0.013176867738366127,
0.031897012144327164,
0.0018572438275441527,
-0.02379857935011387,
-0.04421162232756615,
-0.06892223656177521,
-0.018299642950296402,
-0.028466342017054558,
0.013558595441281796,
0.013076815754175186,
0.027822863310575485,
0.01905803009867668,
-0.0017765946686267853,
0.031463902443647385,
0.0224118884652853,
0.006778594106435776,
0.030648957937955856,
0.020426860079169273,
-0.02043326012790203,
0.020328914746642113,
-0.0004500079376157373,
0.031192423775792122,
-0.022573277354240417,
-0.024978157132864,
0.012361199595034122,
-0.07089348882436752,
-0.003890925319865346,
0.07699527591466904,
0.00659533217549324,
-0.02364954724907875,
0.007141353562474251,
0.004574655555188656,
0.01209312304854393,
0.017328418791294098,
-0.0062050288543105125,
0.017933093011379242,
0.019192885607481003,
0.014175881631672382,
0.007202675566077232,
-0.012380219995975494,
0.022526146844029427,
-0.023538419976830482,
0.0012488471111282706,
-0.0032539931125938892,
-0.013598528690636158,
0.003966667223721743,
0.019394829869270325,
0.05682811513543129,
0.022214479744434357,
0.0429682731628418,
-0.011135254055261612,
0.0065862322226166725,
0.0420011468231678,
-0.0017322312342002988,
-0.022184493020176888,
-0.017780793830752373,
-0.026593606919050217,
-0.028340881690382957,
-0.055121246725320816,
0.017021572217345238,
0.020162835717201233,
-0.0009117270819842815,
0.005150697659701109,
0.00700710853561759,
-0.01306074671447277,
0.04954448714852333,
-0.030143262818455696,
0.05612322688102722,
-0.045670121908187866,
-0.01979779079556465,
-0.04904279112815857,
-0.11561284959316254,
0.030129490420222282,
0.03803161904215813,
0.026901379227638245,
0.009346820414066315,
-0.0285493116825819,
-0.017316237092018127,
-0.0146561861038208,
-0.0028042925987392664,
0.0097133107483387,
-0.033908240497112274,
-0.09795359522104263,
-0.05555736646056175,
0.007901489734649658,
0.008950097486376762,
-0.08965299278497696,
0.0012970963725820184,
-0.032214827835559845,
0.020256957039237022,
0.005307628773152828,
0.021223630756139755,
-0.018133319914340973,
0.007952061481773853,
-0.017097773030400276,
-0.006876803934574127,
-0.0057168141938745975,
-0.0023291539400815964,
0.004007240291684866,
-0.007197296246886253,
-0.07103834301233292,
0.025790072977542877,
-0.009697920642793179,
0.0019577897619456053,
0.030589085072278976,
-0.014821331948041916,
-0.033263854682445526,
-0.05308438464999199,
-0.05171791464090347,
-0.005699344910681248,
-0.022645534947514534,
-0.02169513888657093,
0.008879389613866806,
-0.008654718287289143,
-0.012195928953588009,
0.059716008603572845,
-0.03057064302265644,
0.051218803972005844,
-0.030431704595685005,
0.0037447097711265087,
-0.019091442227363586,
-0.018502013757824898,
0.04315200075507164,
-0.020460674539208412,
0.01600617729127407,
-0.012826147489249706,
-0.0033341897651553154,
-0.04230784997344017,
0.03885601460933685,
0.00940786860883236,
-0.03107276000082493,
-0.061040181666612625,
0.00013976865739095956,
-0.007910894230008125,
-0.014482826925814152,
-0.013224129565060139,
0.01401690673083067,
0.03255169093608856,
0.07119197398424149,
0.0019022496417164803,
-0.0020467336289584637,
-0.013228857889771461,
-0.01954600214958191,
-0.03292565792798996,
0.01053815521299839,
0.035600967705249786,
-0.056764744222164154,
-0.057722944766283035,
-0.004423340782523155,
-0.014637190848588943,
-0.005629903171211481,
0.0040826089680194855,
-0.010190089233219624,
0.017419327050447464,
-0.04161599650979042,
0.04760284349322319,
-0.0017078540986403823,
0.020850585773587227,
0.02028823271393776,
0.03892342001199722,
0.022848311811685562,
0.005143206566572189,
0.0011654410045593977,
0.0028195891063660383,
-0.002157996641471982,
0.046615637838840485,
-0.03120099939405918,
0.033891208469867706,
0.007952670566737652,
0.015505854040384293,
-0.02428334951400757,
-0.00791698507964611,
0.07968956232070923,
-0.01832338608801365,
-0.022679127752780914,
-0.005056831985712051,
0.009779288433492184,
0.009840846061706543,
-0.00045571650844067335,
-0.007992922328412533,
0.0033610688988119364,
0.03153032064437866,
-0.023200958967208862,
-0.04503842443227768,
-0.004685168154537678,
-0.0764245092868805,
-0.00779217341914773,
0.051543787121772766,
-0.011682258918881416,
-0.020653070881962776,
0.02959509752690792,
0.011308145709335804,
0.02192973904311657,
0.02675493434071541,
-0.0027794139459729195,
-0.00015760082169435918,
-0.0064280894584953785,
-0.023700639605522156,
-0.0014592637307941914,
-0.022296905517578125,
-0.020057138055562973,
0.007115472573786974,
-0.07860060781240463,
0.015946177765727043,
-0.0033347399439662695,
-0.010208114981651306,
-0.05731095373630524,
-0.07495661824941635,
-0.007639678660780191,
0.00299360160715878,
-0.005948271602392197,
0.024344442412257195,
0.013464394956827164,
0.0019200624665245414,
0.00869926530867815,
0.08313781023025513,
0.007118536159396172,
-0.029710937291383743,
0.07189276814460754,
0.028432276099920273,
0.03673873096704483,
0.038335710763931274,
0.02455761656165123,
0.012822733260691166,
-0.03399566933512688,
0.004950877744704485,
0.008541886694729328,
-0.00044821653864346445,
0.0010386367794126272,
0.06879056990146637,
-0.01859014295041561,
-0.0023315155413001776,
-0.02471991255879402,
-0.018210913985967636,
0.0017538216197863221,
-0.052015241235494614,
0.07968811690807343,
-0.009995752014219761,
-0.02338625118136406,
-0.004089330323040485,
-0.008694503456354141,
0.08884970098733902,
-0.007918750867247581,
-0.015166893601417542,
-0.010760322213172913,
-0.009616201743483543,
-0.015419808216392994,
-0.01817626878619194,
-0.060329779982566833,
-0.008682856336236,
-0.013286398723721504,
0.022133078426122665,
0.004461583681404591,
0.011940189637243748,
-0.02600759267807007,
0.03182575851678848,
-0.0034809797070920467,
-0.013446809723973274,
0.003002834040671587,
-0.01221383921802044,
-0.013894136995077133,
0.0726090744137764,
-0.006305055692791939,
0.010052599012851715,
0.02819540537893772,
0.011186297051608562,
-0.021352985873818398,
-0.004135791212320328,
-0.019516441971063614,
0.00011544133303686976,
0.023052934557199478,
-0.02977910451591015,
-0.014223339967429638,
0.00027838675305247307,
-0.02728349156677723,
0.007624843157827854,
0.006474117748439312,
0.019863780587911606,
-0.012500735931098461,
-0.0076905847527086735,
0.027225052937865257,
0.00511473324149847,
-0.018108176067471504,
0.002770001534372568,
0.061501309275627136,
-0.01157002430409193,
-0.046116650104522705,
0.00830281712114811,
0.02737976238131523,
-0.035421110689640045,
0.017517827451229095,
-0.01380553562194109,
-0.016012543812394142,
-0.01831110194325447,
0.0016013296553865075,
0.012402535416185856,
-0.0074001494795084,
-0.010720795020461082,
-0.01471454557031393,
-0.005558399483561516,
-0.01670955866575241,
0.010575667954981327,
-0.019783101975917816,
-0.0050908299162983894,
-0.036902736872434616,
0.009448366239666939,
-0.020256221294403076,
-0.08113356679677963,
-0.003800300182774663,
0.008803019300103188,
-0.0014306931989267468,
-0.005145611707121134,
0.012561952695250511,
0.0457916222512722,
0.025590509176254272,
0.027926592156291008,
-0.002913386095315218,
-0.08890596032142639,
-0.06326363235712051,
0.17158816754817963,
0.15683172643184662,
-0.026156608015298843,
0.016198541969060898,
0.010918793268501759,
-0.0833493024110794,
0.02381547912955284,
-0.02475914917886257,
-0.000008415740012424067,
-0.029934164136648178,
-0.018688350915908813,
0.03736165165901184,
-0.0306977741420269,
-0.02147713489830494,
-0.008632134646177292,
-0.016207026317715645,
0.021038830280303955,
-0.09111396968364716,
-0.004857371095567942,
0.0109657421708107,
0.05840057134628296,
0.030473332852125168,
-0.036451198160648346,
0.027124134823679924,
-0.0024646481033414602,
-0.03829646110534668,
0.005949231330305338,
0.021396784111857414,
-0.012191763147711754,
0.03116217628121376,
-0.027189526706933975,
0.021493175998330116,
0.009891964495182037,
0.0013243992580100894,
0.044854797422885895,
-0.09428980946540833,
0.020454907789826393,
0.006460265256464481,
-0.001755156321451068,
-0.005177709273993969,
0.047839026898145676,
0.018819786608219147,
0.026401150971651077,
0.13437147438526154,
-0.0022885804064571857,
-0.03843298554420471,
0.023031143471598625,
0.015809131786227226,
0.01289726048707962,
-0.015155341476202011,
-0.02337850257754326,
-0.023033402860164642,
0.0009117739973589778,
-0.004466230049729347,
-0.011761493980884552,
0.0022551133297383785,
0.02558717504143715,
0.030676253139972687,
-0.05177361145615578,
0.05099402368068695,
-0.010332813486456871,
-0.005821540951728821,
0.02960103005170822,
-0.036006659269332886,
0.009925195015966892,
0.004931704606860876,
-0.010180511511862278,
0.03368806093931198,
-0.08018962293863297,
0.01470851618796587,
-0.006890604272484779,
0.023987216874957085,
-0.00713437469676137,
-0.01618044078350067,
0.041357122361660004,
0.055432308465242386,
-0.0453416109085083,
0.016657214611768723,
-0.00023549128673039377,
0.0062751490622758865,
-0.014482361264526844,
0.03626281023025513,
0.01150018535554409,
0.01783101260662079,
-0.01048912014812231,
0.022760331630706787,
-0.023365965113043785,
0.015421365387737751,
0.03157458454370499,
-0.020925652235746384,
-0.04428759589791298,
0.021804790943861008,
0.02213820070028305,
-0.004100042395293713,
-0.016064969822764397,
0.015920795500278473,
-0.07335061579942703,
-0.018208591267466545,
0.009415384382009506,
-0.011554616503417492,
-0.01948627270758152,
-0.01222941093146801,
0.039533235132694244,
-0.034598611295223236,
0.01906721107661724,
-0.005671296734362841,
0.014950964599847794,
-0.024699823930859566,
0.015788936987519264,
0.009971832856535912,
-0.01566898636519909,
-0.012337599880993366,
0.019502080976963043,
-0.005530309397727251,
0.009191055782139301,
0.07801858335733414,
0.003971584141254425,
-0.020311428233981133,
0.024966852739453316,
-0.023169636726379395,
-0.0162278413772583,
0.010820217430591583,
0.002845514565706253,
0.02478623203933239,
-0.009101261384785175,
-0.029354745522141457,
0.021698014810681343,
0.009963135235011578,
-0.0052532777190208435,
-0.010224335826933384,
0.03230194374918938,
-0.014012719504535198,
0.03259409964084625,
-0.04693838581442833,
-0.0023412348236888647,
-0.011740382760763168,
0.02154841646552086,
-0.006277729291468859,
0.05399550125002861,
-0.020231647416949272,
0.015130018815398216,
0.0066760387271642685,
-0.0014552163193002343,
-0.002604746725410223,
-0.005469105206429958,
-0.007964925840497017,
0.0011401555966585875,
0.0361630916595459,
-0.07765290141105652,
-0.024707412347197533,
0.017436949536204338,
-0.044935163110494614,
-0.00951137114316225,
-0.006476669106632471,
-0.017847251147031784,
-0.007254354655742645,
-0.08788523823022842,
-0.042019929736852646,
-0.00476689962670207,
-0.024745114147663116,
-0.05807994678616524,
-0.04407336562871933,
-0.033704258501529694,
0.03029276616871357,
-0.003152420511469245,
0.0027620967011898756,
-0.23809511959552765,
0.21524789929389954,
0.03692249953746796,
0.005731154233217239,
0.03167266771197319,
-0.014788114465773106,
0.01488932128995657,
0.09166894853115082,
0.03015642985701561,
0.013720748014748096,
-0.014397132210433483,
0.0599825456738472,
-0.02196708880364895,
0.012283421121537685,
0.0007977548521012068,
0.013605250045657158,
-0.0025618174113333225,
0.02110419049859047,
-0.008133047260344028,
0.042514458298683167,
0.021954737603664398,
0.01597808673977852,
0.016591304913163185,
-0.02160072512924671,
-0.00953858345746994,
0.01686232164502144,
-0.0016778715653344989,
-0.008532226085662842,
0.013872956857085228,
-0.018287448212504387,
0.017787590622901917,
-0.0183709803968668,
0.02074897475540638,
-0.004470393061637878,
0.0021276806946843863,
-0.03046908974647522,
0.0059486920945346355,
-0.014675090089440346,
0.024301424622535706,
-0.025406619533896446,
-0.014438332989811897,
-0.014821061864495277,
0.008766721934080124,
-0.020211726427078247,
-0.0351080559194088,
0.0031503320205956697,
-0.0033198094461113214,
0.007736646570265293,
0.026722094044089317,
0.0021146126091480255,
-0.028047611936926842,
0.003839739365503192,
-0.014487416483461857,
-0.10497844219207764,
-0.011034226045012474,
0.1425294131040573,
-0.010817517526447773,
-0.0032009906135499477,
-0.00039372293394990265,
-0.03569752722978592,
0.059252019971609116,
0.02118811011314392,
0.04283730685710907,
-0.01272563822567463,
0.014556956477463245,
-0.032604463398456573,
0.02035738155245781,
-0.014977626502513885,
-0.15372560918331146,
-0.00645472900941968,
-0.013244700618088245,
-0.024766970425844193,
0.005169885233044624,
-0.028896532952785492,
0.06990513950586319,
0.01383314747363329,
0.01736028864979744,
-0.07208207249641418,
0.037956397980451584,
-0.03620024397969246,
0.022536559030413628,
-0.03098420239984989,
-0.006784489378333092,
-0.04162509739398956,
0.05959576740860939,
-0.050822317600250244,
-0.0025451553519815207,
0.04352254047989845,
-0.005777310114353895,
-0.06690671294927597,
-0.004958217032253742,
-0.002110210247337818,
-0.001508765504695475,
-0.040909480303525925,
0.0010869611287489533,
-0.0302179716527462,
-0.08505435287952423,
-0.0011055341456085443,
0.02025754749774933,
0.027762694284319878,
0.012430108152329922,
0.014401523396372795,
0.017094532027840614,
0.015141375362873077,
-0.03832077607512474,
0.043384771794080734,
-0.027011752128601074,
0.053503673523664474,
-0.026405492797493935,
-0.020831245929002762,
0.02383207343518734,
-0.004849513527005911,
0.01637413538992405,
-0.005990036763250828,
0.008758069016039371,
-0.044442057609558105,
0.001185716362670064,
-0.03338642418384552,
-0.01547505334019661,
-0.003502167761325836,
0.003745341207832098,
0.12491372972726822,
0.007231664843857288,
0.020055435597896576,
0.0313602089881897,
0.01074494794011116,
0.0472368448972702,
-0.020180370658636093,
0.05629687011241913,
0.007549464702606201,
-0.014234445989131927,
-0.028459949418902397,
-0.0028740146663039923,
-0.0016446041408926249,
-0.028226513415575027,
-0.014519629068672657,
0.010497979819774628,
-0.0138857988640666,
0.0053948606364429,
0.030228717252612114,
0.022230278700590134,
0.023094413802027702,
-0.022952577099204063,
-0.003589099505916238,
0.03575720265507698,
-0.0173204205930233,
-0.0038851744029670954,
0.0028654991183429956,
0.009104081429541111,
0.008299757726490498,
0.006794841960072517,
-0.030047807842493057,
0.039896540343761444,
-0.042122580111026764,
-0.03636744245886803,
-0.01949814148247242,
0.07821758836507797,
0.01206042431294918,
0.014885527081787586,
0.0014049771707504988,
0.016736801713705063,
0.030317218974232674,
-0.014519897289574146,
-0.01693042926490307,
-0.040729328989982605,
0.017380042001605034,
0.011197350919246674,
0.12165088206529617,
0.018605627119541168,
0.034345027059316635,
-0.00583359319716692,
-0.006052051205188036,
-0.03280235826969147,
-0.02205410599708557,
0.02255033701658249,
0.02151191420853138,
0.025417981669306755,
-0.009224001318216324,
-0.013026924803853035,
0.03993932902812958,
-0.004225437995046377,
-0.1112985610961914,
0.029501665383577347,
-0.038768310099840164,
0.007232462987303734,
0.012002007104456425,
0.0054226405918598175,
-0.019711636006832123,
-0.04999964311718941,
-0.037259459495544434,
0.08464190363883972,
0.06560759991407394,
-0.0942554771900177,
-0.041128743439912796,
-0.005628303624689579,
0.004723729100078344,
-0.013895711861550808,
-0.011935762129724026,
0.000493582512717694,
-0.0001412050478393212,
-0.00631517032161355,
-0.001712742610834539,
-0.0007097634952515364,
0.14855992794036865,
0.0008683219784870744,
-0.012768540531396866,
-0.0014740428887307644,
0.01757930777966976,
-0.00215329322963953,
0.009068568237125874,
0.004468230996280909,
0.011199097149074078,
-0.018386907875537872,
0.0296024177223444,
-0.00013652737834490836,
-0.017134349793195724,
-0.027644185349345207,
-0.004276205785572529,
-0.014103696681559086,
-0.06252072006464005,
0.03714567795395851,
-0.003298948984593153,
0.025520434603095055,
-0.0077478173188865185,
-0.029865292832255363,
-0.0351920910179615,
-0.003352242289111018,
-0.004333013202995062,
-0.036024611443281174,
0.005780007690191269,
0.04594433680176735,
0.005701382178813219,
-0.012346703559160233,
-0.022201109677553177,
0.008647063747048378,
-0.023474544286727905,
-0.105880007147789,
-0.03158996254205704,
-0.0199839249253273,
-0.004358504433184862,
-0.0263177789747715,
-0.046755362302064896,
-0.01454100664705038,
-0.0070966570638120174,
0.005141457077115774,
0.0428081676363945,
-0.018155541270971298,
0.01254530530422926,
0.04876108095049858,
0.01691952534019947,
-0.020969340577721596,
-0.036776378750801086,
-0.0024197830352932215,
0.12320814281702042,
0.07646975666284561,
0.01003929041326046,
0.020922871306538582,
-0.04237893968820572,
-0.03726072236895561,
0.007437341380864382,
-0.005933415610343218,
-0.05067736655473709,
0.00015672338486183435,
0.011561505496501923,
-0.14191903173923492,
0.01681152917444706,
0.026273977011442184,
-0.023543668910861015,
0.027081042528152466,
-0.002627383219078183,
-0.013683974742889404,
-0.007450005505234003
] |
from the concentrates and syrups are sold to the customer. When we analyze our net operating revenues we generally consider the following four factors: (1) volume growth (unit case volume or concentrate sales volume, as appropriate), (2) structural changes, (3) changes in price, product and geographic mix and (4) foreign currency fluctuations. Refer to the heading "Net Operating Revenues" below.
"Structural changes" generally refers to acquisitions or dispositions of bottling, distribution or canning operations and consolidation or deconsolidation of bottling, distribution or canning entities for accounting purposes. Typically, structural changes do not impact the Company's unit case volume on a consolidated basis or at the geographic operating segment level. We recognize unit case volume for all sales of Company beverage products regardless of our ownership interest in the bottling partner, if any. However, the unit case volume reported by our Bottling Investments operating segment is generally impacted by structural changes because it only includes the unit case volume of our consolidated bottling operations.
In 2014, the Company began implementing a new beverage partnership model in North America. During the year endedDecember 31, 2014, we refranchised territories that were previously managed by CCR to certain of our unconsolidated bottling partners. The impact of this refranchising has been included as a structural change in our analysis of operating results for the year ended December 31, 2014. In addition, for non-Company-owned and licensed beverage products sold in the refranchised territories, we have eliminated the unit case volume and associated concentrate sales from the base year when calculating 2014 versus 2013 volume growth rates on a consolidated basis as well as for the North America segment. During the year ended December 31, 2014, the Company made a decision to change our process of buying and selling recyclable materials in North America. The impact of these changes has also been included as a structural change in our analysis of operating results. Refer to the headings "Beverage Volume" and "Net Operating Revenues" below. Refer to Note 2 of Notes to Consolidated Financial Statements.
During the year ended December 31, 2014, the Company transitioned its Russian juice operations to an existing joint venture with an unconsolidated bottling partner. This transfer is included as a structural change in our analysis of operating results for our Bottling Investments segment for the year ended December 31, 2014. In addition, we have eliminated the unit case volume and associated concentrate sales from the base year when calculating 2014 versus 2013 volume growth rates on a consolidated basis as well as for our Eurasia and Africa and Bottling Investments segments related to certain brands owned by the Russian juice company that have been discontinued as a result of this transition. Refer to the headings "Beverage Volume" and "Net Operating Revenues" below.
In January 2014, the Venezuelan government enacted a new law ("Fair Price Law") that imposes limits on profit margins earned in the country, which limited the amount of
| 2SELL
|
[
-0.004861677996814251,
0.049688614904880524,
-0.011515038087964058,
-0.018781840801239014,
-0.11524979770183563,
-0.017829248681664467,
-0.0060775382444262505,
0.0004550422017928213,
-0.07529924809932709,
0.0296349935233593,
0.002231084043160081,
-0.035182755440473557,
0.01873154006898403,
-0.027356145903468132,
0.008614255115389824,
0.05506627634167671,
0.028539447113871574,
0.00016297533875331283,
-0.03732458874583244,
0.0002566747716628015,
0.02069324068725109,
0.014091115444898605,
0.014313411898911,
-0.016748255118727684,
0.008369230665266514,
0.024852434173226357,
-0.06293487548828125,
0.02128545567393303,
0.06761838495731354,
-0.035154592245817184,
0.0203959122300148,
0.020532803609967232,
0.03493078425526619,
-0.016518397256731987,
0.043316423892974854,
0.006097558420151472,
-0.06554169952869415,
0.016512222588062286,
0.021563969552516937,
0.006927136331796646,
-0.04077890142798424,
0.002470315434038639,
-0.02503359504044056,
-0.01206192560493946,
0.00846621673554182,
-0.015168658457696438,
0.030651606619358063,
0.02307146042585373,
0.013969792053103447,
-0.019784506410360336,
0.010286694392561913,
-0.02835513837635517,
-0.022730737924575806,
-0.026557983830571175,
-0.02539251558482647,
-0.002297445433214307,
-0.01363832876086235,
-0.02627173624932766,
0.08014655858278275,
0.027045609429478645,
0.033879686146974564,
-0.0404231883585453,
0.007538815960288048,
0.048262834548950195,
0.008473589085042477,
-0.01217080932110548,
-0.007602996192872524,
0.015461491420865059,
-0.03625491261482239,
-0.015428689308464527,
0.02219574525952339,
0.028665170073509216,
-0.02365744672715664,
-0.025691483169794083,
0.00787519570440054,
-0.06407777965068817,
0.03437408432364464,
-0.002539518056437373,
0.09123044461011887,
-0.03592167794704437,
0.0031416863203048706,
-0.07675597816705704,
0.03624916449189186,
-0.08849699795246124,
0.014192361384630203,
-0.0335259772837162,
-0.013953478075563908,
-0.046079445630311966,
-0.01588376797735691,
0.0038292070385068655,
0.0026151160709559917,
0.013135776855051517,
-0.02423064038157463,
-0.05022023990750313,
-0.03111538290977478,
0.012335686013102531,
0.033991727977991104,
-0.15940411388874054,
-0.004934834782034159,
-0.01039431057870388,
0.039366524666547775,
0.009580508805811405,
0.04249661788344383,
-0.021006057038903236,
0.01618681661784649,
0.015400352887809277,
-0.022223250940442085,
0.041521310806274414,
-0.003314957255497575,
0.016669321805238724,
-0.019164400175213814,
-0.06347523629665375,
0.021294770762324333,
-0.003134555881842971,
-0.002271053148433566,
0.054119084030389786,
0.011539779603481293,
0.04146599769592285,
0.0013413889100775123,
-0.0620453804731369,
0.01731097884476185,
-0.028149332851171494,
-0.04003272205591202,
-0.007391253020614386,
-0.04679341986775398,
0.021629244089126587,
-0.02927246503531933,
0.0021820233669131994,
0.04050833359360695,
-0.013524082489311695,
-0.0057525066658854485,
-0.00865254458039999,
-0.021601252257823944,
0.04408964142203331,
-0.03743166849017143,
0.008336000144481659,
-0.013468833640217781,
0.008984004147350788,
-0.04343586042523384,
0.00842858012765646,
-0.030550949275493622,
-0.03939160704612732,
-0.012535365298390388,
-0.009659877978265285,
-0.05559210851788521,
-0.001617261441424489,
-0.011985387653112411,
0.004479076713323593,
0.03391315042972565,
0.07481150329113007,
-0.015409738756716251,
-0.005110733676701784,
-0.0335555374622345,
-0.010855992324650288,
-0.022605303674936295,
-0.009977053850889206,
0.056402724236249924,
-0.006424286402761936,
-0.0668192207813263,
-0.007874701172113419,
-0.006245812401175499,
-0.009790339507162571,
-0.007531402632594109,
-0.062110379338264465,
-0.056740470230579376,
-0.027667220681905746,
0.016391126438975334,
-0.010772425681352615,
0.040941059589385986,
0.04822315648198128,
0.027966972440481186,
0.023677902296185493,
-0.00026039572549052536,
-0.008040336892008781,
0.026200564578175545,
-0.06046508252620697,
0.03150049224495888,
0.05171273648738861,
-0.007319615688174963,
0.019317014142870903,
0.022568635642528534,
0.012747738510370255,
0.05247265473008156,
-0.09682131558656693,
-0.06274668872356415,
-0.017050040885806084,
0.015929043292999268,
0.0542505607008934,
-0.011097206734120846,
-0.02218915894627571,
0.05070194974541664,
-0.013327516615390778,
-0.009594145230948925,
0.002940874081104994,
-0.0028213232289999723,
-0.015621772967278957,
-0.026748163625597954,
0.004858997650444508,
-0.0007354480330832303,
-0.009067653678357601,
-0.10834749042987823,
0.01411915197968483,
-0.01438061147928238,
0.02602900192141533,
0.04565316438674927,
-0.012805456295609474,
-0.022282421588897705,
0.001217296696268022,
-0.006465194746851921,
-0.013534327037632465,
-0.054415639489889145,
-0.009484338574111462,
0.0015767806908115745,
-0.026801787316799164,
-0.004998712334781885,
0.04199730232357979,
-0.002442094497382641,
-0.08815307915210724,
-0.010493757203221321,
-0.046704892069101334,
0.004769522231072187,
-0.014108579605817795,
0.015832610428333282,
0.006622049026191235,
0.06789388507604599,
-0.002634507603943348,
0.050855934619903564,
-0.005712889600545168,
-0.050326213240623474,
0.02537573128938675,
0.01348461490124464,
0.05552011355757713,
-0.03614285588264465,
0.030058717355132103,
0.006847854238003492,
0.0003471570089459419,
0.0022040933836251497,
0.005358619149774313,
-0.0235153716057539,
0.05841195955872536,
0.0884384959936142,
-0.008548665791749954,
-0.017594527453184128,
-0.006953401956707239,
-0.03775658458471298,
0.04928714036941528,
0.021040763705968857,
0.047240518033504486,
-0.0111424271017313,
-0.013286435976624489,
-0.010962258093059063,
0.02832026034593582,
-0.03308296203613281,
-0.008388061076402664,
-0.03439522534608841,
0.020043304190039635,
0.027000442147254944,
-0.0058221048675477505,
0.011884080246090889,
-0.14128755033016205,
-0.005497405305504799,
-0.02709505893290043,
0.029702026396989822,
-0.0317569263279438,
0.01122982520610094,
0.0031839078292250633,
0.023021889850497246,
-0.00651863357052207,
-0.009246966801583767,
0.00241814530454576,
-0.0030531054362654686,
-0.011748758144676685,
0.03600421920418739,
-0.017329854890704155,
-0.004105648957192898,
0.005409551784396172,
0.03550124913454056,
-0.01233215443789959,
0.03904299437999725,
-0.026025520637631416,
-0.0012227196712046862,
0.002394749317318201,
-0.0016460809856653214,
-0.02203594334423542,
-0.020983947440981865,
-0.01004471629858017,
-0.03205437585711479,
0.00016838715237099677,
0.08681497722864151,
-0.033748649060726166,
-0.01587751694023609,
0.005824228748679161,
0.00968373566865921,
-0.034221358597278595,
-0.029039576649665833,
0.06883900612592697,
-0.008003327064216137,
-0.04825311154127121,
-0.00307827047072351,
0.05619869381189346,
0.022752856835722923,
0.023130351677536964,
0.015084581449627876,
-0.034196704626083374,
-0.01352547388523817,
-0.007438902277499437,
-0.0188602264970541,
-0.01789199188351631,
0.12970763444900513,
-0.023683836683630943,
0.016925375908613205,
0.021153585985302925,
-0.00455057667568326,
-0.004506521858274937,
-0.0161597840487957,
-0.039115987718105316,
-0.02913852222263813,
0.037429727613925934,
-0.02563691884279251,
-0.03599000349640846,
0.017638301476836205,
0.008801395073533058,
0.02897384949028492,
0.022431541234254837,
0.049700263887643814,
-0.004605441819876432,
0.05364127829670906,
-0.049326397478580475,
0.035600461065769196,
-0.03313469886779785,
0.052389029413461685,
0.09334423393011093,
-0.032736580818891525,
0.04155922681093216,
-0.020847981795668602,
0.015374490059912205,
0.021151257678866386,
-0.02343001961708069,
0.006399006582796574,
-0.014501156285405159,
-0.0033172869589179754,
-0.0020151198841631413,
0.04002118855714798,
-0.015810638666152954,
0.0002949899935629219,
0.0999322310090065,
0.014311210252344608,
-0.06024190038442612,
0.017438871785998344,
0.06660640239715576,
0.04756792634725571,
-0.023284995928406715,
0.01041638944298029,
0.045816510915756226,
0.009651079773902893,
-0.02512207254767418,
0.039507392793893814,
0.003964266274124384,
-0.015501908957958221,
0.02238580398261547,
-0.02137153036892414,
-0.026143202558159828,
-0.0024904380552470684,
-0.0019451102707535028,
0.0408952459692955,
-0.0027462539728730917,
-0.03655529022216797,
0.005107789300382137,
0.009903199970722198,
-0.01712515391409397,
-0.01230502687394619,
0.007279184181243181,
0.01709160767495632,
0.056768663227558136,
-0.038055624812841415,
0.007894394919276237,
0.02674868516623974,
-0.029442073777318,
0.0025003482587635517,
0.021670537069439888,
0.0020108898170292377,
0.00009769229654921219,
-0.01050435658544302,
-0.013696715235710144,
0.06518884003162384,
-0.009113656356930733,
-0.0038430423010140657,
0.005573394242674112,
-0.0027266014367341995,
0.014119219966232777,
-0.0025444887578487396,
0.0303228497505188,
0.041960474103689194,
0.005257579497992992,
-0.0253437589854002,
0.00233199424110353,
0.018833529204130173,
-0.011219630017876625,
-0.028816651552915573,
-0.02204524353146553,
-0.007561985868960619,
-0.015670858323574066,
-0.00642400560900569,
0.026378652080893517,
0.050985515117645264,
0.01855452172458172,
-0.028089037165045738,
0.040840912610292435,
-0.002949831308797002,
0.045745257288217545,
-0.00344065111130476,
-0.1297134906053543,
-0.015012981370091438,
0.019111596047878265,
-0.052513763308525085,
0.022331150248646736,
-0.015726054087281227,
0.0428733304142952,
0.06183648109436035,
0.03852467238903046,
-0.04235312342643738,
0.006176356691867113,
0.03661728277802467,
0.01011377852410078,
-0.1395035684108734,
0.017111938446760178,
-0.063595250248909,
-0.025413624942302704,
0.030263181775808334,
0.014090705662965775,
-0.014208538457751274,
0.008661676198244095,
0.010538725182414055,
-0.013658697716891766,
-0.0031754421070218086,
0.014624176546931267,
0.002570359967648983,
-0.03296513855457306,
-0.009407378733158112,
0.03266424685716629,
-0.027015771716833115,
0.03982309252023697,
0.0033426592126488686,
-0.005818522535264492,
-0.015253604389727116,
0.014826109632849693,
0.042004138231277466,
-0.015571974217891693,
0.028897877782583237,
-0.05709218978881836,
0.001440474996343255,
0.010975576937198639,
0.01796017214655876,
0.009771347977221012,
0.007664785720407963,
-0.011664513498544693,
-0.008521828800439835,
0.0033198343589901924,
-0.02447887882590294,
0.004929594229906797,
0.003074091859161854,
0.006407260429114103,
0.020709913223981857,
-0.006223432254046202,
-0.004484456963837147,
0.022904541343450546,
0.014896118082106113,
0.0031573157757520676,
0.044747162610292435,
-0.005614280700683594,
0.0063487146981060505,
0.0065861474722623825,
0.0005123051232658327,
0.005739877466112375,
0.030006075277924538,
-0.0030386310536414385,
0.03714665025472641,
-0.0164695642888546,
-0.011954298242926598,
-0.026951361447572708,
0.018715469166636467,
-0.022268811240792274,
-0.025985296815633774,
0.018252328038215637,
0.005705136340111494,
-0.08150877058506012,
-0.045314740389585495,
-0.004046485293656588,
-0.016763964667916298,
-0.001182102132588625,
-0.04632348567247391,
-0.029908323660492897,
-0.0250515416264534,
0.03293273597955704,
-0.0034999437630176544,
-0.007768920622766018,
-0.17414264380931854,
0.051246773451566696,
-0.01081539411097765,
-0.01348521001636982,
0.03804992884397507,
-0.01728149503469467,
0.012186562642455101,
0.036243095993995667,
0.0058244261890649796,
0.027947988361120224,
-0.007023076061159372,
0.030464183539152145,
-0.0520368292927742,
0.0025992989540100098,
0.018781159073114395,
0.03137259557843208,
-0.016872676089406013,
-0.03551103547215462,
0.023512553423643112,
-0.06703198701143265,
0.025222063064575195,
0.007432467304170132,
0.029499465599656105,
0.0006378301768563688,
0.0008816737099550664,
0.024175111204385757,
0.02615310065448284,
0.0023760723415762186,
0.04260323569178581,
-0.00037155882455408573,
0.047071922570466995,
-0.00930690485984087,
0.05660197138786316,
0.007663730997592211,
0.018464472144842148,
0.18742163479328156,
0.0003012139641214162,
-0.01650608889758587,
0.007863513194024563,
-0.010474547743797302,
0.008644220419228077,
-0.013631689362227917,
-0.016545893624424934,
-0.01754320226609707,
-0.02179807424545288,
0.034172121435403824,
0.018960312008857727,
-0.02238626778125763,
0.023024437949061394,
-0.014159155078232288,
-0.06888572871685028,
-0.005987964104861021,
0.003769212868064642,
-0.09030865132808685,
-0.006739473436027765,
0.09634143114089966,
0.04462249577045441,
0.0025998037308454514,
0.011717425659298897,
-0.030081868171691895,
0.014154992066323757,
0.0003494775155559182,
0.008695825934410095,
0.011327704414725304,
0.001752392970956862,
-0.04011233523488045,
0.008781335316598415,
-0.01285888347774744,
-0.08220421522855759,
0.005132550839334726,
0.00029812208958901465,
-0.031011970713734627,
0.026162881404161453,
-0.0071748048067092896,
0.0882871225476265,
0.008019688539206982,
-0.01679391786456108,
-0.06814028322696686,
0.038123734295368195,
0.01069497037678957,
0.003956892993301153,
-0.014042775146663189,
-0.024300463497638702,
-0.048722971230745316,
0.05341532453894615,
0.008742314763367176,
-0.01811099797487259,
0.008277657441794872,
0.02403275854885578,
-0.1271972507238388,
0.0243437048047781,
0.03226194530725479,
-0.0016554768662899733,
0.014832286164164543,
-0.022849446162581444,
0.0020485457498580217,
-0.001978861400857568,
0.028948456048965454,
0.04484208673238754,
-0.10472780466079712,
-0.025051487609744072,
0.019676830619573593,
0.0030906936153769493,
-0.014098349027335644,
0.014848499558866024,
0.012459040619432926,
0.023911265656352043,
0.033146489411592484,
0.019624024629592896,
-0.018300475552678108,
0.014314427971839905,
0.005716613028198481,
0.03716496750712395,
-0.008607585914433002,
-0.01753203570842743,
-0.024746306240558624,
-0.00597924180328846,
-0.03479525446891785,
-0.0010658204555511475,
0.02754458226263523,
0.01655506156384945,
-0.18135416507720947,
0.03238198533654213,
0.04047173634171486,
-0.011634670197963715,
-0.01621677353978157,
0.021113166585564613,
-0.0036557090934365988,
-0.04060457646846771,
0.017392471432685852,
-0.01713198609650135,
-0.0384700745344162,
0.026475651189684868,
0.0025219100061804056,
-0.019879363477230072,
0.012008161284029484,
0.017246663570404053,
-0.02093922346830368,
-0.00017310406838078052,
0.04195376858115196,
-0.01879037357866764,
0.024103837087750435,
-0.04477383941411972,
-0.13025131821632385,
0.003633079817518592,
-0.0525079183280468,
-0.009119768626987934,
0.017795274034142494,
0.02817411720752716,
0.007516960147768259,
-0.01089958194643259,
-0.02387109398841858,
0.031536415219306946,
0.06246774271130562,
0.031226547434926033,
-0.001964164897799492,
0.0033705802634358406,
0.04522150009870529,
-0.014102417975664139,
-0.009823194704949856,
0.0000673752001603134,
-0.011051272042095661,
-0.004992273636162281,
-0.03244096040725708,
-0.02607746236026287,
0.037360504269599915,
-0.049034204334020615,
0.016756800934672356,
0.004380452446639538,
0.012998758815228939,
0.04132313281297684,
-0.002649068832397461,
-0.041106048971414566,
-0.0053911516442894936,
0.025963619351387024,
0.0031603884417563677,
-0.0005205348134040833,
0.026803459972143173,
0.05756762996315956,
0.02012922801077366,
-0.02876456268131733,
0.031110059469938278,
0.03305993229150772,
-0.05901529639959335,
0.0011370907304808497,
0.0033359916415065527,
-0.012302526272833347,
0.010754012502729893,
-0.0624217614531517,
0.007977649569511414,
0.033125679939985275,
-0.16899101436138153,
-0.07642055302858353,
-0.07606012374162674,
0.025886666029691696,
0.0038866696413606405,
-0.01217380166053772,
-0.008022896945476532,
-0.025886429473757744,
0.0016259021358564496,
-0.002512660576030612,
-0.02459774725139141,
0.0032020050566643476,
-0.09934338182210922,
0.01692311093211174,
-0.012184839695692062,
0.003319748444482684,
0.020692791789770126,
-0.025964107364416122,
0.019923467189073563,
-0.005793181248009205,
-0.011476059444248676,
-0.003765821224078536,
0.023299628868699074,
0.006897740997374058,
-0.005318072158843279,
-0.00657938327640295,
-0.021212749183177948,
0.0019668384920805693,
-0.05718795955181122,
0.007798179052770138,
-0.0024109776131808758,
0.0030514609534293413,
0.0011990327620878816,
-0.02147497981786728,
-0.040433112531900406,
-0.032598018646240234,
-0.011057281866669655,
0.11909181624650955,
-0.0029345538932830095,
0.026012668386101723,
-0.012623733840882778,
0.013899067416787148,
-0.001949109835550189,
-0.007160373963415623,
-0.04048147052526474,
0.06903248280286789,
-0.02190374583005905,
-0.014911754056811333,
0.006658073514699936,
-0.042319025844335556,
-0.01690993458032608,
-0.007168765179812908,
-0.0014684067573398352,
0.04992810636758804,
0.028948664665222168,
0.002052952768281102,
0.02114517241716385,
0.04489227384328842,
-0.009485147893428802,
-0.007202667649835348,
-0.033169224858284,
-0.04620205610990524,
0.04967476427555084,
-0.09535648673772812,
-0.021916033700108528,
0.02639003098011017,
0.008037765510380268,
-0.04623854160308838,
0.014273899607360363,
-0.014061101712286472,
-0.0034384564496576786,
0.01728968694806099,
-0.04106047376990318,
0.000505186035297811,
0.005908195860683918,
0.044003598392009735,
-0.023033402860164642,
0.03790752962231636,
-0.04107401520013809,
0.04518274962902069,
-0.003203611122444272
] |
58 percent combined effective tax rate on the sale of a portion of our equity interest in Coca-Cola Amatil and Vonpar (refer to Note 14 of Notes to Consolidated Financial Statements);
a tax benefit of approximately $19 million related to tax rate changes in Germany (refer to Note 11 of Notes to Consolidated Financial Statements); and
a tax charge of approximately $96 million related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties (refer to Note 11 of Notes to Consolidated Financial Statements).
As of December 31, 2009, the gross amount of unrecognized tax benefits was approximately $354 million. If the Company were to prevail on all uncertain tax positions, the net effect would be a benefit to the Company's effective tax rate of approximately $134 million, exclusive of any benefits related to interest and penalties. The remaining approximately $220 million, which was recorded as a deferred tax asset, primarily represents tax benefits that would be received in different tax jurisdictions in the event that the Company did not prevail on all uncertain tax positions. Refer to Note 11 of Notes to Consolidated Financial Statements.
In 2008, agreements were reached between the U.S. government and a foreign government concerning the allocation of income between the two tax jurisdictions. Pursuant to these agreements, we made cash payments during the third quarter of 2008 that constituted payments of tax and interest. These payments were partially offset by tax credits taken in the third quarter and fourth quarter of 2008, and tax refunds and interest on refunds received in 2009. These benefits had been recorded as deferred tax assets in prior periods. The settlements did not have a material impact on the Company's consolidated income statement for the year ended December 31, 2008.
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company had approximately $94 million, $110 million and $272 million in interest and penalties related to unrecognized tax benefits accrued as of December 31, 2009, 2008 and 2007, respectively. Of these amounts, approximately $16 million, $14 million and $82 million of benefits were recognized through tax expense for the years ended December 31, 2009, 2008 and 2007, respectively. If the Company were to prevail on all uncertain tax positions, the reversal of this accrual would also be a benefit to the Company's effective tax rate.
Based on current tax laws, the Company's effective tax rate in 2010 is expected to be approximately 23.0 percent to 23.5 percent before considering the effect of any unusual or special items that may affect our tax rate in future years.
Liquidity, Capital Resources and Financial Position
We believe our ability to generate cash from operating activities is one of our fundamental financial strengths. The near-term outlook for our business remains strong, and we expect to generate substantial cash flows from operations in 2010. As a result of our expected strong cash flows from operations, we have significant flexibility to meet our financial commitments.
| 1HOLD
|
[
-0.009649230167269707,
0.04176553338766098,
0.007717054802924395,
0.03418146073818207,
-0.051885250955820084,
0.010679109953343868,
-0.008402666077017784,
-0.02069285698235035,
-0.03904413431882858,
-0.005594917107373476,
0.022628536447882652,
0.025290805846452713,
0.020934924483299255,
0.012651358731091022,
-0.010787652805447578,
-0.02666354365646839,
-0.0941510871052742,
0.008806810714304447,
-0.01591460593044758,
0.012946956790983677,
0.00936701986938715,
0.008640713058412075,
0.024077285081148148,
-0.00463167205452919,
0.004655477125197649,
0.026652656495571136,
0.01957193948328495,
0.02672680839896202,
0.047800980508327484,
-0.021169494837522507,
0.009740449488162994,
-0.028884658589959145,
0.026493102312088013,
-0.009419018402695656,
-0.017153887078166008,
0.010097517631947994,
-0.08838856965303421,
-0.0051482985727488995,
0.0192054882645607,
0.011517922393977642,
0.013030610047280788,
0.0017579830018803477,
-0.021252717822790146,
-0.0005328367697075009,
0.00947474967688322,
0.001008157036267221,
0.005230870563536882,
0.018035031855106354,
0.01894543506205082,
-0.015169347636401653,
0.006916486192494631,
0.03396783769130707,
-0.01890295371413231,
-0.0071701896376907825,
-0.010373666882514954,
0.004062484484165907,
0.006975241005420685,
0.03630862385034561,
0.06482304632663727,
0.014903871342539787,
0.0462893508374691,
0.0012296964414417744,
-0.013636399991810322,
0.055708833038806915,
0.0025178997311741114,
-0.021494153887033463,
-0.026192689314484596,
-0.0012812205823138356,
-0.031019868329167366,
-0.04740052670240402,
-0.0008915520738810301,
-0.012119983322918415,
-0.0011969591723755002,
-0.007487511727958918,
0.006548313889652491,
-0.0422501415014267,
0.019771680235862732,
-0.03024953231215477,
0.08127199113368988,
-0.040008675307035446,
-0.017062269151210785,
-0.05229496583342552,
-0.09646793454885483,
0.04468190670013428,
0.057058628648519516,
0.022933749482035637,
0.013005330227315426,
-0.04082309454679489,
-0.020271869376301765,
-0.00543406093493104,
-0.0001439964398741722,
0.006658555939793587,
-0.029595326632261276,
-0.1055251806974411,
-0.05782785266637802,
0.010424941778182983,
0.004644573200494051,
-0.06627915799617767,
-0.01032588817179203,
-0.0536215603351593,
0.017534442245960236,
0.019662441685795784,
0.025520004332065582,
-0.0003187241090927273,
0.01260206289589405,
-0.008384964428842068,
0.00744139589369297,
0.0013270456111058593,
0.00314967124722898,
0.015433736145496368,
-0.00977575033903122,
-0.05749691650271416,
0.0006333228666335344,
-0.005842189770191908,
0.014812352135777473,
0.0463235005736351,
-0.01148577593266964,
-0.03264376521110535,
-0.05096336826682091,
-0.04580859839916229,
0.0071625616401433945,
-0.016104405745863914,
-0.02628193609416485,
-0.0037528222892433405,
-0.026253914460539818,
-0.014972567558288574,
0.04475126415491104,
-0.008562917821109295,
0.039022933691740036,
-0.0372658334672451,
0.0059529682621359825,
-0.031802915036678314,
-0.02146863006055355,
-0.007460312452167273,
-0.011563078500330448,
-0.00041365757351741195,
0.003922564443200827,
0.0012308598961681128,
-0.028117278590798378,
0.02722645178437233,
0.027028582990169525,
-0.05175324156880379,
-0.06225677579641342,
0.0054604895412921906,
-0.01771637052297592,
-0.0009641297510825098,
-0.006419654935598373,
0.007969853468239307,
0.048442017287015915,
0.07410437613725662,
0.01290263794362545,
-0.015416237525641918,
-0.005728765390813351,
-0.03491969034075737,
-0.053933341056108475,
0.020754994824528694,
0.030614225193858147,
-0.06735046952962875,
-0.01809004507958889,
-0.006895644590258598,
-0.015321699902415276,
0.00842978898435831,
-0.020688483491539955,
-0.020503539592027664,
0.02932867966592312,
-0.03045099414885044,
0.05006885901093483,
0.003355559194460511,
0.017409363761544228,
0.014382303692400455,
0.034841977059841156,
0.027126934379339218,
0.013556009158492088,
-0.005128142423927784,
-0.021957192569971085,
-0.006832736544311047,
0.04572213441133499,
-0.019707340747117996,
0.03092428296804428,
0.007792429067194462,
0.005507997237145901,
-0.005688046105206013,
-0.01939013972878456,
0.06905866414308548,
-0.017003709450364113,
-0.04114020615816116,
-0.007215999532490969,
0.015804342925548553,
-0.005122806876897812,
-0.01066709402948618,
0.004774528555572033,
0.015018039382994175,
0.02094440720975399,
-0.02170678973197937,
-0.03794851899147034,
0.004808485042303801,
-0.07648849487304688,
-0.005303529556840658,
0.04840544983744621,
-0.008235492743551731,
-0.013119904324412346,
0.01281010638922453,
-0.010672966949641705,
0.021601416170597076,
0.03756260499358177,
-0.01709500513970852,
0.004410882014781237,
-0.007453341037034988,
-0.015720633789896965,
-0.0018190776463598013,
-0.0035056923516094685,
-0.027960624545812607,
-0.00464622350409627,
-0.03899019584059715,
0.018450992181897163,
-0.016224704682826996,
0.011055391281843185,
-0.06443239748477936,
-0.06944356113672256,
-0.027631502598524094,
0.0071200719103217125,
-0.010292913764715195,
-0.01450264174491167,
-0.009962554089725018,
0.01622864045202732,
0.00934684183448553,
0.09033844619989395,
-0.0009038368007168174,
-0.045093834400177,
0.0679066926240921,
0.02953101135790348,
0.011702069081366062,
-0.004584745969623327,
0.03792654722929001,
0.005188617389649153,
-0.02739490196108818,
-0.004521382972598076,
0.02355574630200863,
0.01166583877056837,
-0.003860827535390854,
0.07693503051996231,
-0.018403662368655205,
-0.0074540842324495316,
-0.012683335691690445,
-0.02944866195321083,
-0.0016704624285921454,
-0.03109435923397541,
0.10702203959226608,
-0.01383830513805151,
-0.02102355659008026,
0.0022583582904189825,
0.002634367672726512,
0.06184906139969826,
-0.030178148299455643,
-0.005521322600543499,
-0.007451857905834913,
0.01931692101061344,
-0.008180289529263973,
-0.009957005269825459,
-0.08649921417236328,
-0.0037907829973846674,
-0.0008198187570087612,
0.02647024393081665,
-0.0034938121680170298,
0.013742474839091301,
-0.037074945867061615,
0.026245594024658203,
0.008760478347539902,
-0.01580972783267498,
0.0031605276744812727,
-0.007083363831043243,
-0.012583733536303043,
0.045628201216459274,
-0.018346261233091354,
0.018886370584368706,
0.01615624502301216,
0.03562294319272041,
-0.004785644821822643,
0.0028719380497932434,
-0.013652211986482143,
0.010375413112342358,
0.021135525777935982,
-0.037324149161577225,
0.011021630838513374,
-0.012140873819589615,
-0.02161368541419506,
-0.011225796304643154,
0.015647582709789276,
0.02438124269247055,
-0.02129015140235424,
-0.008048404939472675,
0.03430351987481117,
0.015915988013148308,
0.004014136269688606,
-0.0016298737609758973,
0.04093800112605095,
-0.01453850045800209,
-0.034222640097141266,
0.01651163026690483,
0.015045762993395329,
-0.03465866670012474,
0.006001253612339497,
-0.023361146450042725,
-0.012016862630844116,
-0.022203579545021057,
0.010778278112411499,
-0.00390396430157125,
0.0010651551419869065,
-0.012572122737765312,
-0.01854589581489563,
0.002347267000004649,
-0.010508660227060318,
0.017405526712536812,
-0.005831910762935877,
0.00658481614664197,
-0.030492590740323067,
0.015759987756609917,
-0.030657190829515457,
-0.07939407974481583,
-0.012493522837758064,
0.014706306159496307,
-0.00696113845333457,
0.003719617612659931,
0.010102322325110435,
0.04868306592106819,
0.011917423456907272,
0.046920642256736755,
-0.025364035740494728,
-0.07099124044179916,
-0.07646536827087402,
0.19269561767578125,
0.12731395661830902,
-0.00985882617533207,
-0.0009320208919234574,
0.015543658286333084,
-0.06806262582540512,
0.022546445950865746,
-0.02423287183046341,
-0.004209726583212614,
-0.04441707208752632,
-0.025351129472255707,
0.033829573541879654,
-0.004144168458878994,
0.0013904761290177703,
0.0046102264896035194,
-0.006260069552809,
0.03173127770423889,
-0.08798284828662872,
-0.005721397697925568,
-0.01428256556391716,
0.034993864595890045,
0.01846088282763958,
-0.0229331161826849,
0.018475698307156563,
0.00904624629765749,
-0.027673615142703056,
0.005891731008887291,
0.016864871606230736,
-0.005750245414674282,
0.02649465948343277,
-0.025450313463807106,
-0.014039168134331703,
0.01219484955072403,
-0.024665260687470436,
0.037054650485515594,
-0.06720833480358124,
0.013398450799286366,
0.009830005466938019,
0.0007209726609289646,
0.008521108888089657,
0.028931867331266403,
0.02410830557346344,
0.020204834640026093,
0.11762190610170364,
-0.007923057302832603,
-0.03797220066189766,
0.006642460823059082,
0.010849718935787678,
0.021577581763267517,
-0.006823605392128229,
-0.0019465701188892126,
-0.0028297563549131155,
0.0063560823909938335,
-0.011309298686683178,
-0.02338487282395363,
0.03426670283079147,
0.0024149161763489246,
0.017519569024443626,
-0.032386746257543564,
0.04625282809138298,
-0.0007790532545186579,
-0.004763365723192692,
0.00542811444029212,
-0.044100504368543625,
0.01081838645040989,
0.007607717998325825,
-0.013125358149409294,
0.018199142068624496,
-0.0678975060582161,
0.020635252818465233,
-0.010483869351446629,
0.018338218331336975,
0.002401885809376836,
-0.011986461468040943,
0.03725602850317955,
0.054448310285806656,
-0.06620728224515915,
0.005994174163788557,
-0.006386259570717812,
-0.004007368814200163,
0.00022601973614655435,
0.010450426489114761,
0.011697758920490742,
0.014162175357341766,
0.017389116808772087,
0.015927258878946304,
-0.023766668513417244,
0.014725885353982449,
0.03061906434595585,
-0.044063277542591095,
-0.03226662799715996,
0.012473191134631634,
0.018777286633849144,
-0.01692190207540989,
0.0023381116334348917,
0.021294768899679184,
-0.0883045643568039,
-0.00799573864787817,
0.027497224509716034,
-0.013206755742430687,
-0.027316231280565262,
-0.00943911261856556,
-0.007893453352153301,
-0.03454458341002464,
0.009762611240148544,
0.01407464500516653,
0.0185864195227623,
-0.01797189936041832,
0.03221875801682472,
0.0029255724512040615,
-0.014680937863886356,
-0.003943363204598427,
0.019780978560447693,
0.007717372849583626,
0.0032332532573491335,
0.0622914619743824,
0.02319757081568241,
-0.01857888326048851,
0.024365246295928955,
0.0005946827586740255,
-0.005012487061321735,
0.015457053668797016,
-0.024782266467809677,
0.0011384895769879222,
-0.015151621773838997,
-0.014952663332223892,
0.028641603887081146,
0.001930056605488062,
-0.008445648476481438,
-0.011639339849352837,
0.02147641032934189,
-0.01872866041958332,
0.0247874204069376,
-0.038209833204746246,
-0.00409601628780365,
-0.0020166903268545866,
0.00801802333444357,
-0.00520849647000432,
0.012981858104467392,
-0.007074492517858744,
0.0032762016635388136,
0.01228677574545145,
-0.012889201752841473,
0.023429788649082184,
-0.02525082230567932,
0.007394186221063137,
0.007462866138666868,
0.015041157603263855,
-0.057498425245285034,
-0.026415130123496056,
0.017505202442407608,
-0.037037983536720276,
-0.012495264410972595,
-0.005655654706060886,
-0.01247789990156889,
-0.0017087965970858932,
-0.09814827144145966,
-0.012551898136734962,
-0.010531683452427387,
-0.03161080926656723,
-0.037816792726516724,
-0.03709176555275917,
-0.030383490025997162,
0.022510714828968048,
-0.0033010137267410755,
0.009409665130078793,
-0.24499067664146423,
0.2595818340778351,
0.03323371335864067,
0.002798741450533271,
0.024758288636803627,
-0.017805645242333412,
0.005745193921029568,
0.07660596817731857,
0.019667651504278183,
0.0010285497410222888,
-0.012105165980756283,
0.06241266056895256,
-0.015403292141854763,
0.017023751512169838,
0.018674349412322044,
0.010541845113039017,
-0.006985609419643879,
0.02385672554373741,
-0.0034163235686719418,
0.04127869755029678,
-0.027441367506980896,
0.011744124814867973,
0.019049514085054398,
-0.011675159446895123,
0.0012267222627997398,
0.012701617553830147,
-0.001058216323144734,
-0.0038027504924684763,
0.005349643062800169,
-0.004785723518580198,
0.02822781912982464,
-0.015509449876844883,
0.020065519958734512,
0.02992013469338417,
-0.007810016628354788,
-0.014590902253985405,
0.002672241535037756,
-0.03368261829018593,
0.04799797385931015,
-0.018987905234098434,
-0.002413337118923664,
-0.011248059570789337,
-0.004416367970407009,
-0.03361588716506958,
-0.043527375906705856,
0.002503510331735015,
0.022930489853024483,
0.0028225744608789682,
0.029192231595516205,
-0.024765411391854286,
-0.004641626961529255,
0.010008628480136395,
-0.012148069217801094,
-0.13327784836292267,
0.004804378375411034,
0.14197643101215363,
-0.007351432461291552,
0.008169294334948063,
0.003840358927845955,
-0.0345415323972702,
0.039563052356243134,
0.008599553257226944,
0.04995794966816902,
0.012113315984606743,
0.015050779096782207,
-0.047088466584682465,
0.021161271259188652,
-0.026620905846357346,
-0.1770380288362503,
-0.010592878796160221,
-0.014108382165431976,
-0.04098205640912056,
0.010879898443818092,
-0.036662545055150986,
0.0807662308216095,
0.01670108549296856,
0.012564517557621002,
-0.0926143005490303,
0.033805884420871735,
-0.03845467418432236,
-0.0036340465303510427,
-0.012010634876787663,
-0.02339203841984272,
-0.03117474354803562,
0.05817230045795441,
-0.05244315043091774,
-0.003898408729583025,
0.06217276677489281,
0.011621658690273762,
-0.08482253551483154,
-0.0035618403926491737,
0.002697305753827095,
-0.0019156173802912235,
-0.03243125602602959,
-0.013880057260394096,
-0.019058864563703537,
-0.08744632452726364,
-0.008647050708532333,
0.016109414398670197,
0.042568132281303406,
-0.000626615306828171,
0.014920361340045929,
0.02860870584845543,
0.015268754214048386,
-0.03073148988187313,
0.04964582994580269,
-0.03416638448834419,
0.04347418621182442,
-0.024801988154649734,
-0.018356531858444214,
0.007513355929404497,
0.009817443788051605,
0.020937604829669,
0.0032073461916297674,
0.009924839250743389,
-0.045853447169065475,
-0.01481036189943552,
-0.00858028419315815,
-0.0031001302413642406,
-0.01574593409895897,
-0.0003290577733423561,
0.1536518931388855,
0.041956741362810135,
0.00320161459967494,
0.03397449478507042,
0.014336713589727879,
0.03787074238061905,
0.005675989203155041,
0.044183213263750076,
0.004580509848892689,
-0.01952211931347847,
-0.028319334611296654,
0.0056592239998281,
0.004302758723497391,
-0.004958609119057655,
-0.03379799425601959,
0.010877612978219986,
-0.0016345242038369179,
0.0029221673030406237,
0.029699798673391342,
0.013737901113927364,
0.008606326766312122,
-0.01944856531918049,
-0.003301400225609541,
0.03831905499100685,
-0.06429814547300339,
0.004987123887985945,
0.010563936084508896,
0.022584056481719017,
-0.0000976181254372932,
-0.007780781481415033,
-0.0007556421915069222,
0.03690572455525398,
-0.022210419178009033,
-0.038476068526506424,
0.006574926897883415,
0.08770671486854553,
0.0095417695119977,
0.020809711888432503,
0.008915974758565426,
-0.033793870359659195,
0.026274289935827255,
-0.005091662984341383,
-0.00860330555588007,
-0.022112350910902023,
-0.0004779725568369031,
-0.01829066500067711,
0.11942634731531143,
-0.007347749546170235,
0.02463620714843273,
-0.0029756894800812006,
-0.02483557164669037,
-0.023923052474856377,
-0.012499146163463593,
0.040836039930582047,
0.006220672279596329,
0.02666567452251911,
0.003309575840830803,
-0.024053236469626427,
0.03974079340696335,
-0.0007598482770845294,
-0.11448191106319427,
0.029998507350683212,
-0.0363447442650795,
-0.003253038739785552,
0.00821632519364357,
0.02046636864542961,
-0.009818238206207752,
-0.06051325798034668,
-0.03514920547604561,
0.0785917192697525,
0.0686381384730339,
-0.07784905284643173,
-0.06649935990571976,
0.0033889864571392536,
0.007144376635551453,
0.0011989270569756627,
-0.04165688529610634,
-0.019068187102675438,
0.0206918865442276,
-0.011220751330256462,
-0.004863709677010775,
-0.008105515502393246,
0.14281003177165985,
-0.0021405203733593225,
-0.011469898745417595,
0.029716622084379196,
0.018660955131053925,
-0.021023131906986237,
0.005299163516610861,
0.001371482154354453,
0.018303334712982178,
-0.01119553204625845,
0.024077842012047768,
-0.009369049221277237,
-0.026063334196805954,
-0.041650597006082535,
-0.007951091043651104,
-0.019262075424194336,
-0.041255366057157516,
0.01653241366147995,
-0.00019428371160756797,
0.02793278358876705,
-0.02141597308218479,
-0.010897330939769745,
-0.04683748260140419,
0.009018601849675179,
-0.007417876739054918,
-0.03771321102976799,
0.004164613783359528,
0.043472494930028915,
-0.0022686137817800045,
0.03280871734023094,
-0.002886412665247917,
0.0032119073439389467,
-0.025965062901377678,
-0.09027426689863205,
-0.0131229842081666,
-0.017985688522458076,
-0.011788714677095413,
-0.024494081735610962,
-0.07171428203582764,
-0.011439248919487,
-0.037006229162216187,
0.01630173809826374,
0.042248621582984924,
-0.021190179511904716,
0.020374853163957596,
0.03549710661172867,
0.02489582821726799,
-0.0058655268512666225,
-0.02314981259405613,
-0.018609745427966118,
0.09727717936038971,
0.04781637713313103,
-0.024482673034071922,
0.03384305164217949,
-0.020994188264012337,
-0.059000540524721146,
0.01504801120609045,
0.0028897239826619625,
-0.047771427780389786,
-0.016292477026581764,
0.020110012963414192,
-0.11176721006631851,
0.006250953767448664,
0.022871211171150208,
-0.029434964060783386,
0.03963617607951164,
0.02501855231821537,
-0.0049707177095115185,
-0.01504007913172245
] |
in 2008. The gains on divestitures and net foreign currency exchange were partially offset by other-than-temporary impairment charges of approximately $81 million on available-for-sale securities. Refer to the heading "Critical Accounting Policies and Estimates — Investments in Equity and Debt Securities," and Note 17 of Notes to Consolidated Financial Statements. Other income (loss) — net also included approximately $46 million of realized and unrealized losses on trading securities.
Income Taxes
Our effective tax rate reflects tax benefits derived from significant operations outside the United States, which are generally taxed at rates lower than the U.S. statutory rate of 35 percent. A change in the mix of pretax income from these various tax jurisdictions can have a significant impact on the Company's periodic effective tax rate.
Our effective tax rate of approximately 16.7 percent for the year ended December 31, 2010, included the following:
an approximate 27 percent combined effective tax rate on the Company's productivity, integration and restructuring initiatives, charitable donations, transaction costs incurred in connection with our acquisition of CCE's North American business and the sale of our Norwegian and Swedish bottling operations to New CCE and other charges related to bottling activities in Eurasia (refer to Note 17 of Notes to Consolidated Financial Statements);
a tax benefit of $34 million related to the remeasurement of our equity investment in CCE to fair value upon our acquisition of CCE's North American business. The tax benefit reflects the impact of reversing deferred tax liabilities associated with our equity investment in CCE prior to the acquisition (refer to Note 2 of Notes to Consolidated Financial Statements);
an approximate 37 percent effective tax rate on charges related to preexisting relationships with CCE (refer to Note 2 of Notes to Consolidated Financial Statements);
an approximate 44 percent effective tax rate on the gain related to the sale of our Norwegian and Swedish bottling operations to New CCE (refer to Note 2 of Notes to Consolidated Financial Statements);
an approximate 35 percent combined effective tax rate on the elimination of gross profit in inventory on intercompany sales and an inventory fair value adjustment as a result of our acquisition of CCE's North American business (refer to the heading "Gross Profit Margin," above);
an approximate 37 percent combined effective tax rate on the amortization of favorable supply contracts acquired in connection with our acquisition and mark-to- market gains related to non-designated hedges that are associated with underlying transactions expected to occur in a future period;
an approximate 38 percent effective tax rate on the acceleration of expense associated with certain share-based replacement awards issued in connection with our acquisition of CCE's North American business (refer to Note 12 of Notes to Consolidated Financial Statements);
an approximate 4 percent combined effective tax rate on other-than-temporary impairments and a donation of preferred shares in one of our equity method investees (refer to Note 17 of Notes
| 1HOLD
|
[
-0.009479583241045475,
0.05485086143016815,
0.00439969077706337,
0.03705981373786926,
-0.06226343661546707,
0.0023742837365716696,
-0.00465261097997427,
-0.0037344759330153465,
-0.04635622352361679,
0.005729456897825003,
0.008817054331302643,
0.03680615499615669,
0.016759607940912247,
-0.0008573792292736471,
-0.01679849624633789,
-0.029618309810757637,
-0.04554952681064606,
-0.020340686663985252,
-0.012245680205523968,
0.01606251485645771,
0.009797188453376293,
0.024975880980491638,
0.011597792617976665,
-0.01515078917145729,
0.012175841256976128,
0.023858249187469482,
-0.010957871563732624,
0.02963489480316639,
0.05246577039361,
-0.018411483615636826,
0.014222988858819008,
-0.01090321410447359,
0.035146452486515045,
-0.01839206926524639,
-0.02028474025428295,
0.011711519211530685,
-0.07857587933540344,
0.005288174841552973,
0.030273817479610443,
0.01232403889298439,
0.004033325705677271,
-0.00292000244371593,
-0.02411569654941559,
0.012475941330194473,
0.009132410399615765,
-0.004152826499193907,
0.006372980307787657,
0.011675392277538776,
0.018694976344704628,
-0.004844379145652056,
0.0011322611244395375,
0.02073453739285469,
-0.00855354405939579,
-0.016940254718065262,
-0.018389053642749786,
-0.0249348022043705,
0.003913891036063433,
0.016934819519519806,
0.07382681965827942,
0.021124616265296936,
0.03643643483519554,
-0.004594613332301378,
-0.00878085382282734,
0.03562767058610916,
0.005992203950881958,
-0.024517608806490898,
-0.010285153053700924,
0.01024092547595501,
-0.0388207733631134,
-0.04866081476211548,
0.013066953048110008,
0.020294150337576866,
-0.008115977048873901,
-0.02276182733476162,
0.015326274558901787,
-0.015519039705395699,
0.05075459182262421,
-0.014963459223508835,
0.07295498251914978,
-0.031919628381729126,
-0.024521972984075546,
-0.057440727949142456,
-0.10116159170866013,
0.06727021932601929,
0.04000308737158775,
0.04531367868185043,
0.010982592590153217,
-0.036813922226428986,
-0.008956437930464745,
-0.013905692845582962,
0.015775036066770554,
0.013119547627866268,
-0.03236345201730728,
-0.0985545888543129,
-0.06206220015883446,
-0.013131399638950825,
0.005166852846741676,
-0.12240751087665558,
-0.01705389842391014,
-0.04846422001719475,
0.016223495826125145,
0.01069305557757616,
0.021475614979863167,
0.0006586592644453049,
0.010241181589663029,
0.008467347361147404,
-0.0023295781575143337,
0.015095717273652554,
0.013270962983369827,
-0.003666919656097889,
-0.012570035643875599,
-0.05556006729602814,
0.00741297984495759,
-0.0009922701865434647,
0.005520413164049387,
0.03762797266244888,
-0.004428729880601168,
-0.0236030425876379,
-0.05573350191116333,
-0.05516546592116356,
-0.0058302972465753555,
-0.03128434717655182,
-0.02490871399641037,
-0.005770562682300806,
-0.02478676103055477,
0.016732465475797653,
0.03415224328637123,
-0.010329559445381165,
0.04316813871264458,
-0.028382321819663048,
0.008492887020111084,
-0.0013455651933327317,
-0.02360961213707924,
-0.0017245910130441189,
-0.03044271282851696,
0.01950809918344021,
-0.019275937229394913,
-0.014064561575651169,
-0.024807628244161606,
0.028399022296071053,
0.013783566653728485,
-0.05488639697432518,
-0.06660909950733185,
0.008905063383281231,
-0.016284404322504997,
-0.010599511675536633,
-0.00683408509939909,
0.0051324390806257725,
0.019901683554053307,
0.09203719347715378,
-0.0011011995375156403,
-0.014267509803175926,
-0.005403867922723293,
-0.022855309769511223,
-0.03715512156486511,
0.02422957681119442,
0.04948819801211357,
-0.06141889840364456,
-0.030040215700864792,
-0.0034672864712774754,
-0.00921612698584795,
0.019579797983169556,
-0.005624816752970219,
0.005133325234055519,
0.02376890368759632,
-0.0259703416377306,
0.047123730182647705,
-0.012701448984444141,
0.01839529722929001,
0.030885817483067513,
0.022666051983833313,
0.020746739581227303,
0.0018641141941770911,
-0.0033456336241215467,
-0.013497327454388142,
-0.006745907478034496,
0.059213344007730484,
-0.014599176123738289,
0.03292519226670265,
0.019111404195427895,
0.006002937443554401,
-0.02198326773941517,
-0.0094398008659482,
0.05956041067838669,
-0.028810441493988037,
-0.03495898097753525,
-0.016268419101834297,
0.01883944682776928,
0.01682405360043049,
-0.0005071722553111613,
0.011104051023721695,
-0.007940385490655899,
0.026893993839621544,
-0.011747010983526707,
-0.03066709078848362,
0.0034274065401405096,
-0.07514746487140656,
-0.012202916666865349,
0.0742163434624672,
-0.005077185109257698,
-0.0434705950319767,
0.03073917143046856,
0.009046044200658798,
0.026241589337587357,
0.05445552244782448,
-0.014867998659610748,
-0.0032507232390344143,
-0.007720363792032003,
-0.013134688138961792,
0.0017165978206321597,
-0.011830952949821949,
-0.02048739604651928,
-0.002738743321970105,
-0.03641694411635399,
0.02712276577949524,
0.003578569507226348,
-0.007675534579902887,
-0.08310359716415405,
-0.07520648837089539,
-0.024105196818709373,
0.004570033401250839,
-0.013349681161344051,
0.013398866169154644,
0.015504852868616581,
0.009160441346466541,
0.021600550040602684,
0.08798890560865402,
0.00839285459369421,
-0.054247502237558365,
0.061685364693403244,
0.03443159908056259,
0.016658645123243332,
0.01673252135515213,
0.039703525602817535,
0.006452649366110563,
-0.04282400384545326,
-0.0034330030903220177,
0.026058685034513474,
0.003815183648839593,
0.00571883749216795,
0.08387044817209244,
-0.02598581835627556,
-0.005125338211655617,
-0.0299166738986969,
-0.024454763159155846,
0.002692220499739051,
-0.04631616920232773,
0.08814778923988342,
0.0008707610541023314,
-0.014563856646418571,
-0.016523750498890877,
-0.012186660431325436,
0.07495441287755966,
-0.028576340526342392,
-0.007716581225395203,
-0.019869517534971237,
0.011977354995906353,
-0.021774079650640488,
-0.010338050313293934,
-0.10397158563137054,
-0.013472593389451504,
0.009119678288698196,
0.038393523544073105,
-0.01973777636885643,
0.0030443340074270964,
-0.011918197385966778,
0.03197807818651199,
-0.003719683038070798,
-0.014177857898175716,
0.014013542793691158,
-0.02070753462612629,
-0.011713056825101376,
0.0644112154841423,
0.003714011050760746,
0.009099221788346767,
0.026540804654359818,
0.02330601215362549,
-0.02093876339495182,
0.016012433916330338,
-0.018527094274759293,
0.008318253792822361,
-0.0007045745733194053,
-0.043001603335142136,
-0.00013905811647418886,
-0.009322074241936207,
-0.021737050265073776,
-0.016725094988942146,
0.001791416434571147,
0.037595540285110474,
-0.024944433942437172,
-0.016338448971509933,
0.03203592449426651,
0.002887342358008027,
-0.0011705528013408184,
-0.006960734259337187,
0.04792329668998718,
-0.01351370569318533,
-0.03093048557639122,
0.007391780149191618,
0.024765077978372574,
-0.04796241968870163,
0.01062390673905611,
-0.019536174833774567,
-0.02302592806518078,
-0.019817546010017395,
0.012688294984400272,
0.003229051362723112,
-0.007052734028548002,
0.010442706756293774,
-0.021308675408363342,
0.004822687711566687,
-0.0038536430802196264,
0.0033537910785526037,
0.0053099594078958035,
0.002278067171573639,
-0.041903767734766006,
-0.011753080412745476,
-0.0096976850181818,
-0.08342165499925613,
-0.005136349704116583,
0.013420000672340393,
-0.003377458779141307,
0.0055588968098163605,
0.016078006476163864,
0.061893414705991745,
0.025848746299743652,
0.03039003722369671,
-0.04632542282342911,
-0.05691070482134819,
-0.06892333179712296,
0.1886981874704361,
0.13287539780139923,
-0.023922210559248924,
0.032669540494680405,
0.003839161479845643,
-0.08821408450603485,
0.024475404992699623,
-0.025632867589592934,
-0.0009130254038609564,
-0.04562709853053093,
-0.013375549577176571,
0.036724746227264404,
-0.0017369328998029232,
-0.015963498502969742,
-0.002674923511222005,
0.008922390639781952,
0.02510351873934269,
-0.10024361312389374,
0.005696677602827549,
-0.003546118037775159,
0.06037488207221031,
0.02319486439228058,
-0.023901643231511116,
0.03805313631892204,
-0.00044021804933436215,
-0.025311807170510292,
0.011583587154746056,
0.03031790815293789,
-0.013512476347386837,
0.012045410461723804,
-0.01598648726940155,
0.005149977747350931,
-0.0008032494806684554,
-0.010789230465888977,
0.06100849062204361,
-0.07065833359956741,
-0.001179837854579091,
0.013141497038304806,
0.011791421100497246,
0.0036774110049009323,
0.02784154750406742,
0.01825469173491001,
0.017068125307559967,
0.1111397072672844,
0.0008539880509488285,
-0.03429673612117767,
0.015790725126862526,
0.013419742695987225,
0.016619984060525894,
-0.0006456607952713966,
-0.007005368359386921,
0.007537050638347864,
-0.0016964845126494765,
-0.003787781111896038,
-0.009655372239649296,
0.0033161991741508245,
0.02294047735631466,
0.039008792489767075,
-0.051556456834077835,
0.053594596683979034,
0.003804947016760707,
-0.007738165091723204,
0.013636240735650063,
-0.03483113646507263,
0.007671555504202843,
0.014256929978728294,
-0.004302349407225847,
0.00025552723673172295,
-0.0815993994474411,
0.011538979597389698,
-0.010839981958270073,
0.013704237528145313,
-0.0004197234520688653,
-0.015664109960198402,
0.027000654488801956,
0.05819716677069664,
-0.049985870718955994,
0.032818347215652466,
-0.015556979924440384,
0.01834377646446228,
-0.008244667202234268,
-0.019559193402528763,
0.0007028511608950794,
0.009666682220995426,
0.007872456684708595,
0.023230230435729027,
-0.010678395628929138,
0.017988231033086777,
0.05557161942124367,
-0.028672710061073303,
-0.039152972400188446,
0.013557600788772106,
0.017585743218660355,
-0.0036029722541570663,
-0.035491228103637695,
0.013063707388937473,
-0.08939497917890549,
-0.011916778050363064,
0.0438237190246582,
-0.021719971671700478,
-0.033344365656375885,
-0.007233098614960909,
0.018774619325995445,
-0.03543969243764877,
-0.0006873350357636809,
0.005474784877151251,
0.017262184992432594,
-0.02390258014202118,
0.021577293053269386,
0.0034795391838997602,
-0.011421018280088902,
-0.0035245749168097973,
0.020126156508922577,
0.0009961123578250408,
-0.0022366575431078672,
0.07736752182245255,
0.02047334983944893,
-0.013484437949955463,
0.026282552629709244,
-0.012242491357028484,
-0.01700081117451191,
0.01903444528579712,
-0.01532137580215931,
0.023657577112317085,
-0.012182286009192467,
-0.014012296684086323,
0.019850533455610275,
0.019433120265603065,
-0.007614058908075094,
-0.012847263365983963,
0.01713642291724682,
-0.013737806119024754,
0.02162034995853901,
-0.04606436938047409,
-0.00577172078192234,
-0.00850657094269991,
0.01624859683215618,
-0.001212611561641097,
0.024782072752714157,
-0.014811784029006958,
0.005805847700685263,
0.010051960125565529,
0.0017783172661438584,
0.009974068030714989,
-0.014186015352606773,
0.010499298572540283,
0.011364330537617207,
0.01000208593904972,
-0.06655991822481155,
-0.017950376495718956,
0.020192330703139305,
-0.04079721122980118,
-0.013495498336851597,
-0.0017953341593965888,
-0.005078586284071207,
-0.00778159499168396,
-0.09630386531352997,
-0.02433636225759983,
-0.010689073242247105,
-0.02791581302881241,
-0.029074344784021378,
-0.03536923602223396,
-0.041224781423807144,
0.018683796748518944,
-0.003598921000957489,
-0.004335341975092888,
-0.23167727887630463,
0.2425898313522339,
0.013262168504297733,
0.0005326027167029679,
0.026112983003258705,
-0.022678060457110405,
0.002968020271509886,
0.07201005518436432,
0.02125723659992218,
-0.0006623652298003435,
-0.007805495522916317,
0.06942278891801834,
-0.028169861063361168,
0.024888960644602776,
0.005977134685963392,
0.01708405651152134,
-0.0010089529678225517,
0.026420878246426582,
0.0013784038601443172,
0.01055165659636259,
-0.019028473645448685,
0.021044250577688217,
0.011020159348845482,
-0.022285325452685356,
-0.004753212910145521,
0.02593894861638546,
0.003554712049663067,
0.002298402599990368,
0.013769815675914288,
-0.012113142758607864,
-0.0007360154995694757,
-0.034317746758461,
0.017113860696554184,
-0.008860098198056221,
-0.0070034353993833065,
-0.007718346547335386,
-0.005103332456201315,
-0.031805336475372314,
0.030449649319052696,
-0.01797211542725563,
-0.010546209290623665,
-0.02178056910634041,
-0.014996858313679695,
-0.014733093790709972,
-0.04556775838136673,
0.005861145909875631,
0.019817914813756943,
-0.014104214496910572,
0.03825222700834274,
-0.002000973792746663,
-0.025036681443452835,
0.004445266909897327,
-0.004885561298578978,
-0.13775131106376648,
-0.015605362132191658,
0.14162181317806244,
-0.018921183422207832,
0.011672202497720718,
0.00305180624127388,
-0.04250180721282959,
0.035724762827157974,
0.012422654777765274,
0.0469585545361042,
0.02254464104771614,
0.005189354065805674,
-0.0260848980396986,
0.016941796988248825,
-0.02345414087176323,
-0.15730082988739014,
0.006636972539126873,
-0.011649767868220806,
-0.0375894159078598,
0.021243873983621597,
-0.024590516462922096,
0.08729686588048935,
0.020753072574734688,
0.013768698088824749,
-0.08125977218151093,
0.03533750772476196,
-0.026495233178138733,
0.009721708483994007,
-0.018870195373892784,
-0.015249287709593773,
-0.036964114755392075,
0.032840266823768616,
-0.03947019577026367,
-0.011128854937851429,
0.04331424459815025,
-0.0010991118615493178,
-0.0616610050201416,
-0.0019010629039257765,
0.009022790938615799,
-0.0016692266799509525,
-0.03056810423731804,
-0.016361350193619728,
-0.018707044422626495,
-0.08978680521249771,
-0.0027135792188346386,
0.01628822647035122,
0.006869037169963121,
0.0023728092201054096,
0.004919986706227064,
0.01936430297791958,
0.007737413048744202,
-0.029260918498039246,
0.05360276997089386,
-0.027023382484912872,
0.05224396660923958,
-0.026019372045993805,
-0.01806970126926899,
0.011529630981385708,
-0.0032399760093539953,
0.01259654201567173,
-0.020261656492948532,
0.001051365863531828,
-0.025637997314333916,
-0.011152551509439945,
-0.01755567267537117,
-0.014638408087193966,
-0.0003868171479552984,
-0.000998237170279026,
0.10494166612625122,
0.02775847166776657,
-0.006634358782321215,
0.014468254521489143,
0.007821951061487198,
0.04420365393161774,
-0.012531506828963757,
0.05063895136117935,
-0.0017532965866848826,
-0.008540184237062931,
-0.030594412237405777,
-0.0005360650829970837,
-0.003995813895016909,
-0.01573508232831955,
-0.009800022467970848,
0.012795159593224525,
-0.0074440124444663525,
0.024722719565033913,
0.023829521611332893,
0.002119933720678091,
0.024532882496714592,
-0.03236643224954605,
-0.024596640840172768,
0.033427078276872635,
-0.044497132301330566,
0.00535733625292778,
0.003928438760340214,
0.025953464210033417,
0.0086098937317729,
-0.002775799483060837,
-0.019923755899071693,
0.048368170857429504,
-0.014193026348948479,
-0.04373621568083763,
-0.019952671602368355,
0.04270433634519577,
0.01345176063477993,
0.004576966632157564,
0.003547674510627985,
0.009789356961846352,
0.047281280159950256,
-0.01866525411605835,
-0.006147369276732206,
-0.03991562873125076,
0.01898031122982502,
-0.020235814154148102,
0.12501123547554016,
-0.004636812023818493,
0.03772993013262749,
0.000007123339401005069,
-0.01063829381018877,
-0.03844732418656349,
-0.024099932983517647,
0.038407646119594574,
0.0005454514757730067,
0.0330607108771801,
0.00037959893234074116,
-0.007505403365939856,
0.04458874464035034,
0.0061104935593903065,
-0.1148851215839386,
0.0321049690246582,
-0.035412415862083435,
0.012029528617858887,
0.025357801467180252,
0.026070095598697662,
-0.0041248612105846405,
-0.06424900889396667,
-0.026311134919524193,
0.0819317176938057,
0.035164687782526016,
-0.10057304799556732,
-0.06937965750694275,
0.009867828339338303,
-0.007840107195079327,
-0.011774275451898575,
-0.027896219864487648,
0.014800561591982841,
-0.007185997907072306,
-0.010689307935535908,
-0.005657554138451815,
-0.003489907830953598,
0.15164314210414886,
0.0031350080389529467,
-0.0170992873609066,
0.03171209245920181,
0.015995191410183907,
-0.0037423998583108187,
0.013277736492455006,
-0.0004930414143018425,
0.010021423920989037,
-0.012559265829622746,
0.032827313989400864,
-0.00143232976552099,
-0.028829991817474365,
-0.040832169353961945,
-0.0070753442123532295,
-0.004910735879093409,
-0.03424336016178131,
0.023410234600305557,
-0.007842199876904488,
0.04135890305042267,
-0.00955948606133461,
-0.0038790882099419832,
-0.038085099309682846,
0.00033161096507683396,
-0.01439795084297657,
-0.02461334690451622,
0.003634674707427621,
0.0351516418159008,
0.006381381303071976,
0.009440754540264606,
-0.006756376475095749,
0.014477874152362347,
-0.03389015793800354,
-0.10220199823379517,
-0.03491503745317459,
-0.019788213074207306,
-0.030824318528175354,
-0.023389674723148346,
-0.07042045891284943,
-0.004269052296876907,
-0.021962152794003487,
0.008623289875686169,
0.030855394899845123,
-0.02121877856552601,
0.031430501490831375,
0.027806419879198074,
0.005363402888178825,
-0.014040237292647362,
-0.039920974522829056,
-0.017441028729081154,
0.10172663629055023,
0.0430806539952755,
-0.015192948281764984,
0.02811465598642826,
-0.043167732656002045,
-0.040431879460811615,
0.007691391743719578,
-0.01945851556956768,
-0.047584451735019684,
0.010584013536572456,
0.024279801174998283,
-0.11541951447725296,
0.027271592989563942,
0.03402433171868324,
-0.020774422213435173,
0.022331904619932175,
0.008770044893026352,
-0.015549186617136002,
-0.027142362669110298
] |
accordance with FASB Statement No. 123 (revised 2004), Share-Based Payment, which requires that share-based payments (to the extent they are compensatory) be recognized in our consolidated statements of operations based on their fair values. In addition, we have applied the provisions of the SEC’s Staff Accounting Bulletin No. 107 in our accounting for Statement 123(R).
We are required to estimate the stock awards that we ultimately expect to vest and to reduce stock-based compensation expense for the effects of estimated forfeitures of awards over the expense recognition period. Although we estimate forfeitures based on historical experience, actual forfeitures in the future may differ. In addition, to the extent our actual forfeitures are different than our estimates, we record a true-up for the difference in the period that the awards vest, and such true-ups could materially affect our operating results.
As required by Statement 123(R), we recognize stock-based compensation expense for share-based payments issued or assumed after June 1, 2006 that are expected to vest. For all share-based payments granted or assumed beginning June 1, 2006, we recognize stock-based compensation expense on a straight-line basis over the service period of the award, which is generally four years. The fair value of the unvested portion of share-based payments granted prior to June 1, 2006 is recognized over the remaining service period using the accelerated expense attribution method, net of estimated forfeitures. In determining whether an award is expected to vest, we use an estimated, forward-looking forfeiture rate based upon our historical forfeiture rates. Stock-based compensation expense recorded using an estimated forfeiture rate is updated for actual forfeitures quarterly. We also consider, each quarter, whether there have been any significant changes in facts and circumstances that would affect our forfeiture rate.
We estimate the fair value of employee stock options using a Black-Scholes valuation model. The fair value of an award is affected by our stock price on the date of grant as well as other assumptions including the estimated volatility of our stock price over the term of the awards and the estimated period of time that we expect employees to hold their stock options. The risk-free interest rate assumption we use is based upon United States treasury interest rates appropriate for the expected life of the awards. We use the implied volatility of our publicly traded, longest-term options in order to estimate future stock price trends as we believe that implied volatility is more representative of future stock price trends than historical volatility. In order to determine the estimated period of time that we expect employees to hold their stock options, we have used historical rates of employee groups by job classification. Our expected dividend rate is zero since we do not currently pay cash dividends on our common stock and do not anticipate doing so in the foreseeable future. The aforementioned inputs entered into the option valuation model we use to fair value our stock awards are subjective estimates and changes to these
| 1HOLD
|
[
-0.006386338733136654,
0.0383632592856884,
0.02299237996339798,
0.03391026705503464,
-0.058540139347314835,
0.005800879560410976,
-0.003506455337628722,
-0.005439703818410635,
-0.042333826422691345,
-0.02487785555422306,
0.013210264034569263,
0.026102088391780853,
0.024351485073566437,
0.016606276854872704,
-0.009385640732944012,
-0.07187890261411667,
-0.08987747132778168,
-0.005513538606464863,
-0.0318266898393631,
-0.005677687469869852,
-0.0027177175506949425,
0.020951204001903534,
0.005979161709547043,
-0.003665017429739237,
-0.0017577516846358776,
0.03682175651192665,
0.01980067789554596,
0.030663305893540382,
0.017703838646411896,
-0.029811155050992966,
0.013046085834503174,
-0.010176272131502628,
0.038689903914928436,
-0.019731925800442696,
-0.04859186336398125,
0.012954434379935265,
-0.04585956782102585,
-0.005833945702761412,
0.07395690679550171,
0.0005598906427621841,
-0.04030466079711914,
0.03272891417145729,
0.01533210463821888,
0.01915198750793934,
0.02866031788289547,
-0.020130807533860207,
0.02321493998169899,
0.05267685279250145,
0.001254403032362461,
0.0010607258882373571,
-0.0005191657692193985,
0.002771219238638878,
-0.02600732631981373,
0.01037278026342392,
-0.002103756181895733,
-0.01521648932248354,
-0.008462033234536648,
0.015951497480273247,
0.03229163587093353,
0.03118966892361641,
0.020516976714134216,
-0.03896782919764519,
-0.0017001108499243855,
0.04217151924967766,
-0.006603649817407131,
-0.016676466912031174,
-0.012314199469983578,
-0.029031068086624146,
-0.026009049266576767,
-0.05329297482967377,
0.005470254924148321,
0.007801614236086607,
0.013245299458503723,
-0.0052094655111432076,
0.002418865216895938,
-0.04694347456097603,
0.010687055997550488,
-0.034445445984601974,
0.07729624956846237,
-0.017159417271614075,
0.0004485232930164784,
-0.022058963775634766,
-0.0820852741599083,
0.028556877747178078,
0.036908119916915894,
0.00563236977905035,
0.003924993798136711,
-0.05286296457052231,
-0.00328647019341588,
-0.002556323306635022,
-0.013596287928521633,
0.017436116933822632,
-0.023093286901712418,
-0.061450764536857605,
-0.05150134861469269,
-0.00643582921475172,
0.007776852697134018,
-0.04366312921047211,
-0.002848230767995119,
-0.03906112536787987,
0.02385878749191761,
0.013754323124885559,
0.019303515553474426,
-0.021407486870884895,
-0.009403211064636707,
-0.01663782075047493,
0.019352756440639496,
0.004631374962627888,
0.00012676595360971987,
0.009456665255129337,
0.003554492723196745,
-0.03148334473371506,
0.033182017505168915,
-0.02016894705593586,
-0.0063766660168766975,
0.0661647841334343,
-0.027179671451449394,
-0.052610304206609726,
-0.041074976325035095,
-0.08686017990112305,
-0.008847204968333244,
-0.032022736966609955,
-0.0009476199629716575,
0.015429566614329815,
-0.0019020941108465195,
-0.041075024753808975,
0.054632365703582764,
-0.024026663973927498,
0.021783486008644104,
-0.029714399948716164,
0.006956805940717459,
0.000047670073399785906,
-0.010842041112482548,
0.019450098276138306,
0.007456311956048012,
0.00014871092571411282,
0.00024556712014600635,
0.024260910227894783,
-0.019953949376940727,
0.036211539059877396,
0.011425256729125977,
-0.028545118868350983,
-0.060834795236587524,
-0.01579529233276844,
-0.002614222699776292,
-0.013016225770115852,
-0.021552851423621178,
0.014376063831150532,
0.029728427529335022,
0.07466553151607513,
-0.008221065625548363,
0.023996934294700623,
-0.0166394654661417,
-0.01836380735039711,
-0.05227166786789894,
0.018134303390979767,
0.01798972673714161,
-0.04089255630970001,
-0.03795122727751732,
0.00023974785290192813,
-0.014098045416176319,
-0.0026456185150891542,
-0.022566301748156548,
-0.018286651000380516,
0.0329231396317482,
-0.022113077342510223,
0.02591123804450035,
-0.015266531147062778,
0.015128571540117264,
0.03662553429603577,
0.01370141003280878,
0.007261001039296389,
0.013349060900509357,
0.002378012053668499,
-0.011683613993227482,
0.008629877120256424,
0.048006925731897354,
-0.056886009871959686,
0.044234663248062134,
0.0017197421984747052,
0.03935559093952179,
-0.015472440049052238,
-0.0028281293343752623,
0.11715003848075867,
-0.016321836039423943,
-0.035613320767879486,
-0.010010098107159138,
-0.0052679129876196384,
-0.0029959946405142546,
-0.012855907902121544,
-0.0069907610304653645,
0.01991354674100876,
0.02844277396798134,
-0.04423332214355469,
-0.03350390866398811,
0.0041659800335764885,
-0.05151110142469406,
-0.005298858508467674,
0.05337689816951752,
-0.025704650208353996,
-0.013492419384419918,
0.006467743776738644,
0.015971221029758453,
-0.0039048283360898495,
-0.028913628309965134,
-0.009519626386463642,
-0.007631603628396988,
-0.00006793623470002785,
-0.01462175976485014,
-0.02500278130173683,
-0.02731925994157791,
-0.03232749551534653,
0.009360655210912228,
-0.05321822315454483,
0.025112148374319077,
-0.017673537135124207,
-0.019776416942477226,
-0.0630144253373146,
-0.07482051104307175,
-0.014422635547816753,
0.016093922778964043,
-0.004655241034924984,
-0.0010246181627735496,
0.0060325064696371555,
0.022267116233706474,
0.005264323204755783,
0.06477414816617966,
0.015765156596899033,
-0.031495600938797,
0.04075031727552414,
0.02140495926141739,
0.022667085751891136,
0.041776400059461594,
0.006437527481466532,
-0.003309268271550536,
-0.04677236080169678,
-0.007607388310134411,
0.010020779445767403,
0.00398402800783515,
0.002382843289524317,
0.10244107246398926,
-0.011724065989255905,
-0.01746055670082569,
-0.01881183683872223,
-0.008311333134770393,
0.032531268894672394,
-0.05768226832151413,
0.06785443425178528,
0.0136764170601964,
-0.0322217158973217,
0.001351162907667458,
-0.009851260110735893,
0.08275611698627472,
-0.012577592395246029,
-0.013921182602643967,
0.021693943068385124,
-0.006001032888889313,
-0.01710360310971737,
0.010225341655313969,
-0.0726521760225296,
-0.017014626413583755,
-0.03496497496962547,
-0.01353673730045557,
0.0040736449882388115,
0.019645534455776215,
-0.05062812194228172,
0.028236251324415207,
-0.008460701443254948,
-0.008769998326897621,
-0.016814865171909332,
-0.009628909640014172,
-0.005643502343446016,
0.05414649471640587,
-0.015246456488966942,
0.00660780118778348,
0.0019610815215855837,
0.018374605104327202,
-0.004177800379693508,
0.019273947924375534,
-0.020957427099347115,
-0.0025017005391418934,
0.004670857917517424,
-0.05426425114274025,
-0.0005400130758062005,
-0.0036772892344743013,
-0.01057987380772829,
-0.012093030847609043,
0.016290772706270218,
0.0003679345245473087,
0.00016262571443803608,
-0.010975629091262817,
0.006718524266034365,
0.004216529428958893,
0.0076260045170784,
0.029972638934850693,
0.05597934499382973,
-0.015691760927438736,
-0.017847441136837006,
0.004453917499631643,
0.004216823261231184,
-0.03619358688592911,
-0.00550816860049963,
-0.017046792432665825,
-0.0072893197648227215,
-0.02119435742497444,
0.012708177790045738,
0.007025630678981543,
-0.0000658781427773647,
-0.022610384970903397,
-0.008436727337539196,
0.004346678499132395,
-0.024835746735334396,
0.0044460296630859375,
-0.0043259598314762115,
0.0014256676658988,
-0.0314524844288826,
-0.011411767452955246,
-0.04744548350572586,
-0.07079339772462845,
0.00596868060529232,
0.017906321212649345,
0.0022029364481568336,
0.004132180940359831,
0.021785777062177658,
0.028169911354780197,
0.0034777771215885878,
0.03372696787118912,
-0.000016411502656410448,
-0.0593554824590683,
-0.05653339996933937,
0.23652319610118866,
0.15881533920764923,
-0.032700736075639725,
0.02870769612491131,
0.016289150342345238,
-0.08035746961832047,
0.0044928123243153095,
-0.030228782445192337,
0.004831327125430107,
-0.04493856802582741,
-0.030022352933883667,
0.004656658973544836,
-0.024086805060505867,
-0.022051280364394188,
-0.01502702385187149,
-0.014936824329197407,
0.014869914390146732,
-0.08093273639678955,
-0.021687034517526627,
0.02225988358259201,
0.06223857030272484,
0.021496953442692757,
-0.0216459222137928,
0.03799960017204285,
-0.014195965602993965,
-0.02193927764892578,
0.004770508036017418,
-0.004979640245437622,
0.0037960142362862825,
0.036956340074539185,
-0.020321445539593697,
-0.0013969819992780685,
0.004934993572533131,
-0.005926102865487337,
0.03766731545329094,
-0.06941041350364685,
0.011071081273257732,
0.01659739948809147,
0.011875643394887447,
0.0013179518282413483,
0.041328467428684235,
0.03403569385409355,
0.014309479855000973,
0.09708653390407562,
-0.003457665676251054,
-0.03264603018760681,
-0.02593403495848179,
0.01234786119312048,
0.028927071020007133,
0.007273816037923098,
-0.02544551156461239,
-0.02217644639313221,
-0.00039384167757816613,
-0.007361454889178276,
-0.04409186169505119,
-0.003198353573679924,
0.0038922654930502176,
0.019619738683104515,
-0.06266151368618011,
0.03656191751360893,
-0.022533515468239784,
0.008723520673811436,
0.026127737015485764,
-0.026956068351864815,
0.016390115022659302,
0.01906600035727024,
-0.015006841160356998,
0.04262791946530342,
-0.07340160757303238,
-0.00013509666314348578,
-0.01725601777434349,
0.017856521531939507,
-0.011785547249019146,
-0.028392992913722992,
0.013538602739572525,
0.0693163350224495,
-0.04192129522562027,
0.025274209678173065,
-0.0128364572301507,
0.018354790285229683,
-0.012989317066967487,
0.011774429120123386,
-0.001480194041505456,
0.03056618757545948,
-0.013857950456440449,
0.006988730281591415,
0.0042917379178106785,
0.04554837942123413,
0.02521887794137001,
-0.03269769251346588,
-0.03001539595425129,
0.008340353146195412,
0.013804834336042404,
0.0017960527911782265,
-0.019083309918642044,
0.019701438024640083,
-0.08332479000091553,
-0.024106457829475403,
0.026404600590467453,
-0.010237972252070904,
-0.019891509786248207,
-0.016373636201024055,
0.006278057582676411,
-0.028179090470075607,
-0.00023434049217030406,
0.014336878433823586,
0.017301412299275398,
-0.01261427253484726,
0.03255859389901161,
0.001577913761138916,
-0.03190532699227333,
-0.0162075012922287,
0.020153485238552094,
0.010527018457651138,
-0.012984116561710835,
0.08633898198604584,
-0.004587915726006031,
-0.023623717948794365,
0.014422683976590633,
-0.008698000572621822,
0.0037965946830809116,
0.010646614246070385,
-0.06579364091157913,
0.001799431862309575,
-0.0016117653576657176,
-0.02980072610080242,
0.03984857723116875,
0.02770053967833519,
0.0033174746204167604,
-0.006101427599787712,
0.031071839854121208,
-0.021278133615851402,
0.014288101345300674,
-0.04683738201856613,
0.01245727576315403,
0.007158949505537748,
0.01897575333714485,
-0.0026473531033843756,
0.05553434044122696,
-0.020926659926772118,
0.006682724691927433,
0.012952322140336037,
-0.01361116487532854,
-0.017635783180594444,
-0.01591806299984455,
0.02323228307068348,
0.007221232168376446,
0.02510196529328823,
-0.05402287840843201,
-0.01669527404010296,
0.015067335218191147,
-0.04133298620581627,
-0.005998886656016111,
-0.008572996594011784,
0.0008637746213935316,
0.005255489144474268,
-0.0622456930577755,
-0.023594791069626808,
0.0011564764427021146,
-0.027414852753281593,
-0.026803607121109962,
-0.021119633689522743,
-0.037627000361680984,
0.014540069736540318,
-0.004136554431170225,
0.012400591745972633,
-0.20269827544689178,
0.23756560683250427,
0.0722227692604065,
0.003064220305532217,
0.015484250150620937,
-0.008441630750894547,
0.03953405097126961,
0.068361297249794,
0.03768889233469963,
0.01968599483370781,
0.0052669961005449295,
0.052065059542655945,
-0.030012786388397217,
-0.023982364684343338,
0.012481176294386387,
-0.00003721258690347895,
-0.007930704392492771,
0.02015167661011219,
-0.009810548275709152,
0.022137055173516273,
0.008069084025919437,
0.0004213728825561702,
0.03356776013970375,
-0.042078468948602676,
-0.0022313508670777082,
0.0007087657577358186,
0.003085425356402993,
-0.013920444063842297,
0.005247154738754034,
-0.011857989244163036,
0.0046585421077907085,
-0.014271974563598633,
0.022116847336292267,
-0.0054462980479002,
0.034108180552721024,
-0.07465089112520218,
-0.0045908852480351925,
-0.014147383160889149,
0.01010607648640871,
-0.012011231854557991,
-0.0004785869678016752,
-0.02028372883796692,
-0.006158036179840565,
-0.00854059774428606,
-0.039347659796476364,
-0.0030080624856054783,
0.00403638044372201,
-0.014991071075201035,
0.005518551915884018,
-0.017723390832543373,
-0.04629424959421158,
-0.0034719195682555437,
-0.008740019984543324,
-0.06440586596727371,
-0.026709018275141716,
0.17420341074466705,
-0.019792374223470688,
-0.005342916119843721,
-0.0010121099185198545,
-0.013140478171408176,
0.056552253663539886,
-0.0013058008626103401,
0.029511265456676483,
0.007987678050994873,
0.008991224691271782,
-0.03385429084300995,
0.0334252268075943,
-0.003049649531021714,
-0.13713271915912628,
-0.004563854541629553,
-0.015184083953499794,
-0.022010236978530884,
0.0119550209492445,
-0.0002900185063481331,
0.11430960148572922,
0.014430626295506954,
0.0136392991989851,
-0.045517098158597946,
0.02028616890311241,
-0.04024598002433777,
0.0035508456639945507,
-0.020577440038323402,
-0.029308639466762543,
-0.029040982946753502,
0.02408289536833763,
-0.06661658734083176,
0.0053430357947945595,
0.033073119819164276,
-0.005569890141487122,
-0.04362592101097107,
0.008051213808357716,
-0.005851029418408871,
-0.0017656697891652584,
-0.03754016384482384,
0.0028713091742247343,
-0.015440392307937145,
-0.039522264152765274,
-0.011846756562590599,
0.012600069865584373,
0.035485249012708664,
0.014322803355753422,
0.010338743217289448,
0.0008922240813262761,
0.017443548887968063,
-0.03701521083712578,
0.03433770686388016,
-0.0290383230894804,
0.04041033610701561,
-0.005559803918004036,
-0.015815267339348793,
0.012863708660006523,
-0.003120735287666321,
0.026976680383086205,
-0.011403178796172142,
0.013231505639851093,
-0.05291643738746643,
0.0006596326129510999,
-0.039746541529893875,
-0.020208466798067093,
-0.0085257887840271,
0.003407928394153714,
0.14272440969944,
0.009564145468175411,
-0.006083959713578224,
0.023005979135632515,
0.02138703130185604,
0.015502562746405602,
-0.022564180195331573,
0.07524711638689041,
0.0005596736446022987,
-0.005661840084940195,
-0.03334582597017288,
-0.0023538367822766304,
-0.0004135514027439058,
-0.0272930096834898,
-0.018980739638209343,
0.01019219309091568,
-0.01553479302674532,
-0.010493534617125988,
0.01837451569736004,
0.028435349464416504,
0.027482280507683754,
-0.017769234254956245,
0.026049990206956863,
0.01696159318089485,
-0.0178200863301754,
-0.0023313320707529783,
0.004293489269912243,
0.0201511662453413,
-0.007962953299283981,
-0.009645293466746807,
-0.05780684947967529,
0.030402792617678642,
-0.026987001299858093,
-0.044753093272447586,
-0.0058981878682971,
0.05986911058425903,
0.007457302883267403,
0.018303677439689636,
0.014386209659278393,
-0.004684163723140955,
0.022875292226672173,
-0.002538760658353567,
0.008774228394031525,
-0.02448083646595478,
0.004569750279188156,
0.004030818585306406,
0.14043788611888885,
0.0235397107899189,
0.03525820001959801,
-0.010412123054265976,
-0.020662503316998482,
-0.049394816160202026,
-0.03026420995593071,
0.02577773667871952,
-0.015041876584291458,
0.042454224079847336,
-0.012199774384498596,
-0.0049134171567857265,
0.04184505343437195,
0.007300682831555605,
-0.08819235861301422,
0.031811099499464035,
-0.02011803910136223,
0.03072163462638855,
0.018068239092826843,
-0.018552634865045547,
-0.005342480260878801,
-0.03911770507693291,
-0.028866076841950417,
0.07375940680503845,
0.09922360628843307,
-0.0770770013332367,
-0.0205529797822237,
0.0019299550913274288,
0.001504690502770245,
-0.005840691737830639,
-0.019707251340150833,
-0.006998218130320311,
0.023222070187330246,
-0.01530718244612217,
-0.004726285580545664,
-0.008249981328845024,
0.18544305860996246,
-0.03286735713481903,
-0.007702140137553215,
0.02861216850578785,
0.007142041344195604,
-0.015605377033352852,
0.009954393841326237,
0.005513807293027639,
0.006246793549507856,
-0.0007774119731038809,
0.011605136096477509,
0.01355011761188507,
-0.02361404150724411,
-0.02095162495970726,
-0.016323624178767204,
-0.03387843817472458,
-0.036779195070266724,
0.041208721697330475,
-0.0009137282613664865,
0.018288984894752502,
-0.001170280622318387,
-0.009564428590238094,
-0.05106012150645256,
0.012426290661096573,
-0.014014706015586853,
-0.05263374000787735,
0.001918175839819014,
0.011603542603552341,
0.0000012119277243982651,
0.005221797619014978,
-0.050214264541864395,
0.021888112649321556,
-0.009104683063924313,
-0.1375395953655243,
-0.015392599627375603,
-0.026471618562936783,
0.005561647471040487,
-0.012835928238928318,
-0.04707272723317146,
0.0055139739997684956,
-0.017292877659201622,
0.0011320954654365778,
0.038291074335575104,
-0.027948521077632904,
-0.00642880005761981,
0.027605367824435234,
0.037116989493370056,
-0.02276255376636982,
-0.05337193235754967,
-0.01499633863568306,
0.12131493538618088,
0.09304308891296387,
-0.008434887044131756,
0.011276893317699432,
-0.038658998906612396,
-0.031664732843637466,
0.013596529141068459,
-0.006406666710972786,
-0.04556724429130554,
-0.019382063299417496,
0.0032821695785969496,
-0.10966882109642029,
0.0047522857785224915,
0.025054460391402245,
-0.033154722303152084,
0.054053325206041336,
0.020460203289985657,
-0.025560325011610985,
0.001180431223474443
] |
approximately $1 billion of these savings in the business, resulting in an expected $2 billion net cost reduction. Additionally, as a result of the Wyeth acquisition, Pfizer expects to generate synergies of approximately $4 billion by the end of 2012, which is expected to result in $2 billion to $3 billion in net cost savings after reinvestment in the business, by the end of 2012. In the aggregate, as we combine these two initiatives into one comprehensive program, we expect to generate gross cost reductions of approximately $7 billion, resulting in net cost reductions of approximately $4 billion to $5 billion, by the end of 2012, at 2008 average foreign exchange rates, in comparison with the 2008 pro-forma combined adjusted total costs of Pfizer and the legacy Wyeth operations.
These targeted savings are expected to be achieved through the following actions:
• The closing of duplicative facilities and other site rationalization actions company-wide, including research and development facilities, manufacturing plants, sales offices and other corporate facilities.
O Research and Development Sites––In combining the R&D organizations of Pfizer and Wyeth, we have identified changes that we expect will increase productivity of the R&D organization and reduce costs. As of the closing of the acquisition of Wyeth, we operated in 20 R&D sites. In the fourth quarter of 2009, we announced that we would close six sites, and once these actions are completed, R&D will be conducted at five major sites and nine specialized units around the world.
O Manufacturing Sites—Our global manufacturing network is a global strategic supply network consisting of our internal network of plants together with strategic external manufacturers and including purchasing, packaging and distribution. As of December 31, 2009, operational manufacturing sites totaled 81. We will continue to rationalize our internal network of plants around the world resulting in a more focused, streamlined and competitive manufacturing operation.
• Workforce reductions across all areas of our business and other organizational changes.
O We have identified areas for a reduction in workforce across all of our businesses. As of the closing of the Wyeth acquisition, the combined workforce was approximately 120,700 and, as of December 31, 2009, the workforce had decreased to 116,500.
• The increased use of shared services. • Procurement savings.
We have incurred and will continue to incur costs associated with these cost-reduction activities and estimate that these costs could be in the range of approximately $11.5 billion to $13.5 billion through 2012, of which we have incurred approximately $5.5 billion in cost reduction and acquisition-related costs (excluding transaction costs) through December 31, 2009.
Our Strategic Initiatives—Strategy and Recent Transactions
Acquisitions, Dispositions, Licensing and Collaborations
We are committed to capitalizing on growth opportunities by advancing our own pipeline and maximizing the value of our in-line products, as well as through strategic and opportunistic licensing, co-promotion agreements and acquisitions. Our business- development strategy
| 2SELL
|
[
0.0001364709169138223,
0.06347932666540146,
-0.006912433076649904,
-0.026602139696478844,
-0.12019109725952148,
-0.01840612292289734,
-0.004139823839068413,
0.004748659674078226,
-0.07126087695360184,
0.031012147665023804,
0.0073320758529007435,
-0.01893206313252449,
0.018079552799463272,
-0.019845562055706978,
0.01934405043721199,
0.05040794610977173,
0.05275103077292442,
-0.009746675379574299,
-0.04191067814826965,
0.005623954813927412,
0.013588681817054749,
0.00923753622919321,
0.020110275596380234,
-0.010777688585221767,
0.02867598459124565,
0.026736672967672348,
-0.06192979961633682,
0.018792688846588135,
0.06711973249912262,
-0.05443572998046875,
0.024637769907712936,
0.025567280128598213,
0.028748219832777977,
-0.020488716661930084,
0.04559522867202759,
0.007542983628809452,
-0.04976469650864601,
0.01697559282183647,
0.030985260382294655,
0.00910862535238266,
-0.04817640408873558,
-0.006144421175122261,
-0.014306833036243916,
-0.015219585038721561,
0.008388310670852661,
-0.010185818187892437,
0.029873473569750786,
0.03569380193948746,
0.013709260150790215,
-0.0135343037545681,
0.0021004818845540285,
-0.03243645653128624,
-0.016089333221316338,
-0.027212243527173996,
-0.02489357814192772,
0.004096834920346737,
-0.018270570784807205,
-0.016390589997172356,
0.08231478929519653,
0.0352114737033844,
0.03195855766534805,
-0.03943925350904465,
0.008058599196374416,
0.03291216865181923,
0.013349685817956924,
-0.0106230853125453,
-0.008273892104625702,
-0.012634027749300003,
-0.03278505802154541,
-0.025023166090250015,
0.026574883610010147,
0.035477593541145325,
-0.014866608195006847,
-0.014911031350493431,
0.0075342608615756035,
-0.044299133121967316,
0.0339110866189003,
-0.00038184988079592586,
0.08206053823232651,
-0.02676296979188919,
0.0025842010509222746,
-0.08218981325626373,
0.041746970266103745,
-0.08422601968050003,
0.010906931012868881,
-0.01583142951130867,
-0.01815563067793846,
-0.04352623224258423,
-0.022874906659126282,
0.000853425997775048,
-0.002683375496417284,
0.002353182528167963,
-0.01777941919863224,
-0.03995257243514061,
-0.02826102077960968,
0.010984168387949467,
0.03470347821712494,
-0.15789785981178284,
-0.0017418976640328765,
0.0007001336780376732,
0.06669206917285919,
0.012405704706907272,
0.03296820819377899,
-0.021265646442770958,
0.01737993396818638,
0.015077056363224983,
-0.03615547716617584,
0.03982176631689072,
0.002145330887287855,
0.010854940861463547,
-0.014056053012609482,
-0.04767710715532303,
0.027236249297857285,
-0.003978695720434189,
-0.0099387401714921,
0.04293632134795189,
0.009683783166110516,
0.03976929187774658,
-0.0018742935499176383,
-0.0693083256483078,
0.015385483391582966,
-0.03218943625688553,
-0.035388343036174774,
0.00008678622543811798,
-0.028844619169831276,
0.03575306013226509,
-0.030237961560487747,
-0.015786265954375267,
0.03740009292960167,
-0.007944975979626179,
-0.0033872826024889946,
-0.003485732479020953,
-0.008152649737894535,
0.019739968702197075,
-0.04594675078988075,
0.014740381389856339,
-0.006834766827523708,
0.004224858246743679,
-0.04310912266373634,
0.010309433564543724,
-0.034271471202373505,
-0.021276237443089485,
-0.007635974325239658,
-0.010096926242113113,
-0.03736284002661705,
-0.007546714972704649,
-0.011653095483779907,
0.005884992890059948,
0.045041218400001526,
0.0789983943104744,
-0.009684821590781212,
-0.009490294381976128,
-0.03296808525919914,
-0.016423607245087624,
-0.02445024996995926,
-0.009764367714524269,
0.05519101023674011,
-0.007491149473935366,
-0.06579410284757614,
-0.008825398981571198,
-0.0023570044431835413,
-0.007296416442841291,
-0.0025585393887013197,
-0.06122628599405289,
-0.0541154146194458,
-0.031932372599840164,
0.013104148209095001,
-0.021922515705227852,
0.0421125590801239,
0.04639986902475357,
0.02548293210566044,
0.022288909181952477,
0.00522529985755682,
0.0015166800003498793,
0.031795527786016464,
-0.06846115738153458,
0.028031950816512108,
0.04796069115400314,
-0.009469285607337952,
0.0199251938611269,
0.03393944352865219,
0.006024481728672981,
0.05689666047692299,
-0.11092276126146317,
-0.06246443837881088,
-0.030581314116716385,
0.0035294368863105774,
0.03221794590353966,
-0.0022099341731518507,
-0.021738935261964798,
0.03910588100552559,
-0.013085157610476017,
0.0030401127878576517,
0.005367285571992397,
-0.008104801177978516,
-0.013323497027158737,
-0.017006607726216316,
0.008213167078793049,
-0.0017323211068287492,
-0.006056925281882286,
-0.10774173587560654,
0.01884656399488449,
0.0013110276777297258,
0.023487316444516182,
0.04415183141827583,
-0.012781976722180843,
-0.008771405555307865,
-0.004621828440576792,
0.00030666845850646496,
-0.00753764109686017,
-0.056507959961891174,
-0.009625023230910301,
0.010799090377986431,
-0.0279407799243927,
0.0025221961550414562,
0.05053682252764702,
0.003222396830096841,
-0.09903640300035477,
-0.03091157227754593,
-0.044059593230485916,
0.0066014304757118225,
-0.01704590953886509,
0.024982035160064697,
-0.002665936714038253,
0.06577004492282867,
-0.009107911959290504,
0.04124792292714119,
-0.012287622317671776,
-0.047257713973522186,
0.019175702705979347,
0.007474525831639767,
0.06226092204451561,
-0.043030254542827606,
0.02593064494431019,
0.00987451896071434,
0.0012796372175216675,
0.0007190839387476444,
0.004782137461006641,
-0.023415477946400642,
0.0712951123714447,
0.08459922671318054,
-0.013456154614686966,
-0.01344282366335392,
-0.009760117158293724,
-0.03728523477911949,
0.04994324594736099,
0.026958774775266647,
0.03781617060303688,
-0.013724282383918762,
-0.013910619542002678,
-0.006828035693615675,
0.033185314387083054,
-0.03793869912624359,
-0.0017838150961324573,
-0.05017400160431862,
0.025731023401021957,
0.018825937062501907,
-0.008895893581211567,
0.0049062371253967285,
-0.12841685116291046,
-0.011527832597494125,
-0.034603290259838104,
0.009216735139489174,
-0.026421276852488518,
0.015468179248273373,
0.009100238792598248,
0.02497696503996849,
-0.007767600007355213,
-0.006305709946900606,
0.004646926186978817,
-0.01151121687144041,
-0.016749201342463493,
0.04278581961989403,
-0.01879340596497059,
0.0024606792721897364,
0.011793135665357113,
0.030816344544291496,
-0.012035530060529709,
0.0285967830568552,
-0.028070950880646706,
-0.0016265944577753544,
-0.0041207680478692055,
-0.005764398258179426,
-0.02884580008685589,
-0.024408772587776184,
-0.004500032402575016,
-0.024150317534804344,
-0.008374623022973537,
0.0822107195854187,
-0.035681381821632385,
-0.01260168757289648,
0.014107453636825085,
0.017231503501534462,
-0.03967396542429924,
-0.02543928287923336,
0.061088256537914276,
-0.01294619869440794,
-0.05572870746254921,
-0.006938495207577944,
0.04679492861032486,
0.021664367988705635,
0.03662505000829697,
0.019974933937191963,
-0.033132344484329224,
-0.00941035058349371,
-0.00956204254180193,
-0.01927131786942482,
-0.01854114420711994,
0.13010311126708984,
-0.018276667222380638,
0.010047546587884426,
0.01306858565658331,
-0.002691272646188736,
-0.008960086852312088,
-0.01608954556286335,
-0.04709668084979057,
-0.038879189640283585,
0.036238543689250946,
-0.018934594467282295,
-0.032307375222444534,
0.019705168902873993,
0.012291540391743183,
0.01907435618340969,
0.023747356608510017,
0.05803436040878296,
-0.0022651406470686197,
0.04738583043217659,
-0.03644441068172455,
0.026116985827684402,
-0.017756657674908638,
0.03469770401716232,
0.0900980681180954,
-0.029158933088183403,
0.03725725784897804,
-0.0271538645029068,
0.0114967105910182,
0.024418510496616364,
-0.01937076635658741,
0.0021563980262726545,
-0.008996985852718353,
-0.000931620947085321,
-0.0041638766415417194,
0.038204703480005264,
-0.02727404609322548,
0.0024636276066303253,
0.09594311565160751,
0.01030527614057064,
-0.055864118039608,
0.023883990943431854,
0.06940194964408875,
0.054285552352666855,
-0.022106334567070007,
0.01095488015562296,
0.044369690120220184,
0.01593952253460884,
-0.03403272479772568,
0.04144463315606117,
0.004983752500265837,
-0.011714980006217957,
0.007246967405080795,
-0.008533946238458157,
-0.012891178019344807,
-0.002451870823279023,
-0.0035057791974395514,
0.04304567724466324,
-0.010492837056517601,
-0.043800316751003265,
0.01662270911037922,
0.01660078763961792,
-0.019038517028093338,
-0.01018050778657198,
0.01538297813385725,
0.016677943989634514,
0.06436626613140106,
-0.0289910938590765,
0.011245894245803356,
0.01868203654885292,
-0.024127386510372162,
-0.0074289338663220406,
0.03885962814092636,
0.004096532240509987,
-0.008067252114415169,
-0.0003358217072673142,
-0.009869983419775963,
0.07282354682683945,
-0.013896696269512177,
0.005437965039163828,
0.006057546474039555,
-0.010047892108559608,
0.011461193673312664,
-0.012660221196711063,
0.037692591547966,
0.04220602661371231,
0.009638117626309395,
-0.019607355818152428,
-0.0007217018282972276,
0.0385487861931324,
-0.009741554036736488,
-0.00813327170908451,
-0.02293916419148445,
-0.0020260573364794254,
-0.010442622937262058,
-0.007949385792016983,
0.019081510603427887,
0.04939199239015579,
0.006390933413058519,
-0.025251783430576324,
0.029148418456315994,
-0.007465051487088203,
0.05256618931889534,
-0.000948915199842304,
-0.12815269827842712,
-0.015531940385699272,
0.018918385729193687,
-0.05395343527197838,
0.03626997023820877,
-0.010856387205421925,
0.02462715469300747,
0.06688583642244339,
0.03803083300590515,
-0.04578794538974762,
0.0059982589446008205,
0.03350146859884262,
0.009243100881576538,
-0.13420069217681885,
0.01050635240972042,
-0.056636158376932144,
-0.03125531226396561,
0.010580908507108688,
0.014112151227891445,
-0.011184063740074635,
0.00868518091738224,
0.026028405874967575,
-0.008381697349250317,
-0.0038241648580878973,
0.008114653639495373,
-0.0027876354288309813,
-0.028319722041487694,
-0.005265877116471529,
0.033533405512571335,
-0.03157130628824234,
0.040475036948919296,
0.005379681475460529,
-0.008250257931649685,
-0.01608041115105152,
0.008515071123838425,
0.050144013017416,
-0.01652110554277897,
0.027568237856030464,
-0.05398815497756004,
-0.006986657623201609,
0.01672353781759739,
0.013941377401351929,
0.00904648657888174,
0.011006539687514305,
-0.004464548081159592,
-0.004311684984713793,
0.009095772169530392,
-0.00985743384808302,
0.012183310464024544,
0.003569401102140546,
0.0017737237503752112,
0.028364868834614754,
-0.001061612623743713,
0.0006389654008671641,
0.022549673914909363,
0.016888294368982315,
-0.0017615436809137464,
0.053367484360933304,
-0.0006162715144455433,
0.0076329512521624565,
0.009225699119269848,
-0.0017963042482733727,
0.0009184344671666622,
0.03361586108803749,
-0.020898474380373955,
0.04173002392053604,
-0.0017589100170880556,
-0.010777050629258156,
-0.028180591762065887,
0.020956123247742653,
-0.018123844638466835,
-0.021750956773757935,
0.018400005996227264,
0.0019282078137621284,
-0.08751369267702103,
-0.04355907812714577,
-0.011745861731469631,
-0.009200806729495525,
0.0020819443743675947,
-0.04976384714245796,
-0.04287143051624298,
-0.029598917812108994,
0.03217754885554314,
-0.00308945681899786,
-0.007807209622114897,
-0.14884930849075317,
0.023631323128938675,
-0.01053560245782137,
-0.01428601611405611,
0.03562455624341965,
-0.013738558627665043,
0.024390950798988342,
0.039264045655727386,
0.005760948173701763,
0.017374278977513313,
-0.005815853830426931,
0.0331399030983448,
-0.0509549155831337,
0.007841413840651512,
0.0361277237534523,
0.034361664205789566,
-0.02062493935227394,
-0.03781203553080559,
0.023187294602394104,
-0.06398811936378479,
0.044784367084503174,
0.0017437709029763937,
0.034938912838697433,
0.0013819551095366478,
0.0012173184659332037,
0.027203796431422234,
0.024044150486588478,
0.0008513119537383318,
0.04896702244877815,
-0.0028874629642814398,
0.03712004795670509,
-0.007645855192095041,
0.05144539475440979,
-0.003855336457490921,
0.009205004200339317,
0.19100894033908844,
-0.009774455800652504,
-0.014426670968532562,
0.0013165504205971956,
-0.003283053869381547,
0.0032522024121135473,
-0.0059798420406877995,
-0.028652749955654144,
-0.01216875109821558,
-0.015443640761077404,
0.02412739023566246,
0.019877005368471146,
-0.02141573466360569,
0.02270468696951866,
-0.016628064215183258,
-0.07096556574106216,
-0.00357602396979928,
0.0043349554762244225,
-0.07913223654031754,
-0.010837610810995102,
0.09531635791063309,
0.04248227924108505,
0.0020909893792122602,
0.019370872527360916,
-0.02955659106373787,
0.018633194267749786,
0.008016888983547688,
0.010054920800030231,
0.02053292840719223,
0.005311527289450169,
-0.03731008991599083,
0.0032579146791249514,
-0.011641568504273891,
-0.06808603554964066,
0.004827613011002541,
-0.0006221967050805688,
-0.032725512981414795,
0.027254577726125717,
-0.01241109985858202,
0.06921186298131943,
0.00946359895169735,
-0.01099012978374958,
-0.06122778356075287,
0.029144393280148506,
0.009761344641447067,
0.002784052863717079,
-0.02430092915892601,
-0.01752920262515545,
-0.04797212406992912,
0.05008658766746521,
0.01894223690032959,
-0.02366623468697071,
0.0007583022816106677,
0.029788805171847343,
-0.11009349673986435,
0.039105936884880066,
0.033781565725803375,
-0.0019807470962405205,
0.008347132243216038,
-0.024103939533233643,
0.0017036438221111894,
-0.007012607995420694,
0.029033754020929337,
0.04841841384768486,
-0.13122130930423737,
-0.026236379519104958,
0.014844351448118687,
-0.0018949280492961407,
-0.013473819009959698,
0.020205922424793243,
0.004686825908720493,
0.02416313625872135,
0.025254741311073303,
0.024222061038017273,
-0.014205298386514187,
0.018967928364872932,
-0.0020270543172955513,
0.036813702434301376,
-0.013655483722686768,
-0.017934581264853477,
-0.029176339507102966,
-0.008892002515494823,
-0.028850942850112915,
-0.010369502007961273,
0.019872959703207016,
0.01893210969865322,
-0.20351600646972656,
0.028200846165418625,
0.03543414920568466,
-0.007172547280788422,
-0.01795034669339657,
0.016141695901751518,
-0.013515010476112366,
-0.048866383731365204,
0.014239422045648098,
-0.02317114919424057,
-0.03280167281627655,
0.01875208504498005,
-0.006263446062803268,
-0.022270746529102325,
0.016412528231739998,
0.01933588832616806,
-0.020534439012408257,
0.003574617439880967,
0.04746919870376587,
-0.02496601827442646,
0.041972897946834564,
-0.04924705624580383,
-0.14066974818706512,
-0.0034650505986064672,
-0.05717341601848602,
-0.015662606805562973,
0.015546767972409725,
0.02996659278869629,
0.005693916697055101,
-0.010115331038832664,
-0.03438665717840195,
0.02822420932352543,
0.06776334345340729,
0.031737037003040314,
-0.015087158419191837,
-0.0016521948855370283,
0.046756867319345474,
-0.01795598305761814,
-0.021768838167190552,
-0.0006618712213821709,
-0.013387154787778854,
-0.0018537266878411174,
-0.02938799560070038,
-0.03145815432071686,
0.02316996455192566,
-0.04426470026373863,
0.0027083507739007473,
0.011681054718792439,
0.002975259441882372,
0.04676158353686333,
0.00922113936394453,
-0.03958949074149132,
-0.00974566861987114,
0.020733902230858803,
0.007278740871697664,
-0.014998596161603928,
0.02745913900434971,
0.061409782618284225,
0.007285190746188164,
-0.030107947066426277,
0.04069063067436218,
0.031163545325398445,
-0.05612309277057648,
0.012108043767511845,
0.0038403277285397053,
-0.01682179421186447,
0.010715659707784653,
-0.062426917254924774,
0.0172886922955513,
0.033535949885845184,
-0.168894961476326,
-0.08377310633659363,
-0.05693763494491577,
0.016878169029951096,
0.002643800573423505,
-0.019855299964547157,
-0.0010863635689020157,
-0.0239381343126297,
0.004269675817340612,
-0.001546450424939394,
-0.024049626663327217,
0.0035997454542666674,
-0.10206958651542664,
0.02649500221014023,
-0.014346746727824211,
0.004329422954469919,
0.018301082774996758,
-0.020324748009443283,
0.019045135006308556,
-0.002879285952076316,
-0.02029452472925186,
-0.005179798696190119,
0.02416558563709259,
0.01047845371067524,
-0.005193597171455622,
-0.006460485514253378,
-0.01993918977677822,
-0.001336605055257678,
-0.055474136024713516,
0.0012702463427558541,
0.0007066896068863571,
0.005225854925811291,
0.0032245710026472807,
-0.014589643105864525,
-0.04041970893740654,
-0.03172527253627777,
-0.009080365300178528,
0.11983945220708847,
0.0009547561639919877,
0.025931445881724358,
-0.022894537076354027,
0.000830566103104502,
-0.004046679940074682,
-0.0033314672764390707,
-0.032439928501844406,
0.0792827308177948,
-0.023439543321728706,
-0.007494456134736538,
-0.00001603508644620888,
-0.044305723160505295,
-0.014825892634689808,
-0.004801477771252394,
-0.0037980172783136368,
0.06441770493984222,
0.031302787363529205,
0.008709784597158432,
0.015305794775485992,
0.04969051107764244,
-0.014268510974943638,
-0.014657865278422832,
-0.036001913249492645,
-0.03424491733312607,
0.05626388639211655,
-0.10025369375944138,
-0.01740718074142933,
0.02126111090183258,
0.005963996518403292,
-0.016650715842843056,
0.010890170000493526,
-0.0083913654088974,
-0.0024610967375338078,
0.009128289297223091,
-0.04419764503836632,
0.009524621069431305,
0.0021253100130707026,
0.025303196161985397,
-0.021800246089696884,
0.05101116746664047,
-0.04682951048016548,
0.03368154168128967,
-0.0047900620847940445
] |
and selection of these critical accounting policies and estimates with the Audit Committee of our Board. The Audit Committee has reviewed our disclosures relating to our critical accounting policies and estimates in this Annual Report on Form 10-K.
Revenue Recognition
Product Revenue
We recognize revenue from product sales when persuasive evidence of an arrangement exists, the product has been delivered, the price is fixed and determinable and collection is reasonably assured. For most sales, we use a binding purchase order and in certain cases we use a contractual agreement as evidence of an arrangement. We consider delivery to occur upon shipment provided title and risk of loss have passed to the customer. At the point of sale, we assess whether the arrangement fee is fixed and determinable and whether collection is reasonably assured. If we determine that collection of a fee is not reasonably assured, we defer the fee and recognize revenue at the time collection becomes reasonably assured, which is generally upon receipt of payment.
Our policy on sales to distributors is to defer recognition of revenue and related cost of revenue until the distributors resell the product.
We record estimated reductions to revenue for customer programs at the time revenue is recognized. Our customer programs primarily involve rebates, which are designed to serve as sales incentives to resellers of our products in various target markets. We account for rebates in accordance with Emerging Issues Task Force Issue 01-9, or EITF 01-9, Accounting for Consideration Given by a Vendor to a Customer (Including a Reseller of the Vendor’s Products) and, as such, we accrue for 100% of the potential rebates and do not apply a breakage factor. Rebates typically expire six months from the date of the original sale, unless we reasonably believe that the customer intends to claim the rebate. Unclaimed rebates are reversed to revenue upon expiration of the rebate.
Our customer programs also include marketing development funds, or MDFs. We account for MDFs as either a reduction of revenue or an operating expense in accordance with EITF 01-9. MDFs represent monies paid to retailers, system builders, OEMs, distributors and add-in card partners that are earmarked for market segment development and expansion and typically are designed to support our partners’ activities while also promoting NVIDIA products. If market conditions decline, we may take actions to increase amounts offered under customer programs, possibly resulting in an incremental reduction of revenue at the time such programs are offered.
We also record a reduction to revenue by establishing a sales return allowance for estimated product returns at the time revenue is recognized, based primarily on historical return rates. However, if product returns for a particular fiscal period exceed historical return rates we may determine that additional sales return allowances are required to properly reflect our estimated exposure for product returns.
License and Development Revenue
For license arrangements that require significant customization of our intellectual property components, we
| 2SELL
|
[
-0.006413780152797699,
0.06151853874325752,
-0.010826040990650654,
-0.022638501599431038,
-0.12511835992336273,
-0.02188136614859104,
-0.0014232280664145947,
0.0023578384425491095,
-0.07242754101753235,
0.015955766662955284,
0.006213625892996788,
-0.025737864896655083,
0.029579000547528267,
-0.021901417523622513,
0.01712733693420887,
0.02968895435333252,
0.030029356479644775,
-0.011554945260286331,
-0.04768466204404831,
0.006722547579556704,
0.01578303799033165,
0.018910204991698265,
0.0033843647688627243,
-0.015048515982925892,
0.012126726098358631,
0.02193167805671692,
-0.06104166433215141,
0.02619313821196556,
0.06634807586669922,
-0.05254616215825081,
0.02051852084696293,
0.019362278282642365,
0.02917686104774475,
-0.020765099674463272,
0.04144752770662308,
0.011266989633440971,
-0.04136749729514122,
0.018262192606925964,
0.028088102117180824,
0.010778600350022316,
-0.05346667766571045,
-0.0056150066666305065,
0.025305280461907387,
-0.01126084290444851,
0.016426095739006996,
-0.013236790895462036,
0.03282291069626808,
0.04525391384959221,
0.013492626138031483,
-0.004326275084167719,
0.009913717396557331,
-0.032144032418727875,
-0.026726987212896347,
-0.018473971635103226,
-0.024720294401049614,
-0.0041566393338143826,
-0.025299502536654472,
-0.03398892283439636,
0.07557584345340729,
0.03779623284935951,
0.028740042820572853,
-0.04268097132444382,
0.020373908802866936,
0.03540782257914543,
0.007124755531549454,
-0.005606009624898434,
-0.0033446999732404947,
-0.004846551921218634,
-0.03863043338060379,
-0.030507422983646393,
0.028671318665146828,
0.03739546239376068,
-0.01908070407807827,
-0.018536951392889023,
0.006616427097469568,
-0.0481562465429306,
0.03783069923520088,
-0.0043088956736028194,
0.08878770470619202,
-0.018752509728074074,
-0.005384413991123438,
-0.07684779912233353,
0.052167702466249466,
-0.07609526813030243,
0.016574298962950706,
-0.028761466965079308,
-0.018708238378167152,
-0.0461081936955452,
-0.02256963588297367,
-0.004057034384459257,
-0.007064551580697298,
0.008214297704398632,
-0.02183646336197853,
-0.04991348832845688,
-0.03474501892924309,
-0.0017028029542416334,
0.02763303741812706,
-0.1653059422969818,
0.004741814453154802,
0.0004953225143253803,
0.07936134934425354,
0.01108704786747694,
0.04214995726943016,
-0.026285599917173386,
0.013285631313920021,
0.01280547771602869,
-0.04160824790596962,
0.033026326447725296,
-0.003282340243458748,
0.004705464467406273,
-0.009553011506795883,
-0.062018685042858124,
0.028393222019076347,
-0.006626111920922995,
-0.01062230858951807,
0.043340593576431274,
0.009281786158680916,
0.0375547893345356,
-0.012842103838920593,
-0.0675373524427414,
0.010017000138759613,
-0.035465165972709656,
-0.04479473456740379,
-0.019934171810746193,
-0.02435143291950226,
0.030686311423778534,
-0.025463977828621864,
-0.008040145970880985,
0.039962366223335266,
-0.00848954264074564,
-0.012650351971387863,
-0.007582496851682663,
-0.010669893585145473,
0.033949170261621475,
-0.042647603899240494,
0.003142195288091898,
-0.014596382156014442,
0.007574685849249363,
-0.05291927605867386,
0.01414012536406517,
-0.03671034052968025,
-0.025678379461169243,
-0.0049269418232142925,
-0.01265272032469511,
-0.04026530683040619,
-0.010132954455912113,
-0.01187992189079523,
-0.0027276421897113323,
0.05532508343458176,
0.0799814984202385,
-0.01799311488866806,
0.0062300339341163635,
-0.03817057982087135,
-0.022462133318185806,
-0.02400977723300457,
-0.012153245508670807,
0.05338023975491524,
0.010275979526340961,
-0.06198808178305626,
-0.002028013812378049,
-0.004710557870566845,
0.0011065613944083452,
-0.004674918483942747,
-0.06814278662204742,
-0.0521417036652565,
-0.037333980202674866,
0.006753305904567242,
-0.01415953692048788,
0.04023074358701706,
0.051861993968486786,
0.029390329495072365,
0.02590596303343773,
0.003393588587641716,
0.008504323661327362,
0.02832920476794243,
-0.07584063708782196,
0.026097917929291725,
0.05695382505655289,
-0.007772770710289478,
0.021459216251969337,
0.026370976120233536,
0.00930875912308693,
0.0602312907576561,
-0.061686474829912186,
-0.06544218957424164,
-0.0399448499083519,
0.007790632080286741,
0.053147539496421814,
-0.008319408632814884,
-0.029313944280147552,
0.043887462466955185,
-0.0175113957375288,
-0.007504537235945463,
-0.008441257290542126,
-0.01266305148601532,
-0.02305249311029911,
-0.026195447891950607,
0.004106773529201746,
0.0005077318055555224,
-0.0123816579580307,
-0.10309766232967377,
0.004090956877917051,
0.0008430929738096893,
0.026437848806381226,
0.053287990391254425,
-0.01746744103729725,
-0.010809475556015968,
0.0012851973297074437,
-0.005814975593239069,
-0.008842181414365768,
-0.061207666993141174,
-0.014975304715335369,
0.012761706486344337,
-0.03517327085137367,
0.015880389139056206,
0.04899833723902702,
-0.001096148625947535,
-0.08541323244571686,
-0.027219606563448906,
-0.0314907431602478,
0.0024344471748918295,
-0.01749165914952755,
0.01681920886039734,
0.01297643780708313,
0.06152236461639404,
-0.025232616811990738,
0.04523225501179695,
-0.002225802280008793,
-0.055356740951538086,
0.017413334921002388,
0.008752414025366306,
0.07565335184335709,
-0.010487178340554237,
0.031312309205532074,
0.008411109447479248,
0.0007644201978109777,
-0.0015210978453978896,
-0.0025837698485702276,
-0.040019623935222626,
0.07218290120363235,
0.09170438349246979,
-0.009062740951776505,
-0.009004417806863785,
0.0054467362351715565,
-0.037216994911432266,
0.05433216318488121,
0.03243311494588852,
0.040778663009405136,
-0.019406529143452644,
-0.0071643502451479435,
-0.005972133483737707,
0.026174964383244514,
-0.028463352471590042,
0.010756471194326878,
-0.04000046104192734,
0.02043970860540867,
0.008518040180206299,
-0.005164756439626217,
0.011320067569613457,
-0.13326692581176758,
-0.0145712373778224,
-0.030245082452893257,
-0.00018955100676976144,
-0.02256075292825699,
0.026584908366203308,
0.013323861174285412,
0.02050759457051754,
0.0025239603128284216,
-0.010691748932003975,
0.000037321598938433453,
0.002520134439691901,
-0.01420324482023716,
0.04905219376087189,
-0.01847054623067379,
0.004074765834957361,
0.01042203139513731,
0.0339621864259243,
-0.014047181233763695,
0.02349402941763401,
-0.032139506191015244,
0.0005194569239392877,
-0.010240232571959496,
0.007366084028035402,
-0.038577429950237274,
-0.01990235038101673,
-0.00339491106569767,
-0.032126255333423615,
-0.005075378343462944,
0.07497275620698929,
-0.02965444326400757,
-0.021365951746702194,
0.016002044081687927,
0.00010729544010246173,
-0.03280087187886238,
-0.0325990654528141,
0.07185503840446472,
-0.00739373778924346,
-0.06059564650058746,
-0.010230042971670628,
0.049408167600631714,
0.016522768884897232,
0.030660375952720642,
0.021424103528261185,
-0.046706926077604294,
-0.006874217186123133,
-0.0174521803855896,
-0.026418861001729965,
-0.015521985478699207,
0.11078829318284988,
-0.03194218501448631,
0.008572202175855637,
0.004402559250593185,
-0.020925329998135567,
-0.013249846175312996,
-0.015566706657409668,
-0.048795897513628006,
-0.04056520387530327,
0.04231695085763931,
-0.02846909873187542,
-0.03517400845885277,
0.021634239703416824,
0.009266630746424198,
0.023937687277793884,
0.02864246629178524,
0.06461314111948013,
0.0012116191210225224,
0.058293167501688004,
-0.01707843504846096,
0.031494494527578354,
-0.02286931686103344,
0.10261747241020203,
0.08623103052377701,
-0.0334521047770977,
0.03720703348517418,
-0.0201835036277771,
0.012527934275567532,
0.024590831249952316,
-0.032027218490839005,
0.008733696304261684,
-0.007176474668085575,
0.002373026218265295,
0.0045149317011237144,
0.0352570116519928,
-0.0432467982172966,
0.0006974506541155279,
0.09159759432077408,
0.0031735931988805532,
-0.06730546057224274,
0.022568246349692345,
0.08017083257436752,
0.054793357849121094,
-0.019277801737189293,
0.0058348472230136395,
0.052888836711645126,
0.005661144852638245,
-0.044455572962760925,
0.0424911305308342,
0.005119786597788334,
-0.018657082691788673,
0.01689145714044571,
-0.017250515520572662,
-0.010557787492871284,
-0.0022094526793807745,
-0.003151528537273407,
0.05793917924165726,
-0.01137597020715475,
-0.022174332290887833,
0.005991687998175621,
0.008370592258870602,
-0.021037394180893898,
-0.008532129228115082,
0.012939627282321453,
0.022099032998085022,
0.07446931302547455,
-0.03680741786956787,
0.005137158092111349,
0.04005098715424538,
-0.03655063360929489,
-0.00017778326582629234,
0.03661580756306648,
0.0006254909676499665,
-0.007614437025040388,
-0.008006039075553417,
-0.012484755367040634,
0.05102428048849106,
-0.015851646661758423,
-0.00566139817237854,
-0.005849101580679417,
-0.012197373434901237,
0.015027889050543308,
-0.023531418293714523,
0.03306100517511368,
0.043263811618089676,
0.0036182973999530077,
-0.01988363265991211,
-0.004160200711339712,
0.039798803627491,
-0.014351513236761093,
-0.03253757208585739,
-0.016043929383158684,
-0.004208446945995092,
0.004876012448221445,
-0.008626783266663551,
0.01930399425327778,
0.05588143691420555,
0.0013914842857047915,
-0.03450596332550049,
0.026017257943749428,
-0.0008051618351601064,
0.04911120980978012,
-0.010997328907251358,
-0.12230183184146881,
-0.017956024035811424,
0.03272775188088417,
-0.056581657379865646,
0.03448937088251114,
-0.0151669317856431,
0.048434287309646606,
0.07231820374727249,
0.028867512941360474,
-0.060302674770355225,
0.013046386651694775,
0.04254165291786194,
0.012584120035171509,
-0.12543275952339172,
0.0035310371313244104,
-0.05959438532590866,
-0.03226615488529205,
0.01595388725399971,
0.018232259899377823,
-0.006266353651881218,
0.009410681203007698,
0.03145623952150345,
-0.016981666907668114,
-0.00723713543266058,
0.005105520598590374,
0.002424846636131406,
-0.03211327642202377,
-0.007018764968961477,
0.03299342468380928,
-0.021353645250201225,
0.03718062862753868,
0.006647466216236353,
-0.022377755492925644,
-0.004275444895029068,
0.019173042848706245,
0.04581568017601967,
-0.0200263112783432,
0.020279280841350555,
-0.04659465327858925,
-0.012312429025769234,
0.020047685131430626,
0.03036169335246086,
-0.00022727466421201825,
0.003998796921223402,
-0.019503675401210785,
-0.011186778545379639,
-0.0005845286068506539,
-0.009952257387340069,
0.00774801429361105,
0.008233223110437393,
-0.002119254320859909,
0.02382178045809269,
-0.005126783158630133,
0.0038225711323320866,
0.017503583803772926,
0.015956629067659378,
-0.0009425558964721859,
0.0708162784576416,
-0.008790206164121628,
0.008604682981967926,
-0.0008168242056854069,
0.0030093975365161896,
-0.008694563992321491,
0.030956368893384933,
-0.026995588093996048,
0.04622667655348778,
-0.003623346099629998,
-0.011773231439292431,
-0.027918139472603798,
0.019306322559714317,
-0.026505514979362488,
-0.02482694759964943,
0.009159823879599571,
-0.010070957243442535,
-0.09120308607816696,
-0.050902143120765686,
-0.026709964498877525,
-0.005374921951442957,
0.00025645934510976076,
-0.06314099580049515,
-0.028568901121616364,
-0.027211235836148262,
0.0418681763112545,
-0.0029953038319945335,
-0.005371539853513241,
-0.14897553622722626,
0.04223255813121796,
-0.0048570032231509686,
-0.019712533801794052,
0.03841926157474518,
-0.021272234618663788,
0.017376141622662544,
0.05645597726106644,
0.001606918522156775,
0.029278133064508438,
-0.01016187947243452,
0.02608167752623558,
-0.04870433360338211,
-0.0018946481868624687,
0.027327969670295715,
0.0278477743268013,
-0.025641920045018196,
-0.034654952585697174,
0.02909834496676922,
-0.05529386177659035,
0.04952126368880272,
0.0011532293865457177,
0.03483156859874725,
0.006346152629703283,
0.0018778671510517597,
0.02020849660038948,
0.02146919257938862,
0.0006677319761365652,
0.05096156522631645,
-0.006905123125761747,
0.026395555585622787,
-0.009663576260209084,
0.05981912836432457,
-0.007048790343105793,
0.02053954266011715,
0.15213552117347717,
-0.0016451326664537191,
-0.013211564160883427,
0.0026310759130865335,
-0.010505659505724907,
-0.011498136445879936,
-0.008845778182148933,
-0.006499902345240116,
-0.006780786905437708,
-0.01897844858467579,
0.029782798141241074,
0.01880061812698841,
-0.005556412041187286,
0.026760738343000412,
-0.01497633382678032,
-0.09226962924003601,
-0.005655897781252861,
0.003901388496160507,
-0.0583849772810936,
-0.019229605793952942,
0.09783311188220978,
0.05077153444290161,
0.010031018406152725,
0.011997628025710583,
-0.02996050752699375,
0.017357237637043,
0.005115784704685211,
0.0065146805718541145,
0.019114350900053978,
0.014173809438943863,
-0.04334699735045433,
0.003898155875504017,
-0.005667703691869974,
-0.05184236541390419,
-0.0009085090714506805,
0.012538687326014042,
-0.03267480805516243,
0.012429837137460709,
-0.012512468732893467,
0.09364573657512665,
0.0022115157917141914,
-0.020214790478348732,
-0.05685373768210411,
0.05038677155971527,
0.0025894951540976763,
0.0035082127433270216,
-0.003930410370230675,
-0.017694776877760887,
-0.045167677104473114,
0.052134159952402115,
0.011632363311946392,
-0.017553627490997314,
0.01641494780778885,
0.03151334822177887,
-0.11612028628587723,
0.04845818132162094,
0.0363985151052475,
-0.0018162946216762066,
0.00420765345916152,
-0.023996492847800255,
0.0022999627981334925,
-0.012620196677744389,
0.025797171518206596,
0.04851106181740761,
-0.10563312470912933,
-0.020871510729193687,
0.02719609998166561,
0.004853215534240007,
-0.01586899533867836,
0.008126786909997463,
0.010949338786303997,
0.027947647497057915,
0.02900918386876583,
0.02273213304579258,
-0.010411220602691174,
0.02288040705025196,
-0.006683563347905874,
0.0419994480907917,
-0.02648838609457016,
-0.01252035889774561,
-0.029588092118501663,
-0.012669596821069717,
-0.03143119066953659,
-0.01228861790150404,
0.039105746895074844,
0.013575085438787937,
-0.15758845210075378,
0.02624218538403511,
0.05159923806786537,
-0.008293948136270046,
-0.02034425549209118,
0.018976520746946335,
-0.007411738857626915,
-0.019190920516848564,
0.02305496856570244,
-0.023775799199938774,
-0.03497051075100899,
0.025227466598153114,
-0.004499746486544609,
-0.021847719326615334,
0.008333985693752766,
0.021797195076942444,
-0.026546934619545937,
0.007898402400314808,
0.047641076147556305,
-0.01761656254529953,
0.03792664781212807,
-0.05735569819808006,
-0.11110194772481918,
0.005053313914686441,
-0.053841482847929,
-0.021828526630997658,
0.007754165679216385,
0.03608297184109688,
0.0041404105722904205,
-0.010431903414428234,
-0.04213475063443184,
0.026659535244107246,
0.060317084193229675,
0.042117249220609665,
-0.002300969557836652,
0.016443641856312752,
0.05806325748562813,
-0.010722818784415722,
-0.012782026082277298,
0.011876889504492283,
-0.016887161880731583,
-0.002863221801817417,
-0.028458870947360992,
-0.03342527896165848,
0.03467801958322525,
-0.024075735360383987,
0.028233306482434273,
0.012229174375534058,
0.0015501300804316998,
0.042462654411792755,
0.006757344119250774,
-0.04330003634095192,
-0.01290829572826624,
0.014980223029851913,
0.020289422944188118,
-0.01338666770607233,
0.029064329341053963,
0.06908424943685532,
0.006471029482781887,
-0.02618981897830963,
0.031177176162600517,
0.018708055838942528,
-0.05660384148359299,
0.008454482071101665,
0.0010740909492596984,
-0.04801660776138306,
-0.0015397937968373299,
-0.0656212642788887,
0.022026095539331436,
0.04538658261299133,
-0.11304817348718643,
-0.09941612184047699,
-0.06691233813762665,
0.013566434383392334,
0.013131797313690186,
-0.023699799552559853,
0.005575253162533045,
-0.02738705277442932,
0.00032263464527204633,
-0.003980785608291626,
-0.022606028243899345,
0.002568761585280299,
-0.05677475035190582,
0.028245415538549423,
-0.021140268072485924,
0.00993658509105444,
0.025092490017414093,
-0.016964489594101906,
0.021905383095145226,
0.0016155762132257223,
-0.02774021215736866,
-0.012818895280361176,
0.022651350125670433,
0.01407921314239502,
-0.004715510178357363,
-0.008530738763511181,
-0.026908734813332558,
-0.0024645875673741102,
-0.08656532317399979,
0.017813222482800484,
-0.0004174427012912929,
0.005435767583549023,
0.0015223402297124267,
-0.018935779109597206,
-0.044232144951820374,
-0.02186076156795025,
-0.00449111545458436,
0.11639216542243958,
-0.0019877715967595577,
0.025931667536497116,
-0.02021430991590023,
-0.006347074173390865,
-0.019852370023727417,
0.003286286722868681,
-0.04258747771382332,
0.047003161162137985,
-0.015738755464553833,
-0.004106008447706699,
0.03242894634604454,
-0.04126233235001564,
-0.01764696277678013,
-0.006579890381544828,
-0.0005909432074986398,
0.06422251462936401,
0.03146657720208168,
-0.013437743298709393,
0.01853928342461586,
0.0718761533498764,
-0.004887988790869713,
-0.017794886603951454,
-0.03874781355261803,
-0.03918099403381348,
0.06850938498973846,
-0.07773592323064804,
-0.011798640713095665,
0.021382011473178864,
0.006293068174272776,
-0.03951247036457062,
0.011342798359692097,
0.004739556927233934,
-0.016334008425474167,
0.0028967026155442,
-0.05250781029462814,
-0.00543442415073514,
0.008407710120081902,
0.01587732508778572,
-0.022964419797062874,
0.0395234189927578,
-0.05312548205256462,
0.03915168717503548,
0.007294054608792067
] |
to January 1, 2009, in the event that an adjustment to the income tax provision relates to a pre-emergence tax position or Northwest Merger-related tax position, we would adjust goodwill followed by other indefinite-lived intangible assets until the net carrying value of these assets is zero. Beginning January 1, 2009, any adjustments to the income tax provision in regard to pre-emergence tax positions will be made through the income tax provision pursuant to SFAS No. 141 (revised 2007), “Business Combinations” (“SFAS 141R”).
For additional information about income taxes, see Notes 1 and 9 of the Notes to the Consolidated Financial Statements.
Pension Plans . We sponsor DB Plans for our eligible employees and retirees. We currently estimate that expense for our DB Plans in 2009 will be approximately $420 million. The effect of our DB Plans on our Consolidated Financial Statements is subject to many assumptions. We believe the most critical assumptions are (1) the weighted average discount rate and (2) the expected long-term rate of return on the assets of our DB Plans. For additional information regarding these assumptions, see Note 10 of the Notes to the Consolidated Financial Statements.
We determine our weighted average discount rate on our measurement date primarily by reference to annualized rates earned on high quality fixed income investments and yield-to-maturity analysis specific to our estimated future benefit payments. We used a weighted average discount rate of 6.49% and 6.37% at December 31, 2008 and 2007, respectively. Additionally, our weighted average discount rate for net periodic benefit cost in each of the past three years has varied from the rate selected on our measurement date, ranging from 5.67% to 7.19% between 2006 and 2008, due to remeasurements throughout the year. The impact of a 0.50% change in our weighted average discount rate is shown in the table below.
The expected long-term rate of return on the assets of our DB Plans is based primarily on plan specific investment studies using historical returns on our DB Plans’ assets with forward looking estimates based on existing financial market conditions and forecasts. Modest excess return expectations versus some market indices are incorporated into the return projections based on the actively managed structure of the investment programs and their records of achieving such returns historically. We review our rate of return on plan asset assumptions annually. These assumptions are largely based on the asset category rate-of-return assumptions developed annually with our pension investment advisors, however, our annual investment performance for one particular year does not, by itself, significantly influence our evaluation. The investment strategy for pension plan assets is to utilize a diversified mix of global public and private equity portfolios, public and private fixed income portfolios, and private real estate and natural resource investments to earn a long-term investment return that meets or exceeds a 9% annualized return target. The impact of a 0.50% change in our expected long-term rate of return is shown in the table below.
For additional
| 1HOLD
|
[
-0.0037334803491830826,
0.02491534687578678,
-0.01055791974067688,
0.05085817351937294,
-0.09660004079341888,
0.009666508994996548,
-0.010083919391036034,
0.010052047669887543,
-0.03782527521252632,
0.028500793501734734,
0.011195274069905281,
-0.0270960982888937,
0.022502640262246132,
0.004486948251724243,
-0.03247566148638725,
-0.03019808605313301,
-0.03261090815067291,
-0.014029104262590408,
-0.02710888348519802,
-0.013078141026198864,
0.004655451513826847,
0.021233990788459778,
-0.01182043831795454,
-0.023518482223153114,
0.02857675589621067,
0.05066297575831413,
-0.03901316970586777,
0.02377096749842167,
0.03353298455476761,
-0.048447608947753906,
0.018609710037708282,
-0.013833421282470226,
0.033731311559677124,
-0.010851019062101841,
-0.005163302645087242,
0.0113107580691576,
-0.06008222699165344,
-0.00001719812826195266,
0.05865342170000076,
0.013644558377563953,
-0.012536480091512203,
0.0032841102220118046,
0.025627734139561653,
0.002409962937235832,
0.009948520921170712,
-0.014400677755475044,
0.03696965053677559,
0.04933912307024002,
0.017486289143562317,
-0.010109576396644115,
-0.020175132900476456,
-0.0008639194420538843,
-0.017782773822546005,
-0.03315633162856102,
-0.0077154021710157394,
-0.01790178194642067,
0.007638732902705669,
-0.031008023768663406,
0.08923619240522385,
0.029890162870287895,
0.04014613479375839,
-0.002695078495889902,
-0.0018493793904781342,
0.06959480047225952,
0.00048490724293515086,
-0.03353878855705261,
-0.01127232238650322,
0.008354246616363525,
-0.039628032594919205,
-0.02842921018600464,
0.0018088320503011346,
0.013006099499762058,
-0.005795067176222801,
-0.018917826935648918,
0.012566288001835346,
-0.05678436532616615,
0.047820694744586945,
-0.009315330535173416,
0.0848519504070282,
-0.02566886693239212,
-0.019031943753361702,
-0.07881733775138855,
-0.013817966915667057,
-0.02379983477294445,
0.05736558511853218,
-0.02057698741555214,
0.007635030429810286,
-0.06393175572156906,
-0.009555699303746223,
-0.004857432097196579,
-0.0064093852415680885,
0.02168898470699787,
-0.016663677990436554,
-0.08613375574350357,
-0.033526405692100525,
0.03245856240391731,
0.010995101183652878,
-0.1810360550880432,
-0.01701795868575573,
-0.04497623071074486,
0.05286905914545059,
0.007189112715423107,
0.03659338131546974,
-0.022115828469395638,
0.012360502034425735,
0.013747844845056534,
-0.014371241442859173,
0.017325233668088913,
0.011701833456754684,
0.014155016280710697,
-0.027299506589770317,
-0.0634339451789856,
0.008095618337392807,
0.00913513544946909,
0.008079161867499352,
0.08229858428239822,
-0.0043693361803889275,
0.0072021386586129665,
-0.03268074989318848,
-0.0838732197880745,
-0.012207582592964172,
-0.037883270531892776,
-0.015598428435623646,
-0.018756747245788574,
-0.07369586825370789,
0.05069733038544655,
0.005872250534594059,
0.006183224264532328,
0.030984189361333847,
-0.01702718622982502,
0.006581209134310484,
-0.024014204740524292,
-0.007045120466500521,
-0.0003415033279452473,
-0.027073653414845467,
0.032515350729227066,
-0.02827785350382328,
-0.01078813150525093,
-0.046470075845718384,
0.010986889712512493,
-0.01541245449334383,
-0.00871537160128355,
-0.06320534646511078,
-0.02381032332777977,
-0.07853640615940094,
-0.02254629321396351,
-0.022898966446518898,
0.010355995036661625,
0.04821126535534859,
0.08685049414634705,
-0.03280720114707947,
0.008106257766485214,
-0.02205015905201435,
-0.021766670048236847,
-0.047131963074207306,
0.010929503478109837,
0.04735364019870758,
-0.055947836488485336,
-0.051512569189071655,
0.0018213464645668864,
-0.015215134248137474,
0.01264123897999525,
-0.000917446450330317,
-0.036311812698841095,
-0.023040711879730225,
-0.0320194847881794,
0.047062959522008896,
-0.02590705268085003,
0.047365136444568634,
0.06040995568037033,
0.03610808029770851,
0.038547780364751816,
-0.006119150668382645,
-0.007906626909971237,
0.0026112557388842106,
-0.022737449035048485,
0.04644189029932022,
0.033549971878528595,
0.009459592401981354,
0.013914214447140694,
0.0244026780128479,
-0.013741781935095787,
0.018985461443662643,
0.03365849331021309,
-0.051578328013420105,
-0.009286071173846722,
-0.00013010151451453567,
0.033034276217222214,
-0.005719204433262348,
-0.006261130329221487,
0.0346977524459362,
-0.019915392622351646,
0.0002966682077385485,
-0.005081961862742901,
-0.028491007164120674,
-0.039638765156269073,
-0.05104781687259674,
0.002117769094184041,
0.016525937244296074,
-0.02156347595155239,
-0.05313025414943695,
0.022488245740532875,
0.017431925982236862,
0.03467201814055443,
0.044276148080825806,
-0.021124940365552902,
0.0008851166348904371,
0.0003221830993425101,
-0.016661517322063446,
-0.001310066320002079,
-0.03111921437084675,
-0.047764748334884644,
0.019517473876476288,
-0.03344946354627609,
0.005563434213399887,
0.008921279571950436,
0.01143574621528387,
-0.138251394033432,
-0.03308781236410141,
-0.041290927678346634,
0.011441702023148537,
-0.01085408590734005,
0.03049454465508461,
0.017469631507992744,
0.05335627868771553,
0.003109731012955308,
0.06925002485513687,
0.008837210014462471,
-0.04848133772611618,
0.02916608192026615,
0.013329126872122288,
0.03452996909618378,
-0.018220731988549232,
0.026584738865494728,
-0.00984129961580038,
-0.04295448958873749,
0.01455148495733738,
0.01520445104688406,
-0.019219184294342995,
0.046900175511837006,
0.10107023268938065,
-0.02310776151716709,
0.005092998500913382,
-0.02072136476635933,
-0.025798872113227844,
0.030071169137954712,
-0.01011718064546585,
0.047186605632305145,
0.002662446117028594,
-0.025562187656760216,
-0.021795962005853653,
0.017965402454137802,
0.04101713001728058,
-0.01676023378968239,
-0.048109523952007294,
-0.0012269987491890788,
-0.0008373128366656601,
-0.028353193774819374,
-0.00725413067266345,
-0.14682143926620483,
-0.02014620043337345,
-0.012210756540298462,
0.03664672002196312,
-0.027287468314170837,
0.016440119594335556,
-0.005168597679585218,
0.021531233564019203,
-0.009582621045410633,
-0.014642402529716492,
0.013697702437639236,
-0.013598516583442688,
-0.013168041594326496,
0.05347723141312599,
-0.0062650833278894424,
0.008283991366624832,
0.023959819227457047,
0.006452830974012613,
-0.014996987767517567,
0.0017943078419193625,
-0.030418314039707184,
0.0036275815218687057,
-0.0019180580275133252,
-0.035419199615716934,
0.0010180475655943155,
-0.017915688455104828,
-0.014769605360925198,
-0.03040493093430996,
0.03345298767089844,
0.0204062107950449,
-0.0206696018576622,
-0.0065798163414001465,
0.007371700834482908,
-0.002306095091626048,
-0.009378875605762005,
-0.00864104088395834,
0.05431725084781647,
-0.019982242956757545,
-0.053531236946582794,
0.002451408188790083,
0.07711055129766464,
-0.017214961349964142,
0.023381846025586128,
-0.033496271818876266,
-0.02823418378829956,
-0.029841046780347824,
0.0016833782428875566,
0.01047247089445591,
-0.016913065686821938,
0.036121468991041183,
-0.022459466010332108,
-0.001751094008795917,
-0.0031900799367576838,
0.00022866229119244963,
-0.012720959261059761,
-0.007975621148943901,
-0.04328097030520439,
-0.028980230912566185,
0.005618910770863295,
-0.05287400633096695,
-0.03170224651694298,
0.013872303999960423,
0.011525949463248253,
0.01167578436434269,
0.018744736909866333,
0.05832657217979431,
0.0006859926506876945,
0.04955561086535454,
-0.03399387747049332,
-0.023404501378536224,
-0.049207426607608795,
0.29641106724739075,
0.08184660971164703,
-0.027471810579299927,
0.03341679647564888,
-0.0191150214523077,
-0.03625798970460892,
0.011185726150870323,
-0.018794488161802292,
0.0037035206332802773,
-0.015465599484741688,
-0.01751580834388733,
0.005084944423288107,
0.019297083839774132,
-0.021192099899053574,
0.019882645457983017,
0.03796420991420746,
0.03014749102294445,
-0.10283195972442627,
0.020886527374386787,
0.058545686304569244,
0.04978806525468826,
0.012825371697545052,
-0.003038634778931737,
0.0455448143184185,
-0.01575022004544735,
-0.03159833699464798,
0.03111245483160019,
0.04369049146771431,
-0.0058263931423425674,
0.01931270770728588,
-0.021894389763474464,
0.010770166292786598,
-0.009534272365272045,
0.028423650190234184,
0.04565373808145523,
-0.029897669330239296,
0.022172633558511734,
0.013134179636836052,
0.014849302358925343,
-0.022012965753674507,
-0.0031926746014505625,
0.022059544920921326,
0.005769046023488045,
0.10136877745389938,
0.0003727669536601752,
-0.02131429873406887,
0.018712682649493217,
-0.018571730703115463,
-0.0009112325496971607,
0.012836466543376446,
-0.010704860091209412,
-0.0009890056680887938,
-0.00981043465435505,
-0.0112576549872756,
-0.018354708328843117,
0.02048886939883232,
0.02505352348089218,
0.04460322856903076,
-0.014082624576985836,
0.039885781705379486,
-0.020194172859191895,
0.016336705535650253,
0.03762336075305939,
-0.01080793421715498,
0.002649785717949271,
0.014995632693171501,
0.002153140027076006,
-0.009465660899877548,
-0.03676135838031769,
-0.003868761006742716,
-0.01801416091620922,
0.004875561222434044,
-0.012404872104525566,
-0.014306915923953056,
0.047365643084049225,
0.04040059447288513,
-0.050321802496910095,
0.05626828968524933,
-0.040445517748594284,
0.06484333425760269,
-0.0005892005865462124,
-0.062040526419878006,
-0.010184133425354958,
0.03830418735742569,
-0.027370670810341835,
0.009017016738653183,
-0.015027128159999847,
0.06491855531930923,
0.07478255033493042,
0.009837443940341473,
-0.04693123698234558,
0.008406458422541618,
0.024705134332180023,
0.006350691895931959,
-0.09774190932512283,
0.029283879324793816,
-0.06397438794374466,
-0.03666509687900543,
-0.005232754163444042,
-0.010613921098411083,
-0.01328232791274786,
0.006899616215378046,
0.023767812177538872,
-0.022420033812522888,
-0.0002584428002592176,
-0.0004089578287675977,
0.011504256166517735,
-0.0162824634462595,
0.01965867541730404,
0.037720635533332825,
-0.03566184639930725,
0.011665668338537216,
0.01932680979371071,
-0.003928016405552626,
-0.013831702060997486,
0.06413416564464569,
0.00632448447868228,
-0.008388737216591835,
0.024743137881159782,
-0.025382105261087418,
-0.019515983760356903,
0.0075572882778942585,
0.01660967990756035,
0.02086610719561577,
-0.0026835198514163494,
-0.028976663947105408,
0.02010413073003292,
0.0009379828115925193,
-0.00011782230285461992,
-0.003958608955144882,
0.01299547404050827,
-0.013053031638264656,
0.028500905260443687,
-0.033387698233127594,
-0.01744442619383335,
0.003000476863235235,
0.03171909227967262,
0.0027967786882072687,
0.04267371818423271,
-0.033084068447351456,
0.007665382698178291,
0.004030214622616768,
0.0003593356814235449,
-0.0021465918980538845,
0.0006240863003768027,
0.012815486639738083,
0.034560877829790115,
0.013191565871238708,
-0.06059061735868454,
-0.018357425928115845,
0.027521468698978424,
-0.02832126058638096,
-0.009593409486114979,
0.020128894597291946,
-0.0044303592294454575,
-0.04928724840283394,
-0.06820521503686905,
-0.016939476132392883,
-0.005393154453486204,
-0.02031523548066616,
-0.030979672446846962,
-0.05422698333859444,
-0.030841374769806862,
0.029088614508509636,
-0.004670797381550074,
-0.002936779987066984,
-0.15698346495628357,
0.11733151227235794,
-0.024825043976306915,
-0.00797690637409687,
0.03737596049904823,
-0.018390996381640434,
0.017693104222416878,
0.07151100784540176,
0.004996749106794596,
0.02656448259949684,
-0.014092615805566311,
0.05106174573302269,
-0.026368524879217148,
-0.0018614387372508645,
0.004291019402444363,
0.02353210188448429,
-0.016504060477018356,
-0.0037692103069275618,
0.024119718000292778,
0.013101049698889256,
0.031200749799609184,
0.018785126507282257,
0.0034386669285595417,
-0.023083578795194626,
-0.010613445192575455,
0.019614269956946373,
0.022967331111431122,
-0.004626361653208733,
0.022634394466876984,
-0.0038224500603973866,
-0.035034555941820145,
-0.026840662583708763,
0.046731676906347275,
-0.04975173622369766,
0.019497495144605637,
0.03568476065993309,
-0.007933870889246464,
-0.018593790009617805,
0.0157659649848938,
-0.01373204030096531,
-0.0027060708962380886,
-0.020512649789452553,
-0.032555852085351944,
-0.017989356070756912,
-0.02413979358971119,
0.0026396613102406263,
0.015233769081532955,
0.004574426915496588,
0.03439775109291077,
0.00037560946657322347,
-0.06620465964078903,
-0.004848909564316273,
-0.00957405474036932,
-0.08577688783407211,
-0.020375356078147888,
0.16923312842845917,
0.007377254776656628,
0.003619238268584013,
-0.010210112668573856,
-0.0501972921192646,
0.02414568141102791,
0.03134973719716072,
0.03666083514690399,
0.013858956284821033,
-0.013344491831958294,
-0.06778643280267715,
0.021578101441264153,
-0.017834659665822983,
-0.07353398203849792,
-0.0053954110480844975,
-0.014861298725008965,
-0.033524155616760254,
0.03258104249835014,
-0.03092586062848568,
0.09963549673557281,
0.010604974813759327,
-0.03368717059493065,
-0.06896570324897766,
0.024419525638222694,
-0.005944539792835712,
0.009147867560386658,
0.003166847862303257,
-0.02735036052763462,
-0.05380171909928322,
0.04454846307635307,
-0.03564679995179176,
-0.006669165100902319,
0.014166329987347126,
0.0008775246096774936,
-0.09475283324718475,
0.011039955541491508,
0.020253362134099007,
-0.002588947070762515,
-0.00941380113363266,
-0.006821664981544018,
-0.030683649703860283,
-0.041511449962854385,
0.01439556386321783,
0.025009049102663994,
-0.05807238817214966,
-0.00803818367421627,
0.010273279622197151,
0.002941286889836192,
-0.0195219237357378,
-0.0035026792902499437,
0.04928535968065262,
-0.007912704721093178,
0.03593578562140465,
-0.013625803403556347,
-0.05231795459985733,
-0.003996883053332567,
-0.011160450987517834,
0.049227047711610794,
0.02530205436050892,
0.0012125764042139053,
-0.01244348380714655,
-0.019569510594010353,
-0.010131987743079662,
-0.015815293416380882,
0.02465122751891613,
0.021934116259217262,
0.02694258838891983,
0.02901046723127365,
0.0026239692233502865,
-0.0076943510212004185,
-0.002227220917120576,
0.046859029680490494,
-0.030177809298038483,
0.035076964646577835,
0.006741054821759462,
-0.007457536645233631,
-0.05126368626952171,
0.011689605191349983,
0.00046526151709258556,
-0.03802359104156494,
0.000005434813829197083,
0.005202334374189377,
-0.027301305904984474,
0.03533909097313881,
0.016754351556301117,
-0.004528125282377005,
0.047419942915439606,
-0.053549960255622864,
-0.0430263876914978,
0.020141908898949623,
-0.07084330171346664,
0.001939938636496663,
0.020563211292028427,
0.02670486830174923,
0.0067426059395074844,
0.004573009442538023,
-0.04529447853565216,
0.027822427451610565,
0.037492915987968445,
-0.0052373819053173065,
-0.03644096851348877,
0.06772226840257645,
0.03454577177762985,
0.0037607583217322826,
-0.003360956208780408,
-0.028417840600013733,
0.02314082719385624,
-0.016094569116830826,
-0.022595025599002838,
-0.030806301161646843,
0.04290959984064102,
-0.024884572252631187,
0.07075940072536469,
-0.014073852449655533,
0.011955207213759422,
0.017814915627241135,
-0.0010417186422273517,
-0.03524728864431381,
-0.004270398523658514,
0.018299030140042305,
0.008444646373391151,
0.0430082231760025,
0.0030281543731689453,
0.033685822039842606,
0.0235737394541502,
-0.014844890683889389,
-0.04231080785393715,
0.021421030163764954,
-0.05610010027885437,
0.022123463451862335,
0.01144515909254551,
-0.0055204699747264385,
-0.007763529196381569,
-0.05935295671224594,
-0.038109470158815384,
0.06986021250486374,
0.0002865514252334833,
-0.09174492210149765,
-0.0849904716014862,
0.01636466570198536,
-0.014180604368448257,
-0.014199319295585155,
-0.016576558351516724,
-0.00880864541977644,
0.011998875066637993,
-0.0014406125992536545,
-0.023616522550582886,
0.008036174811422825,
0.1061338484287262,
0.02058226987719536,
-0.013217825442552567,
0.03347247838973999,
0.020887091755867004,
-0.01108070369809866,
0.02415364608168602,
0.010589276440441608,
0.007727782242000103,
-0.013640033081173897,
0.015961414203047752,
0.004338178783655167,
-0.032261691987514496,
-0.01841033808887005,
-0.02339227870106697,
-0.012081513181328773,
-0.05309723690152168,
0.006636424921452999,
-0.0007163785048760474,
0.021269124001264572,
0.0035426397807896137,
-0.019040223211050034,
-0.04898767173290253,
-0.02122846618294716,
-0.013873837888240814,
0.026103926822543144,
0.005688140168786049,
0.00016814422269817442,
0.008358307182788849,
-0.005025370977818966,
-0.01187051460146904,
-0.009634763933718204,
-0.03000984899699688,
-0.057141680270433426,
-0.042102813720703125,
-0.030224697664380074,
-0.013436860404908657,
-0.03378509730100632,
-0.04370882734656334,
-0.02172982692718506,
-0.02331952005624771,
0.060026977211236954,
0.028509976342320442,
0.0157831571996212,
0.03299028426408768,
0.043859995901584625,
0.027217058464884758,
-0.008314301259815693,
-0.06221575289964676,
-0.02909201942384243,
0.09256705641746521,
0.06532736867666245,
-0.004921270068734884,
0.04764840006828308,
-0.03274562582373619,
-0.06553429365158081,
0.005490608513355255,
-0.00735455472022295,
-0.010287648066878319,
0.012166478671133518,
-0.02599376067519188,
-0.05517403781414032,
0.026496898382902145,
0.028772108256816864,
-0.0256552305072546,
0.04729004204273224,
-0.07287831604480743,
0.019066905602812767,
-0.019737103953957558
] |
cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment loss. The impairment loss recognized is the amount by which the carrying amount exceeds the fair value.
Property, Plant and Equipment
As of December 31, 2008, the carrying value of our property, plant and equipment, net of depreciation, was approximately $8,326 million, or 21 percent of our total assets. Certain events or changes in circumstances may indicate that the recoverability of the carrying amount of property, plant and equipment should be assessed, including, among others, a significant decrease in market value, a significant change in the business climate in a particular market, or a current period operating or cash flow loss combined with historical losses or projected future losses. When such events or changes in circumstances are present, we estimate the future cash flows expected to result from the use of the asset and its eventual disposition. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment loss. The impairment loss recognized is the amount by which the carrying amount exceeds the fair value. We use a variety of methodologies to determine the fair value of property, plant and equipment, including appraisals and discounted cash flow models, which are consistent with the assumptions we believe hypothetical marketplace participants would use.
In 2007, our Company recorded a charge of approximately $99 million in equity income (loss)—net. This charge was primarily related to our proportionate share of asset impairments recorded by Coca-Cola Bottlers Philippines, Inc. ("CCBPI") due to excess and obsolete bottles and cases. These charges impacted the Bottling Investments operating segment. Refer to the heading "Operations Review—Equity Income (Loss)—Net," and Note 3 and Note 19 of Notes to Consolidated Financial Statements.
Goodwill, Trademarks and Other Intangible Assets
SFAS No. 142, "Goodwill and Other Intangible Assets," classifies intangible assets into three categories: (1) intangible assets with definite lives subject to amortization; (2) intangible assets with indefinite lives not subject to amortization; and (3) goodwill. For intangible assets with definite lives, tests for impairment must be performed if conditions exist that indicate the carrying value may not be recoverable. For intangible assets with indefinite lives and goodwill, tests for impairment must be performed at least annually or more frequently if events or circumstances indicate that assets might be impaired. Our equity method investees also perform such tests for impairment of intangible assets and/or goodwill. If an impairment charge was recorded by one of our equity method investees, the Company would record its proportionate share of such charge. However, the actual amount we record with respect to our proportionate share of such charges
| 1HOLD
|
[
-0.0077038174495100975,
0.070001520216465,
-0.0034028312657028437,
-0.016519591212272644,
-0.13318264484405518,
-0.017788369208574295,
-0.011422290466725826,
-0.00791532825678587,
-0.07710356265306473,
0.01854925975203514,
0.0026350105181336403,
-0.007133365608751774,
0.026678752154111862,
-0.01970493420958519,
-0.01478000357747078,
0.020027758553624153,
-0.015070698224008083,
-0.012552228756248951,
-0.030858458951115608,
0.0053861443884670734,
0.027686063200235367,
0.0023801326751708984,
0.017409252002835274,
-0.016091980040073395,
0.024776384234428406,
0.032764729112386703,
-0.04058745130896568,
0.021604353561997414,
0.06160786375403404,
-0.04769746959209442,
0.014918792992830276,
-0.004738167859613895,
0.03548167645931244,
-0.011485490947961807,
0.021695822477340698,
0.0007880167686380446,
-0.09002982825040817,
0.005579905118793249,
0.055318109691143036,
0.0023605504538863897,
-0.031919557601213455,
0.023140329867601395,
-0.028934109956026077,
-0.0022860693279653788,
0.013138893060386181,
-0.016268154606223106,
0.019511355087161064,
0.023823844268918037,
0.016204319894313812,
-0.008256333880126476,
0.0025576462503522635,
-0.008427193388342857,
-0.03262155503034592,
-0.024053748697042465,
-0.015560518950223923,
-0.004705797415226698,
-0.006076772231608629,
-0.003300856100395322,
0.09495878219604492,
0.026473691686987877,
0.04411790519952774,
-0.034854255616664886,
-0.0024490628857165575,
0.03802601620554924,
0.0023864079266786575,
-0.01010748092085123,
-0.013337362557649612,
0.0028017163276672363,
-0.040296562016010284,
-0.03381834179162979,
0.01419769786298275,
0.028611429035663605,
-0.018465226516127586,
-0.034277524799108505,
0.010576091706752777,
-0.05740988254547119,
0.02985725924372673,
-0.017803441733121872,
0.10010450333356857,
-0.05787605792284012,
0.00018491731316316873,
-0.08387479186058044,
-0.04004589095711708,
-0.04273107647895813,
0.028559459373354912,
0.015778860077261925,
-0.0022946686949580908,
-0.04437251761555672,
-0.01987961307168007,
0.002217633184045553,
0.015063082799315453,
0.020839229226112366,
-0.034131914377212524,
-0.0880516991019249,
-0.05011261627078056,
0.009152942337095737,
0.027367109432816505,
-0.14833000302314758,
-0.01286056824028492,
-0.025837954133749008,
0.03884374350309372,
0.02262328751385212,
0.04477990046143532,
-0.005267101339995861,
0.014057171531021595,
0.016676783561706543,
-0.005582814104855061,
0.0344419963657856,
-0.0046824985183775425,
0.013752340339124203,
-0.01599135249853134,
-0.06711181998252869,
0.025505324825644493,
-0.002759900176897645,
0.0031015598215162754,
0.048701684921979904,
-0.004963119979947805,
0.008466310799121857,
-0.015421089716255665,
-0.07425745576620102,
0.01024184376001358,
-0.024380896240472794,
-0.0368240624666214,
0.020461315289139748,
-0.03557354956865311,
0.007377141620963812,
-0.010043567977845669,
-0.0002937079407274723,
0.04634692519903183,
-0.013329734094440937,
0.0024903835728764534,
-0.010969874449074268,
-0.025475410744547844,
0.036237683147192,
-0.026874354109168053,
0.02066626586019993,
-0.025214001536369324,
-0.0019928449764847755,
-0.03375888988375664,
0.03220808133482933,
-0.018215861171483994,
-0.03786200284957886,
-0.03373872488737106,
-0.003725397167727351,
-0.0578991174697876,
-0.00895220972597599,
-0.008181302808225155,
0.009436428546905518,
0.046829257160425186,
0.08907061070203781,
0.0007907319231890142,
-0.011356620118021965,
-0.02513735741376877,
-0.01482144370675087,
-0.032689809799194336,
-0.013187890872359276,
0.07168420404195786,
-0.060934990644454956,
-0.05616520717740059,
-0.008118309080600739,
-0.006350627634674311,
-0.005553996656090021,
-0.002316361991688609,
-0.05109730735421181,
-0.030358698219060898,
-0.04148278757929802,
0.028030727058649063,
-0.01706032082438469,
0.03921963647007942,
0.034645531326532364,
0.032024551182985306,
0.03440503776073456,
0.0070541319437325,
-0.005725912284106016,
0.001186941284686327,
-0.03825576975941658,
0.0566536970436573,
0.014378448016941547,
0.008265487849712372,
0.016649140045046806,
0.012842650525271893,
-0.00009251719893654808,
0.03000619076192379,
-0.046475060284137726,
-0.05246797204017639,
-0.017722714692354202,
-0.004407060798257589,
0.04175330325961113,
-0.005709649994969368,
-0.019653702154755592,
0.039211973547935486,
0.003964079078286886,
-0.0034636419732123613,
-0.009626757353544235,
-0.018252341076731682,
-0.021860063076019287,
-0.051867563277482986,
-0.0001102021342376247,
0.017667867243289948,
-0.017693597823381424,
-0.09397806227207184,
0.020520959049463272,
-0.009777582250535488,
0.031134501099586487,
0.051806092262268066,
-0.0191187784075737,
-0.013396387919783592,
-0.0013557689962908626,
-0.006977977231144905,
-0.0025371250230818987,
-0.04602853208780289,
-0.014105286449193954,
0.0030595657881349325,
-0.02450183592736721,
0.007201272528618574,
0.02888570912182331,
0.0036341098602861166,
-0.09298104792833328,
-0.03031378611922264,
-0.046900227665901184,
0.0068466635420918465,
-0.010854481719434261,
0.01730779930949211,
0.02121603675186634,
0.06095196679234505,
-0.0029822676442563534,
0.07100201398134232,
0.0007303443271666765,
-0.053956031799316406,
0.029818588867783546,
0.014722156338393688,
0.037106726318597794,
-0.025801368057727814,
0.0407307967543602,
0.006029998883605003,
-0.012099754065275192,
-0.001082464586943388,
0.015401546843349934,
-0.018920553848147392,
0.04158628731966019,
0.10971830040216446,
-0.0156838558614254,
-0.01873278245329857,
-0.009580740705132484,
-0.043726541101932526,
0.044490791857242584,
0.00264416984282434,
0.07716258615255356,
-0.004139184020459652,
-0.013679052703082561,
-0.010789337567985058,
0.000999268377199769,
0.011911725625395775,
-0.02354118414223194,
-0.024717003107070923,
0.019433047622442245,
0.01608269289135933,
0.005256060045212507,
0.011039970442652702,
-0.12903428077697754,
-0.0032278166618198156,
-0.016434593126177788,
0.03533433750271797,
-0.023144878447055817,
0.017790963873267174,
-0.016573810949921608,
0.019048744812607765,
-0.005306442733854055,
-0.018822912126779556,
0.00725192716345191,
-0.015808528289198875,
-0.012687028385698795,
0.0559004545211792,
-0.02391437068581581,
0.00806497037410736,
0.008359270170331001,
0.05842939764261246,
-0.01304526999592781,
0.03539528697729111,
-0.04194163531064987,
0.001669301767833531,
0.004747387487441301,
-0.033551882952451706,
-0.018508339300751686,
-0.018750319257378578,
-0.02668178081512451,
-0.026787899434566498,
0.015189483761787415,
0.07234730571508408,
-0.024482829496264458,
-0.008125245571136475,
0.022860171273350716,
0.015282736159861088,
-0.027358125895261765,
-0.014189899899065495,
0.06763989478349686,
-0.005532886367291212,
-0.06220147758722305,
-0.0003555644943844527,
0.03921632841229439,
0.01981494575738907,
0.008278568275272846,
0.009409823454916477,
-0.021122850477695465,
-0.0208645798265934,
-0.00818980485200882,
0.0021633333526551723,
-0.01991906762123108,
0.08618557453155518,
-0.024754157289862633,
0.011303660459816456,
0.012646142393350601,
-0.0048835137858986855,
-0.011229477822780609,
-0.01725507155060768,
-0.04151693359017372,
-0.023777829483151436,
0.0034560877829790115,
-0.04993685334920883,
-0.03408754616975784,
0.005063037388026714,
0.002613921882584691,
0.026622312143445015,
0.02506384439766407,
0.055343613028526306,
0.005589381325989962,
0.038123778998851776,
-0.03794347122311592,
-0.004521408583968878,
-0.06848529726266861,
0.13112547993659973,
0.14229972660541534,
-0.025336693972349167,
0.044400572776794434,
-0.007297226693481207,
-0.02451019175350666,
0.025531617924571037,
-0.0399707555770874,
-0.00012638571206480265,
-0.034322381019592285,
-0.02120511792600155,
0.01164815854281187,
0.017121970653533936,
-0.017087409272789955,
-0.0025145038962364197,
0.06527569144964218,
0.02695317380130291,
-0.08030157536268234,
0.01844756305217743,
0.041652925312519073,
0.061668723821640015,
-0.0034595404285937548,
-0.004001290071755648,
0.036931902170181274,
0.0072874161414802074,
-0.048066992312669754,
0.02680712752044201,
0.0012942074099555612,
-0.016406221315264702,
0.0360625721514225,
-0.025987664237618446,
-0.022194765508174896,
-0.0005444253911264241,
0.014034689404070377,
0.04725290834903717,
-0.04837854951620102,
-0.029814017936587334,
0.010073174722492695,
0.015662841498851776,
-0.01022118330001831,
0.004173777066171169,
0.012377399951219559,
0.019202886149287224,
0.09064307808876038,
-0.0195307619869709,
-0.019389644265174866,
0.021524827927350998,
-0.002765833167359233,
0.0030746092088520527,
0.011693953536450863,
-0.007289500907063484,
0.0038746704813092947,
-0.0043824100866913795,
-0.01898944191634655,
0.04681240767240524,
0.01472523808479309,
0.014110497198998928,
0.016253096982836723,
-0.01372100505977869,
0.03668459132313728,
0.002726413542404771,
0.025745581835508347,
0.04423912242054939,
-0.020876003429293633,
-0.013992451131343842,
-0.0047342232428491116,
0.01684686727821827,
-0.005381510127335787,
-0.04185420647263527,
-0.007401423994451761,
-0.011824079789221287,
-0.024723893031477928,
0.006130771245807409,
0.018654566258192062,
0.057327624410390854,
0.04766589403152466,
-0.04448546841740608,
0.04141495004296303,
-0.0306182149797678,
0.04706871137022972,
-0.011365063488483429,
-0.09559955447912216,
0.000046481945901177824,
0.03360877186059952,
-0.0493125393986702,
0.014091242104768753,
-0.03211843967437744,
0.06083475425839424,
0.07056490331888199,
0.018861643970012665,
-0.031869493424892426,
0.0037633951287716627,
0.02756579779088497,
0.003424952505156398,
-0.10929635912179947,
0.028793450444936752,
-0.07980431616306305,
-0.03369653970003128,
0.02861427702009678,
0.002980461809784174,
-0.01744651235640049,
-0.002386839594691992,
0.008832789957523346,
-0.037950314581394196,
-0.0022026575170457363,
0.014291210100054741,
0.012142753228545189,
-0.04215965420007706,
0.014484415762126446,
0.019845185801386833,
-0.014176280237734318,
0.02668767049908638,
0.0036306865513324738,
-0.003181125968694687,
-0.01069466769695282,
0.048664432018995285,
0.04198497533798218,
-0.017574748024344444,
0.027543146163225174,
-0.038566626608371735,
-0.0006300682434812188,
-0.001512049464508891,
0.0065575335174798965,
0.02059307135641575,
0.0037603741511702538,
-0.01769488863646984,
0.003236524062231183,
0.00145813194103539,
-0.012705436907708645,
-0.0027213215362280607,
0.023520799353718758,
-0.007849272340536118,
0.026741648092865944,
-0.02067911997437477,
-0.0035399412736296654,
0.012457759119570255,
0.017570314928889275,
0.0017089046305045485,
0.039422888308763504,
-0.017496930435299873,
-0.0015350173925980926,
0.0062073031440377235,
-0.0011826218105852604,
-0.004360905848443508,
0.002686329884454608,
0.011626403778791428,
0.024754315614700317,
-0.008865348994731903,
-0.03317158296704292,
-0.029551375657320023,
0.019684791564941406,
-0.02931991219520569,
-0.020858721807599068,
0.01660243235528469,
-0.01133589819073677,
-0.060774143785238266,
-0.0941997766494751,
-0.015623034909367561,
-0.014953662641346455,
-0.01549811102449894,
-0.054776810109615326,
-0.04705351963639259,
-0.029565857723355293,
0.030656006187200546,
-0.003747820621356368,
-0.01150473952293396,
-0.23708857595920563,
0.12435028702020645,
0.0259076040238142,
-0.005762056447565556,
0.02301972731947899,
-0.013190913014113903,
0.013716003857553005,
0.059488967061042786,
0.018558571115136147,
0.021541886031627655,
-0.012459782883524895,
0.048914000391960144,
-0.04728008434176445,
0.004491594620049,
0.023775741457939148,
0.05884694680571556,
-0.017405325546860695,
-0.015785446390509605,
0.015041425824165344,
-0.04057183116674423,
-0.004028920084238052,
0.014558801427483559,
0.03721259534358978,
-0.004676738288253546,
-0.006037302780896425,
0.028449062258005142,
0.025091316550970078,
-0.0009812097996473312,
0.02713197097182274,
-0.004092774353921413,
0.053331829607486725,
-0.015194281935691833,
0.042829349637031555,
0.016793908551335335,
0.012403075583279133,
0.13079825043678284,
-0.0016670085024088621,
-0.025401674211025238,
0.020564071834087372,
-0.009626714512705803,
0.008030903525650501,
-0.015712155029177666,
-0.006366797722876072,
-0.026989344507455826,
-0.029830049723386765,
0.009164116345345974,
0.02118532918393612,
-0.011603168211877346,
0.030790697783231735,
-0.0187088456004858,
-0.05123424157500267,
-0.0012519870651885867,
-0.0074424403719604015,
-0.12323027849197388,
-0.012588503770530224,
0.14289875328540802,
0.03375007584691048,
0.013300842605531216,
0.0166064091026783,
-0.03805987164378166,
0.038619186729192734,
0.012487801723182201,
0.02471301332116127,
0.0002717267198022455,
-0.01059677917510271,
-0.04723357781767845,
0.015589769929647446,
-0.017667891457676888,
-0.11305954307317734,
0.0031526004895567894,
-0.007242183666676283,
-0.03614858537912369,
0.02399381436407566,
-0.01088798139244318,
0.11590247601270676,
0.008668101392686367,
0.0040051755495369434,
-0.08741510659456253,
0.04531557112932205,
-0.011949889361858368,
0.009839204140007496,
-0.03465331345796585,
-0.035197000950574875,
-0.056738875806331635,
0.05670349299907684,
-0.01930433325469494,
-0.019181767478585243,
0.010306045413017273,
0.015209614299237728,
-0.11135123670101166,
0.002046481939032674,
0.018580440431833267,
-0.0009304266422986984,
-0.00006206235411809757,
-0.013581357896327972,
-0.007302030920982361,
-0.03227296844124794,
0.016155196353793144,
0.044177841395139694,
-0.061342231929302216,
-0.009074734523892403,
0.02152981050312519,
0.015492607839405537,
-0.01105065830051899,
-0.00421666307374835,
0.0191978570073843,
0.008258238434791565,
0.03443554416298866,
0.010394545271992683,
-0.022403696551918983,
0.009816140867769718,
0.001432534889318049,
0.037905510514974594,
0.0006549807731062174,
0.00038835767190903425,
-0.03679361939430237,
-0.009374445304274559,
-0.03074793517589569,
-0.010770218446850777,
0.010180403478443623,
0.01691857911646366,
-0.08021460473537445,
0.0314575731754303,
0.032479822635650635,
0.007494871038943529,
-0.012414190918207169,
0.03169533610343933,
-0.00827944464981556,
-0.012768247164785862,
0.006350146606564522,
-0.023296106606721878,
-0.04530293494462967,
0.02353597991168499,
0.006317452061921358,
-0.010296513326466084,
0.0010007701348513365,
0.009186984971165657,
-0.017360683530569077,
0.023740146309137344,
0.03550262749195099,
0.006932745687663555,
0.020055251196026802,
-0.04180913046002388,
-0.09398171305656433,
0.018257010728120804,
-0.0592879056930542,
-0.008463961072266102,
0.007294835988432169,
0.02660442516207695,
0.008974852971732616,
-0.0054628197103738785,
-0.0344269834458828,
0.03659795597195625,
0.024555999785661697,
0.0031455345451831818,
-0.004907574504613876,
0.042565248906612396,
0.022902783006429672,
-0.011002648621797562,
-0.014713197946548462,
-0.01701967790722847,
-0.00030090310610830784,
-0.007727665361016989,
-0.03389858081936836,
-0.02917655184864998,
0.03105788305401802,
-0.021412242203950882,
0.08529297262430191,
0.0007556117489002645,
0.028194796293973923,
0.028626373037695885,
-0.0035392248537391424,
-0.039908267557621,
-0.010863539762794971,
0.02864139713346958,
0.004153044894337654,
0.0015930531080812216,
0.006126084364950657,
0.038563791662454605,
0.029567614197731018,
-0.01916859671473503,
-0.02008354850113392,
0.04117361828684807,
-0.05224233120679855,
-0.00697246752679348,
0.009869965724647045,
0.010160425677895546,
0.015488171949982643,
-0.06406199187040329,
-0.006728086620569229,
0.0720638856291771,
-0.0886993259191513,
-0.08969434350728989,
-0.07763276249170303,
0.01844768412411213,
0.00595258129760623,
-0.01180686429142952,
-0.0286894291639328,
-0.018932178616523743,
0.013831155374646187,
-0.006091751158237457,
-0.021241378039121628,
0.0068580759689211845,
-0.0005577850388363004,
0.01759784109890461,
-0.00293850339949131,
0.015210465528070927,
0.03016408160328865,
-0.0159706249833107,
0.003787797410041094,
-0.012161549180746078,
0.007093312218785286,
0.0008225369965657592,
0.020728543400764465,
-0.003269979963079095,
-0.021935490891337395,
-0.023525360971689224,
-0.026731980964541435,
-0.004490589257329702,
-0.06022157147526741,
0.01855587400496006,
-0.00030667748069390655,
0.013078365474939346,
-0.00713258795440197,
-0.01133496779948473,
-0.046112995594739914,
-0.010900698602199554,
-0.015181342139840126,
0.0779130682349205,
0.0007713909144513309,
0.02870623767375946,
-0.007793896831572056,
0.03415653854608536,
-0.008431107737123966,
-0.00643065245822072,
-0.03782600536942482,
0.004556362982839346,
-0.01731155812740326,
-0.014268919825553894,
0.0041490523144602776,
-0.04172975942492485,
-0.032911572605371475,
-0.008708751760423183,
-0.02595779113471508,
0.03151343762874603,
0.043617721647024155,
0.004478514660149813,
0.030104637145996094,
0.04634547606110573,
-0.0016344011528417468,
-0.0024360506795346737,
-0.04178863763809204,
-0.058139484375715256,
0.07979582250118256,
-0.018233027309179306,
-0.028586558997631073,
0.03633880242705345,
-0.00443987175822258,
-0.06697633117437363,
0.009541403502225876,
-0.007533700671046972,
-0.029855923727154732,
0.0063131460919976234,
-0.027249522507190704,
-0.0685611367225647,
0.019316771999001503,
0.041194457560777664,
-0.023314060643315315,
0.06509096920490265,
-0.021324805915355682,
0.03545615077018738,
-0.020080093294382095
] |
digital initiatives, and expansion of new and existing product categories, as well as technology infrastructure so that we can continue to enhance the customer experience, improve our process efficiency and support our infrastructure web services. See “Overview” above for a discussion of how management views advances in technology and the importance of innovation. We expect spending in technology and content to increase over time as we continue to add employees to our staff and add technology infrastructure.
For the years ended 2008, 2007, and 2006, we capitalized $187 million, $129 million, and $123 million of costs associated with internal- use software and website development. Amortization of previously capitalized amounts was $143 million, $116 million, and $86 million for 2008, 2007, and 2006.
A significant majority of our technology costs are incurred in the U.S. and most of them are allocated to our North America segment.
General and Administrative
The increase in spending in general and administrative in 2008 compared to 2007 and 2006 is primarily due to increases in payroll and related expenses, and professional service fees.
Stock-Based Compensation
SFAS No. 123(R) requires measurement of compensation cost for all stock-based awards at fair value on date of grant and recognition of compensation over the service period for awards expected to vest. The fair value of restricted stock and restricted stock units is determined based on the number of shares granted and the quoted price of our common stock. Such value is recognized as expense over the service period, net of estimated forfeitures, using the accelerated method. The estimation of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. We consider many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience. Actual results and future estimates may differ substantially from our current estimates.
Stock-based compensation was $275 million, $185 million, and $101 million during 2008, 2007, and 2006. The increase in stock-based compensation is primarily attributable to an increase in total stock compensation value granted to our employees.
Other Operating Expense (Income), Net
Other operating expense (income), net, was $(24) million, $9 million and $10 million during 2008, 2007 and 2006. The increase in other operating income in 2008 compared to the comparable prior year periods is primarily attributable to the $53 million non-cash gain recognized on the sale of our European DVD rental assets, partially offset by increased amortization of intangible assets. Other operating expense in 2007 and 2006 was primarily attributable to amortization of intangible assets.
Income from Operations
Income from operations was $842 million, $655 million, and $389 million during 2008, 2007, and 2006. The increase in each year is primarily a result of increased revenue and gross profit relative to operating expenses. Additionally, 2008
| 0BUY
|
[
-0.008737722411751747,
-0.0019237804226577282,
-0.0019437159644439816,
-0.01286665815860033,
-0.08324142545461655,
-0.0015115910209715366,
-0.007067759986966848,
-0.01808425970375538,
0.03837684914469719,
0.008811119012534618,
0.0255820881575346,
-0.12386887520551682,
0.0023484353441745043,
0.00422890018671751,
0.006311540026217699,
-0.04753550514578819,
-0.004496091976761818,
0.00919224601238966,
-0.0075338189490139484,
0.009768553078174591,
-0.03592793643474579,
-0.004530366975814104,
-0.01603596843779087,
0.008734077215194702,
-0.024446869269013405,
0.010233516804873943,
0.01714007928967476,
0.012988820672035217,
-0.06725983321666718,
-0.032921526581048965,
0.00721387192606926,
-0.011524765752255917,
0.002850448479875922,
-0.003376541892066598,
-0.03603338822722435,
-0.014255675487220287,
0.031251873821020126,
-0.004173314198851585,
0.009040869772434235,
-0.00662707956507802,
-0.014442515559494495,
-0.013977671973407269,
0.16742399334907532,
-0.02387838438153267,
-0.006933656055480242,
-0.013314293697476387,
0.009321450255811214,
0.04892530292272568,
0.006649484392255545,
-0.021262167021632195,
-0.006866798736155033,
-0.014590860344469547,
0.00543237803503871,
-0.019386926665902138,
0.005465473979711533,
-0.01732676848769188,
-0.002829334232956171,
-0.057450953871011734,
-0.02590470016002655,
0.01715489849448204,
-0.00997639074921608,
-0.027788827195763588,
0.014843403361737728,
0.042743753641843796,
0.002351383212953806,
0.011177695356309414,
-0.01686839945614338,
-0.0149952108040452,
-0.01582544855773449,
-0.004275507293641567,
-0.0058176410384476185,
0.005093708634376526,
-0.0013093005400151014,
0.0017468754667788744,
0.007792098447680473,
-0.030531173571944237,
0.0011356303002685308,
0.00831046886742115,
0.017774559557437897,
-0.0102453688159585,
0.015046094544231892,
-0.07315996289253235,
0.16807769238948822,
-0.059358157217502594,
-0.002510686870664358,
-0.08556067943572998,
-0.026597648859024048,
-0.049626633524894714,
-0.002359450561925769,
0.0013428677339106798,
-0.021109025925397873,
-0.0029830022249370813,
-0.016934335231781006,
-0.047447919845581055,
0.04679596796631813,
-0.024824945256114006,
-0.0022272502537816763,
-0.10713754594326019,
0.0014588631456717849,
0.004601411521434784,
0.060615424066782,
0.02123851142823696,
0.04570605978369713,
-0.018173526972532272,
0.00985604990273714,
0.006669485475867987,
-0.031675055623054504,
-0.007517274469137192,
-0.0004320855368860066,
0.020983250811696053,
-0.021846545860171318,
-0.026862118393182755,
0.030412055552005768,
0.013183558359742165,
0.007895542308688164,
0.0792754590511322,
-0.010245077311992645,
-0.004830521997064352,
0.032445166260004044,
-0.040505580604076385,
-0.005446677096188068,
-0.007834288291633129,
-0.02030700445175171,
-0.046803172677755356,
-0.0023751312401145697,
0.039402272552251816,
-0.03760485723614693,
0.012015786953270435,
-0.003533461131155491,
-0.013869374059140682,
-0.0008696816512383521,
-0.017973752692341805,
0.0007358266157098114,
0.02016558311879635,
0.019760223105549812,
-0.012550699524581432,
-0.005094969645142555,
0.00044003751827403903,
0.005521923303604126,
-0.03839349374175072,
-0.04822517931461334,
0.0375300794839859,
0.019171930849552155,
-0.05541284754872322,
-0.04749767854809761,
0.0010742603335529566,
-0.011442214250564575,
0.009158681146800518,
0.03983711451292038,
0.006872486788779497,
-0.018668238073587418,
0.01064898632466793,
-0.023652996867895126,
-0.00937848910689354,
-0.021097876131534576,
0.03660845756530762,
0.008259613998234272,
0.0036141059827059507,
0.03220272436738014,
0.01045920979231596,
0.002734827110543847,
0.005123445764183998,
-0.015239260159432888,
-0.04900916665792465,
0.01638970896601677,
-0.03121154196560383,
0.022788457572460175,
-0.030071988701820374,
0.017809713259339333,
0.002483025658875704,
0.005754190031439066,
-0.017355160787701607,
0.009760702028870583,
-0.006306864321231842,
-0.01218500081449747,
-0.03607240319252014,
-0.01799728162586689,
-0.010076646693050861,
-0.019508736208081245,
-0.020329542458057404,
0.016321061179041862,
0.003028864273801446,
0.038067739456892014,
0.1337975114583969,
-0.049219585955142975,
0.0028912953566759825,
0.008892764337360859,
0.010659930296242237,
-0.010154168121516705,
-0.008656447753310204,
0.042440250515937805,
0.009361034259200096,
-0.03189869225025177,
0.014345653355121613,
0.0021994912531226873,
-0.01753130927681923,
0.03359878808259964,
0.0022033709101378918,
-0.0024675196036696434,
0.0014216791605576873,
0.0882430151104927,
-0.011019115336239338,
0.010193775407969952,
-0.0020891427993774414,
-0.017491841688752174,
-0.0003582397475838661,
-0.028125539422035217,
0.011759650893509388,
-0.012377675622701645,
-0.04187779128551483,
0.0021449869964271784,
-0.00889267772436142,
-0.008488942869007587,
-0.029659368097782135,
-0.01157055888324976,
0.025065993890166283,
-0.005080748815089464,
-0.05980844423174858,
0.033424943685531616,
-0.020652050152420998,
0.007057167124003172,
-0.01282732468098402,
0.016725735738873482,
-0.03345370665192604,
0.013446012511849403,
-0.00756496237590909,
-0.047277823090553284,
-0.012522397562861443,
-0.016915379092097282,
0.009005523286759853,
0.01059210766106844,
0.027382833883166313,
-0.036192722618579865,
-0.0018434693338349462,
0.0012697448255494237,
0.010980130173265934,
0.009660597890615463,
-0.014339206740260124,
-0.021395301446318626,
0.060830626636743546,
0.025645503774285316,
-0.007273996248841286,
0.004915112163871527,
-0.009905900806188583,
-0.007776528596878052,
0.03849463164806366,
0.018359847366809845,
-0.05905956029891968,
-0.01887883059680462,
-0.013973478227853775,
-0.00801018439233303,
0.014427554793655872,
0.004450568463653326,
0.019501447677612305,
-0.036128152161836624,
-0.00600020308047533,
0.017849784344434738,
-0.03916577249765396,
0.01867661066353321,
-0.07248847186565399,
-0.019643044099211693,
-0.012197756208479404,
-0.004237145185470581,
-0.019289735704660416,
0.023048613220453262,
-0.01571892946958542,
-0.015777722001075745,
-0.0013305697357282043,
-0.0032232371158897877,
0.008173421025276184,
-0.0021392577327787876,
0.002185515593737364,
0.009255594573915005,
-0.011762408539652824,
-0.009656128473579884,
-0.01928934082388878,
0.01864674687385559,
-0.027596820145845413,
-0.00743984105065465,
-0.026298224925994873,
-0.012718640267848969,
0.019876621663570404,
0.015491473488509655,
-0.0034303527791053057,
-0.00009267296263715252,
0.02709064818918705,
-0.022743523120880127,
-0.0001249971246579662,
-0.0811377689242363,
-0.023989737033843994,
-0.009504871442914009,
-0.0069665745832026005,
0.007038211915642023,
-0.018202852457761765,
-0.005587031599134207,
0.0061384327709674835,
-0.024479122832417488,
0.012748021632432938,
0.004132280126214027,
0.05326634272933006,
-0.006812147330492735,
0.011726216413080692,
0.0385051853954792,
-0.01085855532437563,
-0.0034687232691794634,
-0.009998167864978313,
-0.01129433885216713,
-0.004949305206537247,
-0.06380832940340042,
0.010405512526631355,
-0.0014286115765571594,
-0.000039553804526804015,
-0.01737421192228794,
-0.0016429279930889606,
-0.0027745538391172886,
-0.007429608143866062,
-0.029428886249661446,
0.015156975015997887,
0.04067906737327576,
-0.0423954576253891,
-0.01739758811891079,
0.008491731248795986,
0.006708713714033365,
0.0038521597161889076,
0.02798452042043209,
-0.017880989238619804,
0.09289353340864182,
-0.019616402685642242,
0.04800288379192352,
0.02251502498984337,
0.4392133951187134,
-0.09261535853147507,
-0.022511083632707596,
0.025088198482990265,
-0.04835132881999016,
0.06354537606239319,
-0.0026352661661803722,
-0.02671109326183796,
0.00864269956946373,
0.011936771683394909,
0.005715010222047567,
-0.03374578431248665,
-0.00420365622267127,
-0.024444367736577988,
0.01356838084757328,
0.022267833352088928,
-0.01350288838148117,
0.0008647676440887153,
0.01422913558781147,
0.08515443652868271,
-0.02604874037206173,
-0.03044152818620205,
-0.012037091888487339,
0.03636179864406586,
-0.0017667359206825495,
-0.02188931219279766,
0.029072223231196404,
0.010272341780364513,
0.0128313098102808,
-0.002541594672948122,
-0.015262902714312077,
-0.004981353413313627,
0.005783784668892622,
0.010690633207559586,
-0.015122420154511929,
0.10956914722919464,
0.059871602803468704,
-0.0021214084699749947,
0.005593831185251474,
-0.04583582282066345,
-0.024438416585326195,
0.015207064338028431,
0.003974073566496372,
-0.0386350154876709,
-0.022418292239308357,
0.026075437664985657,
0.009332526475191116,
-0.03334902599453926,
-0.009129835292696953,
0.03468240052461624,
-0.0032155485823750496,
-0.005107959266752005,
-0.003085209522396326,
0.006914339493960142,
-0.10345185548067093,
0.0030160353053361177,
0.010687210597097874,
-0.007460524328052998,
-0.0011398281203582883,
-0.00901629589498043,
-0.007078707683831453,
0.00707282917574048,
0.027283012866973877,
0.05879161134362221,
0.03453359007835388,
0.013239250518381596,
0.0337379015982151,
-0.032856620848178864,
0.025333410128951073,
-0.004469197243452072,
-0.004172146786004305,
-0.012208296917378902,
0.002858698135241866,
0.01586255244910717,
0.022091206163167953,
-0.03949906304478645,
-0.007426998112350702,
-0.0013007386587560177,
0.008187846280634403,
0.04086063429713249,
-0.010801480151712894,
0.0021668067201972008,
-0.014905447140336037,
0.02188449166715145,
-0.014049318619072437,
-0.005070446990430355,
0.014816242270171642,
0.01885548047721386,
0.03154512122273445,
-0.05921666696667671,
-0.022686131298542023,
-0.003346220590174198,
0.0047502401284873486,
-0.010416851378977299,
0.04841269180178642,
0.025713229551911354,
-0.010322639718651772,
-0.0032515476923435926,
-0.026260647922754288,
0.003011057386174798,
-0.007714222185313702,
0.004677350167185068,
0.04126111418008804,
0.0034409896470606327,
-0.009290705434978008,
0.01300692930817604,
-0.011876683682203293,
-0.0229362640529871,
0.026771821081638336,
0.0432288758456707,
-0.013942725956439972,
-0.03134945407509804,
-0.01478514913469553,
-0.050321437418460846,
-0.02659401297569275,
-0.010877679102122784,
0.008142468519508839,
0.025815216824412346,
0.02316788211464882,
-0.023232895880937576,
0.008752573281526566,
-0.017041198909282684,
-0.03225354850292206,
-0.004535316023975611,
0.0035079787485301495,
-0.009950474835932255,
-0.027216318994760513,
-0.013091541826725006,
-0.007196872495114803,
0.024144761264324188,
-0.008633644320070744,
0.001996659906581044,
0.01565532758831978,
-0.023551946505904198,
0.0026143454015254974,
-0.019940316677093506,
0.024486219510436058,
0.010982579551637173,
-0.005409055855125189,
0.00047311108210124075,
-0.005552660673856735,
0.005945843178778887,
-0.005003081634640694,
-0.015278445556759834,
-0.012825582176446915,
-0.009249200113117695,
0.028474174439907074,
0.022777946665883064,
-0.00953367818146944,
-0.013121593743562698,
-0.00015888985944911838,
0.014603138901293278,
-0.0032646360341459513,
-0.009312111884355545,
0.023385845124721527,
-0.05078145116567612,
0.024409601464867592,
0.008917474187910557,
0.014879939146339893,
-0.0026067036669701338,
-0.016426444053649902,
-0.02065127156674862,
-0.015990110114216805,
0.02050500363111496,
-0.003834442002698779,
0.006920462939888239,
0.10767731815576553,
-0.05229097232222557,
-0.01919671893119812,
0.006527324207127094,
-0.0009204053785651922,
-0.01023863721638918,
0.005647675134241581,
-0.031080298125743866,
-0.010135984979569912,
0.0004558895598165691,
-0.005653008818626404,
-0.019549749791622162,
0.02506943978369236,
-0.026988714933395386,
0.0014148089103400707,
0.015356125310063362,
-0.0011715490836650133,
-0.009643716737627983,
0.008419751189649105,
0.018198702484369278,
0.03554954379796982,
-0.009248664602637291,
0.004818528890609741,
0.005863794591277838,
0.0007345126359723508,
0.013415824621915817,
0.030566466972231865,
0.005603072699159384,
0.008811608888208866,
-0.00416562519967556,
-0.12070629000663757,
-0.014817049726843834,
0.02607203647494316,
-0.0016452904092147946,
0.04479173570871353,
-0.16507850587368011,
-0.02516845241189003,
0.008765424601733685,
0.0049331169575452805,
-0.010468592867255211,
0.01691943034529686,
-0.0059198178350925446,
0.014862227253615856,
-0.01672472432255745,
0.032721325755119324,
-0.01723516918718815,
0.01534472219645977,
0.020401697605848312,
-0.00640913238748908,
-0.04018648713827133,
-0.06517726927995682,
0.01140825916081667,
-0.027121664956212044,
0.07747267186641693,
-0.012089209631085396,
0.07133065909147263,
0.04163162410259247,
-0.030757898464798927,
-0.007951803505420685,
-0.0296366885304451,
0.009981831535696983,
-0.001165469759143889,
0.01955832540988922,
-0.023136071860790253,
-0.030947180464863777,
-0.04654654115438461,
-0.001942910486832261,
-0.018213246017694473,
0.09737374633550644,
-0.004169604275375605,
0.009970049373805523,
-0.0024045356549322605,
0.013466249220073223,
-0.011171186342835426,
0.05112738907337189,
0.015893878415226936,
-0.03767067566514015,
0.022794583812355995,
-0.013002755120396614,
-0.0065880026668310165,
-0.024810204282402992,
-0.005017873831093311,
-0.01782330870628357,
0.003971355967223644,
0.010355276055634022,
0.021493321284651756,
0.0171070359647274,
-0.004855094477534294,
-0.024987176060676575,
-0.04442048445343971,
0.006206989288330078,
0.007252090144902468,
-0.003981397487223148,
-0.008501758798956871,
-0.002670318353921175,
-0.032601498067379,
0.037495411932468414,
0.022347424179315567,
0.029079683125019073,
0.0015409115003421903,
-0.03741326555609703,
0.012554609216749668,
-0.011136687360703945,
-0.036580640822649,
-0.01578676886856556,
0.008527746424078941,
0.027391359210014343,
-0.006811127532273531,
0.02424507774412632,
-0.027357611805200577,
-0.0010684828739613295,
-0.013128804042935371,
0.032978810369968414,
0.019648876041173935,
-0.005136134102940559,
0.00907154567539692,
-0.012419411912560463,
0.012130219489336014,
-0.01942017674446106,
0.010212643072009087,
0.022214649245142937,
0.16358788311481476,
0.02316243201494217,
0.03189283236861229,
0.006570981815457344,
0.0031189045403152704,
0.005071761552244425,
-0.0014954936923459172,
0.11105060577392578,
-0.039880119264125824,
0.00616658478975296,
-0.018772074952721596,
0.01335995551198721,
-0.03595227003097534,
-0.025707559660077095,
0.00014347171236295253,
-0.009868757799267769,
-0.012095711193978786,
0.034989409148693085,
-0.0035023768432438374,
-0.002938047284260392,
0.011792754754424095,
-0.037799958139657974,
0.10748333483934402,
-0.016400933265686035,
-0.013909737579524517,
-0.007786192931234837,
0.024826953187584877,
0.001305202255025506,
-0.006169930100440979,
0.012092269957065582,
-0.03668341413140297,
-0.06675006449222565,
0.047745611518621445,
0.032577525824308395,
-0.02914251573383808,
0.006088807713240385,
-0.011962956748902798,
-0.0023181468714028597,
0.004338585771620274,
-0.02490721084177494,
-0.03196913003921509,
0.014637905173003674,
-0.02311384491622448,
-0.006194715853780508,
0.005196705460548401,
-0.022045636549592018,
-0.014281678013503551,
-0.01351290475577116,
-0.027591265738010406,
0.014834470115602016,
0.0071319579146802425,
-0.018559260293841362,
-0.009404764510691166,
0.005238240584731102,
-0.01717141643166542,
-0.017314469441771507,
0.016577621921896935,
0.08533795177936554,
-0.013660535216331482,
-0.021482979878783226,
0.022699065506458282,
0.00197711493819952,
-0.03769785165786743,
-0.00044256585533730686,
-0.006961870472878218,
-0.027205796912312508,
0.008566117845475674,
-0.028065865859389305,
-0.015220260247588158,
0.010502598248422146,
0.23788638412952423,
0.037777721881866455,
0.02017383649945259,
0.012030081823468208,
-0.005545769818127155,
-0.00409660255536437,
-0.010309417732059956,
-0.02596411481499672,
-0.008636579848825932,
0.03815535455942154,
-0.01726941205561161,
0.01732010953128338,
0.14454913139343262,
0.02465549111366272,
-0.014128199778497219,
0.0275128111243248,
-0.0017584360903128982,
-0.019414519891142845,
-0.016340726986527443,
0.0016005531651899219,
-0.02412259951233864,
-0.0015816347440704703,
-0.008029788732528687,
0.007081889547407627,
0.0017381180077791214,
-0.019247040152549744,
-0.022074168547987938,
-0.01719222404062748,
-0.04848053306341171,
0.011715239845216274,
-0.000033375279599567875,
-0.0346706360578537,
-0.0008194936090148985,
-0.06434750556945801,
-0.0017102882266044617,
-0.007965483702719212,
-0.0025183469988405704,
-0.0135865593329072,
0.009352785535156727,
-0.008654733188450336,
0.0022825920023024082,
-0.01003795862197876,
0.005768136121332645,
-0.005544024053961039,
-0.011566868051886559,
-0.011104785837233067,
-0.04366239905357361,
-0.0007598441443406045,
-0.016742130741477013,
-0.022602109238505363,
-0.012128530070185661,
0.023191969841718674,
0.01627543941140175,
0.056971415877342224,
0.0007613115594722331,
0.0036962435115128756,
0.006797419860959053,
0.016183089464902878,
-0.013522657565772533,
-0.004904331173747778,
-0.019250763580203056,
0.0008414899348281324,
0.00277556455694139,
0.18207816779613495,
-0.016018161550164223,
0.013066600076854229,
0.007058020681142807,
-0.03211740404367447,
0.01349696796387434,
0.03877326473593712,
-0.002265254268422723,
-0.021088857203722,
-0.017126427963376045,
0.0893837958574295,
-0.00031376449624076486,
-0.0001226448075613007,
-0.021376680582761765,
0.044787660241127014,
-0.09607909619808197,
0.02450668066740036,
0.01772112399339676
] |
instead due to their price performance and screen size. Additionally, significant future growth in iPod sales without corresponding growth in higher margin product sales could also reduce gross margin and operating margin percentages.
The Company believes that weak economic conditions over the past several years are having a pronounced negative impact on its professional and creative customers who are significant users of its professional systems. Also, it is likely that many of the Company's current and potential professional, creative, and small business customers, who are most likely to utilize professional systems, believe that the relatively slower MHz rating or clock speed of the microprocessors the Company utilizes in its Macintosh systems compares unfavorably to those utilized by other computer manufacturers and translates to slower overall system performance. These factors may result in an adverse impact to sales of the Company's professional products as well as to gross margin and operating margin percentages.
The Company expects its quarterly revenue and operating results to fluctuate for a variety of reasons.
The Company's profit margins vary among its products and its distribution channels. The Company's direct sales, primarily through its retail and online stores, generally have higher associated profitability than its indirect sales. Additionally, the Company's direct channels have traditionally had more sales of software and higher priced hardware products, which generally have higher gross margins, than through its indirect channels. As a result, the Company's gross margin and operating margin percentages as well as overall profitability may be adversely impacted as a result of a shift in product, geographic or channel mix. In addition, the Company generally sells more products during the third month of each quarter than it does during either of the first two months, a pattern typical in the personal computer industry. This sales pattern can produce pressure on the Company's internal infrastructure during the third month of a quarter and may adversely impact the Company's ability to predict its financial results accurately. Developments late in a quarter, such as lower-than-anticipated demand for the Company's products, an internal systems failure, or failure of one of the Company's key logistics, components suppliers, or manufacturing partners, can have significant adverse impacts on the Company and its results of operations and financial condition.
The Company has higher research and development and selling, general and administrative costs, as a percentage of revenue, than many of its competitors.
The Company's ability to compete successfully and maintain attractive gross margins and revenue growth is heavily dependent upon its ability to ensure a continuing and timely flow of innovative and competitive products and technologies to the marketplace. As a result, the Company incurs higher research and development costs as a percentage of revenue than its competitors who sell personal computers based on other operating systems. Many of these competitors seek to compete aggressively on price and maintain very low
| 0BUY
|
[
-0.0080957543104887,
0.03421125188469887,
-0.007984207011759281,
-0.006947972346097231,
-0.08744437992572784,
0.00010824152559507638,
0.004517849069088697,
0.009936151094734669,
0.02181728184223175,
0.011208699084818363,
0.023890487849712372,
-0.13175341486930847,
0.005520510487258434,
0.0068259877152740955,
0.012056511826813221,
-0.04601919278502464,
0.024432670325040817,
0.018268967047333717,
-0.053197648376226425,
0.025851735845208168,
-0.022053435444831848,
-0.012798355892300606,
-0.0032163760624825954,
0.016576403751969337,
-0.022756632417440414,
0.012017413042485714,
0.004625482950359583,
0.006564898882061243,
-0.053995903581380844,
-0.04231451451778412,
0.022116048261523247,
0.007245182991027832,
0.0032718772999942303,
-0.0007980247028172016,
-0.03460114076733589,
-0.00994840357452631,
0.00691924849525094,
0.006195723079144955,
0.005046767182648182,
-0.012210446409881115,
-0.04820108041167259,
-0.01140145119279623,
0.18600650131702423,
-0.03672986850142479,
0.0016070606652647257,
-0.022713536396622658,
0.01479532103985548,
0.025961581617593765,
-0.004091706592589617,
-0.01594141498208046,
-0.00596956629306078,
-0.002906207228079438,
0.011693906038999557,
-0.008496494963765144,
-0.020291224122047424,
-0.007285252213478088,
-0.01957164891064167,
-0.03813660144805908,
0.00992179661989212,
0.02533821389079094,
0.013472381979227066,
-0.026155982166528702,
0.006075452547520399,
0.005562215577811003,
-0.002755925292149186,
0.009706941433250904,
-0.02179778926074505,
0.017902517691254616,
-0.018329858779907227,
-0.0008977121906355023,
0.00821041502058506,
0.021194670349359512,
-0.005986293777823448,
-0.0027668785769492388,
0.008370224386453629,
-0.01777970790863037,
0.014482141472399235,
0.00593723775818944,
0.03619670495390892,
-0.030169781297445297,
0.024371575564146042,
-0.04781915247440338,
0.1804100126028061,
-0.06057291850447655,
-0.01156536303460598,
-0.09128128737211227,
-0.025577116757631302,
-0.0469016432762146,
-0.028343020007014275,
0.010017162188887596,
-0.006338729988783598,
-0.02995172329246998,
-0.02195648103952408,
-0.03555680438876152,
0.026591893285512924,
-0.018589073792099953,
-0.0028764812741428614,
-0.11685547977685928,
0.006447980646044016,
0.011926081962883472,
0.052642952650785446,
0.016563260927796364,
0.03858788684010506,
-0.011945636011660099,
-0.000295063917292282,
0.0154435895383358,
-0.040896590799093246,
-0.005762984044849873,
-0.00038837044849060476,
0.02718866430222988,
-0.006158696953207254,
-0.03259577229619026,
0.022036651149392128,
-0.00646739499643445,
-0.01565558835864067,
0.036126356571912766,
-0.008202041499316692,
0.023436274379491806,
0.05133385583758354,
-0.0637984648346901,
0.0054464335553348064,
-0.0071751149371266365,
-0.015609695576131344,
-0.024388205260038376,
-0.0015200289199128747,
0.06689080595970154,
-0.04705974459648132,
-0.0114261694252491,
0.0022194611374288797,
-0.009355752728879452,
-0.00714991195127368,
-0.01233677752315998,
0.014287588186562061,
0.001867544138804078,
0.012769600376486778,
-0.00006234279135242105,
0.001830719760619104,
0.003946480341255665,
0.023750964552164078,
-0.019745897501707077,
-0.04165729507803917,
0.00560970650985837,
0.02211766503751278,
-0.044899340718984604,
-0.04304178059101105,
0.003535664174705744,
-0.012763136066496372,
0.007859613746404648,
0.028718065470457077,
0.01860491745173931,
-0.007828613743185997,
-0.01381378248333931,
-0.04023308306932449,
-0.0046014683321118355,
-0.01707921363413334,
0.02327115647494793,
0.01973569393157959,
0.0008204335463233292,
-0.004518786910921335,
-0.017865514382719994,
-0.003666274482384324,
0.013193526305258274,
-0.014109536074101925,
-0.11495252698659897,
0.017675286158919334,
-0.030577978119254112,
0.008306777104735374,
-0.010877891443669796,
0.0347428061068058,
0.009426310658454895,
0.0022197042126208544,
0.00019202049588784575,
0.007219589315354824,
0.006128682754933834,
0.004382557235658169,
-0.06748400628566742,
-0.02072691172361374,
0.007817327976226807,
-0.02657485194504261,
-0.019841888919472694,
0.023957666009664536,
0.007381547708064318,
0.047451090067625046,
0.11839520931243896,
-0.050788868218660355,
-0.03297116979956627,
0.01074296049773693,
-0.010295417159795761,
-0.028163772076368332,
-0.04869809001684189,
0.038285281509160995,
0.012898902408778667,
0.0023579096887260675,
0.03417091444134712,
-0.011713394895195961,
0.003867779392749071,
0.03401422128081322,
0.010616050101816654,
-0.02564520202577114,
-0.004647820722311735,
0.06472214311361313,
0.0019903788343071938,
-0.020729640498757362,
0.012311000376939774,
0.003716292092576623,
-0.008805402554571629,
-0.018549799919128418,
0.004225995857268572,
0.0042691598646342754,
-0.04917769506573677,
-0.019529785960912704,
-0.029253272339701653,
-0.002676282776519656,
-0.03341849893331528,
0.004140318371355534,
0.05529509112238884,
-0.019756143912672997,
-0.04919026792049408,
0.019997337833046913,
-0.01286268513649702,
-0.0011890149908140302,
-0.014469166286289692,
0.010882399044930935,
-0.03550476208329201,
0.01454674918204546,
-0.04069769009947777,
-0.03360039368271828,
-0.00535957608371973,
-0.021763604134321213,
0.009408651851117611,
0.006005288101732731,
0.05681266263127327,
-0.05298938974738121,
0.021854519844055176,
0.004271829035133123,
0.04117070138454437,
0.0054167197085917,
-0.01238938607275486,
-0.032973889261484146,
0.06444265693426132,
0.0639396607875824,
-0.013067896477878094,
-0.000530996301677078,
-0.009865259751677513,
-0.029336798936128616,
0.05197610706090927,
0.026355868205428123,
-0.027334371581673622,
-0.0003561509365681559,
-0.004231039900332689,
-0.012833190150558949,
0.015895282849669456,
-0.027171164751052856,
0.017832785844802856,
-0.02175304666161537,
-0.0076526771299541,
0.01197987049818039,
-0.023012250661849976,
0.01693151332437992,
-0.09895278513431549,
-0.0033308889251202345,
-0.041640494018793106,
-0.04468591511249542,
-0.018141642212867737,
0.015554829500615597,
-0.007283810526132584,
-0.0007192945922724903,
0.006898096762597561,
-0.0013153835898265243,
0.005079109221696854,
0.012324918061494827,
-0.006154424510896206,
-0.00010196822404395789,
-0.0225042887032032,
-0.010285860858857632,
-0.013630063273012638,
0.0279025137424469,
-0.021216709166765213,
0.0010263908188790083,
-0.028954612091183662,
-0.018006084486842155,
0.002165603218600154,
0.017225736752152443,
-0.02733742631971836,
-0.011346762999892235,
-0.0055008516646921635,
-0.013980680145323277,
-0.0032993045169860125,
-0.05501924455165863,
-0.019088495522737503,
-0.00580523582175374,
-0.010185609571635723,
0.03393106907606125,
-0.02895781397819519,
-0.022363906726241112,
0.018167365342378616,
-0.01144440658390522,
-0.013148649595677853,
-0.0010174668859690428,
0.0533289834856987,
0.013625578954815865,
0.024029653519392014,
0.023231368511915207,
-0.011520354077219963,
-0.00359714450314641,
-0.01929343491792679,
-0.0013963638339191675,
-0.023059457540512085,
-0.01263026986271143,
-0.0001841279590735212,
-0.016542324796319008,
0.003009422216564417,
-0.004541271831840277,
-0.014765363186597824,
-0.01117993239313364,
-0.034808818250894547,
-0.02456996962428093,
0.024246951565146446,
0.05117916688323021,
-0.04269736632704735,
-0.010468820109963417,
-0.011465335264801979,
0.01000464241951704,
0.010306566022336483,
0.008971022441983223,
-0.02537344954907894,
0.12234803289175034,
-0.020921766757965088,
0.05074082687497139,
0.024382997304201126,
0.4355997145175934,
-0.0972597524523735,
-0.022760696709156036,
0.006192987784743309,
-0.04174503684043884,
0.06762014329433441,
0.012172537855803967,
-0.030740438029170036,
0.000275080295978114,
0.027702759951353073,
0.00008699182217242196,
-0.02621879242360592,
0.02200344204902649,
-0.0434279665350914,
-0.009505716152489185,
0.032510753720998764,
-0.007928406819701195,
-0.000578546489123255,
0.028803236782550812,
0.09882877767086029,
0.0180053748190403,
-0.03940294682979584,
0.0054045310243964195,
0.04871062561869621,
-0.010433604009449482,
-0.03666232153773308,
0.031032733619213104,
0.00041101317037828267,
-0.0070606861263513565,
-0.01753976009786129,
-0.0155419846996665,
-0.02163267880678177,
-0.00005879439413547516,
0.0005255051655694842,
-0.01466483436524868,
0.11657969653606415,
0.06009809672832489,
0.017729517072439194,
0.0061543830670416355,
-0.045542195439338684,
-0.02216433174908161,
0.00675622746348381,
0.0075172558426856995,
-0.020557954907417297,
-0.04892897605895996,
0.027302656322717667,
0.010644324123859406,
-0.022053705528378487,
0.012465744279325008,
0.029138442128896713,
0.008504074066877365,
-0.009263684041798115,
-0.007051117718219757,
-0.0002493279753252864,
-0.12445098906755447,
-0.024758026003837585,
-0.01961057074368,
-0.04796937480568886,
0.022332264110445976,
-0.0018540683668106794,
-0.03623506426811218,
0.036931656301021576,
0.04549268260598183,
0.039429645985364914,
0.019397541880607605,
-0.0022441213950514793,
0.025747282430529594,
-0.02707761712372303,
0.018636610358953476,
-0.03034954145550728,
-0.00022192884352989495,
-0.01946302503347397,
-0.008430251851677895,
0.019388750195503235,
0.02478409744799137,
-0.05324670299887657,
-0.006636735051870346,
0.00826569925993681,
0.020982034504413605,
0.03436575084924698,
-0.01703864522278309,
-0.05350728705525398,
-0.010624568909406662,
0.011833013035356998,
-0.04154742509126663,
0.006251211743801832,
0.01792321354150772,
0.007695424370467663,
0.018781190738081932,
-0.07735886424779892,
-0.023095134645700455,
0.00549247395247221,
0.016847776249051094,
0.006797857582569122,
0.07550159096717834,
0.024151984602212906,
-0.022967029362916946,
-0.004342250991612673,
-0.01926048845052719,
0.023555753752589226,
-0.0045207589864730835,
0.0036935603711754084,
0.03723115846514702,
0.007923142984509468,
0.01118607446551323,
0.012717739678919315,
-0.004498071037232876,
-0.030575845390558243,
0.004032587632536888,
0.024039581418037415,
-0.04032805562019348,
-0.011424348689615726,
0.0032626516185700893,
-0.039672158658504486,
-0.020602673292160034,
-0.02169359289109707,
0.05282113328576088,
0.0010100656654685736,
0.021509287878870964,
-0.017563963308930397,
0.013387054204940796,
0.0017311793053522706,
-0.029065893962979317,
-0.0034440478775650263,
0.005253559909760952,
-0.0018057271372526884,
-0.03838038817048073,
-0.02015335112810135,
-0.014121923595666885,
0.015720590949058533,
0.013056082651019096,
0.005877847783267498,
0.02149520069360733,
-0.016335709020495415,
0.007670223712921143,
-0.0008768800762481987,
0.020557746291160583,
0.01146095059812069,
0.009930536150932312,
-0.01219568494707346,
0.004137958399951458,
0.016276052221655846,
-0.001208741799928248,
-0.012922967784106731,
0.009386062622070312,
-0.02004839852452278,
0.03650439903140068,
-0.0063618142157793045,
0.003576525254175067,
-0.02211693488061428,
0.006926927715539932,
-0.011392146348953247,
-0.031493861228227615,
-0.0068218521773815155,
0.014752904884517193,
-0.07394392043352127,
0.024410493671894073,
0.022952647879719734,
-0.004785499069839716,
-0.0022601461969316006,
-0.039100002497434616,
-0.006525441538542509,
-0.021049676463007927,
0.01909158006310463,
-0.003426179988309741,
0.007354975678026676,
0.07623863965272903,
-0.04594157636165619,
0.019614476710557938,
-0.007046446204185486,
-0.0034047586377710104,
-0.008804742246866226,
0.026720227673649788,
-0.012753133662045002,
-0.0095726503059268,
-0.0017965970328077674,
-0.00831574946641922,
-0.020164545625448227,
0.03810479864478111,
-0.02609412558376789,
0.025207603350281715,
0.029308654367923737,
-0.016607636585831642,
-0.028259560465812683,
0.019789233803749084,
-0.01155854295939207,
0.04338878020644188,
-0.009990924969315529,
0.011334889568388462,
0.015685386955738068,
0.0032415001187473536,
0.02170008420944214,
0.017487643286585808,
0.005479198414832354,
0.028395166620612144,
-0.004992083180695772,
-0.08819068223237991,
-0.0028630252927541733,
0.03769899904727936,
0.007692383602261543,
0.025762317702174187,
-0.14053699374198914,
-0.022163646295666695,
-0.009631985798478127,
-0.0032295642886310816,
-0.004914330318570137,
0.019245866686105728,
-0.0047128028236329556,
-0.01925184763967991,
-0.034485720098018646,
-0.0062972623854875565,
0.0026680012233555317,
0.012993982993066311,
0.01218829769641161,
-0.003123428439721465,
-0.026429062709212303,
-0.05174824595451355,
0.006636743899434805,
-0.0004856738669332117,
0.06502536684274673,
-0.002868096111342311,
0.06225629895925522,
0.0577707514166832,
-0.014208498410880566,
0.00748724490404129,
-0.01827392540872097,
0.021708250045776367,
0.003621347015723586,
0.003860240103676915,
-0.03173645958304405,
-0.02107810042798519,
-0.03347845375537872,
0.0011907895095646381,
-0.01988789439201355,
0.06613273918628693,
-0.012171746231615543,
-0.008748048916459084,
-0.010770807042717934,
0.009375417605042458,
-0.009032471105456352,
0.04017845168709755,
-0.0022517407778650522,
-0.033064018934965134,
0.01694094017148018,
0.01747061498463154,
-0.006529924459755421,
-0.025376824662089348,
-0.019335094839334488,
-0.001169274328276515,
-0.032927196472883224,
0.0424099899828434,
0.01508560311049223,
0.00537392683327198,
-0.012110527604818344,
-0.00007858040044084191,
-0.08730082958936691,
0.021370908245444298,
0.01746123656630516,
-0.003222039435058832,
0.016900071874260902,
-0.009068731218576431,
-0.009823111817240715,
0.03193386271595955,
0.021117661148309708,
0.040240053087472916,
-0.04702376946806908,
-0.02721812017261982,
0.019532499834895134,
-0.00894144643098116,
-0.02103571593761444,
-0.009258502162992954,
-0.023884596303105354,
0.014339230954647064,
0.010519701987504959,
0.0029871391598135233,
-0.015956006944179535,
0.03516135737299919,
-0.0029888965655118227,
0.029935229569673538,
-0.004398856777697802,
-0.006720801815390587,
-0.0013498179614543915,
-0.02614453434944153,
-0.006097957957535982,
-0.017953939735889435,
0.025540515780448914,
0.01640981249511242,
0.13439549505710602,
0.019706184044480324,
0.02705211006104946,
-0.006200514733791351,
-0.0062090447172522545,
0.0037834360264241695,
-0.017035245895385742,
0.08186807483434677,
-0.02917785942554474,
-0.005282136145979166,
-0.019881678745150566,
0.02254074439406395,
-0.017659952864050865,
-0.02527749538421631,
-0.009875800460577011,
-0.0019992562010884285,
0.007242564577609301,
0.012316406704485416,
0.01927107945084572,
-0.019795827567577362,
0.012905885465443134,
-0.03908504545688629,
0.10072493553161621,
-0.031426090747117996,
-0.00575294578447938,
-0.00878866109997034,
0.011624780483543873,
0.023955218493938446,
-0.0032752943225204945,
-0.005331173539161682,
-0.029602404683828354,
-0.05941426008939743,
0.06354878097772598,
0.04398223012685776,
0.004199671093374491,
0.022725369781255722,
0.01696152798831463,
-0.013865656219422817,
-0.040172722190618515,
0.010381990112364292,
-0.03209467604756355,
-0.006991623435169458,
-0.04360518977046013,
-0.008588533848524094,
0.0184034276753664,
0.0052055190317332745,
-0.030877735465765,
0.012563327327370644,
-0.0359579473733902,
0.013647899031639099,
0.01640145108103752,
-0.026560142636299133,
-0.004993881564587355,
0.009789705276489258,
0.006175426300615072,
-0.001181156956590712,
0.03966424986720085,
0.048230987042188644,
-0.007237777579575777,
-0.0376337468624115,
0.021329546347260475,
0.02320704236626625,
-0.04561591148376465,
-0.0007059383788146079,
-0.021883955225348473,
-0.02446763589978218,
0.021728090941905975,
-0.039861176162958145,
0.01718873344361782,
0.0020034764893352985,
0.20785337686538696,
0.026095762848854065,
-0.008975621312856674,
0.008557218126952648,
0.020787138491868973,
-0.01530709583312273,
-0.022480212152004242,
-0.033786166459321976,
0.00016770634101703763,
0.04291846230626106,
-0.015090570785105228,
0.0120693389326334,
0.09635135531425476,
0.030519939959049225,
-0.01208889577537775,
0.003191652474924922,
0.00676351273432374,
-0.026225818321108818,
-0.013834790326654911,
-0.015291716903448105,
0.01154743880033493,
0.009273749776184559,
0.016452698037028313,
0.0032771890982985497,
0.011211984790861607,
-0.00039552224916405976,
-0.027011536061763763,
-0.01792597398161888,
-0.046834662556648254,
0.013205084949731827,
0.00445591751486063,
-0.012129396200180054,
-0.005027546547353268,
-0.024964362382888794,
-0.022056113928556442,
0.01917634904384613,
-0.004890009295195341,
0.007856829091906548,
0.005578712560236454,
0.00014300612383522093,
-0.023349348455667496,
0.015838073566555977,
0.004773486405611038,
0.021343685686588287,
-0.010559274815022945,
-0.014942090958356857,
-0.029204964637756348,
0.02486390434205532,
-0.01583213172852993,
-0.032697126269340515,
-0.0022174224723130465,
-0.0034298966638743877,
0.008371960371732712,
0.0576966293156147,
-0.010722598992288113,
-0.0009286156273446977,
0.004086634144186974,
0.031270354986190796,
-0.019295983016490936,
0.0003570444241631776,
-0.008439942263066769,
-0.026047924533486366,
0.0015311924507841468,
0.14682185649871826,
-0.03100757859647274,
-0.002166269114241004,
0.026203451678156853,
-0.007396520581096411,
0.007685388438403606,
0.00135143066290766,
-0.029229238629341125,
-0.012642723508179188,
-0.03925160691142082,
0.10250630974769592,
0.015237708576023579,
0.005627133883535862,
-0.0290518868714571,
0.06026212126016617,
-0.057246413081884384,
0.03552434593439102,
0.021431177854537964
] |
the expected effects resulting from our acquisition of BEA. The total estimated costs associated with the 2008 Plan are approximately $111 million and are primarily related to employee severance. The majority of these estimated costs are expected to be incurred over the course of fiscal 2009. Our estimated costs are preliminary and may be subject to change in future periods. We incurred restructuring expenses of $41 million in fiscal 2008, pursuant to the 2008 Plan (see Note 7 to Notes to Consolidated Financial Statements for additional information). Restructuring expenses in fiscal 2007 relate to Oracle employee severance and facility closures that were recorded in those periods and were a part of a restructuring plan initiated in the third quarter of fiscal 2006.
Fiscal 2007 Compared to Fiscal 2006: Restructuring expenses decreased in fiscal 2007 as we initiated the majority of the actions pursuant to the Fiscal 2006 Oracle Restructuring Plan during fiscal 2006. Our management did not initiate any new plans to restructure our Oracle-based operations during fiscal 2007.
Interest Expense:
Fiscal 2008 Compared to Fiscal 2007: Interest expense increased in fiscal 2008 due to higher average borrowings resulting from the issuance of $5.0 billion of senior notes in April 2008, a net increase of $500 million in additional senior notes outstanding for the majority of fiscal 2008 and our issuances of short-term commercial paper in the fourth quarter of fiscal 2008 and fourth quarter of fiscal 2007 (we repaid these commercial paper amounts during fiscal 2008).
Fiscal 2007 Compared to Fiscal 2006: Interest expense increased in fiscal 2007 due to higher average borrowings in fiscal 2007 related to our $5.75 billion aggregate principal amount of senior notes issued in January 2006 (of which $1.5 billion was redeemed by us in May 2007), our $2.1 billion of commercial paper issuances (of which approximately $1.4 billion remained outstanding as of May 31, 2007) and our $2.0 billion of senior notes issued in May 2007.
Non-Operating Income, net: Non-operating income, net consists primarily of interest income, net foreign currency exchange gains, the minority owners’ share in the net profits of our majority-owned i-flex and Oracle Japan subsidiaries, and other income including net gains related to our marketable securities and other investments.
Fiscal 2008 Compared to Fiscal 2007: Non-operating income, net increased in fiscal 2008 primarily due to an increase in interest income from higher weighted average cash and marketable securities balances during fiscal 2008.
Fiscal 2007 Compared to Fiscal 2006: Non-operating income, net increased in fiscal 2007 primarily due to higher interest income attributable to an increase in average interest rates (the weighted average interest rate earned on cash, cash equivalents and marketable securities increased from 3.04% in fiscal 2006 to 3.97% in fiscal 2007), partially offset by higher minority interests’ share in the net profits of i-flex and our Oracle Japan majority-owned subsidiaries.
Provision for Income Taxes: The effective tax rate in all periods is the result of the
| 1HOLD
|
[
-0.0009374392102472484,
0.04432479664683342,
0.015994805842638016,
0.03840693086385727,
-0.0740872323513031,
0.0012393128126859665,
-0.00607753312215209,
-0.013920674100518227,
-0.02399938739836216,
0.006509582046419382,
0.030245620757341385,
0.04902447760105133,
0.02961108088493347,
0.02768458053469658,
-0.01684936322271824,
-0.029284074902534485,
-0.09179864823818207,
-0.015975285321474075,
-0.02174897864460945,
0.0030769365839660168,
0.009723533876240253,
0.039222948253154755,
-0.0029147632885724306,
-0.02283603511750698,
0.01284831017255783,
0.03223224729299545,
0.00656327698379755,
0.03014524094760418,
0.026442091912031174,
-0.037940848618745804,
0.0267036072909832,
-0.01568496599793434,
0.020632179453969002,
-0.017961950972676277,
-0.005921938456594944,
0.010822064243257046,
-0.054793357849121094,
-0.003150125266984105,
0.04518262669444084,
0.012963710352778435,
0.019065171480178833,
-0.006521099247038364,
-0.003302830271422863,
0.022665899246931076,
0.012389373034238815,
-0.008714050985872746,
0.03024192899465561,
0.028820917010307312,
0.01471279002726078,
0.004704504739493132,
-0.01083835307508707,
0.02356579899787903,
-0.01251295953989029,
-0.005520869977772236,
-0.00014619251305703074,
-0.029599757865071297,
0.009679657407104969,
0.0008403712417930365,
0.06778483092784882,
0.01842290721833706,
0.04834022745490074,
-0.019928626716136932,
0.00425107404589653,
0.028790803626179695,
0.004268186166882515,
-0.024876907467842102,
-0.0030233096331357956,
-0.01881776936352253,
-0.02194760926067829,
-0.052368536591529846,
0.008748146705329418,
0.011809791438281536,
0.0012517020804807544,
-0.01932511292397976,
0.0034095065202564,
-0.01971428282558918,
0.04266933724284172,
-0.02119145728647709,
0.06259836256504059,
-0.011626433581113815,
-0.01682586595416069,
-0.04720204323530197,
-0.09662621468305588,
0.042383212596178055,
0.04930930212140083,
0.030244024470448494,
0.01648586429655552,
-0.04467127099633217,
-0.007121603935956955,
-0.00929116178303957,
0.028789035975933075,
0.00991175789386034,
-0.03602232784032822,
-0.07801152765750885,
-0.042931023985147476,
-0.008947732858359814,
-0.003088907338678837,
-0.07566728442907333,
-0.008106479421257973,
-0.0614890418946743,
0.001784509513527155,
0.013095783069729805,
0.035225167870521545,
-0.012237231247127056,
-0.0014357618056237698,
-0.004414107650518417,
0.0008051772019825876,
-0.01726311445236206,
0.010722259059548378,
-0.007435925770550966,
-0.005010572262108326,
-0.0677284300327301,
0.035843707621097565,
-0.011070257052779198,
0.023721029981970787,
0.01935073733329773,
-0.005059035494923592,
-0.03781311586499214,
-0.06035497412085533,
-0.0745140090584755,
-0.011744792573153973,
-0.033055659383535385,
-0.028458233922719955,
0.012063324451446533,
-0.020389776676893234,
-0.03468229994177818,
0.05162865296006203,
-0.006608329247683287,
0.056289028376340866,
-0.035845398902893066,
0.009601082652807236,
-0.009653788059949875,
-0.005231513641774654,
0.006134779658168554,
-0.015442762523889542,
0.022728027775883675,
-0.023216282948851585,
-0.0025871596299111843,
-0.011199001222848892,
0.025954043492674828,
0.025332914665341377,
-0.03505100682377815,
-0.06018226966261864,
0.008143387734889984,
-0.004375102464109659,
-0.014302966184914112,
-0.013972179964184761,
-0.004107991699129343,
0.02332262322306633,
0.0874563679099083,
0.0026198653504252434,
-0.0027907686308026314,
-0.0018870120402425528,
-0.025111006572842598,
-0.03252773731946945,
0.020147519186139107,
0.040220048278570175,
-0.07721519470214844,
-0.02843509055674076,
-0.007864300161600113,
-0.004064458422362804,
-0.004255964886397123,
0.0018757324432954192,
0.03322242945432663,
0.021610647439956665,
-0.03266749158501625,
0.03783216327428818,
-0.02113945223391056,
0.024403294548392296,
0.030312294140458107,
0.03969096392393112,
0.016026921570301056,
0.009242921136319637,
0.002316113328561187,
-0.018675321713089943,
-0.003993184305727482,
0.04215956851840019,
-0.034616079181432724,
0.04440050944685936,
0.008737921714782715,
0.014200638979673386,
-0.008205607533454895,
-0.002205048454925418,
0.09513947367668152,
-0.009193647652864456,
-0.04990651458501816,
-0.020254751667380333,
-0.0036212995182722807,
0.0033453875221312046,
-0.011669392697513103,
-0.017483282834291458,
0.0024628061801195145,
0.020990101620554924,
-0.0268989447504282,
-0.003655600594356656,
0.003125185379758477,
-0.07741441577672958,
-0.009228567592799664,
0.07613246142864227,
-0.013865132816135883,
-0.014239154756069183,
0.035112641751766205,
0.009307615458965302,
0.016810497269034386,
0.042026057839393616,
-0.02978295460343361,
0.025322016328573227,
-0.009288380853831768,
-0.004409945569932461,
0.00835286732763052,
-0.019093479961156845,
-0.028401637449860573,
-0.0168643519282341,
-0.06744417548179626,
0.020420290529727936,
-0.013327501714229584,
-0.006758204661309719,
-0.06502937525510788,
-0.1128888800740242,
-0.017654752358794212,
0.01708342880010605,
-0.00710475305095315,
0.011580905877053738,
-0.007686684373766184,
0.015256340615451336,
-0.009950632229447365,
0.08951088041067123,
0.005644065327942371,
-0.040347032248973846,
0.05263673514127731,
0.03193172812461853,
0.027967985719442368,
0.03227546811103821,
0.026852373033761978,
-0.00009462198067922145,
-0.05261519178748131,
-0.0005520313861779869,
0.03045177087187767,
0.004582392983138561,
-0.007697179447859526,
0.05616062134504318,
-0.01959751732647419,
-0.019891677424311638,
-0.029482686892151833,
-0.012269405648112297,
-0.0024390388280153275,
-0.043653666973114014,
0.08729957044124603,
-0.013132825493812561,
-0.0442582331597805,
-0.00041177053935825825,
0.009345329366624355,
0.0990658700466156,
-0.018910735845565796,
0.010537547990679741,
0.0018390308832749724,
-0.0009695733315311372,
-0.02441829815506935,
0.011937841773033142,
-0.09613195061683655,
0.000943813007324934,
0.0011842211242765188,
0.031158799305558205,
-0.009681600145995617,
0.007812429219484329,
-0.016399141401052475,
0.02449394017457962,
-0.009967852383852005,
-0.01638336107134819,
-0.004832977429032326,
-0.02813294529914856,
-0.009522129781544209,
0.06072472780942917,
-0.002044756431132555,
0.010337184183299541,
0.023643074557185173,
0.022602476179599762,
-0.013808099552989006,
0.0015910911606624722,
-0.01583419367671013,
0.021613163873553276,
-0.0016918947221711278,
-0.030566222965717316,
-0.00601022457703948,
-0.005344627890735865,
-0.015618251636624336,
-0.008071362040936947,
0.01871444284915924,
0.006342001724988222,
-0.01068891678005457,
-0.02197047881782055,
0.029544973745942116,
-0.023049205541610718,
0.0014167048502713442,
0.0034361619036644697,
0.04573115333914757,
-0.029638824984431267,
-0.027002112939953804,
0.0012967662187293172,
0.006439425982534885,
-0.02563728205859661,
0.011389588937163353,
-0.021578917279839516,
0.004406909458339214,
-0.02586105465888977,
0.011050913482904434,
0.001279856776818633,
0.014322823844850063,
-0.03564051166176796,
-0.028245121240615845,
0.0020450942683964968,
-0.003495914163067937,
0.008228195831179619,
-0.020017266273498535,
0.006197342649102211,
-0.04084593802690506,
-0.022760124877095222,
-0.022266371175646782,
-0.07986483722925186,
0.008193718269467354,
0.01777380332350731,
-0.006248920224606991,
0.009310395456850529,
0.00789404846727848,
0.03614966943860054,
0.03872794285416603,
0.021876560524106026,
-0.007119087036699057,
-0.05384579300880432,
-0.06787389516830444,
0.18871964514255524,
0.13331282138824463,
-0.00743465032428503,
0.0020463753025978804,
0.011323487386107445,
-0.1093372330069542,
0.02290317788720131,
-0.028068557381629944,
-0.006251146551221609,
-0.05922013148665428,
-0.021151801571249962,
0.0513569638133049,
-0.03864465281367302,
-0.016597993671894073,
0.005961126647889614,
-0.006241783965379,
0.026979876682162285,
-0.09289730340242386,
-0.01623549871146679,
0.006519318092614412,
0.046335577964782715,
0.028504198417067528,
-0.018044279888272285,
0.030697796493768692,
-0.010260474868118763,
-0.03135712817311287,
0.006249547470360994,
0.016929375007748604,
0.0005708425887860358,
0.021535422652959824,
-0.007724011782556772,
0.006490576546639204,
-0.0037951129488646984,
-0.016757668927311897,
0.05410756170749664,
-0.10675442963838577,
0.019378328695893288,
0.002770510036498308,
0.01986960507929325,
0.0068538738414645195,
0.029752707108855247,
0.021853357553482056,
0.027992304414510727,
0.1045035719871521,
0.0034528798423707485,
-0.041755758225917816,
0.006493650376796722,
0.007856160402297974,
0.017698079347610474,
0.00659930007532239,
-0.015447809360921383,
0.005430992692708969,
-0.007066421210765839,
-0.01013228390365839,
-0.0009216575999744236,
0.01886976696550846,
0.017666585743427277,
-0.008059948682785034,
-0.05124758556485176,
0.035916466265916824,
0.010890688747167587,
-0.005379300564527512,
0.0028841460589319468,
-0.03648762404918671,
0.02127435989677906,
0.0025873661506921053,
-0.0057085612788796425,
0.03296903893351555,
-0.045613642781972885,
0.018940262496471405,
-0.01912476308643818,
0.015890147536993027,
0.007078719791024923,
-0.016421332955360413,
0.04242599755525589,
0.08154057711362839,
-0.052183568477630615,
0.013422846794128418,
0.00684610428288579,
0.0013072446454316378,
0.0011056362418457866,
0.0004743894678540528,
0.0025031690020114183,
0.025671660900115967,
0.01807922124862671,
0.01448782067745924,
0.017484793439507484,
-0.015591534785926342,
0.020709844306111336,
-0.01608012616634369,
-0.04513726010918617,
0.021067434921860695,
0.029382014647126198,
-0.001128763542510569,
-0.02960219979286194,
-0.00366029585711658,
-0.0891193225979805,
-0.02142486162483692,
0.037823472172021866,
-0.01618441380560398,
-0.02737068012356758,
-0.00633412366732955,
0.040610916912555695,
-0.0434366874396801,
0.013478104025125504,
0.00391450896859169,
0.004931145813316107,
-0.007528926245868206,
0.030107012018561363,
0.00938787404447794,
-0.002889716299250722,
-0.010860188864171505,
0.024029096588492393,
0.009345971047878265,
-0.01205376721918583,
0.08138041943311691,
0.010596678592264652,
-0.015992559492588043,
0.01736016571521759,
-0.033421438187360764,
-0.018757998943328857,
-0.024767402559518814,
-0.038089100271463394,
0.0013551870360970497,
-0.0001751719682943076,
-0.024383146315813065,
0.027439359575510025,
0.022518599405884743,
-0.0021851903293281794,
0.00009424165182281286,
0.020772911608219147,
-0.02400764264166355,
0.011706028133630753,
-0.03658993914723396,
0.004558106884360313,
0.010023998096585274,
0.012078619562089443,
0.003130968427285552,
0.04664860665798187,
-0.009990929625928402,
0.0035155387595295906,
0.001417570048943162,
-0.01462551113218069,
0.009432909078896046,
-0.022909877821803093,
0.009591887705028057,
0.0106058893725276,
0.03545955941081047,
-0.0727570578455925,
-0.02418564446270466,
0.010954679921269417,
-0.036681853234767914,
-0.0012577695306390524,
-0.0182399470359087,
-0.010269714519381523,
0.016690146178007126,
-0.08807364851236343,
-0.03911123424768448,
-0.0011229001684114337,
-0.022327333688735962,
-0.04564946889877319,
-0.03137272223830223,
-0.03010890632867813,
0.013208266347646713,
-0.0032350276596844196,
-0.0005348672857508063,
-0.20463357865810394,
0.20828327536582947,
0.03152281045913696,
-0.005371001549065113,
0.039897046983242035,
-0.010733178816735744,
0.011540350504219532,
0.0696943998336792,
0.02882455848157406,
0.03322172909975052,
-0.012391218915581703,
0.060172975063323975,
-0.028644366189837456,
0.0074547515250742435,
0.010377632454037666,
0.021546198055148125,
0.0021440305281430483,
0.025903360918164253,
-0.008647364564239979,
0.03176024928689003,
-0.022229772061109543,
0.015326803550124168,
0.03186474367976189,
-0.018361415714025497,
-0.01718449778854847,
0.00879613682627678,
-0.012694267556071281,
0.004238124005496502,
0.00576573284342885,
-0.015586650930345058,
0.004259766079485416,
-0.02398279868066311,
0.007397407200187445,
-0.0026639243587851524,
0.002104732673615217,
-0.0478304848074913,
-0.00008712312410352752,
-0.01843349076807499,
0.039734385907649994,
-0.015018703415989876,
-0.008815609849989414,
-0.022588662803173065,
-0.007188735064119101,
-0.00008537001122022048,
-0.025233430787920952,
-0.01877470500767231,
0.0183540228754282,
0.00354236108250916,
0.023907722905278206,
-0.006530907936394215,
-0.012221117503941059,
0.012706268578767776,
-0.01299226563423872,
-0.08714798092842102,
-0.02508910931646824,
0.12787045538425446,
-0.03132424131035805,
0.011187148280441761,
0.0006259369547478855,
-0.03773085027933121,
0.03403957560658455,
0.021691199392080307,
0.06006332486867905,
0.01735606975853443,
-0.00011820710642496124,
-0.036341987550258636,
0.019706550985574722,
-0.018594104796648026,
-0.12506790459156036,
-0.02450055629014969,
-0.027068529278039932,
-0.03053930588066578,
0.00832895003259182,
-0.031176675111055374,
0.043423380702733994,
0.021633710712194443,
0.01856791228055954,
-0.05997339263558388,
0.009803484193980694,
-0.03821292147040367,
0.0015345095889642835,
-0.009933259338140488,
-0.017314625903964043,
-0.01157797034829855,
0.056662365794181824,
-0.03830261901021004,
-0.002070543123409152,
0.09464490413665771,
-0.0005531484493985772,
-0.06677534431219101,
0.008324087597429752,
0.0015965914353728294,
-0.0016533808084204793,
-0.03151277080178261,
-0.005612896755337715,
-0.02537236548960209,
-0.1041259691119194,
-0.0237721037119627,
0.02791060507297516,
0.038290899246931076,
0.01730632595717907,
0.006674585398286581,
0.015812605619430542,
0.008135870099067688,
-0.045720405876636505,
0.053246598690748215,
-0.028821900486946106,
0.03893117606639862,
-0.009027032181620598,
-0.017975542694330215,
-0.014745870605111122,
-0.006671381648629904,
0.02332139201462269,
-0.0144963338971138,
0.017268234863877296,
-0.0360836423933506,
-0.003369039623066783,
-0.006108107510954142,
-0.009887289255857468,
-0.00007847126835258678,
-0.012492632493376732,
0.11215246468782425,
0.02457573264837265,
-0.0023737044539302588,
0.03499801084399223,
0.016222774982452393,
0.059728506952524185,
-0.009636122733354568,
0.02232576720416546,
0.0116993747651577,
-0.011660083197057247,
-0.0030638007447123528,
-0.001574117923155427,
-0.009420872665941715,
-0.012529399245977402,
-0.014322567731142044,
0.018159354105591774,
-0.007601150777190924,
0.029186375439167023,
0.01351655088365078,
-0.005365418735891581,
0.035112909972667694,
-0.03544024005532265,
0.004625969100743532,
0.029683679342269897,
-0.04889130964875221,
-0.004176850896328688,
0.005273054353892803,
0.010984991677105427,
-0.0002449595485813916,
-0.00557277537882328,
-0.040252819657325745,
0.03164328634738922,
-0.017794396728277206,
-0.05464193597435951,
-0.03194236010313034,
0.08013839274644852,
0.0027193534187972546,
0.01839173398911953,
-0.010797690600156784,
0.00637268228456378,
0.027606943622231483,
-0.015373701229691505,
-0.0017006916459649801,
-0.039311643689870834,
-0.0009523546905256808,
-0.007621371187269688,
0.12650246918201447,
0.014791022054851055,
0.03942495584487915,
-0.010002165101468563,
0.001333695719949901,
-0.036700539290905,
-0.01909896358847618,
0.026210961863398552,
0.013557217083871365,
0.03245575353503227,
-0.0013996724737808108,
-0.04339636489748955,
0.030256913974881172,
-0.01840383931994438,
-0.12288402020931244,
0.03618338704109192,
-0.01531214453279972,
0.009199636988341808,
0.005045401398092508,
0.02664639987051487,
-0.007233327254652977,
-0.06713166832923889,
-0.022353416308760643,
0.07640383392572403,
0.07804780453443527,
-0.09949646890163422,
-0.047306258231401443,
-0.0024099776055663824,
0.006281869951635599,
-0.013540823012590408,
-0.03920203819870949,
-0.0009468791540712118,
0.007627530489116907,
-0.010112916119396687,
0.00018867920152842999,
-0.004960909951478243,
0.2009802609682083,
-0.0035733734257519245,
-0.004591465927660465,
0.029417600482702255,
0.02419634349644184,
-0.004757677670568228,
0.04365534707903862,
-0.000210907484870404,
0.0072742244228720665,
-0.02062438428401947,
0.01920694299042225,
0.004941863007843494,
-0.032362084835767746,
-0.045795708894729614,
-0.0026321953628212214,
-0.018411675468087196,
-0.047314152121543884,
0.036500703543424606,
0.01176916342228651,
0.019384194165468216,
-0.020290432497859,
-0.027279989793896675,
-0.032827552407979965,
0.004753847606480122,
-0.003748263930901885,
-0.05169733241200447,
0.00036920630373060703,
0.02674742601811886,
-0.00021759407536592335,
0.021077362820506096,
-0.012367261573672295,
0.00875820592045784,
-0.009204797446727753,
-0.11782170832157135,
-0.00020219101861584932,
-0.009522415697574615,
-0.016051074489951134,
-0.02677508257329464,
-0.060179702937603,
-0.012552541680634022,
-0.03166719898581505,
-0.010603047907352448,
0.03588533401489258,
-0.030439013615250587,
0.013282165862619877,
0.027230093255639076,
0.0170811228454113,
-0.012040908448398113,
-0.0410047248005867,
-0.01863577775657177,
0.09896768629550934,
0.07432510703802109,
-0.018464811146259308,
0.0318901464343071,
-0.02786870114505291,
-0.06228640675544739,
0.004354340489953756,
0.022620849311351776,
-0.04269561916589737,
-0.008675538003444672,
0.03346063941717148,
-0.11513859778642654,
0.02383165806531906,
0.017977872863411903,
-0.014735364355146885,
0.007469051983207464,
0.010355536825954914,
-0.024546485394239426,
-0.019812315702438354
] |
I certainly wouldn’t bet against us.
While we see glimmers of economic recovery, we still have a challenging road ahead. We are well-positioned for the future, with our fundamentals as strong as they’ve ever been – deep consumer connections, innovative and compelling product, powerful brands, operational excellence, and a strong balance sheet. We’re moving forward with confidence in hand and opportunity in mind.
Thanks,
Mark Parker
President and Chief Executive Officer
NIKE, Inc.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview
NIKE designs, develops and markets high quality footwear, apparel, equipment and accessory products worldwide. We are the largest seller of athletic footwear and apparel in the world and sell our products primarily through a combination of retail accounts, NIKE-owned retail, including stores and e-commerce, independent distributors, franchisees and licensees worldwide. Our goal is to deliver value to our shareholders by building a profitable global portfolio of branded footwear, apparel, equipment and accessories businesses. Our strategy is to achieve long-term revenue growth by creating innovative, “must have” products; building deep personal consumer connections with our brands; and delivering compelling retail presentation and experiences.
We strive to convert revenue growth to shareholder value by driving operating excellence in several key areas:
Making our supply chain a competitive advantage, through operational discipline
Reducing product costs through a continued focus on lean manufacturing and product design that strives to eliminate waste
Improving selling and administrative expense productivity by focusing on investments that drive economic returns in the form of incremental revenue and gross margin, and leveraging existing infrastructure across our portfolio of brands to eliminate duplicative costs
Improving working capital efficiency
Deploying capital effectively to create value for our shareholders
Through execution of this strategy, our long-term financial goal is to achieve:
High single-digit revenue growth
Mid-teens earnings per share growth
Increased return on invested capital and accelerated cash flows, and
Consistent results through effective management of our diversified portfolio of businesses
Since the adoption of this long-term strategy in 2001, on an annual compounded basis, NIKE, Inc.’s revenues and earnings per share have grown 9% and 14%, respectively. During the same period, our return on invested capital increased from 14% to 18%. In fiscal 2009, deteriorating macroeconomic conditions caused significant volatility in global financial markets and put significant pressure on discretionary consumer spending worldwide. NIKE’s fiscal 2009 revenues grew 3% to $19.2 billion, net income decreased 21% to $1.5 billion, and we delivered diluted earnings per share of $3.03, a 19% decrease versus fiscal 2008. Our fiscal 2009 reported results also contain significant non-comparable transactions, including after-tax charges of $144.5 million for our restructuring activities, which were completed in the fourth quarter of fiscal 2009,
| 2SELL
|
[
-0.014005986042320728,
0.06595578789710999,
-0.0033816066570580006,
-0.0022036742884665728,
-0.12298727035522461,
-0.03173511102795601,
0.00639376463368535,
-0.017073865979909897,
-0.07068046182394028,
0.023480605334043503,
0.017128897830843925,
-0.012469124980270863,
0.023321503773331642,
0.006376206409186125,
0.007475762162357569,
0.011615769006311893,
-0.014802690595388412,
-0.005519275553524494,
-0.03865979239344597,
-0.00017812121950555593,
0.014303443022072315,
0.010183014906942844,
0.010535385459661484,
-0.0044880337081849575,
0.012805565260350704,
0.03342435508966446,
-0.04738856479525566,
0.03471498191356659,
0.05057134851813316,
-0.04123573377728462,
0.027320237830281258,
0.014696677215397358,
0.03496528044342995,
-0.027066513895988464,
0.050802670419216156,
0.01043750997632742,
-0.07092688232660294,
-0.0010009559337049723,
0.034446634352207184,
0.015550401993095875,
-0.06676442921161652,
0.016543744131922722,
-0.009912103414535522,
-0.0035470258444547653,
0.010991659015417099,
-0.0025416186545044184,
0.034850701689720154,
0.0428626723587513,
0.023179665207862854,
-0.01845432259142399,
-0.003302427940070629,
0.003588856663554907,
-0.02483707293868065,
-0.01920955814421177,
-0.019423730671405792,
-0.013819998130202293,
-0.008410484530031681,
-0.003872711444273591,
0.09117047488689423,
0.0378718264400959,
0.026775266975164413,
-0.029757464304566383,
-0.005153891630470753,
0.045554373413324356,
0.011602349579334259,
-0.014921609312295914,
-0.015298283658921719,
-0.007700921967625618,
-0.029822299256920815,
-0.03540385887026787,
0.03005511686205864,
0.027543844655156136,
-0.014173570089042187,
-0.012876749038696289,
0.0072397151961922646,
-0.03967566043138504,
0.020168768242001534,
-0.016490954905748367,
0.08410810679197311,
-0.04734943062067032,
-0.010091029107570648,
-0.0785578191280365,
-0.02044214867055416,
-0.039875131100416183,
0.03130887821316719,
-0.005018224939703941,
-0.013509318232536316,
-0.040564194321632385,
-0.022031666710972786,
-0.002087661297991872,
0.010695502161979675,
0.008027956821024418,
-0.02353575825691223,
-0.09291298687458038,
-0.047381822019815445,
0.01062751468271017,
0.03738713636994362,
-0.1401883363723755,
-0.0051585654728114605,
-0.023072246462106705,
0.0513775572180748,
0.01417558453977108,
0.02967069484293461,
-0.011858228594064713,
0.02078295685350895,
0.014186758548021317,
-0.04487600177526474,
0.025568433105945587,
-0.0018259701319038868,
0.010675167664885521,
-0.016291387379169464,
-0.06141506880521774,
0.023581603541970253,
-0.003529374487698078,
-0.0033950970973819494,
0.052480846643447876,
-0.00570025434717536,
0.025911953300237656,
-0.0283097792416811,
-0.06458035856485367,
0.021450668573379517,
-0.017496183514595032,
-0.040063679218292236,
-0.009790626354515553,
-0.05675758793950081,
0.03130589425563812,
-0.008105051703751087,
-0.023950815200805664,
0.04715433344244957,
-0.025360912084579468,
-0.00824510958045721,
-0.010028377175331116,
-0.01810414530336857,
0.03986400365829468,
-0.0569271482527256,
0.00660296343266964,
-0.0027939635328948498,
-0.003948434256017208,
-0.04643958434462547,
0.020582953467965126,
-0.031294889748096466,
-0.0376870222389698,
-0.036467283964157104,
-0.002040331484749913,
-0.0391472727060318,
-0.0037293750792741776,
-0.014148775488138199,
0.00488485861569643,
0.05451297014951706,
0.10542982816696167,
-0.021694781258702278,
-0.0009171182755380869,
-0.027566565200686455,
-0.024783140048384666,
-0.04451467841863632,
-0.004802342504262924,
0.04303852096199989,
0.025812115520238876,
-0.03198419138789177,
-0.004861749242991209,
-0.006506822071969509,
-0.010746668092906475,
-0.0077213081531226635,
-0.06103556975722313,
-0.04104839637875557,
-0.042285654693841934,
0.03296687826514244,
-0.014029036276042461,
0.04116545245051384,
0.049779877066612244,
0.03417264670133591,
0.02477084845304489,
0.001995212398469448,
-0.0019502023933455348,
0.02176492288708687,
-0.057670898735523224,
0.04068949073553085,
0.02593545988202095,
0.00432255445048213,
0.017900507897138596,
0.023959357291460037,
-0.0008579088607802987,
0.030475592240691185,
-0.04103980213403702,
-0.05810607597231865,
-0.01707341894507408,
0.008859869092702866,
0.046230852603912354,
0.006970215123146772,
-0.012538657523691654,
0.03242974355816841,
-0.004380570724606514,
0.016733352094888687,
-0.003952242434024811,
-0.0011790924472734332,
-0.011342151090502739,
-0.045866891741752625,
-0.0016231731278821826,
0.03219420835375786,
-0.003876897506415844,
-0.0972643494606018,
0.016699722036719322,
0.02624857798218727,
0.02993990108370781,
0.04139310121536255,
-0.015001668594777584,
0.0023822009097784758,
-0.008646754547953606,
-0.002716738497838378,
-0.00039715683669783175,
-0.054617222398519516,
-0.016294917091727257,
-0.002127904910594225,
-0.059483665972948074,
0.018634695559740067,
0.04722944647073746,
0.0008394609903916717,
-0.11168786138296127,
-0.05365370586514473,
-0.048900872468948364,
0.0012001779396086931,
-0.021098360419273376,
0.022611448541283607,
0.027716806158423424,
0.054903607815504074,
0.002642842475324869,
0.06715177744626999,
0.0015748385339975357,
-0.04762956127524376,
0.04712720587849617,
0.012576627545058727,
0.07703189551830292,
-0.017132939770817757,
0.041145697236061096,
0.005755205638706684,
-0.010651227086782455,
-0.004639120772480965,
0.0016036821762099862,
-0.014104862697422504,
0.05749661847949028,
0.1143360584974289,
-0.011104635894298553,
-0.002701423829421401,
-0.009875224903225899,
-0.02888409234583378,
0.038710854947566986,
-0.002876067301258445,
0.06984607130289078,
-0.013569171540439129,
-0.021670158952474594,
0.0006084903725422919,
0.007558847311884165,
0.01117053534835577,
-0.008597291074693203,
-0.03205277770757675,
0.0024055661633610725,
0.010522214695811272,
-0.014042709022760391,
0.01701202616095543,
-0.12705306708812714,
-0.007535755168646574,
-0.007998687215149403,
0.00652322918176651,
-0.02554675005376339,
0.023535054177045822,
-0.02199537120759487,
0.02344552055001259,
-0.00034425451303832233,
-0.020134907215833664,
0.0028989992570132017,
0.0005180377629585564,
-0.012664207257330418,
0.06218494102358818,
-0.016163557767868042,
0.00028754264349117875,
0.01595328189432621,
0.04716893285512924,
-0.014405802823603153,
0.03435955196619034,
-0.024132611230015755,
0.0012097465805709362,
0.009700745344161987,
0.004970643203705549,
-0.02660573273897171,
-0.026793301105499268,
-0.025178657844662666,
-0.034916311502456665,
0.023772409185767174,
0.08283236622810364,
-0.028836023062467575,
-0.027246125042438507,
0.0243103988468647,
0.01639680378139019,
-0.03678127005696297,
-0.016038650646805763,
0.06528197228908539,
-0.013652293011546135,
-0.07572381943464279,
-0.0036981841549277306,
0.03924497216939926,
-0.004502893425524235,
0.027089836075901985,
0.004419995937496424,
-0.026922252029180527,
-0.01769474893808365,
-0.0066653345711529255,
-0.009399475529789925,
-0.013132230378687382,
0.10488817095756531,
-0.028181051835417747,
0.01591814123094082,
0.012075277976691723,
0.005001171957701445,
-0.0034654114861041307,
-0.01211034506559372,
-0.04754124581813812,
-0.013033213093876839,
0.024436291307210922,
-0.04632703587412834,
-0.026764150708913803,
0.020411424338817596,
0.006756082642823458,
0.020064348354935646,
0.03030608780682087,
0.0669807642698288,
0.0091357147321105,
0.042675092816352844,
-0.03232928365468979,
0.0029444198589771986,
-0.04910990968346596,
0.11952408403158188,
0.11378787457942963,
-0.025890346616506577,
0.01823360286653042,
-0.020592624321579933,
-0.022021014243364334,
0.019281862303614616,
-0.0239099208265543,
0.006593072321265936,
-0.025317896157503128,
-0.010963492095470428,
0.006220902316272259,
0.018649956211447716,
-0.026968948543071747,
-0.006863093469291925,
0.06577061116695404,
0.015158447436988354,
-0.0919288918375969,
0.024132907390594482,
0.03977293521165848,
0.06620218604803085,
-0.013470695354044437,
-0.0007495870813727379,
0.054037656635046005,
-0.010777303017675877,
-0.025999199599027634,
0.028843272477388382,
0.01937699131667614,
-0.015189029276371002,
0.0060622356832027435,
-0.017347782850265503,
-0.008572367019951344,
-0.0017031267052516341,
-0.003407273208722472,
0.05498051643371582,
-0.038518887013196945,
-0.04297539219260216,
0.004245399031788111,
0.010033420287072659,
-0.01231534406542778,
-0.0036464782897382975,
0.013345506973564625,
0.019572420045733452,
0.10081925988197327,
-0.027903160080313683,
-0.007703875657171011,
0.0012582498602569103,
-0.015307771041989326,
0.007164629641920328,
0.026053963229060173,
-0.011324983090162277,
-0.010176697745919228,
-0.011474259197711945,
-0.010011391714215279,
0.044307805597782135,
-0.003559705102816224,
0.007072037551552057,
0.012184886261820793,
-0.03704347088932991,
0.03606512024998665,
-0.007548889610916376,
0.026960814371705055,
0.03814399987459183,
-0.0052748448215425014,
-0.01060569193214178,
-0.002783027710393071,
0.02623439021408558,
-0.030701637268066406,
-0.042950551956892014,
-0.01188449002802372,
-0.0020057482179254293,
-0.0022631038445979357,
-0.0037865929771214724,
0.01889275573194027,
0.045361243188381195,
0.036444228142499924,
-0.04243487864732742,
0.03300391882658005,
-0.011998826637864113,
0.04141497611999512,
-0.007100849878042936,
-0.09818310290575027,
-0.00923916045576334,
0.025721104815602303,
-0.02555064670741558,
0.02347145974636078,
-0.02817598357796669,
0.028218591585755348,
0.06267204880714417,
0.017108570784330368,
-0.04561903327703476,
0.016128823161125183,
0.02357594296336174,
0.001023924327455461,
-0.1026487797498703,
0.012991354800760746,
-0.08187365531921387,
-0.023538339883089066,
0.03391224890947342,
0.009756224229931831,
-0.01430070586502552,
-0.006076551973819733,
0.03450779244303703,
-0.0253705196082592,
-0.00039827413274906576,
0.010010174475610256,
0.001286016427911818,
-0.02625773474574089,
-0.004254425410181284,
0.03938286751508713,
-0.024303482845425606,
0.02724054455757141,
0.01242924015969038,
-0.016599047929048538,
-0.006764555815607309,
0.03182866424322128,
0.03912296146154404,
-0.024988604709506035,
0.03219366446137428,
-0.05400931462645531,
-0.016305020079016685,
0.014326484873890877,
0.013606078922748566,
-0.016147712245583534,
0.006405267398804426,
-0.02079535648226738,
0.008515291847288609,
0.015603399835526943,
-0.013921938836574554,
0.005509922746568918,
0.003433162346482277,
0.0009841846767812967,
0.030532341450452805,
-0.019801102578639984,
0.00481309462338686,
0.018578631803393364,
0.009558836929500103,
-0.00718352198600769,
0.03684452921152115,
-0.005015579517930746,
-0.00012386144953779876,
0.009870505891740322,
0.004449891857802868,
0.0032009242568165064,
0.02884005941450596,
-0.007181182969361544,
0.02889430709183216,
-0.012285267934203148,
-0.034543439745903015,
-0.026538914069533348,
0.024982526898384094,
-0.03562064468860626,
-0.030054235830903053,
0.011379549279808998,
-0.00649214256554842,
-0.05991606041789055,
-0.07226511090993881,
-0.014824125915765762,
-0.00533919595181942,
-0.018846644088625908,
-0.04454324021935463,
-0.0348312184214592,
-0.03212140500545502,
0.033618226647377014,
-0.00356782297603786,
-0.012813020497560501,
-0.2106788456439972,
0.14039264619350433,
0.010921277105808258,
-0.0014473586343228817,
0.033128075301647186,
-0.021504933014512062,
0.012295481748878956,
0.06392950564622879,
0.014882506802678108,
0.026135822758078575,
-0.00889502465724945,
0.043795984238386154,
-0.044231515377759933,
0.009859912097454071,
0.022118424996733665,
0.02953522466123104,
-0.011164232157170773,
-0.017407745122909546,
0.014968029223382473,
-0.04023347049951553,
0.02153092250227928,
0.009039274416863918,
0.036972660571336746,
0.003418963635340333,
0.0023276186548173428,
0.029467258602380753,
0.006814382970333099,
-0.0006894147954881191,
0.04262150079011917,
-0.007286367937922478,
0.043953683227300644,
-0.024884317070245743,
0.06167811155319214,
-0.011315509676933289,
0.008345557376742363,
0.1288355141878128,
-0.0026837466284632683,
-0.026167308911681175,
0.020668549463152885,
-0.005064152181148529,
-0.012213029898703098,
-0.011339300312101841,
-0.005317284259945154,
-0.02018389292061329,
-0.04936201125383377,
0.026051457971334457,
0.016675924882292747,
-0.014290406368672848,
0.025811171159148216,
-0.011848553083837032,
-0.07445444166660309,
-0.005591311026364565,
-0.005467742215842009,
-0.11203411966562271,
-0.013931113295257092,
0.14866746962070465,
0.029055336490273476,
-0.000394896836951375,
0.01561382319778204,
-0.041833359748125076,
0.030342483893036842,
0.005803572479635477,
0.01898571476340294,
0.031871497631073,
0.00627405708655715,
-0.06026138737797737,
0.0074588581919670105,
-0.017313877120614052,
-0.13106310367584229,
0.0003086508368141949,
-0.0015843050787225366,
-0.038256119936704636,
0.016853725537657738,
-0.022287454456090927,
0.11899551004171371,
0.013990655541419983,
0.0037234032060950994,
-0.09848923236131668,
0.023970991373062134,
-0.0015503994654864073,
0.010684866458177567,
-0.03183453902602196,
-0.021101752296090126,
-0.04725540056824684,
0.048561349511146545,
0.0005468631279654801,
-0.01568230800330639,
0.016216950491070747,
0.018961960449814796,
-0.10436112433671951,
0.03965938463807106,
0.022332236170768738,
-0.0013605650747194886,
-0.00018009707855526358,
-0.021233556792140007,
-0.02099035121500492,
-0.046611420810222626,
0.02713421732187271,
0.04293707385659218,
-0.07986404746770859,
-0.014432093128561974,
0.015875201672315598,
0.009869237430393696,
-0.019184580072760582,
-0.01338081993162632,
0.02904265932738781,
0.005541470367461443,
0.03991127014160156,
-0.0263886246830225,
-0.015592940151691437,
0.014345509931445122,
-0.008156093768775463,
0.028331857174634933,
-0.011389769613742828,
-0.010610881261527538,
-0.021327592432498932,
-0.013482599519193172,
-0.0326860211789608,
-0.013823802582919598,
0.005630200263112783,
0.021373234689235687,
-0.09389245510101318,
0.03656521067023277,
0.05018772929906845,
-0.0013703466393053532,
-0.00835973210632801,
0.042700134217739105,
-0.0046721165999770164,
0.004712137393653393,
0.004942723084241152,
-0.01802973821759224,
-0.03586451709270477,
0.012769944034516811,
-0.010376685298979282,
-0.026288636028766632,
0.001584380865097046,
0.020552983507514,
-0.020686307922005653,
-0.0008269019890576601,
0.04575203359127045,
0.0031223646365106106,
0.04413963109254837,
-0.04382297769188881,
-0.10877861827611923,
0.01772373542189598,
-0.05555430054664612,
-0.016365889459848404,
0.02895778976380825,
0.020425936207175255,
0.005157493054866791,
-0.002301356988027692,
-0.03495540842413902,
0.04907125234603882,
0.036785099655389786,
0.015225962735712528,
-0.011096601374447346,
0.022334475070238113,
0.06200731545686722,
-0.009715168736875057,
-0.01033747661858797,
0.02626306749880314,
-0.00460366765037179,
-0.008374137803912163,
-0.023435305804014206,
-0.03668347746133804,
0.023259954527020454,
-0.0406932570040226,
0.05762042850255966,
-0.005646447651088238,
0.017406577244400978,
0.031795527786016464,
0.0065536475740373135,
-0.0422358475625515,
-0.008634960278868675,
0.024300971999764442,
0.02005564421415329,
0.0053253029473125935,
0.01634424366056919,
0.03227914497256279,
0.022646702826023102,
-0.00893951766192913,
-0.02736925706267357,
0.034947603940963745,
-0.054941918700933456,
0.014898480847477913,
0.00895889662206173,
-0.009320709854364395,
-0.0014220885932445526,
-0.056156422942876816,
0.00657386751845479,
0.06165068596601486,
-0.09260645508766174,
-0.10777012258768082,
-0.07273226231336594,
0.012627365998923779,
0.005562685430049896,
-0.015061595477163792,
-0.001755974837578833,
-0.02588733844459057,
-0.020998777821660042,
-0.011832019314169884,
-0.02398068644106388,
0.006181397009640932,
-0.024770094081759453,
0.020275060087442398,
-0.012502498924732208,
0.010148458182811737,
0.02726268768310547,
-0.01761096529662609,
0.024430546909570694,
0.0021071573719382286,
-0.011509773321449757,
-0.012279445305466652,
0.028874268755316734,
0.002461009658873081,
-0.01821609027683735,
-0.016093529760837555,
-0.01824778877198696,
-0.006902988534420729,
-0.066674143075943,
0.01821727491915226,
-0.007394317537546158,
0.011932539753615856,
-0.0031243630219250917,
0.008317844942212105,
-0.052958499640226364,
-0.01782413199543953,
-0.006394198630005121,
0.078330859541893,
-0.0004853537247981876,
0.027731532230973244,
-0.01971900649368763,
0.026300620287656784,
-0.031158240512013435,
0.0020357153844088316,
-0.04296223446726799,
0.018701305612921715,
-0.03247550129890442,
-0.007537415716797113,
0.018549850210547447,
-0.03397350758314133,
-0.031194210052490234,
-0.007808287627995014,
-0.014416412450373173,
0.05400870367884636,
0.024143876507878304,
-0.018839215859770775,
0.01230558380484581,
0.05482897162437439,
0.008379665203392506,
-0.016054896637797356,
-0.041232917457818985,
-0.03101658634841442,
0.08289510756731033,
-0.04918041452765465,
-0.01901625655591488,
0.016037998721003532,
-0.014915239997208118,
-0.04649851471185684,
0.005612235050648451,
0.0009234383469447494,
-0.026833288371562958,
-0.0021952635142952204,
-0.015565773472189903,
-0.0516413114964962,
0.020418556407094002,
0.03632431849837303,
-0.02051384188234806,
0.028338341042399406,
-0.040718335658311844,
0.019777698442339897,
-0.016725577414035797
] |
due to many of our emerging markets recovering from the global recession at a quicker pace than our developed markets. Although this shift in geographic mix has a negative impact on net operating revenues, it generally has a favorable impact on our gross profit margin and operating margin due to the correlated impact it has on our product mix. The product mix in the majority of our emerging and developing markets is more heavily skewed toward products in our sparkling beverage portfolio, which generally yield a higher gross profit margin compared to our still beverages and finished products. Consequently, the shift in our geographic mix is driving favorable product mix from a global perspective.
In 2011, operating income and operating margin for Europe were unfavorably impacted by a change in our concentrate pricing strategy in Germany with our consolidated bottler.
In 2011, operating income and operating margin for Latin America were favorably impacted by volume growth across all of the group's business units and pricing increases in key markets, partially offset by continued investments in the business.
In 2011, the operating margin for North America was unfavorably impacted by the full year impact of the Company's acquisition of CCE's North American business. Generally, bottling and finished products operations have higher net operating revenues but lower operating margins when compared to concentrate and syrup operations. The impact of this transaction was also reflected in the Company's operating margin. Refer to the heading "Structural Changes, Acquired Brands and New License Agreements" above.
In 2011, operating income and operating margin for North America were unfavorably impacted by higher commodity costs in the segment's finished products businesses.
In 2011, operating income was reduced by $19 million for North America due to the amortization of favorable supply contracts acquired in connection with our acquisition of CCE's North American business.
In 2011, operating income and operating margin for Pacific and North America were unfavorably impacted as a result of the earthquake and tsunami that devastated northern and eastern Japan on March 11, 2011. Operating income was reduced by $82 million and $2 million for Pacific and North America, respectively. The charges were primarily related to the Company's charitable donations in support of relief and rebuilding efforts in Japan as well as funds we provided certain bottling partners in the affected regions.
In 2011, operating income was reduced by $10 million for Corporate due to charges associated with the floods in Thailand that impacted the Company's supply chain operations in the region.
In 2011, operating income was reduced by $12 million for Eurasia and Africa, $25 million for Europe, $4 million for Latin America, $374 million for North America, $4 million for Pacific, $89 million for Bottling Investments and $164 million for Corporate, primarily due to the Company’s ongoing productivity, integration and restructuring initiatives as well as costs associated with the merger of Arca and Contal.
In 2010, foreign currency exchange rates favorably impacted
| 2SELL
|
[
-0.005990609992295504,
0.05910445377230644,
0.0031484276987612247,
-0.008380596525967121,
-0.10491742193698883,
-0.006688131485134363,
-0.00600894819945097,
-0.00011850864393636584,
-0.07852163910865784,
0.028484223410487175,
0.006750460248440504,
0.00027128212968818843,
0.020205413922667503,
-0.02747957780957222,
-0.0036654069554060698,
0.04346096143126488,
0.006098420359194279,
-0.0030054692178964615,
-0.03203604370355606,
0.008958556689321995,
0.01295549888163805,
0.019431764259934425,
0.01844848319888115,
-0.008934782817959785,
0.02644779346883297,
0.032231394201517105,
-0.05324634537100792,
0.022126836702227592,
0.06180001050233841,
-0.04031633958220482,
0.01610272377729416,
0.020511845126748085,
0.03790051490068436,
-0.021541934460401535,
0.037345223128795624,
0.0052382927387952805,
-0.06767413765192032,
0.015454864129424095,
0.04738136753439903,
0.015046043321490288,
-0.04344012960791588,
0.00789723638445139,
-0.03745720162987709,
-0.0055893827229738235,
0.005388754885643721,
-0.017619291320443153,
0.022849826142191887,
0.02428990602493286,
0.013164742849767208,
-0.00842308346182108,
0.0008040418615564704,
-0.02706211246550083,
-0.014868803322315216,
-0.028210487216711044,
-0.024990657344460487,
-0.00628148065879941,
-0.010232530534267426,
-0.0159874577075243,
0.08407564461231232,
0.030512044206261635,
0.03811003640294075,
-0.03673583269119263,
0.007133434060961008,
0.039872314780950546,
0.003780902363359928,
-0.016113584861159325,
-0.007322466000914574,
-0.007497405167669058,
-0.03863605484366417,
-0.027428803965449333,
0.028680875897407532,
0.042071323841810226,
-0.019556162878870964,
-0.02432147227227688,
0.007320808246731758,
-0.04906526580452919,
0.0396040678024292,
-0.009463402442634106,
0.09443753957748413,
-0.0409153550863266,
-0.009018835611641407,
-0.07132748514413834,
-0.02267550304532051,
-0.06295039504766464,
0.037375759333372116,
0.0031203485559672117,
-0.008745316416025162,
-0.061527568846940994,
-0.017038090154528618,
-0.0048286584205925465,
0.00765772070735693,
0.019520297646522522,
-0.020948853343725204,
-0.06912745535373688,
-0.047821156680583954,
0.005530868656933308,
0.03204643726348877,
-0.13756275177001953,
-0.01096253376454115,
-0.01201091893017292,
0.0388505719602108,
0.005784010048955679,
0.03469822183251381,
-0.01831657625734806,
0.02212469093501568,
0.011481004767119884,
-0.013026483356952667,
0.037065137177705765,
0.002011355711147189,
0.01433501485735178,
-0.02160104364156723,
-0.0673844963312149,
0.01891971565783024,
-0.005148429423570633,
0.001248799730092287,
0.04610943794250488,
0.008573152124881744,
0.01772785559296608,
-0.013089552521705627,
-0.06917368620634079,
0.011013406328856945,
-0.02478899247944355,
-0.02060454897582531,
0.006447314750403166,
-0.04118773341178894,
0.015101781114935875,
-0.008128602057695389,
-0.00645994208753109,
0.04608801007270813,
-0.015180728398263454,
-0.0026186848990619183,
-0.0013679886469617486,
-0.022448236122727394,
0.036000896245241165,
-0.03670620918273926,
0.02032398246228695,
-0.015880094841122627,
0.002331400290131569,
-0.04779299721121788,
0.012429110705852509,
-0.014810583554208279,
-0.04130103811621666,
-0.031314559280872345,
-0.002315201796591282,
-0.04868604987859726,
-0.003017728216946125,
-0.01799459382891655,
0.0042210654355585575,
0.026472922414541245,
0.07510190457105637,
-0.007150610908865929,
-0.0029026074334979057,
-0.037136875092983246,
-0.019007069990038872,
-0.02918575517833233,
-0.013447361998260021,
0.04856153577566147,
-0.03461237624287605,
-0.07663233578205109,
0.0008387910202145576,
-0.008619696833193302,
0.004249420948326588,
-0.011872716248035431,
-0.04511213302612305,
-0.04409328103065491,
-0.03673161193728447,
0.025049865245819092,
-0.016912834718823433,
0.03666144609451294,
0.048835624009370804,
0.025102907791733742,
0.033461228013038635,
0.004937858320772648,
-0.006139215547591448,
0.021761178970336914,
-0.05935424193739891,
0.03556664288043976,
0.032537735998630524,
0.009289393201470375,
0.020413344725966454,
0.025321057066321373,
0.0009752684854902327,
0.04911337420344353,
-0.0852876827120781,
-0.055625274777412415,
-0.021392006427049637,
0.0101353470236063,
0.040860410779714584,
-0.008465319871902466,
-0.013805496506392956,
0.03768354654312134,
-0.012727192603051662,
0.0058950213715434074,
-0.007493535056710243,
-0.012814268469810486,
-0.016703806817531586,
-0.027593910694122314,
0.004661448299884796,
0.019644292071461678,
-0.007647552061825991,
-0.11675230413675308,
0.030210359022021294,
-0.014589388854801655,
0.02473931387066841,
0.043447285890579224,
-0.012686356902122498,
-0.01987351104617119,
-0.0024775282945483923,
-0.006886545568704605,
-0.00719306617975235,
-0.05491999164223671,
-0.01607344299554825,
0.0024799341335892677,
-0.04088348150253296,
0.0006796888774260879,
0.039326414465904236,
0.007347941864281893,
-0.09239083528518677,
-0.031807295978069305,
-0.04769463092088699,
0.008047223091125488,
-0.010831260122358799,
0.014319346286356449,
0.006847160868346691,
0.04658962041139603,
-0.002875836566090584,
0.06379498541355133,
-0.005152248311787844,
-0.0489669144153595,
0.03969547525048256,
0.017361842095851898,
0.06257215142250061,
-0.025392940267920494,
0.028521494939923286,
0.00726444274187088,
-0.024829160422086716,
0.0038371768314391375,
0.0040841358713805676,
-0.018143046647310257,
0.04685056209564209,
0.0970512256026268,
-0.013563938438892365,
-0.013054441660642624,
-0.007825767621397972,
-0.03171027824282646,
0.04032517969608307,
-0.000619308149907738,
0.07478876411914825,
-0.009207485243678093,
-0.013968980871140957,
-0.013221138156950474,
0.014262995682656765,
-0.00854339636862278,
-0.010336074978113174,
-0.0391191728413105,
0.01569267362356186,
0.0239717997610569,
-0.009951063431799412,
0.010020769201219082,
-0.12482398003339767,
-0.012559164315462112,
-0.02082902006804943,
0.02818560041487217,
-0.02119327336549759,
0.01603100448846817,
0.00808915589004755,
0.025123652070760727,
-0.011457622982561588,
-0.012142515741288662,
0.006697913631796837,
-0.01364262867718935,
-0.01035135705024004,
0.05821532383561134,
-0.013758442364633083,
-0.0028497588355094194,
0.01458863727748394,
0.03145056590437889,
-0.013861961662769318,
0.016334401443600655,
-0.03319700062274933,
-0.002149568172171712,
-0.008285168558359146,
0.002647685818374157,
-0.014890322461724281,
-0.013763218186795712,
-0.023158792406320572,
-0.031410813331604004,
-0.009519807063043118,
0.08084660768508911,
-0.0235305018723011,
-0.017207669094204903,
0.017221296206116676,
0.010042090900242329,
-0.03167238458991051,
-0.018316296860575676,
0.06734277307987213,
-0.009412530809640884,
-0.05366353318095207,
0.0033455605152994394,
0.04114875569939613,
0.009052565321326256,
0.021896131336688995,
0.007253456860780716,
-0.027928300201892853,
-0.011172648519277573,
-0.003479096107184887,
-0.013391922228038311,
-0.020906968042254448,
0.12804710865020752,
-0.03139658644795418,
0.015988435596227646,
0.015196053311228752,
-0.0010190061293542385,
-0.008437898010015488,
-0.012876818887889385,
-0.03876527398824692,
-0.030978770926594734,
0.016495101153850555,
-0.04003320261836052,
-0.030782759189605713,
0.01461561769247055,
0.007169964257627726,
0.018181396648287773,
0.023164574056863785,
0.0476728118956089,
0.010461660102009773,
0.036502037197351456,
-0.039778050035238266,
0.008282763883471489,
-0.03715367242693901,
0.02093215472996235,
0.1386093646287918,
-0.02742181532084942,
0.03984363377094269,
-0.017844032496213913,
-0.002640035003423691,
0.021062536165118217,
-0.024623028934001923,
0.0010052049765363336,
-0.017834817990660667,
-0.010872118175029755,
0.00398155115544796,
0.01815640740096569,
-0.014243596233427525,
0.00020407458941917866,
0.08066464215517044,
0.016351018100976944,
-0.0646197646856308,
0.013500513508915901,
0.054111018776893616,
0.0636318027973175,
-0.020378775894641876,
0.004638680722564459,
0.0445154644548893,
0.01154167391359806,
-0.029196564108133316,
0.03526834771037102,
0.004938146099448204,
-0.015204292722046375,
0.0281324815005064,
-0.012243565171957016,
-0.02110896445810795,
-0.0011522461427375674,
-0.009130624122917652,
0.05094757303595543,
-0.05889167636632919,
-0.028841685503721237,
0.007363056764006615,
0.014050601050257683,
-0.012454098090529442,
0.0019487164681777358,
0.016017256304621696,
0.015584164299070835,
0.07942242175340652,
-0.028531521558761597,
-0.00011714920401573181,
0.018000096082687378,
-0.020825548097491264,
-0.0008547563920728862,
0.014870156534016132,
-0.0013763055903837085,
-0.0024314308539032936,
-0.0040369159542024136,
-0.013154523447155952,
0.07192180305719376,
-0.01990840584039688,
0.008553814142942429,
0.00838024728000164,
-0.011269264854490757,
0.02708069235086441,
0.008415975607931614,
0.025947147980332375,
0.03742381930351257,
-0.004575131461024284,
-0.016116924583911896,
0.005298907868564129,
0.016751199960708618,
0.0002586254267953336,
-0.04829541593790054,
-0.01830928772687912,
-0.0011810996802523732,
-0.002069018082693219,
-0.011125539429485798,
0.006218400318175554,
0.054950736463069916,
0.05078692361712456,
-0.03685181960463524,
0.05135652795433998,
-0.013704303652048111,
0.03832850232720375,
-0.00508987158536911,
-0.11217387765645981,
-0.014560326002538204,
0.02725643292069435,
-0.045261479914188385,
0.03142625465989113,
-0.020737141370773315,
0.03414115309715271,
0.061187855899333954,
0.028931932523846626,
-0.049563247710466385,
0.011877855286002159,
0.03094513528048992,
0.004717802628874779,
-0.1268765926361084,
0.015373457223176956,
-0.06930133700370789,
-0.02989734522998333,
0.03067214973270893,
0.010273718275129795,
-0.016756219789385796,
0.005949150770902634,
0.01703818328678608,
-0.013657450675964355,
0.0005136343534104526,
0.011891801841557026,
0.0032551211770623922,
-0.02810695581138134,
-0.002252168022096157,
0.029184764251112938,
-0.035298287868499756,
0.02446582354605198,
0.01533354539424181,
-0.009655545465648174,
-0.014626234769821167,
0.028311243280768394,
0.03012184053659439,
-0.018576424568891525,
0.02665196917951107,
-0.04689919203519821,
-0.0036518010310828686,
0.014030911028385162,
0.009395268745720387,
0.012574969790875912,
0.010443087667226791,
-0.012711983174085617,
-0.004193770233541727,
0.008086943998932838,
-0.023588014766573906,
0.002268953714519739,
0.007124170660972595,
0.004217246547341347,
0.024903567507863045,
-0.01678612269461155,
0.00027716028853319585,
0.02236112393438816,
0.0165895763784647,
0.006699561141431332,
0.06718163937330246,
-0.011216292157769203,
0.009512124583125114,
0.011177154257893562,
0.0021862657740712166,
0.018202900886535645,
0.020237600430846214,
-0.005805787164717913,
0.029736436903476715,
-0.008781849406659603,
-0.021046577021479607,
-0.02547762542963028,
0.01899610459804535,
-0.03219960257411003,
-0.024242745712399483,
0.01432332955300808,
0.002727476879954338,
-0.08004245162010193,
-0.06338551640510559,
-0.01588616892695427,
-0.013306286185979843,
-0.0015763900009915233,
-0.04294343665242195,
-0.036534737795591354,
-0.03383468836545944,
0.034147296100854874,
-0.00354562746360898,
-0.008836187422275543,
-0.23145738244056702,
0.11745308339595795,
0.0027788938023149967,
-0.012853531166911125,
0.03415418416261673,
-0.01242799311876297,
0.02410915121436119,
0.05472654849290848,
0.011757981032133102,
0.024120358750224113,
-0.0073209283873438835,
0.045896902680397034,
-0.05196238309144974,
0.010741728357970715,
0.024341288954019547,
0.040148891508579254,
-0.015946751460433006,
-0.023910216987133026,
0.01759645901620388,
-0.054580241441726685,
0.025635693222284317,
0.006900720298290253,
0.03621555492281914,
-0.001073643914423883,
-0.004664703272283077,
0.02458025887608528,
0.01593703404068947,
0.0066285752691328526,
0.03783302754163742,
-0.007564879488199949,
0.050178412348032,
-0.009018948301672935,
0.05149778723716736,
0.0035554892383515835,
0.008040470071136951,
0.184918612241745,
-0.006254407577216625,
-0.01260638702660799,
0.015249301679432392,
-0.009912916459143162,
0.0050598448142409325,
-0.016535921022295952,
-0.011789471842348576,
-0.021530088037252426,
-0.027041088789701462,
0.025069894269108772,
0.01964876614511013,
-0.017471302300691605,
0.01936940662562847,
-0.01414232887327671,
-0.06106352061033249,
-0.0035176000092178583,
-0.008023158647119999,
-0.1182282492518425,
-0.013833506964147091,
0.11472757905721664,
0.03170257434248924,
0.0017477101646363735,
0.01723601669073105,
-0.03794565424323082,
0.026696059852838516,
0.00363937858492136,
0.0182680394500494,
0.022546730935573578,
0.0028486750088632107,
-0.0436624214053154,
0.012960263527929783,
-0.025028148666024208,
-0.11226661503314972,
0.0011689761886373162,
-0.0033823142293840647,
-0.03164296597242355,
0.026287494227290154,
-0.013090698979794979,
0.09458611160516739,
0.015889180824160576,
-0.01437344029545784,
-0.07469596713781357,
0.03444715961813927,
-0.0016821628669276834,
0.00699516711756587,
-0.0157445278018713,
-0.024777205660939217,
-0.056846342980861664,
0.05524924769997597,
-0.00390320154838264,
-0.018122095614671707,
0.017226442694664,
0.017624670639634132,
-0.1103069931268692,
0.022846389561891556,
0.028056679293513298,
-0.000978806521743536,
-0.0020620878785848618,
-0.02333071455359459,
0.0020649416837841272,
-0.023382999002933502,
0.01636752299964428,
0.04393819347023964,
-0.09900283068418503,
-0.010117043741047382,
0.01677834801375866,
0.0049222796224057674,
-0.010922030545771122,
0.008549020625650883,
0.01439160667359829,
0.015177786350250244,
0.0331491120159626,
0.014860602095723152,
-0.012485041283071041,
0.02541964314877987,
0.005463941488415003,
0.03290844336152077,
-0.014852703548967838,
-0.013453039340674877,
-0.03921184316277504,
-0.003584404941648245,
-0.036563172936439514,
-0.005982150789350271,
0.02057245373725891,
0.01559371966868639,
-0.1570110023021698,
0.025326916947960854,
0.03899184986948967,
0.0027150013484060764,
-0.007298565004020929,
0.030925681814551353,
-0.011071770451962948,
-0.0336359478533268,
0.012832804583013058,
-0.024792859330773354,
-0.03847212344408035,
0.019299542531371117,
0.002203716430813074,
-0.022710073739290237,
0.0096163684502244,
0.016179928556084633,
-0.015165291726589203,
0.009746136143803596,
0.04119056835770607,
-0.002554350532591343,
0.024308810010552406,
-0.04208536073565483,
-0.13495782017707825,
0.01434090081602335,
-0.04205288365483284,
-0.008530836552381516,
0.0036898839753121138,
0.028697947040200233,
0.005376982036978006,
-0.012476957403123379,
-0.037347517907619476,
0.04616714268922806,
0.041939567774534225,
0.014468226581811905,
-0.0075898743234574795,
0.021533507853746414,
0.04468629136681557,
-0.009615400806069374,
-0.017517464235424995,
-0.010832359082996845,
-0.006357359234243631,
-0.009516971185803413,
-0.02658928744494915,
-0.027367092669010162,
0.026135817170143127,
-0.043858326971530914,
0.060388825833797455,
0.008256119675934315,
0.022306760773062706,
0.039810486137866974,
0.0004747179918922484,
-0.04239888861775398,
-0.013328303582966328,
0.030081430450081825,
0.00008154808892868459,
-0.0065957289189100266,
0.01912846602499485,
0.041804950684309006,
0.026682225987315178,
-0.016382399946451187,
0.000950486515648663,
0.0357799157500267,
-0.05923301726579666,
0.008916759863495827,
0.012210806831717491,
-0.005310151260346174,
0.006134160328656435,
-0.06700749695301056,
0.004538202192634344,
0.056953322142362595,
-0.13772150874137878,
-0.09346339106559753,
-0.06768236309289932,
0.02727164514362812,
0.007138523273169994,
-0.013580680824816227,
0.0005654317210428417,
-0.026419837027788162,
0.0028113401494920254,
-0.004302291665226221,
-0.02211855538189411,
0.0038300890009850264,
-0.056740544736385345,
0.02414744719862938,
-0.01687328889966011,
0.006706430576741695,
0.018798280507326126,
-0.01357050146907568,
0.02366071753203869,
-0.004102560691535473,
-0.014905421063303947,
-0.0037159472703933716,
0.023572789505124092,
-0.0020606506150215864,
-0.009982243180274963,
-0.02017655409872532,
-0.0236589927226305,
0.003101428970694542,
-0.05323361977934837,
0.018369175493717194,
0.0009441408910788596,
0.004512740299105644,
0.002666525077074766,
-0.01275155320763588,
-0.04786692559719086,
-0.027057209983468056,
-0.00946521945297718,
0.09694165736436844,
0.000375681760488078,
0.031862467527389526,
-0.020635830238461494,
0.014792000874876976,
-0.014751750975847244,
0.0006094700656831264,
-0.04479401558637619,
0.03281167522072792,
-0.038277044892311096,
-0.014815954491496086,
0.005757487844675779,
-0.04388836398720741,
-0.02323932945728302,
-0.008150399662554264,
-0.009487916715443134,
0.02759428508579731,
0.024649081751704216,
-0.019583025947213173,
0.019447920843958855,
0.04549156501889229,
0.0027963060420006514,
-0.009618472307920456,
-0.04351181909441948,
-0.03210805356502533,
0.07724554091691971,
-0.09084512293338776,
-0.019367219880223274,
0.026939112693071365,
0.0022612432949244976,
-0.034989725798368454,
0.014534881338477135,
-0.007518822327256203,
-0.012309910729527473,
0.017289388924837112,
-0.03359878435730934,
-0.045167405158281326,
0.010040972381830215,
0.03775931894779205,
-0.024458112195134163,
0.04113279655575752,
-0.028687115758657455,
0.03621916472911835,
-0.012679949402809143
] |
2010. The company’s ownership interests in the fields are Great White – 33 percent, Tobago – 58 percent and Silvertip – 60 percent.
Angola In June 2006, the company produced the first crude oil from the offshore Lobito field, located in Block 14. Lobito is part of the 31 percent-owned and operated Benguela Belize–Lobito Tomboco (BBLT) development project. As fields and wells are added over the next two years, BBLT’s maximum production is expected to reach approximately 200,000 barrels of oil per day. Also in Block 14, the company produced first crude oil in June 2006
from the Landana North reservoir in the 31 percent-owned and operated Tombua-Landana development area. This initial production is tied back to the nearby BBLT production facilities. Tombua-Landana is the company’s third deepwater development offshore Angola. Maximum production from the completed Tombua-Landana development is estimated at 100,000 barrels per day by 2010.
In early 2007, the company announced a discovery of crude oil at the 31 percent-owned and operated Lucapa-1 well in deepwater Block 14. The company plans to conduct appraisal drilling and additional geologic and engineering studies to assess the potential resource.
Australia In July 2006, the company discovered natural gas at the Chandon-1 exploration well offshore the northwestern coast in the Greater Gorgon development area. The company’s interest in the property is 50 percent.
Also offshore the northwestern coast, the company announced in November 2006 a significant natural gas discovery at its Clio-1 exploration well. The company holds a 67 percent interest in the block where Clio-1 is located. Chevron will be undertaking further work, including a 3-D seismic survey program that started in late 2006, to better determine the potential of the gas find and subsequent development options.
In early 2007, the company was also named operator and awarded a 50 percent interest in exploration acreage in the Greater Gorgon Area. A three-year work program includes geotechnical studies, seismic surveys and drilling of an exploration well.
Azerbaijan The first tanker lifting of crude oil transported through the 9 percent-owned Baku-Tbilisi-Ceyhan (BTC) pipeline occurred in June 2006. The crude is being supplied by the Azerbaijan International Oil Company, in which the company has a 10 percent nonoperated working interest.
Brazil In June 2006, the company announced the decision to develop the 52 percent-owned and operated offshore Frade Field. Initial production is targeted by early 2009, with a maximum annual rate estimated at 90,000 oil-equivalent barrels per day in 2011.
Canada The company acquired heavy oil leases in the Athabasca region of northern Alberta, Canada in 2005 and 2006. The leases comprise more than 75,000 acres and contain significant volumes that have potential for recovery using Steam Assisted Gravity Drainage technology.
Also in Alberta, the company announced its decision in October 2006 to participate in the expansion of the Athabasca Oil Sands Project (AOSP). The expansion is expected to add 100,000 barrels per day of mining and
| 2SELL
|
[
-0.0028155094478279352,
0.05028370022773743,
-0.006557406857609749,
-0.03660048544406891,
-0.1249847263097763,
-0.01580316759645939,
-0.004675482865422964,
0.0023055681958794594,
-0.061067845672369,
0.03018045611679554,
0.0009514759876765311,
-0.0290558822453022,
0.016511308029294014,
-0.026788238435983658,
0.006148060783743858,
0.04280420020222664,
0.04629930853843689,
-0.004399448167532682,
-0.032118551433086395,
0.004840020090341568,
0.013813676312565804,
0.019080212339758873,
0.003906945697963238,
-0.014835064299404621,
0.012928727082908154,
0.015734802931547165,
-0.06204332411289215,
0.02089918963611126,
0.048703353852033615,
-0.040297120809555054,
0.027330661192536354,
0.022773487493395805,
0.03517904505133629,
-0.021923575550317764,
0.05423929542303085,
-0.0014891958562657237,
-0.04890269786119461,
0.01820012368261814,
0.031149478629231453,
0.009946313686668873,
-0.05032334849238396,
0.0017284381901845336,
-0.011875149793922901,
-0.012171770446002483,
0.011183226481080055,
-0.012313921935856342,
0.0365569144487381,
0.025144441053271294,
0.015367313288152218,
-0.013968815095722675,
0.006402218248695135,
-0.0381496325135231,
-0.016386494040489197,
-0.026894083246588707,
-0.02605648711323738,
-0.004446093458682299,
-0.01734144240617752,
-0.0404459610581398,
0.07404479384422302,
0.028244374319911003,
0.02338472381234169,
-0.0346042774617672,
0.0068427324295043945,
0.026739759370684624,
0.006710641086101532,
-0.009867385029792786,
-0.0007987500284798443,
0.008647119626402855,
-0.03533732146024704,
-0.015284158289432526,
0.01830134354531765,
0.03207074850797653,
-0.02058645896613598,
-0.021391037851572037,
0.00043818718404509127,
-0.05059343948960304,
0.03279167786240578,
0.0047299121506512165,
0.07975250482559204,
-0.029457317665219307,
0.006133705377578735,
-0.07663000375032425,
0.05450538918375969,
-0.09590072929859161,
0.010836035944521427,
-0.018674708902835846,
-0.016693703830242157,
-0.04913662374019623,
-0.013311544433236122,
0.0031370781362056732,
0.007214755285531282,
0.0057272943668067455,
-0.021320752799510956,
-0.044238507747650146,
-0.02109633944928646,
0.005420890171080828,
0.03553984686732292,
-0.1479802131652832,
0.000014788904991291929,
0.0037887324579060078,
0.05352979153394699,
0.013654761016368866,
0.051153764128685,
-0.024780603125691414,
0.011258117854595184,
0.013168412260711193,
-0.023488402366638184,
0.03290874511003494,
0.00497249374166131,
0.012466219253838062,
-0.016683179885149002,
-0.05910236015915871,
0.0311039499938488,
-0.005850840825587511,
-0.006334885023534298,
0.04567838832736015,
0.009637687355279922,
0.036043792963027954,
0.0035013463348150253,
-0.06780606508255005,
0.0160163976252079,
-0.02508043497800827,
-0.029276281595230103,
0.004120720084756613,
-0.032725922763347626,
0.019122125580906868,
-0.035387564450502396,
-0.0015362693229690194,
0.03934025764465332,
-0.006746070459485054,
-0.005536392331123352,
-0.009573612362146378,
-0.011125948280096054,
0.0309588685631752,
-0.03994797542691231,
0.008442087098956108,
-0.017291279509663582,
0.005326678976416588,
-0.04346739128232002,
0.0059606097638607025,
-0.03527963533997536,
-0.03070419281721115,
-0.004604448564350605,
-0.008007216267287731,
-0.049284677952528,
-0.004065371118485928,
-0.010946467518806458,
-0.000008491875632898882,
0.029051700606942177,
0.06923390179872513,
-0.013507382944226265,
-0.0035681782756000757,
-0.033286113291978836,
-0.0110706128180027,
-0.011714791879057884,
-0.012401862069964409,
0.05065196752548218,
0.0006147873937152326,
-0.06933295726776123,
0.009745416231453419,
-0.006965570617467165,
-0.011871506460011005,
-0.0073847901076078415,
-0.059977494180202484,
-0.06570848822593689,
-0.027286265045404434,
0.016459351405501366,
-0.02273036725819111,
0.044987719506025314,
0.04964475706219673,
0.02338995784521103,
0.020719997584819794,
0.00448340130969882,
0.0025930742267519236,
0.03056388720870018,
-0.06646183878183365,
0.02579593099653721,
0.04966055601835251,
-0.015304315835237503,
0.014903735369443893,
0.02458072081208229,
0.007250216789543629,
0.06465738266706467,
-0.1033872440457344,
-0.0638287141919136,
-0.013264019973576069,
0.01644054241478443,
0.04902378469705582,
-0.002884729765355587,
-0.023298941552639008,
0.0487792082130909,
-0.01600756123661995,
-0.004285136703401804,
-0.005842210259288549,
0.003997364081442356,
-0.012639669701457024,
-0.004380676429718733,
0.0017003216780722141,
-0.01585441641509533,
-0.007089447695761919,
-0.10838662087917328,
0.018779803067445755,
-0.008115201257169247,
0.022510627284646034,
0.035304442048072815,
-0.016115300357341766,
-0.01715368963778019,
0.0076425764709711075,
-0.0030191000550985336,
-0.009716790169477463,
-0.06060601398348808,
0.0011919740354642272,
0.002757307840511203,
-0.0316665880382061,
-0.0024290718138217926,
0.04585542902350426,
-0.0034353749360889196,
-0.09081766754388809,
-0.010567869991064072,
-0.04700427129864693,
0.010500522330403328,
-0.015078270807862282,
0.01999804377555847,
0.004945861641317606,
0.07027580589056015,
-0.0063217817805707455,
0.033565882593393326,
-0.007699689362198114,
-0.046553827822208405,
0.016505472362041473,
0.014233190566301346,
0.05662204697728157,
-0.04812401533126831,
0.029323404654860497,
0.010196068324148655,
0.004230823367834091,
0.0030469466000795364,
0.0029099087696522474,
-0.03299976885318756,
0.06284517049789429,
0.0947301909327507,
-0.008698664605617523,
-0.01664339192211628,
-0.009853203780949116,
-0.03454970940947533,
0.05430879443883896,
0.029654882848262787,
0.04515719786286354,
-0.012318702414631844,
-0.016032828018069267,
-0.011960192583501339,
0.04246013984084129,
-0.04398493096232414,
-0.0010390502866357565,
-0.03707181662321091,
0.022708432748913765,
0.022340666502714157,
-0.013244912028312683,
0.022166680544614792,
-0.14275343716144562,
-0.00883636437356472,
-0.028432050719857216,
0.014552553184330463,
-0.025800760835409164,
0.008472061716020107,
0.011142618022859097,
0.023057138547301292,
-0.00359668699093163,
-0.008216696791350842,
0.0026340268086642027,
-0.0023517555091530085,
-0.00892043299973011,
0.03315364941954613,
-0.017518268898129463,
-0.005968380719423294,
-0.0024862769059836864,
0.035590801388025284,
-0.012461584992706776,
0.022785082459449768,
-0.03256412222981453,
-0.0017339776968583465,
-0.003700938308611512,
0.014183792285621166,
-0.02166578732430935,
-0.017397910356521606,
-0.007832003757357597,
-0.037911899387836456,
-0.014397768303751945,
0.0819891095161438,
-0.03407258540391922,
-0.0187663733959198,
0.009800275787711143,
0.008195221424102783,
-0.03972755745053291,
-0.02911347709596157,
0.06667324155569077,
-0.008490161038935184,
-0.035558804869651794,
-0.004592753481119871,
0.04844305291771889,
0.024766379967331886,
0.021579304710030556,
0.027607358992099762,
-0.03314859792590141,
-0.011581026948988438,
-0.012328002601861954,
-0.016734570264816284,
-0.015716345980763435,
0.12377282977104187,
-0.017553819343447685,
0.01822497695684433,
0.02166900224983692,
-0.008097483776509762,
-0.002664028899744153,
-0.014512447640299797,
-0.03393891826272011,
-0.03603804111480713,
0.045035287737846375,
-0.017833204939961433,
-0.03028857335448265,
0.01843869872391224,
0.005646361503750086,
0.02441295236349106,
0.0253901369869709,
0.050717100501060486,
0.002323912689462304,
0.05757157504558563,
-0.04461436718702316,
0.04179016128182411,
-0.019131572917103767,
0.027368417009711266,
0.08593162149190903,
-0.02899276837706566,
0.042025815695524216,
-0.027055911719799042,
0.022143986076116562,
0.020519353449344635,
-0.022946994751691818,
0.0022443169727921486,
0.002492249710485339,
-0.001108609139919281,
-0.005514245945960283,
0.031438201665878296,
-0.0228570569306612,
0.0015322938561439514,
0.108261339366436,
0.005608051549643278,
-0.04541750252246857,
0.01923409476876259,
0.07875163108110428,
0.042758021503686905,
-0.0250784233212471,
0.009978074580430984,
0.04455649107694626,
0.009216591715812683,
-0.03464111313223839,
0.039586007595062256,
0.005306769162416458,
-0.017923858016729355,
0.01634853146970272,
-0.00782009307295084,
-0.02646326646208763,
-0.0034651171881705523,
0.0006065281922928989,
0.03701893985271454,
-0.00847449991852045,
-0.05553752928972244,
0.008457298390567303,
0.02059711515903473,
-0.021917635574936867,
-0.017234351485967636,
0.004789166152477264,
0.015113593079149723,
0.040877215564250946,
-0.0347028486430645,
0.010259564965963364,
0.018829282373189926,
-0.029880505055189133,
0.002331719035282731,
0.02779552899301052,
0.003948986530303955,
0.003320715855807066,
-0.013053268194198608,
-0.015905408188700676,
0.07080328464508057,
-0.012296071276068687,
0.0002960568235721439,
-0.00022154198086354882,
0.0011065794387832284,
0.005928394850343466,
-0.0037971772253513336,
0.03698589652776718,
0.038167163729667664,
0.016559811308979988,
-0.021926017478108406,
0.0027569299563765526,
0.035441264510154724,
-0.008031519129872322,
-0.015785375609993935,
-0.027788793668150902,
-0.003891334403306246,
-0.018605684861540794,
-0.005752767901867628,
0.017208511009812355,
0.04715181887149811,
0.014686482958495617,
-0.02367730624973774,
0.033444326370954514,
-0.0007531577721238136,
0.04031319543719292,
-0.009641255252063274,
-0.12747904658317566,
-0.01935066282749176,
0.026060137897729874,
-0.05805845558643341,
0.024013645946979523,
-0.0006731573957949877,
0.03054668754339218,
0.0647125169634819,
0.044658511877059937,
-0.04467858746647835,
0.009713114239275455,
0.038267701864242554,
0.00676584942266345,
-0.13879704475402832,
0.008626924827694893,
-0.05594100430607796,
-0.03110685758292675,
0.025495968759059906,
0.01096039917320013,
-0.009039625525474548,
0.010594885796308517,
0.027772806584835052,
-0.005581711884588003,
-0.0035333028063178062,
0.015591786243021488,
-0.0060083926655352116,
-0.03071078099310398,
-0.007371898274868727,
0.03200912103056908,
-0.03008159250020981,
0.03515111282467842,
-0.002217535162344575,
-0.012933709658682346,
-0.02134617418050766,
0.007259771227836609,
0.050376277416944504,
-0.014916137792170048,
0.029315605759620667,
-0.0672217383980751,
-0.0003908882208634168,
0.016492698341608047,
0.015146716497838497,
0.00503746559843421,
0.01092591043561697,
-0.012442256323993206,
-0.00833319965749979,
0.00758185051381588,
-0.027385110035538673,
0.006083388812839985,
-0.0038222388830035925,
0.0066880048252642155,
0.022151222452521324,
-0.001322538242675364,
-0.0034616163466125727,
0.025911610573530197,
0.01731204241514206,
0.0022840031888335943,
0.05698218196630478,
-0.00743100605905056,
0.003298349678516388,
0.0072761583141982555,
0.0008154448005370796,
0.006587473209947348,
0.040498171001672745,
-0.008425211533904076,
0.04704451188445091,
-0.022575804963707924,
-0.0059086778201162815,
-0.0274659376591444,
0.012307831086218357,
-0.019175061956048012,
-0.023037543520331383,
0.0205695778131485,
0.013763892464339733,
-0.08162765204906464,
-0.029900364577770233,
-0.008121475577354431,
-0.011458627879619598,
0.0032813202124089003,
-0.04577909782528877,
-0.027783093973994255,
-0.029217373579740524,
0.029324233531951904,
-0.0037785586901009083,
-0.0071439966559410095,
-0.14932599663734436,
0.012925183400511742,
-0.017803726717829704,
-0.012486637569963932,
0.03572738170623779,
-0.013344948180019855,
0.013093644753098488,
0.026854747906327248,
0.00524668674916029,
0.03305891156196594,
-0.000507036573253572,
0.021789520978927612,
-0.04968671128153801,
0.001629470381885767,
0.026546865701675415,
0.028109120205044746,
-0.01416835654526949,
-0.0398661345243454,
0.021425366401672363,
-0.0774276852607727,
0.03986407071352005,
0.0004930024151690304,
0.032060656696558,
0.012219646014273167,
-0.00957233365625143,
0.02014068514108658,
0.026919569820165634,
-0.001119850785471499,
0.043049704283475876,
-0.002091336762532592,
0.03905188664793968,
-0.006321866065263748,
0.052932582795619965,
0.0020205092150717974,
0.016939198598265648,
0.18941104412078857,
-0.004996064584702253,
-0.009562318213284016,
-0.0034747326280921698,
-0.0028319174889475107,
0.00936146080493927,
-0.012374497950077057,
-0.030680101364850998,
-0.014263317920267582,
-0.002897066529840231,
0.025217881426215172,
0.01411507185548544,
-0.02105603739619255,
0.01998584158718586,
-0.012974396347999573,
-0.07800490409135818,
-0.0024068511556833982,
0.0020235686097294092,
-0.07046259939670563,
-0.016569212079048157,
0.09904946386814117,
0.04315205663442612,
0.002143008168786764,
0.014957113191485405,
-0.02645011991262436,
0.012956571765244007,
0.000663171464111656,
0.0021411145571619272,
0.014933507889509201,
-0.003504478605464101,
-0.04649820551276207,
0.002804394578561187,
-0.013738644309341908,
-0.05565259978175163,
0.0017080295365303755,
0.0010312815429642797,
-0.02630360797047615,
0.02268626168370247,
-0.011187861673533916,
0.08705957978963852,
0.009749915450811386,
-0.01977998949587345,
-0.061537664383649826,
0.031290557235479355,
0.014548633247613907,
0.000917642202693969,
-0.017411453649401665,
-0.013715333305299282,
-0.04218791425228119,
0.06187603995203972,
0.01824091374874115,
-0.01698293909430504,
0.006501446012407541,
0.018867287784814835,
-0.11743418872356415,
0.03099909983575344,
0.034113992005586624,
-0.0016853695269674063,
0.009380465373396873,
-0.02017248049378395,
-0.00008399400394409895,
0.0026400103233754635,
0.026987247169017792,
0.04743648320436478,
-0.12308666855096817,
-0.028792425990104675,
0.010640281252563,
-0.008052673190832138,
-0.018506385385990143,
0.019470030441880226,
0.0023042133543640375,
0.03049706108868122,
0.023547373712062836,
0.023671813309192657,
-0.0170755535364151,
0.015263012610375881,
-0.001874693320132792,
0.03454720973968506,
-0.019923269748687744,
-0.018428264185786247,
-0.014159140177071095,
-0.0009239587234333158,
-0.040345463901758194,
0.0013142612297087908,
0.02276076190173626,
0.012411032803356647,
-0.21619254350662231,
0.028463521972298622,
0.0394841805100441,
-0.009309368208050728,
-0.016737621277570724,
0.02399829588830471,
-0.017828935757279396,
-0.05161476135253906,
0.009881757199764252,
-0.014284131117165089,
-0.03626994788646698,
0.02444353513419628,
-0.00593758188188076,
-0.01648944616317749,
0.011639264412224293,
0.0155705651268363,
-0.024256836622953415,
0.005417659413069487,
0.03887974098324776,
-0.02960817515850067,
0.02743225172162056,
-0.04597530886530876,
-0.13253460824489594,
-0.0017212063539773226,
-0.05389032140374184,
-0.010564460419118404,
0.01796717382967472,
0.02612130157649517,
0.0028336294926702976,
-0.012711641378700733,
-0.0323118157684803,
0.02466416358947754,
0.06988886743783951,
0.029044417664408684,
-0.009968908503651619,
0.004507365636527538,
0.04947134107351303,
-0.018909892067313194,
-0.023211847990751266,
0.018512748181819916,
-0.01518268883228302,
-0.0019464569631963968,
-0.02545962855219841,
-0.021889789029955864,
0.025622783228754997,
-0.05452973023056984,
0.002944761421531439,
0.015924328938126564,
0.00791700929403305,
0.03582635521888733,
0.01229060161858797,
-0.042560871690511703,
-0.007246587425470352,
0.017876647412776947,
0.002155216410756111,
-0.014986792579293251,
0.02495117485523224,
0.0680772066116333,
0.014035957865417004,
-0.03603014349937439,
0.04172413796186447,
0.03817369416356087,
-0.05398744344711304,
0.0052835592068731785,
0.005782401654869318,
-0.02055087871849537,
0.013252370990812778,
-0.05425506457686424,
0.02175675891339779,
0.02498413808643818,
-0.16362330317497253,
-0.07270858436822891,
-0.060031380504369736,
0.026385586708784103,
0.002629742957651615,
-0.009594902396202087,
0.006996565964072943,
-0.02414642833173275,
-0.011601961217820644,
-0.006144569721072912,
-0.025138195604085922,
0.009080184623599052,
-0.12199871242046356,
0.025067126378417015,
-0.01984020322561264,
0.00864768773317337,
0.016839880496263504,
-0.02383461967110634,
0.022619839757680893,
-0.00979366060346365,
-0.022360526025295258,
0.0017499420791864395,
0.020966622978448868,
0.004367043264210224,
-0.003373393788933754,
-0.0015092637622728944,
-0.02060646191239357,
0.003739861538633704,
-0.05653898045420647,
0.004518343135714531,
0.0015572009142488241,
0.010650564916431904,
0.006926130969077349,
-0.012910948134958744,
-0.04084285348653793,
-0.039149925112724304,
-0.008633406832814217,
0.1221807673573494,
-0.0012264318065717816,
0.017781049013137817,
-0.014901489019393921,
0.016042467206716537,
-0.006310748402029276,
-0.0071563939563930035,
-0.03594379127025604,
0.0857810378074646,
-0.030446156859397888,
-0.011868277564644814,
0.0022018225863575935,
-0.043386440724134445,
-0.010585582815110683,
8.306903964694357e-7,
0.005938974674791098,
0.05440977215766907,
0.030775876715779305,
0.0014828169951215386,
0.01764068193733692,
0.04476894065737724,
-0.012861015275120735,
-0.013027091510593891,
-0.039269305765628815,
-0.039063308387994766,
0.04785770922899246,
-0.10478555411100388,
-0.028145190328359604,
0.027530470862984657,
0.006836558226495981,
-0.029451454058289528,
0.009070752188563347,
-0.007629522122442722,
0.0023116962984204292,
0.01485831942409277,
-0.045064784586429596,
0.014398363418877125,
-0.002984490478411317,
0.03581758216023445,
-0.019798297435045242,
0.03703734278678894,
-0.055234190076589584,
0.04239821434020996,
0.002942558377981186
] |
in the table above.
As of December 31, 2005, the projected benefit obligation of the U.S. qualified pension plans was $1,626 million, and the fair value of plan assets was $1,881 million. As of December 31, 2005, the projected benefit obligation of all pension plans other than the U.S. qualified pension plans was $1,415 million, and the fair value of all other pension plan assets was $756 million. The majority of this underfunding is attributable to an international pension plan for certain non-U.S. employees that is unfunded due to tax law restrictions, as well as our unfunded U.S. nonqualified pension plans. These U.S. nonqualified pension plans provide, for certain associates, benefits that are not permitted to be funded through a qualified plan because of limits imposed by the Internal Revenue Code of 1986. Disclosure of amounts in the above table regarding expected benefit payments for our unfunded pension plans and our other postretirement benefit plans cannot be properly reflected for 2011 and thereafter due to the ongoing nature of the obligations of these plans. However, in order to inform the reader about expected benefit payments for these unfunded plans over the next several years, we anticipate annual benefit payments to be in the range of approximately $50 million to $60 million in 2006 and remain at or near this annual level for the next several years.
Deferred income tax liabilities as of December 31, 2005, were $511 million. Refer to Note 16 of Notes to Consolidated Financial Statements. This amount is not included in the total contractual obligations table because we believe this presentation would not be meaningful. Deferred income tax liabilities are calculated based on temporary differences between the tax basis of assets and liabilities and their book basis, which will result in taxable amounts in future years when the book basis is settled. The results of these calculations do not have a direct connection with the amount of cash taxes to be paid in any future periods. As a result, scheduling deferred income tax liabilities as payments due by period could be misleading, because this scheduling would not relate to liquidity needs.
Minority interests of $151 million as of December 31, 2005, for consolidated entities in which we do not have a 100 percent ownership interest were recorded in the consolidated balance sheet line item other liabilities. Such minority interests are not liabilities requiring the use of cash or other resources; therefore, this amount is excluded from the contractual obligations table.
Foreign Exchange
Our international operations are subject to opportunities and risks relating to foreign currency fluctuations. We closely monitor our operations in each country and seek to adopt appropriate strategies that are responsive to fluctuations in foreign currency exchange rates.
These percentages do not include the effects of our hedging activities and, therefore, do not reflect the actual impact of fluctuations in exchange rates on our operating results. Our foreign currency management program is designed to mitigate, over time, a portion of the impact of exchange rates on net income and
| 1HOLD
|
[
0.0008833976462483406,
0.028148071840405464,
-0.012926296330988407,
-0.011084845289587975,
-0.1455562710762024,
-0.0015022259904071689,
0.015402101911604404,
0.02248532325029373,
-0.07007727771997452,
0.009224383160471916,
0.02746182307600975,
-0.011892051436007023,
0.021238043904304504,
0.014801179058849812,
-0.0010671672644093633,
0.03681722283363342,
-0.05583720654249191,
-0.008219081908464432,
-0.02696816809475422,
-0.0069141630083322525,
0.010995776392519474,
-0.00826948881149292,
-0.0117961959913373,
-0.026972191408276558,
0.003837734693661332,
0.06059420108795166,
-0.02675567753612995,
0.022184258326888084,
0.059155769646167755,
-0.05115226283669472,
0.018103187903761864,
-0.0011441538808867335,
0.02452857606112957,
-0.020442791283130646,
0.03953210264444351,
0.0035384229850023985,
-0.05654151365160942,
0.005595474503934383,
0.05924613028764725,
0.010154576040804386,
-0.05171575769782066,
0.03466667979955673,
-0.010966544970870018,
0.012438402511179447,
-0.007140699308365583,
-0.005134145729243755,
0.0002346706169191748,
0.014802195131778717,
0.017255136743187904,
0.00257084215991199,
0.025614067912101746,
-0.024032024666666985,
-0.04074803367257118,
-0.011490143835544586,
-0.009972592815756798,
0.02651868760585785,
0.0015693894820287824,
-0.04073207452893257,
0.07973401993513107,
0.040640197694301605,
-0.015022809617221355,
-0.04913461208343506,
0.00788205862045288,
0.055980268865823746,
0.025051644071936607,
-0.021992765367031097,
-0.001730429707095027,
0.012873724102973938,
-0.05147469788789749,
-0.0171817597001791,
0.021925877779722214,
0.01566854678094387,
-0.009515354409813881,
-0.015259080566465855,
-0.013336888514459133,
-0.056177716702222824,
0.026595409959554672,
-0.024748610332608223,
0.06525915861129761,
-0.016762081533670425,
-0.00013952450535725802,
-0.058683279901742935,
-0.010036224499344826,
-0.06718326359987259,
0.025578778237104416,
-0.001599209732376039,
-0.01070750504732132,
-0.08524598926305771,
-0.009013587608933449,
0.008501006290316582,
-0.005010057240724564,
0.01597539149224758,
-0.038461919873952866,
-0.055925462394952774,
-0.025952273979783058,
0.03223874047398567,
0.017833394929766655,
-0.11342296749353409,
-0.0018227801192551851,
0.004345019813627005,
0.0567658431828022,
0.018793530762195587,
0.01802757941186428,
-0.02666487731039524,
-0.0016724078450351954,
0.0028818475548177958,
-0.03158804029226303,
0.01563846506178379,
-0.017504878342151642,
-0.0032230198848992586,
-0.024714507162570953,
-0.059567827731370926,
0.019175224006175995,
-0.010559664107859135,
-0.008788373321294785,
0.031186144798994064,
-0.011286638677120209,
0.00556932482868433,
-0.02633794955909252,
-0.07068103551864624,
0.037373192608356476,
-0.003354456042870879,
-0.032242551445961,
0.0016023757634684443,
-0.05607430264353752,
0.00517358398064971,
-0.0190644022077322,
-0.010175291448831558,
0.02176600880920887,
-0.010160286910831928,
-0.010404541157186031,
-0.0064774490892887115,
-0.032117102295160294,
0.028601624071598053,
-0.04040802642703056,
-0.01767977699637413,
-0.0020795087330043316,
0.03897309675812721,
-0.04675762355327606,
0.021960489451885223,
-0.04409457743167877,
-0.01449400931596756,
-0.048375558108091354,
-0.006167761515825987,
-0.022645646706223488,
-0.004788816440850496,
-0.007233534008264542,
-0.00409725634381175,
0.03511933609843254,
0.06665510684251785,
-0.01481614075601101,
-0.004807335324585438,
-0.04006364196538925,
-0.041046466678380966,
-0.02287657931447029,
-0.011471159756183624,
0.03283493220806122,
-0.02443028800189495,
-0.04668925330042839,
0.024513889104127884,
-0.0048056053929030895,
-0.016173405572772026,
-0.010985448956489563,
-0.04855899140238762,
-0.05173666775226593,
-0.00867223460227251,
0.028390878811478615,
-0.03544111177325249,
0.027175065129995346,
0.03820114582777023,
0.0017479454400017858,
0.02788463421165943,
-0.014101049862802029,
0.005730784498155117,
0.0290625412017107,
-0.04253098741173744,
0.025381451472640038,
0.03632218390703201,
-0.0030070734210312366,
0.007729299832135439,
0.04200572147965431,
0.0069267041981220245,
0.04303160309791565,
-0.05957901105284691,
-0.036464765667915344,
0.01431737095117569,
-0.009395184926688671,
0.08790942281484604,
0.012981066480278969,
-0.010768402367830276,
0.009438461624085903,
-0.009589418768882751,
0.0038502805400639772,
-0.023570986464619637,
0.026894323527812958,
-0.05347903072834015,
0.011984658427536488,
-0.014746785163879395,
0.009562366642057896,
-0.02072327584028244,
-0.09331652522087097,
0.01391417346894741,
0.023571506142616272,
0.013088233768939972,
-0.026143454015254974,
-0.032723307609558105,
0.01269980613142252,
0.002792161889374256,
-0.010194269940257072,
-0.04025384783744812,
-0.05935264006257057,
-0.005903280805796385,
-0.0014357196632772684,
0.004964793566614389,
-0.006197811104357243,
0.021914105862379074,
0.003794774878770113,
-0.09211079776287079,
-0.041478123515844345,
-0.04705267772078514,
0.015597764402627945,
-0.014811930246651173,
-0.009694359265267849,
0.018978489562869072,
0.07907918840646744,
-0.01864355057477951,
0.024191096425056458,
-0.012645479291677475,
-0.01725221425294876,
0.008259660564363003,
0.003060314105823636,
0.051710035651922226,
-0.0591219961643219,
0.01749406009912491,
-0.012519731186330318,
-0.004409067798405886,
-0.008597850799560547,
0.0034311525523662567,
-0.019717279821634293,
0.05310683324933052,
0.1124674528837204,
-0.0015618449542671442,
0.009769306518137455,
0.0027150597888976336,
-0.03475600481033325,
0.07255995273590088,
0.004495432134717703,
0.06288265436887741,
-0.013873876072466373,
-0.022443944588303566,
-0.003043316537514329,
0.0259394571185112,
-0.011425438337028027,
-0.03800534829497337,
-0.04485640674829483,
0.007892283610999584,
0.01048180740326643,
-0.0001925531105371192,
0.015190687030553818,
-0.13843503594398499,
-0.005719914101064205,
-0.02589987777173519,
0.02106376364827156,
-0.015058785676956177,
0.019821202382445335,
-0.025916751474142075,
0.007769136689603329,
-0.019703686237335205,
-0.0028167283162474632,
-0.007744550239294767,
-0.003070032224059105,
-0.007690008729696274,
0.053134966641664505,
-0.04609306901693344,
0.009976387955248356,
-0.0108700105920434,
0.07123440504074097,
-0.007708718068897724,
0.021672679111361504,
-0.02285837009549141,
-0.009211037307977676,
-0.003432496916502714,
0.01188418734818697,
0.0036417702212929726,
-0.014616003260016441,
-0.03183203563094139,
-0.06511422991752625,
0.013207333162426949,
0.08075530081987381,
-0.012857692316174507,
-0.010451730340719223,
0.015119984745979309,
-0.018059147521853447,
-0.02559369057416916,
-0.029870955273509026,
0.08399796485900879,
0.00978594459593296,
-0.05590665340423584,
-0.026774566620588303,
0.025804568082094193,
0.013328242115676403,
-0.025464791804552078,
0.0004414738796185702,
-0.011351442895829678,
-0.017177412286400795,
-0.01786361262202263,
-0.023468583822250366,
-0.014273523353040218,
0.10412711650133133,
-0.016704056411981583,
0.023937642574310303,
-0.0008741258643567562,
0.008475878275930882,
-0.018526745960116386,
0.0022668286692351103,
-0.02352108806371689,
-0.056295689195394516,
-0.011909023858606815,
-0.025398295372724533,
-0.00391136622056365,
0.023221641778945923,
0.03486546874046326,
0.026595691218972206,
0.036601051688194275,
0.06460443884134293,
0.0011263169581070542,
-0.000057937169913202524,
-0.024509696289896965,
0.027289599180221558,
-0.0256214402616024,
0.11471989750862122,
0.12504024803638458,
-0.008953793905675411,
0.059164635837078094,
-0.02654700167477131,
0.007186715491116047,
0.023335818201303482,
-0.009721526876091957,
0.022081460803747177,
0.0080327233299613,
-0.04468167945742607,
-0.009401732124388218,
0.02276945859193802,
-0.04096175730228424,
-0.003706485964357853,
0.07308682054281235,
0.036611396819353104,
-0.06528869271278381,
0.01569320075213909,
0.04824016988277435,
0.07119166105985641,
-0.030028339475393295,
0.014575517736375332,
0.03481142595410347,
-0.006321726366877556,
-0.011405551806092262,
0.025761090219020844,
-0.015565900132060051,
0.018289845436811447,
-0.000915916811209172,
-0.011828646995127201,
-0.012327603064477444,
-0.015013933181762695,
-0.005219914950430393,
0.04511968791484833,
-0.026594318449497223,
-0.020120255649089813,
0.003939734306186438,
0.02933228202164173,
-0.007370717823505402,
0.00933070294559002,
0.02095102332532406,
0.03070036508142948,
0.052815765142440796,
0.02006315067410469,
-0.000917654309887439,
0.0006194738089106977,
-0.0173698328435421,
0.019615618512034416,
0.010980797931551933,
-0.020878227427601814,
-0.0036627224180847406,
-0.03229625150561333,
-0.02498396299779415,
0.07726197689771652,
0.011888432316482067,
0.013368308544158936,
-0.009350528940558434,
-0.008926589041948318,
0.013526268303394318,
-0.0122032156214118,
0.02475104108452797,
0.033574704080820084,
0.0030933090019971132,
-0.005171886179596186,
0.004946441389620304,
0.01395303662866354,
0.016029400750994682,
-0.01862275041639805,
-0.029905570670962334,
-0.00603716354817152,
-0.031641509383916855,
-0.009452479891479015,
0.025388898327946663,
0.01239789929240942,
0.00726914731785655,
-0.005195727571845055,
0.030610105022788048,
0.004084448330104351,
0.05451379716396332,
0.012405943125486374,
-0.10049180686473846,
-0.022786661982536316,
0.05034255608916283,
-0.05719677731394768,
0.0032739134039729834,
-0.024823574349284172,
0.021186765283346176,
0.05520036444067955,
0.014680765569210052,
-0.027646245434880257,
0.010493425652384758,
0.026629392057657242,
-0.006135656498372555,
-0.14166241884231567,
0.014255741611123085,
-0.06913114339113235,
-0.013715635985136032,
0.014174231328070164,
0.009353839792311192,
-0.013890211470425129,
-0.018781302496790886,
0.022346407175064087,
-0.02638123370707035,
-0.004840858280658722,
0.003409218043088913,
-0.014842315576970577,
-0.008602828718721867,
-0.009069479070603848,
0.03360271081328392,
-0.008187895640730858,
0.028140965849161148,
-0.014087015762925148,
-0.009865139611065388,
-0.028659600764513016,
0.0311176385730505,
0.047320179641246796,
-0.024438558146357536,
0.03930105268955231,
-0.04343421757221222,
-0.006637942977249622,
-0.0027276226319372654,
-0.010730165056884289,
-0.009289278648793697,
0.0008575307438150048,
-0.03910467401146889,
0.02964775450527668,
0.015254986472427845,
-0.0019523518858477473,
0.005804401822388172,
0.01581149734556675,
-0.022619714960455894,
0.010244619101285934,
-0.013306714594364166,
0.014371872879564762,
0.02044801227748394,
0.00858320202678442,
-0.019445328041911125,
0.08798222243785858,
0.00331982527859509,
0.001581162796355784,
0.017535246908664703,
-0.010534167289733887,
-0.006256967317312956,
0.030154366046190262,
0.0003418358974158764,
0.03672906756401062,
-0.016703838482499123,
-0.007276314776390791,
0.0060706972144544125,
-0.0010482664220035076,
-0.032567478716373444,
-0.01367966178804636,
0.02588725835084915,
-0.005404513794928789,
-0.040227144956588745,
-0.023859653621912003,
0.00682075647637248,
-0.027790306136012077,
0.0015649318229407072,
-0.035792671144008636,
-0.00837515015155077,
-0.04303908720612526,
0.06994519382715225,
-0.0038621597923338413,
-0.008235693909227848,
-0.20259854197502136,
0.09334708005189896,
0.02631700225174427,
0.00022118870401754975,
0.015644274652004242,
-0.012884913943707943,
0.016492128372192383,
0.05153680592775345,
0.005163262598216534,
0.05408095940947533,
-0.003654303029179573,
0.04025685414671898,
-0.0659857764840126,
0.004852760583162308,
0.0335281677544117,
0.04716164246201515,
-0.02196892350912094,
-0.035241156816482544,
0.02007419988512993,
-0.04039815813302994,
0.031700748950242996,
0.01047450490295887,
0.03673999011516571,
0.01814069226384163,
0.0019569997675716877,
0.02291235141456127,
0.0023808213882148266,
-0.00596093013882637,
0.04016014188528061,
-0.0035559076350182295,
0.03444358706474304,
-0.010317294858396053,
0.05879442021250725,
-0.005170177668333054,
0.05457300320267677,
0.11901576071977615,
0.011820288375020027,
-0.016565989702939987,
0.015381291508674622,
-0.0015984104247763753,
0.0029036779887974262,
-0.02568812482059002,
-0.027154941111803055,
-0.0298182163387537,
-0.030649812892079353,
-0.018060047179460526,
0.026023076847195625,
-0.028619810938835144,
0.014945251867175102,
-0.02347974292933941,
-0.03298047557473183,
-0.0009385738521814346,
-0.001115688355639577,
-0.0671573132276535,
-0.047146886587142944,
0.1581847071647644,
0.011533227749168873,
-0.001935193664394319,
0.02971343696117401,
-0.0353715606033802,
0.03542401269078255,
0.011395318433642387,
-0.019877107813954353,
0.02128324657678604,
0.004289356060326099,
-0.05202951282262802,
0.0080280601978302,
0.014561247080564499,
-0.11086643487215042,
-0.007127487566322088,
-0.0016763278981670737,
-0.054266199469566345,
0.017603794112801552,
0.02184571512043476,
0.14481708407402039,
0.01241692341864109,
-0.019762355834245682,
-0.08060583472251892,
0.023530708625912666,
0.0351751372218132,
0.016694823279976845,
-0.020417867228388786,
-0.012102322652935982,
-0.03585795313119888,
0.027409223839640617,
0.000828243384603411,
-0.030068816617131233,
0.04061281308531761,
-0.005588375963270664,
-0.11589061468839645,
0.009967857971787453,
0.02397889830172062,
-0.001579738687723875,
0.007925599813461304,
-0.014801927842199802,
-0.016990968957543373,
-0.028462521731853485,
0.027338750660419464,
0.023135920986533165,
-0.10933957248926163,
-0.007584687322378159,
0.03163362294435501,
-0.016131948679685593,
-0.015369637869298458,
0.009377358481287956,
0.011539035476744175,
0.02038065530359745,
0.004659144673496485,
0.013142245821654797,
-0.0003151938726659864,
0.030152669176459312,
0.009442570619285107,
0.028891241177916527,
-0.046387314796447754,
-0.0027396436780691147,
-0.05165759474039078,
-0.0049936408177018166,
-0.05775909125804901,
-0.029671460390090942,
0.0019544782117009163,
0.02282416820526123,
-0.10982517898082733,
0.03831764683127403,
0.03453243896365166,
0.008925376459956169,
-0.020018063485622406,
0.029201187193393707,
-0.008066006004810333,
-0.016574572771787643,
0.03937363624572754,
-0.012031865306198597,
-0.04482131823897362,
0.012070612981915474,
0.0020134400110691786,
-0.010601137764751911,
0.0014799340860918164,
0.0196100864559412,
-0.038942527025938034,
0.01538421493023634,
0.042653754353523254,
0.0172511488199234,
0.01740020141005516,
-0.04394901916384697,
-0.1252475529909134,
-0.008821575902402401,
-0.07775383442640305,
-0.015024828724563122,
0.029774460941553116,
0.030968284234404564,
-0.013271810486912727,
0.004482121206820011,
-0.057582005858421326,
0.030537284910678864,
0.06225971505045891,
0.017756452783942223,
-0.010829562321305275,
0.025402763858437538,
0.05899542570114136,
-0.027010951191186905,
-0.003999150358140469,
0.037745919078588486,
-0.009146114811301231,
0.001163044129498303,
-0.006921767257153988,
-0.052472881972789764,
0.03145564720034599,
-0.04790850356221199,
0.05673719570040703,
0.019259413704276085,
0.03673044964671135,
0.06892488896846771,
0.024058958515524864,
-0.03083968721330166,
0.005943756550550461,
0.012828593142330647,
0.003978942986577749,
-0.029386695474386215,
0.032518092542886734,
0.034248385578393936,
-0.002903128508478403,
-0.01075183879584074,
0.0393608920276165,
0.04896116256713867,
-0.054789140820503235,
0.011056369170546532,
-0.005507952068001032,
-0.04622996971011162,
-0.00745257455855608,
-0.08842995762825012,
-0.01712919771671295,
0.05387260019779205,
-0.10701055824756622,
-0.10659058392047882,
-0.01646338775753975,
0.019324326887726784,
0.0022733097430318594,
-0.007069925777614117,
-0.014200996607542038,
-0.026852000504732132,
-0.011388413608074188,
-0.008670005016028881,
-0.01610657386481762,
0.01942008174955845,
-0.06379404664039612,
-0.012807551771402359,
-0.019577795639634132,
-0.037873897701501846,
0.01831541582942009,
-0.023272739723324776,
0.04788510128855705,
0.0012785847065970302,
-0.0210407841950655,
-0.01057808380573988,
0.016238370910286903,
0.006108437664806843,
-0.01740901544690132,
0.010603322647511959,
-0.00325879268348217,
-0.02510491944849491,
-0.04150838032364845,
0.0473911352455616,
-0.0023322764318436384,
0.016177667304873466,
0.0101527851074934,
-0.03430991619825363,
-0.04537063464522362,
-0.015257471241056919,
0.0005365918041206896,
0.05304325744509697,
-0.005444078706204891,
0.015113621950149536,
-0.010774755850434303,
0.03667633235454559,
-0.04471152275800705,
-0.01295708678662777,
-0.021184522658586502,
0.09156785905361176,
0.030859438702464104,
-0.017065072432160378,
0.03202607110142708,
-0.03737455978989601,
-0.00836611445993185,
-0.0010588598670437932,
-0.009401082992553711,
0.025914842262864113,
0.022891148924827576,
0.007096342276781797,
0.01595040038228035,
0.05750729888677597,
0.005415060091763735,
-0.005979704204946756,
-0.05094014108181,
-0.021777760237455368,
0.0720425397157669,
-0.06169947609305382,
-0.005453007761389017,
0.040522634983062744,
-0.030787000432610512,
-0.03731892257928848,
-0.008566424250602722,
0.018920183181762695,
-0.016513625159859657,
0.01750972308218479,
-0.042834777384996414,
-0.017763299867510796,
0.004404048435389996,
0.01518228743225336,
-0.002281320746988058,
0.023134630173444748,
-0.02822667919099331,
0.025906698778271675,
-0.0020157620310783386
] |
year-to-date performance of any of the Company's operating segments. Japan's Macintosh unit sales were particularly weak in 2003, declining 12%, and were primarily attributable to lower sales of iMac and iBook systems, partially offset by an increase in PowerBook sales as well as higher sales of iPods, and peripherals and other hardware. Japan's Macintosh unit sales remained significantly below the segment's historic levels due to economic conditions that remained particularly negative in Japan.
Retail
The Company opened 21 new retail stores during 2004, including its first two international stores in Tokyo and Osaka, Japan, bringing the total number of open stores to 86 as of September 25, 2004. This compares to 65 open stores as of September 27, 2003 and 40 open stores as of September 28, 2002. During the first quarter of 2005, the Company anticipates opening approximately 14 additional stores to end the calendar year at approximately 100 stores. Approximately half of the stores expected to open during the first quarter of 2005 will be in the new "mini" store design, which is the Company's smallest store format to date; allowing it to be placed in a variety of new locations to introduce the Company's innovative products to even more customers. The Company also opened its third international store in London, England during the first quarter of 2005.
Net sales of the Retail segment grew to $1.185 billion during 2004 from $621 million and $283 million, in 2003 and 2002, respectively. The increases in net sales during both 2004 and 2003 reflect the impact of new store openings for each fiscal year, including the opening of 21 new stores in 2004 and 25 new stores in 2003. An increase in average revenue per store also contributed to the segment's strong sales in fiscal 2004. With an average of 76 stores open during 2004, the Retail segment achieved annualized revenue per store of approximately $15.6 million, as compared to $11.5 million in 2003 with a 54 store average and $10.2 million in 2002 with a 28 store average.
As measured by the Company's operating segment reporting, the Retail segment reported profit of $39 million during fiscal 2004 as compared to losses of $5 million and $22 million during 2003 and 2002, respectively. This improvement is primarily attributable to the segment's year-over-year increase in average quarterly revenue per store, the impact of opening new stores, and the segment's year-over-year increase in net sales, which resulted in higher leverage on occupancy, depreciation and other fixed costs.
Expansion of the Retail segment has required and will continue to require a substantial investment in fixed assets and related infrastructure, operating lease commitments, personnel, and other operating expenses. Capital expenditures associated with the Retail segment were $104 million in fiscal 2004, bringing the total capital expenditures since inception of the Retail segment to approximately $394 million. As of September 25, 2004, the Retail segment had approximately 2,100 employees and had outstanding operating lease commitments associated with retail store space and related facilities of approximately $436 million.
| 0BUY
|
[
-0.018229592591524124,
0.014680334366858006,
-0.006758437026292086,
-0.004616013262420893,
-0.06192126125097275,
-0.012423332780599594,
0.0071965535171329975,
0.00754554383456707,
0.03839695826172829,
0.00992787815630436,
0.012751146219670773,
-0.11729403585195541,
-0.004019465763121843,
-0.011947711929678917,
-0.0010849632089957595,
-0.08142310380935669,
-0.001643582945689559,
0.017404787242412567,
-0.0314272977411747,
0.017830295488238335,
-0.02790539339184761,
-0.0007225176668725908,
-0.0021739499643445015,
0.0032949948217719793,
-0.042055170983076096,
0.008452964946627617,
0.0274504441767931,
0.003676784224808216,
-0.08340724557638168,
-0.0165511816740036,
0.00417364202439785,
-0.004884376190602779,
0.005653443746268749,
-0.003081793896853924,
-0.03929761052131653,
-0.00993687380105257,
0.022164061665534973,
0.0011230490636080503,
-0.019148649647831917,
0.0037166152615100145,
-0.030954936519265175,
-0.020378898829221725,
0.17666874825954437,
-0.032575711607933044,
0.0030957956332713366,
-0.01942569762468338,
0.016222476959228516,
0.029552433639764786,
-0.0012887294869869947,
-0.012101467698812485,
-0.017407208681106567,
-0.004269350320100784,
0.008987938053905964,
-0.01134222187101841,
-0.01002117432653904,
0.0012510913657024503,
-0.01650911383330822,
-0.039802007377147675,
-0.0016273846849799156,
0.02221851795911789,
0.0025884187780320644,
-0.03354136273264885,
0.009026343002915382,
0.02492326684296131,
-0.013215566985309124,
-0.00306483032181859,
-0.010604661889374256,
-0.003254922106862068,
-0.01819649338722229,
-0.0011884369887411594,
-0.001509038731455803,
0.013965664431452751,
-0.007589742541313171,
-0.011068075895309448,
0.004898773040622473,
-0.022114111110568047,
0.009869753383100033,
0.013820185326039791,
0.015202139504253864,
-0.012383546680212021,
0.01968228444457054,
-0.030414490029215813,
0.19441315531730652,
-0.02285012975335121,
-0.0048740217462182045,
-0.07773046940565109,
-0.015143276192247868,
-0.04959690198302269,
-0.01603693887591362,
0.005412738304585218,
-0.020225487649440765,
-0.025201205164194107,
-0.013227973133325577,
-0.039054855704307556,
0.026552049443125725,
-0.014914738945662975,
-0.007728933822363615,
-0.10637754201889038,
-0.0030801722314208746,
0.014418428763747215,
0.05060797184705734,
0.011881343089044094,
0.029543709009885788,
-0.004968190565705299,
0.0009002339211292565,
0.0212408434599638,
-0.01451733149588108,
-0.01659601368010044,
0.000406352017307654,
0.025932244956493378,
-0.006727586034685373,
-0.00830159056931734,
0.027009762823581696,
-0.001844943268224597,
-0.0035347607918083668,
0.041480712592601776,
-0.004043994937092066,
-0.0010739987483248115,
0.04071732237935066,
-0.049286432564258575,
-0.0025624812114983797,
0.004154161550104618,
-0.006814891938120127,
-0.02551272138953209,
0.008537952788174152,
0.05407819524407387,
-0.03830965608358383,
0.0025182340759783983,
0.0010991394519805908,
-0.014393787831068039,
-0.0018316531786695123,
-0.01978367194533348,
0.013525462709367275,
-0.020767254754900932,
0.03598661720752716,
0.005851381458342075,
-0.002926331479102373,
0.003977115731686354,
0.032898783683776855,
-0.03147190064191818,
-0.026536643505096436,
0.01807556301355362,
0.01856103166937828,
-0.039968091994524,
-0.040880683809518814,
0.009499753825366497,
-0.01132497750222683,
0.007830597460269928,
0.025536872446537018,
0.02569233998656273,
-0.014786525629460812,
-0.0019618954975157976,
-0.029358917847275734,
-0.009190991520881653,
-0.032913241535425186,
0.033089157193899155,
0.020315319299697876,
-0.04217849299311638,
0.02120025083422661,
0.0008229317609220743,
-0.002562381327152252,
-0.00022082653595134616,
-0.014979476109147072,
-0.08298062533140182,
0.02450505457818508,
-0.027387624606490135,
0.013152820989489555,
-0.019246352836489677,
0.018330451101064682,
0.0002522243303246796,
0.003743065521121025,
-0.001977442065253854,
0.013444796204566956,
0.002405952662229538,
-0.008484737016260624,
-0.05035017430782318,
-0.018683334812521935,
0.005529732909053564,
-0.017359139397740364,
-0.018451716750860214,
0.02210012823343277,
0.0032637587282806635,
0.042131561785936356,
0.13163740932941437,
-0.04603442922234535,
-0.04008646681904793,
0.01043484266847372,
-0.023205362260341644,
-0.023900600150227547,
-0.04413493722677231,
0.030162937939167023,
0.011903763748705387,
-0.009636308997869492,
0.022539213299751282,
-0.019057536497712135,
-0.02203761413693428,
0.03388965502381325,
0.008770018815994263,
-0.013962547294795513,
-0.008605883456766605,
0.09203711897134781,
-0.0038863264489918947,
-0.024479525163769722,
-0.0006286774296313524,
-0.008800575509667397,
-0.008814508095383644,
-0.0019848227966576815,
0.0033668414689600468,
0.005744064226746559,
-0.03817536681890488,
-0.0019254329381510615,
-0.02293483354151249,
-0.0025196766946464777,
-0.026575956493616104,
0.006459670141339302,
0.036403898149728775,
0.0008752527646720409,
-0.06342475116252899,
0.030350418761372566,
-0.020813222974538803,
-0.0020155906677246094,
-0.008398327976465225,
0.01796567626297474,
-0.027727363631129265,
0.0054458570666611195,
-0.026193594560027122,
-0.04469529539346695,
-0.0025547086261212826,
-0.017806487157940865,
-0.00381330749951303,
0.012760335579514503,
0.0211165864020586,
-0.05171774700284004,
0.01587430015206337,
-0.0016476006712764502,
0.020005084574222565,
0.008898203261196613,
-0.010026097297668457,
-0.02543373964726925,
0.05057140812277794,
0.048051685094833374,
-0.01563497819006443,
-0.007984589785337448,
-0.0010528170969337225,
-0.0234292633831501,
0.04795859009027481,
0.022976262494921684,
-0.013389846310019493,
-0.005756930913776159,
-0.005407310090959072,
-0.017702309414744377,
0.021332869306206703,
-0.01148157101124525,
0.01939094439148903,
-0.004875108599662781,
-0.021480392664670944,
0.012979891151189804,
-0.024894854053854942,
0.011827899143099785,
-0.08533938974142075,
-0.012760073877871037,
-0.024187052622437477,
-0.047573670744895935,
-0.008474990725517273,
0.011350682936608791,
-0.016100596636533737,
-0.0073355319909751415,
0.0024323412217199802,
-0.00778685649856925,
0.013653133064508438,
0.012934289872646332,
-0.0053832633420825005,
-0.0010468348627910018,
-0.011821161955595016,
-0.013008654117584229,
-0.014199553988873959,
0.023758450523018837,
-0.016155997291207314,
-0.018997633829712868,
-0.026990875601768494,
-0.013176796026527882,
-0.018734265118837357,
0.03335841745138168,
0.0006886156043037772,
0.0025993743911385536,
0.011685934849083424,
-0.017782172188162804,
-0.004270636010915041,
-0.06679697334766388,
-0.017540505155920982,
-0.002954988507553935,
-0.006568354554474354,
0.03572306036949158,
-0.018415328115224838,
-0.02008764073252678,
0.012703591957688332,
-0.01793816313147545,
0.014647853560745716,
0.0021040132269263268,
0.056799598038196564,
0.00902105774730444,
0.011873705312609673,
0.03474579006433487,
-0.022657660767436028,
-0.007893103174865246,
-0.009096499532461166,
-0.00883546657860279,
-0.013025794178247452,
-0.06423285603523254,
0.0003956052241846919,
-0.008397538214921951,
0.00682102981954813,
-0.02716917358338833,
-0.010982273146510124,
-0.010842964053153992,
-0.017386483028531075,
-0.02057793363928795,
0.008163419552147388,
0.04144204780459404,
-0.045458171516656876,
-0.013514150865375996,
0.0004518156056292355,
0.011312508955597878,
0.011943093501031399,
0.0013560428051277995,
-0.02621668390929699,
0.09791567176580429,
-0.018873224034905434,
0.03014572151005268,
0.019149066880345345,
0.4620586931705475,
-0.09313706308603287,
-0.017054328694939613,
-0.0003920924791600555,
-0.03661069646477699,
0.06352095305919647,
0.00747363455593586,
-0.03631603717803955,
-0.0044881501235067844,
0.033729489892721176,
0.00778696034103632,
-0.008919989690184593,
0.014725042507052422,
-0.03316889703273773,
0.000019385201085242443,
0.009521784260869026,
-0.0025349585339426994,
0.01173627283424139,
0.006460465025156736,
0.09345286339521408,
0.006683042272925377,
-0.043024692684412,
0.0030821666587144136,
0.043274104595184326,
-0.004646336659789085,
-0.02520132064819336,
0.027634181082248688,
0.006602840032428503,
-0.011892354115843773,
-0.015868496149778366,
-0.02022385410964489,
-0.019645407795906067,
-0.00040793779771775007,
0.00951743870973587,
-0.01582779735326767,
0.10953318327665329,
0.0917699933052063,
0.007750391028821468,
0.007291658315807581,
-0.04160827770829201,
-0.0331844836473465,
0.006099269725382328,
0.005350659601390362,
-0.05585011839866638,
-0.04119802266359329,
0.020685138180851936,
0.002782143885269761,
-0.034968674182891846,
-0.0017829455900937319,
0.017940916121006012,
0.009366046637296677,
-0.008386652916669846,
-0.005783107131719589,
-0.0046559590846300125,
-0.1323424130678177,
-0.022181445732712746,
-0.008088314905762672,
-0.04900689423084259,
0.038721416145563126,
-0.007064889185130596,
-0.03671128675341606,
0.019096242263913155,
0.04022722318768501,
0.04095388203859329,
0.02459385246038437,
0.006042751017957926,
0.022900106385350227,
0.0008441965328529477,
0.03316968306899071,
-0.011544766835868359,
0.003196403617039323,
-0.01838722825050354,
-0.0005486654117703438,
0.016899844631552696,
0.010438594035804272,
-0.036912377923727036,
-0.005780328996479511,
0.002678012242540717,
0.015959633514285088,
0.04182732477784157,
-0.010244682431221008,
-0.027766551822423935,
-0.014297844842076302,
0.021818596869707108,
-0.022364774718880653,
-0.0046749357134103775,
0.02801685221493244,
0.04015237092971802,
0.026068786159157753,
-0.07762497663497925,
-0.0169390682131052,
0.007005205377936363,
-0.008770480751991272,
-0.004293255973607302,
0.0951564759016037,
0.01644189842045307,
-0.009927021339535713,
-0.007063441444188356,
0.007318474352359772,
0.010472360998392105,
0.0029543035198003054,
0.005578803364187479,
0.03401382640004158,
0.0028839209116995335,
0.003592223860323429,
0.012942015193402767,
0.0035909342113882303,
-0.025956135243177414,
0.012184137478470802,
0.010845432057976723,
-0.0371154248714447,
-0.023422880098223686,
-0.0029687266796827316,
-0.04515223577618599,
-0.025775479152798653,
-0.017907891422510147,
0.03294350206851959,
0.012705662287771702,
0.01696803793311119,
-0.013796605169773102,
0.007713055703788996,
-0.022409845143556595,
-0.018759334459900856,
-0.006086644716560841,
0.0026503652334213257,
-0.01647689752280712,
-0.030768048018217087,
-0.033594660460948944,
-0.0115235336124897,
0.010901596397161484,
0.006983417551964521,
0.004513657186180353,
0.0217942725867033,
-0.014838717877864838,
0.006447450257837772,
0.005791662726551294,
0.023259202018380165,
0.013725700788199902,
0.007464040536433458,
-0.01708848960697651,
0.01327631063759327,
0.010831255465745926,
-0.0018384255236014724,
-0.003747394308447838,
0.002847054274752736,
-0.016462193801999092,
0.03079366311430931,
-0.007556109223514795,
0.0028784507885575294,
-0.01595243252813816,
0.011045816354453564,
-0.0049409265629947186,
-0.027912314981222153,
-0.0063664549961686134,
0.014382697641849518,
-0.06301789730787277,
0.011378251016139984,
0.018445074558258057,
0.0022272993810474873,
0.004557937383651733,
-0.02011655643582344,
0.0004885630332864821,
-0.024697434157133102,
0.021333880722522736,
-0.0035937370266765356,
-0.0004537064814940095,
0.09446410834789276,
-0.05429801344871521,
0.0008434570045210421,
-0.013845219276845455,
-0.002964017679914832,
-0.008178641088306904,
0.02540632337331772,
-0.012885943986475468,
-0.015853960067033768,
-0.005081819370388985,
0.001006315229460597,
-0.02147781476378441,
0.048629000782966614,
-0.03162483870983124,
0.010272447019815445,
0.028450066223740578,
-0.010183049365878105,
-0.015403114259243011,
0.010558169335126877,
0.02112579718232155,
0.04058601334691048,
-0.012421765364706516,
0.021476855501532555,
0.004135702736675739,
-0.0033367518335580826,
0.0012597354361787438,
0.018838748335838318,
-0.002040817169472575,
0.009152526035904884,
-0.009379209019243717,
-0.08631564676761627,
-0.006619314197450876,
0.024426830932497978,
0.004550961311906576,
0.04188118129968643,
-0.16338413953781128,
-0.019681325182318687,
-0.0012310764286667109,
-0.007778529077768326,
0.0017017761711031199,
0.018018538132309914,
0.0018666322575882077,
-0.024833131581544876,
-0.03360116109251976,
-0.004114361479878426,
-0.014372948557138443,
0.011914156377315521,
0.015031286515295506,
-0.01748752035200596,
-0.0319901779294014,
-0.0498930849134922,
0.006015194579958916,
-0.0064293984323740005,
0.066417396068573,
-0.0038009313866496086,
0.060211554169654846,
0.0475480742752552,
-0.01300816424190998,
-0.010571599006652832,
-0.014760489575564861,
0.009313764981925488,
-0.003821201389655471,
-0.0007522925152443349,
-0.01677757315337658,
-0.02465260587632656,
-0.03226712346076965,
-0.0005703784408979118,
-0.016551634296774864,
0.08557885885238647,
-0.016227012500166893,
0.009711290709674358,
-0.0002804130199365318,
0.007149628829210997,
-0.023241696879267693,
0.04722566157579422,
0.0017768687102943659,
-0.043349720537662506,
0.02469755709171295,
0.009298602119088173,
-0.006747460458427668,
-0.029136091470718384,
0.014688069932162762,
-0.009883743710815907,
-0.008885937742888927,
0.03455628454685211,
0.004818400368094444,
0.02104206755757332,
-0.012353874742984772,
-0.019625242799520493,
-0.05868536978960037,
-0.009216384962201118,
0.0063337949104607105,
-0.003501773113384843,
0.01375110074877739,
-0.007329286076128483,
-0.017477182671427727,
0.026238450780510902,
0.011270630173385143,
0.02408885955810547,
-0.0201590433716774,
-0.016484318301081657,
0.014202282764017582,
-0.019035859033465385,
-0.018569041043519974,
-0.007885457947850227,
-0.005776804871857166,
0.0033391681499779224,
0.003890551859512925,
0.026356928050518036,
-0.012011593207716942,
0.013650570996105671,
-0.01239082682877779,
0.0295905452221632,
-0.009959564544260502,
-0.002245792653411627,
-0.005422158166766167,
-0.030870193615555763,
0.003559628501534462,
-0.017144976183772087,
0.01742578111588955,
0.011534773744642735,
0.17532309889793396,
0.013237142004072666,
0.029466917738318443,
-0.0027496858965605497,
-0.008936851285398006,
0.019286399707198143,
-0.023824455216526985,
0.07931122928857803,
-0.016578713431954384,
0.00697828596457839,
-0.030076906085014343,
0.018016327172517776,
-0.018106194213032722,
-0.023049507290124893,
-0.007538374979048967,
-0.010358549654483795,
-0.0020979829132556915,
0.023759199306368828,
-0.0017125844024121761,
-0.010261325165629387,
0.006422341335564852,
-0.028497107326984406,
0.11749344319105148,
-0.015747247263789177,
-0.0051167430356144905,
-0.007293013855814934,
0.004013856872916222,
0.015272766351699829,
-0.0009285403066314757,
0.004086568020284176,
-0.028941139578819275,
-0.05800044536590576,
0.05350392684340477,
0.029986202716827393,
0.012619424611330032,
0.026714665815234184,
0.02888737991452217,
0.0018106101779267192,
-0.035852499306201935,
-0.011800616048276424,
-0.02735442854464054,
-0.01167645025998354,
-0.02117942087352276,
0.004964249674230814,
0.02200009487569332,
-0.01157435029745102,
-0.034136153757572174,
0.021731650456786156,
-0.04112854599952698,
0.0014264446217566729,
0.026742059737443924,
-0.017199397087097168,
0.0008567827753722668,
-0.0003842257719952613,
0.009661993943154812,
-0.001336579560302198,
0.034566301852464676,
0.060494985431432724,
-0.004263749346137047,
-0.039623912423849106,
0.006287271622568369,
-0.0010728822089731693,
-0.0409516915678978,
0.0007176914950832725,
-0.011016043834388256,
-0.026214253157377243,
0.01188773661851883,
-0.01669209636747837,
0.016534600406885147,
0.002978441771119833,
0.2426883578300476,
0.042733438313007355,
-0.004873585421591997,
0.018214026466012,
0.0169273279607296,
-0.010653307661414146,
-0.007074074819684029,
-0.035064373165369034,
-0.012508152052760124,
0.041477855294942856,
-0.019877294078469276,
0.01700654625892639,
0.11676564812660217,
0.028407186269760132,
-0.013715730048716068,
0.01712743379175663,
0.009089351631700993,
-0.017145682126283646,
-0.009858584962785244,
-0.00976559892296791,
0.0014821691438555717,
0.017854813486337662,
-0.005394631531089544,
-0.0070217628963291645,
0.007412508130073547,
-0.0092233307659626,
-0.027548691257834435,
-0.015317915007472038,
-0.036785125732421875,
0.0009958221344277263,
0.006462036166340113,
-0.018879517912864685,
-0.0061722807586193085,
0.0003194139862898737,
-0.011319229379296303,
0.01680702157318592,
0.00003977121377829462,
-0.01839587651193142,
0.0014022649265825748,
-0.019953904673457146,
-0.01821868121623993,
0.011794911697506905,
0.021582596004009247,
0.012540039606392384,
-0.00024134635168593377,
-0.05105651915073395,
-0.010884713381528854,
0.013850530609488487,
-0.017993371933698654,
-0.018470022827386856,
-0.0022094734013080597,
0.00680132582783699,
-0.0031317302491515875,
0.04649994149804115,
0.0008926062728278339,
0.0022121542133390903,
0.0032739597372710705,
0.022392908111214638,
-0.00042407758883200586,
0.008631226606667042,
-0.013692174106836319,
-0.04351576045155525,
0.0029074945487082005,
0.16020040214061737,
-0.040543898940086365,
-0.0024520927108824253,
0.02284623496234417,
-0.007370623294264078,
0.00974054541438818,
0.018994631245732307,
-0.014887401834130287,
-0.01781083270907402,
-0.013929087668657303,
0.0924597904086113,
0.006790931336581707,
-0.01682909019291401,
-0.024699915200471878,
0.027276933193206787,
-0.042839378118515015,
0.023583628237247467,
0.01445931475609541
] |
and lower inventory obsolescence costs, partially offset by higher product input and logistics costs. Selling and administrative expense decreased as a percent of revenues despite higher demand creation expense to support key brand and sporting events and higher sports marketing expense. Operating overhead costs also increased to support DTC growth and investments in infrastructure, as well as higher performance-based compensation costs.
Fiscal 2014 Compared to Fiscal 2013
Our continued focus on the category offense drove increased demand for NIKE Brand products across all key categories for fiscal 2014. Our Basketball, Men’s Training, Running and Sportswear categories fueled the revenue growth in fiscal 2014. DTC revenue growth in North America for fiscal 2014 was driven by a 7% increase in comparable store sales, the addition of 16 net new stores and strong online sales growth.
Footwear revenue growth in North America was driven by higher demand in nearly all key categories, led by our Basketball, Running and Sportswear categories. For fiscal 2014, unit sales increased 7% and average selling price per pair contributed 4 percentage points of footwear revenue growth. The increase in average selling price per pair was driven by price increases and shifts in mix toward higher-priced products in nearly equal amounts.
North America apparel revenue growth was fueled by higher demand in all key categories, most notably our Men’s Training, Women’s Training and Sportswear categories. Unit sales increased 6% and average selling price per unit contributed approximately 4 percentage points of apparel revenue growth. The increase in average selling price per unit was primarily driven by price increases, and to a lesser extent, shifts in mix to higher-priced products.
EBIT grew faster than revenues due to gross margin expansion and slight selling and administrative expense leverage. Gross margin increased 120 basis points for fiscal 2014, reflecting pricing initiatives as well as lower product costs as a result of favorable changes in product mix. These gross margin benefits were partially offset by higher off-price mix. Selling and administrative expenses grew in line with revenues as a result of higher operating overhead costs to support DTC growth and higher demand creation expense in support of the World Cup and key product and brand initiatives.
Western Europe
Fiscal 2015 Compared to Fiscal 2014
Excluding the changes in currency exchange rates, revenues for fiscal 2015 increased 21% and grew in every territory, led by AGS (Austria, Germany and Switzerland) and the UK & Ireland, our largest territories in Western Europe, which grew 27% and 20%, respectively. Revenues grew for every key category, most notably Sportswear and Running. DTC revenues grew 40%, driven by comparable store sales growth of 24%, strong online sales growth and the addition of new stores.
The constant currency footwear revenue growth was driven by increases in nearly every category, most notably Sportswear, Running and Football (Soccer). For fiscal 2015, unit sales of footwear increased 20% and average selling price per pair contributed approximately 5
| 2SELL
|
[
-0.0018713222816586494,
0.04665546864271164,
-0.009902426972985268,
-0.030609605833888054,
-0.12117667496204376,
-0.015007521957159042,
-0.0031677058432251215,
0.00565660884603858,
-0.06293465197086334,
0.029352320358157158,
0.005930597893893719,
-0.04609066620469093,
0.01769075356423855,
-0.02955082431435585,
0.017748627811670303,
0.048648446798324585,
0.057902391999959946,
-0.0007584827835671604,
-0.032780617475509644,
-0.004439304582774639,
0.012016410008072853,
0.014814162626862526,
0.008525046519935131,
-0.0071745626628398895,
0.012023872695863247,
0.022158784791827202,
-0.06693988293409348,
0.019445987418293953,
0.05901484563946724,
-0.04067618027329445,
0.029035158455371857,
0.028598744422197342,
0.03200104832649231,
-0.016439950093626976,
0.05409420281648636,
0.0051255002617836,
-0.03996991738677025,
0.018685562536120415,
0.025253280997276306,
0.006212398409843445,
-0.04650013893842697,
0.009099711664021015,
-0.012703199870884418,
-0.010118547827005386,
0.008479136973619461,
-0.010363674722611904,
0.03275651857256889,
0.04047383740544319,
0.015342525206506252,
-0.016504349187016487,
0.002681820187717676,
-0.03524148464202881,
-0.01595495641231537,
-0.029754068702459335,
-0.02831006608903408,
-0.004315235186368227,
-0.014395345002412796,
-0.04370950162410736,
0.06932204961776733,
0.02802879549562931,
0.02074829488992691,
-0.029328498989343643,
-0.00283950031735003,
0.037483103573322296,
0.0061559537425637245,
-0.010772457346320152,
-0.00377687462605536,
0.016429219394922256,
-0.030665166676044464,
-0.008856691420078278,
0.021261507645249367,
0.030722759664058685,
-0.019904382526874542,
-0.023129237815737724,
0.003440950997173786,
-0.045077189803123474,
0.0304463729262352,
0.010786959901452065,
0.0682181790471077,
-0.02863665297627449,
0.006261919625103474,
-0.08235684037208557,
0.07592526078224182,
-0.09545814245939255,
0.009887163527309895,
-0.028071507811546326,
-0.020033886656165123,
-0.04810653254389763,
-0.014725357294082642,
0.005411697551608086,
-0.0013218981912359595,
0.006260445341467857,
-0.020813006907701492,
-0.038799576461315155,
-0.0166674442589283,
0.00802032183855772,
0.03696861490607262,
-0.14938367903232574,
0.000518798828125,
0.0032808627001941204,
0.05282440036535263,
0.014841821044683456,
0.055049244314432144,
-0.02150469273328781,
0.015509422868490219,
0.011098368093371391,
-0.030319541692733765,
0.03934815526008606,
-0.0006056404090486467,
0.015398846939206123,
-0.016790809109807014,
-0.051667291671037674,
0.02683243900537491,
-0.003683718852698803,
-0.007022052071988583,
0.058248914778232574,
0.003296623704954982,
0.047285307198762894,
0.007891795597970486,
-0.05616120249032974,
0.012423647567629814,
-0.027105731889605522,
-0.03458084911108017,
-0.012202772311866283,
-0.046011343598365784,
0.01955997757613659,
-0.04036884382367134,
-0.007877589203417301,
0.037202198058366776,
-0.008267627097666264,
-0.0045422883704304695,
-0.003430586541071534,
-0.010221315547823906,
0.03325770050287247,
-0.046853579580783844,
0.007767997682094574,
-0.012238314375281334,
-0.0013525678077712655,
-0.04378549009561539,
0.0035381936468183994,
-0.04153842851519585,
-0.027989758178591728,
-0.0037671991158276796,
-0.017972128465771675,
-0.05268590897321701,
-0.0034368818160146475,
-0.013673227280378342,
0.006484353449195623,
0.03527689352631569,
0.05711730569601059,
-0.022301513701677322,
-0.004757500719279051,
-0.03643929958343506,
-0.011434170417487621,
-0.02027769573032856,
-0.008630716241896152,
0.04726656526327133,
0.01912350207567215,
-0.061453357338905334,
0.001188680063933134,
-0.0048356265760958195,
-0.007213828153908253,
-0.004514569416642189,
-0.06937664747238159,
-0.06399334967136383,
-0.022681862115859985,
0.016772599890828133,
-0.014230577275156975,
0.045098189264535904,
0.042635731399059296,
0.019312802702188492,
0.020427998155355453,
-0.0010410910472273827,
-0.0020552363712340593,
0.03559819608926773,
-0.06551969051361084,
0.015287104994058609,
0.04911157116293907,
-0.018508724868297577,
0.012416884303092957,
0.02558215521275997,
0.009705116972327232,
0.05716684088110924,
-0.10345239192247391,
-0.06942038983106613,
-0.013160954229533672,
0.01791577786207199,
0.05618404224514961,
-0.003554073628038168,
-0.01876395009458065,
0.057408563792705536,
-0.018618831411004066,
-0.00788547471165657,
0.010854142718017101,
0.004289217758923769,
-0.0019563196692615747,
-0.009589721448719501,
0.004933626390993595,
-0.014205978251993656,
-0.006782196462154388,
-0.10747011005878448,
0.014023348689079285,
-0.0047129797749221325,
0.016948461532592773,
0.03452552109956741,
-0.015100293792784214,
-0.01455721165984869,
0.00423346646130085,
-0.0027402802370488644,
-0.017948340624570847,
-0.06452032178640366,
0.0022716999519616365,
0.008955753408372402,
-0.02598411589860916,
0.001729084295220673,
0.052676815539598465,
-0.0020953291095793247,
-0.08534516394138336,
-0.0015324451960623264,
-0.04266781732439995,
0.005736354272812605,
-0.01124951709061861,
0.01751217246055603,
0.007075625006109476,
0.07539926469326019,
0.0016634634230285883,
0.024230124428868294,
-0.0067384312860667706,
-0.04043910652399063,
0.02072671614587307,
0.0067156897857785225,
0.06494718044996262,
-0.0533670149743557,
0.026224885135889053,
0.007116843014955521,
0.0009445513132959604,
0.0032899549696594477,
-0.000667216838337481,
-0.029538046568632126,
0.06887557357549667,
0.09411432594060898,
-0.00838589109480381,
-0.010247934609651566,
-0.011178180575370789,
-0.03422640636563301,
0.05543871596455574,
0.037762150168418884,
0.016674013808369637,
-0.009824361652135849,
-0.012485316023230553,
-0.010955712758004665,
0.041899945586919785,
-0.04934798181056976,
0.0047950404696166515,
-0.048900581896305084,
0.0225424375385046,
0.01774454303085804,
-0.0163765549659729,
0.014397036284208298,
-0.1354619413614273,
-0.0036739809438586235,
-0.02672470547258854,
0.0034496912267059088,
-0.031166912987828255,
0.010684546083211899,
0.006489174906164408,
0.020200375467538834,
-0.0078138317912817,
-0.0063255722634494305,
0.0034689297899603844,
-0.0011647390201687813,
-0.0064161550253629684,
0.02841631881892681,
-0.016042115166783333,
-0.009713718667626381,
-0.0027935360558331013,
0.029364315792918205,
-0.010666132904589176,
0.025641005486249924,
-0.03200244903564453,
-0.00775652751326561,
0.0056241885758936405,
0.012345537543296814,
-0.02532014809548855,
-0.022474315017461777,
-0.009862574748694897,
-0.03550783172249794,
-0.009355948306620121,
0.08055559545755386,
-0.034123990684747696,
-0.018296172842383385,
-0.00006789472536183894,
0.017729181796312332,
-0.03868289664387703,
-0.028494203463196754,
0.061215028166770935,
-0.0067006307654082775,
-0.03897973522543907,
-0.004364081658422947,
0.06162421032786369,
0.026860803365707397,
0.0327756442129612,
0.018723564222455025,
-0.027586039155721664,
-0.014247681014239788,
-0.012635053135454655,
-0.02425188384950161,
-0.01894516684114933,
0.12365162372589111,
-0.003585594706237316,
0.014803025871515274,
0.01832306571304798,
-0.005686546675860882,
-0.0012958430452272296,
-0.01591075025498867,
-0.03469153121113777,
-0.035481635481119156,
0.04739424213767052,
-0.011660607531666756,
-0.034360095858573914,
0.02043844759464264,
0.006027100142091513,
0.022279169410467148,
0.02592054009437561,
0.05134260654449463,
-0.004740457516163588,
0.0529843233525753,
-0.04396531730890274,
0.0544407032430172,
-0.009479873813688755,
0.04360151290893555,
0.054510511457920074,
-0.034676242619752884,
0.04882102459669113,
-0.031936436891555786,
0.03650166094303131,
0.01675351895391941,
-0.021666094660758972,
0.00720450421795249,
0.0041528306901454926,
-0.0098869064822793,
-0.016827570274472237,
0.04771199822425842,
-0.025320960208773613,
0.005476751830428839,
0.11761941015720367,
0.010709111578762531,
-0.04928544908761978,
0.0248661357909441,
0.08449365943670273,
0.042275235056877136,
-0.0237438902258873,
0.009032906964421272,
0.051409780979156494,
0.008963504806160927,
-0.030094364657998085,
0.03852203115820885,
0.01526879332959652,
-0.013619904406368732,
0.012486636638641357,
-0.018436426296830177,
-0.02539067342877388,
-0.006469313055276871,
0.008576788939535618,
0.03614380955696106,
0.027872271835803986,
-0.03871982544660568,
0.01006332691758871,
0.013813440687954426,
-0.02203524298965931,
-0.021412523463368416,
0.008243529126048088,
0.01380839291960001,
0.04427623748779297,
-0.04026728495955467,
0.012185266241431236,
0.014652764424681664,
-0.033171333372592926,
-0.008245021104812622,
0.034502290189266205,
0.0034769289195537567,
0.002822727197781205,
-0.013476056978106499,
-0.011211296543478966,
0.05835732817649841,
-0.016978882253170013,
-0.002438894473016262,
0.006116000469774008,
0.0013910551788285375,
0.0035510228481143713,
-0.0001728816278045997,
0.04198521375656128,
0.04970332235097885,
0.020634761080145836,
-0.02520875446498394,
0.003964241594076157,
0.03472345694899559,
-0.022465618327260017,
-0.022014593705534935,
-0.03105895407497883,
-0.004511698614805937,
-0.022052286192774773,
-0.005807224195450544,
0.022377511486411095,
0.047878265380859375,
-0.0019508959958329797,
-0.020426245406270027,
0.036913756281137466,
-0.004538536537438631,
0.05189703032374382,
-0.00751552963629365,
-0.12277519702911377,
-0.018980693072080612,
0.02560604363679886,
-0.05336814373731613,
0.024869117885828018,
-0.011426259763538837,
0.03386092185974121,
0.06298723071813583,
0.056141726672649384,
-0.04421880468726158,
0.004778467584401369,
0.04220593348145485,
0.010761566460132599,
-0.1441088765859604,
0.014824779704213142,
-0.049093328416347504,
-0.02568698674440384,
0.02333664521574974,
0.011503154411911964,
-0.012371533550322056,
0.007821392267942429,
0.02742883190512657,
-0.0060333264991641045,
0.0023964373394846916,
0.013286643661558628,
-0.00782470591366291,
-0.026127947494387627,
-0.008651898242533207,
0.03397512063384056,
-0.038884371519088745,
0.042591553181409836,
-0.0010975621407851577,
-0.018328094854950905,
-0.01813722960650921,
0.00573356868699193,
0.04945382475852966,
-0.016757097095251083,
0.03384783864021301,
-0.054581418633461,
0.0007125435513444245,
0.013188584707677364,
0.010781684890389442,
-0.0005830833688378334,
0.010830935090780258,
-0.008288831450045109,
-0.011292872950434685,
0.010957930237054825,
-0.02075989544391632,
0.00607880437746644,
-0.0007916154572740197,
0.011516639962792397,
0.02155108004808426,
-0.004244436509907246,
-0.014400491490960121,
0.020503927022218704,
0.01842704974114895,
0.0023112420458346605,
0.046484414488077164,
-0.003976412117481232,
-0.008050172589719296,
0.007177260238677263,
0.000709294225089252,
0.001227119704708457,
0.03883582353591919,
-0.002955235540866852,
0.04924590885639191,
-0.01973002403974533,
0.00017098771058954298,
-0.029373785480856895,
0.019229920580983162,
-0.009360665455460548,
-0.02233198471367359,
0.025904996320605278,
0.014498685486614704,
-0.08409098535776138,
-0.02192799188196659,
-0.0012701317900791764,
-0.013140201568603516,
0.006003450136631727,
-0.04746697098016739,
-0.02577734924852848,
-0.03223966807126999,
0.03150226175785065,
-0.002983443671837449,
-0.006439391989260912,
-0.1117316260933876,
0.003303844016045332,
-0.016288308426737785,
-0.010852489620447159,
0.03171953186392784,
-0.01675243116915226,
0.013223255053162575,
0.02970215491950512,
0.0008787313126958907,
0.029557865113019943,
-0.0056604561395943165,
0.016906924545764923,
-0.049344323575496674,
-0.0009839655831456184,
0.022956829518079758,
0.01788182742893696,
-0.010003598406910896,
-0.04224366322159767,
0.023735878989100456,
-0.07383410632610321,
0.04247942194342613,
-0.0005506539018824697,
0.02038750983774662,
0.014204638078808784,
-0.003292771987617016,
0.02098940871655941,
0.027584785595536232,
-0.0025165127590298653,
0.05093399062752724,
0.0011276882141828537,
0.017489587888121605,
-0.008314800448715687,
0.06448320299386978,
-0.006096566095948219,
0.0180320143699646,
0.1856883317232132,
-0.0006417008116841316,
-0.006709919776767492,
-0.0008895579376257956,
0.0031661579851061106,
0.007143472321331501,
-0.010126648470759392,
-0.016342926770448685,
-0.00985430832952261,
-0.017987005412578583,
0.03592318296432495,
0.011059307493269444,
-0.020919084548950195,
0.020528830587863922,
-0.01514714676886797,
-0.07750982791185379,
-0.01199690718203783,
0.0048523033037781715,
-0.07104943692684174,
-0.01997322216629982,
0.08625471591949463,
0.047323841601610184,
0.0006791190826334059,
0.010143755935132504,
-0.025591284036636353,
0.009420299902558327,
-0.0061370390467345715,
-0.0030894605442881584,
0.008829239755868912,
-0.004889893811196089,
-0.05057999864220619,
0.002594673540443182,
-0.009957635775208473,
-0.04338997229933739,
-0.0012533992994576693,
-0.003624032251536846,
-0.03213738650083542,
0.02369747869670391,
-0.006192805245518684,
0.08360234647989273,
0.010398411191999912,
-0.022624244913458824,
-0.06214156746864319,
0.029724938794970512,
0.02075781300663948,
0.004089919850230217,
-0.013385963626205921,
-0.012060504406690598,
-0.041538089513778687,
0.045107416808605194,
0.02564365789294243,
-0.01440689992159605,
-0.004090925678610802,
0.02218003198504448,
-0.10678324848413467,
0.03129945322871208,
0.036378372460603714,
-0.0019909741822630167,
0.018506765365600586,
-0.019959857687354088,
0.0002083772560581565,
0.011550312861800194,
0.03802114725112915,
0.04200759157538414,
-0.12306252866983414,
-0.02396925911307335,
0.014652196317911148,
-0.009693406522274017,
-0.027057485654950142,
0.018160460516810417,
-0.0033414801582694054,
0.030531829223036766,
0.022836005315184593,
0.016763651743531227,
-0.020148400217294693,
0.02068791538476944,
-0.006500602699816227,
0.03724442794919014,
-0.005472102668136358,
-0.020172210410237312,
-0.009858863428235054,
-0.0008608247735537589,
-0.04198083654046059,
-0.0008332537836395204,
0.027203718200325966,
0.01943311095237732,
-0.20934516191482544,
0.034069765359163284,
0.04629448801279068,
-0.012255321256816387,
-0.015791229903697968,
0.018792157992720604,
-0.007529344875365496,
-0.041058000177145004,
0.008291875943541527,
-0.017760783433914185,
-0.042414404451847076,
0.022727422416210175,
-0.007999918423593044,
-0.02111022174358368,
0.011043468490242958,
0.015552653931081295,
-0.02728608250617981,
-0.003908469341695309,
0.049621082842350006,
-0.0319826677441597,
0.030293988063931465,
-0.0457756444811821,
-0.12700586020946503,
-0.0015253230230882764,
-0.043886832892894745,
-0.010042994283139706,
0.02806992083787918,
0.022552205249667168,
0.004730180371552706,
-0.011168481782078743,
-0.037328749895095825,
0.023996785283088684,
0.07273635268211365,
0.03620118275284767,
-0.020608775317668915,
-0.010323973372578621,
0.04765089228749275,
-0.020120391622185707,
-0.011364828795194626,
0.007683905307203531,
-0.019934752956032753,
0.004643844906240702,
-0.03159454092383385,
-0.02630160003900528,
0.035866156220436096,
-0.05846478044986725,
-0.009020131081342697,
-0.005484535358846188,
0.0067040761932730675,
0.051406409591436386,
0.010704939253628254,
-0.0398375429213047,
-0.006593063473701477,
0.01649785228073597,
0.007791657000780106,
-0.013621584512293339,
0.025342587381601334,
0.07101982831954956,
0.00807846151292324,
-0.027285033836960793,
0.05216407775878906,
0.034068867564201355,
-0.055573586374521255,
0.007314144168049097,
0.006212847772985697,
-0.020190000534057617,
0.013864914886653423,
-0.05520840734243393,
0.017921948805451393,
0.02216465398669243,
-0.16750198602676392,
-0.0719844251871109,
-0.05929891765117645,
0.023112962022423744,
0.005219032987952232,
-0.014202642254531384,
0.00958648044615984,
-0.023961417376995087,
-0.012155167758464813,
0.0005235682474449277,
-0.027524156495928764,
0.008497373200953007,
-0.12918420135974884,
0.025493241846561432,
-0.019121646881103516,
-0.0007966704433783889,
0.015224570408463478,
-0.02582232467830181,
0.02212829887866974,
-0.003568043000996113,
-0.021461740136146545,
-0.005444888956844807,
0.017410218715667725,
0.012991417199373245,
-0.0036022451240569353,
0.003155746730044484,
-0.019332829862833023,
0.008654084987938404,
-0.053127825260162354,
-0.00039880265831016004,
-0.00046231423038989305,
0.008176371455192566,
0.007219657301902771,
-0.022609686478972435,
-0.04073314368724823,
-0.04046070948243141,
-0.007297424133867025,
0.11680140346288681,
0.0026781910564750433,
0.013989859260618687,
-0.012080298736691475,
0.009747717529535294,
-0.009416189044713974,
-0.005018380470573902,
-0.038896847516298294,
0.09848354756832123,
-0.032334618270397186,
-0.00816098041832447,
0.0006190640851855278,
-0.03832345828413963,
-0.007436175365000963,
0.0013466738164424896,
0.010737611912190914,
0.06183105707168579,
0.025114983320236206,
0.011408076621592045,
0.015485594049096107,
0.04888443648815155,
-0.010488624684512615,
-0.015074944123625755,
-0.042196158319711685,
-0.03407737985253334,
0.034739989787340164,
-0.10601172596216202,
-0.02196584641933441,
0.025850553065538406,
0.006207342259585857,
-0.029184693470597267,
0.008146761916577816,
-0.005643119104206562,
0.004837506916373968,
0.016763240098953247,
-0.04158332571387291,
0.03417636454105377,
0.0030820618849247694,
0.03730259835720062,
-0.021907992660999298,
0.04212439805269241,
-0.06011810153722763,
0.04224753379821777,
0.008005043491721153
] |
savings, we have reduced operating costs and improved service levels by standardizing, regionalizing, and/or outsourcing a wide array of transactional accounting activities. Examples include accounts payable, general accounting, accounts receivable, travel and entertainment processing and inventory accounting. In addition, a standard global platform for tax operations was developed, which leverages technology, standardizes processes, and focuses on colleague alignment and skill sets. This effort includes regionalization of tax operations for Europe and the U.S.
Global Sourcing—
• Leveraging Purchasing Power—To achieve cost savings on purchased goods and services, we have focused on rationalizing suppliers, leveraging the approximately $16 billion of goods and services that Pfizer purchases annually and improving demand management to optimize levels of outside services needed and strategic sourcing from lower-cost sources. For example, savings from demand management are being derived in part from reductions in travel, entertainment, consulting and other external service expenses. Facilities savings are being found in site rationalization, energy conservation and renegotiated service contracts.
Our Strategic Initiatives—Strategy and Recent Transactions
Acquisitions, Licensing and Collaborations
We are committed to capitalizing on new growth opportunities by advancing our own new-product pipeline, as well as through licensing, co-promotion agreements and acquisitions. Our business development strategy targets a number of growth opportunities, including biologics, oncology, Alzheimer’s disease, vaccines and other products and services that complement and supplement our internal pipeline and that add value to our customers and patients, and that seek to provide innovative healthcare solutions.
• In December 2006, we entered into a collaboration agreement with Kosan Biosciences Inc. (Kosan) to develop a gastrointestinal disease treatment. In 2006, we expensed a payment of $12 million, which was included in Research and development expenses. Additional significant milestone payments of up to approximately $238 million may be made to Kosan based upon the successful development and commercialization of a product.
• In September 2006, we entered into a license agreement with Quark Biotech Inc. (Quark) for exclusive worldwide rights to a compound for the treatment of neovascular (wet) age-related macular degeneration (AMD).
• In September 2006, we entered into a license and collaboration agreement with TransTech Pharma Inc. (TransTech) to develop and commercialize small- and large-molecule compounds for treatment of Alzheimer’s disease and diabetic neuropathy. Under the terms of the agreement, Pfizer received exclusive worldwide rights to TransTech’s portfolio of compounds. In 2006, we expensed a payment of $101 million, which was included in Research and development expenses. Additional significant milestone payments may be made to TransTech based upon the successful development and commercialization of a product.
• In June 2006, we entered into a license agreement with Bayer Pharmaceuticals Corporation (Bayer) to acquire exclusive worldwide
| 2SELL
|
[
-0.0033487752079963684,
0.06699076294898987,
-0.003145999275147915,
-0.015746494755148888,
-0.12887871265411377,
-0.026089249178767204,
-0.003565194783732295,
-0.002596354577690363,
-0.07590925693511963,
0.024970412254333496,
0.01447228156030178,
-0.024770010262727737,
0.02596920356154442,
-0.01629740372300148,
0.011338339187204838,
0.02822348102927208,
0.03158862888813019,
-0.00923868827521801,
-0.042557161301374435,
0.007657855749130249,
0.016482697799801826,
0.017362071201205254,
0.013006498105823994,
-0.01199865248054266,
0.03449874371290207,
0.024168159812688828,
-0.05383265018463135,
0.02424052357673645,
0.07003088295459747,
-0.05863310769200325,
0.020826637744903564,
0.017117610201239586,
0.03629177063703537,
-0.022855602204799652,
0.04472033679485321,
0.00502591161057353,
-0.06262706220149994,
0.014159450307488441,
0.03782922774553299,
0.008523969911038876,
-0.04246988892555237,
0.0021375694777816534,
-0.003514355979859829,
-0.012783854268491268,
0.013586854562163353,
-0.010545286349952221,
0.0320211686193943,
0.024654250591993332,
0.014784983359277248,
-0.010051587596535683,
0.0020897381473332644,
-0.029388660565018654,
-0.02220384031534195,
-0.023074615746736526,
-0.019294777885079384,
-0.004048370290547609,
-0.021741600707173347,
-0.0220914576202631,
0.08432461321353912,
0.0433243028819561,
0.03422701358795166,
-0.0363713763654232,
0.010653046891093254,
0.03352273255586624,
0.013062275014817715,
-0.011118637397885323,
-0.011482357047498226,
-0.0018568946979939938,
-0.03745667636394501,
-0.03723785653710365,
0.023348018527030945,
0.040004830807447433,
-0.019181298092007637,
-0.008430573157966137,
0.008642923086881638,
-0.04164109751582146,
0.0348697267472744,
-0.008832471445202827,
0.08897799998521805,
-0.03673708811402321,
-0.0022521340288221836,
-0.08688987791538239,
0.02161935158073902,
-0.06210320442914963,
0.009529703296720982,
-0.004015565384179354,
-0.017855245620012283,
-0.05298757553100586,
-0.025679485872387886,
-0.005056051537394524,
0.008011158555746078,
0.005792584735900164,
-0.02762928605079651,
-0.06232896074652672,
-0.039680756628513336,
0.0016366109484806657,
0.032433491200208664,
-0.16952790319919586,
-0.0034572023432701826,
-0.010839217342436314,
0.0536440834403038,
0.0165992621332407,
0.0342629998922348,
-0.029945433139801025,
0.017410527914762497,
0.016613198444247246,
-0.03330382704734802,
0.03586626797914505,
0.0007536544580943882,
0.013355220668017864,
-0.015725206583738327,
-0.05809185281395912,
0.031017540022730827,
-0.005949525628238916,
-0.008524470962584019,
0.0510760098695755,
0.00459474278613925,
0.031452104449272156,
-0.01005565095692873,
-0.06848139315843582,
0.015487883239984512,
-0.029963435605168343,
-0.0359872542321682,
-0.006384591571986675,
-0.02950703538954258,
0.029702719300985336,
-0.017181606963276863,
-0.019523026421666145,
0.04349911957979202,
-0.012777510099112988,
-0.0037186285480856895,
-0.0053309728391468525,
-0.015147958882153034,
0.033779263496398926,
-0.04957166314125061,
0.01743168570101261,
-0.01758168265223503,
0.0011005698470398784,
-0.04323618859052658,
0.022832242771983147,
-0.0307143684476614,
-0.03205031901597977,
-0.020723436027765274,
-0.012971020303666592,
-0.03876867890357971,
-0.005360533948987722,
-0.012377968057990074,
0.002406579675152898,
0.04589350149035454,
0.09168052673339844,
-0.008966166526079178,
0.000024986009520944208,
-0.035093288868665695,
-0.019343139603734016,
-0.028488481417298317,
-0.007675197906792164,
0.05251891911029816,
-0.012294803746044636,
-0.06988023221492767,
-0.010115999728441238,
-0.006987553555518389,
-0.011400074698030949,
-0.0022599883377552032,
-0.06263333559036255,
-0.04215133190155029,
-0.04125038534402847,
0.016545789316296577,
-0.0177955012768507,
0.04569153115153313,
0.051297467201948166,
0.02872464433312416,
0.026118990033864975,
0.005009804852306843,
0.0018849576590582728,
0.030338037759065628,
-0.06174366921186447,
0.036012690514326096,
0.03766779601573944,
-0.003748454386368394,
0.02136765979230404,
0.026788590475916862,
0.0021587638184428215,
0.044129785150289536,
-0.07754097133874893,
-0.06416475772857666,
-0.026340560987591743,
0.004715191200375557,
0.03946465626358986,
0.0006674810429103673,
-0.02543938346207142,
0.036599721759557724,
-0.011317918077111244,
0.007192674092948437,
-0.00581337558105588,
-0.014699241146445274,
-0.015112354420125484,
-0.03738453984260559,
0.0029377916362136602,
0.009278560988605022,
-0.009803679771721363,
-0.110307976603508,
0.01572050340473652,
-0.00011822650412796065,
0.030719159170985222,
0.05385822057723999,
-0.017300741747021675,
-0.010948965325951576,
-0.005489795468747616,
-0.0015935938572511077,
-0.008119607344269753,
-0.059355929493904114,
-0.015126070007681847,
0.0068861860781908035,
-0.03973114863038063,
0.0031958555337041616,
0.04910210520029068,
0.0005393576575443149,
-0.09681575745344162,
-0.032526154071092606,
-0.03965924307703972,
0.003404939780011773,
-0.017106354236602783,
0.023195039480924606,
0.005156818311661482,
0.05123862996697426,
-0.010658219456672668,
0.05741099268198013,
-0.003494086442515254,
-0.05278630927205086,
0.029370620846748352,
0.013335898518562317,
0.07095684111118317,
-0.03214452415704727,
0.03452930226922035,
0.005162484478205442,
-0.0071357120759785175,
0.0012149295071139932,
0.005687758792191744,
-0.02940281666815281,
0.062153033912181854,
0.09802697598934174,
-0.01797601394355297,
-0.011841949075460434,
-0.0097503075376153,
-0.04073471948504448,
0.049605268985033035,
0.020692253485322,
0.055240921676158905,
-0.012953821569681168,
-0.013273825868964195,
-0.008740467019379139,
0.031792424619197845,
-0.016907090321183205,
0.0022005727514624596,
-0.0529252253472805,
0.020027535036206245,
0.0196051225066185,
-0.008578803390264511,
0.0011727424571290612,
-0.13330914080142975,
-0.011081485077738762,
-0.029957184568047523,
0.006474991329014301,
-0.022627979516983032,
0.019055429846048355,
0.006618394050747156,
0.02517078071832657,
-0.0011886194115504622,
-0.010977069847285748,
0.004456525202840567,
-0.008230217732489109,
-0.01863318495452404,
0.05677613243460655,
-0.015291093848645687,
0.0015835430240258574,
0.01785353571176529,
0.042767275124788284,
-0.017712820321321487,
0.028651205822825432,
-0.03310886770486832,
0.003720102133229375,
0.0001656720123719424,
0.000021244017261778936,
-0.033917367458343506,
-0.021485518664121628,
-0.014001083560287952,
-0.025249840691685677,
0.0022392161190509796,
0.08118600398302078,
-0.032297905534505844,
-0.010790721513330936,
0.020816542208194733,
0.015436138026416302,
-0.03936941176652908,
-0.017259102314710617,
0.06849561631679535,
-0.011156361550092697,
-0.05909688398241997,
-0.007019610609859228,
0.04583817347884178,
0.012862538918852806,
0.032974764704704285,
0.018615681678056717,
-0.034174107015132904,
-0.011555789038538933,
-0.014548425562679768,
-0.0221889428794384,
-0.018890954554080963,
0.11234430223703384,
-0.023415319621562958,
0.010639785788953304,
0.013565514236688614,
-0.00513041578233242,
-0.010696114040911198,
-0.016405044123530388,
-0.04657306894659996,
-0.02861883118748665,
0.029097316786646843,
-0.03768421337008476,
-0.03498813137412071,
0.021448446437716484,
0.004795030690729618,
0.01717502251267433,
0.02566414512693882,
0.05283784121274948,
0.002412882400676608,
0.06147762015461922,
-0.03862052410840988,
0.015629544854164124,
-0.03804915025830269,
0.08520150184631348,
0.10782819986343384,
-0.03359183669090271,
0.02992572821676731,
-0.02382718399167061,
-0.0030177931766957045,
0.023444442078471184,
-0.03180967643857002,
-0.00003246739652240649,
-0.013850192539393902,
-0.003376613138243556,
0.005388396326452494,
0.029368873685598373,
-0.03043699823319912,
-0.002724594436585903,
0.08732222765684128,
0.0181229580193758,
-0.07162753492593765,
0.022105222567915916,
0.06604243814945221,
0.060907766222953796,
-0.015274236910045147,
0.004762386437505484,
0.05009245499968529,
0.010584109462797642,
-0.03876085951924324,
0.040916070342063904,
0.010547230951488018,
-0.01004196610301733,
0.01361985132098198,
-0.012508252635598183,
-0.021329320967197418,
-0.0017769866390153766,
-0.006379997823387384,
0.056383274495601654,
-0.031185779720544815,
-0.041204117238521576,
0.015413771383464336,
0.01467926800251007,
-0.015705563127994537,
-0.0017231842502951622,
0.011898533441126347,
0.020935289561748505,
0.08904486149549484,
-0.03909238427877426,
-0.0018018673872575164,
0.024687647819519043,
-0.018776338547468185,
-0.0004457469331100583,
0.03513763099908829,
-0.004509070888161659,
-0.006677659228444099,
-0.007006713189184666,
-0.012735703960061073,
0.05384029820561409,
-0.019875122234225273,
0.0023045178968459368,
0.018024249002337456,
-0.023453379049897194,
0.024501511827111244,
-0.01489068754017353,
0.03400334715843201,
0.04717118293046951,
-0.0017294927965849638,
-0.015147066675126553,
-0.0010781739838421345,
0.030237123370170593,
-0.007585115265101194,
-0.03368557617068291,
-0.01404288224875927,
0.001024541910737753,
0.0012579942122101784,
-0.010963978245854378,
0.025676274672150612,
0.05612839013338089,
0.00855439342558384,
-0.027020657435059547,
0.03185335919260979,
-0.005706822033971548,
0.04474576562643051,
-0.012940919026732445,
-0.10510057955980301,
-0.011003141291439533,
0.023643281310796738,
-0.04981766268610954,
0.04006597027182579,
-0.02027919515967369,
0.03337100148200989,
0.055200740694999695,
0.02386898174881935,
-0.05204958841204643,
0.011018465273082256,
0.03461185097694397,
0.0034910147078335285,
-0.11632075160741806,
0.015673566609621048,
-0.06992737948894501,
-0.026607785373926163,
0.015483488328754902,
0.01464227493852377,
-0.011540918610990047,
0.00676452461630106,
0.02645774558186531,
-0.021181099116802216,
-0.0006178575567901134,
0.009686228819191456,
0.0048447949811816216,
-0.03531654179096222,
-0.002866323571652174,
0.03214152529835701,
-0.02798685058951378,
0.037182293832302094,
0.009140338748693466,
-0.015843437984585762,
-0.013567301444709301,
0.025220997631549835,
0.05065348744392395,
-0.019685160368680954,
0.02631186693906784,
-0.0536104217171669,
-0.010573049075901508,
0.02912784554064274,
0.0070762899704277515,
0.009292423725128174,
0.0060542575083673,
-0.0023204737808555365,
-0.004751566331833601,
0.0074400752782821655,
-0.013980911113321781,
0.0017779347253963351,
0.011942720972001553,
-0.0015258280327543616,
0.026859067380428314,
-0.010543391108512878,
0.003265338484197855,
0.01655725948512554,
0.018972542136907578,
-0.002252747304737568,
0.04953848198056221,
-0.0074429865926504135,
0.0068552312441170216,
0.006135287694633007,
0.005125216208398342,
-0.00004431936395121738,
0.016465168446302414,
-0.014436180703341961,
0.04174317792057991,
0.0026664959732443094,
-0.02316611260175705,
-0.030229510739445686,
0.025562884286046028,
-0.026250526309013367,
-0.02571048028767109,
0.01280227117240429,
-0.003987147007137537,
-0.08120009303092957,
-0.06634743511676788,
-0.01914135366678238,
-0.01087834034115076,
-0.006443161051720381,
-0.057121604681015015,
-0.039994362741708755,
-0.0311259888112545,
0.035205453634262085,
-0.0036486389581114054,
-0.0073904055170714855,
-0.19502589106559753,
0.08053392916917801,
0.0005132344667799771,
-0.01107544731348753,
0.0346972681581974,
-0.019946835935115814,
0.0210421159863472,
0.06211972236633301,
0.006927051581442356,
0.02399865724146366,
-0.011771054938435555,
0.036300837993621826,
-0.047877904027700424,
0.009036640636622906,
0.026876242831349373,
0.04874523729085922,
-0.012368191964924335,
-0.027940310537815094,
0.022711655125021935,
-0.056033696979284286,
0.038241855800151825,
-0.00008791044092504308,
0.02904626354575157,
-0.0037171144504100084,
-0.00040902537875808775,
0.03181429207324982,
0.022800160571932793,
0.0010624265996739268,
0.0501149445772171,
-0.008513744920492172,
0.04276275634765625,
-0.004743712022900581,
0.052778858691453934,
0.001008088351227343,
0.009004171937704086,
0.1619330495595932,
-0.009881196543574333,
-0.0226976927369833,
0.011355082504451275,
-0.008170638233423233,
-0.013745366595685482,
-0.011704528704285622,
-0.013419943861663342,
-0.015760347247123718,
-0.023983778432011604,
0.026349244639277458,
0.01754891313612461,
-0.017499759793281555,
0.028129635378718376,
-0.017995862290263176,
-0.07220584899187088,
-0.004829760640859604,
0.0017606018809601665,
-0.08677120506763458,
-0.021048666909337044,
0.11200319975614548,
0.045653656125068665,
0.0031231294851750135,
0.01245785504579544,
-0.035383179783821106,
0.030422393232584,
0.01114235632121563,
0.0155448904260993,
0.017483187839388847,
0.004591134376823902,
-0.040547460317611694,
0.002938678255304694,
-0.009726320393383503,
-0.09349215030670166,
-0.001201396924443543,
-0.00020860137010458857,
-0.03088303655385971,
0.019118957221508026,
-0.014360700733959675,
0.08373090624809265,
0.011519229039549828,
-0.005115525331348181,
-0.08354407548904419,
0.040505070239305496,
-0.00119684636592865,
0.0074265459552407265,
-0.021146412938833237,
-0.01493023056536913,
-0.04984350502490997,
0.052790313959121704,
0.002336787525564432,
-0.021349076181650162,
0.0064777531661093235,
0.02652847021818161,
-0.10934136062860489,
0.035154152661561966,
0.034951429814100266,
-0.0015575358411297202,
-0.0014141385909169912,
-0.02452484704554081,
-0.0049383570440113544,
-0.02935161255300045,
0.024950455874204636,
0.04386746138334274,
-0.10560330748558044,
-0.01880495436489582,
0.019548457115888596,
0.007658183109015226,
-0.006036497186869383,
0.004842142574489117,
0.012234266847372055,
0.016855301335453987,
0.03878483548760414,
0.014179118908941746,
-0.01176281739026308,
0.021715683862566948,
-0.0004039796185679734,
0.037745941430330276,
-0.015638241544365883,
-0.016440434381365776,
-0.0358792245388031,
-0.012447507120668888,
-0.03514513000845909,
-0.012895778752863407,
0.027186846360564232,
0.018959540873765945,
-0.1444132775068283,
0.026263218373060226,
0.038347575813531876,
-0.003837045980617404,
-0.014663305133581161,
0.02605418674647808,
-0.016397591680288315,
-0.027026765048503876,
0.005072851665318012,
-0.024714559316635132,
-0.041484981775283813,
0.01979709230363369,
-0.0010148549918085337,
-0.02606256864964962,
0.010520527139306068,
0.017391206696629524,
-0.016779882833361626,
0.0015118947485461831,
0.04653767868876457,
-0.01351309847086668,
0.03373396396636963,
-0.04877234622836113,
-0.12097366154193878,
0.006725207902491093,
-0.0468951016664505,
-0.014481115154922009,
0.011427445337176323,
0.030575696378946304,
0.006339601241052151,
-0.007468588184565306,
-0.045017655938863754,
0.03437875583767891,
0.051202353090047836,
0.02399771474301815,
-0.007846047170460224,
0.020117366686463356,
0.05232507362961769,
-0.01354456227272749,
-0.018044617027044296,
0.002982298145070672,
-0.010983469896018505,
-0.0019630047027021646,
-0.03214086964726448,
-0.029288968071341515,
0.018795687705278397,
-0.028984272852540016,
0.036390092223882675,
0.0030103169847279787,
0.012577247805893421,
0.039517197757959366,
0.008359523490071297,
-0.044593922793865204,
-0.014876901172101498,
0.0207689106464386,
0.010657292790710926,
-0.0024423538707196712,
0.02581384964287281,
0.051004696637392044,
0.01200186274945736,
-0.030910229310393333,
0.006952678319066763,
0.03358587250113487,
-0.06104340776801109,
0.007601734716445208,
0.009717092849314213,
-0.013109628111124039,
0.009305018000304699,
-0.06907021999359131,
0.018593283370137215,
0.04980316758155823,
-0.12475039809942245,
-0.09931408613920212,
-0.059527359902858734,
0.01385659072548151,
0.003576544113457203,
-0.020364128053188324,
-0.008324751630425453,
-0.03022005967795849,
-0.0019766457844525576,
-0.002925363602116704,
-0.020653925836086273,
0.004775220528244972,
-0.05595900118350983,
0.026482654735445976,
-0.015555793419480324,
0.007475092075765133,
0.019693640992045403,
-0.017831390723586082,
0.01863544061779976,
-0.007467727642506361,
-0.02263450436294079,
-0.0049045030027627945,
0.028115518391132355,
0.009749535471200943,
-0.008945433422923088,
-0.011979014612734318,
-0.025341689586639404,
0.0030414459761232138,
-0.06620761752128601,
0.010808049701154232,
0.0029100372921675444,
0.009957008995115757,
0.0005303151556290686,
-0.009601187892258167,
-0.04606912285089493,
-0.020002461969852448,
-0.007971638813614845,
0.10290329903364182,
0.006629498675465584,
0.038959961384534836,
-0.029257580637931824,
-0.0034239888191223145,
-0.014178275130689144,
0.004368504509329796,
-0.033418141305446625,
0.049590323120355606,
-0.029958592727780342,
-0.004895481280982494,
-0.007902655750513077,
-0.04656277969479561,
-0.028166694566607475,
-0.01138241309672594,
0.002245923737064004,
0.05512678250670433,
0.03895990550518036,
0.0014822132652625442,
0.017264025285840034,
0.053445860743522644,
-0.016023598611354828,
-0.01822306215763092,
-0.03473629057407379,
-0.03199480473995209,
0.07223786413669586,
-0.0536489300429821,
-0.016754791140556335,
0.021586937829852104,
0.002709284657612443,
-0.035544153302907944,
0.010316182859241962,
-0.012278534471988678,
-0.021430980414152145,
0.00781302247196436,
-0.03705012798309326,
-0.02276996709406376,
0.008622468449175358,
0.03536910191178322,
-0.025565052404999733,
0.0637098029255867,
-0.04217240959405899,
0.03163614869117737,
-0.006334832403808832
] |
growth. Acquisitions contributed 6 percent of the unit case volume growth in Turkey during 2008. High single-digit volume growth in North and West Africa and 7 percent volume growth in Nigeria also significantly contributed to the group's current year growth. South Africa's unit case volume increased 1 percent for the year, which included the impact of supply chain issues related to carbon dioxide shortages in the early portion of 2008. Our system has invested in manufacturing capabilities that allow us to produce our own supply of carbon dioxide to mitigate the risk of future shortages. Russia's unit case volume was even for the year, primarily due to a more challenging economic environment and unseasonable weather during the summer.
Unit case volume in Europe increased 3 percent in 2008 compared to 2007, primarily attributable to high single-digit volume growth in Eastern Europe. The group's unit case volume growth reflected 1 percent growth in sparkling beverages and 11 percent growth in still beverages. The unit case volume growth in sparkling beverages included 1 percent growth in Trademark Coca-Cola. Also included in the group's 2008 volume growth was the impact of a low single-digit volume decline in Iberia, primarily due to the slowing Western European economy and a truckers' strike in Spain during the second quarter of 2008.
In Latin America, unit case volume increased 8 percent in 2008 versus 2007. The group benefited from strong volume growth in all key markets, including 9 percent in Mexico, 7 percent in Brazil and 5 percent in Argentina. Acquisitions contributed 3 percent of the group's total unit case volume growth in 2008. The group's unit case volume growth consisted of 4 percent growth in sparkling beverages and 40 percent growth in still beverages. Sparkling beverage unit case volume growth was primarily attributable to a 4 percent volume growth in Coca-Cola. The successful integration of Jugos del Valle, S.A.B. de C.V. ("Jugos del Valle"), which we acquired jointly with Coca-Cola FEMSA in 2007, drove still beverage volume growth. Still beverage unit case volume grew 21 percent during the year, excluding the impact of acquisitions.
Unit case volume in North America decreased 1 percent in 2008 compared to 2007, which reflected the impact of a difficult U.S. economic environment and significant bottler price increases during the fourth quarter of 2008. The overall unit case volume decline in North America during 2008 consisted of a 3 percent unit case volume decline in sparkling beverages, partially offset by a 5 percent increase in still beverages. The current year decline in sparkling beverages was partly attributable to the softness of our Foodservice business and other on-premise channels, both of which were negatively impacted by the current economic conditions. The negative impact of current macro- economic conditions and bottler price increases was tempered by the successful execution of the three-cola strategy (focusing on driving unit case volume growth for Coca- Cola, Coca-Cola Zero and Diet Coke). Coca-Cola Zero continued its strong performance, increasing unit case volume 36 percent in 2008. Still beverage
| 1HOLD
|
[
-0.016388094052672386,
0.04455554485321045,
0.004908308852463961,
0.03519928827881813,
-0.08164475858211517,
-0.0039413366466760635,
-0.0033905834425240755,
-0.018413638696074486,
-0.044014886021614075,
-0.009443185292184353,
0.024405382573604584,
-0.009029140695929527,
0.016060562804341316,
-0.01909508742392063,
-0.016098834574222565,
-0.027763767167925835,
-0.08006013929843903,
0.004526273813098669,
-0.018156452104449272,
0.021557508036494255,
0.010873423889279366,
0.020481765270233154,
0.01777377724647522,
-0.015024838037788868,
-0.0042457589879632,
0.026961693540215492,
0.002747584832832217,
0.03796364739537239,
0.041463498026132584,
-0.03287282958626747,
0.003547076368704438,
-0.026805777102708817,
0.03330114856362343,
-0.014092108234763145,
-0.015709105879068375,
0.007719898130744696,
-0.07510418444871902,
-0.006411640904843807,
0.01722426898777485,
0.0025849388912320137,
-0.010858185589313507,
0.016522688791155815,
0.018807342275977135,
0.0027912287041544914,
0.012637551873922348,
-0.003669033758342266,
0.024661265313625336,
0.018605709075927734,
0.018100997433066368,
-0.014869353733956814,
0.009883583523333073,
0.011062446981668472,
-0.027824267745018005,
-0.005713856779038906,
-0.007375861052423716,
-0.0063007730059325695,
0.003940335009247065,
0.02344221994280815,
0.06569802016019821,
0.02571984753012657,
0.02802407741546631,
-0.02096766233444214,
-0.003394164377823472,
0.056498076766729355,
-0.0015146584482863545,
-0.025847433134913445,
-0.017334146425127983,
0.02334764413535595,
-0.04160571098327637,
-0.050344694405794144,
0.0032419515773653984,
0.009019555523991585,
-0.005114465951919556,
0.001568030216731131,
0.013424445874989033,
-0.05259937420487404,
0.027512386441230774,
-0.013936026953160763,
0.07173169404268265,
-0.03924097865819931,
-0.01727011241018772,
-0.058876458555459976,
-0.04534580558538437,
0.009262573905289173,
0.0374055951833725,
-0.0005932209314778447,
0.007897797971963882,
-0.05742540583014488,
-0.010380770079791546,
-0.01109878346323967,
0.004339458420872688,
0.005180166102945805,
-0.027445439249277115,
-0.09859749674797058,
-0.06351201236248016,
-0.0032300075981765985,
0.003852713853120804,
-0.10080112516880035,
-0.012746202759444714,
-0.028725629672408104,
0.006322278641164303,
0.01623985357582569,
0.02353976108133793,
-0.017588835209608078,
0.006091714836657047,
0.011637912131845951,
0.006228061858564615,
0.002935580210760236,
0.014082242734730244,
0.01692671701312065,
-0.012616842985153198,
-0.05339448153972626,
0.011618013493716717,
-0.00032886475673876703,
0.001483521773479879,
0.056130848824977875,
-0.01973108947277069,
-0.030670281499624252,
-0.04399847984313965,
-0.05320258066058159,
0.012646635994315147,
-0.013595213182270527,
-0.029640596359968185,
-0.028649644926190376,
-0.03992104157805443,
0.011172379367053509,
0.03171415627002716,
-0.003060184884816408,
0.03258804231882095,
-0.0382775142788887,
0.0035976616200059652,
-0.011831630021333694,
-0.025269320234656334,
0.021368633955717087,
-0.015229636803269386,
-0.0032708554062992334,
-0.005061647854745388,
0.00318545731715858,
-0.035841986536979675,
0.024605782702565193,
0.012956377118825912,
-0.05026273801922798,
-0.06098455935716629,
-0.014535918831825256,
-0.03783358633518219,
0.002591056516394019,
-0.012052741833031178,
0.003988330718129873,
0.04504907876253128,
0.10882840305566788,
-0.011922997422516346,
0.0030576158314943314,
-0.016946636140346527,
-0.023011088371276855,
-0.04303813725709915,
0.01996995136141777,
0.04179375618696213,
-0.06083330139517784,
-0.018431764096021652,
-0.004199633374810219,
-0.01155130472034216,
0.00005052028063801117,
-0.019058266654610634,
-0.037598866969347,
0.021933522075414658,
-0.03230591118335724,
0.047364626079797745,
-0.011020610108971596,
0.011800883337855339,
0.03364519402384758,
0.02469458058476448,
0.0127643384039402,
0.007052198052406311,
-0.00837668962776661,
-0.022679882124066353,
-0.00100924470461905,
0.06571494042873383,
-0.01041519083082676,
0.019076483324170113,
-0.0007235564407892525,
0.02590344101190567,
-0.0037451102398335934,
-0.007344539742916822,
0.0783708393573761,
-0.03728482127189636,
-0.03786817565560341,
-0.005786420777440071,
0.022941337898373604,
0.005062656942754984,
-0.015266378410160542,
0.005209207534790039,
0.011923090554773808,
0.010695520788431168,
-0.029420601204037666,
-0.03167016804218292,
-0.003292531007900834,
-0.07120078802108765,
-0.010667681694030762,
0.059643279761075974,
-0.013803904876112938,
-0.016064057126641273,
0.01623864471912384,
0.012888958677649498,
0.021684015169739723,
0.03422100841999054,
-0.015789560973644257,
-0.004090136382728815,
-0.007872064597904682,
-0.013168330304324627,
-0.00863190833479166,
-0.012732693925499916,
-0.03450525552034378,
-0.0019003162160515785,
-0.04096058011054993,
0.0027559222653508186,
-0.0038968997541815042,
0.009697847999632359,
-0.07590978592634201,
-0.047606661915779114,
-0.029648322612047195,
0.0009927460923790932,
-0.018079403787851334,
-0.0009215945028699934,
0.004089185036718845,
0.016753563657402992,
0.0018853249493986368,
0.09040696173906326,
-0.001924528507515788,
-0.05118966102600098,
0.06959361582994461,
0.03158419206738472,
0.02440483681857586,
-0.0028281910344958305,
0.03525850176811218,
-0.002959755016490817,
-0.03472603112459183,
-0.0015296655474230647,
0.02097552828490734,
0.0011691718827933073,
0.009294051676988602,
0.10115520656108856,
-0.025211358442902565,
-0.01996118761599064,
-0.02038639970123768,
-0.026116549968719482,
0.01228879764676094,
-0.03219901770353317,
0.07785424590110779,
-0.004267948679625988,
-0.000148248509503901,
-0.0035524778068065643,
-0.0009908750653266907,
0.06183779984712601,
-0.026921574026346207,
-0.01999468356370926,
-0.023492610082030296,
0.016832197085022926,
-0.014070205390453339,
-0.009281852282583714,
-0.12952621281147003,
-0.015109031461179256,
-0.015938907861709595,
0.03008570708334446,
-0.010654081590473652,
0.018753504380583763,
-0.0326290987432003,
0.021910980343818665,
0.009693040512502193,
-0.019458051770925522,
0.006074208300560713,
-0.003278492484241724,
-0.01177213340997696,
0.05533437803387642,
-0.013504119589924812,
0.011946315877139568,
0.010855752043426037,
0.03766298666596413,
-0.0123361237347126,
0.036653053015470505,
-0.013086166232824326,
0.0019227961311116815,
0.024143312126398087,
-0.0380464531481266,
-0.0014012824976816773,
-0.00881414394825697,
-0.021766789257526398,
-0.03130696713924408,
0.010138916783034801,
0.015372366644442081,
-0.02008340135216713,
-0.006949566770344973,
0.021211598068475723,
0.015799665823578835,
-0.003152409801259637,
-0.00654571084305644,
0.04444662854075432,
-0.014226055704057217,
-0.02596934884786606,
0.0053190565668046474,
0.027134068310260773,
-0.03776133060455322,
0.0022318921983242035,
0.005321050062775612,
-0.008400688879191875,
-0.020919568836688995,
0.006230733823031187,
-0.014145628549158573,
0.0007108910940587521,
-0.0016501675127074122,
-0.02323092520236969,
0.009224279783666134,
-0.0026306952349841595,
0.003998746629804373,
0.005823609884828329,
0.002818930661305785,
-0.043182238936424255,
0.00407479889690876,
-0.03392034024000168,
-0.07416389882564545,
-0.01361803151667118,
0.014413774013519287,
0.011157587170600891,
0.01363238412886858,
0.013223950751125813,
0.03670886158943176,
0.012827765196561813,
0.07750856131315231,
-0.03701600804924965,
-0.048833489418029785,
-0.06487949937582016,
0.26228809356689453,
0.11168503761291504,
-0.01870366744697094,
0.015157749876379967,
-0.0030423516873270273,
-0.06751178205013275,
0.018727565184235573,
-0.0330253541469574,
-0.002581780543550849,
-0.041726406663656235,
-0.018122432753443718,
0.025228913873434067,
0.012154020369052887,
-0.01208222284913063,
-0.0019352869130671024,
0.009880470111966133,
0.03613970801234245,
-0.09704019129276276,
-0.006171389948576689,
0.02649533748626709,
0.05048520117998123,
0.012716349214315414,
-0.01893278770148754,
0.02740650437772274,
-0.00467382138594985,
-0.0023051039315760136,
0.016784774139523506,
0.02205551788210869,
-0.0043540275655686855,
0.03495463356375694,
-0.010004125535488129,
-0.02893345057964325,
-0.0038663765881210566,
-0.017987282946705818,
0.06489122658967972,
-0.040738195180892944,
0.029997022822499275,
0.0219257939606905,
0.02097710594534874,
0.0003274848568253219,
0.017364295199513435,
0.028619710355997086,
0.012852005660533905,
0.09896944463253021,
-0.014285516925156116,
-0.03161937743425369,
0.010470230132341385,
0.011227698065340519,
0.010224280878901482,
-0.004453189671039581,
-0.009070896543562412,
-0.0023233715910464525,
-0.006389212794601917,
-0.010921298526227474,
-0.04902319982647896,
0.008521550334990025,
0.01292123831808567,
0.008018498308956623,
-0.04452759027481079,
0.04963222146034241,
-0.020691843703389168,
0.008278562687337399,
0.021994387730956078,
-0.03827349469065666,
0.010117397643625736,
0.018325377255678177,
-0.0018751415191218257,
-0.0020427897106856108,
-0.05925118550658226,
0.02192015014588833,
-0.018080810084939003,
0.012090368196368217,
-0.011246678419411182,
-0.0008911890326999128,
0.03780495002865791,
0.04998241737484932,
-0.04406961426138878,
0.019215954467654228,
-0.006871236488223076,
0.019853737205266953,
-0.0049094343557953835,
-0.029140116646885872,
-0.0012026227777823806,
0.015641897916793823,
0.001723334426060319,
0.01405360084027052,
-0.03634510561823845,
0.05725234001874924,
0.03980192169547081,
-0.05700865387916565,
-0.03217751532793045,
0.017588574439287186,
0.015741154551506042,
-0.003159956308081746,
0.004138021729886532,
0.036115407943725586,
-0.09915738552808762,
-0.01365488301962614,
0.033377356827259064,
-0.016032585874199867,
-0.02537701092660427,
-0.004701530560851097,
0.009163233451545238,
-0.02992362529039383,
0.000617793935816735,
0.020520538091659546,
0.01597600057721138,
-0.03131313621997833,
0.020928557962179184,
0.017007168382406235,
-0.011089926585555077,
-0.002493679290637374,
0.01670331135392189,
0.006569413002580404,
-0.008864889852702618,
0.06704838573932648,
0.019880596548318863,
-0.012364446185529232,
0.028748877346515656,
-0.02430626191198826,
0.0009308188455179334,
0.013453849591314793,
-0.019344042986631393,
0.02084370143711567,
-0.02297636866569519,
-0.011117014102637768,
0.0315539725124836,
0.007704565301537514,
-0.005378688219934702,
-0.017767634242773056,
0.016677767038345337,
-0.019639886915683746,
0.017807500436902046,
-0.03292191028594971,
-0.001385230920277536,
0.004258574917912483,
0.01650683954358101,
0.001482848427258432,
0.021578902378678322,
-0.01395256258547306,
0.007407328579574823,
0.018234699964523315,
-0.007468768395483494,
0.01353524625301361,
-0.019803892821073532,
0.021770622581243515,
0.011304665356874466,
0.0017257742583751678,
-0.0589006133377552,
-0.023864436894655228,
0.02747926488518715,
-0.03781649097800255,
-0.013430886901915073,
-0.006222092546522617,
-0.008829090744256973,
-0.01657443679869175,
-0.10111252963542938,
-0.020740434527397156,
-0.01286440808326006,
-0.019265100359916687,
-0.026557408273220062,
-0.03746827691793442,
-0.03634096309542656,
0.02715115249156952,
-0.003327601356431842,
0.006712012458592653,
-0.19493989646434784,
0.24703951179981232,
0.05110883712768555,
0.002890474395826459,
0.028491564095020294,
-0.021212054416537285,
0.009573651477694511,
0.052163198590278625,
0.023367473855614662,
0.0013374753762036562,
-0.01925814338028431,
0.05988982692360878,
-0.035923708230257034,
0.01108148880302906,
0.013762283138930798,
0.03231416270136833,
-0.007174942176789045,
0.0159609355032444,
0.005343972239643335,
0.02229653112590313,
-0.021902915090322495,
0.009637588635087013,
0.014817100949585438,
-0.03492482751607895,
-0.0038294056430459023,
0.018336880952119827,
0.006461710669100285,
0.0031069067772477865,
0.00451820669695735,
-0.008242160081863403,
0.00870721135288477,
-0.013340064324438572,
0.028803739696741104,
0.020476818084716797,
0.004832851234823465,
-0.02964361198246479,
-0.00752441119402647,
-0.03864559903740883,
0.0292458925396204,
-0.019923768937587738,
-0.0017906754510477185,
-0.028929246589541435,
0.005635320674628019,
-0.031607646495103836,
-0.050621721893548965,
0.01189939584583044,
0.019398024305701256,
0.0013660311233252287,
0.022590724751353264,
-0.028157779946923256,
-0.029022539034485817,
0.006066699046641588,
-0.0005495730438269675,
-0.10558786988258362,
-0.02051270566880703,
0.16404317319393158,
-0.0009373182547278702,
-0.00323692848905921,
0.005765936337411404,
-0.04167194664478302,
0.04758063703775406,
-0.00041769322706386447,
0.04420168697834015,
0.0036362260580062866,
0.005956211127340794,
-0.03610682114958763,
0.013131555169820786,
-0.02308916486799717,
-0.1429028958082199,
-0.0008821905357763171,
-0.006917557679116726,
-0.03536601364612579,
0.017917601391673088,
-0.02999827452003956,
0.12144874781370163,
0.016906872391700745,
0.00494071189314127,
-0.08361946791410446,
0.03481791168451309,
-0.03399626538157463,
0.0002240805624751374,
-0.014967293478548527,
-0.03452824428677559,
-0.032413024455308914,
0.03237058222293854,
-0.04814885929226875,
-0.008843942545354366,
0.04586808383464813,
0.0024326294660568237,
-0.08344539254903793,
-0.0007850712281651795,
0.012913837097585201,
-0.0015042655868455768,
-0.025625767186284065,
-0.014805370010435581,
-0.030330616980791092,
-0.07308506220579147,
0.003711512079462409,
0.017089804634451866,
0.008384376764297485,
-0.012879445217549801,
0.022732097655534744,
0.02557499334216118,
0.011973720975220203,
-0.03368967026472092,
0.041783396154642105,
-0.03551526740193367,
0.058169104158878326,
-0.008588653057813644,
-0.018922658637166023,
0.018388302996754646,
0.006380702834576368,
0.02870786003768444,
-0.001498713972978294,
0.0030714143067598343,
-0.024934591725468636,
-0.01629044860601425,
-0.009537414647638798,
-0.00040525381336919963,
-0.007877766154706478,
-0.0016423661727458239,
0.1391289085149765,
0.03640312701463699,
0.008526547811925411,
0.02154296636581421,
0.014328482560813427,
0.03329381346702576,
-0.005299615673720837,
0.05923471227288246,
-0.008830243721604347,
-0.01076900027692318,
-0.03666534274816513,
0.007286577485501766,
-0.002359922043979168,
-0.018930431455373764,
-0.016945043578743935,
0.007779370527714491,
-0.009490696713328362,
0.020345384255051613,
0.017744971439242363,
0.007038446608930826,
0.01801161654293537,
-0.029572784900665283,
0.0025596495252102613,
0.037855081260204315,
-0.026551105082035065,
0.0023747612722218037,
0.029508238658308983,
0.03568620607256889,
-0.0020241851452738047,
0.0024331037420779467,
-0.032855093479156494,
0.03845081105828285,
-0.011561060324311256,
-0.02745927684009075,
0.007872436195611954,
0.06484497338533401,
0.02202714793384075,
0.014428745023906231,
-0.009044265374541283,
-0.0011320324847474694,
0.0223705917596817,
-0.009702091105282307,
0.0004033677978441119,
-0.025538310408592224,
0.014356597326695919,
-0.03317715972661972,
0.12190628796815872,
-0.010242090560495853,
0.0374717190861702,
0.0020346487872302532,
-0.007481312844902277,
-0.04056796804070473,
-0.018402505666017532,
0.04025917127728462,
0.005716683808714151,
0.011829853057861328,
0.009604524821043015,
0.0026496918871998787,
0.02948474884033203,
0.015253262594342232,
-0.08667845278978348,
0.031201940029859543,
-0.04927477985620499,
0.0056870970875024796,
0.018579401075839996,
0.018192563205957413,
-0.008389102295041084,
-0.04433273896574974,
-0.023825468495488167,
0.08014242351055145,
0.07522505521774292,
-0.08516207337379456,
-0.07125985622406006,
0.009937575086951256,
0.004272784572094679,
0.0004615797952283174,
-0.027675146237015724,
-0.019836826249957085,
0.005460170563310385,
-0.008627318777143955,
-0.00442678714171052,
-0.0016065636882558465,
0.1357344090938568,
-0.0018761780811473727,
-0.025784241035580635,
0.009617847390472889,
0.014543293043971062,
-0.014847937971353531,
0.014933307655155659,
0.001610532752238214,
0.0038186374586075544,
-0.004693130496889353,
0.022383594885468483,
-0.0011340896598994732,
-0.026851098984479904,
-0.032795436680316925,
-0.017733845859766006,
-0.016505513340234756,
-0.04353023320436478,
0.03605153411626816,
0.000146835736813955,
0.014826088212430477,
-0.017642464488744736,
0.0026679898146539927,
-0.0382586307823658,
0.008933715522289276,
-0.011678634211421013,
-0.013675973750650883,
0.007183601148426533,
0.03879205882549286,
-0.0062190694734454155,
0.04177151620388031,
-0.01826797053217888,
0.014054080471396446,
-0.011439104564487934,
-0.08956433087587357,
-0.024684211239218712,
-0.02388901636004448,
-0.011698524467647076,
-0.022359630092978477,
-0.07543838769197464,
-0.000925013329833746,
-0.019113443791866302,
0.02898312546312809,
0.04534764960408211,
-0.012070667929947376,
0.022193947806954384,
0.024801956489682198,
0.01763184368610382,
-0.012189186178147793,
-0.04411914572119713,
-0.027782665565609932,
0.09325581043958664,
0.09194779396057129,
-0.024863800033926964,
0.03052210621535778,
-0.023222457617521286,
-0.07113035023212433,
0.014571279287338257,
-0.009257698431611061,
-0.047472987323999405,
-0.017689907923340797,
0.010741709731519222,
-0.10460896044969559,
0.004742425866425037,
0.044590555131435394,
-0.030798079445958138,
0.04135126248002052,
-0.008338278159499168,
0.0004709574277512729,
-0.017635617405176163
] |
inputs and assumptions, including: (1) the expected number of miles awarded and number of miles redeemed, (2) the rate at which we sell mileage credits to other airlines, (3) published rates on our website for baggage fees, discounted access to Delta Sky Club lounges and other benefits while traveling on Delta and (4) brand value. The impact of adopting the relative selling price method re-allocated a portion of the embedded discount to the travel component, lowering the deferral rate we use to record miles sold under the agreements and increasing revenue recognized on the remaining deliverables.
We recognize revenue as we deliver each sales element. We defer the travel deliverable (mileage credits) as part of frequent flyer deferred revenue and recognize passenger revenue as the mileage credits are used for travel. The revenue allocated to the remaining deliverables is recorded in other revenue. We recognize the revenue for these services as they are performed.
Breakage. For mileage credits that we estimate are not likely to be redeemed (“breakage”), we recognize the associated value proportionally during the period in which the remaining mileage credits are expected to be redeemed. Management uses statistical models to estimate breakage based on historical redemption patterns. A change in assumptions as to the period over which mileage credits are expected to be redeemed, the actual redemption activity for mileage credits or the estimated fair value of mileage credits expected to be redeemed could have a material impact on our revenue in the year in which the change occurs and in future years. At December 31, 2015 , the aggregate deferred revenue balance associated with the SkyMiles Program was $3.9 billion . A hypothetical 1% change in the number of outstanding miles estimated to be redeemed would result in a $29 million impact on our deferred revenue liability at December 31, 2015 .
Goodwill and Indefinite-Lived Intangible Assets
We apply a fair value-based impairment test to the carrying value of goodwill and indefinite-lived intangible assets on an annual basis (as of October 1) and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. We assess the value of our goodwill and indefinitelived assets under either a qualitative or quantitative approach. Under a qualitative approach, we consider various market factors, including the key assumptions listed below. We analyze these factors to determine if events and circumstances have affected the fair value of goodwill and indefinite-lived intangible assets. If we determine that it is more likely than not that the asset may be impaired, we use the quantitative approach to assess the asset's fair value and the amount of the impairment. Under a quantitative approach, we calculate the fair value of the asset using the key assumptions listed below. If the asset's carrying value exceeds its fair value calculated using the quantitative approach, we will record an impairment charge for the difference in fair value and carrying value.
When we evaluate goodwill for impairment using a quantitative approach, we estimate the fair value of
| 2SELL
|
[
-0.011430885642766953,
0.034995969384908676,
-0.011220392771065235,
-0.0386325977742672,
-0.15982435643672943,
-0.021042047068476677,
0.0026597611140459776,
-0.013397342525422573,
-0.04687020182609558,
0.019837593659758568,
0.0187478419393301,
-0.0899486094713211,
0.019539114087820053,
-0.038631174713373184,
0.020806103944778442,
0.021186431869864464,
0.05071438476443291,
-0.01700534112751484,
-0.044159628450870514,
0.02011377178132534,
0.00576770631596446,
0.01321960799396038,
-0.021175935864448547,
-0.003999491222202778,
-0.0063464222475886345,
0.0199138130992651,
-0.0696495994925499,
0.02095463126897812,
0.04719291627407074,
-0.06298235803842545,
0.027681533247232437,
0.017013661563396454,
0.024859702214598656,
-0.014411410316824913,
0.04714610427618027,
0.0041081164963543415,
-0.026960434392094612,
0.013640666380524635,
0.05871065333485603,
-0.005532182287424803,
-0.026708588004112244,
0.00635457644239068,
0.07585383951663971,
-0.01640344224870205,
0.008556986227631569,
-0.01264500804245472,
0.039143405854701996,
0.025440998375415802,
0.022926008328795433,
-0.027621006593108177,
0.014775732532143593,
-0.026211479678750038,
-0.023062456399202347,
-0.02632048912346363,
-0.015011250041425228,
-0.01009850762784481,
-0.014084376394748688,
-0.05896760895848274,
0.04382796213030815,
0.04033942148089409,
0.009658349677920341,
-0.02377568744122982,
0.012878136709332466,
0.03872096166014671,
-0.0012902326416224241,
0.00441698357462883,
-0.006035219877958298,
0.05221686512231827,
-0.03984922543168068,
-0.00297228223644197,
0.022623442113399506,
0.0183433685451746,
-0.02218637801706791,
-0.02925911173224449,
0.002990809502080083,
-0.032684918493032455,
0.034583549946546555,
-0.0021943741012364626,
0.06375429779291153,
-0.03438514843583107,
0.010905158706009388,
-0.09303735941648483,
0.11443889886140823,
-0.13462628424167633,
0.008117265067994595,
-0.056783441454172134,
-0.027828898280858994,
-0.058893635869026184,
-0.009465960785746574,
0.009867980144917965,
-0.005204069893807173,
0.0012974557466804981,
-0.030526604503393173,
-0.03259079158306122,
-0.009251397103071213,
-0.0037059495225548744,
0.02258472330868244,
-0.16746346652507782,
-0.0028295721858739853,
-0.009054788388311863,
0.08042817562818527,
0.015143652446568012,
0.05616661161184311,
-0.016902899369597435,
0.00386679801158607,
0.0036666032392531633,
-0.04156442731618881,
0.02722339518368244,
0.004803036339581013,
0.0027120704762637615,
-0.022012434899806976,
-0.07695401459932327,
0.03240867331624031,
-0.00478123826906085,
-0.003394645405933261,
0.060827795416116714,
0.0011303676292300224,
0.043296098709106445,
0.005668523255735636,
-0.052405066788196564,
0.01648326963186264,
-0.021758198738098145,
-0.04823070764541626,
-0.043155089020729065,
-0.045442309230566025,
0.028013423085212708,
-0.059040192514657974,
0.014749027788639069,
0.03245806321501732,
-0.005518835037946701,
0.0012514221016317606,
-0.010550116188824177,
-0.01138573419302702,
0.0456729494035244,
-0.03589479625225067,
-0.008089439943432808,
-0.011488999240100384,
-0.008884357288479805,
-0.04014555737376213,
0.002015570877119899,
-0.060086995363235474,
-0.01486283354461193,
-0.00631134957075119,
-0.03828548640012741,
-0.07281362265348434,
0.0037164033856242895,
-0.016879873350262642,
0.0051917568780481815,
0.028934063389897346,
0.05541643500328064,
-0.026753202080726624,
0.0014394157333299518,
-0.04043838009238243,
-0.0009241149527952075,
-0.009667063131928444,
-0.0007936250767670572,
0.05566239356994629,
0.01453766506165266,
-0.03038005158305168,
0.020386269316077232,
-0.0003214301832485944,
-0.01653406396508217,
0.00629561860114336,
-0.08759073913097382,
-0.07015306502580643,
-0.026775304228067398,
0.0023142017889767885,
-0.01283213123679161,
0.03030959516763687,
0.047511111944913864,
0.009219606406986713,
0.011413844302296638,
0.003076429944485426,
0.011313783004879951,
0.022778693586587906,
-0.06602725386619568,
-0.0043756915256381035,
0.043951962143182755,
-0.033130545169115067,
0.0037649013102054596,
0.02761077880859375,
0.016320455819368362,
0.053051721304655075,
-0.038588400930166245,
-0.07946552336215973,
0.006701588165014982,
0.01707439497113228,
0.06621769815683365,
0.0007939246715977788,
-0.019581466913223267,
0.06578953564167023,
-0.013399552553892136,
-0.016175203025341034,
-0.0007924428209662437,
0.009039722383022308,
-0.01597598008811474,
0.018337532877922058,
-0.00876542180776596,
-0.028719568625092506,
-0.014616885222494602,
-0.05760759860277176,
0.006420594174414873,
0.020009981468319893,
0.015925826504826546,
0.023365765810012817,
-0.013666274957358837,
-0.023361066356301308,
-0.000912307936232537,
-0.007529335096478462,
-0.03317644074559212,
-0.0642966479063034,
-0.004372354596853256,
0.010623917914927006,
-0.03837587684392929,
0.003105257637798786,
0.05369137227535248,
-0.018498996272683144,
-0.08406539261341095,
0.001341201481409371,
-0.03554174676537514,
0.004843961447477341,
-0.016905294731259346,
0.0014380713691934943,
0.010593468323349953,
0.0934085100889206,
-0.0011767856776714325,
0.005640335381031036,
-0.012462378479540348,
-0.02937263809144497,
0.011150212027132511,
0.001553472364321351,
0.07042588293552399,
-0.042752910405397415,
0.03579796850681305,
0.0074756331741809845,
0.020146625116467476,
-0.003557097166776657,
-0.008489556610584259,
-0.028035078197717667,
0.09321700781583786,
0.11597701907157898,
-0.014301430433988571,
-0.01274783629924059,
-0.010357028804719448,
-0.03449094295501709,
0.04729420319199562,
0.03976762667298317,
-0.005128835793584585,
-0.009719835594296455,
-0.0030022116843611,
0.000879159604664892,
0.035548437386751175,
-0.034879568964242935,
0.0074143968522548676,
-0.051018476486206055,
0.02003185637295246,
0.013779406435787678,
-0.017404383048415184,
0.030566325411200523,
-0.1567988395690918,
-0.008348504081368446,
-0.018168222159147263,
-0.010032378137111664,
-0.03723512217402458,
0.008454611524939537,
-0.0025461975019425154,
0.011206433176994324,
-0.003760844934731722,
-0.007965152151882648,
0.006403407081961632,
0.010085796937346458,
-0.00393329281359911,
0.027209049090743065,
-0.024035179987549782,
-0.011875235475599766,
-0.013533860445022583,
0.03236730769276619,
-0.017967181280255318,
0.042938511818647385,
-0.02881762757897377,
-0.010761347599327564,
0.007851352915167809,
0.03715318813920021,
-0.0407247319817543,
-0.02105826325714588,
-0.011943402700126171,
-0.05050591751933098,
0.02604198269546032,
0.03184976801276207,
-0.02861330658197403,
-0.02603970468044281,
-0.0006994091090746224,
0.022950569167733192,
-0.046944960951805115,
-0.0373723991215229,
0.05996060371398926,
-0.024060608819127083,
-0.03569559007883072,
-0.006911206059157848,
0.06014575809240341,
0.010291212238371372,
0.021664751693606377,
0.03676050528883934,
-0.025186048820614815,
-0.005199020262807608,
-0.03268970176577568,
-0.002815654966980219,
-0.016088595613837242,
0.08546023815870285,
0.019899774342775345,
0.006267206277698278,
0.01521553285419941,
-0.009245316497981548,
-0.003762332256883383,
-0.019437512382864952,
-0.03104027919471264,
-0.037929847836494446,
0.039000969380140305,
0.01128098089247942,
-0.03704574331641197,
0.010202187113463879,
0.0066935820505023,
0.026039425283670425,
0.02818247303366661,
0.04986683279275894,
-0.007195793092250824,
0.08796054869890213,
-0.03361310437321663,
0.0788879320025444,
-0.008894804865121841,
0.21485015749931335,
0.00322060682810843,
-0.036697424948215485,
0.040953151881694794,
-0.04514573514461517,
0.03655850142240524,
0.009933787398040295,
-0.024930808693170547,
-0.0014856598572805524,
0.006469739601016045,
0.0073628961108624935,
-0.009032908827066422,
0.0333513468503952,
-0.03460976481437683,
-0.0007373882690444589,
0.10793083906173706,
0.00644100084900856,
-0.05374549701809883,
0.02737034671008587,
0.09623365849256516,
0.028031226247549057,
-0.019012875854969025,
-0.004046725574880838,
0.0460137203335762,
0.0037305206060409546,
-0.055993858724832535,
0.04030647501349449,
0.01899624615907669,
-0.019759681075811386,
0.03305808827280998,
-0.02859659492969513,
-0.009121112525463104,
-0.017374809831380844,
0.01417036447674036,
0.021440835669636726,
0.054914750158786774,
-0.0020245907362550497,
0.01644117385149002,
0.02002018503844738,
-0.029742952436208725,
-0.03543196991086006,
-0.002738658804446459,
0.008387796580791473,
0.012526367790997028,
-0.03139385208487511,
0.022874241694808006,
0.035300467163324356,
-0.03256916627287865,
0.013451209291815758,
0.03643030673265457,
-0.008096450008451939,
0.0045945667661726475,
-0.02062208577990532,
-0.010815071873366833,
0.012730799615383148,
-0.006195276044309139,
0.0015671915607526898,
-0.004445201251655817,
-0.005016392562538385,
0.005792790558189154,
0.0010015253210440278,
0.038900140672922134,
0.04559297487139702,
0.030349330976605415,
-0.019995227456092834,
-0.0010747307678684592,
0.03885485976934433,
-0.05029338225722313,
-0.00973235722631216,
-0.02240048721432686,
-0.01304076611995697,
-0.02180546522140503,
-0.007630458567291498,
0.017973337322473526,
0.05762584134936333,
-0.029640620574355125,
-0.040142908692359924,
0.023272361606359482,
-0.02543724700808525,
0.0551365464925766,
-0.005596849601715803,
-0.12515589594841003,
-0.01982109807431698,
0.041164811700582504,
-0.043366990983486176,
0.012724938802421093,
-0.027788672596216202,
0.04367921128869057,
0.0771988108754158,
0.022596603259444237,
-0.049825701862573624,
0.010104761458933353,
0.04496295005083084,
0.01206919550895691,
-0.11114947497844696,
0.012771905399858952,
-0.0424686074256897,
-0.017890367656946182,
0.009408297017216682,
0.010598787106573582,
-0.005916539113968611,
0.004930620081722736,
0.03732730820775032,
-0.007339650299400091,
-0.009692582301795483,
0.014277352020144463,
-0.007386940065771341,
-0.02434857189655304,
-0.008470484986901283,
0.047084394842386246,
-0.03878358006477356,
0.03387903794646263,
-0.010805884376168251,
-0.03098558448255062,
-0.021842505782842636,
0.005839710123836994,
0.05252159386873245,
-0.004319349769502878,
0.03370220959186554,
-0.05422300472855568,
-0.000769101723562926,
-0.00034217783831991255,
-0.00040923492633737624,
-0.0006919809966348112,
0.0022621157113462687,
-0.013605876825749874,
-0.013093734160065651,
-0.000011512618584674783,
-0.016179220750927925,
0.009036464616656303,
0.010460113175213337,
0.009044259786605835,
0.025815458968281746,
0.0053130146116018295,
-0.0020255683921277523,
0.010268481448292732,
0.022314216941595078,
0.0032941766548901796,
0.02622433379292488,
0.0024866850581020117,
-0.0238803643733263,
0.00785073358565569,
0.003832337213680148,
-0.0017267965013161302,
0.03683661296963692,
0.0003640129289124161,
0.05511915683746338,
-0.03471634164452553,
-0.0008499703835695982,
-0.03494967892765999,
0.012221109122037888,
-0.010857458226382732,
-0.016797520220279694,
0.018830163404345512,
0.021815121173858643,
-0.07399792969226837,
-0.02717280387878418,
-0.0013592088362202048,
-0.009328669868409634,
0.0015555875143036246,
-0.051214009523391724,
-0.03315116465091705,
-0.03385276347398758,
0.024001162499189377,
-0.003769093193113804,
-0.010314497165381908,
-0.06604468077421188,
-0.018957002088427544,
-0.021267704665660858,
-0.006745814811438322,
0.03061007894575596,
-0.016392461955547333,
0.002346104010939598,
-0.0019343213643878698,
-0.004150536842644215,
0.036760419607162476,
-0.017725292593240738,
0.002267438918352127,
-0.04299650341272354,
-0.00010513699817238376,
0.012033435516059399,
0.03417500481009483,
-0.010212903842329979,
-0.04508807510137558,
0.032513391226530075,
-0.07717166095972061,
0.04755223169922829,
-0.004111750051379204,
0.024874452501535416,
0.03355598822236061,
-0.005910624284297228,
0.029195886105298996,
0.035703081637620926,
0.0007051955908536911,
0.04420201852917671,
0.006543195806443691,
-0.004349948838353157,
-0.023548614233732224,
0.05531586706638336,
0.0060737840831279755,
0.04958053678274155,
0.0822334960103035,
-0.014638529159128666,
-0.01058652251958847,
-0.008359749801456928,
0.0051322621293365955,
0.012735454365611076,
-0.021398786455392838,
-0.04303077235817909,
0.004071265924721956,
-0.0019379183650016785,
0.036649856716394424,
0.007226457353681326,
-0.0021800310350954533,
0.01953675039112568,
-0.016035400331020355,
-0.07857664674520493,
-0.014614037238061428,
0.002702973783016205,
-0.02585502900183201,
-0.01768232323229313,
0.11275521665811539,
0.055123187601566315,
0.0036329494323581457,
0.01872207224369049,
-0.03132937476038933,
0.024762345477938652,
-0.010754763148725033,
0.0015331454342231154,
-0.014913124963641167,
-0.007187322247773409,
-0.05420788377523422,
-0.012052307836711407,
-0.014354273676872253,
0.00956299714744091,
0.012504390440881252,
0.007916392758488655,
-0.03525184839963913,
0.015524795278906822,
0.003795736702159047,
0.10540873557329178,
-0.0023295318242162466,
-0.020910535007715225,
-0.07166256755590439,
0.03608305752277374,
0.01706494204699993,
0.008341583423316479,
-0.027057591825723648,
-0.004688977729529142,
-0.028270339593291283,
0.02526709996163845,
0.02114476077258587,
-0.004367369692772627,
-0.00891804601997137,
0.013409262523055077,
-0.09757564961910248,
0.041044484823942184,
0.02451424114406109,
-0.0020524722058326006,
0.0027357367798686028,
-0.019405055791139603,
-0.010287872515618801,
0.018167540431022644,
0.041080228984355927,
0.0384487546980381,
-0.11208157986402512,
-0.03907075151801109,
0.014515780843794346,
-0.002848482457920909,
-0.042582813650369644,
0.013734912499785423,
-0.0040434193797409534,
0.04584846273064613,
0.02663406729698181,
0.02560742013156414,
-0.024458277970552444,
-0.0012439102865755558,
-0.007371591404080391,
0.042760640382766724,
0.0022333853412419558,
-0.015326532535254955,
0.010850890539586544,
-0.0032837516628205776,
-0.006313102785497904,
-0.012665246613323689,
0.033273857086896896,
0.006220713723450899,
-0.12481910735368729,
0.03153211995959282,
0.02048049122095108,
-0.015128803439438343,
-0.01357375830411911,
0.017328370362520218,
-0.014645141549408436,
-0.00214979681186378,
-0.009413890540599823,
-0.012925664894282818,
-0.03032119944691658,
0.025208719074726105,
-0.019035547971725464,
-0.019826147705316544,
0.017993442714214325,
0.009931792505085468,
-0.026249699294567108,
0.022239981219172478,
0.04424803704023361,
-0.03233277052640915,
0.03375985473394394,
-0.06449731439352036,
-0.05767325311899185,
-0.005721582565456629,
-0.05161966755986214,
-0.020246177911758423,
0.043582309037446976,
0.012024832889437675,
0.0024587279185652733,
-0.0010840545874089003,
-0.031799230724573135,
-0.015202943235635757,
0.07836271077394485,
0.04445807263255119,
-0.01243756152689457,
-0.0034809098578989506,
0.044840481132268906,
-0.03180517256259918,
-0.018336646258831024,
0.03560002148151398,
-0.029934966936707497,
0.01197622437030077,
-0.03377429395914078,
-0.03119124285876751,
0.02201848477125168,
-0.02554534748196602,
0.004086373373866081,
0.0018593897111713886,
-0.010785886086523533,
0.05195082351565361,
0.00577035965397954,
-0.034576743841171265,
-0.0023252489045262337,
0.010363190434873104,
0.016761552542448044,
-0.0063753994181752205,
0.03340186923742294,
0.09544171392917633,
-0.0063840593211352825,
-0.02514655329287052,
0.061722300946712494,
0.027407191693782806,
-0.04779544100165367,
0.0008120562415570021,
0.0024087009951472282,
-0.02741093747317791,
0.017633449286222458,
-0.06796287000179291,
0.015429855324327946,
0.03019581362605095,
-0.05824408307671547,
-0.04823014885187149,
-0.06297535449266434,
0.02683233469724655,
0.0033422408159822226,
-0.016616156324744225,
-0.00887024775147438,
-0.014663138426840305,
-0.0388394333422184,
0.005625634454190731,
-0.01925218105316162,
0.013225431554019451,
-0.06414718180894852,
0.015833931043744087,
-0.025670388713479042,
0.000635237549431622,
0.01515726838260889,
-0.02521580271422863,
0.014852470718324184,
-0.0017788971308618784,
-0.022821281105279922,
-0.0104689234867692,
0.029816344380378723,
0.01738581247627735,
-0.008578850887715816,
0.014096167869865894,
-0.02593681588768959,
0.011596845462918282,
-0.07809541374444962,
0.008739447221159935,
-0.007033147383481264,
-0.0023482174146920443,
0.0072193327359855175,
-0.030627800151705742,
-0.03039786033332348,
-0.031639374792575836,
0.0041336785070598125,
0.09836060553789139,
0.004059834871441126,
0.007618380710482597,
0.0011331218993291259,
0.005451100412756205,
-0.019693370908498764,
-0.00719469552859664,
-0.04517262801527977,
0.07705212384462357,
-0.03334064409136772,
-0.007584085687994957,
0.023317955434322357,
-0.036428675055503845,
-0.0346272774040699,
0.022208640351891518,
0.017960838973522186,
0.0630655288696289,
0.0368962287902832,
0.0020066937431693077,
0.02951313741505146,
0.047047268599271774,
-0.01447985414415598,
-0.012326317839324474,
-0.04058222472667694,
-0.0086364122107625,
0.03300303593277931,
-0.014485711231827736,
-0.0013350722147151828,
0.03220478445291519,
0.0015810067998245358,
-0.06899040937423706,
0.001223530387505889,
-0.008317787200212479,
-0.000034776752727339044,
-0.0049043335020542145,
-0.044721875339746475,
0.07100775092840195,
-0.0013526140246540308,
0.05822654068470001,
-0.018765350803732872,
0.008549720048904419,
-0.06852027773857117,
0.04620355740189552,
0.01893230713903904
] |
over operational control of all Orinoco Heavy Oil Associations effective May 1, 2007, and to increase its ownership in all such Associations to a minimum of 60 percent. The decree included Chevron’s 30 percent-owned Hamaca project. In April 2007, Chevron signed a memorandum of understanding (MOU) with PDVSA that summarized the ongoing discussions to transfer control of Hamaca operations in accordance with the February decree. As provided in the MOU, a PDVSA-controlled transitory operational committee, on which Chevron had representation, assumed responsibility for daily operations on May 1, 2007. The MOU stipulated that terms of existing contracts were to remain in place during the transition period. In December 2007, Chevron executed a conversion agreement and signed a charter and by-laws with a PDVSA subsidiary that provided for Chevron to retain its 30 percent interest in the Hamaca project. The new entity, Petropiar, commenced activities in January 2008. The conversion agreement did not have a material effect on Chevron’s results of operations, consolidated financial position or liquidity.
Refer to pages FS-6 through FS-7 for additional discussion of the company’s upstream operations.
Downstream Earnings for the downstream segment are closely tied to margins on the refining and marketing of products that include gasoline, diesel, jet fuel, lubricants, fuel oil and feedstocks for chemical manufacturing. Industry margins are sometimes volatile and can be affected by the global and regional supply-and-demand balance for refined products and by changes in the price of crude oil used for refinery feedstock. Industry margins can also be influenced by refined-product inventory levels, geopolitical events, refinery maintenance programs and disruptions at refineries resulting from unplanned outages that may be due to severe weather, fires or other operational events.
Other factors affecting profitability for downstream operations include the reliability and efficiency of the company’s refining and marketing network, the effectiveness of the crude-oil and product-supply functions and the economic returns on invested capital. Profitability can also be affected by the volatility of tanker charter rates for the company’s shipping operations, which are driven by the industry’s demand for crude oil and product tankers. Other factors beyond the company’s control include the general level of inflation and energy costs to operate the company’s refinery and distribution network.
The company’s most significant marketing areas are the West Coast of North America, the U.S. Gulf Coast, Latin America, Asia, sub-Saharan Africa and the United Kingdom. Chevron operates or has ownership interests in refineries in each of these areas except Latin America. For the industry, refined-product margins were generally higher in 2007 than in 2006. For the company, U.S. refined-product margins during 2007 were negatively affected by planned and unplanned downtime at its three largest U.S. refineries.
Industry margins in the future may be volatile and are influenced by changes in the price of crude oil used for refinery feedstock and by changes
| 2SELL
|
[
-0.005099884700030088,
0.054316259920597076,
-0.010154285468161106,
-0.032338812947273254,
-0.12610748410224915,
-0.015514529310166836,
-0.012923930771648884,
-0.008301764726638794,
-0.0673009604215622,
0.03394434228539467,
0.0014035488711670041,
-0.0184488408267498,
0.019229047000408173,
-0.02464539185166359,
0.004794175270944834,
0.04073428735136986,
0.03983268886804581,
-0.006711195223033428,
-0.030818551778793335,
0.003374699270352721,
0.020588913932442665,
0.017591124400496483,
0.009907914325594902,
-0.013122113421559334,
0.014114867895841599,
0.017881430685520172,
-0.06730278581380844,
0.024111395701766014,
0.05201371759176254,
-0.04586152359843254,
0.02579692006111145,
0.018920360133051872,
0.032532304525375366,
-0.01730930246412754,
0.0456574484705925,
0.001650191261433065,
-0.06164366751909256,
0.017150085419416428,
0.030650191009044647,
0.005685640964657068,
-0.05044068768620491,
0.004545948002487421,
-0.013337013311684132,
-0.01282181590795517,
0.010361779481172562,
-0.014203033410012722,
0.03395669534802437,
0.023778416216373444,
0.01716267317533493,
-0.01342763751745224,
0.002894596429541707,
-0.028780795633792877,
-0.01628801040351391,
-0.024143584072589874,
-0.02375011518597603,
-0.009918535128235817,
-0.0150040527805686,
-0.03483197093009949,
0.0767335519194603,
0.029706384986639023,
0.027785001322627068,
-0.04571954905986786,
0.014123283326625824,
0.044469572603702545,
0.006036300677806139,
-0.007835766300559044,
-0.006644247565418482,
0.009398726746439934,
-0.037981074303388596,
-0.013832833617925644,
0.019403759390115738,
0.0245448537170887,
-0.025342268869280815,
-0.02062138356268406,
0.008726748637855053,
-0.05391621217131615,
0.03389918431639671,
0.00019516095926519483,
0.087195485830307,
-0.03316379338502884,
0.005560008343309164,
-0.07742887735366821,
0.0393621064722538,
-0.07755037397146225,
0.012932700105011463,
-0.01342608779668808,
-0.012068171985447407,
-0.06086818128824234,
-0.01309166755527258,
0.004900256171822548,
0.011744122952222824,
0.005501373205333948,
-0.019848357886075974,
-0.0473468154668808,
-0.02860354818403721,
-0.0006497021531686187,
0.03257334977388382,
-0.15830010175704956,
-0.0015800456749275327,
-0.00597375025972724,
0.057334598153829575,
0.010857746936380863,
0.05094549059867859,
-0.02799368090927601,
0.011272363364696503,
0.016409028321504593,
-0.021678343415260315,
0.035334303975105286,
0.004985584411770105,
0.011304902844130993,
-0.02040061168372631,
-0.05446763336658478,
0.031486641615629196,
-0.004707623273134232,
-0.00008634992263978347,
0.05313216149806976,
0.012283860705792904,
0.035909704864025116,
-0.0030377076473087072,
-0.06728124618530273,
0.020490510389208794,
-0.030238211154937744,
-0.03790358826518059,
-0.002996791386976838,
-0.04259015992283821,
0.03384703770279884,
-0.03366052359342575,
0.0003002329613082111,
0.03456326574087143,
-0.007772370707243681,
-0.0033226662781089544,
-0.009055526927113533,
-0.01694713532924652,
0.03497760742902756,
-0.037085141986608505,
0.008950225077569485,
-0.018119674175977707,
0.004639352206140757,
-0.043858855962753296,
0.008974150754511356,
-0.03453373908996582,
-0.030223427340388298,
-0.0071478658355772495,
-0.012746214866638184,
-0.04312687739729881,
-0.0021416814997792244,
-0.012828841805458069,
-0.0014275717549026012,
0.028945423662662506,
0.08397860080003738,
-0.012084290385246277,
0.0014311017002910376,
-0.0303938165307045,
-0.011573591269552708,
-0.011218399740755558,
-0.016094552353024483,
0.054415177553892136,
-0.007192420773208141,
-0.06645618379116058,
0.008030417375266552,
-0.008046286180615425,
-0.0056442990899086,
-0.008311392739415169,
-0.0589338093996048,
-0.0655399039387703,
-0.027632221579551697,
0.01481853611767292,
-0.020428204908967018,
0.04828132316470146,
0.04930807277560234,
0.02111778035759926,
0.015598545782268047,
0.006372930947691202,
0.002745135687291622,
0.027165496721863747,
-0.0630856603384018,
0.01531977765262127,
0.055898040533065796,
-0.011768958531320095,
0.020687714219093323,
0.02910209819674492,
0.007500750012695789,
0.06322188675403595,
-0.10423634201288223,
-0.062283046543598175,
-0.005314732901751995,
0.01258536521345377,
0.056492555886507034,
-0.010149446316063404,
-0.01636258326470852,
0.043260104954242706,
-0.011980622075498104,
-0.004211519379168749,
-0.012794946320354939,
0.004082485567778349,
-0.005274753551930189,
-0.012149524874985218,
-0.003977992106229067,
-0.02394069731235504,
-0.008276546373963356,
-0.10465879738330841,
0.014116566628217697,
-0.019484655931591988,
0.027449438348412514,
0.03421228006482124,
-0.015012270770967007,
-0.008868124336004257,
0.0064400057308375835,
-0.0031423489563167095,
-0.005619426723569632,
-0.060717832297086716,
0.0011491011828184128,
-0.0006642939988523722,
-0.02431638538837433,
0.006411493755877018,
0.032514538615942,
0.0010573616018518806,
-0.0895671620965004,
-0.01854659989476204,
-0.04467681422829628,
0.011353894136846066,
-0.01190255954861641,
0.016985232010483742,
0.008514776825904846,
0.06987050175666809,
-0.0006701210513710976,
0.04504206031560898,
-0.007034501526504755,
-0.050499822944402695,
0.018095502629876137,
0.009854888543486595,
0.05705340951681137,
-0.04320588707923889,
0.036267656832933426,
0.0034693563356995583,
0.0032991052139550447,
0.0000839883869048208,
0.005510035436600447,
-0.03096538968384266,
0.05528837814927101,
0.09862042963504791,
-0.01056305505335331,
-0.013605439104139805,
-0.0032977203372865915,
-0.03778361156582832,
0.05431279167532921,
0.03377678245306015,
0.050425682216882706,
-0.009307604283094406,
-0.016576597467064857,
-0.01007892843335867,
0.030297964811325073,
-0.03909094259142876,
-0.0005238455487415195,
-0.03288964554667473,
0.02308700606226921,
0.023565374314785004,
-0.010303712449967861,
0.021288203075528145,
-0.13942109048366547,
-0.009495405480265617,
-0.02036203444004059,
0.02301672287285328,
-0.02659154124557972,
0.007840069010853767,
0.005828436929732561,
0.026180490851402283,
0.0007836148724891245,
-0.013019943609833717,
0.0016834911657497287,
-0.00211308803409338,
-0.01103172730654478,
0.035006165504455566,
-0.02050045318901539,
-0.0033278337214142084,
-0.0013444680953398347,
0.03769966959953308,
-0.00901859812438488,
0.027900204062461853,
-0.03628988564014435,
-0.0024067300837486982,
-0.0059319064021110535,
0.008973238989710808,
-0.01871545799076557,
-0.018038466572761536,
-0.014140339568257332,
-0.0321369394659996,
-0.007593795657157898,
0.08123426884412766,
-0.03050210513174534,
-0.017402220517396927,
0.013504073955118656,
0.0057911681942641735,
-0.03522466868162155,
-0.03021105006337166,
0.06689421832561493,
-0.008702129125595093,
-0.03727025166153908,
-0.0055532874539494514,
0.055620208382606506,
0.020275013521313667,
0.025185851380228996,
0.01861533336341381,
-0.03639236465096474,
-0.010258568450808525,
-0.013168714940547943,
-0.01108968909829855,
-0.01631036028265953,
0.1218654215335846,
-0.020459575578570366,
0.015956131741404533,
0.014970378950238228,
-0.003360283561050892,
-0.0010518603958189487,
-0.016894470900297165,
-0.03763342648744583,
-0.028402136638760567,
0.04329526796936989,
-0.02129996381700039,
-0.03904261812567711,
0.01584770902991295,
0.007119836751371622,
0.02645746059715748,
0.02122928388416767,
0.05023963749408722,
0.0018459438579156995,
0.05351266264915466,
-0.03952198103070259,
0.03456515818834305,
-0.029273871332406998,
0.049382805824279785,
0.0908021628856659,
-0.029418280348181725,
0.046535469591617584,
-0.02197275310754776,
0.013733403757214546,
0.021547697484493256,
-0.02091156877577305,
0.00445027370005846,
-0.008893847465515137,
0.0034762972500175238,
-0.0008614375256001949,
0.035606637597084045,
-0.022586094215512276,
-0.005492495838552713,
0.09968985617160797,
0.00956028327345848,
-0.0523211844265461,
0.025117434561252594,
0.06955718994140625,
0.045840367674827576,
-0.024739794433116913,
0.004435645882040262,
0.03333931416273117,
0.0038697454147040844,
-0.028551526367664337,
0.039105694741010666,
0.007765418384224176,
-0.01715000346302986,
0.021201251074671745,
-0.00912545807659626,
-0.02730841562151909,
-0.004362386651337147,
0.0007585575804114342,
0.042954422533512115,
-0.012427295558154583,
-0.04793546348810196,
0.007030042819678783,
0.018485113978385925,
-0.019863732159137726,
-0.01945984736084938,
0.0037538360338658094,
0.01402801088988781,
0.042120128870010376,
-0.029989071190357208,
0.007170147728174925,
0.019422920420765877,
-0.022940821945667267,
0.006163116544485092,
0.021994758397340775,
0.0031686078291386366,
0.001101011293940246,
-0.012406590394675732,
-0.017800496891140938,
0.06619973480701447,
-0.013474225997924805,
0.001509416033513844,
0.001677120104432106,
-0.0039811935275793076,
0.01106085255742073,
-0.007037333212792873,
0.03431631624698639,
0.03310303017497063,
0.011201746761798859,
-0.02382591925561428,
0.0006048996583558619,
0.030985750257968903,
-0.006172403693199158,
-0.010257483460009098,
-0.024957694113254547,
-0.0025452228728681803,
-0.013633276335895061,
-0.010974854230880737,
0.02390180341899395,
0.0530189648270607,
0.010515258647501469,
-0.035342756658792496,
0.03713173791766167,
-0.008641819469630718,
0.04006211459636688,
-0.00763821741566062,
-0.1311594396829605,
-0.017339972779154778,
0.026190446689724922,
-0.05974224954843521,
0.022966627031564713,
-0.007781876251101494,
0.03711455687880516,
0.07106299698352814,
0.04651854932308197,
-0.03814474120736122,
0.007364396471530199,
0.03888228163123131,
0.009195440448820591,
-0.13273835182189941,
0.011103171855211258,
-0.06124100089073181,
-0.03509192168712616,
0.028524160385131836,
0.010646048001945019,
-0.010851926170289516,
0.009930180385708809,
0.02300674468278885,
-0.006987926084548235,
-0.007628706283867359,
0.010910119861364365,
-0.0017599087441340089,
-0.034163352102041245,
-0.006578999105840921,
0.03109821304678917,
-0.02819903939962387,
0.035328518599271774,
0.0007445834926329553,
-0.010191787034273148,
-0.018451133742928505,
0.008973028510808945,
0.04486910253763199,
-0.017698606476187706,
0.030877824872732162,
-0.06062563508749008,
0.000731470063328743,
0.017210988327860832,
0.014843364246189594,
0.00974348932504654,
0.00660849129781127,
-0.01393814291805029,
-0.00039037843816913664,
0.006200240459293127,
-0.027257978916168213,
0.007259951438754797,
-0.002130355918779969,
0.004095017444342375,
0.02194928750395775,
-0.002138005569577217,
0.0005882834666408598,
0.02060077153146267,
0.01882694475352764,
-0.003120125737041235,
0.05314448103308678,
-0.00994676724076271,
0.00318171177059412,
0.007030175998806953,
0.0016724055167287588,
0.006993936374783516,
0.03769480437040329,
-0.007719181943684816,
0.04519006237387657,
-0.018081678077578545,
-0.0040604532696306705,
-0.02709890902042389,
0.00994310062378645,
-0.02300894632935524,
-0.025347674265503883,
0.01683046668767929,
0.00947188027203083,
-0.0830458328127861,
-0.0415949821472168,
-0.006021264009177685,
-0.010898054577410221,
-0.0057177357375621796,
-0.044150032103061676,
-0.02815556339919567,
-0.028518548235297203,
0.02813292108476162,
-0.003991590812802315,
-0.00738555658608675,
-0.17644405364990234,
0.035399023443460464,
-0.016105839982628822,
-0.013993441127240658,
0.035143185406923294,
-0.011322880163788795,
0.014064549468457699,
0.029504338279366493,
0.005567798390984535,
0.023211820051074028,
-0.005707339383661747,
0.024759743362665176,
-0.04826650768518448,
0.006130929104983807,
0.025672126561403275,
0.02030554600059986,
-0.017774980515241623,
-0.04055078327655792,
0.021654848009347916,
-0.07790181040763855,
0.031063877046108246,
0.00393705116584897,
0.039627015590667725,
0.009392860345542431,
-0.007386001758277416,
0.02379821240901947,
0.030949877575039864,
0.0008595298859290779,
0.0410461500287056,
-0.002309586154296994,
0.04345637559890747,
-0.008540662005543709,
0.05951680243015289,
0.0013452779967337847,
0.010212079621851444,
0.18676581978797913,
-0.009400635957717896,
-0.016168072819709778,
-0.005021748133003712,
-0.0028936939779669046,
0.002712841844186187,
-0.016279658302664757,
-0.018905213102698326,
-0.016590462997555733,
-0.012894771993160248,
0.0304440688341856,
0.018834996968507767,
-0.019186094403266907,
0.020883075892925262,
-0.005976003594696522,
-0.07712052762508392,
-0.0044378861784935,
0.002810596488416195,
-0.06896468997001648,
-0.00899527594447136,
0.10341087728738785,
0.0424082987010479,
0.00439435662701726,
0.01678910106420517,
-0.028388578444719315,
0.01793477311730385,
0.0014131668722257018,
0.0038548659067600965,
0.011281211860477924,
-0.0020162800792604685,
-0.04797462001442909,
0.0003946636279579252,
-0.021220820024609566,
-0.07417722791433334,
0.008385813795030117,
0.0014775929739698768,
-0.023327870294451714,
0.02415488287806511,
-0.010851537808775902,
0.08546030521392822,
0.007613069377839565,
-0.015443800017237663,
-0.06322987377643585,
0.03537793084979057,
0.010270531289279461,
0.0017060738755390048,
-0.02759731560945511,
-0.018339602276682854,
-0.05037787929177284,
0.05015186965465546,
0.01111157052218914,
-0.023770848289132118,
0.00802052952349186,
0.019158143550157547,
-0.11655179411172867,
0.0380774550139904,
0.032653819769620895,
-0.0015736351488158107,
0.009729152545332909,
-0.023360343649983406,
0.0018629099940881133,
-0.0012823727447539568,
0.028293229639530182,
0.04636513814330101,
-0.11787348985671997,
-0.03000878356397152,
0.011319417506456375,
0.0026963134296238422,
-0.01597956381738186,
0.020921234041452408,
0.009378872811794281,
0.03112705796957016,
0.026815198361873627,
0.015838872641324997,
-0.01878167875111103,
0.01820678636431694,
-0.0004568674194160849,
0.03771935775876045,
-0.021238228306174278,
-0.015925005078315735,
-0.021175721660256386,
-0.004267775919288397,
-0.032433561980724335,
-0.002234799787402153,
0.027133993804454803,
0.020018700510263443,
-0.2045663595199585,
0.026801634579896927,
0.03406526520848274,
-0.008538566529750824,
-0.019559867680072784,
0.021007943898439407,
-0.005663992837071419,
-0.04896952584385872,
0.013584952801465988,
-0.023228053003549576,
-0.03734961524605751,
0.022884199395775795,
-0.005472642369568348,
-0.013933395966887474,
0.01035036239773035,
0.015066551975905895,
-0.02174334041774273,
0.011775709688663483,
0.036613039672374725,
-0.015995237976312637,
0.03053637593984604,
-0.049436304718256,
-0.13055500388145447,
0.005599139723926783,
-0.052269723266363144,
-0.013757637701928616,
0.018351681530475616,
0.02237517759203911,
0.0028335426468402147,
-0.012642591260373592,
-0.03655995801091194,
0.03179331123828888,
0.05919627100229263,
0.028750551864504814,
-0.006023367866873741,
0.006984966341406107,
0.04859244450926781,
-0.020349808037281036,
-0.03322290629148483,
0.024160416796803474,
-0.014367736876010895,
-0.0005111984210088849,
-0.02326652593910694,
-0.02331390231847763,
0.022798966616392136,
-0.04474218562245369,
0.008742487989366055,
0.02159573696553707,
0.0018228060798719525,
0.03326479345560074,
0.008226114325225353,
-0.04092928022146225,
-0.00588634330779314,
0.024206725880503654,
-0.000636428187135607,
-0.0012251477455720305,
0.018872305750846863,
0.06866215914487839,
0.014913070015609264,
-0.030604587867856026,
0.02899964153766632,
0.02690352126955986,
-0.05760825797915459,
0.0074431076645851135,
0.005851161666214466,
-0.017043588683009148,
0.010392057709395885,
-0.05655408278107643,
0.01749061793088913,
0.03132094442844391,
-0.1584366112947464,
-0.07534101605415344,
-0.07232312113046646,
0.022054089233279228,
0.0018669121200218797,
-0.015268375165760517,
0.003948216792196035,
-0.022064434364438057,
-0.00936903152614832,
-0.0037292835768312216,
-0.02220623753964901,
0.010675014927983284,
-0.09909594804048538,
0.02109699323773384,
-0.014070200733840466,
0.006022228859364986,
0.020559482276439667,
-0.02498597465455532,
0.01950375735759735,
-0.009362480603158474,
-0.01952814869582653,
0.0010022881906479597,
0.024150116369128227,
0.006248907186090946,
-0.004379533231258392,
-0.003520082449540496,
-0.017600221559405327,
0.005463015288114548,
-0.05657092481851578,
0.0038318675942718983,
-0.004004620481282473,
0.015643520280718803,
0.004830339457839727,
-0.004870117176324129,
-0.03994988650083542,
-0.03661797195672989,
-0.004625780042260885,
0.12462801486253738,
-0.0029819905757904053,
0.025291742756962776,
-0.021487930789589882,
0.015281246043741703,
-0.006720575969666243,
-0.007452025078237057,
-0.03810309246182442,
0.07331331074237823,
-0.02290218695998192,
-0.010583041235804558,
0.003813920309767127,
-0.043010007590055466,
-0.017419517040252686,
-0.0026490059681236744,
-0.0038972757756710052,
0.05231085419654846,
0.021480632945895195,
0.00041224854066967964,
0.01860967092216015,
0.049667514860630035,
-0.01222317200154066,
-0.00800570473074913,
-0.03993721678853035,
-0.03741903230547905,
0.04614143446087837,
-0.10534130036830902,
-0.023620856925845146,
0.036848992109298706,
0.0034860894083976746,
-0.040003761649131775,
0.00633540702983737,
-0.004035315942019224,
0.0018258040072396398,
0.012863506563007832,
-0.05000246316194534,
0.00035151696647517383,
-0.003969552461057901,
0.04014987871050835,
-0.023499423637986183,
0.03295103833079338,
-0.050957467406988144,
0.038338638842105865,
-0.0041992855258286
] |
impacted by increases in the Prevenar franchise, Lyrica, Enbrel, Celebrex and Alliance revenues and unfavorably impacted by declines in Lipitor, Effexor, Norvasc and Xalatan/Xalacom. International revenues from legacy King products were not significant to our international revenues in 2011.
During 2011, international revenues from biopharmaceutical products represented 59% of total revenues from biopharmaceutical products, compared to 56% in 2010.
Primary Care Operating Segment
• Primary Care unit revenues decreased 3% in 2011 compared to 2010, due to lower operational revenues of 6%, partially offset by the
favorable impact of foreign exchange of 3%. Primary Care unit revenues were favorably impacted by higher revenues from certain patent-protected products, including Lyrica, Celebrex, Pristiq and Spiriva (in Alliance revenues), among others, as well as the addition of revenues from legacy King products of $404 million, or 2% in 2011. Operational revenues in 2011 were negatively impacted by the loss of exclusivity of Lipitor and Caduet in the U.S. in November 2011, Lipitor in various other developed markets during 2010, as well as Aricept 5mg and 10 mg tablets in the U.S. in November 2010. Taken together, these losses of exclusivity reduced Primary Care unit revenues by approximately $2.1 billion, or 9%, in comparison 2010.
Specialty Care and Oncology Operating Segment
• Specialty Care unit revenues increased 1% compared to 2010 due to the favorable impact of foreign exchange of 3%, partially offset by
lower operational revenues of 2%. Operational revenues were favorably impacted by strong growth in the Prevnar/Prevenar franchise and Enbrel, and unfavorably impacted by the loss of exclusivity of Vfend and Xalatan in the U.S. in February and March 2011, respectively. Collectively, these losses of exclusivity reduced Specialty Care unit revenues by $624 million, or 4%, in comparison with 2010.
• Oncology unit revenues decreased 6%, compared to 2010, due to lower operational revenues of 10%, partially offset by the favorable impact of foreign exchange of 4%. The decrease in the Oncology unit operational revenues in 2011 was primarily due to the transfer of Aromasin’s U.S. business to the Established Products unit effective January 1, 2011 as a result of its loss of exclusivity in April 2011. This loss of exclusivity reduced Oncology unit revenues by $160 million, or 11%, in comparison with 2010.
Established Products and Emerging Markets Operating Segment
• Established Products unit revenues decreased 9% in 2011 compared to 2010 due to lower operational revenues of 13%, partially offset
by a 4% favorable impact of foreign exchange. The decrease in Established Products unit operational revenues in 2011 was mainly due to the loss of exclusivity of Effexor XR, Protonix and Zosyn in the U.S. Taken together, these losses of exclusivity decreased Established Products unit revenues by $1.7 billion, or 17%, in comparison with 2010. These declines were partially offset by the addition of revenues from legacy King products of $546 million, or 5% in 2011.
• Emerging Markets unit revenues increased 7%, compared to 2010, due to higher
| 2SELL
|
[
-0.0015667686238884926,
0.0608118437230587,
-0.0006083199405111372,
-0.026284871622920036,
-0.11282437294721603,
-0.008648407645523548,
-0.0032807670067995787,
0.004944498185068369,
-0.07303857803344727,
0.028244247660040855,
0.004651270806789398,
-0.02259374037384987,
0.016744814813137054,
-0.023205352947115898,
0.018552379682660103,
0.04893684387207031,
0.03616185858845711,
-0.0015885999891906977,
-0.03353208675980568,
0.006343483459204435,
0.012155525386333466,
0.017028775066137314,
0.011934194713830948,
-0.010423731058835983,
0.03399455174803734,
0.024752989411354065,
-0.06283201277256012,
0.022866645827889442,
0.06246640533208847,
-0.05074043199419975,
0.022864434868097305,
0.028878135606646538,
0.03258228302001953,
-0.02301241271197796,
0.0458834208548069,
0.0007505401154048741,
-0.04620562121272087,
0.016585156321525574,
0.0392647311091423,
0.015145435929298401,
-0.05469431355595589,
-0.003409121884033084,
-0.021482478827238083,
-0.011069382540881634,
0.007145003881305456,
-0.01196531392633915,
0.03341447934508324,
0.02369493618607521,
0.016447676345705986,
-0.012300635688006878,
0.0022430240642279387,
-0.030402187258005142,
-0.01642739586532116,
-0.032646533101797104,
-0.02840363420546055,
0.006328260060399771,
-0.015506932511925697,
-0.02466895803809166,
0.07634104788303375,
0.02976098656654358,
0.03205154091119766,
-0.026067346334457397,
0.004637973383069038,
0.03277236968278885,
0.006972256116569042,
-0.012691069394350052,
-0.002274652011692524,
-0.0003394376253709197,
-0.036585208028554916,
-0.019913718104362488,
0.022826356813311577,
0.037674035876989365,
-0.017899567261338234,
-0.018635526299476624,
0.004824488423764706,
-0.03774735704064369,
0.03454798460006714,
-0.00019776732369791716,
0.07604143023490906,
-0.025084754452109337,
-0.00010155243944609538,
-0.06976471841335297,
0.03345527872443199,
-0.09315906465053558,
0.01845228485763073,
-0.014258869923651218,
-0.015368500724434853,
-0.05673915892839432,
-0.014257187023758888,
0.0013491591671481729,
0.010366810485720634,
0.0065750181674957275,
-0.017744002863764763,
-0.043452490121126175,
-0.030296143144369125,
0.005244990345090628,
0.038814790546894073,
-0.1445014625787735,
-0.0020893816836178303,
-0.0018659846391528845,
0.051255565136671066,
0.007650142535567284,
0.03544357791543007,
-0.01777701824903488,
0.01780833676457405,
0.006560454610735178,
-0.02765103057026863,
0.03461068868637085,
0.0038985067512840033,
0.010940696112811565,
-0.016650639474391937,
-0.05233969911932945,
0.02097168378531933,
-0.003509721951559186,
-0.00659039756283164,
0.037110451608896255,
0.00743950204923749,
0.03332065790891647,
-0.003415183164179325,
-0.06329900026321411,
0.018460722640156746,
-0.02441425621509552,
-0.02518858015537262,
0.007582622580230236,
-0.03766154497861862,
0.028270384296774864,
-0.025544345378875732,
-0.006563148461282253,
0.044032022356987,
-0.007337434217333794,
-0.004451072309166193,
-0.000521694018971175,
-0.013953075744211674,
0.024892255663871765,
-0.04048585519194603,
0.011876068077981472,
-0.0060378918424248695,
0.003985447809100151,
-0.04578010365366936,
0.00290176784619689,
-0.028440654277801514,
-0.02860160730779171,
-0.012363114394247532,
-0.006509571336209774,
-0.040510695427656174,
-0.005325643811374903,
-0.01573563553392887,
0.004050876945257187,
0.026302451267838478,
0.06869054585695267,
-0.012383322231471539,
-0.009329762309789658,
-0.0354374535381794,
-0.01613258197903633,
-0.01667737029492855,
-0.015189233236014843,
0.043296705931425095,
-0.00538516603410244,
-0.0631815567612648,
0.00878340657800436,
-0.0035679196007549763,
-0.00946576613932848,
-0.005854415241628885,
-0.057105280458927155,
-0.059420254081487656,
-0.026013221591711044,
0.014242586679756641,
-0.02129828929901123,
0.040046367794275284,
0.05168186500668526,
0.02152612991631031,
0.025879109278321266,
0.00431517418473959,
-0.002491903491318226,
0.029023146256804466,
-0.0661681592464447,
0.03164556249976158,
0.050125524401664734,
-0.006523625925183296,
0.0172354057431221,
0.02950972132384777,
0.0050718351267278194,
0.059511542320251465,
-0.1180930808186531,
-0.06216657534241676,
-0.022704321891069412,
0.010166355408728123,
0.043511420488357544,
-0.0042284331284463406,
-0.020983494818210602,
0.038778893649578094,
-0.01493377611041069,
-0.0023018517531454563,
-0.008645404130220413,
-0.004094230942428112,
-0.005725398194044828,
-0.011396066285669804,
0.004390678834170103,
-0.001989828422665596,
-0.00561924185603857,
-0.11324819922447205,
0.0211491622030735,
-0.00339415087364614,
0.020571649074554443,
0.03994300216436386,
-0.013540668413043022,
-0.013806890696287155,
0.0019495044834911823,
-0.001448542927391827,
-0.008041239343583584,
-0.05734096094965935,
0.003073561703786254,
0.011303906328976154,
-0.029090268537402153,
-0.00105710094794631,
0.052322868257761,
0.004044837784022093,
-0.09944358468055725,
-0.03626980260014534,
-0.048271313309669495,
0.008827091194689274,
-0.01345111709088087,
0.016752468422055244,
0.004774768371134996,
0.06993836164474487,
-0.008347751572728157,
0.03628706932067871,
-0.010550486855208874,
-0.04529784619808197,
0.0222293883562088,
0.010852599516510963,
0.06480363756418228,
-0.040718499571084976,
0.0226852186024189,
0.008641011081635952,
-0.00936730857938528,
0.0019991763401776552,
0.003094711573794484,
-0.02042979747056961,
0.0677679032087326,
0.088529571890831,
-0.00905529037117958,
-0.01569621078670025,
-0.011373301036655903,
-0.03282689303159714,
0.04550263285636902,
0.01908031292259693,
0.049396634101867676,
-0.01487345714122057,
-0.011379430070519447,
-0.011416824534535408,
0.03243965655565262,
-0.040420204401016235,
-0.005431095138192177,
-0.035973165184259415,
0.028496943414211273,
0.02346348576247692,
-0.009379273280501366,
0.016154343262314796,
-0.12833163142204285,
-0.010703266598284245,
-0.024316079914569855,
0.007281724829226732,
-0.022731048986315727,
0.013814687728881836,
0.009632052853703499,
0.02389916405081749,
-0.010320866480469704,
-0.0015883003361523151,
0.004060110077261925,
-0.013594101183116436,
-0.015157464891672134,
0.045691050589084625,
-0.011482469737529755,
-0.0031965498346835375,
0.0059199584648013115,
0.03148285299539566,
-0.009837834164500237,
0.025702398270368576,
-0.02974584512412548,
-0.0020236277487128973,
-0.005642564035952091,
0.0030060820281505585,
-0.023431770503520966,
-0.016262510791420937,
-0.016727738082408905,
-0.03414790704846382,
-0.007455380167812109,
0.08241179585456848,
-0.032918740063905716,
-0.015826497226953506,
0.005226045846939087,
0.010480244643986225,
-0.04359331727027893,
-0.02490844763815403,
0.06536911427974701,
-0.011181717738509178,
-0.04252396523952484,
-0.0028167273849248886,
0.04136907309293747,
0.022916121408343315,
0.025885706767439842,
0.009357930161058903,
-0.02398749813437462,
-0.012837296351790428,
-0.013832629658281803,
-0.020692475140094757,
-0.017686016857624054,
0.13502253592014313,
-0.025275055319070816,
0.01411766279488802,
0.017796320840716362,
-0.0034604882821440697,
-0.004903626162558794,
-0.015293593518435955,
-0.03931310027837753,
-0.03824058920145035,
0.02675539441406727,
-0.017411675304174423,
-0.029917538166046143,
0.01838504709303379,
0.012689583003520966,
0.020970961079001427,
0.025285935029387474,
0.046956609934568405,
0.001982505898922682,
0.048462603241205215,
-0.04225275292992592,
0.039070725440979004,
-0.014607102610170841,
0.007541345898061991,
0.10620085895061493,
-0.025619706138968468,
0.04056680202484131,
-0.02707265317440033,
0.012694178149104118,
0.021572396159172058,
-0.01577058434486389,
-0.0010227406164631248,
-0.00956331379711628,
-0.006619219668209553,
-0.008895178325474262,
0.03116879239678383,
-0.023491598665714264,
0.0032255176920443773,
0.09848960489034653,
0.007768826559185982,
-0.04775475710630417,
0.01923910528421402,
0.06778346002101898,
0.052258942276239395,
-0.031346745789051056,
0.00845266878604889,
0.04943067580461502,
0.015245256014168262,
-0.02701324038207531,
0.03856721520423889,
0.005503672640770674,
-0.013596960343420506,
0.01642933487892151,
-0.007535073906183243,
-0.019479021430015564,
-0.0037327026948332787,
-0.008939824067056179,
0.04072022810578346,
-0.02053484320640564,
-0.04184555634856224,
0.008875522762537003,
0.015104412101209164,
-0.017769820988178253,
-0.011620915494859219,
0.012240963988006115,
0.017814742401242256,
0.05689328536391258,
-0.031575750559568405,
0.010346702300012112,
0.02060413546860218,
-0.027577674016356468,
-0.008659853599965572,
0.03483777493238449,
0.0016698581166565418,
-0.003794279182329774,
-0.00660937512293458,
-0.013563161715865135,
0.08037953823804855,
-0.017393171787261963,
0.0016672026831656694,
0.006786556448787451,
-0.0005122546572238207,
0.012306315824389458,
0.0016724378801882267,
0.03615492209792137,
0.03709496185183525,
0.00961530301719904,
-0.02103644423186779,
0.0027094315737485886,
0.033480606973171234,
-0.0067385099828243256,
-0.021370990201830864,
-0.027234140783548355,
-0.001879221759736538,
-0.015967590734362602,
-0.011926371604204178,
0.02261519990861416,
0.05088226497173309,
0.025575963780283928,
-0.026373740285634995,
0.036632683128118515,
-0.006667175330221653,
0.04575296491384506,
-0.0008678959566168487,
-0.12128471583127975,
-0.021873127669095993,
0.02598675526678562,
-0.05508849769830704,
0.03336112201213837,
-0.01561595220118761,
0.034095924347639084,
0.06647695600986481,
0.044856101274490356,
-0.04441839084029198,
0.012207543477416039,
0.03260098025202751,
0.006812621373683214,
-0.14196360111236572,
0.008900781162083149,
-0.056433722376823425,
-0.02789141982793808,
0.017964696511626244,
0.011316939257085323,
-0.009050353430211544,
0.010082653723657131,
0.01759977452456951,
-0.005891804117709398,
-0.0005100753623992205,
0.013050836510956287,
-0.006304447539150715,
-0.028074810281395912,
-0.01242750696837902,
0.03326466307044029,
-0.034675538539886475,
0.03286995738744736,
0.0041166264563798904,
-0.008403969928622246,
-0.01711348071694374,
0.006511243060231209,
0.04655329883098602,
-0.017297470942139626,
0.029972348362207413,
-0.057181671261787415,
-0.0018962452886626124,
0.013805439695715904,
0.00022428065130952746,
0.005315233487635851,
0.013996974565088749,
-0.008462288416922092,
-0.003970285877585411,
0.008020239882171154,
-0.015269153751432896,
0.009554840624332428,
-0.0019278699764981866,
0.006389695219695568,
0.025305896997451782,
-0.004109157249331474,
0.0006423871382139623,
0.02928352542221546,
0.014761125668883324,
0.004243755713105202,
0.06098491698503494,
-0.0035680062137544155,
0.0013595193158835173,
0.009107931517064571,
0.0019636955112218857,
0.004544345661997795,
0.03661973774433136,
-0.010518736205995083,
0.032837171107530594,
-0.014753511175513268,
-0.00896166916936636,
-0.026749050244688988,
0.015621380880475044,
-0.021021928638219833,
-0.026332681998610497,
0.02109106071293354,
0.011641036719083786,
-0.08339551091194153,
-0.04236200451850891,
-0.008956588804721832,
-0.009939487092196941,
0.00404036371037364,
-0.044466689229011536,
-0.028144467622041702,
-0.030321577563881874,
0.032326120883226395,
-0.003338043112307787,
-0.01126721128821373,
-0.16124345362186432,
0.03745967522263527,
-0.011256380006670952,
-0.014201383106410503,
0.034693364053964615,
-0.01194569282233715,
0.022023597732186317,
0.03707866743206978,
0.008308942429721355,
0.027604490518569946,
-0.004165369551628828,
0.03136648237705231,
-0.05633225664496422,
0.005671096500009298,
0.029535237699747086,
0.03428531438112259,
-0.015320300124585629,
-0.03933531418442726,
0.021438198164105415,
-0.07242369651794434,
0.044821690768003464,
0.0006668995483778417,
0.03887586295604706,
0.006235794629901648,
-0.004013323690742254,
0.018299400806427002,
0.02542446181178093,
0.0019643809646368027,
0.04549815133213997,
-0.004797014407813549,
0.03893303871154785,
-0.008237749338150024,
0.05153542011976242,
-0.0013788026990368962,
0.013955124653875828,
0.19772587716579437,
-0.008435781113803387,
-0.004803915973752737,
-0.002013178076595068,
-0.0015336564974859357,
0.009423848241567612,
-0.01303747110068798,
-0.027561388909816742,
-0.014999017119407654,
-0.013915695250034332,
0.028370080515742302,
0.014188799075782299,
-0.024373918771743774,
0.018627751618623734,
-0.018562547862529755,
-0.06433185189962387,
-0.008473607711493969,
0.0008387676789425313,
-0.08025114238262177,
-0.013888213783502579,
0.10731363296508789,
0.03963373228907585,
-0.00032725822529755533,
0.01130270678550005,
-0.030627934262156487,
0.015773603692650795,
-0.003790081711485982,
0.007996132597327232,
0.0198958870023489,
0.000930905225686729,
-0.040416114032268524,
0.0030286158435046673,
-0.014355914667248726,
-0.07375233620405197,
0.003674478968605399,
0.0008824578253552318,
-0.030322754755616188,
0.023702306672930717,
-0.009396558627486229,
0.08273746818304062,
0.012708012014627457,
-0.01329109538346529,
-0.06723728775978088,
0.03146395459771156,
0.012626822106540203,
0.0054574888199567795,
-0.021422576159238815,
-0.015609572641551495,
-0.04133385047316551,
0.0485294945538044,
0.018155042082071304,
-0.02120801992714405,
-0.001557720941491425,
0.02338697388768196,
-0.10669935494661331,
0.021984705701470375,
0.02710837498307228,
-0.0016733903903514147,
0.005642472300678492,
-0.02025045081973076,
0.0045301285572350025,
-0.0004892826545983553,
0.02548055723309517,
0.04166346788406372,
-0.12644019722938538,
-0.02229740284383297,
0.011980928480625153,
-0.0065869917161762714,
-0.008756005205214024,
0.0186057910323143,
0.004226049408316612,
0.027920251712203026,
0.01652820222079754,
0.027273720130324364,
-0.010749345645308495,
0.022986281663179398,
-0.0015904976753517985,
0.03265666216611862,
-0.0205281600356102,
-0.01673923246562481,
-0.0284431129693985,
-0.0010634316131472588,
-0.034633051604032516,
-0.007307813502848148,
0.02072373777627945,
0.012583439238369465,
-0.2107098251581192,
0.022901806980371475,
0.03409154340624809,
-0.009779775515198708,
-0.014450333081185818,
0.019756577908992767,
-0.015521228313446045,
-0.060679856687784195,
0.018665561452507973,
-0.022062674164772034,
-0.0346372053027153,
0.018581479787826538,
-0.004583678673952818,
-0.023220565170049667,
0.014905750751495361,
0.02035520039498806,
-0.021527307108044624,
0.0030319574289023876,
0.0457429438829422,
-0.023407088592648506,
0.0339621864259243,
-0.0444575734436512,
-0.14708349108695984,
0.0015792545164003968,
-0.04998559132218361,
-0.010324565693736076,
0.014873235486447811,
0.024007195606827736,
0.0051719979383051395,
-0.01034469623118639,
-0.03364766389131546,
0.029566539451479912,
0.06346786767244339,
0.028517719358205795,
-0.010565795935690403,
-0.0003267910797148943,
0.044843900948762894,
-0.019098151475191116,
-0.0226694718003273,
0.01140354573726654,
-0.01647253893315792,
-0.003070282284170389,
-0.02321908064186573,
-0.02758941426873207,
0.023235054686665535,
-0.04915120080113411,
0.012964317575097084,
0.010859492234885693,
0.008992219343781471,
0.04904646798968315,
0.008122854866087437,
-0.039336368441581726,
-0.008742019534111023,
0.024149732664227486,
0.002339629689231515,
-0.018196003511548042,
0.025296462699770927,
0.054864440113306046,
0.010492374189198017,
-0.02640829049050808,
0.043986815959215164,
0.03323547542095184,
-0.054809607565402985,
0.01224515214562416,
0.009726080112159252,
-0.014972728677093983,
0.007879987359046936,
-0.06360942125320435,
0.017273753881454468,
0.029578382149338722,
-0.17682619392871857,
-0.08257421106100082,
-0.06081727147102356,
0.02237824909389019,
0.004890913143754005,
-0.017578301951289177,
0.00989622250199318,
-0.025813044980168343,
-0.006098177749663591,
-0.004741952288895845,
-0.022465821355581284,
0.005926217418164015,
-0.11140940338373184,
0.026678070425987244,
-0.014611413702368736,
0.005606901831924915,
0.013854969292879105,
-0.020864304155111313,
0.023821959272027016,
-0.002558405278250575,
-0.019259022548794746,
-0.0030762196984142065,
0.021214917302131653,
0.0058592744171619415,
-0.005677212029695511,
-0.003649616613984108,
-0.020093483850359917,
0.006978347431868315,
-0.054368756711483,
0.007169315591454506,
0.00037028553197160363,
0.006252806633710861,
0.002250016201287508,
-0.013355252332985401,
-0.04164627939462662,
-0.03779688477516174,
-0.010037214495241642,
0.11960132420063019,
-0.0017365907551720738,
0.026260020211338997,
-0.017999012023210526,
0.01903907023370266,
-0.011152148246765137,
-0.007882492616772652,
-0.03173866868019104,
0.08114739507436752,
-0.02443592995405197,
-0.013107270002365112,
-0.0013834252022206783,
-0.04094894602894783,
-0.012302846647799015,
-0.002030865056440234,
0.002130606910213828,
0.05308108776807785,
0.03495143726468086,
-0.0024631621781736612,
0.016024617478251457,
0.04654315486550331,
-0.01535655278712511,
-0.013908413238823414,
-0.03858709707856178,
-0.03746939077973366,
0.05162910372018814,
-0.11910878866910934,
-0.017494646832346916,
0.029546959325671196,
0.006868534721434116,
-0.02105756662786007,
0.009929115884006023,
-0.008120039477944374,
-0.0006401774007827044,
0.011025195010006428,
-0.040824465453624725,
0.008720156736671925,
-0.000684455269947648,
0.04001536965370178,
-0.021233368664979935,
0.031711217015981674,
-0.046152953058481216,
0.03676581755280495,
-0.002810128964483738
] |
commercial paper and short-term debt with maturities of
90 days or less, and $9,503 million of issuances of commercial paper and short-term debt with maturities greater than 90 days. We also assumed $7.9 billion of debt as a result of our acquisition of CCE's former North America business. In addition, on November 15, 2010, the Company issued $4,500 million of long-term notes. The proceeds from the debt issuance were used to repurchase $2,910 million of long-term debt, and the remainder was used to reduce our commercial paper balance. The long-term notes issued on November 15, 2010, had the following general terms:
$1,250milliontotalprincipalnotesdueMay15,2012,atavariableinterestrateofthree-monthLIBORplus 0.05 percent;
$1,250milliontotalprincipalnotesdueNovember15,2013,atafixedinterestrateof 0.75 percent;
$1,000milliontotalprincipalnotesdueNovember15,2015,atafixedinterestrateof1.5percent; and
$1,000milliontotalprincipalnotesdueNovember15,2020,atafixedinterestrateof 3.15 percent.
In 2010, the Company had payments of debt of $13,403 million, including the repurchased long-term debt discussed above. Total payments of debt also included
$9,667 million related to commercial paper and short-term debt with maturities greater than 90 days. The Company recorded a charge of $342 million related to the premiums paid to repurchase the long-term debt and the costs associated with the settlement of treasury rate locks issued in connection with the debt tender offer.
The carrying value of the Company's long-term debt included fair value adjustments related to the debt assumed from CCE of $617 million and $733 million as of
December 31, 2012 and 2011, respectively. These fair value adjustments are being amortized over the number of years remaining until the underlying debt matures. As of December 31, 2012, the weighted-average maturity of the assumed debt to which these fair value adjustments relate was approximately17 years. The amortization of these fair value adjustments will be a reduction of interest expense in future periods, which will typically result in our interest expense being less than the actual interest paid to service the debt. Total interest paid was $574 million, $573 million and $422 million in 2012, 2011 and 2010, respectively. Refer to Note 10 of Notes to Consolidated Financial Statements for additional information related to the Company's long-term debt balances.
Issuances of Stock
The issuances of stock in 2012, 2011 and 2010 were primarily related to the exercise of stock options by Company employees.
Share Repurchases
On July 20, 2006, the Board of Directors of the Company authorized a share repurchase program of up to 600 million shares of the Company's common stock. The program took effect on October 31, 2006. Although there are approximately 43 million shares that may yet be purchased under this share repurchase program, the Board of Directors authorized a new share repurchase program of up to 500 million shares of the Company's common stock on October 18, 2012. The new share repurchase program will allow the Company to continue repurchasing shares following the completion of the prior program. The table
| 2SELL
|
[
-0.001334790838882327,
0.06896896660327911,
-0.010401320643723011,
0.007885153405368328,
-0.13284018635749817,
0.011374646797776222,
-0.006717211566865444,
0.007175179198384285,
-0.06347822397947311,
0.016011139377951622,
0.01580076664686203,
-0.011744068935513496,
0.020764661952853203,
-0.02603510394692421,
-0.013442561961710453,
0.01939411647617817,
-0.00896716583520174,
-0.007999717257916927,
-0.03620398789644241,
0.009770900942385197,
0.017981112003326416,
-0.0033439910039305687,
0.010856475681066513,
-0.018006937578320503,
0.02434154972434044,
0.028975244611501694,
-0.05047983303666115,
0.026809103786945343,
0.05296521261334419,
-0.049385737627744675,
0.004439837299287319,
-0.003405611030757427,
0.0459405742585659,
-0.020852643996477127,
0.021006520837545395,
0.00812487117946148,
-0.07144946604967117,
0.011435311287641525,
0.020407944917678833,
0.011643118225038052,
-0.011400904506444931,
0.008978704921901226,
-0.004671595524996519,
-0.0038033246528357267,
0.0032699836883693933,
-0.012264013290405273,
-0.003715308615937829,
0.012586553581058979,
0.019839731976389885,
-0.005607615225017071,
0.01520481240004301,
-0.008221091702580452,
-0.013522637076675892,
-0.020874908193945885,
-0.03214652091264725,
0.003554056864231825,
-0.009129205718636513,
-0.010370930656790733,
0.0999898910522461,
0.03904837369918823,
0.045354995876550674,
-0.009659182280302048,
-0.00904797948896885,
0.02634616382420063,
0.024064937606453896,
-0.021708013489842415,
-0.011649259366095066,
0.028183259069919586,
-0.047707412391901016,
-0.04484190046787262,
0.017088083550333977,
0.04809759184718132,
-0.016009442508220673,
-0.027286700904369354,
0.009084491990506649,
-0.026449739933013916,
0.052182938903570175,
0.0001896984176710248,
0.08357271552085876,
-0.034735918045043945,
-0.02343180403113365,
-0.09759879112243652,
-0.014281794428825378,
-0.022403083741664886,
0.024907704442739487,
0.012088511139154434,
-0.00830309558659792,
-0.04542655497789383,
-0.017664415761828423,
-0.005257470533251762,
0.007065176963806152,
0.02119092270731926,
-0.03591706603765488,
-0.08686583489179611,
-0.05330811068415642,
-0.0042585222981870174,
0.028397781774401665,
-0.17424197494983673,
-0.019168201833963394,
-0.03110826388001442,
0.06893303245306015,
0.015315384604036808,
0.029964981600642204,
-0.0013263111468404531,
0.021186377853155136,
0.016497734934091568,
-0.012655462138354778,
0.026633871719241142,
0.0031921318732202053,
-0.009788121096789837,
-0.01914968155324459,
-0.08155684918165207,
0.02250014804303646,
-0.000056760898587526754,
0.0026276560965925455,
0.029746489599347115,
0.002250214572995901,
0.019440673291683197,
-0.032624926418066025,
-0.06970430910587311,
0.013911454938352108,
-0.017235832288861275,
-0.04234129935503006,
0.008577372878789902,
-0.026317762210965157,
0.04568009078502655,
-0.011409319005906582,
0.001864225254394114,
0.054580457508563995,
-0.013833700679242611,
0.0022307289764285088,
-0.010967043228447437,
-0.01723676547408104,
0.010378281585872173,
-0.03904129937291145,
0.022167474031448364,
-0.007306493353098631,
-0.010011779144406319,
-0.0344289131462574,
0.027578730136156082,
-0.011784163303673267,
-0.03316960856318474,
-0.0420653335750103,
0.0020973016507923603,
-0.04038509726524353,
-0.013082833960652351,
-0.008394909091293812,
0.003743100445717573,
0.04478222504258156,
0.10547607392072678,
-0.0026828725822269917,
-0.007769758813083172,
-0.024495545774698257,
-0.02219488099217415,
-0.046857088804244995,
0.01002218946814537,
0.05443471297621727,
-0.03525753319263458,
-0.043052058666944504,
-0.007052870001643896,
-0.008692469447851181,
0.009136934764683247,
0.008544149808585644,
-0.03931254893541336,
-0.020428847521543503,
-0.04152001067996025,
0.04002373665571213,
-0.0207964014261961,
0.03285316750407219,
0.04631716012954712,
0.03726636990904808,
0.035563576966524124,
0.002494367305189371,
0.0035735357087105513,
0.0029034330509603024,
-0.048483263701200485,
0.07076740264892578,
0.017144275829195976,
0.008855014108121395,
0.024296315386891365,
0.01783052645623684,
-0.008991743437945843,
0.02483595907688141,
-0.038225021213293076,
-0.05259503424167633,
-0.034887947142124176,
-0.006079321261495352,
0.04527199640870094,
-0.002061001257970929,
-0.027371244505047798,
0.04144825413823128,
-0.00929190218448639,
0.007351780775934458,
-0.005326274782419205,
-0.028784597292542458,
-0.02313345856964588,
-0.049828287214040756,
0.004395014606416225,
0.05063730478286743,
-0.010283170267939568,
-0.09128240495920181,
0.02976270020008087,
0.010605012066662312,
0.0395144522190094,
0.05970723181962967,
-0.020944911986589432,
0.002376629738137126,
0.001828487729653716,
0.0011486458824947476,
-0.008520030416548252,
-0.04256599023938179,
-0.02883031778037548,
-0.0007683048606850207,
-0.02073138952255249,
0.021055852994322777,
0.04625912010669708,
0.008737192489206791,
-0.12148937582969666,
-0.04700401425361633,
-0.051020726561546326,
0.008080319501459599,
-0.01630774512887001,
0.012283984571695328,
0.006073202937841415,
0.038833148777484894,
0.009011765941977501,
0.05496901646256447,
0.0035712732933461666,
-0.06759423762559891,
0.04592065140604973,
0.018966825678944588,
0.03967999666929245,
-0.01609218865633011,
0.039206989109516144,
0.01918168179690838,
-0.022183692082762718,
0.002118158619850874,
0.02045421302318573,
-0.008294531144201756,
0.06179305911064148,
0.09830565005540848,
-0.02440706081688404,
-0.0064340620301663876,
-0.02726365439593792,
-0.03955734521150589,
0.0429840087890625,
-0.0022707749158143997,
0.06103945150971413,
-0.010881705209612846,
-0.022817431017756462,
-0.02485780417919159,
0.02053416520357132,
0.017865344882011414,
-0.013930422253906727,
-0.03475579619407654,
-0.0009697913774289191,
0.026011552661657333,
-0.01125488243997097,
0.006979865487664938,
-0.1443898230791092,
-0.0076163047924637794,
-0.012779145501554012,
0.03682995215058327,
-0.03775068745017052,
0.012170168571174145,
0.014699941501021385,
0.024638157337903976,
-0.003419129177927971,
-0.007756473962217569,
0.017369823530316353,
-0.018915928900241852,
-0.01851501129567623,
0.05594639852643013,
0.0016078379703685641,
0.008379493840038776,
0.029667237773537636,
0.036336932331323624,
-0.019393231719732285,
0.02084546536207199,
-0.026237182319164276,
0.00918794609606266,
-0.006841362453997135,
-0.01613878831267357,
-0.01865392178297043,
-0.018975093960762024,
-0.02330099791288376,
-0.041194848716259,
0.008770438842475414,
0.0783534049987793,
-0.03024846687912941,
-0.01834949664771557,
0.03106183558702469,
0.004133205395191908,
-0.030894896015524864,
-0.01768442802131176,
0.056726306676864624,
-0.01324530690908432,
-0.05554366484284401,
-0.0022088964469730854,
0.04429632052779198,
-0.03196902573108673,
0.01887381263077259,
0.009225062094628811,
-0.03113924153149128,
-0.01424689032137394,
-0.0022093818988651037,
0.0033984510228037834,
-0.022876495495438576,
0.08461280912160873,
-0.02814347669482231,
0.0019031829433515668,
0.013536783866584301,
-0.007493960205465555,
-0.012194844894111156,
-0.017572036013007164,
-0.03568173944950104,
-0.03129081800580025,
0.007764543406665325,
-0.05147723853588104,
-0.02667403779923916,
0.013435227796435356,
-0.00250516296364367,
0.023283347487449646,
0.020029697567224503,
0.06558915972709656,
0.01081007532775402,
0.03685455769300461,
-0.05649667605757713,
0.004972700495272875,
-0.04401766136288643,
0.15820404887199402,
0.11741897463798523,
-0.03093055449426174,
0.04059112071990967,
-0.02056703343987465,
-0.041145384311676025,
0.0216019619256258,
-0.02456493489444256,
-0.0006807718891650438,
-0.024640964344143867,
0.004589646589010954,
0.017238520085811615,
0.01723768189549446,
-0.02826002426445484,
0.010596918873488903,
0.06384630501270294,
0.02239159308373928,
-0.09257792681455612,
0.022415000945329666,
0.03488248586654663,
0.05708620697259903,
0.0009925634367391467,
0.0030336782801896334,
0.04115474224090576,
0.012174319475889206,
-0.03623977676033974,
0.02991238422691822,
0.01868901588022709,
-0.020503101870417595,
0.014019058085978031,
-0.013156070373952389,
-0.008559230715036392,
-0.0032784442882984877,
-0.0019964014645665884,
0.041859470307826996,
-0.04596981406211853,
-0.01769247092306614,
0.011652794666588306,
0.020752282813191414,
-0.011974767781794071,
0.00013421554467640817,
0.011360627599060535,
0.021394984796643257,
0.11391817033290863,
-0.01801644265651703,
-0.004079980775713921,
0.024486368522047997,
-0.01795279234647751,
0.002754010260105133,
0.016219662502408028,
-0.0029943480622023344,
0.0005737918545491993,
-0.011997276917099953,
-0.002448755083605647,
0.055319759994745255,
0.017700031399726868,
0.014357388950884342,
0.01625092700123787,
-0.01967943273484707,
0.03924738988280296,
-0.00143059145193547,
0.01286216638982296,
0.051915932446718216,
-0.012237383984029293,
-0.009607326239347458,
0.006427977699786425,
0.0364418551325798,
-0.027491630986332893,
-0.04462941735982895,
-0.00014519045362249017,
-0.005091127473860979,
0.00003259650111431256,
-0.007317837327718735,
0.0030944037716835737,
0.05691082030534744,
0.03937831521034241,
-0.03492042422294617,
0.05470305681228638,
-0.019223511219024658,
0.04648584872484207,
0.0010334282414987683,
-0.11035041511058807,
-0.009203550405800343,
0.009698334150016308,
-0.030443361029028893,
0.03609500825405121,
-0.01416739821434021,
0.03704274445772171,
0.08187728375196457,
0.01646660827100277,
-0.0651492103934288,
0.004527359735220671,
0.027838366106152534,
0.006267150864005089,
-0.1257156878709793,
0.017074381932616234,
-0.0769425630569458,
-0.0217466801404953,
0.029751725494861603,
0.006671788636595011,
-0.033914536237716675,
0.004883273039013147,
0.014668055810034275,
-0.027624517679214478,
-0.0016204215353354812,
0.01448762509971857,
0.008919394575059414,
-0.030274648219347,
-0.00516078807413578,
0.03384421393275261,
-0.03647696226835251,
0.03491650149226189,
0.006867565680295229,
-0.01860469952225685,
-0.022724293172359467,
0.04133930802345276,
0.05487645044922829,
-0.012184876017272472,
0.034244243055582047,
-0.04684694856405258,
-0.011127851903438568,
0.008664471097290516,
-0.01667868345975876,
0.02559730038046837,
0.00045360412332229316,
-0.0017067029839381576,
-0.0016294373199343681,
0.01347480807453394,
-0.004804213531315327,
0.0003385898598935455,
0.0014250872191041708,
-0.0007499662460759282,
0.035022128373384476,
-0.020521296188235283,
0.006510768085718155,
0.009124373085796833,
0.021365096792578697,
0.0007686961907893419,
0.03751075267791748,
-0.01145646721124649,
0.005581015720963478,
0.014034552499651909,
-0.0009527667425572872,
0.002393022645264864,
0.0013058993499726057,
-0.0009925778722390532,
0.02569649927318096,
0.0016830587992444634,
-0.03669421374797821,
-0.02131742611527443,
0.019976478070020676,
-0.024956174194812775,
-0.021331556141376495,
0.009281132370233536,
-0.000950428016949445,
-0.059009626507759094,
-0.08111580461263657,
-0.017474481835961342,
0.001056380569934845,
-0.014455369673669338,
-0.04805096611380577,
-0.03854414075613022,
-0.032617323100566864,
0.029375657439231873,
-0.002670548390597105,
-0.01215853076428175,
-0.18026597797870636,
0.12432078272104263,
-0.0005379670765250921,
-0.004995985887944698,
0.04256340488791466,
-0.026794757694005966,
0.018934238702058792,
0.07486853748559952,
0.008746675215661526,
0.02203313261270523,
-0.0034704753197729588,
0.05317201092839241,
-0.04837542772293091,
0.023949330672621727,
0.015368717722594738,
0.02973358705639839,
-0.01261065248399973,
-0.011708330363035202,
0.02052413485944271,
-0.05656333267688751,
-0.002769427141174674,
0.009093375876545906,
0.011935797519981861,
-0.0051960754208266735,
0.0031289495527744293,
0.03610162064433098,
0.017004085704684258,
-0.005826039705425501,
0.032589204609394073,
-0.010746440850198269,
0.002547626616433263,
-0.020757069811224937,
0.0348975695669651,
-0.011445938609540462,
0.0024011109489947557,
0.11330705881118774,
-0.004783698823302984,
-0.030251717194914818,
0.017729083076119423,
-0.02263908088207245,
0.010053957812488079,
-0.013517030514776707,
-0.03130674734711647,
-0.015248989686369896,
-0.022202322259545326,
0.03383617103099823,
0.036863163113594055,
-0.01564379222691059,
0.0426754504442215,
-0.016537073999643326,
-0.05728195235133171,
0.002001104410737753,
0.0011273755226284266,
-0.1071188896894455,
-0.015818912535905838,
0.1501718908548355,
0.02296598069369793,
0.00838884525001049,
0.010503645054996014,
-0.04577188938856125,
0.04353414103388786,
0.01102567557245493,
0.04151283577084541,
0.03334244340658188,
-0.008800326846539974,
-0.03861098363995552,
0.008022944442927837,
-0.011655924841761589,
-0.10633084177970886,
0.011016557924449444,
-0.0029306416399776936,
-0.04784059524536133,
0.030701665207743645,
-0.015858503058552742,
0.112019382417202,
0.015637332573533058,
-0.0039529819041490555,
-0.07099220901727676,
0.03579525277018547,
-0.007228292990475893,
0.0033528234343975782,
-0.02344411239027977,
-0.030584558844566345,
-0.04405241832137108,
0.04957136511802673,
-0.0022018705494701862,
-0.008051379583775997,
0.008929815143346786,
0.012089882045984268,
-0.11184964329004288,
0.027861574664711952,
0.01810378022491932,
-0.001762389438226819,
-0.0017114466754719615,
-0.026601305231451988,
-0.01320867333561182,
-0.04513172805309296,
0.011824754998087883,
0.04090007022023201,
-0.07687296718358994,
-0.018770042806863785,
0.011209559626877308,
0.014474852941930294,
-0.005608158186078072,
-0.011706280522048473,
0.04441292956471443,
-0.0027485722675919533,
0.03750215470790863,
0.017643550410866737,
-0.03429142385721207,
0.005065789446234703,
-0.0061123608611524105,
0.02641894295811653,
-0.01623564027249813,
-0.007720631081610918,
-0.028423668816685677,
-0.01581946574151516,
-0.029363149777054787,
-0.0121693080291152,
0.015658630058169365,
0.0071710823103785515,
-0.06980039179325104,
0.030652310699224472,
0.025999147444963455,
0.005459276027977467,
-0.00820408295840025,
0.03151033818721771,
-0.005894623231142759,
0.01037226989865303,
-0.0025517516769468784,
-0.014169353060424328,
-0.03581827133893967,
0.017360640689730644,
-0.004703674931079149,
-0.01737952046096325,
0.02056463249027729,
0.02247203327715397,
-0.01391617488116026,
0.023907605558633804,
0.04148508235812187,
-0.013553140684962273,
0.035391438752412796,
-0.05233537778258324,
-0.10917980223894119,
0.015070687979459763,
-0.06165027618408203,
-0.010128595866262913,
0.010892103426158428,
0.02123095653951168,
0.01262584887444973,
-0.006012733560055494,
-0.04673444479703903,
0.04759734496474266,
0.046373918652534485,
0.010019228793680668,
-0.010533548891544342,
0.025471823289990425,
0.027353566139936447,
-0.01576991379261017,
-0.00933059025555849,
-0.0018549839733168483,
0.024426577612757683,
-0.01589183881878853,
-0.03137291595339775,
-0.03570146486163139,
0.02990473248064518,
-0.0274294912815094,
0.06723674386739731,
-0.028460506349802017,
0.02070833183825016,
0.03347358480095863,
-0.0027716041076928377,
-0.03972860798239708,
-0.018944228067994118,
0.038030363619327545,
-0.00035148378810845315,
-0.012590404599905014,
0.023197244852781296,
0.043239690363407135,
0.01769540272653103,
-0.009644372388720512,
-0.03494923189282417,
0.04351094737648964,
-0.048880964517593384,
-0.004113474395126104,
0.02220650389790535,
0.007331965956836939,
0.005110815167427063,
-0.08981732279062271,
-0.006739401258528233,
0.06725985556840897,
-0.06893669813871384,
-0.10857035219669342,
-0.07322864979505539,
0.021235143765807152,
0.003481255378574133,
-0.01581519842147827,
-0.01369676273316145,
-0.00932492595165968,
-0.0023868167772889137,
0.00008096122473943979,
-0.020439838990569115,
-0.0008645459311082959,
0.022389737889170647,
0.0428633987903595,
-0.01537973154336214,
0.0272233709692955,
0.020908359438180923,
-0.007111031096428633,
-0.0011278896126896143,
-0.0058881742879748344,
0.005692966748028994,
-0.007909608073532581,
0.024700460955500603,
0.00984947569668293,
-0.023593107238411903,
-0.026958100497722626,
-0.025167196989059448,
0.00795265007764101,
-0.056391872465610504,
0.011946110986173153,
-0.004157815128564835,
0.03561871126294136,
0.00023784853692632169,
-0.012936491519212723,
-0.04372549057006836,
-0.027678823098540306,
-0.017471671104431152,
0.05943967029452324,
0.005376547109335661,
0.03640209138393402,
-0.008432838134467602,
0.022920208051800728,
-0.003184087108820677,
0.0015228020492941141,
-0.038831550627946854,
0.003261476755142212,
-0.030923152342438698,
-0.005881907418370247,
-0.030630143359303474,
-0.02455233968794346,
-0.05412381514906883,
-0.0035318161826580763,
-0.011838647536933422,
0.04581291228532791,
0.05329818278551102,
-0.010336748324334621,
0.03192831575870514,
0.026348892599344254,
-0.006594957783818245,
-0.012057694606482983,
-0.047880060970783234,
-0.02524629421532154,
0.07441110163927078,
-0.03420756757259369,
-0.026238655671477318,
0.030948827043175697,
-0.02066134847700596,
-0.027548659592866898,
0.019094981253147125,
-0.014749478548765182,
-0.031350281089544296,
0.016514914110302925,
-0.023769283667206764,
-0.0480310320854187,
0.027808915823698044,
0.044279664754867554,
-0.008652758784592152,
0.021267885342240334,
-0.04086962714791298,
0.02381865307688713,
-0.02660706266760826
] |
for 2007 included $5 million in restructuring expenses, primarily severance and related benefits. Operating income for 2006 included $95 million of expensed in-process research and development costs related to the Brontes acquisition and also included business-specific restructuring actions that totaled $15 million, primarily comprised of severance and related benefits plus asset impairments.
Pharmaceuticals Business:
The combination of the following items positively impacted total year 2007 pharmaceuticals operating income by $796 million. As discussed in Note 2, in January 2007 the Company sold its branded pharmaceuticals business in the Europe region. The operating income gain related to this sale totaled $781 million. In addition, as discussed in Note 4, a net operating income gain of $15 million was recorded in 2007, which primarily related to adjustments to restructuring costs incurred in the fourth quarter of 2006. Drug Delivery Systems Division (part of Health Care without Pharmaceuticals) is a source of supply to the acquiring companies and records sales and operating income related to the pharmaceuticals supply agreements.
In total, the combination of the following items positively impacted total year 2006 pharmaceuticals operating income by $783 million, primarily in the fourth quarter of 2006. As discussed in Note 2, in early December 2006, the Company sold its branded pharmaceuticals business in the Asia Pacific region, including Australia and South Africa. The Company also sold its branded pharmaceuticals business in the United States, Canada and Latin America in late December 2006. The operating income gain related to these transactions totaled $1.074 billion. As discussed in Note 4, $112 million of severance and benefit costs were recorded in the fourth quarter of 2006 related to worldwide staff overhead reduction actions taken to streamline the Company’s cost structure in response to the sale of 3M’s branded pharmaceuticals business. As also discussed in Note 4, the pharmaceuticals business for total year 2006 included $97 million in employee-related severance and benefits and $69 million of asset impairments and other expenses. In addition, an environmental reserve of $13 million was recognized related to the pharmaceuticals business.
Safety, Security and Protection Services Business (14.4% of consolidated sales):
The Safety, Security and Protection Services segment serves a broad range of markets that increase the safety, security and productivity of workers, facilities and systems. Major product offerings include personal protection products, safety and security products (including border and civil security solutions), energy control products, cleaning and protection products for commercial establishment’s, track and trace solutions, and roofing granules for asphalt shingles. In the second quarter of 2008, 3M completed the sale of its HighJump Software business which provided supply chain execution software solutions. 3M’s Track and Trace Solutions utilizes radio frequency identification (RFID) technology to provide a growing array of solutions — from library patron self-checkout systems to tracking
| 2SELL
|
[
-0.0030282544903457165,
0.058273691684007645,
-0.007386181969195604,
-0.01757304184138775,
-0.12639909982681274,
-0.01637418381869793,
-0.004214779939502478,
0.003231277223676443,
-0.06555330753326416,
0.024034438654780388,
0.009655691683292389,
-0.022979767993092537,
0.01871010661125183,
-0.03151629492640495,
0.0097782202064991,
0.028709424659609795,
0.05451781302690506,
-0.00482648890465498,
-0.0426391065120697,
0.005878284573554993,
0.017448997125029564,
0.009811857715249062,
0.008901811204850674,
-0.007330566179007292,
0.026400895789265633,
0.020262883976101875,
-0.061691418290138245,
0.020321853458881378,
0.055236540734767914,
-0.052029941231012344,
0.026483705267310143,
0.01682886853814125,
0.03401611000299454,
-0.019447511062026024,
0.042869795113801956,
0.004601483233273029,
-0.05051058158278465,
0.018422754481434822,
0.038140345364809036,
0.008154429495334625,
-0.04716943949460983,
0.002588958479464054,
0.003593217581510544,
-0.014730493538081646,
0.010399975813925266,
-0.010736128315329552,
0.03495208919048309,
0.04233662784099579,
0.015776272863149643,
-0.009354781359434128,
-0.00017970366752706468,
-0.029525212943553925,
-0.01958514377474785,
-0.028222518041729927,
-0.02584357187151909,
-0.001623520627617836,
-0.0191107839345932,
-0.03676030784845352,
0.07634241878986359,
0.03462989628314972,
0.03019978292286396,
-0.036092668771743774,
0.01482455525547266,
0.04091516509652138,
0.0083494633436203,
-0.007053811568766832,
-0.010737930424511433,
0.0005031429463997483,
-0.04119332879781723,
-0.022988324984908104,
0.024518873542547226,
0.03223978728055954,
-0.019650708884000778,
-0.016905460506677628,
0.0042901053093373775,
-0.04015113413333893,
0.036060627549886703,
-0.0005400579539127648,
0.08129112422466278,
-0.0249025858938694,
0.005882129538804293,
-0.07752157002687454,
0.06269311159849167,
-0.0799051970243454,
0.0152882756665349,
-0.02038533426821232,
-0.017600173130631447,
-0.05646101385354996,
-0.02414584346115589,
0.0022829484660178423,
-0.0007149791345000267,
-0.0029664395842701197,
-0.025309192016720772,
-0.057142071425914764,
-0.02400239184498787,
0.008114549331367016,
0.031857553869485855,
-0.16686402261257172,
-0.0005484914872795343,
-0.013304952532052994,
0.07420884817838669,
0.013930903747677803,
0.045262858271598816,
-0.023096278309822083,
0.01677396334707737,
0.013797766529023647,
-0.035572219640016556,
0.03538031131029129,
-0.004947878420352936,
0.01163423154503107,
-0.014722195453941822,
-0.05589202791452408,
0.024454649537801743,
0.001280423952266574,
-0.009010217152535915,
0.0498429499566555,
0.010933359153568745,
0.04122014716267586,
-0.000511699472554028,
-0.07333025336265564,
0.011120503768324852,
-0.03172263875603676,
-0.03321480005979538,
-0.010823936201632023,
-0.025157811120152473,
0.043189868330955505,
-0.035296447575092316,
-0.010920114815235138,
0.03515051305294037,
-0.005064506083726883,
-0.0010592478793114424,
-0.014039448462426662,
-0.010564785450696945,
0.015118938870728016,
-0.03957269340753555,
0.013362957164645195,
-0.009496552869677544,
0.002959983889013529,
-0.04590382054448128,
0.011253994889557362,
-0.03387837111949921,
-0.0238629300147295,
-0.0102472472935915,
-0.01536068506538868,
-0.04458826780319214,
-0.002929562935605645,
-0.010657384991645813,
0.007987096905708313,
0.043799493461847305,
0.08097303658723831,
-0.011339019052684307,
-0.004101293161511421,
-0.02985277771949768,
-0.011505912989377975,
-0.02320100925862789,
-0.014300232753157616,
0.05324184149503708,
-0.009106156416237354,
-0.06480681896209717,
-0.0014326425734907389,
-0.0035873963497579098,
-0.010915502905845642,
-0.009668387472629547,
-0.0697627142071724,
-0.05673128366470337,
-0.03426121920347214,
0.011855374090373516,
-0.02063477411866188,
0.04702066630125046,
0.05334298685193062,
0.023078545928001404,
0.026256592944264412,
0.0018321787938475609,
0.0024089354556053877,
0.029574934393167496,
-0.06822739541530609,
0.025583012029528618,
0.05188322067260742,
-0.01259729266166687,
0.02106347121298313,
0.022672176361083984,
0.006222951225936413,
0.058187875896692276,
-0.08883360773324966,
-0.06774938851594925,
-0.0174671933054924,
0.00895957462489605,
0.04745963588356972,
-0.012361977249383926,
-0.027493590489029884,
0.04433614760637283,
-0.01047531794756651,
-0.0029176445677876472,
0.0037296966183930635,
-0.014729917049407959,
-0.016016555950045586,
-0.014915871433913708,
0.003524471540004015,
-0.00653065275400877,
-0.010686175897717476,
-0.10561918467283249,
0.008744701743125916,
-0.0007456780294887722,
0.028842782601714134,
0.039400748908519745,
-0.012331313453614712,
-0.022897422313690186,
-0.0033152324613183737,
-0.002378117060288787,
-0.010309198871254921,
-0.05780575051903725,
-0.015434620901942253,
0.009875966235995293,
-0.026868777349591255,
0.00889752246439457,
0.04342202842235565,
0.0014997281832620502,
-0.10681171715259552,
-0.022033657878637314,
-0.04483078047633171,
0.007132796570658684,
-0.01361055951565504,
0.021489253267645836,
-0.00018980370077770203,
0.06463265419006348,
-0.019320236518979073,
0.042173080146312714,
-0.0051918551325798035,
-0.05240541324019432,
0.01616949588060379,
0.005651348736137152,
0.0580308735370636,
-0.04812562093138695,
0.03229169547557831,
0.00986507534980774,
-0.0006070503732189536,
0.0011466954601928592,
0.0049136048182845116,
-0.034546442329883575,
0.07336286455392838,
0.10085532069206238,
-0.013044253922998905,
-0.015131679363548756,
-0.009181992150843143,
-0.040905240923166275,
0.04931849241256714,
0.028883490711450577,
0.038286250084638596,
-0.01320911105722189,
-0.016485555097460747,
-0.012219208292663097,
0.03171098977327347,
-0.0412280298769474,
0.0070851887576282024,
-0.03011913411319256,
0.02529161609709263,
0.018974699079990387,
-0.009467069059610367,
0.012514995411038399,
-0.13993597030639648,
-0.012383135966956615,
-0.02364288456737995,
0.0003945190110243857,
-0.02332490123808384,
0.009189262986183167,
0.009100726805627346,
0.025900959968566895,
0.004521060269325972,
-0.005453960970044136,
0.007110164035111666,
-0.004081043414771557,
-0.014270015060901642,
0.03735513240098953,
-0.016209149733185768,
-0.0007021464407444,
0.008300438523292542,
0.03533977270126343,
-0.013458281755447388,
0.030490929260849953,
-0.03485113009810448,
-0.006166739854961634,
-0.00663674995303154,
-0.005151011981070042,
-0.02539447695016861,
-0.021235471591353416,
-0.004753834567964077,
-0.025585109367966652,
-0.004049330949783325,
0.07520272582769394,
-0.03454224020242691,
-0.015086040832102299,
0.010789354331791401,
0.02418455295264721,
-0.03771708905696869,
-0.027545053511857986,
0.06885118037462234,
-0.011150933802127838,
-0.04196035861968994,
-0.0056259166449308395,
0.0555717758834362,
0.017481230199337006,
0.03384711220860481,
0.017948796972632408,
-0.03806338459253311,
-0.016765523701906204,
-0.016108615323901176,
-0.016891149803996086,
-0.026388060301542282,
0.11429627239704132,
-0.017134545370936394,
0.005662214942276478,
0.01521259918808937,
-0.008367163129150867,
-0.012449140660464764,
-0.01843743585050106,
-0.03947798162698746,
-0.03050401620566845,
0.043796878308057785,
-0.02081771194934845,
-0.04337175190448761,
0.019238078966736794,
0.005307202693074942,
0.023565081879496574,
0.02516951598227024,
0.06146727129817009,
-0.0019002212211489677,
0.06319789588451385,
-0.03537391871213913,
0.031082885339856148,
-0.022671543061733246,
0.09712840616703033,
0.08220528066158295,
-0.033280812203884125,
0.029721247032284737,
-0.026124706491827965,
0.013547826558351517,
0.02312832698225975,
-0.023074958473443985,
0.000649442954454571,
-0.011754396371543407,
0.006798414047807455,
-0.00047898280899971724,
0.03468149155378342,
-0.035277873277664185,
-0.0016656245570629835,
0.10467958450317383,
0.008402829989790916,
-0.058198340237140656,
0.020548494532704353,
0.07724592089653015,
0.05362499877810478,
-0.02095828950405121,
0.0021040861029177904,
0.045859966427087784,
0.012584242038428783,
-0.038022030144929886,
0.04038195684552193,
0.006976956035941839,
-0.01833268254995346,
0.0031712674535810947,
-0.017432505264878273,
-0.01624235324561596,
-0.002220104681327939,
-0.00019353161042090505,
0.04794345423579216,
-0.003484097309410572,
-0.0318559929728508,
0.012808517552912235,
0.012590250000357628,
-0.025725724175572395,
-0.01566401682794094,
0.006473413668572903,
0.01512120757251978,
0.056851569563150406,
-0.03893105313181877,
0.00876231025904417,
0.0340060256421566,
-0.0312509648501873,
0.004363540094345808,
0.036491069942712784,
0.0018305417615920305,
-0.005389057099819183,
-0.010418425314128399,
-0.013697825372219086,
0.050243500620126724,
-0.009130832739174366,
-0.0014318739995360374,
0.0032598075922578573,
0.006400985177606344,
0.013903103768825531,
-0.013631590642035007,
0.03524821251630783,
0.04829566553235054,
0.013186091557145119,
-0.022383110597729683,
-0.002087784232571721,
0.03519785404205322,
-0.010416798293590546,
-0.013555841520428658,
-0.0179166030138731,
0.00008463991980534047,
-0.014643852598965168,
-0.005085383541882038,
0.019645528867840767,
0.05369928851723671,
0.00767706660553813,
-0.020506085827946663,
0.02969188243150711,
0.0004923069500364363,
0.04504075646400452,
-0.008554614149034023,
-0.12821602821350098,
-0.015795139595866203,
0.024034596979618073,
-0.05910518392920494,
0.03599841520190239,
-0.01656847447156906,
0.04532289132475853,
0.07147173583507538,
0.04986065253615379,
-0.044276099652051926,
0.006037240382283926,
0.03652014583349228,
0.009535799734294415,
-0.12792247533798218,
0.01090888399630785,
-0.05775034800171852,
-0.026715941727161407,
0.01941336691379547,
0.014292720705270767,
-0.003534948918968439,
0.009037775918841362,
0.027700964361429214,
-0.00943155400454998,
-0.00599949574097991,
0.01084792148321867,
-0.00578563567250967,
-0.02705908752977848,
-0.0026495209895074368,
0.035574834793806076,
-0.03365553915500641,
0.040355902165174484,
0.0027779503725469112,
-0.020578894764184952,
-0.014128473587334156,
0.011439175345003605,
0.05406232550740242,
-0.01641874946653843,
0.02527339942753315,
-0.050723206251859665,
-0.005374380387365818,
0.011532646603882313,
0.018704628571867943,
0.0055834646336734295,
0.007363199722021818,
-0.012299350462853909,
-0.008991080336272717,
0.002113564871251583,
-0.014404328539967537,
0.008597859181463718,
-0.003722426714375615,
0.007190852425992489,
0.028617268428206444,
-0.005094523075968027,
0.0011794043239206076,
0.02017330192029476,
0.022511878982186317,
0.002952523296698928,
0.046555209904909134,
-0.005221439525485039,
-0.0004756023990921676,
0.005901803728193045,
-0.0007085547549650073,
-0.0012539217714220285,
0.03679120913147926,
-0.016155313700437546,
0.04846431687474251,
-0.005565277300775051,
-0.01174183189868927,
-0.02859419584274292,
0.016220882534980774,
-0.01944880560040474,
-0.026577269658446312,
0.020214879885315895,
0.003369483631104231,
-0.08978655189275742,
-0.03915563225746155,
-0.008957885205745697,
-0.008953427895903587,
-0.003813950577750802,
-0.05105896294116974,
-0.027796970680356026,
-0.032009873539209366,
0.030494337901473045,
-0.0034365016035735607,
-0.00714073283597827,
-0.1487831175327301,
0.02562124654650688,
-0.008398249745368958,
-0.017878754064440727,
0.03348100185394287,
-0.0172254778444767,
0.02428469806909561,
0.03976507857441902,
0.002976723713800311,
0.0204375758767128,
-0.006603318266570568,
0.025992542505264282,
-0.04718881472945213,
0.0020733715500682592,
0.022849123924970627,
0.03571499139070511,
-0.019447440281510353,
-0.03482914716005325,
0.024172557517886162,
-0.062393590807914734,
0.046399373561143875,
-0.0007249035406857729,
0.03262874856591225,
0.010546623729169369,
-0.0009055999107658863,
0.02437104657292366,
0.03041980229318142,
-0.0028100840281695127,
0.04984206333756447,
-0.005086966790258884,
0.029773162677884102,
-0.006987775210291147,
0.06172005459666252,
-0.0038393321447074413,
0.01721344329416752,
0.1708899438381195,
-0.006971114780753851,
-0.010209682397544384,
0.0006568474345840514,
-0.0014209109358489513,
0.0012980732135474682,
-0.013224544934928417,
-0.02703278884291649,
-0.0168268121778965,
-0.012484394013881683,
0.02848966233432293,
0.019095849245786667,
-0.02041970007121563,
0.026197141036391258,
-0.01572963409125805,
-0.08697739243507385,
-0.003990296274423599,
0.004446066915988922,
-0.07590823620557785,
-0.016489973291754723,
0.10407015681266785,
0.049038756638765335,
0.008140916004776955,
0.012524330988526344,
-0.031377438455820084,
0.020579565316438675,
0.0032785790972411633,
0.005876615643501282,
0.01116093248128891,
-0.00030001578852534294,
-0.03974916785955429,
0.0028162095695734024,
-0.011942904442548752,
-0.05972055718302727,
0.0025497418828308582,
0.0001749473303789273,
-0.028325702995061874,
0.021143833175301552,
-0.019375253468751907,
0.09351949393749237,
0.0059958999045193195,
-0.013839875347912312,
-0.057034995406866074,
0.046591002494096756,
0.007472226396203041,
0.005039666313678026,
-0.025307072326540947,
-0.010788670741021633,
-0.053126148879528046,
0.059945642948150635,
0.014004610478878021,
-0.024006562307476997,
0.004411622416228056,
0.025728629902005196,
-0.12176184356212616,
0.035802099853754044,
0.03221888840198517,
-0.0019922254141420126,
0.009931457228958607,
-0.02172389067709446,
-0.002252155216410756,
-0.005031594540923834,
0.033291321247816086,
0.04334457591176033,
-0.11836782842874527,
-0.0279758982360363,
0.014223693870007992,
-0.001801498350687325,
-0.020773284137248993,
0.014020329341292381,
0.010323062539100647,
0.02744968794286251,
0.029592784121632576,
0.019599631428718567,
-0.016596350818872452,
0.01922728307545185,
-0.0038128679152578115,
0.043851085007190704,
-0.007339800707995892,
-0.016510460525751114,
-0.018761826679110527,
-0.008188880980014801,
-0.0396256223320961,
-0.004217707086354494,
0.028491051867604256,
0.019364235922694206,
-0.18122325837612152,
0.028208227828145027,
0.029228074476122856,
-0.009062416851520538,
-0.0156955998390913,
0.02027568407356739,
-0.020947808399796486,
-0.036769602447748184,
0.010360111482441425,
-0.016992716118693352,
-0.038416605442762375,
0.027276301756501198,
-0.00907878763973713,
-0.023734143003821373,
0.01326258946210146,
0.017879189923405647,
-0.024279065430164337,
0.0007368669612333179,
0.045674726366996765,
-0.02318485639989376,
0.03556918352842331,
-0.05198901146650314,
-0.12190975993871689,
-0.0008170399232767522,
-0.04397742077708244,
-0.013259496539831161,
0.022810546681284904,
0.02778070792555809,
0.005333001725375652,
-0.010139968246221542,
-0.0338519886136055,
0.023754727095365524,
0.06132590025663376,
0.02872484177350998,
-0.010885330848395824,
0.006629990413784981,
0.05022379383444786,
-0.018872488290071487,
-0.022787125781178474,
0.0030114161781966686,
-0.013238849118351936,
-0.0007262110011652112,
-0.032186511904001236,
-0.02466803975403309,
0.02676275372505188,
-0.03668263182044029,
0.01426774077117443,
0.017228243872523308,
0.0023713584523648024,
0.04021395742893219,
0.00022764812456443906,
-0.03899693861603737,
-0.009874430485069752,
0.023216983303427696,
0.007399648427963257,
-0.014402748085558414,
0.027739228680729866,
0.06358449161052704,
0.007507817819714546,
-0.02840961329638958,
0.030021769925951958,
0.029930658638477325,
-0.05808929726481438,
0.007493371143937111,
0.0025584816467016935,
-0.02563665434718132,
0.008802018128335476,
-0.06896914541721344,
0.022452278062701225,
0.04009129852056503,
-0.1387847363948822,
-0.07631776481866837,
-0.06659333407878876,
0.01610271818935871,
0.00897202268242836,
-0.021202867850661278,
-0.0006627787370234728,
-0.024054165929555893,
-0.0037304998841136694,
-0.004100212827324867,
-0.02741205133497715,
0.005739706568419933,
-0.09219858795404434,
0.031207680702209473,
-0.014300755225121975,
0.008330217562615871,
0.018620504066348076,
-0.02616499736905098,
0.018075913190841675,
-0.004146235529333353,
-0.019416816532611847,
-0.0011250604875385761,
0.025006864219903946,
0.01056748814880848,
-0.006166260223835707,
-0.008996850810945034,
-0.022139642387628555,
0.004046104848384857,
-0.06615616381168365,
0.0033193184062838554,
-0.0013881443301215768,
0.009183989837765694,
0.0007378208683803678,
-0.02357448823750019,
-0.04019850492477417,
-0.028528040274977684,
-0.007116932887583971,
0.11667878925800323,
-0.0015448939520865679,
0.023954765871167183,
-0.020732004195451736,
-0.0009453795501030982,
0.001431411481462419,
-0.004330298863351345,
-0.03150273114442825,
0.06722279638051987,
-0.014511454850435257,
-0.007792755030095577,
0.00893945712596178,
-0.0428677462041378,
-0.020231805741786957,
-0.0016987479757517576,
-0.0027370797470211983,
0.06462103128433228,
0.025296799838542938,
0.00759906554594636,
0.015863411128520966,
0.056064218282699585,
-0.01082466822117567,
-0.014463226310908794,
-0.03590436652302742,
-0.04006404057145119,
0.05731420964002609,
-0.07696518301963806,
-0.023338017985224724,
0.03216465562582016,
0.004610667936503887,
-0.041849538683891296,
0.008482838980853558,
-0.008527819067239761,
-0.0038099901285022497,
0.007470294833183289,
-0.047482166439294815,
0.017171621322631836,
0.0074129411950707436,
0.04308902844786644,
-0.02653813362121582,
0.04633815214037895,
-0.05589490383863449,
0.03881726786494255,
0.0012186096282675862
] |
produced in North America and the inventory in underground storage to meet customer demand.
In contrast to the United States, certain other regions of the world in which the company operates have different supply, demand and regulatory circumstances, typically resulting in significantly lower average sales prices for the company’s production of natural gas. (Refer to page FS-12 for the company’s average natural gas prices for the U.S. and international regions.) Additionally, excess supply conditions that exist in certain parts of the world cannot easily serve to mitigate the relatively high-price conditions in the United States and other markets because of lack of infrastructure and the difficulties in transporting natural gas. To help address this regional imbalance between supply and demand for natural gas, Chevron is planning increased investments in long-term projects in areas of excess supply to install infrastructure to produce and liquefy natural gas for transport by tanker, along with investments and commitments to regasify the product in markets where demand is strong and supplies are not as plentiful. Due to the significance of the overall investment in these long-term projects, the natural gas sales prices in the areas of excess supply (before the natural gas is transferred to a company-owned or third-party processing facility) are expected to remain well below sales prices for natural gas that is produced much nearer to areas of high demand and that can be transported in existing natural gas pipeline networks (as in the United States).
Longer-term trends in earnings for the upstream segment are also a function of other factors besides price fluctuations, including changes in the company’s crude oil and natural gas production levels and the company’s ability to find or acquire and efficiently produce crude oil and natural gas reserves. Most of the company’s overall capital investment is in its upstream businesses, particularly outside the United States. Investments in upstream projects generally are made well in advance of the start of the associated crude oil and natural gas production.
Chevron’s worldwide net oil-equivalent production of approximately 2.5 million barrels per day in 2005, including volumes produced from oil sands and production under an operating service agreement, remained essentially unchanged from 2004. However, production in the fourth quarter 2005 was nearly 2.7 million barrels per day, reflecting the benefit of volumes associated with the properties acquired from Unocal, the effect of which was partially offset by production shut in as a result of the hurricanes in the Gulf of Mexico. Prior to the hurricanes in August and September 2005, oil-equivalent production in the Gulf of Mexico was approximately 300,000 barrels per day. In 2006, production is projected to average approximately 200,000 barrels per day, as normal field declines are expected to exceed the production being restored from wells that were shut in or damaged from the hurricanes and the production that will result from the drilling of new wells in the area. Approximately 20,000 net oil-equivalent barrels of daily production
| 1HOLD
|
[
-0.012298960238695145,
0.06647490710020065,
0.008447179570794106,
0.004533975850790739,
-0.09173787385225296,
-0.01766277849674225,
-0.0004207418533042073,
-0.025633761659264565,
-0.05520755797624588,
0.007487991359084845,
0.012628541328012943,
0.012010284699499607,
0.022006001323461533,
-0.013890278525650501,
-0.015821680426597595,
-0.027294080704450607,
-0.037993136793375015,
-0.01785089448094368,
-0.028483780100941658,
0.021162837743759155,
0.0031087289098650217,
0.026395054534077644,
0.026238884776830673,
0.00711699016392231,
-0.004638988990336657,
0.024357778951525688,
0.00019446121586952358,
0.028572220355272293,
0.03846876695752144,
-0.03821882605552673,
0.028148561716079712,
0.01243807002902031,
0.03826689347624779,
-0.029191583395004272,
-0.014209609478712082,
0.006421239115297794,
-0.07572397589683533,
0.007971759885549545,
0.07006000727415085,
0.009368699043989182,
-0.04625346139073372,
0.011044209823012352,
0.00644834665581584,
-0.003948873840272427,
0.013830693438649178,
0.0024125182535499334,
0.029409943148493767,
0.022198162972927094,
0.020200660452246666,
-0.01572493277490139,
-0.0061758956871926785,
-0.02031787298619747,
-0.02442573383450508,
0.007015075534582138,
-0.0037010665982961655,
-0.038315627723932266,
-0.004253671038895845,
0.005837609525769949,
0.06778823584318161,
0.02251661755144596,
0.028361158445477486,
-0.03379819914698601,
0.007701071444898844,
0.038201045244932175,
-0.000753311556763947,
-0.015597037971019745,
-0.007183561101555824,
-0.01915801502764225,
-0.03027871437370777,
-0.0489063635468483,
0.019682472571730614,
0.008881425485014915,
-0.005480071995407343,
-0.029659297317266464,
0.008010538294911385,
-0.043381668627262115,
0.03516528382897377,
-0.016013391315937042,
0.09019318968057632,
-0.047826532274484634,
-0.0044336095452308655,
-0.05136489123106003,
-0.0893959179520607,
0.002181933494284749,
0.035140540450811386,
0.02734959125518799,
0.0040705581195652485,
-0.0645848885178566,
-0.017063675448298454,
-0.009986797347664833,
0.023349154740571976,
0.0023134585935622454,
-0.044583167880773544,
-0.08795291930437088,
-0.0667090192437172,
-0.0023472451139241457,
-0.0016819154843688011,
-0.11997678130865097,
-0.014609236270189285,
-0.03083163872361183,
0.027800533920526505,
0.01588958129286766,
0.035470206290483475,
-0.01760523021221161,
0.006040542386472225,
0.0134438993409276,
-0.018877379596233368,
-0.0008319845073856413,
0.01729007251560688,
0.007636834867298603,
-0.008152536116540432,
-0.05969284847378731,
0.020202210173010826,
-0.008795577101409435,
-0.006155340000987053,
0.042259834706783295,
-0.013672038912773132,
-0.02873142622411251,
-0.04817162826657295,
-0.07039488106966019,
0.0010208626044914126,
-0.025363415479660034,
-0.007148500997573137,
-0.010829142294824123,
-0.022653967142105103,
0.01097425539046526,
0.03316733241081238,
-0.0020757694728672504,
0.04084848240017891,
-0.019594164565205574,
0.008849093690514565,
-0.00232557556591928,
-0.013860690407454967,
0.024030299857258797,
-0.02724815532565117,
-0.008292351849377155,
-0.013071727007627487,
0.009093061089515686,
-0.03872864320874214,
0.032501012086868286,
0.013290993869304657,
-0.06270784139633179,
-0.06379025429487228,
-0.012879779562354088,
-0.02112559787929058,
-0.004863819573074579,
-0.010938254185020924,
0.01426453236490488,
0.023586897179484367,
0.09760664403438568,
-0.018156541511416435,
0.011229682713747025,
-0.009022356010973454,
-0.02294718101620674,
-0.016443267464637756,
0.010702257975935936,
0.0679880678653717,
-0.04488158971071243,
-0.03811706230044365,
0.015561717562377453,
-0.008182656951248646,
-0.002676457865163684,
-0.01991351507604122,
-0.031096694990992546,
0.003415255807340145,
-0.04252302274107933,
0.040580619126558304,
-0.029131270945072174,
0.024502411484718323,
0.039330434054136276,
0.027569212019443512,
0.025511465966701508,
0.01773686334490776,
0.006981384940445423,
-0.015477527864277363,
-0.0234485175460577,
0.03602615371346474,
-0.016738321632146835,
0.018083473667502403,
0.011488181538879871,
0.019967608153820038,
-0.011476702988147736,
0.024469340220093727,
0.04763247072696686,
-0.04768650233745575,
-0.0231214240193367,
-0.011527064256370068,
0.010450945235788822,
0.003160039661452174,
-0.011370096355676651,
0.010699247010052204,
0.013832875527441502,
0.023346880450844765,
-0.03012515790760517,
-0.03047177940607071,
0.000973315560258925,
-0.059366099536418915,
-0.008093821816146374,
0.03295342996716499,
-0.015878545120358467,
-0.05352894961833954,
0.04136406257748604,
-0.004146438557654619,
0.025328367948532104,
0.04025506600737572,
-0.010160170495510101,
-0.0011520592961460352,
-0.005002190824598074,
-0.01968728005886078,
-0.002279632957652211,
-0.023247554898262024,
-0.010326503776013851,
-0.006268475670367479,
-0.058918409049510956,
0.02502148598432541,
0.022556956857442856,
-0.010947031900286674,
-0.06297154724597931,
-0.07029736787080765,
-0.02582382783293724,
0.00265101483091712,
-0.02695593237876892,
0.015327580273151398,
0.003964724950492382,
0.04018682986497879,
-0.0003838374395854771,
0.09521357715129852,
-0.005319694057106972,
-0.042043399065732956,
0.0813874900341034,
0.032477665692567825,
0.03370029851794243,
-0.002530870493501425,
0.03379492089152336,
0.011419041082262993,
-0.03374991938471794,
-0.004870770499110222,
0.013594980351626873,
0.0030854230280965567,
0.020775966346263885,
0.09105303138494492,
-0.02338618040084839,
-0.020478209480643272,
-0.024715900421142578,
-0.03129696100950241,
0.023962195962667465,
-0.036216095089912415,
0.10072604566812515,
-0.0037493526469916105,
-0.009284530766308308,
0.002614075317978859,
-0.020104462280869484,
0.06726638972759247,
-0.017189688980579376,
-0.01875436305999756,
-0.018193135038018227,
0.0016444670036435127,
-0.012930018827319145,
0.025883281603455544,
-0.12946149706840515,
-0.012086168862879276,
-0.006452613044530153,
0.019682709127664566,
-0.020460443571209908,
0.005657630506902933,
-0.03211361542344093,
0.02966855652630329,
-0.0034639532677829266,
-0.012483465485274792,
-0.0027907555922865868,
-0.012619560584425926,
-0.007921758107841015,
0.06460131704807281,
-0.009699004702270031,
0.013642214238643646,
0.014362121932208538,
0.03924305737018585,
-0.02074224129319191,
0.02598411589860916,
-0.02267001010477543,
0.011043967679142952,
0.016576778143644333,
-0.015009972266852856,
-0.001112831523641944,
-0.012087875977158546,
-0.0347282811999321,
-0.031295664608478546,
-0.0022380356676876545,
0.039031773805618286,
-0.026629896834492683,
-0.015742259100079536,
0.032634008675813675,
0.015248151496052742,
-0.01570701040327549,
-0.011422771960496902,
0.07528316229581833,
-0.017342988401651382,
-0.045646972954273224,
0.010059376247227192,
0.025606919080018997,
-0.03244282305240631,
0.012193813920021057,
0.01199813187122345,
-0.024088000878691673,
-0.026167280972003937,
-0.0022121926303952932,
0.018804162740707397,
-0.0004764086042996496,
0.009416393004357815,
-0.01545830350369215,
0.0019956855103373528,
-0.004812000785022974,
-0.005460936576128006,
-0.0035633526276797056,
-0.0018956625135615468,
-0.044721852988004684,
-0.009029329754412174,
-0.023786798119544983,
-0.06978540122509003,
-0.007172083016484976,
0.00872453860938549,
0.009747317060828209,
-0.0010575528722256422,
0.01384980883449316,
0.04707059636712074,
0.025356249883770943,
0.0728418380022049,
-0.016301991418004036,
-0.04307516664266586,
-0.07729822397232056,
0.18723523616790771,
0.15401630103588104,
-0.023026373237371445,
0.02034423127770424,
0.003880838630720973,
-0.06046950817108154,
0.026913633570075035,
-0.03615162894129753,
-0.012281873263418674,
-0.029568560421466827,
-0.013938941061496735,
0.024403054267168045,
-0.005133498925715685,
-0.02429717406630516,
-0.01919739320874214,
0.026618124917149544,
0.016306521371006966,
-0.09204044938087463,
-0.0052383290603756905,
0.0171616543084383,
0.04453551024198532,
0.021315189078450203,
-0.02023797668516636,
0.03206007555127144,
-0.0008797661866992712,
-0.03021671622991562,
0.029891643673181534,
0.007768774870783091,
-0.011069614440202713,
0.038886215537786484,
-0.026010587811470032,
-0.01761823333799839,
0.004011865705251694,
-0.015637964010238647,
0.06011625751852989,
-0.07462078332901001,
0.01023571752011776,
0.00967610813677311,
0.032680694013834,
-0.00013687236059922725,
0.023500856012105942,
0.015863491222262383,
0.020625146105885506,
0.10421089828014374,
-0.019907958805561066,
-0.03187664598226547,
-0.004345705267041922,
0.012095378711819649,
0.035641927272081375,
0.0009619672782719135,
-0.00940827839076519,
-0.0023412613663822412,
-0.007322652731090784,
-0.011083862744271755,
-0.012790687382221222,
-0.00500643253326416,
0.025573989376425743,
0.01653745025396347,
-0.0535680390894413,
0.043041571974754333,
-0.0021200759802013636,
0.017451977357268333,
0.016050217673182487,
-0.022373057901859283,
0.007711165584623814,
0.011238192208111286,
0.005650014616549015,
0.026060286909341812,
-0.06636479496955872,
-0.008731423877179623,
-0.013670758344233036,
0.017898524180054665,
-0.005147270392626524,
-0.011892516165971756,
0.05313815176486969,
0.05686849355697632,
-0.06626498699188232,
0.018021948635578156,
-0.023480581119656563,
0.01022808812558651,
0.00033950296347029507,
-0.03800908103585243,
-0.008158382959663868,
0.029447278007864952,
-0.011483605951070786,
0.021742861717939377,
-0.0064508942887187,
0.017868131399154663,
0.0688406303524971,
-0.04610539600253105,
-0.04252736270427704,
0.018756084144115448,
0.02536015398800373,
-0.00629458436742425,
-0.032764703035354614,
0.020734762772917747,
-0.08584009110927582,
-0.02582564577460289,
0.019506193697452545,
-0.004862478002905846,
-0.009927289560437202,
-0.011804069392383099,
0.021439993754029274,
-0.022815952077507973,
0.009084377437829971,
0.01222204603254795,
0.020476825535297394,
-0.029637517407536507,
0.03204930201172829,
0.009684036485850811,
-0.024671370163559914,
-0.004251118283718824,
0.016271429136395454,
-0.00947648473083973,
-0.010547889396548271,
0.061655107885599136,
0.01263680960983038,
-0.020783809944987297,
0.026018371805548668,
-0.044033680111169815,
0.0069020455703139305,
0.013690304942429066,
-0.007735312916338444,
0.03652169182896614,
-0.009565982967615128,
-0.02712840586900711,
0.02213524840772152,
0.02113473042845726,
-0.016149520874023438,
-0.005366131197661161,
0.025143878534436226,
-0.018743442371487617,
0.028337843716144562,
-0.05000283569097519,
0.014943011105060577,
0.007151362951844931,
0.01509369257837534,
-0.008293247781693935,
0.04976595938205719,
-0.016821101307868958,
0.013684269972145557,
0.011259946040809155,
0.0013270219787955284,
0.01690092496573925,
-0.001004810561425984,
-0.0008677429286763072,
0.026864981278777122,
-0.0002240181784145534,
-0.06571192294359207,
-0.029327459633350372,
0.02698095701634884,
-0.04176617041230202,
-0.014771174639463425,
-0.009518913924694061,
0.0008894806960597634,
-0.016924556344747543,
-0.07880248129367828,
-0.03752835467457771,
-0.008692212402820587,
-0.013618985190987587,
-0.03419571742415428,
-0.029010960832238197,
-0.030118145048618317,
0.010737637989223003,
-0.004819120746105909,
0.0018451734213158488,
-0.2620692253112793,
0.22435449063777924,
0.0277971550822258,
-0.007588255684822798,
0.020114324986934662,
-0.013128572143614292,
0.024791840463876724,
0.06827116012573242,
0.036880165338516235,
-0.005476430058479309,
-0.01480849739164114,
0.05339765176177025,
-0.02709258906543255,
0.010974756442010403,
0.012149741873145103,
0.04143264889717102,
-0.009115312248468399,
0.009310901165008545,
-0.0008684871718287468,
-0.012392343953251839,
0.02010388858616352,
-0.00527177331969142,
0.026767924427986145,
-0.015087899751961231,
-0.01379654835909605,
0.024712545797228813,
0.004979983903467655,
-0.009014558978378773,
0.011741460300981998,
-0.006708717904984951,
0.024625997990369797,
-0.020381076261401176,
0.026457037776708603,
0.021949350833892822,
-0.0008765545790083706,
0.009818988852202892,
-0.00266246753744781,
-0.028735345229506493,
0.019199470058083534,
-0.008285456337034702,
-0.009847710840404034,
-0.03474173694849014,
-0.003127341391518712,
-0.010249530896544456,
-0.02211918868124485,
-0.0018999003805220127,
0.01000272762030363,
-0.002125401748344302,
0.02252715453505516,
-0.011980598792433739,
-0.07037533074617386,
0.010455413721501827,
-0.018917309120297432,
-0.12452195584774017,
-0.007307856343686581,
0.1429314911365509,
0.007756353821605444,
-0.0002611955569591373,
0.01334885973483324,
-0.038092344999313354,
0.053708918392658234,
-0.004292296711355448,
0.03416893258690834,
0.0002233912964584306,
0.005431524943560362,
-0.030881669372320175,
0.02018893137574196,
-0.03359624743461609,
-0.15479077398777008,
-0.0082313884049654,
-0.00450553884729743,
-0.03949389606714249,
0.01575799286365509,
-0.027631543576717377,
0.10071244090795517,
0.02102946676313877,
0.005167844705283642,
-0.0845026820898056,
0.03967003524303436,
-0.0251693706959486,
0.0044401297345757484,
-0.016793744638562202,
-0.0225114393979311,
-0.04395706206560135,
0.05318596586585045,
-0.03848816081881523,
-0.004062416031956673,
0.04050987586379051,
-0.01206689327955246,
-0.09003854542970657,
0.009767879731953144,
-0.010729635134339333,
-0.0008848477737046778,
-0.047331225126981735,
-0.0064954133704304695,
-0.014391833916306496,
-0.08024641871452332,
-0.0032707275822758675,
0.02895975112915039,
-0.014954352751374245,
-0.013301931321620941,
0.016194939613342285,
0.02296578884124756,
0.01992407627403736,
-0.02271266281604767,
0.03593546524643898,
-0.018693557009100914,
0.0556994304060936,
-0.0034874288830906153,
-0.01074204221367836,
0.006472052074968815,
0.004044587258249521,
0.032852888107299805,
-0.02858652174472809,
-0.0020576640963554382,
-0.025948187336325645,
0.001730340183712542,
-0.02628222666680813,
-0.0074057611636817455,
-0.0020683102775365114,
0.003405974945053458,
0.05178544670343399,
0.01992601901292801,
0.004545129835605621,
0.03086056187748909,
-0.005531180649995804,
0.04752608761191368,
-0.024345893412828445,
0.004254568833857775,
-0.0017675971612334251,
-0.00854005292057991,
-0.027210181578993797,
0.007794579491019249,
-0.015879828482866287,
-0.008831645362079144,
-0.022239524871110916,
0.014602798037230968,
-0.006391187198460102,
0.020956989377737045,
0.022536417469382286,
0.01120565365999937,
0.022481104359030724,
-0.03511340171098709,
-0.043437644839286804,
0.039555903524160385,
-0.031206561252474785,
-0.0007667594472877681,
0.017318787053227425,
0.019703257828950882,
0.006625131703913212,
-0.01240409817546606,
-0.035518400371074677,
0.041206151247024536,
0.002087421016767621,
-0.025159886106848717,
-0.003993506543338299,
0.06357413530349731,
0.023221556097269058,
0.00814050156623125,
-0.011390424333512783,
0.006151774898171425,
0.020773109048604965,
-0.010259647853672504,
-0.000951816386077553,
-0.023142671212553978,
-0.005621776916086674,
-0.03449371084570885,
0.1243705302476883,
0.009509734809398651,
0.03324860334396362,
-0.007867502979934216,
-0.00929245539009571,
-0.03958452492952347,
-0.017628077417612076,
0.03574163094162941,
-0.008484327234327793,
0.004789869766682386,
0.019857581704854965,
0.023033030331134796,
0.03382076323032379,
-0.01308167353272438,
-0.0827191174030304,
0.017868006601929665,
-0.04368246719241142,
0.02202432043850422,
0.014332913793623447,
0.008543577045202255,
-0.005838222336024046,
-0.041099850088357925,
-0.008539115078747272,
0.0864972472190857,
0.02950926497578621,
-0.10099517554044724,
-0.05380069836974144,
0.008483047597110271,
0.005418012849986553,
-0.0022739104460924864,
-0.01646043173968792,
-0.011887569911777973,
-0.00294006010517478,
-0.01570725440979004,
-0.0047030518762767315,
0.0013561759842559695,
0.11742140352725983,
-0.007778380066156387,
-0.02930174022912979,
0.02823513373732567,
0.016946619376540184,
-0.0033638030290603638,
0.026534808799624443,
-0.0074399965815246105,
-0.013473020866513252,
-0.017189323902130127,
0.028265852481126785,
-0.004264880903065205,
-0.024087265133857727,
-0.0416119210422039,
-0.013367385603487492,
-0.021741654723882675,
-0.061933740973472595,
0.036469344049692154,
0.0014374332968145609,
0.024095695465803146,
-0.012081068009138107,
-0.0012388203758746386,
-0.03616885840892792,
-0.0030266407411545515,
0.0016119818901643157,
-0.0011890389723703265,
-0.0046049198135733604,
0.0470096617937088,
-0.010811175219714642,
0.013371776789426804,
-0.026028893887996674,
0.012289672158658504,
-0.02930421195924282,
-0.06976816058158875,
-0.03591109812259674,
-0.012823816388845444,
-0.008172119967639446,
-0.0375279001891613,
-0.060351744294166565,
-0.0008027177536860108,
-0.009376849979162216,
0.006887486670166254,
0.032764941453933716,
-0.019292768090963364,
0.021490903571248055,
0.031493622809648514,
0.01788119412958622,
-0.013374402187764645,
-0.050366949290037155,
-0.023480992764234543,
0.09614850580692291,
0.022437749430537224,
0.0024883144069463015,
0.027136683464050293,
-0.03429463878273964,
-0.039930809289216995,
0.008475011214613914,
-0.016036340966820717,
-0.0465252660214901,
-0.010334846563637257,
0.005885012913495302,
-0.10072223097085953,
0.009392104111611843,
0.027696624398231506,
-0.02106260135769844,
0.049568161368370056,
-0.01709580048918724,
-0.009575597010552883,
-0.023603588342666626
] |
statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements. This requirement was effective for us beginning June 1, 2012. As this guidance only amended the presentation of the components of comprehensive income, the adoption did not have an impact on our consolidated financial position or results of operations. Further, this guidance required companies to present reclassification adjustments out of accumulated other comprehensive income by component in both the statement in which net income is presented and the statement in which other comprehensive income is presented. This requirement will be effective for us beginning June 1, 2013. As this guidance only amends the presentation of the components of comprehensive income, we do not anticipate the adoption will have an impact on our consolidated financial position or results of operations.
Recently Issued Accounting Standards
In December 2011, the FASB issued guidance enhancing disclosure requirements surrounding the nature of an entity’s right to offset and related arrangements associated with its financial instruments and derivative instruments. This new guidance requires companies to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to master netting arrangements. This new guidance is effective for us beginning June 1, 2013. As this guidance only requires expanded disclosures, we do not anticipate the adoption will have an impact on our consolidated financial position or results of operations.
Critical Accounting Policies
Our previous discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.
We believe that the estimates, assumptions and judgments involved in the accounting policies described below have the greatest potential impact on our financial statements, so we consider these to be our critical accounting policies. Because of the uncertainty inherent in these matters, actual results could differ from the estimates we use in applying the critical accounting policies. Certain of these critical accounting policies affect working capital account balances, including the policies for revenue recognition, the allowance for uncollectible accounts receivable, inventory reserves, and contingent payments under endorsement contracts. These policies require that we make estimates in the preparation of our financial statements as of a given date. However, since our business cycle is relatively short, actual results related to these estimates are generally known within the six-month period following the financial statement date. Thus, these policies generally affect only the timing of reported
| 2SELL
|
[
0.0034693670459091663,
0.05495480075478554,
-0.0041068014688789845,
-0.024190042167901993,
-0.1102004423737526,
-0.010773295536637306,
-0.014710824005305767,
-0.007853148505091667,
-0.0693601667881012,
0.028058666735887527,
0.014242950826883316,
-0.011991586536169052,
0.024227837100625038,
-0.03532981872558594,
0.019229335710406303,
0.045676469802856445,
0.04192718490958214,
-0.01059598196297884,
-0.03810840845108032,
-0.011570054106414318,
0.01257289107888937,
0.006173405796289444,
0.014369439333677292,
-0.0006246641860343516,
0.0311756432056427,
0.025271255522966385,
-0.0663444921374321,
0.014423512853682041,
0.06909842044115067,
-0.06366501748561859,
0.015921693295240402,
0.019713032990694046,
0.029893795028328896,
-0.008531610481441021,
0.04559021815657616,
0.006174581125378609,
-0.050269704312086105,
0.016615349799394608,
0.04491543397307396,
0.010988007299602032,
-0.04200247302651405,
0.0063584940508008,
-0.026675313711166382,
-0.012162776663899422,
0.012407856993377209,
-0.011638788506388664,
0.03408892825245857,
0.030192939564585686,
0.018249081447720528,
-0.008832013234496117,
0.006456721108406782,
-0.03427382558584213,
-0.016489703208208084,
-0.025669848546385765,
-0.019377656280994415,
-0.000005055544534116052,
-0.01128340419381857,
-0.011801733635365963,
0.07531195133924484,
0.03276651352643967,
0.03203248977661133,
-0.03540218621492386,
0.004033346194773912,
0.03759961947798729,
0.00957400631159544,
-0.014053715392947197,
-0.014118140563368797,
-0.007053708657622337,
-0.03263014554977417,
-0.023994658142328262,
0.025930535048246384,
0.023824704810976982,
-0.020119471475481987,
-0.02064082771539688,
0.0055227940902113914,
-0.05086143687367439,
0.02490418031811714,
-0.008682929910719395,
0.07498078048229218,
-0.029980512335896492,
0.0022260379046201706,
-0.08077239245176315,
0.01722370646893978,
-0.08697807788848877,
0.01921660453081131,
0.0024320853408426046,
-0.015342487953603268,
-0.05593900382518768,
-0.018009601160883904,
0.0010306626791134477,
0.0026628109626471996,
0.007083945441991091,
-0.021380538120865822,
-0.03362039104104042,
-0.03578728809952736,
0.0174449123442173,
0.03950155898928642,
-0.15035854279994965,
-0.0020827886182814837,
-0.013055969029664993,
0.049877822399139404,
0.02146710455417633,
0.056577786803245544,
-0.02559935487806797,
0.019242167472839355,
0.014870323240756989,
-0.01844044215977192,
0.04411555081605911,
-0.0011768550612032413,
0.010596626438200474,
-0.023693116381764412,
-0.05015712231397629,
0.023197859525680542,
-0.0054958276450634,
-0.0020645027980208397,
0.0470813550055027,
0.004784133285284042,
0.030255185440182686,
-0.005523144267499447,
-0.06793519854545593,
0.017869722098112106,
-0.03306267037987709,
-0.028619470074772835,
0.0013168908189982176,
-0.03358859568834305,
0.01715526171028614,
-0.03291025012731552,
-0.02123395912349224,
0.03641948476433754,
-0.01306229643523693,
-0.00041480979416519403,
-0.011817991733551025,
-0.010069058276712894,
0.0274428091943264,
-0.04966849088668823,
0.013223827816545963,
-0.012761042453348637,
0.009030086919665337,
-0.04534158855676651,
0.009986584074795246,
-0.03376651182770729,
-0.026914525777101517,
-0.01595720276236534,
-0.015143699012696743,
-0.058367226272821426,
-0.0027544801123440266,
-0.014404424466192722,
0.01020316407084465,
0.0449085533618927,
0.06580199301242828,
-0.01123867928981781,
0.0011274104472249746,
-0.03438764065504074,
-0.01415350753813982,
-0.01418073009699583,
-0.01562684215605259,
0.049514058977365494,
0.005751037038862705,
-0.07595683634281158,
-0.01001046784222126,
-0.004763545002788305,
-0.0031279753893613815,
-0.006980883423238993,
-0.0576976053416729,
-0.05739426240324974,
-0.029845064505934715,
0.016115283593535423,
-0.016765441745519638,
0.05051816254854202,
0.045341987162828445,
0.021373769268393517,
0.02548501454293728,
0.006642088294029236,
-0.0035095089115202427,
0.02608323283493519,
-0.05842307582497597,
0.015731852501630783,
0.04829031229019165,
-0.003037409856915474,
0.016148626804351807,
0.024187305942177773,
0.009411526843905449,
0.050993867218494415,
-0.10779064893722534,
-0.061978936195373535,
-0.010606491938233376,
0.015501248650252819,
0.037515077739953995,
-0.004366315435618162,
-0.020847059786319733,
0.039621006697416306,
-0.012989952228963375,
-0.004681129939854145,
0.0013518489431589842,
0.0007834247662685812,
-0.008711808361113071,
-0.012755794450640678,
0.002307009184733033,
-0.009625819511711597,
-0.012225442565977573,
-0.1155148595571518,
0.02425420843064785,
-0.022099468857049942,
0.02128138765692711,
0.04584355652332306,
-0.008717751130461693,
-0.0074331071227788925,
-0.004730127286165953,
-0.0007356134592555463,
-0.004604199435561895,
-0.06538152694702148,
0.0010370512027293444,
0.012695587240159512,
-0.01989924907684326,
-0.006197834853082895,
0.04688265919685364,
-0.001979229273274541,
-0.08048852533102036,
-0.025280119851231575,
-0.041559383273124695,
0.005346897058188915,
-0.004209604579955339,
0.01114597637206316,
0.003258432261645794,
0.07990150898694992,
-0.016149362549185753,
0.03729473054409027,
-0.009992989711463451,
-0.04134827479720116,
0.017610939219594002,
0.003568540560081601,
0.06239033490419388,
-0.051203981041908264,
0.03311992809176445,
0.009534718468785286,
0.006335880607366562,
-0.003212361829355359,
0.005338344722986221,
-0.018504243344068527,
0.06302674859762192,
0.09629897028207779,
-0.01105798501521349,
-0.00758696673437953,
-0.017122061923146248,
-0.03418427333235741,
0.05445098131895065,
0.0359412245452404,
0.03413250669836998,
-0.0034603227395564318,
-0.005175523925572634,
-0.0043650101870298386,
0.02185753546655178,
-0.03464350476861,
0.0045625437051057816,
-0.047012798488140106,
0.033408988267183304,
0.006883789319545031,
-0.0026346214581280947,
0.018111009150743484,
-0.11607436090707779,
-0.009542250074446201,
-0.02497336082160473,
-0.003425620263442397,
-0.024459142237901688,
0.01689617894589901,
0.008356478996574879,
0.02708529308438301,
-0.008168607018887997,
-0.010045798495411873,
0.003427990013733506,
-0.004826812539249659,
-0.007068488746881485,
0.03385023772716522,
-0.023139867931604385,
-0.0023494400084018707,
0.00705451937392354,
0.031587760895490646,
-0.014038761146366596,
0.017159603536128998,
-0.04067137837409973,
-0.004691735375672579,
0.006507812067866325,
0.0028306979220360518,
-0.02178756147623062,
-0.013089374639093876,
-0.023057129234075546,
-0.025520680472254753,
-0.004714507143944502,
0.08336825668811798,
-0.03215585649013519,
-0.00969408918172121,
0.008355090394616127,
0.020014770328998566,
-0.04063552990555763,
-0.020504307001829147,
0.0655427947640419,
-0.00832744874060154,
-0.05211646109819412,
-0.00412142975255847,
0.04163674637675285,
0.016764432191848755,
0.034859657287597656,
0.02055896818637848,
-0.022057397291064262,
-0.013446751981973648,
-0.017622489482164383,
-0.014213264919817448,
-0.01420038565993309,
0.12675438821315765,
-0.009278565645217896,
0.008462968282401562,
0.00850237999111414,
0.0003930869570467621,
-0.012757583521306515,
-0.0183420293033123,
-0.038848284631967545,
-0.023540768772363663,
0.03711313009262085,
-0.020331954583525658,
-0.03683886304497719,
0.02127045951783657,
0.006576783023774624,
0.019524991512298584,
0.020812757313251495,
0.05585545673966408,
-0.007267643231898546,
0.03828664496541023,
-0.02877192758023739,
0.03967392072081566,
-0.01830025017261505,
0.032055020332336426,
0.10399040579795837,
-0.028251437470316887,
0.0385567732155323,
-0.02286709100008011,
0.01567917689681053,
0.026624932885169983,
-0.018190979957580566,
-0.0033492615912109613,
0.00042534683598205447,
-0.01698286272585392,
-0.010873890481889248,
0.04297399893403053,
-0.022368432953953743,
-0.00034781795693561435,
0.10548850148916245,
0.012498104013502598,
-0.05561583489179611,
0.023645920678973198,
0.06794417649507523,
0.04106365889310837,
-0.021171212196350098,
-0.0018089751247316599,
0.03555605188012123,
0.01968182437121868,
-0.043811630457639694,
0.03725043311715126,
0.01004254911094904,
-0.015254526399075985,
0.015869231894612312,
-0.01169565785676241,
-0.01684820093214512,
0.0003900272713508457,
0.008807572536170483,
0.034513406455516815,
-0.013593032024800777,
-0.02817135490477085,
0.014209220185875893,
0.007830925285816193,
-0.017052974551916122,
-0.014380467124283314,
0.006963716354221106,
0.017016777768731117,
0.07408896833658218,
-0.020435484126210213,
0.0011265870416536927,
0.01737578958272934,
-0.023867707699537277,
-0.0003933391417376697,
0.03411521390080452,
0.00017673242837190628,
0.0024590531829744577,
-0.0008279685862362385,
-0.019263586029410362,
0.06711288541555405,
-0.006204263307154179,
0.01025464478880167,
0.017797749489545822,
-0.0011866192799061537,
0.011458071880042553,
0.00037810992216691375,
0.039460886269807816,
0.044528212398290634,
-0.001945733092725277,
-0.023202136158943176,
-0.0009092448744922876,
0.023843394592404366,
-0.014828134328126907,
-0.020949818193912506,
-0.021745873615145683,
-0.0094175199046731,
-0.01066301204264164,
-0.0074690221808850765,
0.021780889481306076,
0.05384133383631706,
0.007583745289593935,
-0.03072277083992958,
0.037666987627744675,
-0.021912142634391785,
0.057637106627225876,
-0.0007833026465959847,
-0.12161790579557419,
-0.013461418449878693,
0.030170807614922523,
-0.04692662134766579,
0.03494612127542496,
-0.02313634380698204,
0.03718487545847893,
0.06488462537527084,
0.05029017850756645,
-0.05015167221426964,
0.0015325056156143546,
0.040435634553432465,
0.011069572530686855,
-0.14570268988609314,
0.0073725199326872826,
-0.057041097432374954,
-0.032808829098939896,
0.013872294686734676,
0.011350355111062527,
-0.011582929641008377,
0.00795735139399767,
0.018929433077573776,
-0.0152573361992836,
-0.003519464284181595,
0.00793484691530466,
0.0003780958359129727,
-0.024699095636606216,
-0.0023585341405123472,
0.03620906174182892,
-0.04555073380470276,
0.03536093235015869,
-0.0019022831693291664,
-0.003006770508363843,
-0.01919563300907612,
0.009097293019294739,
0.0337991788983345,
-0.019340859726071358,
0.021435542032122612,
-0.04783690348267555,
-0.0038097919896245003,
0.012935454957187176,
0.0012639254564419389,
0.010792923159897327,
0.014087989926338196,
-0.0028602906968444586,
0.0004472913860809058,
0.012158146128058434,
-0.009817015379667282,
0.004621067550033331,
0.011044121347367764,
0.006999162025749683,
0.02847965806722641,
0.0003177743637934327,
-0.004005965311080217,
0.020377248525619507,
0.01684832200407982,
-0.006628152448683977,
0.0534551702439785,
0.0028753336519002914,
-0.0078100841492414474,
0.008546649478375912,
-0.0015532480319961905,
0.01169053465127945,
0.023127520456910133,
-0.013792883604764938,
0.04110094532370567,
-0.011426526121795177,
-0.001828626380302012,
-0.030123362317681313,
0.019170846790075302,
-0.020836645737290382,
-0.02169714868068695,
0.023051591590046883,
0.005967798642814159,
-0.07893361896276474,
-0.04753894358873367,
-0.01161609124392271,
-0.008251353166997433,
-0.0009605155210010707,
-0.049608416855335236,
-0.047571174800395966,
-0.028823193162679672,
0.024711929261684418,
-0.0030922521837055683,
-0.010417286306619644,
-0.18658855557441711,
0.04698062688112259,
-0.013382461853325367,
-0.010968612506985664,
0.02981453388929367,
-0.012606509029865265,
0.02956521511077881,
0.05317147076129913,
0.01209267508238554,
0.02483026683330536,
-0.012799425981938839,
0.021291878074407578,
-0.05295476317405701,
0.002886759117245674,
0.034597743302583694,
0.04088170453906059,
-0.011318431235849857,
-0.03899884596467018,
0.015139338560402393,
-0.06689747422933578,
0.03831222280859947,
-0.0013911562273278832,
0.029620565474033356,
0.015196174383163452,
-0.0005246914806775749,
0.01569402776658535,
0.030171265825629234,
0.0019008666276931763,
0.04910014942288399,
-0.000249973003519699,
0.04000047966837883,
-0.003294954774901271,
0.06386726349592209,
0.013458145782351494,
0.0033608670346438885,
0.19040846824645996,
-0.0032791991252452135,
-0.008872710168361664,
0.0033084775786846876,
-0.001960854744538665,
-0.005864311940968037,
-0.010676375590264797,
-0.025037569925189018,
-0.02172984927892685,
-0.02193392999470234,
0.02884366549551487,
0.0125587098300457,
-0.016303397715091705,
0.017024364322423935,
-0.014116712845861912,
-0.07192821055650711,
-0.010160339996218681,
-0.003188385860994458,
-0.08227761834859848,
-0.010586122050881386,
0.1093641072511673,
0.046460896730422974,
0.009679993614554405,
0.016186794266104698,
-0.030709393322467804,
0.01875009387731552,
0.00399850495159626,
0.01325921155512333,
0.013712745159864426,
-0.0008958759135566652,
-0.045200906693935394,
0.0007461969507858157,
-0.018914541229605675,
-0.07455629110336304,
0.004013693891465664,
-0.009397638030350208,
-0.033528733998537064,
0.028418542817234993,
-0.009581247344613075,
0.08092698454856873,
0.010156761854887009,
-0.01439982932060957,
-0.0698913112282753,
0.039968349039554596,
0.008981847204267979,
0.006099048536270857,
-0.018178816884756088,
-0.029547644779086113,
-0.04877869784832001,
0.06037309765815735,
0.009649066254496574,
-0.014074883423745632,
0.0027482237201184034,
0.02084827609360218,
-0.10120148211717606,
0.0380154512822628,
0.03051050379872322,
-0.0015622045611962676,
0.006667857524007559,
-0.01957300677895546,
0.005689714103937149,
-0.010186141356825829,
0.027241233736276627,
0.04144500195980072,
-0.116602323949337,
-0.013352383859455585,
0.017908824607729912,
0.006005909759551287,
-0.020133137702941895,
0.017461881041526794,
-0.0043763574212789536,
0.026228608563542366,
0.015817508101463318,
0.011753949336707592,
-0.019666677340865135,
0.021982716396450996,
0.003102037589997053,
0.04364553093910217,
-0.005100352223962545,
-0.01187874935567379,
-0.04249752685427666,
-0.003997459076344967,
-0.03937573358416557,
-0.0025321899447590113,
0.02170729823410511,
0.01983039453625679,
-0.18976432085037231,
0.0235081035643816,
0.03449750319123268,
-0.012203387916088104,
-0.012843898497521877,
0.011595564894378185,
-0.005491612944751978,
-0.05226467549800873,
0.012246735394001007,
-0.03886263072490692,
-0.038775112479925156,
0.017368938773870468,
-0.006030213553458452,
-0.0187760591506958,
0.013653622008860111,
0.01716531813144684,
-0.015102367848157883,
-0.003990298602730036,
0.048307180404663086,
-0.01719714142382145,
0.02522316947579384,
-0.048757221549749374,
-0.13128389418125153,
0.012732029892504215,
-0.04740321263670921,
-0.009590830653905869,
0.019853590056300163,
0.01738513633608818,
0.0003206710098311305,
-0.005313524045050144,
-0.03332022204995155,
0.030021611601114273,
0.06136827915906906,
0.025092124938964844,
-0.020270870998501778,
-0.0027609909884631634,
0.046217214316129684,
-0.022031445056200027,
-0.021557854488492012,
-0.0075191352516412735,
-0.02352949045598507,
0.009717344306409359,
-0.03141530975699425,
-0.03311966359615326,
0.01913760043680668,
-0.04508489370346069,
0.01886921375989914,
0.013792652636766434,
0.01145148929208517,
0.04845728352665901,
0.00527259660884738,
-0.03847017511725426,
-0.004345085471868515,
0.02065948396921158,
0.009473949670791626,
-0.010766047984361649,
0.021050982177257538,
0.07136610150337219,
0.011537725105881691,
-0.027803463861346245,
0.04081566259264946,
0.029030287638306618,
-0.06590654700994492,
0.013285708613693714,
0.008527353405952454,
-0.008076436817646027,
0.004129989072680473,
-0.05476239696145058,
0.006250759586691856,
0.035644881427288055,
-0.16765648126602173,
-0.09104777127504349,
-0.07133957743644714,
0.015540162101387978,
0.0007348175859078765,
-0.019920824095606804,
0.00515262084081769,
-0.023526370525360107,
0.0007880382472649217,
-0.0009172454010695219,
-0.02736261487007141,
0.0048487382009625435,
-0.0974736288189888,
0.02839600294828415,
-0.011749206110835075,
0.003933575935661793,
0.016186460852622986,
-0.020184902474284172,
0.01285656075924635,
-0.004077840130776167,
-0.012239133939146996,
-0.003380254842340946,
0.023998165503144264,
0.00788321252912283,
-0.004174944944679737,
-0.0014244873309507966,
-0.016029933467507362,
0.012906667776405811,
-0.057776473462581635,
-0.004956027027219534,
0.0032947873696684837,
0.01576463133096695,
0.005860714241862297,
-0.01975722797214985,
-0.044927481561899185,
-0.036235082894563675,
-0.004355381242930889,
0.12430878728628159,
0.0036483868025243282,
0.025154119357466698,
-0.02466128021478653,
0.016355138272047043,
-0.013339926488697529,
-0.009695916436612606,
-0.03570137917995453,
0.07860087603330612,
-0.023832257837057114,
-0.00917016714811325,
0.006231236737221479,
-0.041801657527685165,
-0.012017864733934402,
-0.00008068428724072874,
0.006307070143520832,
0.04768030345439911,
0.03132333233952522,
-0.005865883082151413,
0.010091625154018402,
0.05618942901492119,
-0.008597473613917828,
-0.015632281079888344,
-0.041299477219581604,
-0.017274675890803337,
0.05242723599076271,
-0.09168119728565216,
-0.015579916536808014,
0.03926345333456993,
0.01112819742411375,
-0.03790467232465744,
0.005108073353767395,
0.00003324806675664149,
-0.001347933430224657,
0.014398517087101936,
-0.04503481090068817,
0.0011788359843194485,
-0.005105787422508001,
0.0323384553194046,
-0.02483930066227913,
0.04749706760048866,
-0.040208566933870316,
0.03604423627257347,
0.0018356182845309377
] |
global reach, and the talent and strong commitment of our management and associates — to become more competitive and to accelerate growth in a manner that creates value for our shareowners.
Our Company markets, manufactures and sells:
• beverageconcentrates,sometimesreferredtoas"beveragebases,"andsyrups,includingfountainsyrups(werefertothispartofourbusinessasour"concentrate business" or "concentrate operations"); and
• finishedsparklingandstillbeverages(werefertothispartofourbusinessasour"finishedproductbusiness"or"finishedproduct operations").
Generally, finished product operations generate higher net operating revenues but lower gross profit margins than concentrate operations.
In our concentrate operations, we typically generate net operating revenues by selling concentrates and syrups to authorized bottling and canning operations (to which we typically refer as our "bottlers" or our "bottling partners"). Our bottling partners either combine the concentrates with sweeteners (depending on the product), still water and/or sparkling water, or combine the syrups with sparkling water to produce finished beverages. The finished beverages are packaged in authorized containers — such as cans and refillable and nonrefillable glass and plastic bottles — bearing our trademarks or trademarks licensed to us and are then sold to retailers directly or, in some cases, through wholesalers or other bottlers. Outside the United States, we also sell concentrates for fountain beverages to our bottling partners who are typically authorized to manufacture fountain syrups, which they sell to fountain retailers such as restaurants and convenience stores which use the fountain syrups to produce beverages for immediate consumption, or to authorized fountain wholesalers who in turn sell and distribute the fountain syrups to fountain retailers.
Our finished product operations consist primarily of Company-owned or -controlled bottling, sales and distribution operations, including CCR. Our Company-owned or - controlled bottling, sales and distribution operations, other than CCR, are included in our Bottling Investments operating segment. CCR is included in our North America operating segment. Our finished product operations generate net operating revenues by selling sparkling beverages and a variety of still beverages, such as juices and juice drinks, energy and sports drinks, ready-to-drink teas and coffees, and certain water products, to retailers or to distributors, wholesalers and bottling partners who distribute them to retailers. In addition, in the United States, we manufacture fountain syrups and sell them to fountain retailers such as restaurants and convenience stores who use the fountain syrups to produce beverages for immediate consumption or to authorized fountain wholesalers or bottling partners who resell the fountain syrups to fountain retailers. In the United States, we authorize wholesalers to resell our fountain syrups through nonexclusive appointments that neither restrict us in setting the prices at which we sell fountain syrups to the wholesalers nor restrict the territories in which the wholesalers may resell in the United States.
| 2SELL
|
[
0.0017197951674461365,
0.05726834386587143,
-0.007459666114300489,
-0.026653746142983437,
-0.1298389434814453,
-0.012960435822606087,
-0.0006800242699682713,
0.0037920507602393627,
-0.07009858638048172,
0.017962023615837097,
0.020773807540535927,
-0.027058465406298637,
0.014766138978302479,
-0.025599157437682152,
0.014405631460249424,
0.036492638289928436,
0.026327883824706078,
0.007023881189525127,
-0.04282855987548828,
0.008045164868235588,
0.009448844008147717,
0.00215175561606884,
0.013205181807279587,
-0.022445807233452797,
0.0034479049500077963,
0.027614858001470566,
-0.0644984170794487,
0.03046221099793911,
0.058355122804641724,
-0.04553651064634323,
0.024890340864658356,
0.00936422124505043,
0.03402657434344292,
-0.020225828513503075,
0.04500884562730789,
0.004865353461354971,
-0.059729501605033875,
0.011750245466828346,
0.04021019861102104,
0.011477644555270672,
-0.047987066209316254,
-0.00046813779044896364,
0.006035378202795982,
-0.0028665480203926563,
0.005511900410056114,
-0.006624961271882057,
0.026533372700214386,
0.02907145768404007,
0.02053661458194256,
-0.023946842178702354,
0.011398421600461006,
-0.032141003757715225,
-0.01728615164756775,
-0.017231687903404236,
-0.029752129688858986,
-0.0052076973952353,
-0.015945961698889732,
-0.03912118822336197,
0.07570324093103409,
0.028579944744706154,
0.02512260712683201,
-0.03755262494087219,
0.012688804417848587,
0.044225018471479416,
0.014768591150641441,
-0.012384867295622826,
-0.010780733078718185,
-0.00046584298252128065,
-0.043955832719802856,
-0.01787816733121872,
0.03231140598654747,
0.01956663466989994,
-0.022759653627872467,
-0.0038259646389633417,
-0.005271719302982092,
-0.056351155042648315,
0.03729506582021713,
0.004538512323051691,
0.09693388640880585,
-0.0219531562179327,
0.006004346068948507,
-0.07699541002511978,
0.0412726104259491,
-0.08152284473180771,
0.028498729690909386,
-0.022028250619769096,
-0.019772205501794815,
-0.04973693937063217,
-0.016928674653172493,
0.009561849758028984,
-0.008556270971894264,
-0.006639524362981319,
-0.029567984864115715,
-0.058520518243312836,
-0.039751891046762466,
0.012301920913159847,
0.03142024949193001,
-0.18889297544956207,
-0.00840890221297741,
-0.009683150798082352,
0.07784146070480347,
0.007111142855137587,
0.04494479298591614,
-0.007419685833156109,
0.022635869681835175,
-0.0006334164063446224,
-0.04012511298060417,
0.03473963588476181,
0.0071988170966506,
0.003939656540751457,
-0.02209688350558281,
-0.06153354421257973,
0.025171354413032532,
-0.005126949865370989,
-0.0023928701411932707,
0.04753795266151428,
0.012526800855994225,
0.050722453743219376,
-0.011461290530860424,
-0.07932459563016891,
0.018050599843263626,
-0.020186427980661392,
-0.03520198166370392,
-0.0073599545285105705,
-0.05047033727169037,
0.03895878419280052,
-0.027570446953177452,
-0.012330828234553337,
0.029796907678246498,
-0.006695703137665987,
-0.0012792826164513826,
-0.013956318609416485,
-0.004147863946855068,
0.024488048627972603,
-0.04164327308535576,
0.010694821365177631,
0.01137375645339489,
0.0007237910176627338,
-0.052073884755373,
0.008594466373324394,
-0.04010270535945892,
-0.02063252218067646,
-0.021441448479890823,
-0.014836287125945091,
-0.039891909807920456,
0.00004782043833984062,
-0.008419398218393326,
0.015060653910040855,
0.04672955349087715,
0.08187568932771683,
-0.0008632695535197854,
-0.0024298876523971558,
-0.044880419969558716,
-0.01635860651731491,
-0.027585452422499657,
-0.00136691820807755,
0.04942770302295685,
-0.012782462872564793,
-0.0642215833067894,
0.011279146187007427,
0.0057312739081680775,
-0.004387673921883106,
-0.015064043924212456,
-0.07815850526094437,
-0.061027996242046356,
-0.03297390416264534,
0.014442669227719307,
-0.020440522581338882,
0.033628061413764954,
0.04183628782629967,
0.02221258357167244,
0.02635837346315384,
0.004223168827593327,
0.009968720376491547,
0.020857708528637886,
-0.06371571123600006,
0.03367244824767113,
0.042121414095163345,
-0.012197127565741539,
0.01786910742521286,
0.02862401306629181,
0.004862332716584206,
0.05266669765114784,
-0.0924682468175888,
-0.0575559027493,
-0.032890040427446365,
0.008215249516069889,
0.04863760620355606,
-0.0082742590457201,
-0.03963905945420265,
0.041769303381443024,
-0.009995230473577976,
-0.0018634365405887365,
0.01665009930729866,
-0.011093862354755402,
-0.009864549152553082,
-0.025503728538751602,
0.004399948287755251,
-0.0036323980893939734,
-0.0005090515478514135,
-0.09760987013578415,
0.026086430996656418,
-0.016347581520676613,
0.029213640838861465,
0.014835359528660774,
-0.016871972009539604,
-0.007889230735599995,
-0.011735694482922554,
-0.0056655071675777435,
-0.014500446617603302,
-0.06317678093910217,
0.0009639104246161878,
-0.003818192519247532,
-0.025440990924835205,
0.01783430203795433,
0.03206257149577141,
0.0003858325071632862,
-0.094917893409729,
-0.03045608103275299,
-0.04677585884928703,
0.011947202496230602,
-0.017109546810388565,
0.014634890481829643,
-0.009097153320908546,
0.07429012656211853,
0.0036470878403633833,
0.048577435314655304,
-0.01694169081747532,
-0.05290287360548973,
0.032920803874731064,
0.007651393301784992,
0.0672905221581459,
-0.05417979881167412,
0.02860802598297596,
0.01702575571835041,
0.005562786012887955,
0.0005063688149675727,
0.007508003152906895,
-0.028219373896718025,
0.06959463655948639,
0.10800472646951675,
-0.016448399052023888,
-0.013094721361994743,
-0.00061897246632725,
-0.03674718737602234,
0.04820537194609642,
0.034553635865449905,
0.057678066194057465,
-0.021214976906776428,
-0.011219379492104053,
-0.000346608750987798,
0.024562226608395576,
-0.020912034437060356,
-0.0022177561186254025,
-0.04907224327325821,
0.029180193319916725,
0.022317366674542427,
-0.01198260486125946,
0.026284154504537582,
-0.15187111496925354,
-0.012351534329354763,
-0.02753272093832493,
0.009880213998258114,
-0.031097818166017532,
0.009009077213704586,
-0.019199470058083534,
0.02526375837624073,
0.003168861148878932,
0.0007618468953296542,
0.0053929113782942295,
0.00158411031588912,
-0.012668346986174583,
0.045524172484874725,
-0.024326743558049202,
-0.007056900765746832,
0.006186083424836397,
0.04579286649823189,
-0.0050394874997437,
0.029865451157093048,
-0.02170509658753872,
-0.009898081421852112,
0.00205481075681746,
0.0022563193924725056,
-0.0165701936930418,
-0.027455167844891548,
-0.006351098418235779,
-0.028235863894224167,
-0.014202389866113663,
0.0675276517868042,
-0.030408097431063652,
-0.011849897913634777,
0.017045391723513603,
0.02385203167796135,
-0.034334488213062286,
-0.03178190439939499,
0.05998759716749191,
-0.012481814250349998,
-0.047921229153871536,
-0.00687292218208313,
0.04308299720287323,
-0.006684903521090746,
0.01557772047817707,
0.013417449779808521,
-0.032478149980306625,
-0.010219667106866837,
-0.01007888000458479,
-0.023718368262052536,
-0.02302745170891285,
0.09921909868717194,
-0.017909107729792595,
0.012418478727340698,
0.015946269035339355,
0.0025180247612297535,
-0.010612924583256245,
-0.018830282613635063,
-0.040808092802762985,
-0.027522293850779533,
0.03626314550638199,
-0.02069244533777237,
-0.03551347553730011,
0.017990505322813988,
0.01375969871878624,
0.03117675893008709,
0.025732921436429024,
0.0717397928237915,
0.00060408900026232,
0.06256337463855743,
-0.041181132197380066,
0.01656697690486908,
-0.022394634783267975,
0.086858369410038,
0.09694811701774597,
-0.032731398940086365,
0.033412884920835495,
-0.02912702038884163,
-0.0030687274411320686,
0.02886318601667881,
-0.013208101503551006,
0.0007872044807299972,
-0.015427451580762863,
0.009408256970345974,
-0.000316903053317219,
0.03880099207162857,
-0.03341352567076683,
0.0029427504632622004,
0.09940742701292038,
0.008316989056766033,
-0.07546213269233704,
0.018404193222522736,
0.06754112988710403,
0.05818599462509155,
-0.015509490855038166,
-0.002022660570219159,
0.04174339771270752,
0.01905648782849312,
-0.039733342826366425,
0.03967197611927986,
0.00491745350882411,
-0.013423140160739422,
0.006491249427199364,
-0.003536943579092622,
-0.006900583393871784,
-0.0036657312884926796,
-0.004733801353722811,
0.037003640085458755,
-0.003783463267609477,
-0.020920608192682266,
0.019414646551012993,
0.02376473695039749,
-0.010119440965354443,
-0.018057912588119507,
0.006036142818629742,
0.01640312559902668,
0.05517085641622543,
-0.03571398928761482,
0.004947667010128498,
0.015820076689124107,
-0.023892613127827644,
0.018922459334135056,
0.03207668289542198,
0.007260339800268412,
0.008770071901381016,
-0.011530885472893715,
-0.010338423773646355,
0.0488186851143837,
0.003282328136265278,
0.009701123461127281,
-0.013553084805607796,
-0.004701558034867048,
0.01595919020473957,
-0.009109440259635448,
0.032596249133348465,
0.03140716627240181,
0.017760170623660088,
-0.02397473342716694,
0.0057843527756631374,
0.031623274087905884,
-0.011856121942400932,
-0.004156595561653376,
-0.02358979731798172,
-0.00042089022463187575,
-0.014034124091267586,
-0.020751090720295906,
-0.005756624974310398,
0.043987952172756195,
0.008344525471329689,
-0.04069538414478302,
0.03125736489892006,
-0.01279564667493105,
0.0451156422495842,
0.009224070236086845,
-0.1130141168832779,
-0.017624394968152046,
0.025273611769080162,
-0.0396912507712841,
0.023476479575037956,
-0.01698300614953041,
0.01796555332839489,
0.08402325212955475,
0.02765868604183197,
-0.04667386785149574,
0.00768423592671752,
0.04073287174105644,
0.010499769821763039,
-0.1379493772983551,
0.018345767632126808,
-0.06751170754432678,
-0.02895115315914154,
0.012495928443968296,
0.004533585160970688,
-0.016002574935555458,
0.0038835147861391306,
0.03377912938594818,
-0.01192040741443634,
-0.002940805396065116,
0.009511927142739296,
-0.0035738348960876465,
-0.026040591299533844,
-0.000302451808238402,
0.04687252640724182,
-0.03879714012145996,
0.038477979600429535,
-0.003562364261597395,
-0.03425910696387291,
-0.013339544646441936,
0.01749979332089424,
0.04417497292160988,
-0.014432338066399097,
0.03533889725804329,
-0.041093610227108,
-0.006519308779388666,
-0.0022644910495728254,
-0.005546679720282555,
0.011077437549829483,
0.002409642096608877,
-0.010399652644991875,
-0.0023252086248248816,
0.0056775715202093124,
-0.013460694812238216,
0.011686590500175953,
0.0026547671295702457,
0.002808703575283289,
0.02945816144347191,
-0.004428662825375795,
0.001098533975891769,
0.02310267835855484,
0.018692446872591972,
-0.0027253960724920034,
0.04916221275925636,
0.004076910205185413,
-0.006207927595824003,
0.019849443808197975,
-0.008343989960849285,
0.003988577518612146,
0.03057907707989216,
-0.014128860086202621,
0.05021822825074196,
-0.002348299603909254,
-0.011826950125396252,
-0.025161081925034523,
0.011837788857519627,
-0.020462622866034508,
-0.026835976168513298,
0.017161592841148376,
0.0010292974766343832,
-0.07754427194595337,
-0.04709411412477493,
-0.007674545515328646,
-0.019798336550593376,
0.006335029378533363,
-0.03956030309200287,
-0.02508547529578209,
-0.03500121831893921,
0.02835194766521454,
-0.0031667279545217752,
-0.005814793519675732,
-0.14706893265247345,
0.06019732356071472,
0.0002250577963422984,
-0.009831039234995842,
0.04444223269820213,
-0.01478262897580862,
0.02561960183084011,
0.02905183658003807,
0.002262466587126255,
0.015883639454841614,
-0.0030980678275227547,
0.030857786536216736,
-0.04750742390751839,
0.01222013309597969,
0.03327959030866623,
0.033850084990262985,
-0.008805682882666588,
-0.025430630892515182,
0.024218853563070297,
-0.05232548341155052,
0.04897187650203705,
0.0011092202039435506,
0.03616151586174965,
0.007019611541181803,
0.005742744076997042,
0.024784449487924576,
0.03136863559484482,
0.006714769173413515,
0.045528680086135864,
0.00417158380150795,
0.01603217050433159,
-0.01533681619912386,
0.05946171656250954,
0.014560134150087833,
0.010754992254078388,
0.14379170536994934,
-0.010575534775853157,
-0.02938223071396351,
-0.0011645095655694604,
-0.004508601501584053,
0.01851927675306797,
-0.011715897358953953,
-0.029329467564821243,
-0.010783737525343895,
-0.017792899161577225,
0.033327866345644,
0.014814842492341995,
-0.025551578029990196,
0.02701142057776451,
-0.017178740352392197,
-0.08418703079223633,
0.00010552633466431871,
0.013975612819194794,
-0.08690507709980011,
-0.021677082404494286,
0.11635710299015045,
0.029912229627370834,
0.012572725303471088,
0.01632481813430786,
-0.030480552464723587,
0.025882398709654808,
-0.0034795848187059164,
0.007035459857434034,
0.03608042374253273,
0.007199561223387718,
-0.03642809018492699,
0.006996180396527052,
-0.02239450439810753,
-0.09125541150569916,
0.007240596693009138,
0.004279579967260361,
-0.040832363069057465,
0.025164371356368065,
-0.013720342889428139,
0.10938213765621185,
0.0038147021550685167,
-0.01324912067502737,
-0.06983979791402817,
0.02952510118484497,
0.0072011444717645645,
0.005960261914879084,
-0.012320643290877342,
-0.007101745810359716,
-0.04699752479791641,
0.04953202232718468,
0.008780809119343758,
-0.02974116802215576,
0.004417070187628269,
0.01951943337917328,
-0.12190588563680649,
0.03170290216803551,
0.0413450188934803,
-0.0014919530367478728,
0.0073987520299851894,
-0.029839685186743736,
-0.012845641933381557,
-0.009324561804533005,
0.030310839414596558,
0.045141201466321945,
-0.10581249743700027,
-0.03465249761939049,
0.011438753455877304,
-0.001926936092786491,
-0.02269241027534008,
0.018485739827156067,
0.007376308087259531,
0.02468719147145748,
0.0236289631575346,
0.0052203102968633175,
-0.017492758110165596,
0.03478854149580002,
-0.0006907133501954377,
0.043226901441812515,
-0.004153502639383078,
-0.016757898032665253,
-0.022489648312330246,
-0.007704046089202166,
-0.03430836647748947,
-0.00962018221616745,
0.021429380401968956,
0.011759394779801369,
-0.19009122252464294,
0.036816004663705826,
0.03239639848470688,
-0.0018334807828068733,
-0.021166572347283363,
0.03839040920138359,
-0.016807841137051582,
-0.02800508216023445,
0.007048220839351416,
-0.01867949776351452,
-0.036208849400281906,
0.01931294985115528,
-0.01861824281513691,
-0.01576133258640766,
0.004186184145510197,
0.02160453423857689,
-0.024630291387438774,
-0.00016091014549601823,
0.045244742184877396,
-0.02733783610165119,
0.043272070586681366,
-0.050247304141521454,
-0.12102720141410828,
-0.011246765032410622,
-0.04278082773089409,
-0.01372810360044241,
0.03050258569419384,
0.02613072656095028,
-0.005215184297412634,
-0.014963686466217041,
-0.04206174984574318,
0.029992885887622833,
0.07218479365110397,
0.02631286531686783,
-0.00415513850748539,
0.01087095309048891,
0.035609643906354904,
-0.013125470839440823,
-0.015046149492263794,
0.020505474880337715,
-0.001888980157673359,
0.00045598731958307326,
-0.016004852950572968,
-0.03423126041889191,
0.020928725600242615,
-0.03540918231010437,
0.03468693420290947,
0.001103049493394792,
-0.004663694649934769,
0.04486667737364769,
0.007965915836393833,
-0.02829815447330475,
-0.008421453647315502,
0.023722264915704727,
0.006466630846261978,
-0.007794220000505447,
0.029014762490987778,
0.05944739654660225,
-0.00545259565114975,
-0.011733504943549633,
0.009193230420351028,
0.03753429651260376,
-0.05339231342077255,
0.002250799210742116,
0.0038012261502444744,
-0.02279527299106121,
0.006859974469989538,
-0.06445975601673126,
0.022696085274219513,
0.03892529383301735,
-0.1252908557653427,
-0.07543232291936874,
-0.05648431554436684,
0.015810437500476837,
0.007553094998002052,
-0.015553183853626251,
-0.010013981722295284,
-0.03708907216787338,
-0.0014467006549239159,
-0.005862484220415354,
-0.022686833515763283,
0.006053750403225422,
-0.0653788149356842,
0.02284078299999237,
-0.0179815161973238,
-0.0005382554372772574,
0.009305561892688274,
-0.016510719433426857,
0.023661209270358086,
0.0033872092608362436,
-0.01813853532075882,
-0.0005747248651459813,
0.019083693623542786,
0.008028661832213402,
-0.012683908455073833,
-0.009469668380916119,
-0.02501598373055458,
0.007343641482293606,
-0.06516141444444656,
-0.005945080891251564,
-0.002076780889183283,
-0.005248883739113808,
0.009430324658751488,
-0.015877429395914078,
-0.0483771450817585,
-0.03887271136045456,
0.00017888717411551625,
0.09826287627220154,
0.004598870873451233,
0.03495178371667862,
-0.0214947909116745,
0.006813110783696175,
-0.007764504291117191,
0.003846811130642891,
-0.03454621508717537,
0.06329077482223511,
-0.022694973275065422,
0.0028764414601027966,
0.0031692145857959986,
-0.041216664016246796,
-0.028185414150357246,
-0.0037396601401269436,
-0.014208362437784672,
0.07956451922655106,
0.03481393679976463,
0.03175543248653412,
0.01281198114156723,
0.044119760394096375,
-0.01213382463902235,
-0.014858231879770756,
-0.03778128698468208,
-0.026567358523607254,
0.04977870732545853,
-0.06574525684118271,
-0.011683885008096695,
0.03549119457602501,
0.0012675304897129536,
-0.03103490360081196,
0.011330420151352882,
-0.007551679853349924,
-0.0050135464407503605,
0.007545385509729385,
-0.0532672181725502,
-0.0036302716471254826,
0.00029351661214604974,
0.053852517157793045,
-0.017695700749754906,
0.03922681137919426,
-0.04232179746031761,
0.03350524231791496,
-0.015083318576216698
] |
and certain key metrics were affected by these structural changes, our 2011 consolidated financial statements reflect 12 months of operating results of the acquired CCE North American business and DPS license agreements compared to three months in 2010. Therefore, these structural changes had a much larger impact on our operating results and certain key metrics in 2011, when compared to 2010.
Prior to the closing of this acquisition, we had accounted for our investment in CCE under the equity method of accounting. Under the equity method of accounting, we recorded our proportionate share of CCE's net income or loss in the line item equity income (loss) — net in our consolidated statements of income. However, as a result of this transaction, beginning October 2, 2010, the Company no longer records equity income or loss related to CCE; and therefore, this transaction negatively impacted the amount of equity income the Company recorded during both 2011 and 2010. Refer to the heading "Equity Income (Loss) — Net" below.
Divestiture of Norwegian and Swedish Bottling Operations
The divestiture of our Norwegian and Swedish bottling operations had no impact on our consolidated unit case volume and consolidated concentrate sales volume, for the same reasons discussed above in relation to our acquisition of CCE's North American business. The divestiture of these bottling operations reduced unit case volume for the Bottling Investments operating segment. In addition, the divestiture reduced net operating revenues and net income for our consolidated operating results and the Bottling Investments operating segment. However, since we divested a finished products business, it had a positive impact on our gross profit margins and operating margins. Furthermore, the
impact these divestitures had on the Company's net operating revenues was partially offset by the concentrate revenues that were recognized on sales to these bottling operations. These concentrate sales had previously been eliminated because they were intercompany transactions. The net impact to net operating revenues was included as a structural change in our analysis of changes to net operating revenues. Refer to the heading "Net Operating Revenues" below.
This divestiture resulted in a gain of $597 million in 2010, which was classified in the line item other income (loss) — net in our consolidated statement of income. In 2011, the Company recorded charges of $5 million related to the finalization of working capital adjustments in connection with the divestiture of our Norwegian and Swedish bottling operations. These charges reduced the transaction gain the Company previously reported in 2010.
Impact of New Accounting Guidance
Beginning January 1, 2010, we deconsolidated certain entities as a result of the Company's adoption of new accounting guidance issued by the FASB. These entities are primarily bottling operations, and the Company accounted for them under the equity method of accounting upon deconsolidation. The entities that were deconsolidated as a result of this change in accounting guidance accounted for 3 percent of the Company's consolidated net operating revenues and
| 2SELL
|
[
-0.003432760713621974,
0.06074467673897743,
-0.0018173762364313006,
-0.011540476232767105,
-0.09724701195955276,
-0.010820028372108936,
-0.004484399221837521,
0.0032730712555348873,
-0.0772198736667633,
0.03242122381925583,
0.0073249200358986855,
0.001050261314958334,
0.018781397491693497,
-0.014962496235966682,
0.004098732024431229,
0.042897578328847885,
0.020754026249051094,
-0.006838054396212101,
-0.033651020377874374,
0.006265413016080856,
0.01451184879988432,
0.019573083147406578,
0.017294462770223618,
-0.012313324958086014,
0.026340700685977936,
0.02975727804005146,
-0.06010329723358154,
0.02032376267015934,
0.06838281452655792,
-0.03719727322459221,
0.017116375267505646,
0.024469755589962006,
0.03613462671637535,
-0.0217887032777071,
0.038304682821035385,
0.007372942753136158,
-0.06587596982717514,
0.015480689704418182,
0.03242984414100647,
0.01695818267762661,
-0.033720772713422775,
-0.003925560042262077,
-0.04081735759973526,
-0.006770552136003971,
0.003999476786702871,
-0.01553838700056076,
0.021920451894402504,
0.023616420105099678,
0.01489480771124363,
-0.011045578867197037,
-0.0009591815178282559,
-0.021408062428236008,
-0.011059867218136787,
-0.02563457190990448,
-0.02886764332652092,
-0.009147018194198608,
-0.008913847617805004,
-0.015048116445541382,
0.08645078539848328,
0.029114410281181335,
0.03457115218043327,
-0.032597191631793976,
0.0058275256305933,
0.04113462567329407,
0.009364948607981205,
-0.01737837679684162,
-0.005952729377895594,
-0.0009823984000831842,
-0.03965654969215393,
-0.026406357064843178,
0.03134791553020477,
0.03753289207816124,
-0.02048003487288952,
-0.028620053082704544,
0.007523012347519398,
-0.04442645236849785,
0.043404221534729004,
-0.007948235608637333,
0.08710933476686478,
-0.034331683069467545,
-0.006560330279171467,
-0.07399789243936539,
-0.008428974077105522,
-0.058323707431554794,
0.03401210531592369,
-0.005026418250054121,
-0.009653033688664436,
-0.053812067955732346,
-0.014775807037949562,
-0.002306140260770917,
0.00823233649134636,
0.013469487428665161,
-0.021410368382930756,
-0.06816808879375458,
-0.043675780296325684,
0.008043186739087105,
0.03311432898044586,
-0.145562544465065,
-0.010761257261037827,
-0.01611408405005932,
0.04341895133256912,
0.007131744176149368,
0.034203190356492996,
-0.013494791463017464,
0.02234726957976818,
0.015763750299811363,
-0.01533256471157074,
0.03760076314210892,
0.0021526000928133726,
0.014997066929936409,
-0.01943410187959671,
-0.06795892864465714,
0.02357381395995617,
-0.0022560437209904194,
0.0021840487606823444,
0.0415910929441452,
0.010000794194638729,
0.02172732912003994,
-0.011021144688129425,
-0.0694272369146347,
0.01076692994683981,
-0.02727373316884041,
-0.028158491477370262,
0.0063445172272622585,
-0.04364791139960289,
0.023685047402977943,
-0.015049626119434834,
-0.009835517033934593,
0.04542713239789009,
-0.01468463335186243,
-0.0031356154941022396,
-0.006203177385032177,
-0.02164708450436592,
0.026200762018561363,
-0.04233246296644211,
0.017467360943555832,
-0.01333137508481741,
0.0011983489384874701,
-0.04507172852754593,
0.008759742602705956,
-0.017529724165797234,
-0.046183351427316666,
-0.031189648434519768,
-0.0011098713148385286,
-0.04622389003634453,
-0.005302561912685633,
-0.014757528901100159,
0.006228017155081034,
0.023907523602247238,
0.07595619559288025,
-0.012363329529762268,
-0.0055824159644544125,
-0.0348210409283638,
-0.02090650051832199,
-0.023935867473483086,
-0.008480926975607872,
0.05623332038521767,
-0.024138102307915688,
-0.07121569663286209,
-0.003186771646142006,
-0.007614186033606529,
0.003734680125489831,
-0.008660218678414822,
-0.04866909235715866,
-0.0442524328827858,
-0.03355657681822777,
0.023989155888557434,
-0.015280066058039665,
0.03681836649775505,
0.051148831844329834,
0.02611895091831684,
0.03262178599834442,
-0.002111355774104595,
-0.005628242623060942,
0.02310054562985897,
-0.058844055980443954,
0.034645676612854004,
0.042244527488946915,
0.0037761260755360126,
0.022574372589588165,
0.024573758244514465,
0.0021465751342475414,
0.051719360053539276,
-0.09045201539993286,
-0.05672525614500046,
-0.02106367237865925,
0.008446747437119484,
0.03949498385190964,
-0.00788634829223156,
-0.019315851852297783,
0.040175508707761765,
-0.014240637421607971,
0.006670319475233555,
-0.0012446400942280889,
-0.012117343954741955,
-0.00902499258518219,
-0.03287041559815407,
0.006519689224660397,
0.02566627971827984,
-0.005874949507415295,
-0.11201281100511551,
0.03118259087204933,
-0.018066368997097015,
0.025730615481734276,
0.04974998161196709,
-0.014483444392681122,
-0.02253900095820427,
-0.0024862876161932945,
-0.0064699770882725716,
-0.010266471654176712,
-0.05329779535531998,
-0.013021006248891354,
0.0035591081250458956,
-0.03080642595887184,
0.003426058916375041,
0.04109277203679085,
0.00012678650091402233,
-0.09613732993602753,
-0.03766753152012825,
-0.046108730137348175,
0.005645695608109236,
-0.01350213959813118,
0.020181192085146904,
0.00549600925296545,
0.05166316404938698,
-0.0005102582508698106,
0.061071038246154785,
-0.004100136458873749,
-0.052262675017118454,
0.04108007252216339,
0.016569597646594048,
0.06040552258491516,
-0.028693875297904015,
0.03404350206255913,
0.011310278438031673,
-0.01580449752509594,
0.0016147333662956953,
0.006533070933073759,
-0.015321864746510983,
0.055814407765865326,
0.09268685430288315,
-0.014216211624443531,
-0.011857999488711357,
-0.012170594185590744,
-0.030031733214855194,
0.03776785358786583,
0.0031636757776141167,
0.07089075446128845,
-0.009832392446696758,
-0.008383463136851788,
-0.014455701224505901,
0.020983995869755745,
-0.01362913940101862,
-0.009442619048058987,
-0.03707181289792061,
0.013675636611878872,
0.02581387385725975,
-0.012342766858637333,
0.009615764021873474,
-0.13460037112236023,
-0.012634565122425556,
-0.019092533737421036,
0.026880621910095215,
-0.027243470773100853,
0.011999118141829967,
0.014406118541955948,
0.026725195348262787,
-0.00991352554410696,
-0.012215187773108482,
0.005816303659230471,
-0.015697114169597626,
-0.011517186649143696,
0.04957669973373413,
-0.009234556928277016,
-0.00225103460252285,
0.01524940226227045,
0.0314527228474617,
-0.017238546162843704,
0.019322741776704788,
-0.028293495997786522,
-0.00076347216963768,
-0.005834887269884348,
-0.006006396375596523,
-0.013743559829890728,
-0.013497690670192242,
-0.022423086687922478,
-0.03001335635781288,
-0.002725853817537427,
0.0868668407201767,
-0.02819967456161976,
-0.01744314841926098,
0.014668997377157211,
0.009238870814442635,
-0.03307623788714409,
-0.024152928963303566,
0.06503557413816452,
-0.01052785012871027,
-0.051971159875392914,
0.0027803615666925907,
0.04770234227180481,
0.004038543440401554,
0.02623823471367359,
0.0028139883652329445,
-0.031007466837763786,
-0.012480282224714756,
-0.0033462969586253166,
-0.010341315530240536,
-0.019626911729574203,
0.12578579783439636,
-0.029346682131290436,
0.015654869377613068,
0.014341809786856174,
0.0012657097540795803,
-0.004651907365769148,
-0.014453480951488018,
-0.04023293778300285,
-0.03178086131811142,
0.025123119354248047,
-0.03654180467128754,
-0.02913263812661171,
0.017175819724798203,
0.007004937622696161,
0.021557850763201714,
0.02375960536301136,
0.05969174578785896,
0.008056247606873512,
0.042431436479091644,
-0.04980366677045822,
0.016647929325699806,
-0.03334474936127663,
0.020388135686516762,
0.12487941235303879,
-0.02784392610192299,
0.03617101535201073,
-0.021703312173485756,
-0.0036936302203685045,
0.02220120094716549,
-0.02280714549124241,
0.0019010499818250537,
-0.02055889554321766,
-0.008561803959310055,
0.0045992364175617695,
0.028284117579460144,
-0.013927818275988102,
-0.0015492868842557073,
0.08633706718683243,
0.014195152558386326,
-0.06660463660955429,
0.015562903136014938,
0.055312350392341614,
0.06367677450180054,
-0.020928939804434776,
0.006844814866781235,
0.0499892495572567,
0.01461933646351099,
-0.029514804482460022,
0.03885863348841667,
0.009698301553726196,
-0.01958995684981346,
0.017725365236401558,
-0.017985006794333458,
-0.01754220575094223,
-0.002645862987264991,
-0.010316385887563229,
0.05009182542562485,
-0.04379063844680786,
-0.03098948486149311,
0.010047540068626404,
0.008134454488754272,
-0.012682135216891766,
-0.001943506533280015,
0.015276694670319557,
0.016597911715507507,
0.07843204587697983,
-0.030520634725689888,
0.0043650739826262,
0.021984312683343887,
-0.030562352389097214,
0.0033594812266528606,
0.019722111523151398,
0.0018014556262642145,
-0.003017761977389455,
-0.0015904689207673073,
-0.010885664261877537,
0.06958936154842377,
-0.019102776423096657,
0.004771909210830927,
0.016592293977737427,
-0.008114066906273365,
0.024773556739091873,
0.00508533138781786,
0.022214656695723534,
0.037375740706920624,
-0.004977229982614517,
-0.018172135576605797,
0.005219672806560993,
0.018934892490506172,
-0.013555367477238178,
-0.04846399649977684,
-0.02307732217013836,
-0.003636667039245367,
-0.008578989654779434,
-0.006170183885842562,
0.012861027382314205,
0.05077125504612923,
0.04318290948867798,
-0.03328397870063782,
0.04881077632308006,
-0.011658965609967709,
0.04469497501850128,
-0.000025680443286546506,
-0.10819153487682343,
-0.015942975878715515,
0.023164473474025726,
-0.042442843317985535,
0.03483252599835396,
-0.014554427936673164,
0.027689483016729355,
0.06780347228050232,
0.0292270015925169,
-0.04456686973571777,
0.011620844714343548,
0.031943581998348236,
0.010100459679961205,
-0.13703212141990662,
0.011753151193261147,
-0.07153557240962982,
-0.024123812094330788,
0.03971107304096222,
0.009122309274971485,
-0.019344890490174294,
0.006615468766540289,
0.014583894982933998,
-0.011248092167079449,
0.000880504259839654,
0.01191684976220131,
0.004248164128512144,
-0.0286262109875679,
-0.008928346447646618,
0.030647575855255127,
-0.03192071244120598,
0.028739159926772118,
0.014791879802942276,
-0.01015840470790863,
-0.017275849357247353,
0.021945029497146606,
0.031810831278562546,
-0.019319653511047363,
0.024396533146500587,
-0.04996725544333458,
-0.0037950098048895597,
0.013439999893307686,
0.010537957772612572,
0.014123227447271347,
0.00952402874827385,
-0.011399569921195507,
-0.003487200476229191,
0.011475272476673126,
-0.02227095700800419,
0.001316530047915876,
0.007414676249027252,
0.004759601783007383,
0.026381561532616615,
-0.016532905399799347,
-0.0008183863828890026,
0.017912905663251877,
0.014964735135436058,
0.0038304165937006474,
0.05864252522587776,
-0.010047605261206627,
0.009335415437817574,
0.012955295853316784,
0.00404591066762805,
0.017821181565523148,
0.023129485547542572,
-0.008385803550481796,
0.030689101666212082,
-0.010927354916930199,
-0.022812271490693092,
-0.025031803175807,
0.021490836516022682,
-0.030869076028466225,
-0.025647925212979317,
0.01726580038666725,
0.005687909200787544,
-0.08063000440597534,
-0.05880136787891388,
-0.014475197531282902,
-0.013682563789188862,
-0.003802897408604622,
-0.040821488946676254,
-0.03872339800000191,
-0.03554634749889374,
0.03140394389629364,
-0.0030658994801342487,
-0.011170648038387299,
-0.2082233875989914,
0.11125253140926361,
-0.004979712422937155,
-0.01191425509750843,
0.037255991250276566,
-0.01674492657184601,
0.018574198707938194,
0.05220774933695793,
0.012858820147812366,
0.021571312099695206,
-0.005977008491754532,
0.04757680371403694,
-0.05327172949910164,
0.013496888801455498,
0.024538185447454453,
0.03416011482477188,
-0.013462354429066181,
-0.02383413352072239,
0.020630931481719017,
-0.05881184712052345,
0.021348947659134865,
0.008576002903282642,
0.03273988887667656,
-0.004053860902786255,
-0.00015774715575389564,
0.025306889787316322,
0.016278261318802834,
0.0075714378617703915,
0.041602641344070435,
-0.005714111961424351,
0.043664272874593735,
-0.012319172732532024,
0.05045798048377037,
-0.0005669171223416924,
0.008712668903172016,
0.18511636555194855,
-0.005761004984378815,
-0.013564269989728928,
0.014827863313257694,
-0.012422204948961735,
0.0037800834979861975,
-0.015196463093161583,
-0.02108590491116047,
-0.022754278033971786,
-0.022224513813853264,
0.03178777918219566,
0.02411557361483574,
-0.019090427085757256,
0.02489798702299595,
-0.014442228712141514,
-0.06506441533565521,
-0.00283828959800303,
-0.0038881597574800253,
-0.11668731272220612,
-0.010236687958240509,
0.11235246807336807,
0.03511493280529976,
0.00208591902628541,
0.015988174825906754,
-0.036560941487550735,
0.022557010874152184,
0.0031113801524043083,
0.01894940622150898,
0.020380016416311264,
0.004554492887109518,
-0.03630896285176277,
0.012454008683562279,
-0.02230597846210003,
-0.10886556655168533,
0.0014351358404383063,
-0.005355278495699167,
-0.035403747111558914,
0.02932792156934738,
-0.014307047240436077,
0.08589441329240799,
0.015210102312266827,
-0.014457116834819317,
-0.06997397541999817,
0.03694254532456398,
0.0021599056199193,
0.007251814007759094,
-0.017644468694925308,
-0.023426895961165428,
-0.058378998190164566,
0.05849148705601692,
0.0011663519544526935,
-0.01937413215637207,
0.01813109777867794,
0.020818760618567467,
-0.11240207403898239,
0.02389306202530861,
0.02478320151567459,
-0.0012000789865851402,
0.0027072399388998747,
-0.02374701015651226,
-0.0005544706946238875,
-0.024735622107982635,
0.019819656386971474,
0.044710952788591385,
-0.10632270574569702,
-0.012347543612122536,
0.01655648835003376,
0.005839562509208918,
-0.007374617271125317,
0.007781626656651497,
0.017048897221684456,
0.015102568082511425,
0.03708259388804436,
0.015569055452942848,
-0.015155907720327377,
0.025990590453147888,
0.0031622687820345163,
0.03664068505167961,
-0.017022166401147842,
-0.014725198969244957,
-0.03434741497039795,
-0.006790925282984972,
-0.03344922512769699,
-0.006305805407464504,
0.022184865549206734,
0.014077135361731052,
-0.15648065507411957,
0.02778695337474346,
0.036322206258773804,
-0.0032694044057279825,
-0.01122447568923235,
0.031917035579681396,
-0.012905952520668507,
-0.035101089626550674,
0.014116835780441761,
-0.02185511402785778,
-0.03776607662439346,
0.016133854165673256,
0.0018065539188683033,
-0.026158234104514122,
0.014102702029049397,
0.019415780901908875,
-0.014560768380761147,
0.0133366659283638,
0.04175140708684921,
-0.010360568761825562,
0.026113322004675865,
-0.04630425572395325,
-0.13966703414916992,
0.011881883256137371,
-0.052613068372011185,
-0.009632052853703499,
0.010015384294092655,
0.031897302716970444,
0.010733273811638355,
-0.010618878528475761,
-0.030068477615714073,
0.043421145528554916,
0.0503343790769577,
0.015787668526172638,
-0.011663829907774925,
0.008784388191998005,
0.04724598303437233,
-0.011020603589713573,
-0.01790992170572281,
-0.006963244639337063,
-0.00263533229008317,
-0.009870468638837337,
-0.028117893263697624,
-0.02709389291703701,
0.03197077289223671,
-0.049920327961444855,
0.046925224363803864,
0.012336982414126396,
0.021509472280740738,
0.04059101641178131,
-0.0009873341768980026,
-0.04208415746688843,
-0.014250656589865685,
0.03405604138970375,
0.006618359591811895,
-0.002888947492465377,
0.02251162938773632,
0.0460430271923542,
0.028618309646844864,
-0.016512027010321617,
0.001969411503523588,
0.03596964105963707,
-0.061096955090761185,
0.008749040775001049,
0.01061867456883192,
-0.0047019547782838345,
0.006063076201826334,
-0.06632480770349503,
0.006682247389107943,
0.05082479119300842,
-0.15360964834690094,
-0.09133245050907135,
-0.07163136452436447,
0.026455307379364967,
0.003920430317521095,
-0.01407841220498085,
0.0003276742354501039,
-0.02422190271317959,
0.002723171142861247,
-0.004091133829206228,
-0.02307036705315113,
0.003750510048121214,
-0.06674956530332565,
0.026455342769622803,
-0.014282283373177052,
0.013255583122372627,
0.017950911074876785,
-0.018609710037708282,
0.02213870733976364,
-0.0036678453907370567,
-0.01593860238790512,
-0.0073745641857385635,
0.027310682460665703,
-0.0004722349112853408,
-0.00866666343063116,
-0.01654987782239914,
-0.022080518305301666,
0.0037197116762399673,
-0.052364543080329895,
0.01373008918017149,
0.0022699632681906223,
0.01602359674870968,
0.004502790980041027,
-0.018679987639188766,
-0.047919150441884995,
-0.02888561598956585,
-0.014946246519684792,
0.10164088010787964,
-0.0012407551985234022,
0.03132257238030434,
-0.01434008963406086,
0.01292924489825964,
-0.011821172200143337,
0.0010257652029395103,
-0.04366971552371979,
0.04179719462990761,
-0.03210997208952904,
-0.014066901057958603,
0.001385099720209837,
-0.042884670197963715,
-0.027048198506236076,
-0.008803960867226124,
-0.0061316052451729774,
0.029326127842068672,
0.01863495074212551,
-0.01364991907030344,
0.020210471004247665,
0.046198520809412,
-0.0055648391135036945,
-0.009054107591509819,
-0.04020674154162407,
-0.030905844643712044,
0.07378651946783066,
-0.09671663492918015,
-0.021735113114118576,
0.03131929039955139,
0.00002225693424406927,
-0.033966630697250366,
0.015074382536113262,
-0.011950908228754997,
-0.011806306429207325,
0.01886070892214775,
-0.03152990713715553,
-0.033959630876779556,
0.009853927418589592,
0.038099609315395355,
-0.021068653091788292,
0.03502167388796806,
-0.031859319657087326,
0.03604086488485336,
-0.011713028885424137
] |
$200.0 million of Senior Convertible Notes. The Senior Convertible Notes consisted of $200.0 million aggregate principal amount due on December 1, 2018 and did not bear interest. In April 2013, we exercised our option to cause the conversion of the Convertible Notes into shares of our common stock. See Note 5 of Item 8, Financial Statements and Supplementary Data for additional information.
Our primary uses of cash include content acquisition and licensing, streaming delivery, marketing programs and payroll. Payment terms for certain content agreements require more upfront cash payments relative to the expense and therefore, future investments could impact our liquidity.
We expect to significantly increase our investments in international expansion and in streaming content, particularly in original content. As a result, and to take advantage of the current favorable interest rate environment, we plan to obtain at least $1 billion in long-term debt in the first quarter of 2015. Our ability to obtain this, or any additional financing that we may choose to or need to obtain, will depend on, among other things, our development efforts, business plans, operating performance and the condition of the capital markets at the time we seek financing. We may not be able to obtain such financing on terms acceptable to us or at all. If we raise additional funds through the issuance of equity or debt securities, those securities may have rights, preferences or privileges senior to the rights of our common stock, and our stockholders may experience dilution.
As of December 31, 2014, $130.8 million of cash and cash equivalents were held by our foreign subsidiaries. If these funds are needed for our operations in the U.S., we would be required to accrue and pay U.S. income taxes and foreign withholding taxes on the amount associated with undistributed earnings for certain foreign subsidiaries. As of December 31, 2014, the amount associated with undistributed earnings for certain foreign subsidiaries for which we could be required to accrue and pay taxes is $29.2 million. See Note 10 of Item 8, Financial Statements and Supplementary Data for additional information.
Free Cash Flow
We define free cash flow as cash provided by operating and investing activities excluding the non-operational cash flows from purchases, maturities and sales of short-term investments. We believe free cash flow is an important liquidity metric because it measures, during a given period, the amount of cash generated that is available to repay debt obligations, make investments and for certain other activities. Free cash flow is considered a non-GAAP financial measure and should not be considered in isolation of, or as a substitute for, net income, operating income, cash flow provided by operating activities, or any other measure of financial performance or liquidity presented in accordance with GAAP.
In assessing liquidity in relation to our results of operations, we compare free cash flow to net income, noting that the three major recurring differences are excess content payments over expense, non-cash stock-based compensation expense and other working capital differences. The
| 0BUY
|
[
-0.012891160324215889,
-0.010930768214166164,
-0.012023289687931538,
-0.028787588700652122,
-0.08037590980529785,
0.010258288122713566,
0.0016721165738999844,
-0.006500596180558205,
0.028830505907535553,
0.009886601008474827,
0.029205065220594406,
-0.1293935626745224,
0.002903719199821353,
-0.018688810989260674,
0.009245051071047783,
-0.03550838306546211,
0.024846075102686882,
-0.0013582565588876605,
-0.025530541315674782,
0.012741470709443092,
-0.022270089015364647,
0.005783322267234325,
-0.0029658915009349585,
0.01883113384246826,
-0.03347998857498169,
0.0075094313360750675,
0.006204406265169382,
0.012815747410058975,
-0.053638290613889694,
-0.02921728603541851,
0.011901537887752056,
-0.002365108346566558,
-0.004906964488327503,
-0.0014971141936257482,
-0.05366235226392746,
-0.018563993275165558,
0.019187992438673973,
-0.0014230944216251373,
0.03363793343305588,
-0.016212278977036476,
-0.013565261848270893,
0.006573351100087166,
0.18115825951099396,
-0.030351830646395683,
-0.010467813350260258,
-0.025256965309381485,
0.021495308727025986,
0.023269060999155045,
-0.0033248807303607464,
-0.02301645465195179,
-0.00606507807970047,
-0.012830016203224659,
0.010721969418227673,
-0.0063565634191036224,
-0.0015096110291779041,
-0.017512524500489235,
-0.0030663865618407726,
-0.06218573823571205,
-0.02677554078400135,
0.01973833329975605,
-0.020217129960656166,
-0.018276361748576164,
0.031007681041955948,
0.012122572399675846,
0.002419666852802038,
0.01071218866854906,
-0.01416479516774416,
0.025094419717788696,
-0.014201009646058083,
-0.0007683004951104522,
0.006908721756190062,
0.014667493291199207,
-0.006666852161288261,
0.009750518016517162,
0.005684873554855585,
-0.026246901601552963,
0.02489943616092205,
0.014079699292778969,
0.031146258115768433,
-0.01948552392423153,
0.017715485766530037,
-0.059313733130693436,
0.17035038769245148,
-0.09030486643314362,
0.00144713104236871,
-0.09887845814228058,
-0.023849714547395706,
-0.06282151490449905,
-0.0020020497031509876,
0.001150248572230339,
-0.01144283078610897,
-0.006572867278009653,
-0.021366331726312637,
-0.03614062815904617,
0.03774174302816391,
-0.022223955020308495,
-0.007960463874042034,
-0.11169382929801941,
-0.00041214877273887396,
0.02500554546713829,
0.043928999453783035,
0.011621133424341679,
0.03598552942276001,
-0.02381511963903904,
-0.006007680203765631,
0.0032095813658088446,
-0.017470626160502434,
-0.011105074547231197,
-0.008421063423156738,
0.032770346850156784,
-0.022776871919631958,
-0.0320279560983181,
0.024646032601594925,
-0.003737278049811721,
-0.002280566142871976,
0.05316443368792534,
-0.00853250827640295,
0.0047097704373300076,
0.04632095992565155,
-0.04251059889793396,
-0.0002655799326021224,
-0.01774415373802185,
-0.012446924112737179,
-0.054819781333208084,
-0.01403907872736454,
0.025902627035975456,
-0.04200291633605957,
0.013231577351689339,
-0.008142879232764244,
-0.013377398252487183,
-0.0016175464261323214,
-0.015181762166321278,
0.004715154878795147,
0.021831311285495758,
0.034584891051054,
-0.02367306873202324,
-0.0005588711355812848,
0.006883425638079643,
0.003941364120692015,
-0.030337324365973473,
-0.04729703441262245,
0.008784432895481586,
0.010432317852973938,
-0.05997082591056824,
-0.042040757834911346,
0.0034938177559524775,
-0.0110064297914505,
0.012167519889771938,
0.008511298336088657,
0.005116619169712067,
-0.021639320999383926,
0.015592524781823158,
-0.026608644053339958,
-0.006809931248426437,
-0.0037579273339360952,
0.02956193871796131,
0.014277397654950619,
0.0052712056785821915,
-0.007740523666143417,
0.023551933467388153,
-0.002056356519460678,
0.01718519814312458,
-0.014067449606955051,
-0.0706661269068718,
0.015101457014679909,
-0.031027795746922493,
0.017208892852067947,
-0.023997129872441292,
0.021837005391716957,
0.010728617198765278,
-0.0020654594991356134,
-0.01049998588860035,
0.005867848638445139,
-0.008224253542721272,
-0.007566296961158514,
-0.0550774410367012,
-0.02363749034702778,
0.01813502423465252,
-0.02905958518385887,
-0.022291220724582672,
0.0235936027020216,
0.010316790081560612,
0.053785569965839386,
0.11669475585222244,
-0.04779130965471268,
0.016309773549437523,
0.011885721236467361,
0.00983245950192213,
-0.025005199015140533,
-0.025931209325790405,
0.039449386298656464,
0.0004318918799981475,
-0.025042742490768433,
0.021242858842015266,
0.01358419843018055,
-0.01062904391437769,
0.05566324293613434,
-0.003826664062216878,
-0.049240220338106155,
-0.006332068238407373,
0.08183744549751282,
-0.004189326427876949,
-0.0208453256636858,
-0.0037983867805451155,
-0.027720982208848,
-0.005744432099163532,
-0.049623195081949234,
0.014207257889211178,
-0.013807359151542187,
-0.05558229237794876,
-0.004358293954282999,
-0.016186954453587532,
-0.009890642948448658,
-0.007557253818958998,
0.014339019544422626,
0.032558657228946686,
-0.02359073981642723,
-0.04226768761873245,
0.04768197983503342,
-0.01604234240949154,
-0.0006857984699308872,
-0.01662292703986168,
0.006005140487104654,
-0.03807251527905464,
0.03534695506095886,
-0.002247187774628401,
-0.036940786987543106,
-0.018030555918812752,
-0.008483702316880226,
-0.004764363169670105,
0.014937715604901314,
0.0488782674074173,
-0.032333873212337494,
0.017759939655661583,
-0.00622616708278656,
0.028075477108359337,
0.009505013935267925,
-0.014368644915521145,
-0.01812933199107647,
0.05327744781970978,
0.06166485324501991,
-0.005484710447490215,
0.0017078414093703032,
-0.006175856105983257,
-0.014791405759751797,
0.04501691088080406,
0.014738542959094048,
-0.04545886069536209,
-0.00958944484591484,
0.014749870635569096,
-0.004378920421004295,
0.01708495430648327,
-0.01942591182887554,
0.015693528577685356,
-0.03732400760054588,
-0.01856616511940956,
0.0010217436356469989,
-0.04173598438501358,
0.02127491869032383,
-0.09681271016597748,
-0.015772348269820213,
-0.029668860137462616,
-0.03434537723660469,
-0.007890167646110058,
0.02126213163137436,
-0.024358561262488365,
-0.011873121373355389,
0.003957416396588087,
-0.0017794410232454538,
0.004403125029057264,
0.002606292488053441,
0.0032897156197577715,
0.0018708612769842148,
-0.024040255695581436,
-0.009888909757137299,
-0.01821916364133358,
0.027520226314663887,
-0.020164480432868004,
0.002797850174829364,
-0.017178975045681,
-0.008094691671431065,
0.014824746176600456,
0.040423423051834106,
-0.022484350949525833,
0.003347597550600767,
0.020098378881812096,
-0.03232154622673988,
-0.0014707769732922316,
-0.07184190303087234,
-0.018808316439390182,
-0.00520760053768754,
-0.007025191094726324,
0.016673503443598747,
-0.019344313070178032,
-0.03171655535697937,
0.01658012345433235,
-0.017859533429145813,
0.0013896821765229106,
-0.00047519899089820683,
0.05987565219402313,
0.0005316378083080053,
0.003401311580091715,
0.04439956694841385,
-0.02095581218600273,
-0.0019298886181786656,
-0.024902502074837685,
0.00403208564966917,
-0.015012792311608791,
-0.04415509104728699,
0.02741260454058647,
-0.007852422073483467,
0.004668874200433493,
-0.01703217811882496,
-0.0010391102405264974,
-0.004975633230060339,
-0.017118951305747032,
-0.04439222067594528,
0.014735921286046505,
0.045145001262426376,
-0.03390926867723465,
-0.015970226377248764,
0.004329298157244921,
0.001689596800133586,
0.0061264983378350735,
0.008483854122459888,
-0.010064746253192425,
0.08604814112186432,
-0.012140121310949326,
0.06641247123479843,
0.020672693848609924,
0.4412511885166168,
-0.10096211731433868,
-0.020596075803041458,
0.0018511549569666386,
-0.04550044238567352,
0.07625453919172287,
0.007938387803733349,
-0.027432087808847427,
-0.0005668280064128339,
0.018956977874040604,
-0.00505341961979866,
-0.0271907988935709,
0.002888273913413286,
-0.0358855240046978,
0.0011710829567164183,
0.028781644999980927,
-0.008376698940992355,
0.000615693919826299,
0.001794908195734024,
0.10606332868337631,
-0.012183762155473232,
-0.03897716477513313,
-0.011167319491505623,
0.03825424611568451,
-0.0036204096395522356,
-0.026452215388417244,
0.03571857884526253,
-0.0007278993725776672,
-0.0012684855610132217,
0.0250827819108963,
-0.012970233336091042,
-0.019312633201479912,
-0.003005006117746234,
0.012693449854850769,
-0.0053850626572966576,
0.12009166181087494,
0.07554496824741364,
0.0056433528661727905,
0.010098317638039589,
-0.048010773956775665,
-0.023421768099069595,
0.01959221623837948,
0.004114809446036816,
-0.04832535982131958,
-0.03206060826778412,
0.025570591911673546,
0.014470469206571579,
-0.027080107480287552,
0.007354253437370062,
0.021854259073734283,
0.001371435122564435,
0.0034755896776914597,
-0.013022128492593765,
0.0012749747838824987,
-0.11702249944210052,
-0.021258218213915825,
-0.006006847135722637,
-0.02177473157644272,
-0.009774714708328247,
-0.014383225701749325,
-0.024123502895236015,
0.012408687733113766,
0.028270674869418144,
0.046786826103925705,
0.021475674584507942,
0.015519410371780396,
0.03605557605624199,
-0.025053469464182854,
0.007598238531500101,
-0.024328231811523438,
0.004054585937410593,
-0.00834300834685564,
-0.0053416658192873,
0.004919493570923805,
0.027126340195536613,
-0.06156126782298088,
-0.0031251204200088978,
-0.0002522453432902694,
0.019859327003359795,
0.017999574542045593,
-0.011251273564994335,
-0.02714371308684349,
-0.023144260048866272,
0.027976706624031067,
-0.034964557737112045,
-0.00007176442159106955,
0.0035510798916220665,
0.0036707839462906122,
0.015808934345841408,
-0.08710947632789612,
-0.0290171280503273,
-0.0026907853316515684,
0.02087327092885971,
0.004488891921937466,
0.03258560597896576,
0.0345231331884861,
-0.008560680784285069,
0.0027778141666203737,
-0.014212943613529205,
0.014649542979896069,
-0.015084810554981232,
0.003501003608107567,
0.035149089992046356,
0.015520362183451653,
0.0073258960619568825,
0.006658656056970358,
-0.010988183319568634,
-0.034378476440906525,
0.011311544105410576,
0.033114757388830185,
-0.008555006235837936,
-0.023298144340515137,
-0.01612822338938713,
-0.03766638785600662,
-0.019381890073418617,
-0.023938970640301704,
0.007003177423030138,
0.014031503349542618,
0.008802083320915699,
-0.03259875252842903,
0.023440027609467506,
-0.008243289776146412,
-0.00734655000269413,
-0.010408124886453152,
-0.0012815826339647174,
-0.010837851092219353,
-0.030287859961390495,
-0.02384771779179573,
-0.015508769080042839,
0.017577966675162315,
0.0004954261239618063,
0.0021049135830253363,
0.010490369983017445,
-0.017168454825878143,
0.011351044289767742,
-0.01845911331474781,
0.024355284869670868,
0.017319541424512863,
0.012678796425461769,
-0.001788026769645512,
0.010027068667113781,
0.010613208636641502,
-0.009364188648760319,
-0.01131440419703722,
0.003376907203346491,
-0.02271154336631298,
0.0313483327627182,
0.004472947213798761,
0.00280493195168674,
-0.011016476899385452,
-0.003652531886473298,
0.0027554628904908895,
-0.0034915078431367874,
-0.014250772073864937,
0.022098787128925323,
-0.05887477472424507,
0.0430043488740921,
0.005671112332493067,
-0.009951222687959671,
0.0031365815084427595,
-0.02535155415534973,
-0.016773242503404617,
-0.0260492991656065,
0.035241831094026566,
-0.004393753129988909,
0.01962919346988201,
0.08627575635910034,
-0.0495726577937603,
-0.0021515018306672573,
-0.004071414936333895,
-0.0016428706003353,
-0.015988081693649292,
0.003121561836451292,
-0.025270549580454826,
-0.005747915245592594,
-0.004247578792273998,
-0.017880074679851532,
-0.03596390038728714,
0.027716724202036858,
-0.0278578232973814,
0.016426602378487587,
0.020946290343999863,
0.00019073579460382462,
-0.025904705747961998,
0.01212802529335022,
-0.004239679779857397,
0.04538975656032562,
-0.008105103857815266,
-0.018771201372146606,
0.006459057331085205,
0.0011156139662489295,
0.019107181578874588,
0.03190650790929794,
0.003997324500232935,
0.010935673490166664,
-0.008099207654595375,
-0.09752798080444336,
-0.009146287105977535,
0.023531490936875343,
0.00823200587183237,
0.056519005447626114,
-0.15268941223621368,
-0.02686486206948757,
0.004316190257668495,
-0.003976589068770409,
-0.013973116874694824,
0.008974570780992508,
-0.017857002094388008,
-0.02848767675459385,
-0.021104389801621437,
0.009008320979773998,
-0.013836340047419071,
0.015490074642002583,
0.031012676656246185,
-0.009192753583192825,
-0.017911585047841072,
-0.05570764094591141,
0.006554265506565571,
-0.014789637178182602,
0.08191534876823425,
-0.009538927115499973,
0.05192143842577934,
0.05114985629916191,
-0.035333674401044846,
0.02180360071361065,
-0.02637637034058571,
0.016848085448145866,
-0.013351154513657093,
0.015837104991078377,
-0.02440587431192398,
-0.01786288246512413,
-0.02450931817293167,
-0.007615775801241398,
-0.013865107670426369,
0.08582684397697449,
-0.01950961910188198,
0.0038341216277331114,
-0.001236720010638237,
0.012905259616672993,
0.002279136097058654,
0.05084174871444702,
0.011540536768734455,
-0.04941898211836815,
0.011295485310256481,
-0.003611574415117502,
0.002972971647977829,
-0.02775401622056961,
0.004445102531462908,
-0.01152781955897808,
-0.01295995619148016,
0.014344791881740093,
0.008166325278580189,
0.006256428547203541,
-0.010612217709422112,
-0.02335083857178688,
-0.06808241456747055,
-0.006273399572819471,
0.007641230709850788,
-0.0032064246479421854,
-0.002847901778295636,
-0.00894524808973074,
-0.003442173358052969,
0.045671772211790085,
0.022254111245274544,
0.039787113666534424,
-0.02725967764854431,
-0.031633488833904266,
0.019248610362410545,
-0.008953803218901157,
-0.02471528947353363,
-0.010061557404696941,
-0.009195465594530106,
0.02922511100769043,
0.017118332907557487,
-0.004133330192416906,
0.0016767826164141297,
0.00046153340372256935,
0.008328706957399845,
0.032811347395181656,
0.0012579417089000344,
-0.015326930209994316,
0.004152877721935511,
-0.01839384436607361,
0.0011498365784063935,
-0.01446867547929287,
0.023851711302995682,
0.01299740094691515,
0.14239691197872162,
0.03215838223695755,
0.023527752608060837,
0.005663789343088865,
-0.005734395235776901,
0.003928506746888161,
-0.019995350390672684,
0.07399637997150421,
-0.03218447044491768,
0.012542876414954662,
-0.020630162209272385,
0.019343238323926926,
-0.02410705015063286,
-0.026786742731928825,
-0.009976543486118317,
-0.0007448037504218519,
-0.0018977216677740216,
0.01993812434375286,
0.0051641263999044895,
0.0004635517834685743,
-0.002115329261869192,
-0.04596593230962753,
0.10156356543302536,
-0.00489557720720768,
-0.012725003063678741,
-0.008666333742439747,
0.022512286901474,
0.013866040855646133,
-0.011407376267015934,
-0.000212344981264323,
-0.01776639185845852,
-0.0704651027917862,
0.057582322508096695,
0.04299435392022133,
-0.02098449505865574,
0.025544846430420876,
-0.0038314172998070717,
-0.013360066339373589,
-0.01804983615875244,
0.018723545596003532,
-0.033268578350543976,
0.005800376180559397,
-0.024102075025439262,
-0.004376933444291353,
0.014585086144506931,
-0.009308255277574062,
-0.017487840726971626,
-0.011000623926520348,
-0.019292334094643593,
0.009728464297950268,
0.0027378119993954897,
-0.015359489247202873,
-0.005283731501549482,
0.006778198294341564,
-0.011748732067644596,
0.0033635569270700216,
0.03187565132975578,
0.0859207883477211,
-0.008744140155613422,
-0.02563275583088398,
0.044454969465732574,
0.014543567784130573,
-0.039545103907585144,
0.0026696433778852224,
-0.020367087796330452,
-0.03408660739660263,
0.004548642784357071,
-0.0053394814021885395,
0.00018016323156189173,
0.004418020602315664,
0.22627753019332886,
0.038639139384031296,
-0.005381361581385136,
0.0145662110298872,
0.01229968760162592,
-0.006663489621132612,
-0.008820231072604656,
-0.030140770599246025,
-0.015564505942165852,
0.04629736766219139,
-0.0074783083982765675,
0.016520051285624504,
0.1251199096441269,
0.012695034965872765,
-0.022323643788695335,
0.007197021506726742,
-0.0015504870098084211,
-0.01956864818930626,
-0.009708846919238567,
-0.004151873290538788,
-0.018508493900299072,
0.006200458388775587,
0.005526484921574593,
0.0001326322671957314,
0.014125784859061241,
0.0015605840599164367,
-0.018476465716958046,
-0.019706666469573975,
-0.039692964404821396,
0.038898006081581116,
0.012017413042485714,
-0.02723592333495617,
0.004726029001176357,
-0.03796769678592682,
-0.0010667946189641953,
-0.006847880780696869,
0.0006167835090309381,
-0.0025530431885272264,
-0.00015409308252856135,
-0.0035616036038845778,
0.0012757806107401848,
0.012291249819099903,
-0.013247561641037464,
0.01016044057905674,
-0.02252754010260105,
-0.004544362425804138,
-0.029879847541451454,
-0.007144985254853964,
-0.010063717141747475,
-0.03485583886504173,
-0.011028933338820934,
0.01333607081323862,
0.00926890131086111,
0.02648807317018509,
-0.005758143030107021,
0.0067229801788926125,
0.001317640533670783,
0.018508128821849823,
-0.009913679212331772,
-0.004211501218378544,
-0.008072740398347378,
-0.01339238416403532,
-0.015780355781316757,
0.15247024595737457,
-0.03245539963245392,
0.006072531919926405,
0.01832219399511814,
-0.016203461214900017,
0.013289554044604301,
0.021625613793730736,
-0.016977576538920403,
-0.009133808314800262,
-0.03317930921912193,
0.10680971294641495,
0.00031847009086050093,
0.0008667296497151256,
-0.02657661959528923,
0.03812209144234657,
-0.08211085945367813,
0.04092391952872276,
0.0347408801317215
] |
foreign jurisdictions, where applicable. This alternative could also result in a higher effective tax rate in the period in which such a determination is made to repatriate prior period foreign earnings. Refer to Note 14 of Notes to Consolidated Financial Statements for further information related to our income taxes and undistributed earnings of the Company's foreign subsidiaries.
Based on all the aforementioned factors, the Company believes its current liquidity position is strong, and we will continue to meet all of our financial commitments for the foreseeable future. These commitments include, but are not limited to, regular quarterly dividends, debt maturities, capital expenditures, share repurchases and obligations included under the heading "Off-Balance Sheet Arrangements and Aggregate Contractual Obligations" below.
Cash Flows from Operating Activities
Net cash provided by operating activities for theyears ended December 31, 2013, 2012 and 2011 was $10,542 million, $10,645 million and $9,474 million, respectively.
Cash flows from operating activities decreased $103 million, or 1 percent, in2013 compared to 2012. This decrease primarily reflects the impact of foreign currency fluctuations, an increase in tax payments and the effect of the deconsolidation of our Philippine and Brazilian bottling operations during 2013, partially offset by lower pension funding in 2013 compared to 2012. Refer to Note 2 of the Notes to Consolidated Financial Statements for additional information on the deconsolidation of these bottling operations. Refer to the heading "Operations Review — Net Operating Revenues" above for additional information on the impact of foreign currency fluctuations. Refer to Note 13 and Note 14 of Notes to Consolidated Financial Statements for additional information on the pension funding and tax payments.
Cash flows from operating activities increased $1,171 million, or 12 percent, in 2012 compared to 2011. This increase reflects higher receipts from customers, lower tax payments and the favorable impact of the Company discontinuing its temporary extension of credit terms in Japan. The favorable impact of the previous items was partially offset by the unfavorable impact of foreign currency fluctuations and an increase in contributions to our pension plans.
The Company discontinued the temporary extension of its credit terms in Japan during the first quarter of 2012. We originally extended our credit terms in Japan during the second quarter of 2011 as a result of the natural disasters that devastated portions of the country on March 11, 2011. This change resulted in an increase in cash from operations during the year ended December 31, 2012.
Net cash used in investing activities decreased $7,190 million in 2013 compared to 2012. This decrease was primarily related to a change in the Company's overall cash management program during 2012 which resulted in a greater use of cash in the first year of implementation. The Company's strategy around its cash management program has remained the same in 2013 but has resulted, and will continue to result, in a lower use of cash when compared to the amount used during the
| 2SELL
|
[
-0.0011106462916359305,
0.052425485104322433,
-0.0040194024331867695,
-0.029106762260198593,
-0.11732302606105804,
-0.0020829972345381975,
-0.008770122192800045,
0.0034067032393068075,
-0.07163296639919281,
0.028259992599487305,
0.008017485029995441,
-0.015892885625362396,
0.01929090917110443,
-0.028889287263154984,
0.0021906206384301186,
0.04319167882204056,
0.03175736963748932,
0.0012771559413522482,
-0.037893522530794144,
-0.009665525518357754,
0.016841674223542213,
0.013755399733781815,
0.01024263259023428,
-0.00966761913150549,
0.02935636416077614,
0.025526948273181915,
-0.06206047907471657,
0.021087348461151123,
0.06328204274177551,
-0.04276860132813454,
0.022075243294239044,
0.018962938338518143,
0.03605835139751434,
-0.018302125856280327,
0.0497523732483387,
-0.0001596913643879816,
-0.0583188533782959,
0.01642901822924614,
0.04278748482465744,
0.013085137121379375,
-0.043428584933280945,
0.011817684397101402,
-0.031874775886535645,
-0.003897834802046418,
0.008458510041236877,
-0.016955722123384476,
0.03064442239701748,
0.03137357532978058,
0.014656825922429562,
-0.008277996443212032,
0.0019621688406914473,
-0.027199696749448776,
-0.020517423748970032,
-0.03425191342830658,
-0.027856716886162758,
-0.0027835476212203503,
-0.01234081294387579,
-0.023199064657092094,
0.0836077332496643,
0.030177051201462746,
0.028926601633429527,
-0.04281693696975708,
0.004194716457277536,
0.03925211355090141,
0.006408683490008116,
-0.012579931877553463,
-0.006122000049799681,
-0.006951658986508846,
-0.035532888025045395,
-0.022524716332554817,
0.024073662236332893,
0.03810408338904381,
-0.0216826219111681,
-0.02332744374871254,
0.0026166439056396484,
-0.055486906319856644,
0.030436916276812553,
-0.00779307633638382,
0.09015198796987534,
-0.03279618173837662,
0.0019211550243198872,
-0.0770341008901596,
0.019385987892746925,
-0.08506430685520172,
0.024357780814170837,
-0.005601667333394289,
-0.014799301512539387,
-0.04528673365712166,
-0.015313300304114819,
-0.000867930764798075,
0.004002951085567474,
0.015672914683818817,
-0.02038874477148056,
-0.05519292131066322,
-0.029476584866642952,
0.010829920880496502,
0.037808679044246674,
-0.1440916359424591,
-0.004213250242173672,
-0.0054617770947515965,
0.04260134696960449,
0.01216588169336319,
0.04597591236233711,
-0.020039476454257965,
0.020447539165616035,
0.00596010172739625,
-0.018707459792494774,
0.037022121250629425,
-0.0007853193092159927,
0.012012575753033161,
-0.018704773858189583,
-0.062463536858558655,
0.028124632313847542,
-0.007251029368489981,
0.0006303428672254086,
0.04405701905488968,
0.012265347875654697,
0.03581276908516884,
-0.001643136260099709,
-0.06277737021446228,
0.01365487277507782,
-0.025842053815722466,
-0.02736816182732582,
0.009196573868393898,
-0.030152933672070503,
0.012690617702901363,
-0.026153165847063065,
-0.007740470115095377,
0.043423280119895935,
-0.007871771231293678,
-0.004161141347140074,
-0.008594735525548458,
-0.01715409941971302,
0.027752602472901344,
-0.03527265042066574,
0.016648517921566963,
-0.014446483924984932,
-0.0007188264862634242,
-0.04619215801358223,
0.008998342789709568,
-0.030255358666181564,
-0.0289206113666296,
-0.014372562989592552,
-0.007923801429569721,
-0.047176294028759,
-0.005287596490234137,
-0.015230660326778889,
0.007000717334449291,
0.026199284940958023,
0.07243073731660843,
-0.00708308070898056,
-0.006508960854262114,
-0.03904545307159424,
-0.009488758631050587,
-0.025036310777068138,
-0.01966705732047558,
0.050745151937007904,
-0.014801100827753544,
-0.07401828467845917,
0.0029994561336934566,
-0.0033255997113883495,
-0.0010456204181537032,
-0.00759548507630825,
-0.052578702569007874,
-0.05869792774319649,
-0.031503964215517044,
0.017523935064673424,
-0.016043609008193016,
0.04601340740919113,
0.04819193482398987,
0.026543382555246353,
0.027374185621738434,
0.0020130875054746866,
0.0014313656138256192,
0.029370654374361038,
-0.06844986230134964,
0.03594392165541649,
0.045863792300224304,
-0.000028758387998095714,
0.02206539921462536,
0.018681352958083153,
0.005468660034239292,
0.05338488146662712,
-0.10291335731744766,
-0.056926336139440536,
-0.016894221305847168,
0.009417567402124405,
0.04981350526213646,
-0.008506138809025288,
-0.02451176568865776,
0.04121442139148712,
-0.018253983929753304,
-0.0023274419363588095,
0.0025582420639693737,
-0.005044118966907263,
-0.011684021912515163,
-0.01931372657418251,
0.003942288924008608,
-0.008570765145123005,
-0.007364746183156967,
-0.1166936382651329,
0.016894621774554253,
-0.012532876804471016,
0.02235542982816696,
0.0367588996887207,
-0.01437122281640768,
-0.011677415110170841,
0.002839895896613598,
-0.001702793873846531,
-0.006371787749230862,
-0.062200140208005905,
-0.004662986379116774,
0.006397964898496866,
-0.024577027186751366,
0.002418072894215584,
0.0400412380695343,
0.0056964135728776455,
-0.10099347680807114,
-0.026834309101104736,
-0.049708783626556396,
0.013347536325454712,
-0.00895534735172987,
0.011668155901134014,
0.00405898317694664,
0.06163027510046959,
-0.0028258648235350847,
0.045510873198509216,
-0.006291052792221308,
-0.04661029204726219,
0.018258484080433846,
0.01048190426081419,
0.059969812631607056,
-0.043196190148591995,
0.027988480404019356,
0.005054775159806013,
-0.01030124444514513,
0.0035109776072204113,
0.0033111232332885265,
-0.027253054082393646,
0.059299618005752563,
0.09216566383838654,
-0.008850408717989922,
-0.013516467064619064,
-0.005263694562017918,
-0.035641927272081375,
0.055012453347444534,
0.01783052273094654,
0.05302419513463974,
-0.014857678674161434,
-0.013850267976522446,
-0.013292902149260044,
0.03385746851563454,
-0.029380977153778076,
-0.0038347772788256407,
-0.04256827384233475,
0.030472278594970703,
0.020249266177415848,
-0.010328599251806736,
0.011799870058894157,
-0.1313496083021164,
-0.010412635281682014,
-0.023464739322662354,
0.02018965408205986,
-0.022034360095858574,
0.010709145106375217,
0.001170861884020269,
0.02407788299024105,
-0.008691521361470222,
-0.0069529288448393345,
0.0017974076326936483,
-0.008556335233151913,
-0.009390396066009998,
0.046437278389930725,
-0.016990559175610542,
-0.003880325937643647,
0.003820579033344984,
0.03515283763408661,
-0.012919770553708076,
0.024557024240493774,
-0.03547034040093422,
-0.003876155475154519,
-0.0012234954629093409,
0.00300756492651999,
-0.01926838606595993,
-0.01601218618452549,
-0.014259002171456814,
-0.030860736966133118,
-0.009606285952031612,
0.08102001249790192,
-0.028623562306165695,
-0.014897294342517853,
0.011178664863109589,
0.004971732385456562,
-0.04165019094944,
-0.022244758903980255,
0.06638060510158539,
-0.007949420250952244,
-0.05044558271765709,
-0.002121945144608617,
0.04372289776802063,
0.023545632138848305,
0.020923033356666565,
0.00715268449857831,
-0.02762521803379059,
-0.011228238232433796,
-0.011349890381097794,
-0.023502452298998833,
-0.023544643074274063,
0.12471939623355865,
-0.03245976194739342,
0.01838090270757675,
0.01444830372929573,
-0.0008974462980404496,
-0.010069810785353184,
-0.016205977648496628,
-0.0313694067299366,
-0.033253904432058334,
0.03665816783905029,
-0.024187473580241203,
-0.0328659862279892,
0.018166974186897278,
0.005294193513691425,
0.02615354396402836,
0.024734176695346832,
0.048592459410429,
0.004033761564642191,
0.03636685758829117,
-0.034430596977472305,
0.02879822626709938,
-0.02577049843966961,
0.03384134918451309,
0.11183327436447144,
-0.028563397005200386,
0.04961923137307167,
-0.02076726406812668,
0.01193831954151392,
0.021005870774388313,
-0.020492302253842354,
0.003997355699539185,
-0.014000085182487965,
-0.007930268533527851,
-0.0022008144296705723,
0.029224883764982224,
-0.018822388723492622,
0.004539909772574902,
0.10630448907613754,
0.013203593902289867,
-0.0564892403781414,
0.01841970905661583,
0.06015535071492195,
0.05547141656279564,
-0.026671962812542915,
0.005839388817548752,
0.04018838331103325,
0.016524525359272957,
-0.03223513811826706,
0.03573165461421013,
0.0034032876137644053,
-0.012467587366700172,
0.016993189230561256,
-0.012472574599087238,
-0.017729392275214195,
-0.00403232965618372,
-0.002180335111916065,
0.03919726982712746,
-0.02595433034002781,
-0.03454574942588806,
0.001361334347166121,
0.009419221431016922,
-0.01792222075164318,
-0.008841650560498238,
0.004393627401441336,
0.016938021406531334,
0.060709282755851746,
-0.027487650513648987,
0.008115621283650398,
0.025048060342669487,
-0.023554567247629166,
-0.006533050909638405,
0.02861250750720501,
0.002000733744353056,
0.0015028557972982526,
-0.006554040126502514,
-0.01659230701625347,
0.08457284420728683,
-0.011708196252584457,
0.0016891153063625097,
0.0020948213059455156,
0.001097775879316032,
0.015709122642874718,
0.008728420361876488,
0.0262637659907341,
0.039385635405778885,
0.004282768815755844,
-0.02293914183974266,
0.003151658456772566,
0.031217090785503387,
-0.007849248126149178,
-0.021742049604654312,
-0.02661503478884697,
-0.005981500260531902,
-0.009671089239418507,
-0.01046334020793438,
0.016891803592443466,
0.05746504291892052,
0.022316616028547287,
-0.030467234551906586,
0.04699062183499336,
-0.017290588468313217,
0.046754028648138046,
-0.005994158331304789,
-0.11501733958721161,
-0.012032201513648033,
0.024966703727841377,
-0.052613042294979095,
0.031576015055179596,
-0.013145370408892632,
0.029774561524391174,
0.06371854990720749,
0.05130946636199951,
-0.04499092325568199,
0.005649608094245195,
0.03505885601043701,
0.006430730223655701,
-0.14955252408981323,
0.011510784737765789,
-0.05993068218231201,
-0.02840547449886799,
0.024949930608272552,
0.007492335047572851,
-0.013581993989646435,
0.009085813537240028,
0.013063456863164902,
-0.01669137179851532,
-0.0016095276223495603,
0.012430780567228794,
-0.0018956257263198495,
-0.02974885143339634,
-0.008752109482884407,
0.03572510555386543,
-0.029759883880615234,
0.032402485609054565,
0.004963801242411137,
-0.015563147142529488,
-0.016579000279307365,
0.01703425496816635,
0.03659122809767723,
-0.019544197246432304,
0.03080553561449051,
-0.049818601459264755,
-0.0005408469587564468,
0.004527105484157801,
0.009030298329889774,
0.008217865601181984,
0.011448444798588753,
-0.01131049171090126,
-0.0071609788574278355,
0.005582410842180252,
-0.020784037187695503,
0.006918532773852348,
0.004282824695110321,
0.007097972556948662,
0.022795740514993668,
-0.00936523824930191,
-0.00046742838458158076,
0.02637443318963051,
0.01682128570973873,
0.0041574956849217415,
0.05639010667800903,
-0.0038006387185305357,
0.002184017328545451,
0.009395059198141098,
-0.00098813243675977,
0.0036276793107390404,
0.0291245486587286,
-0.007288074120879173,
0.0369618721306324,
-0.008872591890394688,
-0.009296990931034088,
-0.02844204753637314,
0.012414858676493168,
-0.025192666798830032,
-0.02306518703699112,
0.020020533353090286,
0.008219335228204727,
-0.0831824243068695,
-0.046080201864242554,
-0.010031573474407196,
-0.013641119934618473,
0.0008918428793549538,
-0.04999383166432381,
-0.027530057355761528,
-0.03345008194446564,
0.029878167435526848,
-0.0035020913928747177,
-0.009841402992606163,
-0.17885799705982208,
0.052079036831855774,
-0.008700869977474213,
-0.011898502707481384,
0.03657267615199089,
-0.013017097488045692,
0.020878201350569725,
0.042311061173677444,
0.007587688509374857,
0.03643918037414551,
-0.003323963610455394,
0.030142946168780327,
-0.05535545200109482,
0.006111627444624901,
0.025796370580792427,
0.032061271369457245,
-0.015783347189426422,
-0.03750547021627426,
0.020435644313693047,
-0.06825647503137589,
0.03355412185192108,
0.006467447150498629,
0.03443669527769089,
0.0040934644639492035,
-0.004131114110350609,
0.022621354088187218,
0.023038147017359734,
0.0019636673387140036,
0.04394465684890747,
-0.0027441454585641623,
0.0421375036239624,
-0.0038140013348311186,
0.05570133030414581,
0.0043913559056818485,
0.012975171208381653,
0.19216226041316986,
-0.002446090569719672,
-0.009157242253422737,
-0.0008628976065665483,
-0.005678504705429077,
0.003107876516878605,
-0.007873786613345146,
-0.02576293982565403,
-0.014633177779614925,
-0.011202530935406685,
0.025158308446407318,
0.013940125703811646,
-0.025175536051392555,
0.024273591116070747,
-0.014337538741528988,
-0.05843224376440048,
-0.008453822694718838,
-0.004503721836954355,
-0.09808166325092316,
-0.008432556875050068,
0.11163908988237381,
0.040731728076934814,
0.008119763806462288,
0.01622658409178257,
-0.03344806656241417,
0.01940096914768219,
0.004707867745310068,
0.007522383704781532,
0.01801256090402603,
-0.004877304658293724,
-0.047717805951833725,
0.0063474057242274284,
-0.01573183387517929,
-0.07907368987798691,
0.0008423952385783195,
-0.0009984772186726332,
-0.027416709810495377,
0.027488991618156433,
-0.010348496027290821,
0.08681634813547134,
0.011802335269749165,
-0.009889132343232632,
-0.06587452441453934,
0.026822267100214958,
0.00736017944291234,
0.007141772657632828,
-0.01885283924639225,
-0.012386570684611797,
-0.05062181502580643,
0.058810941874980927,
0.010099322535097599,
-0.017878849059343338,
0.006933333817869425,
0.024209411814808846,
-0.11578278988599777,
0.028762660920619965,
0.03250214830040932,
-0.001533970353193581,
0.00912193488329649,
-0.022618036717176437,
0.0005859425873495638,
-0.0029651308432221413,
0.0233304500579834,
0.04740004986524582,
-0.11265014111995697,
-0.022871004417538643,
0.013405789621174335,
-0.001562562771141529,
-0.020581334829330444,
0.015089155174791813,
0.006178421899676323,
0.028619475662708282,
0.02102242037653923,
0.012729850597679615,
-0.015163243748247623,
0.02554980479180813,
-0.0017779263434931636,
0.03744674474000931,
-0.01002252846956253,
-0.01345390360802412,
-0.03141891956329346,
0.000837575935292989,
-0.04307993873953819,
-0.0040611508302390575,
0.027823273092508316,
0.018493609502911568,
-0.19821390509605408,
0.03107188083231449,
0.033788494765758514,
-0.003965755924582481,
-0.017034556716680527,
0.025002626702189445,
-0.0033805714920163155,
-0.047352828085422516,
0.011711387895047665,
-0.025153668597340584,
-0.038186606019735336,
0.02055223658680916,
0.0000037023910408606753,
-0.0226442813873291,
0.008302606642246246,
0.017798328772187233,
-0.022244231775403023,
-0.005280488170683384,
0.047975990921258926,
-0.01567504182457924,
0.030508417636156082,
-0.04525141045451164,
-0.1368100345134735,
0.0030560654122382402,
-0.05169662460684776,
-0.008793937973678112,
0.01305798627436161,
0.02106790617108345,
0.002745130332186818,
-0.014036578126251698,
-0.03218290954828262,
0.033536702394485474,
0.05839284881949425,
0.021503236144781113,
-0.01581069640815258,
0.005676250904798508,
0.04527529701590538,
-0.018781814724206924,
-0.01604457013309002,
0.0052554975263774395,
-0.013532407581806183,
-0.0025792797096073627,
-0.024970853701233864,
-0.02721833996474743,
0.025922877714037895,
-0.03730432316660881,
0.027440279722213745,
0.008001497946679592,
0.007232720032334328,
0.04776906967163086,
0.0015820913249626756,
-0.03874383121728897,
-0.008345505222678185,
0.02085609920322895,
0.002973920665681362,
-0.00879630260169506,
0.02103884145617485,
0.05938424542546272,
0.013041457161307335,
-0.024955864995718002,
0.03121367283165455,
0.03875980153679848,
-0.05607084557414055,
0.0029288039077073336,
0.005694088526070118,
-0.014435970224440098,
0.008650800213217735,
-0.06486646831035614,
0.01606713980436325,
0.036708805710077286,
-0.16122132539749146,
-0.08064460009336472,
-0.05906425788998604,
0.020197246223688126,
0.001811206224374473,
-0.014945736154913902,
-0.0020522307604551315,
-0.03069862723350525,
-0.004017147235572338,
-0.0062411935068666935,
-0.02397898957133293,
0.006198535673320293,
-0.09217490255832672,
0.029031556099653244,
-0.01157710887491703,
0.00511477654799819,
0.017758609727025032,
-0.019871631637215614,
0.021992051973938942,
-0.002257673302665353,
-0.016188757494091988,
-0.0008341016946360469,
0.021629469469189644,
0.0010467858519405127,
-0.005973340477794409,
-0.011700175702571869,
-0.019997987896203995,
0.008428722620010376,
-0.058584291487932205,
0.006155075971037149,
-0.0005177846760489047,
0.015651432797312737,
0.006961388047784567,
-0.025895731523633003,
-0.043839726597070694,
-0.04176947847008705,
-0.010181252844631672,
0.11969049274921417,
0.00037084074574522674,
0.022291984409093857,
-0.017490802332758904,
0.013471920043230057,
-0.009362590499222279,
-0.013433410786092281,
-0.034522369503974915,
0.07145443558692932,
-0.031277526170015335,
-0.00998924020677805,
0.003980965353548527,
-0.04538522660732269,
-0.01005460973829031,
-0.006431190297007561,
-0.0053702411241829395,
0.04801337420940399,
0.03125813603401184,
0.0022884239442646503,
0.016393473371863365,
0.05082717537879944,
-0.011500729247927666,
-0.012437686324119568,
-0.03464770317077637,
-0.045963354408741,
0.061556365340948105,
-0.0940699502825737,
-0.015496337786316872,
0.03251862898468971,
0.005102447234094143,
-0.032398488372564316,
0.010900205001235008,
-0.005586897488683462,
-0.0005166758201085031,
0.01984768733382225,
-0.047219354659318924,
-0.007307709194719791,
0.0025478280149400234,
0.04536871612071991,
-0.02192017249763012,
0.0436808317899704,
-0.041580744087696075,
0.036403413861989975,
0.000051549744966905564
] |
that an impairment may exist. Each period we evaluate the estimated remaining useful lives of purchased intangible assets and whether events or changes in circumstances warrant a revision to the remaining periods of amortization. Recoverability of finite lived intangible assets is measured by comparison of the carrying amount of the asset to the future undiscounted cash flows the asset is expected to generate. We review indefinite lived intangible assets for impairment annually and whenever events or changes in circumstances indicate the carrying value may not be recoverable. Recoverability of indefinite lived intangible assets is measured by comparison of the carrying amount of the asset to its fair value. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset.
Assumptions and estimates about future values and remaining useful lives of our intangible and other long-lived assets are complex and subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors such as changes in our business strategy and our internal forecasts. Although we believe the historical assumptions and estimates we have made are reasonable and appropriate, different assumptions and estimates could materially impact our reported financial results. We did not recognize any intangible asset impairment charges in fiscal 2011, 2010 or 2009.
Accounting for Income Taxes
Significant judgment is required in determining our worldwide income tax provision. In the ordinary course of a global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise as a consequence of revenue sharing and cost reimbursement arrangements among related entities, the process of identifying items of revenues and expenses that qualify for preferential tax treatment, and segregation of foreign and domestic earnings and expenses to avoid double taxation. Although we believe that our estimates are reasonable, the final tax outcome of these matters could be different from that which is reflected in our historical income tax provisions and accruals. Such differences could have a material effect on our income tax provision and net income in the period in which such determination is made.
Our effective tax rate includes the impact of certain undistributed foreign earnings for which no U.S. taxes have been provided because such earnings are planned to be indefinitely reinvested outside the United States. Remittances of foreign earnings to the U.S. are planned based on projected cash flow, working capital and investment needs of our foreign and domestic operations. Based on these assumptions, we estimate the amount that will be distributed to the U.S. and provide U.S. federal taxes on these amounts. Material changes in our estimates as to how much of our foreign earnings will be distributed to the U.S. or tax legislation that limits or restricts the amount of undistributed foreign earnings that we consider indefinitely reinvested outside the
| 2SELL
|
[
-0.009873048402369022,
0.060929056257009506,
0.008902354165911674,
-0.0032819509506225586,
-0.10499309003353119,
-0.011690965853631496,
-0.003525606356561184,
0.0002401101082796231,
-0.07890784740447998,
0.019253134727478027,
0.012881235219538212,
0.001289202249608934,
0.021573320031166077,
-0.02534583956003189,
-0.00565882446244359,
0.02130068838596344,
-0.013213536702096462,
-0.00460156099870801,
-0.03422863036394119,
0.005925171077251434,
0.00809739250689745,
0.01999010145664215,
0.026218026876449585,
-0.009574571624398232,
0.023656770586967468,
0.03639668971300125,
-0.03854043781757355,
0.026410318911075592,
0.06812829524278641,
-0.030472559854388237,
0.009800988249480724,
0.015647107735276222,
0.04378252848982811,
-0.022260228171944618,
0.016910117119550705,
0.001549354288727045,
-0.0764160007238388,
0.010537484660744667,
0.07181482762098312,
0.015466936863958836,
-0.0365372970700264,
0.009829060174524784,
-0.029774777591228485,
0.00033777457429096103,
0.008127626962959766,
-0.01620371825993061,
0.02648695930838585,
0.036319371312856674,
0.012668776325881481,
-0.00810365192592144,
-0.003235413460060954,
-0.025115905329585075,
-0.016853664070367813,
-0.020119482651352882,
-0.01873461715877056,
-0.006584552116692066,
-0.009248118847608566,
-0.004677758552134037,
0.07969790697097778,
0.033929094672203064,
0.03630371391773224,
-0.037809982895851135,
-0.0059219044633209705,
0.0427732951939106,
0.006594094913452864,
-0.0180662851780653,
-0.009476247243583202,
-0.0009413971565663815,
-0.03815704584121704,
-0.03309648483991623,
0.026545442640781403,
0.03876058757305145,
-0.014944148249924183,
-0.02502257749438286,
0.007900744676589966,
-0.04225711151957512,
0.033721018582582474,
-0.02078021503984928,
0.0837138444185257,
-0.04498746991157532,
-0.00590736186131835,
-0.06792508065700531,
-0.041043832898139954,
-0.05178237333893776,
0.049872156232595444,
0.005143686663359404,
-0.007561891805380583,
-0.06011980399489403,
-0.014012666419148445,
-0.0027962408494204283,
0.010198505595326424,
0.015549467876553535,
-0.025597846135497093,
-0.0745643675327301,
-0.04909062758088112,
0.008407538756728172,
0.031872961670160294,
-0.14053528010845184,
-0.012279968708753586,
-0.025767121464014053,
0.0469621941447258,
0.007296140771359205,
0.02651645429432392,
-0.010364375077188015,
0.017669664695858955,
0.00903845950961113,
-0.0009464978938922286,
0.03255318105220795,
0.0010806743521243334,
0.02086210995912552,
-0.017990920692682266,
-0.06885795295238495,
0.025226842612028122,
-0.007413198705762625,
0.00007503680535592139,
0.0382072888314724,
-0.002471876097843051,
0.008675535209476948,
-0.02223200537264347,
-0.06965091079473495,
0.0060867746360599995,
-0.03163580968976021,
-0.011099793948233128,
0.010399416089057922,
-0.04376047104597092,
0.014722133986651897,
0.0028185644187033176,
-0.011621163226664066,
0.03897423669695854,
-0.017291603609919548,
0.00037985757808201015,
-0.0061907656490802765,
-0.01612931303679943,
0.03741804137825966,
-0.03509187698364258,
0.01625884138047695,
-0.012670117430388927,
0.00046129385009407997,
-0.052508872002363205,
0.01611737161874771,
-0.011415945366024971,
-0.0481448657810688,
-0.047559864819049835,
-0.005937276408076286,
-0.05125090852379799,
-0.004515746608376503,
-0.022398391738533974,
0.008149894885718822,
0.022052370011806488,
0.085673488676548,
-0.01017426885664463,
0.0029154010117053986,
-0.03621219843626022,
-0.02769501879811287,
-0.0328705720603466,
-0.010628224350512028,
0.04669888690114021,
-0.030207736417651176,
-0.07198725640773773,
0.005202147644013166,
-0.0054770042188465595,
-0.00029762383201159537,
-0.013800655491650105,
-0.05594002455472946,
-0.0337870828807354,
-0.03682363033294678,
0.03183341398835182,
-0.019715311005711555,
0.03808838501572609,
0.056635525077581406,
0.025255439803004265,
0.036286611109972,
0.009418707340955734,
-0.0068558333441615105,
0.010164627805352211,
-0.04807267710566521,
0.05124012008309364,
0.021818162873387337,
0.013310988433659077,
0.015559977851808071,
0.030170941725373268,
-0.0012205318780615926,
0.04160606861114502,
-0.05793711170554161,
-0.05415356159210205,
-0.019621223211288452,
0.00456758588552475,
0.03783731535077095,
-0.0001801148900995031,
-0.016409358009696007,
0.031322937458753586,
-0.011005861684679985,
0.009755316190421581,
-0.0071215261705219746,
-0.026368385180830956,
-0.006984212901443243,
-0.034406255930662155,
0.0040485067293047905,
0.022645488381385803,
-0.007759506348520517,
-0.10552878677845001,
0.029604606330394745,
-0.010454876348376274,
0.02228839136660099,
0.033577822148799896,
-0.012131992727518082,
-0.0156429223716259,
-0.005390580743551254,
-0.008655138313770294,
-0.00957003328949213,
-0.05658936873078346,
-0.023172076791524887,
0.008102159015834332,
-0.040067967027425766,
0.0015119551680982113,
0.04265967011451721,
-0.0012363074347376823,
-0.08616580069065094,
-0.03713450953364372,
-0.03592705726623535,
0.0055738575756549835,
-0.015452956780791283,
0.008449411019682884,
0.00802213791757822,
0.037146296352148056,
-0.004764725919812918,
0.07585926353931427,
-0.0007142716785892844,
-0.04842936620116234,
0.04817933589220047,
0.021211083978414536,
0.06071392819285393,
-0.016636235639452934,
0.033564019948244095,
0.008707710541784763,
-0.015249974094331264,
0.0006916483398526907,
0.008374065160751343,
-0.013475938700139523,
0.041903868317604065,
0.10447251796722412,
-0.019742539152503014,
-0.01692580059170723,
-0.013332104310393333,
-0.0318053774535656,
0.03693077340722084,
-0.008786304853856564,
0.08336274325847626,
-0.009167232550680637,
-0.009399613365530968,
-0.004469733685255051,
0.006165709812194109,
0.0060707819648087025,
-0.010684497654438019,
-0.049666937440633774,
0.007887950167059898,
0.017101647332310677,
-0.012329958379268646,
0.011097723618149757,
-0.13101205229759216,
-0.013735908083617687,
-0.020660189911723137,
0.007390773389488459,
-0.02077777497470379,
0.018956108018755913,
0.0019266096642240882,
0.027359463274478912,
-0.009287499822676182,
-0.011950897984206676,
0.004419165663421154,
-0.013946566730737686,
-0.010247031226754189,
0.06341896951198578,
-0.01666104421019554,
-0.0012763917911797762,
0.018417757004499435,
0.03210807591676712,
-0.02237674966454506,
0.002788056619465351,
-0.034739427268505096,
-0.005142304114997387,
0.006467784754931927,
-0.0057601467706263065,
-0.015187161974608898,
-0.013670265674591064,
-0.026458056643605232,
-0.025349605828523636,
-0.005086781457066536,
0.06905081868171692,
-0.02296835370361805,
-0.018517905846238136,
0.014345606788992882,
0.015858929604291916,
-0.03336578235030174,
-0.01236024871468544,
0.0693902000784874,
-0.015249689109623432,
-0.05347491428256035,
0.004008244723081589,
0.0415068045258522,
-0.008443462662398815,
0.02089257538318634,
0.002385570667684078,
-0.023748507723212242,
-0.018080325797200203,
-0.004827875643968582,
-0.002637967001646757,
-0.01951185241341591,
0.10846283286809921,
-0.02433081530034542,
0.013328569941222668,
0.011178758926689625,
0.003473565448075533,
-0.0035075717605650425,
-0.009421191178262234,
-0.03590256720781326,
-0.02435324154794216,
-0.007775140926241875,
-0.04981815069913864,
-0.027896109968423843,
0.014335832558572292,
0.009895416907966137,
0.010807322338223457,
0.02405203878879547,
0.049512218683958054,
0.014547882601618767,
0.0552794449031353,
-0.031640149652957916,
-0.005923150572925806,
-0.05089312046766281,
0.08627930283546448,
0.15066997706890106,
-0.02753295935690403,
0.026958007365465164,
-0.012254064902663231,
-0.01549729984253645,
0.01943197473883629,
-0.02904573641717434,
-0.0043223886750638485,
-0.02383125014603138,
-0.01965743489563465,
-0.000009986144505091943,
0.018153877928853035,
-0.016668783500790596,
-0.0029687557835131884,
0.0759086087346077,
0.010668815113604069,
-0.07805591821670532,
0.011256823316216469,
0.050569113343954086,
0.06568147987127304,
-0.009050050750374794,
-0.0027362152468413115,
0.04585075005888939,
0.01091078482568264,
-0.03659071400761604,
0.02900894172489643,
0.012364617548882961,
-0.013025345280766487,
0.0334443561732769,
-0.019096028059720993,
-0.015431387349963188,
-0.0018990192329511046,
-0.004955566022545099,
0.04822132736444473,
-0.06311021000146866,
-0.026065457612276077,
0.017741568386554718,
0.017333611845970154,
-0.005933661945164204,
0.011951473541557789,
0.019122080877423286,
0.012932270765304565,
0.10334418714046478,
-0.018116669729351997,
-0.011062153615057468,
0.006448113359510899,
-0.02157549001276493,
0.00241555692628026,
0.014812154695391655,
-0.007097651716321707,
-0.0034139547497034073,
-0.0028407287318259478,
-0.014735476113855839,
0.048351533710956573,
-0.018377332016825676,
0.00873542483896017,
0.014784406870603561,
-0.01733769290149212,
0.034713681787252426,
0.002012820215895772,
0.028022972866892815,
0.03474728763103485,
-0.010602879337966442,
-0.013661387376487255,
0.0068304818123579025,
0.008534439839422703,
-0.0030888651963323355,
-0.06090528890490532,
-0.016583040356636047,
-0.005037631373852491,
0.00603529391810298,
-0.010025319643318653,
-0.009528975002467632,
0.05256061628460884,
0.05601528286933899,
-0.04503905773162842,
0.04360693693161011,
-0.022417930886149406,
0.04240697622299194,
-0.004024182911962271,
-0.08882323652505875,
-0.014347800984978676,
0.031193625181913376,
-0.036426644772291183,
0.0362401008605957,
-0.021338945254683495,
0.03460664302110672,
0.06297073513269424,
0.013016024604439735,
-0.0462772473692894,
0.010338200256228447,
0.03454241156578064,
0.0037904551718384027,
-0.11147531121969223,
0.022314410656690598,
-0.07238266617059708,
-0.02927420102059841,
0.01966141164302826,
0.004568648524582386,
-0.02016984298825264,
0.0011184595059603453,
0.01236725877970457,
-0.026214005425572395,
0.002780104521661997,
0.012083619832992554,
0.011166185140609741,
-0.030344601720571518,
-0.0037306775338947773,
0.02934104949235916,
-0.03893391042947769,
0.01624555140733719,
0.01347291748970747,
-0.009038278833031654,
-0.01573856547474861,
0.041716475039720535,
0.02607564628124237,
-0.02448699250817299,
0.028028972446918488,
-0.03778521716594696,
-0.004386593587696552,
0.01845172978937626,
-0.00905994325876236,
0.025187935680150986,
0.009345946833491325,
-0.01515297219157219,
0.008774740621447563,
0.007548509165644646,
-0.01810857094824314,
-0.002874450059607625,
0.01777276024222374,
0.0007046989630907774,
0.02820350043475628,
-0.025673789903521538,
0.0008615984697826207,
0.018699917942285538,
0.016079816967248917,
0.0030344442930072546,
0.05426406115293503,
-0.016315985471010208,
0.0069695389829576015,
0.009303289465606213,
-0.002249699318781495,
0.016417246311903,
0.010952971875667572,
-0.004344543442130089,
0.02821136824786663,
-0.005084257572889328,
-0.031991105526685715,
-0.025648057460784912,
0.02308693528175354,
-0.032453835010528564,
-0.02198714390397072,
0.011650316417217255,
0.0031967826653271914,
-0.06850061565637589,
-0.07563386112451553,
-0.025908498093485832,
-0.009990914724767208,
-0.005742412060499191,
-0.03778430074453354,
-0.042155057191848755,
-0.044740669429302216,
0.028930241242051125,
-0.004198042675852776,
-0.0098478514701128,
-0.24465717375278473,
0.1569317728281021,
0.011940740048885345,
-0.003638145513832569,
0.03457820042967796,
-0.014801591634750366,
0.023183679208159447,
0.06439168751239777,
0.016083473339676857,
0.018841736018657684,
-0.007430659141391516,
0.0473070926964283,
-0.053326670080423355,
0.007613117806613445,
0.027487952262163162,
0.04361680522561073,
-0.011210653930902481,
-0.014653092250227928,
0.015206693671643734,
-0.04633862525224686,
0.025040138512849808,
0.0029381606727838516,
0.029885495081543922,
0.0006239438080228865,
-0.0036321356892585754,
0.020851753652095795,
0.019953489303588867,
0.0015173207502812147,
0.03844325244426727,
-0.0065032257698476315,
0.031877197325229645,
-0.006227719597518444,
0.04784353822469711,
0.005855595227330923,
0.017736157402396202,
0.148779958486557,
-0.010593980550765991,
-0.018497811630368233,
0.013316009193658829,
-0.012948774732649326,
0.0070529505610466,
-0.016548678278923035,
-0.01912613771855831,
-0.024183697998523712,
-0.019111409783363342,
0.02494467981159687,
0.01839129440486431,
-0.01937091164290905,
0.01565088890492916,
-0.015518737956881523,
-0.05851101130247116,
-0.0038260240107774734,
-0.009146290831267834,
-0.12449204176664352,
-0.014802765101194382,
0.14900897443294525,
0.023235274478793144,
0.002135196002200246,
0.0155686279758811,
-0.038049161434173584,
0.038758549839258194,
-0.0035853751469403505,
0.021580252796411514,
0.02345786616206169,
0.004044810310006142,
-0.046382591128349304,
0.011988445185124874,
-0.026204481720924377,
-0.13047820329666138,
-0.0040581426583230495,
-0.0053368378430604935,
-0.03911515697836876,
0.0250850860029459,
-0.01273475680500269,
0.11629688739776611,
0.01994844153523445,
-0.01589217782020569,
-0.0828755646944046,
0.032600004225969315,
-0.011295619420707226,
0.009229246526956558,
-0.0268429983407259,
-0.026868196204304695,
-0.05288008600473404,
0.055675406008958817,
-0.012298564426600933,
-0.012282638810575008,
0.01560139749199152,
0.011780206114053726,
-0.10747478902339935,
0.027187980711460114,
0.0214372668415308,
-0.0010648324387148023,
-0.015260346233844757,
-0.019624607637524605,
-0.0045788181014359,
-0.033364247530698776,
0.008786947466433048,
0.04437599703669548,
-0.08475711196660995,
-0.009933908469974995,
0.021630950272083282,
0.004700329154729843,
-0.0037534076254814863,
0.003553347662091255,
0.015149972401559353,
0.004787020850926638,
0.0365116111934185,
0.010936891660094261,
-0.009861785918474197,
0.025824399664998055,
0.002289439085870981,
0.0416656918823719,
-0.014186405576765537,
-0.012522410601377487,
-0.04605469852685928,
-0.0015034443931654096,
-0.03510155528783798,
-0.0052446541376411915,
0.021486593410372734,
0.009125616401433945,
-0.10860612988471985,
0.02053520455956459,
0.031078698113560677,
0.005576543975621462,
-0.004231078550219536,
0.03750583529472351,
-0.022831428796052933,
-0.02057010680437088,
0.0037321296986192465,
-0.029290461912751198,
-0.03975646570324898,
0.01471757236868143,
0.0021788037847727537,
-0.02528372034430504,
0.0010875100269913673,
0.014269317500293255,
-0.014176052995026112,
0.01012040488421917,
0.03625580668449402,
0.003485181601718068,
0.018213732168078423,
-0.040351077914237976,
-0.11596967279911041,
0.015106900595128536,
-0.04425725340843201,
-0.008424146100878716,
0.007488022558391094,
0.03251282498240471,
0.00637939665466547,
-0.011704258620738983,
-0.035757582634687424,
0.05033880099654198,
0.035210393369197845,
-0.0003370078338775784,
-0.008160660043358803,
0.0489782877266407,
0.038941025733947754,
-0.004160712007433176,
-0.009004252962768078,
-0.015327074564993382,
0.0029768634121865034,
-0.012670500203967094,
-0.023780811578035355,
-0.026472829282283783,
0.01950572058558464,
-0.04233136028051376,
0.08882225304841995,
0.01036868616938591,
0.02349824272096157,
0.032788582146167755,
-0.005302622448652983,
-0.04287581145763397,
-0.018297092989087105,
0.032515570521354675,
0.002889566123485565,
0.0044987876899540424,
0.017597366124391556,
0.04099826142191887,
0.026440389454364777,
-0.018316932022571564,
-0.0195509884506464,
0.04187896475195885,
-0.06337133795022964,
0.011473502032458782,
0.023033205419778824,
-0.005890229716897011,
0.003927821759134531,
-0.059916526079177856,
0.002847464522346854,
0.07106863707304001,
-0.09886378794908524,
-0.09215714037418365,
-0.05659697577357292,
0.022665664553642273,
0.0030843133572489023,
-0.011289576068520546,
-0.005299620795994997,
-0.03000081330537796,
0.0038292473182082176,
-0.011588145978748798,
-0.019131826236844063,
0.001054514548741281,
-0.011484906077384949,
0.013104313053190708,
-0.016597693786025047,
0.0240709837526083,
0.015420506708323956,
-0.014610450714826584,
0.02213544212281704,
-0.0024309323634952307,
-0.007604612037539482,
-0.005034178029745817,
0.021807827055454254,
-0.002558270702138543,
-0.0176432803273201,
-0.026965472847223282,
-0.027417678385972977,
0.004291422665119171,
-0.062479417771101,
0.019597269594669342,
-0.0006775815272703767,
0.0077947936952114105,
-0.0018877196125686169,
-0.01761787012219429,
-0.05190536379814148,
-0.023624718189239502,
-0.01298761460930109,
0.06705796718597412,
0.0039019889663904905,
0.03923693299293518,
-0.017797667533159256,
0.011705550365149975,
-0.0186513289809227,
0.004024570807814598,
-0.03743146359920502,
0.005376521963626146,
-0.04005792364478111,
-0.004153179470449686,
-0.00582429813221097,
-0.044434141367673874,
-0.033027421683073044,
-0.00819556787610054,
-0.01183190755546093,
0.02686040848493576,
0.040437761694192886,
-0.010017285123467445,
0.01948992908000946,
0.03964928165078163,
0.005694260820746422,
-0.010936377570033073,
-0.05266299098730087,
-0.02352195978164673,
0.10440455377101898,
-0.050801560282707214,
-0.01888851448893547,
0.030590303242206573,
-0.006161724682897329,
-0.042168308049440384,
0.015186481177806854,
-0.0157808568328619,
-0.024025991559028625,
0.0078153470531106,
-0.02574373409152031,
-0.06425140053033829,
0.012363342568278313,
0.02741527371108532,
-0.02521457150578499,
0.0490589402616024,
-0.021062135696411133,
0.02655637450516224,
-0.011615948751568794
] |
the Company's higher margin Power Macintosh G3 systems and newer PowerBook G3 systems, the low volume of lower margin consumer products shipped during the first three quarters of 1998, and the declining cost of various components of the Company's products, particularly those sourced from Asia.
Improvements in the Company's inventory management also contributed to the increase in gross margins. During 1998, the Company simplified its product line, moving from approximately 15 separate individual products to three main product families. Further, the Company attempted to use as many industry standard parts in its newer products as possible, expanded the use of supplier hubs at manufacturing sites, and outsourced the manufacture of printed circuit boards and some systems assembly. These changes have allowed the Company to more accurately forecast demand, reduce inventory carrying levels and related costs, lessen the financial exposure resulting from inventory obsolescence and excess inventory levels, and reduce the component cost of obtaining certain standardized parts.
The Company also made changes to its distribution model which has contributed to the increase in gross margins. The Company reduced the number of locations at which it stages finished goods, generally holding inventory on a regional basis rather than in each country. Also, the Company reduced the number of its distributors, authorized resellers, and national retail channel partners, particularly in the United States. These changes have allowed the Company to reduce inventory and related financial exposures, and has reduced the inventory and related financial exposure associated with inventory held in the Company's distribution channels. The Company has also revised its distribution channel policies by decreasing the price protection and stock return privileges of its distributors and resellers.
With its reentry into the consumer market, the Company anticipates that lower priced consumer products will comprise a larger portion of net sales in fiscal 1999. This may negatively impact gross margins. The foregoing statements are forward looking. The Company's actual results could differ because of several factors, including those set forth in the following paragraph and below in the subsection entitled "Factors That May Affect Future Results and Financial Condition."
There can be no assurance that targeted consolidated gross margin levels will be achieved or that current margins on existing individual products will be maintained. In general, gross margins and margins on individual products will remain under significant downward pressure due to a variety of factors, including continued industry wide global pricing pressures, increased competition, compressed product life cycles, potential increases in the cost of raw material and outside manufacturing services, and potential changes to the Company's product mix, including higher unit sales of consumer products with lower average selling prices and lower gross margins. In response to these downward pressures, the Company expects that it will continue to take pricing actions with respect to its products. Gross margins could also
| 2SELL
|
[
-0.004342537373304367,
0.04833824932575226,
-0.009109614416956902,
-0.03485533222556114,
-0.11522246152162552,
-0.010197571478784084,
0.003342824522405863,
0.0044337972067296505,
-0.04928397014737129,
0.03295055404305458,
0.001491387258283794,
-0.06482861191034317,
0.027651797980070114,
0.004332743119448423,
0.008402788080275059,
0.026895564049482346,
0.034828733652830124,
-0.010268664918839931,
-0.040200695395469666,
-0.009696236811578274,
0.017188915982842445,
0.013762056827545166,
-0.004101197235286236,
-0.008518178947269917,
0.007430428639054298,
0.03501974791288376,
-0.06079362705349922,
0.03074299357831478,
0.03320520371198654,
-0.046256083995103836,
0.006503191776573658,
0.026128267869353294,
0.024875571951270103,
-0.017340093851089478,
0.04416394233703613,
0.010866994969546795,
-0.03915294259786606,
0.01356104202568531,
0.034276656806468964,
0.00526704965159297,
-0.057049233466386795,
-0.0013736141845583916,
0.03166098892688751,
-0.009512961842119694,
0.008028748445212841,
-0.005914330016821623,
0.023193655535578728,
0.025680171325802803,
0.01952950283885002,
-0.009511820040643215,
0.0021410940680652857,
-0.03321263566613197,
-0.029023652896285057,
-0.011918609961867332,
-0.020705511793494225,
0.006193750072270632,
-0.015571186318993568,
-0.024351540952920914,
0.08351711183786392,
0.03736570104956627,
0.017948327586054802,
-0.04274342581629753,
0.01769188605248928,
0.042212456464767456,
0.005097625311464071,
-0.010300995782017708,
-0.006732558831572533,
0.019148841500282288,
-0.03830445930361748,
-0.0024712937884032726,
0.012042432092130184,
0.024731401354074478,
-0.024006737396121025,
-0.029476048424839973,
0.0037751735653728247,
-0.06394176930189133,
0.023302249610424042,
-0.0033185763750225306,
0.09571823477745056,
-0.02545020915567875,
0.004228887613862753,
-0.07174808531999588,
0.07208925485610962,
-0.09179665893316269,
0.0028574822936207056,
-0.014093004167079926,
-0.01835067942738533,
-0.06468837708234787,
-0.019603440538048744,
0.0064113256521523,
0.009969259612262249,
0.0030657025054097176,
-0.019628779962658882,
-0.022105293348431587,
-0.024289952591061592,
0.010890334844589233,
0.023420579731464386,
-0.15894022583961487,
0.0018269118154421449,
-0.0016400042222812772,
0.07132546603679657,
0.021729813888669014,
0.0379643514752388,
-0.024781376123428345,
0.009658567607402802,
0.024086691439151764,
-0.036077577620744705,
0.025951828807592392,
0.005066393408924341,
0.013685586862266064,
-0.02265157364308834,
-0.04635357856750488,
0.028054427355527878,
-0.003908949438482523,
-0.00955575704574585,
0.036909934133291245,
0.011197960004210472,
0.048723042011260986,
0.008377413265407085,
-0.0664212554693222,
0.013224123045802116,
-0.01460350677371025,
-0.029192840680480003,
0.0014418034115806222,
-0.04302297160029411,
0.041357941925525665,
-0.033080533146858215,
-0.004873217549175024,
0.03511710837483406,
0.0012345981085672975,
-0.001460807747207582,
-0.01763918250799179,
0.000997126568108797,
0.0352553054690361,
-0.05671384930610657,
0.007911739870905876,
-0.018828434869647026,
0.008498191833496094,
-0.03762593865394592,
0.004391600377857685,
-0.042193613946437836,
-0.01271237712353468,
0.002911193296313286,
-0.01680649071931839,
-0.0699097216129303,
0.003822342259809375,
-0.019819533452391624,
-0.00027676060562953353,
0.04745573177933693,
0.07899270206689835,
-0.022369569167494774,
0.01316811703145504,
-0.04709422588348389,
-0.010957268066704273,
-0.029383789747953415,
-0.014880826696753502,
0.08111914247274399,
-0.01174982637166977,
-0.04200210049748421,
-0.005053116008639336,
-0.011799720115959644,
-0.0074480678886175156,
-0.007239003665745258,
-0.08163915574550629,
-0.06329435110092163,
-0.03148894011974335,
0.01619395799934864,
-0.019442951306700706,
0.04478215426206589,
0.03734370321035385,
0.016339540481567383,
0.016351765021681786,
0.003991852514445782,
0.005381794646382332,
0.032426223158836365,
-0.07427234202623367,
0.007635707501322031,
0.0700460821390152,
-0.016662485897541046,
0.023361485451459885,
0.03249756991863251,
0.012538439594209194,
0.0495164692401886,
-0.09935818612575531,
-0.06740676611661911,
-0.029047152027487755,
0.014939588494598866,
0.03430613502860069,
-0.00960694532841444,
-0.02898610569536686,
0.04710576683282852,
-0.000708770880009979,
-0.017939778044819832,
0.008727751672267914,
0.0009806983871385455,
-0.05466039478778839,
-0.014479308389127254,
0.0025859754532575607,
-0.03784596174955368,
-0.012494150549173355,
-0.0984877273440361,
-0.00069504912244156,
-0.021197045221924782,
0.029535511508584023,
0.008120878599584103,
-0.023856239393353462,
0.0019646878354251385,
0.0061916024424135685,
0.0001709287753328681,
-0.00624350318685174,
-0.06702228635549545,
-0.0239888746291399,
0.004967459477484226,
-0.023547308519482613,
0.010827708058059216,
0.04292544722557068,
0.029448645189404488,
-0.10351880639791489,
0.0037027469370514154,
-0.0431952141225338,
0.0129533801227808,
-0.00632840022444725,
0.020373856648802757,
0.015381548553705215,
0.064989373087883,
-0.0030642561614513397,
0.025176286697387695,
-0.004611395765095949,
-0.038783248513936996,
0.025065211579203606,
-0.00080722791608423,
0.06475761532783508,
-0.056792885065078735,
0.04335370287299156,
-0.013292758725583553,
-0.01211628969758749,
-0.0011250162497162819,
-0.008981667459011078,
-0.04169057309627533,
0.05987052991986275,
0.1026211753487587,
-0.006674093659967184,
-0.008832206018269062,
-0.002214581472799182,
-0.04373184219002724,
0.09486833214759827,
0.04964929819107056,
0.03479808196425438,
-0.005499782040715218,
-0.03020770289003849,
-0.016469672322273254,
0.02877875417470932,
-0.03391953930258751,
-0.0032331428956240416,
-0.030423959717154503,
0.025100188329815865,
0.01411374844610691,
0.005082153715193272,
0.029022207483649254,
-0.1254342496395111,
-0.015724653378129005,
-0.02283485420048237,
0.009587441571056843,
-0.021754812449216843,
0.002101754304021597,
-0.012444552034139633,
0.017945220693945885,
-0.005026949103921652,
-0.012370316311717033,
-0.0009390831692144275,
0.00562348123639822,
-0.010341826826334,
0.03394380211830139,
-0.018017595633864403,
-0.0027583956252783537,
-0.008961670100688934,
0.04425342381000519,
0.00420760503038764,
0.010208357125520706,
-0.05023009702563286,
-0.008374043740332127,
-0.016258439049124718,
0.019500086084008217,
-0.02950529381632805,
-0.027884462848305702,
-0.02237880416214466,
-0.022811833769083023,
0.006959313526749611,
0.07669949531555176,
-0.02333933487534523,
-0.015514276921749115,
0.006294640246778727,
0.010542333126068115,
-0.04143049567937851,
-0.03622386232018471,
0.07002357393503189,
-0.00004566818824969232,
-0.05084053799510002,
-0.021314049139618874,
0.03824330121278763,
0.03613289073109627,
0.026732323691248894,
0.017157796770334244,
-0.025204502046108246,
-0.014592260122299194,
-0.018030554056167603,
-0.018664930015802383,
-0.026127522811293602,
0.10778708755970001,
-0.030393723398447037,
0.018648827448487282,
0.007912027649581432,
-0.01053012628108263,
-0.010105582885444164,
-0.020285407081246376,
-0.02239025942981243,
-0.04034525528550148,
0.03689625859260559,
-0.0073741041123867035,
-0.047902148216962814,
0.017929693683981895,
-0.0010511333821341395,
0.033689871430397034,
0.02792983688414097,
0.05089708790183067,
-0.01596970483660698,
0.04500873386859894,
-0.04244860261678696,
0.03798190504312515,
-0.02481333166360855,
0.13108167052268982,
0.047905389219522476,
-0.02777351625263691,
0.045643046498298645,
-0.016124993562698364,
0.0368703156709671,
0.01663246937096119,
-0.029071547091007233,
0.01611703634262085,
0.010307707823812962,
-0.007750309072434902,
-0.0188710056245327,
0.0398748479783535,
-0.03563535958528519,
-0.010450501926243305,
0.10890661925077438,
0.01636623963713646,
-0.056061845272779465,
0.04026181250810623,
0.08387205749750137,
0.052147164940834045,
-0.029163595288991928,
0.007617490831762552,
0.03988765552639961,
-0.006867727264761925,
-0.020866334438323975,
0.0374101847410202,
0.005468020681291819,
-0.008528424426913261,
0.0028487041126936674,
-0.011300661601126194,
-0.028903450816869736,
-0.003704474540427327,
0.012090979143977165,
0.0383819118142128,
0.018321974202990532,
0.006182599812746048,
0.0033086377661675215,
0.012633041478693485,
-0.02615971677005291,
-0.028123904019594193,
-0.003507711458951235,
0.011297735385596752,
0.016421282663941383,
-0.04089037701487541,
0.015624986961483955,
0.03186891973018646,
-0.027935629710555077,
-0.017764335498213768,
0.03196001425385475,
-0.009502504020929337,
-0.007629768457263708,
-0.018046898767352104,
-0.01997821033000946,
0.05630223825573921,
0.003818092867732048,
-0.004819178953766823,
-0.010332407429814339,
0.023771410807967186,
0.01736515387892723,
-0.017426669597625732,
0.04461313411593437,
0.05203557759523392,
0.013623618520796299,
-0.02193036489188671,
-0.005488245747983456,
0.02519090473651886,
-0.03351631388068199,
-0.0030222577042877674,
-0.023442089557647705,
-0.006246502511203289,
-0.014787653461098671,
-0.013381102122366428,
0.03681899979710579,
0.05698763206601143,
-0.01285996288061142,
-0.019630705937743187,
0.03884037211537361,
-0.009592993184924126,
0.08111386746168137,
0.0013918045442551374,
-0.1358378827571869,
-0.018184859305620193,
0.03498489037156105,
-0.05557408183813095,
0.006865810602903366,
0.0011158892884850502,
0.07109729945659637,
0.06764383614063263,
0.042909592390060425,
-0.04041386395692825,
0.005562115926295519,
0.02118152566254139,
0.01096855103969574,
-0.11906678974628448,
0.003938133828341961,
-0.04762328043580055,
-0.036114174872636795,
0.047388285398483276,
0.023378724232316017,
-0.006140830926597118,
0.005202688276767731,
0.035395894199609756,
-0.017926683649420738,
-0.014931753277778625,
0.015218392945826054,
-0.0023270701058208942,
-0.03322641924023628,
0.00334235024638474,
0.0324166901409626,
-0.03856509551405907,
0.04298718273639679,
-0.00046385391033254564,
-0.02828473597764969,
-0.012383104301989079,
0.010897831059992313,
0.03828167915344238,
-0.020861413329839706,
0.026992125436663628,
-0.050898533314466476,
0.0037415858823806047,
0.013919873163104057,
0.01631569117307663,
0.0012746889842674136,
0.012880051508545876,
-0.020108764991164207,
0.0029699113219976425,
0.0031333421356976032,
-0.014641204848885536,
0.009925398044288158,
0.012308781035244465,
0.004424095153808594,
0.02305424027144909,
0.0005904857534915209,
0.005800936836749315,
0.03296840935945511,
0.020751720294356346,
-0.0045944200828671455,
0.049823012202978134,
-0.0034786073956638575,
0.002703021513298154,
-0.00010220749391010031,
0.009901678189635277,
-0.008012183010578156,
0.031010853126645088,
-0.0065757595002651215,
0.05248088017106056,
-0.014223964884877205,
-0.005903520155698061,
-0.025519555434584618,
0.009954070672392845,
-0.007600308395922184,
-0.0305759459733963,
0.020098017528653145,
0.003254425711929798,
-0.08538807183504105,
-0.03612442687153816,
0.0028410020750015974,
-0.007608185056596994,
0.00011895438365172595,
-0.052332401275634766,
-0.010906427167356014,
-0.02751867286860943,
0.024536751210689545,
-0.00317228096537292,
-0.01720975525677204,
-0.12442854791879654,
-0.008609248325228691,
-0.0029369243420660496,
-0.01550330687314272,
0.016782617196440697,
-0.015180470421910286,
0.01988266594707966,
0.043841950595378876,
0.0016206062864512205,
0.03003307804465294,
-0.0018458086997270584,
0.012936302460730076,
-0.038206979632377625,
-0.002055206336081028,
0.028420714661478996,
0.03691103309392929,
-0.02802390046417713,
-0.04813084751367569,
0.027607616037130356,
-0.07074661552906036,
0.043890226632356644,
-0.0036361385136842728,
0.04956984147429466,
0.017993172630667686,
-0.010576936416327953,
0.013768215663731098,
0.0234545785933733,
-0.009591387584805489,
0.0417998731136322,
-0.0020875262562185526,
0.026629239320755005,
-0.0056296749971807,
0.06775031238794327,
-0.0004520617367234081,
0.02570950612425804,
0.15421994030475616,
-0.0034550863783806562,
-0.020356306806206703,
-0.01416408084332943,
0.002410332439467311,
0.006080675404518843,
-0.005327343475073576,
-0.0051141525618731976,
-0.013092976063489914,
-0.0333043672144413,
0.023551566526293755,
0.016022510826587677,
-0.016260560601949692,
0.029175708070397377,
-0.007044345140457153,
-0.0863160789012909,
-0.0054284050129354,
-0.003921060357242823,
-0.03229004517197609,
-0.007095942273736,
0.12182892113924026,
0.047516509890556335,
0.01029135100543499,
0.008479243144392967,
-0.027204155921936035,
0.017646729946136475,
-0.0030818386003375053,
0.0007882165955379605,
0.016608836129307747,
-0.009700136259198189,
-0.039839427918195724,
-0.003374500898644328,
-0.001421080669388175,
-0.04062012955546379,
0.0043284352868795395,
0.0035918548237532377,
-0.02832742966711521,
0.02271641045808792,
-0.004157880321145058,
0.10943026840686798,
-0.006877352949231863,
-0.020205721259117126,
-0.05863020941615105,
0.028810132294893265,
0.023106228560209274,
0.00824825931340456,
-0.01848919503390789,
-0.020263224840164185,
-0.052684709429740906,
0.0456656739115715,
0.0063303206115961075,
-0.015057475306093693,
-0.031136710196733475,
0.01962537318468094,
-0.11361660063266754,
0.021905340254306793,
0.025800686329603195,
-0.0018564765341579914,
0.01759476214647293,
-0.013690520077943802,
-0.0016216577496379614,
0.006569204851984978,
0.03576334938406944,
0.04034510627388954,
-0.11278454959392548,
-0.015149102546274662,
0.018075864762067795,
0.0023916629143059254,
-0.019607147201895714,
0.018435264006257057,
-0.0003759316459763795,
0.030014682561159134,
0.014454650692641735,
0.020627079531550407,
-0.03228915482759476,
0.026331055909395218,
-0.01486033946275711,
0.039851684123277664,
-0.014012187719345093,
-0.010316814295947552,
-0.0389682874083519,
-0.011970865540206432,
-0.03200409561395645,
-0.008135507814586163,
0.023986000567674637,
0.024610145017504692,
-0.1668567955493927,
0.021136188879609108,
0.045055992901325226,
-0.01362314447760582,
-0.030740145593881607,
0.006559445522725582,
-0.00723475543782115,
-0.04536411911249161,
0.013063331134617329,
-0.023501642048358917,
-0.03456656262278557,
0.025958169251680374,
0.007903050631284714,
-0.020475266501307487,
0.012529727071523666,
0.014721029438078403,
-0.02529124915599823,
0.0025731606874614954,
0.039803553372621536,
-0.01726064831018448,
0.033502671867609024,
-0.04404690861701965,
-0.09809939563274384,
-0.006830137688666582,
-0.04316781088709831,
-0.02381068468093872,
0.020732954144477844,
0.014215434901416302,
0.007327238097786903,
-0.008854108862578869,
-0.05148869752883911,
0.02199866808950901,
0.0670539066195488,
0.042084142565727234,
0.003115315455943346,
-0.004041519481688738,
0.04526152461767197,
-0.02532113716006279,
-0.05702004209160805,
0.012273707427084446,
-0.02670409344136715,
-0.010617915540933609,
-0.03060058318078518,
-0.02820257656276226,
0.025100188329815865,
-0.020988106727600098,
0.006185147445648909,
0.01930372789502144,
-0.010658815503120422,
0.051841314882040024,
0.018548524007201195,
-0.03222120925784111,
-0.001389909884892404,
0.011358975432813168,
0.009789555333554745,
-0.008903120644390583,
0.0272491667419672,
0.07984355092048645,
-0.00743532832711935,
-0.02745825983583927,
0.04280812665820122,
0.006590528413653374,
-0.0683431476354599,
0.00833735242486,
0.009973520413041115,
-0.032988205552101135,
0.018215065822005272,
-0.052715618163347244,
0.019250430166721344,
0.03449515253305435,
-0.13670872151851654,
-0.08159846067428589,
-0.05397646874189377,
0.015776831656694412,
0.002711400156840682,
-0.019734881818294525,
0.009155855514109135,
-0.027385897934436798,
-0.025067782029509544,
-0.004887588322162628,
-0.027786262333393097,
0.018491234630346298,
-0.1041233167052269,
0.03210967779159546,
-0.01540655829012394,
-0.004470960237085819,
0.02400999143719673,
-0.02139126881957054,
0.024144228547811508,
-0.0015389639884233475,
-0.020805327221751213,
-0.008363045752048492,
0.021396685391664505,
0.0010384503984823823,
-0.010333730839192867,
-0.00046435531112365425,
-0.02738562971353531,
0.012276936322450638,
-0.053401511162519455,
-0.01093747466802597,
0.006909146439284086,
0.00930685456842184,
0.006222155876457691,
0.01234359759837389,
-0.0388004332780838,
-0.0270083025097847,
-0.0002873323392122984,
0.1041870042681694,
-0.002926455345004797,
0.026399267837405205,
-0.01568218506872654,
0.009160364046692848,
-0.017407208681106567,
-0.010673518292605877,
-0.025662748143076897,
0.08497462421655655,
-0.005698205903172493,
-0.006360115949064493,
0.017179502174258232,
-0.031022265553474426,
0.004947009030729532,
0.004446180537343025,
0.008424642495810986,
0.06293865293264389,
0.0298500694334507,
0.0010036256862804294,
0.015242018736898899,
0.06465663760900497,
0.001703079091385007,
-0.004219201859086752,
-0.03759593516588211,
-0.051343534141778946,
0.021216321736574173,
-0.07627207040786743,
-0.010800790973007679,
0.04329318925738335,
0.0017004536930471659,
-0.0374746136367321,
-0.003830617992207408,
0.010798072442412376,
0.0037618502974510193,
0.01748749241232872,
-0.05054951459169388,
0.03774671256542206,
-0.003994302358478308,
0.03197230398654938,
-0.028289267793297768,
0.027118729427456856,
-0.03851637244224548,
0.028351424261927605,
0.0037191067822277546
] |
Condition and Results of Operations ("MD&A") is intended to help the reader understand The Coca- Cola Company, our operations and our present business environment. MD&A is provided as a supplement to—and should be read in conjunction with—our consolidated financial statements and the accompanying notes thereto contained in "Item 8. Financial Statements and Supplementary Data" of this report. This overview summarizes the MD&A, which includes the following sections:
Our Business — a general description of our business and the nonalcoholic beverages segment of the commercial beverages industry; our objective; our areas of focus; and challenges and risks of our business.
Critical Accounting Policies and Estimates — a discussion of accounting policies that require critical judgments and estimates.
Operations Review — an analysis of our Company's consolidated results of operations for the three years presented in our consolidated financial statements. Except to the extent that differences among our operating segments are material to an understanding of our business as a whole, we present the discussion in the MD&A on a consolidated basis.
Liquidity, Capital Resources and Financial Position — an analysis of cash flows; off–balance sheet arrangements and aggregate contractual obligations; foreign exchange; an overview of financial position; and the impact of inflation and changing prices
Our Business
General
We are the largest manufacturer, distributor and marketer of nonalcoholic beverage concentrates and syrups in the world. Along with Coca-Cola, which is recognized as the world's most valuable brand, we market four of the world's top five nonalcoholic sparkling brands, including Diet Coke, Fanta and Sprite. Our Company owns or licenses more than 400 brands, including diet and light beverages, waters, juice and juice drinks, teas, coffees, and energy and sports drinks. Through the world's largest beverage distribution system, consumers in more than 200 countries enjoy the Company's beverages at a rate exceeding 1.4 billion servings each day. Our Company generates revenues, income and cash flows by selling beverage concentrates and syrups as well as some finished beverages. We generally sell these products to bottling and canning operations, fountain wholesalers and some fountain retailers and, in the case of finished products, to distributors. Our bottlers sell our branded products to businesses and institutions including retail chains, supermarkets, restaurants, small neighborhood grocers, sports and entertainment venues, and schools and colleges. We continue to expand our marketing presence and increase our unit case volume in most developing and emerging markets. Our strong and stable system helps us to capture growth by manufacturing, distributing and marketing existing, enhanced and new innovative products to our consumers throughout the world.
We have three types of bottling relationships: bottlers in which our Company has no ownership interest, bottlers in which our Company has a noncontrolling ownership interest and bottlers in which our Company has a controlling ownership interest. We authorize our bottling partners to
| 2SELL
|
[
-0.004616000223904848,
0.06549133360385895,
-0.005457942374050617,
0.0012285936390981078,
-0.11325913667678833,
-0.013461407274007797,
-0.003412023652344942,
-0.0012939056614413857,
-0.06836406886577606,
0.02600669302046299,
0.019601784646511078,
-0.008617771789431572,
0.016926908865571022,
-0.01065610721707344,
0.007894138805568218,
0.024007443338632584,
-0.006006414070725441,
-0.004088289104402065,
-0.03583286330103874,
0.003869461128488183,
0.010408226400613785,
0.01645841635763645,
0.021770469844341278,
-0.012403810396790504,
0.013220451772212982,
0.03016876056790352,
-0.048961494117975235,
0.0260796956717968,
0.0506071113049984,
-0.04768700152635574,
0.01952551305294037,
0.006371426861733198,
0.03710147738456726,
-0.01812399923801422,
0.0357961468398571,
0.00798678956925869,
-0.07357069849967957,
0.006242070812731981,
0.03713744878768921,
0.01709352247416973,
-0.040569741278886795,
-0.008103727363049984,
-0.012818274088203907,
-0.014756483025848866,
0.0070365783758461475,
-0.016946347430348396,
0.016497857868671417,
0.03560331463813782,
0.01938009075820446,
-0.009580191224813461,
0.0018938274588435888,
-0.01376477349549532,
-0.0121963145211339,
-0.0199116300791502,
-0.024551456794142723,
-0.006346128415316343,
-0.013990493491292,
-0.015008575282990932,
0.0806211456656456,
0.034442152827978134,
0.04573878273367882,
-0.0323743112385273,
-0.0007346791098825634,
0.04172025993466377,
0.0078013003803789616,
-0.01894127018749714,
-0.021902412176132202,
-0.0036554320249706507,
-0.03782261535525322,
-0.031279824674129486,
0.025849711149930954,
0.02631455846130848,
-0.01938343234360218,
-0.018562104552984238,
0.0029613086953759193,
-0.053365398198366165,
0.03393195942044258,
-0.005687580443918705,
0.0920594185590744,
-0.0374007485806942,
-0.011285262182354927,
-0.07731764018535614,
0.011860350146889687,
-0.047442447394132614,
0.04598471149802208,
-0.012719927355647087,
-0.008739721961319447,
-0.0626034364104271,
-0.01832536980509758,
0.00010792879766086116,
-0.000821663357783109,
0.008717721328139305,
-0.025490570813417435,
-0.07441943883895874,
-0.041245173662900925,
0.004648246336728334,
0.0370032861828804,
-0.1601206362247467,
-0.006122258957475424,
-0.022364534437656403,
0.05952627211809158,
0.011224084533751011,
0.04714719206094742,
-0.022744808346033096,
0.023952212184667587,
0.014461063779890537,
-0.01716063916683197,
0.04184367135167122,
-0.001314850989729166,
0.02379155531525612,
-0.019293351098895073,
-0.06783050298690796,
0.02027658000588417,
0.003048935905098915,
-0.00954989530146122,
0.057805273681879044,
0.0013711164938285947,
0.032307323068380356,
-0.018704349175095558,
-0.07577880471944809,
0.020862732082605362,
-0.031747374683618546,
-0.03736606612801552,
-0.0035838999319821596,
-0.052612632513046265,
0.023821959272027016,
-0.011027310974895954,
-0.015051090158522129,
0.045179955661296844,
-0.020408065989613533,
-0.000021979107259539887,
-0.0206014271825552,
-0.018418116495013237,
0.01759604923427105,
-0.040074318647384644,
0.014574874192476273,
0.0011677463771775365,
0.01102578267455101,
-0.05454179644584656,
0.012053608894348145,
-0.016997283324599266,
-0.03746568784117699,
-0.03240663558244705,
-0.007993517443537712,
-0.05709531530737877,
-0.00685369037091732,
-0.014306634664535522,
0.01171545684337616,
0.046629223972558975,
0.08582931756973267,
-0.006864367052912712,
-0.006061073392629623,
-0.038508638739585876,
-0.0311182402074337,
-0.028959982097148895,
-0.0028352157678455114,
0.04378708451986313,
-0.0070837149396538734,
-0.0635424479842186,
-0.006025558803230524,
-0.008447197265923023,
-0.0035820899065583944,
-0.018899649381637573,
-0.0765787735581398,
-0.03465713933110237,
-0.045389801263809204,
0.030650246888399124,
-0.012772169895470142,
0.04582632705569267,
0.053568121045827866,
0.03647392988204956,
0.030194902792572975,
0.007198235020041466,
-0.009442310780286789,
0.010771782137453556,
-0.06002935767173767,
0.03354721888899803,
0.03590064495801926,
0.0023360007908195257,
0.017212871462106705,
0.02478986233472824,
0.005448881536722183,
0.042295072227716446,
-0.05909023806452751,
-0.06737519800662994,
-0.042219698429107666,
0.013967843726277351,
0.04468267410993576,
-0.01602974720299244,
-0.028019458055496216,
0.043179433792829514,
-0.005618529859930277,
-0.0021588606759905815,
-0.009120474569499493,
-0.01774347387254238,
0.0014321845956146717,
-0.04369090497493744,
0.003098965622484684,
0.0031685412395745516,
-0.008485628291964531,
-0.09657890349626541,
0.009987825527787209,
-0.008348648436367512,
0.03928373381495476,
0.047094013541936874,
-0.013315912336111069,
-0.01629609428346157,
-0.007454749196767807,
-0.0018342894036322832,
0.0016786011401563883,
-0.05064890533685684,
-0.018651243299245834,
0.0034303583670407534,
-0.02433430217206478,
0.014197097159922123,
0.028804825618863106,
0.006251164712011814,
-0.09339447319507599,
-0.038702528923749924,
-0.041248392313718796,
0.009179127402603626,
-0.016080819070339203,
0.006824482697993517,
0.006948546506464481,
0.0575844906270504,
-0.009929104708135128,
0.06910364329814911,
-0.0028326089959591627,
-0.05953282117843628,
0.04361626133322716,
0.015768591314554214,
0.0854082927107811,
-0.03703664243221283,
0.03711296617984772,
0.007871805690228939,
-0.0033749397844076157,
0.005424355622380972,
0.008342459797859192,
-0.01876014843583107,
0.05248609557747841,
0.11119447648525238,
-0.015362457372248173,
-0.011948421597480774,
-0.008494677022099495,
-0.03346220403909683,
0.03648978844285011,
0.027011673897504807,
0.07883144170045853,
-0.014532454311847687,
-0.02097349613904953,
-0.005159088876098394,
0.029528461396694183,
-0.012480135075747967,
-0.007525305729359388,
-0.034940123558044434,
0.020574597641825676,
0.01999189518392086,
-0.011304020881652832,
0.01634836196899414,
-0.14092370867729187,
-0.008814215660095215,
-0.02851295843720436,
-0.003160093678161502,
-0.02331606298685074,
0.018945792689919472,
-0.014971104450523853,
0.026759374886751175,
0.0038970736786723137,
-0.014104860834777355,
-0.0033374319318681955,
-0.003230090020224452,
-0.01621978171169758,
0.052269451320171356,
-0.020669089630246162,
0.0016566048143431544,
0.01789896748960018,
0.04682168737053871,
-0.010702604427933693,
0.01141530554741621,
-0.025686688721179962,
0.002033838303759694,
0.005800893530249596,
-0.002314148936420679,
-0.02378338947892189,
-0.01621047407388687,
-0.008228057064116001,
-0.019090577960014343,
0.003594263456761837,
0.08144167810678482,
-0.026727380231022835,
-0.012761817313730717,
0.017201339825987816,
0.028205204755067825,
-0.032426025718450546,
-0.022973960265517235,
0.06624553352594376,
-0.013705583289265633,
-0.035440292209386826,
0.0005316116730682552,
0.05429139733314514,
-0.0027484199963510036,
0.02716546505689621,
0.006246423348784447,
-0.031828176230192184,
-0.020610613748431206,
-0.00327695463784039,
-0.02785838209092617,
-0.01727989874780178,
0.09858155250549316,
-0.017593715339899063,
0.007197097409516573,
0.009934424422681332,
0.0015103977639228106,
-0.008758142590522766,
-0.018621282652020454,
-0.03637824207544327,
-0.021980835124850273,
0.03162102401256561,
-0.04544958099722862,
-0.03871232643723488,
0.019556943327188492,
0.0040089888498187065,
0.01979285292327404,
0.02197956293821335,
0.06252864003181458,
0.006451759021729231,
0.07177987694740295,
-0.03482314944267273,
0.009253102354705334,
-0.04540051519870758,
0.11749285459518433,
0.09250260889530182,
-0.024530429393053055,
0.01633049175143242,
-0.02028786391019821,
-0.002393061062321067,
0.026138579472899437,
-0.026453981176018715,
-0.006745848339051008,
-0.025201164186000824,
-0.008254497312009335,
-0.005506556946784258,
0.026343101635575294,
-0.01912660151720047,
0.0009771626209840178,
0.0865388885140419,
0.011724160052835941,
-0.08210422098636627,
0.016117271035909653,
0.06413252651691437,
0.04697387292981148,
-0.009065977297723293,
-0.0036273174919188023,
0.05999268591403961,
0.011146637611091137,
-0.0417136624455452,
0.03765200823545456,
0.021299438551068306,
-0.0172024667263031,
0.025063447654247284,
-0.01561103668063879,
-0.020447973161935806,
-0.001164745888672769,
-0.005783592816442251,
0.04933783784508705,
-0.01716342382133007,
-0.027020063251256943,
0.014884494245052338,
0.007223797496408224,
-0.010862836614251137,
-0.0032010094728320837,
0.020872756838798523,
0.01810997538268566,
0.09415954351425171,
-0.043308790773153305,
-0.009708922356367111,
0.011891655623912811,
-0.0324239507317543,
0.01329685840755701,
0.027978861704468727,
-0.0017024197150021791,
0.0008157442789524794,
-0.0026946179568767548,
-0.015124381519854069,
0.02286491170525551,
0.010646452195942402,
0.0006071552052162588,
0.01539825089275837,
-0.00009488125215284526,
0.03157304599881172,
-0.004752126056700945,
0.029714711010456085,
0.029812639579176903,
-0.0047277784906327724,
-0.01689191721379757,
0.003068871097639203,
0.020602703094482422,
-0.018704848363995552,
-0.04428436979651451,
-0.011988802812993526,
0.0011976574314758182,
-0.001181440893560648,
-0.007994056679308414,
0.011237233877182007,
0.05379913002252579,
0.021736998111009598,
-0.044618476182222366,
0.03348260372877121,
-0.010265382938086987,
0.042074937373399734,
-0.0007672617211937904,
-0.09454505890607834,
-0.016385801136493683,
0.027026761323213577,
-0.03314737230539322,
0.03331884741783142,
-0.009701977483928204,
0.04548390582203865,
0.06567651033401489,
0.021896040067076683,
-0.04512159898877144,
0.012038644403219223,
0.04192322865128517,
0.006201151758432388,
-0.10057847201824188,
0.01994386687874794,
-0.07575077563524246,
-0.03272685781121254,
0.017252497375011444,
0.011900587007403374,
-0.01696978323161602,
-0.00022527652618009597,
0.02415001206099987,
-0.014618373475968838,
0.001960705267265439,
0.012406823225319386,
0.01114624086767435,
-0.029099466279149055,
-0.0011762648355215788,
0.03500828146934509,
-0.037180133163928986,
0.03349103033542633,
0.011999637819826603,
-0.007921332493424416,
-0.009411389008164406,
0.02737468294799328,
0.040274158120155334,
-0.021801529452204704,
0.030141429975628853,
-0.05185779556632042,
-0.0036209584213793278,
0.017792943865060806,
0.0053598470985889435,
0.0005741468048654497,
-0.002286746632307768,
-0.015144678764045238,
-0.0007772853132337332,
0.0035555448848754168,
-0.009332514367997646,
-0.0022304460871964693,
-0.006461829412728548,
0.006538359448313713,
0.028145935386419296,
-0.01029405277222395,
-0.006143317557871342,
0.022576505318284035,
0.011964584700763226,
0.0010734256356954575,
0.041080694645643234,
-0.00545733654871583,
0.00192884705029428,
0.00958333071321249,
-0.002375028096139431,
0.00798202957957983,
0.023364810273051262,
-0.009932613000273705,
0.05005451664328575,
-0.0010245861485600471,
-0.027250248938798904,
-0.034210722893476486,
0.025010056793689728,
-0.026460375636816025,
-0.029812851920723915,
0.01696147583425045,
-0.0005193952238187194,
-0.07222337275743484,
-0.05996899679303169,
-0.010000775568187237,
-0.009330467320978642,
-0.010251320898532867,
-0.035985324531793594,
-0.044917501509189606,
-0.029707342386245728,
0.030583538115024567,
-0.003544703358784318,
-0.0008548736805096269,
-0.2015010267496109,
0.11953802406787872,
-0.004064220003783703,
-0.009247008711099625,
0.04511895030736923,
-0.019767144694924355,
0.017427386716008186,
0.0637427344918251,
0.008450507186353207,
0.015428478829562664,
-0.01654502935707569,
0.044210225343704224,
-0.049901340156793594,
0.000980022014118731,
0.022690456360578537,
0.0320826917886734,
-0.016174206510186195,
-0.020164702087640762,
0.01238420233130455,
-0.022996509447693825,
0.026710132136940956,
0.004998871590942144,
0.02936321310698986,
0.003802079474553466,
0.0043380167335271835,
0.015445820987224579,
0.028405170887708664,
0.002511993981897831,
0.04723315313458443,
-0.005612378008663654,
0.028753645718097687,
-0.012506027705967426,
0.06926876306533813,
0.01000708807259798,
0.006691095419228077,
0.15105725824832916,
-0.013602239079773426,
-0.02444319985806942,
0.02188228629529476,
-0.0003680349327623844,
0.004622091539204121,
-0.013151533901691437,
-0.02494867332279682,
-0.028777318075299263,
-0.03375175595283508,
0.025456706061959267,
0.016418734565377235,
-0.00856854673475027,
0.023745672777295113,
-0.019039107486605644,
-0.07060328871011734,
-0.002871828619390726,
-0.0002777079935185611,
-0.10831683874130249,
-0.009856943041086197,
0.12235336005687714,
0.03905779495835304,
-0.002314078388735652,
0.0022110750433057547,
-0.03789392486214638,
0.022858737036585808,
0.007850957103073597,
0.017675340175628662,
0.03549585118889809,
0.004377155099064112,
-0.05389844998717308,
0.014347708784043789,
-0.02618572488427162,
-0.11154334992170334,
-0.0024875991512089968,
-0.0061446442268788815,
-0.03899865597486496,
0.02035316452383995,
-0.024050075560808182,
0.10703390091657639,
0.014873480424284935,
-0.019772090017795563,
-0.08850733190774918,
0.03772592172026634,
-0.011666261591017246,
-0.0011068753665313125,
-0.001807715860195458,
-0.03819067031145096,
-0.051209885627031326,
0.0632748007774353,
-0.009979547001421452,
-0.011941090226173401,
0.02490653283894062,
0.0227251797914505,
-0.12833832204341888,
0.025714196264743805,
0.03601384162902832,
-0.0014920156681910157,
-0.001714508980512619,
-0.027717450633645058,
-0.0018543294863775373,
-0.029244955629110336,
0.01931096240878105,
0.042239703238010406,
-0.08601337671279907,
-0.02100689895451069,
0.020993897691369057,
0.005486950743943453,
-0.01965743862092495,
0.0009212644654326141,
0.025080177932977676,
0.00939113087952137,
0.04073038697242737,
-0.002806849079206586,
-0.021462811157107353,
0.004358508158475161,
0.0063479081727564335,
0.041373834013938904,
-0.005369802936911583,
-0.014134425669908524,
-0.034959375858306885,
-0.017570633441209793,
-0.03482335805892944,
0.002141128294169903,
0.01564444601535797,
0.015828559175133705,
-0.10770344734191895,
0.036897387355566025,
0.050841934978961945,
-0.008912038058042526,
-0.00442188186571002,
0.035286009311676025,
-0.012605277821421623,
-0.008038700558245182,
0.008847525343298912,
-0.02244892157614231,
-0.047262609004974365,
0.021275527775287628,
-0.0029552241321653128,
-0.02266293577849865,
-0.003455630736425519,
0.023446738719940186,
-0.013472098857164383,
0.001723211957141757,
0.042855143547058105,
-0.0144279133528471,
0.030132001265883446,
-0.04812736064195633,
-0.1076553463935852,
0.017739450559020042,
-0.05900808051228523,
-0.01183373760432005,
0.017852673307061195,
0.02983192726969719,
0.004713475704193115,
-0.005045175086706877,
-0.038984403014183044,
0.03765680268406868,
0.05490270256996155,
0.017116248607635498,
0.002953189890831709,
0.04574866592884064,
0.04939497634768486,
-0.000037175577745074406,
-0.01390063762664795,
-0.021320512518286705,
-0.006236172281205654,
-0.0026005180552601814,
-0.0357486717402935,
-0.024819334968924522,
0.025965528562664986,
-0.04016316309571266,
0.04920714348554611,
0.0016811134992167354,
0.00419714255258441,
0.031068596988916397,
-0.00005006108040106483,
-0.0365041121840477,
-0.0017610752256587148,
0.03392482548952103,
0.011561630293726921,
0.004268025513738394,
0.014064673334360123,
0.04241550341248512,
0.020740652456879616,
-0.023214347660541534,
-0.01602250151336193,
0.0432899035513401,
-0.06675837934017181,
0.010172557085752487,
0.00801976677030325,
-0.019581004977226257,
0.0026795119047164917,
-0.07240144163370132,
0.004541674163192511,
0.06200144439935684,
-0.09940826147794724,
-0.09580504149198532,
-0.08519841730594635,
0.010567637160420418,
0.010347709059715271,
-0.011642860248684883,
-0.004541683942079544,
-0.034682292491197586,
0.0011170232901349664,
-0.0027646461967378855,
-0.025324011221528053,
0.0013681022683158517,
-0.04097016528248787,
0.025283601135015488,
-0.023900654166936874,
0.013774234801530838,
0.01956157200038433,
-0.019848881289362907,
0.019099116325378418,
0.001043282332830131,
-0.018862731754779816,
-0.0024519767612218857,
0.017872191965579987,
0.0069955396465957165,
-0.007971884682774544,
-0.017535846680402756,
-0.024998091161251068,
-0.0008348393021151423,
-0.07154428958892822,
-0.004196645226329565,
0.003943643067032099,
0.00840962678194046,
-0.004685013554990292,
-0.013349509797990322,
-0.05597926303744316,
-0.026179082691669464,
-0.008620912209153175,
0.09612248092889786,
0.003106469288468361,
0.03655525669455528,
-0.022975310683250427,
0.02756781317293644,
-0.003524839412420988,
0.0019347501220181584,
-0.04366723820567131,
0.01402311585843563,
-0.025312434881925583,
-0.0034587662667036057,
0.0038785296492278576,
-0.04049577936530113,
-0.0351729542016983,
-0.014327107928693295,
-0.018558964133262634,
0.05604000762104988,
0.03903220221400261,
-0.005851808004081249,
0.015659231692552567,
0.05648650601506233,
0.01264184806495905,
-0.01617044396698475,
-0.04500151053071022,
-0.03288347274065018,
0.06733006238937378,
-0.0666644275188446,
-0.023313308134675026,
0.0337129570543766,
0.0066616954281926155,
-0.053543828427791595,
0.0162609051913023,
-0.002143054734915495,
-0.022902067750692368,
-0.008827640675008297,
-0.030467424541711807,
-0.033871062099933624,
0.0031683158595114946,
0.022962817922234535,
-0.02959064394235611,
0.04189516231417656,
-0.04275428131222725,
0.04083876311779022,
-0.008527310565114021
] |
million . In addition, the Board of Directors authorized a $500 million share repurchase program, to be completed no later than June 30, 2016 . During 2013 , we repurchased and retired approximately 10 million shares at a cost of approximately $250 million .
In 2013, we received $268 million in financing proceeds from long-term debt, which is secured by aircraft delivered in 2013. In 2012, we received $480 million in financing proceeds from long-term debt secured by aircraft previously financed by debt. In 2012, we also refinanced $1.7 billion in debt and undrawn revolving credit facilities secured by our Pacific routes and slots, which resulted in a lower interest rate.
Contractual Obligations
The following table summarizes our contractual obligations at December 31, 2013 that we expect will be paid in cash. The table does not include amounts that are contingent on events or other factors that are uncertain or unknown at this time, including legal contingencies, uncertain tax positions and amounts payable under collective bargaining arrangements, among others. In addition, the table does not include expected significant cash payments which are generally ordinary course of business obligations that do not include contractual commitments.
The amounts presented are based on various estimates, including estimates regarding the timing of payments, prevailing interest rates, volumes purchased, the occurrence of certain events and other factors. Accordingly, the actual results may vary materially from the amounts presented in the table.
Long-Term Debt, Principal Amount. Represents scheduled principal payments on long-term debt.
Long-Term Debt, Interest Payments. Represents estimated interest payments under our long-term debt based on the interest rates specified in the applicable debt agreements. Interest payments on variable interest rate debt were calculated using LIBOR at December 31, 2013 .
Aircraft Purchase Commitments. Represents our commitments to purchase 88 B-737-900ER, 30 A321-200, 28 CRJ-900, 18 B-787-8 aircraft and 10 A330-300 aircraft. Our purchase commitment for 18 B-787-8 aircraft provides for certain aircraft substitution rights.
Contract Carrier Obligations. Represents our estimated minimum fixed obligations under capacity purchase agreements with regional carriers. The reported amounts are based on (1) the required minimum levels of flying by our contract carriers under the applicable agreements and (2) assumptions regarding the costs associated with such minimum levels of flying.
Employee Benefit Obligations. Represents primarily (1) our estimated minimum required funding for our qualified defined benefit pension plans based on actuarially determined estimates and (2) projected future benefit payments from our unfunded postretirement and
postemployment plans. For additional information about our employee benefit obligations, see “Critical Accounting Policies and Estimates.”
Other Obligations. Represents estimated purchase obligations under which we are required to make minimum payments for goods and services, including but not limited to insurance, marketing,
| 2SELL
|
[
-0.004540922585874796,
0.05144483596086502,
-0.007997187785804272,
-0.03234340623021126,
-0.09992857277393341,
-0.00846113357692957,
-0.007799874059855938,
-0.00035469027352519333,
-0.06651772558689117,
0.02513241581618786,
-0.0017087211599573493,
-0.021469129249453545,
0.019330060109496117,
-0.03988214209675789,
-0.0002429414598736912,
0.040334995836019516,
0.05924162268638611,
0.000034357737604295835,
-0.03406383469700813,
-0.00014476614887826145,
0.013718796893954277,
0.02098032645881176,
0.007789855822920799,
-0.009461977519094944,
0.026309333741664886,
0.024205368012189865,
-0.06285115331411362,
0.020624682307243347,
0.06603182852268219,
-0.04738067835569382,
0.019922364503145218,
0.02612985670566559,
0.035341981798410416,
-0.02309258095920086,
0.04286324977874756,
0.0006037532584741712,
-0.05003959685564041,
0.021933261305093765,
0.04454631730914116,
0.010242895223200321,
-0.043716754764318466,
0.009861832484602928,
-0.024116644635796547,
-0.0027916193939745426,
0.006696897093206644,
-0.01180656161159277,
0.024000095203518867,
0.02166350744664669,
0.011745725758373737,
-0.011249163188040257,
0.00566143961623311,
-0.032513055950403214,
-0.014436788856983185,
-0.0285011176019907,
-0.030097469687461853,
-0.003837611759081483,
-0.013295200653374195,
-0.041210807859897614,
0.07572977989912033,
0.03032427653670311,
0.0358533151447773,
-0.029757199808955193,
0.011258801445364952,
0.02213229238986969,
0.010016943328082561,
-0.0055899182334542274,
-0.0026196655817329884,
-0.00013003521598875523,
-0.0425233356654644,
-0.014806450344622135,
0.020390287041664124,
0.04380740597844124,
-0.026399735361337662,
-0.02429886721074581,
0.000810503086540848,
-0.04407976567745209,
0.04002295061945915,
0.0017007860587909818,
0.08474470674991608,
-0.027639903128147125,
-0.003470288822427392,
-0.07507119327783585,
0.026159020140767097,
-0.09093736112117767,
0.022006375715136528,
-0.015277057886123657,
-0.014017519541084766,
-0.0508568100631237,
-0.015187283046543598,
-0.001496931305155158,
-0.0030962133314460516,
0.011122234165668488,
-0.016751274466514587,
-0.03840105980634689,
-0.03139662370085716,
0.005003741011023521,
0.03519243746995926,
-0.15778762102127075,
-0.0015946915373206139,
-0.0031436204444617033,
0.06152447313070297,
0.008291949518024921,
0.03930157795548439,
-0.021419638767838478,
0.02225143276154995,
0.011970111168920994,
-0.01732863299548626,
0.04201769456267357,
-0.004498338792473078,
0.007455333601683378,
-0.018529444932937622,
-0.06567170470952988,
0.021419242024421692,
-0.003995191305875778,
-0.006017031613737345,
0.025350356474518776,
0.01160082034766674,
0.03819619119167328,
-0.0019473939901217818,
-0.051650144159793854,
0.013380206190049648,
-0.020634859800338745,
-0.03078482858836651,
0.011230572126805782,
-0.02642846293747425,
0.028015535324811935,
-0.021119188517332077,
-0.0012662814697250724,
0.04038608446717262,
-0.002331162104383111,
-0.003931076265871525,
-0.008326025679707527,
-0.019079837948083878,
0.04219270125031471,
-0.0391986146569252,
0.01476795319467783,
-0.012687510810792446,
0.004808289464563131,
-0.04702749103307724,
0.004893992096185684,
-0.022673917934298515,
-0.02952355146408081,
-0.015695154666900635,
-0.00631836149841547,
-0.04005258157849312,
-0.0031249220483005047,
-0.010972343385219574,
-0.00017895181372296065,
0.017694132402539253,
0.06475593894720078,
-0.008515601046383381,
-0.0014530605403706431,
-0.033352673053741455,
-0.009037870913743973,
-0.01660936139523983,
-0.008310772478580475,
0.05067289620637894,
-0.00781226297840476,
-0.07092300057411194,
0.00047965042176656425,
-0.0017868645954877138,
-0.006476203911006451,
-0.003404836868867278,
-0.05164012312889099,
-0.0661521777510643,
-0.029938267543911934,
0.008504004217684269,
-0.022788576781749725,
0.03469885513186455,
0.05352810397744179,
0.02080456167459488,
0.03180186077952385,
-0.0012081577442586422,
-0.0023606077302247286,
0.036532510071992874,
-0.06574377417564392,
0.03181088715791702,
0.053079307079315186,
-0.00506288418546319,
0.024668579921126366,
0.02830418571829796,
0.008610688149929047,
0.06094302237033844,
-0.11234492808580399,
-0.05916303023695946,
-0.008521316573023796,
0.013927271589636803,
0.04187186807394028,
-0.0037822406738996506,
-0.017208514735102654,
0.051003675907850266,
-0.017214620485901833,
0.0024604559876024723,
0.0030686003156006336,
-0.004702507983893156,
-0.011181624606251717,
-0.0035045836120843887,
0.004897305276244879,
0.004791412502527237,
-0.006337660830467939,
-0.11068623512983322,
0.018720505759119987,
-0.015873169526457787,
0.019180575385689735,
0.032329872250556946,
-0.012215825729072094,
-0.02436869591474533,
0.0014621031004935503,
-0.004140179604291916,
-0.0072736372239887714,
-0.05558140575885773,
-0.0009011364891193807,
0.00977594219148159,
-0.02524758316576481,
0.010919180698692799,
0.0472673699259758,
0.0011327873216941953,
-0.08949079364538193,
-0.02259066514670849,
-0.045227911323308945,
0.006246629636734724,
-0.008786520920693874,
0.022578779608011246,
0.00214564916677773,
0.05257119610905647,
-0.0017505486030131578,
0.03751366585493088,
-0.0068899947218596935,
-0.044636320322752,
0.01675957627594471,
0.009372581727802753,
0.04819620028138161,
-0.04144434630870819,
0.025834960862994194,
0.011876332573592663,
-0.007250647526234388,
0.00633828341960907,
0.0021331331226974726,
-0.030118316411972046,
0.06579948216676712,
0.08401551842689514,
-0.011416912078857422,
-0.01701181009411812,
-0.010408242233097553,
-0.036629997193813324,
0.04483690857887268,
0.021492555737495422,
0.03889461234211922,
-0.011129823513329029,
-0.007918819785118103,
-0.014309916645288467,
0.02136448584496975,
-0.043064095079898834,
0.0015510017983615398,
-0.0465221144258976,
0.02490686997771263,
0.025983083993196487,
-0.011017856188118458,
0.010255211032927036,
-0.1251596361398697,
-0.012419188395142555,
-0.026374386623501778,
0.016149288043379784,
-0.027311380952596664,
0.00282555865123868,
0.013144921511411667,
0.021956898272037506,
-0.004623677581548691,
-0.0076119075529277325,
0.010454526171088219,
-0.01815502531826496,
-0.011971336789429188,
0.0416095145046711,
-0.00842330977320671,
-0.003827700624242425,
0.007409384008497,
0.03254944086074829,
-0.010854500345885754,
0.022188972681760788,
-0.031036268919706345,
-0.009510163217782974,
-0.0124808419495821,
0.002556935418397188,
-0.028294559568166733,
-0.011999706737697124,
-0.01362847164273262,
-0.036759622395038605,
-0.01445038989186287,
0.08918151259422302,
-0.030970890074968338,
-0.016553640365600586,
0.010783156380057335,
0.006106074899435043,
-0.045272331684827805,
-0.03151744231581688,
0.06758202612400055,
-0.00962260365486145,
-0.04543110728263855,
0.0032006227411329746,
0.04950772970914841,
0.004654632415622473,
0.02427009679377079,
0.024576937779784203,
-0.03224050998687744,
-0.01101614162325859,
-0.01681917905807495,
-0.016564901918172836,
-0.019883984699845314,
0.13113337755203247,
-0.013585152104496956,
0.015141964890062809,
0.015453564003109932,
-0.007138153072446585,
-0.004347371403127909,
-0.017520269379019737,
-0.032516155391931534,
-0.0357290580868721,
0.0354006364941597,
-0.0172833651304245,
-0.027731437236070633,
0.01499678660184145,
0.0023367248941212893,
0.021877560764551163,
0.02143261209130287,
0.04396778345108032,
0.00022226414876058698,
0.048552244901657104,
-0.03828202188014984,
0.04275382310152054,
-0.020799389109015465,
-0.006876885425299406,
0.0994640365242958,
-0.035946425050497055,
0.05040760338306427,
-0.020333021879196167,
0.016274603083729744,
0.021228719502687454,
-0.01830044575035572,
0.004322785418480635,
-0.000915788346901536,
0.0047483439557254314,
0.0049089412204921246,
0.025277966633439064,
-0.02366653084754944,
-0.0037238800432533026,
0.10161985456943512,
0.010741072706878185,
-0.04836921766400337,
0.017163606360554695,
0.06994876265525818,
0.05455313250422478,
-0.026752017438411713,
0.00042245417716912925,
0.044176336377859116,
0.01849517971277237,
-0.030504483729600906,
0.038927532732486725,
0.0001435956364730373,
-0.017494456842541695,
0.01577329821884632,
-0.008425009436905384,
-0.014438560232520103,
-0.0034399116411805153,
-0.011245053261518478,
0.03668144717812538,
-0.035862475633621216,
-0.034032996743917465,
0.007355695590376854,
0.012045039795339108,
-0.016609910875558853,
-0.012024152092635632,
0.0073755038902163506,
0.01618877798318863,
0.05595358461141586,
-0.030032876878976822,
0.01798412762582302,
0.0316997691988945,
-0.032217152416706085,
-0.016060931608080864,
0.02167367935180664,
0.003413558704778552,
-0.005320975556969643,
-0.008162773214280605,
-0.010346757248044014,
0.07926724851131439,
-0.019218038767576218,
0.0055083539336919785,
0.006987920496612787,
-0.001928638550452888,
0.009305765852332115,
0.00510360486805439,
0.034757424145936966,
0.04730101302266121,
0.013342735357582569,
-0.027253087610006332,
-0.0014781804056838155,
0.02642606385052204,
-0.005443377420306206,
-0.024535181000828743,
-0.0291731134057045,
-0.00987173430621624,
-0.015700792893767357,
-0.01175460871309042,
0.017757248133420944,
0.04856599494814873,
0.02475801855325699,
-0.002854563994333148,
0.046943631023168564,
-0.004140554927289486,
0.04239603504538536,
-0.0025706891901791096,
-0.1271015703678131,
-0.01919419877231121,
0.018647057935595512,
-0.05753546208143234,
0.03756355121731758,
-0.027758456766605377,
0.03495178744196892,
0.07142981886863708,
0.0486149899661541,
-0.05067727342247963,
0.004271675832569599,
0.027976756915450096,
0.013957880437374115,
-0.14848703145980835,
0.00722254253923893,
-0.0562877394258976,
-0.0317491739988327,
0.018070317804813385,
0.010250192135572433,
-0.00485737482085824,
0.013340591453015804,
0.025083577260375023,
-0.0070356037467718124,
-0.006148210726678371,
0.00910240039229393,
-0.006297956220805645,
-0.026155531406402588,
-0.014286833815276623,
0.03387027978897095,
-0.03782416880130768,
0.032823346555233,
0.0029504525009542704,
-0.015459395945072174,
-0.018523363396525383,
0.00627615861594677,
0.036064647138118744,
-0.015280847437679768,
0.025816045701503754,
-0.05402488633990288,
-0.003903609002009034,
0.015300475992262363,
0.00986043643206358,
0.0101540582254529,
0.012469947338104248,
-0.013889803551137447,
-0.006932124029844999,
0.01047695055603981,
-0.021597854793071747,
0.008736157789826393,
0.006444377359002829,
0.0076098255813121796,
0.024250788614153862,
-0.0012294278712943196,
-0.0002520488342270255,
0.020480908453464508,
0.016378918662667274,
0.0007451667333953083,
0.05484075844287872,
-0.010144454427063465,
0.005881310906261206,
0.008108679205179214,
0.0048486520536243916,
0.009680716320872307,
0.04102963209152222,
-0.014766761101782322,
0.039354220032691956,
-0.014131143689155579,
-0.004456000868231058,
-0.022601032629609108,
0.014347431249916553,
-0.023791706189513206,
-0.023224161937832832,
0.02197488583624363,
0.008375370875000954,
-0.0842408612370491,
-0.027110803872346878,
-0.012274224311113358,
-0.0036863074637949467,
0.005675139371305704,
-0.048612892627716064,
-0.02797802910208702,
-0.031737152487039566,
0.025565868243575096,
-0.003109594341367483,
-0.01671932078897953,
-0.1476820707321167,
0.024201350286602974,
-0.020652716979384422,
-0.015501607209444046,
0.03544367104768753,
-0.014836357906460762,
0.017966320738196373,
0.03900168091058731,
0.010534140281379223,
0.03486761823296547,
-0.003888422856107354,
0.028903644531965256,
-0.05756491795182228,
0.015587257221341133,
0.02068709023296833,
0.028710288926959038,
-0.018095742911100388,
-0.03558158129453659,
0.023989234119653702,
-0.08546063303947449,
0.038104575127363205,
0.0018865170422941446,
0.02362138405442238,
0.004237847868353128,
-0.007369016297161579,
0.021297141909599304,
0.021109962835907936,
0.001531397458165884,
0.04676613211631775,
-0.0049054487608373165,
0.041545603424310684,
-0.0019154573092237115,
0.048405714333057404,
-0.0023879380896687508,
0.007970664650201797,
0.19822096824645996,
-0.0037863687612116337,
-0.004111100919544697,
-0.009042581543326378,
-0.013777479529380798,
0.005453741643577814,
-0.011394752189517021,
-0.025376545265316963,
-0.018282076343894005,
-0.015328927896916866,
0.04368262737989426,
0.011795612052083015,
-0.023155204951763153,
0.02438361383974552,
-0.012935187667608261,
-0.0715508759021759,
-0.0043766796588897705,
0.00730430381372571,
-0.07837872207164764,
-0.0032681957818567753,
0.09390770643949509,
0.038347866386175156,
0.0038166858721524477,
0.014775541611015797,
-0.027439383789896965,
0.018535103648900986,
0.0032422877848148346,
0.010477861389517784,
0.011539828963577747,
-0.0027816593647003174,
-0.02050364948809147,
0.003967507276684046,
-0.01547145377844572,
-0.054505735635757446,
0.0012289328733459115,
0.001484282431192696,
-0.028163235634565353,
0.02895241230726242,
-0.006571207661181688,
0.09350861608982086,
0.010746171697974205,
-0.01755334995687008,
-0.04954540729522705,
0.037362221628427505,
0.013158336281776428,
0.005825459491461515,
-0.02317819930613041,
-0.010630381293594837,
-0.0492074228823185,
0.04999589920043945,
0.017804665490984917,
-0.022420823574066162,
0.003748018527403474,
0.018217118456959724,
-0.11150304973125458,
0.032878316938877106,
0.024797333404421806,
-0.001660845591686666,
0.011331150308251381,
-0.02105742134153843,
0.013168095611035824,
-0.0033554506953805685,
0.030936768278479576,
0.04279188811779022,
-0.1301458179950714,
-0.025037357583642006,
0.010876994580030441,
0.0028538014739751816,
-0.014650016091763973,
0.016759198158979416,
0.00658622570335865,
0.029507799074053764,
0.02607632614672184,
0.01926269195973873,
-0.018979325890541077,
0.020854292437434196,
0.004180294927209616,
0.04693423956632614,
-0.015115363523364067,
-0.017591316252946854,
-0.021806243807077408,
0.005949598271399736,
-0.03610365837812424,
-0.006511828396469355,
0.02326640859246254,
0.016198240220546722,
-0.22664915025234222,
0.019601091742515564,
0.03280153125524521,
-0.0071816230192780495,
-0.017317546531558037,
0.019599199295043945,
-0.0038497531786561012,
-0.05325494706630707,
0.016801215708255768,
-0.016309473663568497,
-0.03457454964518547,
0.015048777684569359,
0.0026952666230499744,
-0.023965634405612946,
0.02378416620194912,
0.019298778846859932,
-0.022813228890299797,
-0.007413751911371946,
0.04356247931718826,
-0.022892819717526436,
0.027314845472574234,
-0.05007399246096611,
-0.13961350917816162,
0.006180568132549524,
-0.04385104030370712,
-0.012811053544282913,
0.017894303426146507,
0.021882813423871994,
0.008107924833893776,
-0.01629190519452095,
-0.02453741803765297,
0.028792716562747955,
0.05775431916117668,
0.027054114267230034,
-0.008978862315416336,
-0.006825673393905163,
0.04959787428379059,
-0.018527522683143616,
-0.018931234255433083,
0.0100397365167737,
-0.01079248171299696,
-0.007573438808321953,
-0.02954372763633728,
-0.02919924259185791,
0.02195151150226593,
-0.04407723248004913,
0.015022926032543182,
0.01080179214477539,
0.017787765711545944,
0.0449507012963295,
0.0004971050657331944,
-0.04106219485402107,
-0.011469051241874695,
0.030522450804710388,
-0.0002900758117903024,
-0.01754087582230568,
0.02372419275343418,
0.07272396236658096,
0.016200482845306396,
-0.02271963097155094,
0.03882904723286629,
0.031478412449359894,
-0.05722362920641899,
0.0037407747004181147,
0.0063975490629673,
-0.01718568429350853,
0.008564462885260582,
-0.05346454307436943,
0.016375964507460594,
0.032735567539930344,
-0.17849789559841156,
-0.07878638803958893,
-0.05792483314871788,
0.026755578815937042,
0.007635396905243397,
-0.008920514024794102,
0.013634555973112583,
-0.020862553268671036,
-0.00413936423137784,
-0.007737139705568552,
-0.022658459842205048,
0.0030679721385240555,
-0.10844028741121292,
0.02839028835296631,
-0.013118215836584568,
0.008544202893972397,
0.013821624219417572,
-0.018220366910099983,
0.0169527605175972,
-0.00428531039506197,
-0.019662078469991684,
-0.0061544328927993774,
0.025918787345290184,
0.001420050160959363,
-0.003964136354625225,
-0.006705926731228828,
-0.017104757949709892,
0.01577906496822834,
-0.05464228242635727,
0.00230636284686625,
-0.0022504525259137154,
0.01610936038196087,
0.0063429465517401695,
-0.01106241438537836,
-0.0353555828332901,
-0.032560769468545914,
-0.012438720092177391,
0.12040619552135468,
-0.0019756334368139505,
0.02310219779610634,
-0.018348798155784607,
0.0001268601481569931,
-0.006746236700564623,
-0.011844797991216183,
-0.03311704099178314,
0.07084344327449799,
-0.03142695128917694,
-0.008814090862870216,
0.007781757973134518,
-0.04048220440745354,
-0.007793784607201815,
-0.00030262029031291604,
0.0061929961666464806,
0.04359833896160126,
0.02253142185509205,
-0.0019155689515173435,
0.020611615851521492,
0.04817726090550423,
-0.004313374403864145,
-0.009975780732929707,
-0.037958066910505295,
-0.03349126875400543,
0.047998927533626556,
-0.12039270251989365,
-0.019013840705156326,
0.03117918036878109,
0.004174026194959879,
-0.03210321068763733,
0.012355349026620388,
-0.014563675038516521,
0.002436643000692129,
0.02467140182852745,
-0.04941346496343613,
0.009636497125029564,
-0.0006821505376137793,
0.044741444289684296,
-0.018581626936793327,
0.03933614492416382,
-0.04253731295466423,
0.04518674314022064,
-0.0010834727436304092
] |
version of Mac Office late in the fourth quarter of fiscal 2004. In fiscal 2005, we expect operating margins to improve from fiscal 2004 driven by lower unit volumes of negative margin consoles and increased sales of high margin software. We expect development spending to be higher in fiscal 2005 driven by investment in the next generation Xbox platform design.
Cost of revenue
Cost of revenue includes manufacturing and distribution costs for products and programs sold, operating costs related to product support service centers and product distribution centers, costs incurred to support and maintain Internet-based products and services, and costs associated with the delivery of consulting services. The increase in fiscal 2004 was primarily due to increased product support and consulting services costs of $508 million, $214 million of stock-based compensation expense from the employee stock option transfer program, and a lower of cost or market adjustment in the fourth quarter of fiscal 2004 by approximately $90 million, reflecting the current stage of the life cycle of the Xbox console, partially offset by $365 million decrease in MSN services costs. In fiscal 2003, the primary driver of the increase was a 4.4 percentage point increase from Home and Entertainment products and a 1.6 percentage point decrease from MSN product and service costs in fiscal 2003 compared to fiscal 2002.
Research and development
Research and development expenses include payroll, employee benefits, equity compensation and other headcount-related costs associated with product development. Research and development expenses also include third-party development and programming costs, localization costs incurred to translate software for international markets, and the amortization of purchased software code and services content. The increase in fiscal 2004 was primarily due to $1.31 billion of stock-based compensation expenses related to the option transfer program in the second quarter of fiscal 2004 as well as other headcount-related payroll and other employee costs related to a 3% growth in research and development headcount from fiscal 2003. In fiscal 2003, the increase reflects an increase in headcount-related costs, a 25% increase in third-party product development costs, and a 29% increase in testing laboratory equipment and expense.
Sales and marketing
Sales and marketing expenses include payroll, employee benefits, equity compensation and other headcount-related costs associated with sales and marketing personnel and advertising, promotions, tradeshows, seminars, and other marketing-related programs. Sales and marketing costs increased in fiscal 2004 due to $400 million of stock-based compensation expenses related to the option transfer program in the second quarter of fiscal 2004 and other headcount-related costs related to a 9% growth in sales and marketing headcount. In fiscal 2003, the sales and marketing expense increase of $1.31 billion dollars was due to an increase in sales expenses related to headcount additions, principally related to the Enterprise and Small/Medium Business sales forces, and a 21% increase in marketing
| 1HOLD
|
[
-0.003826254978775978,
0.04520263522863388,
0.014372061938047409,
0.044023528695106506,
-0.030871892347931862,
0.0008452027104794979,
0.006741003133356571,
-0.027503158897161484,
-0.0040094587020576,
-0.0034698755480349064,
0.01747644692659378,
0.028268475085496902,
0.007289980072528124,
-0.01323968917131424,
0.012600707821547985,
-0.06551194190979004,
-0.0530129075050354,
-0.02186175249516964,
-0.026290595531463623,
0.025217611342668533,
-0.002393587725237012,
0.014624436385929585,
0.012000774964690208,
-0.009674577973783016,
-0.01473263930529356,
0.025662653148174286,
0.021316256374120712,
0.01932746171951294,
0.0035193164367228746,
-0.032145120203495026,
0.006240245420485735,
-0.023959901183843613,
0.026962485164403915,
-0.019266536459326744,
-0.0395081490278244,
0.006912692449986935,
-0.049774788320064545,
0.00030522557790391147,
0.0270107202231884,
0.003292644629254937,
-0.023241329938173294,
0.01692049764096737,
0.02354404143989086,
0.014935286715626717,
0.017766732722520828,
-0.003417827421799302,
0.02169356867671013,
0.04325956851243973,
0.01935981772840023,
0.002789170015603304,
-0.005029793828725815,
0.020281031727790833,
-0.029468262568116188,
-0.001133891404606402,
-0.005456618964672089,
-0.02273702248930931,
-0.005446777679026127,
0.0540737546980381,
0.04386792704463005,
0.021444225683808327,
0.054572977125644684,
-0.024707067757844925,
-0.0268422719091177,
-0.002094923984259367,
-0.0027680208440870047,
-0.014564180746674538,
-0.02401628904044628,
-0.019467217847704887,
-0.023256240412592888,
-0.06448406726121902,
0.01181934867054224,
-0.009508217684924603,
0.006657429039478302,
-0.01081661693751812,
-0.00017676458810456097,
-0.0033970989752560854,
0.025417840108275414,
-0.028323527425527573,
0.031000759452581406,
-0.010138986632227898,
0.004336414393037558,
-0.0271983053535223,
-0.0518607497215271,
0.054383404552936554,
0.027551455423235893,
0.0004676464304793626,
-0.0005374457687139511,
-0.054420556873083115,
-0.0043490976095199585,
-0.007914799265563488,
-0.019836584106087685,
-0.012118423357605934,
-0.034917619079351425,
-0.08508399873971939,
-0.057120759040117264,
-0.012470883317291737,
-0.006225436460226774,
-0.09505799412727356,
0.0057389684952795506,
-0.05554644390940666,
0.05710281431674957,
0.01210531871765852,
0.031087063252925873,
-0.000957905373070389,
-0.0012495520059019327,
-0.007277121301740408,
-0.0161876417696476,
-0.012123817577958107,
0.01790482923388481,
-0.003927101846784353,
-0.0006589737604372203,
-0.06538406014442444,
0.021817384287714958,
-0.004397077485918999,
-0.01100784819573164,
0.05697672441601753,
-0.02556268684566021,
-0.047148142009973526,
-0.05006284639239311,
-0.0655163824558258,
-0.0005443086265586317,
-0.019454434514045715,
-0.01201604399830103,
-0.0038623639848083258,
-0.017351943999528885,
0.029666094109416008,
0.03670016676187515,
-0.012134124524891376,
0.04192662239074707,
-0.03159422427415848,
0.01730712130665779,
0.0381312221288681,
-0.004232225473970175,
0.009819050319492817,
-0.02558925189077854,
0.015558763407170773,
0.004653449635952711,
0.006335042882710695,
-0.008174809627234936,
0.03318826109170914,
0.005775833502411842,
-0.04825146496295929,
-0.03859071061015129,
0.0019840779714286327,
-0.03745574876666069,
-0.00003166796886944212,
-0.004867277108132839,
0.014159489423036575,
0.03328695520758629,
0.09332337975502014,
-0.017888600006699562,
-0.01156560704112053,
0.010757236741483212,
-0.022442542016506195,
-0.03045831061899662,
0.04844444990158081,
0.03706980124115944,
-0.028070667758584023,
0.007710258476436138,
-0.015122417360544205,
-0.0022960007190704346,
0.012318199500441551,
-0.007188756018877029,
-0.04919823631644249,
0.0436621829867363,
-0.03315944969654083,
0.051987286657094955,
-0.004897317849099636,
0.01638939417898655,
0.011388075537979603,
-0.00938959326595068,
0.011016489006578922,
0.014608751982450485,
0.006239181384444237,
-0.03250698372721672,
-0.020633913576602936,
0.012754825875163078,
-0.03432833030819893,
0.051577433943748474,
0.003565282793715596,
0.026143407449126244,
-0.02160024084150791,
-0.0011885020649060607,
0.11116275191307068,
-0.028064753860235214,
-0.06426700949668884,
-0.03064809925854206,
-0.04195577651262283,
0.007795817218720913,
-0.011715462431311607,
-0.008564821444451809,
0.026173271238803864,
0.022498290985822678,
-0.004747115541249514,
-0.0502045638859272,
0.0181706715375185,
-0.06690512597560883,
-0.0016469312831759453,
0.0830174908041954,
-0.004369734320789576,
-0.0040259817615151405,
-0.0007855658768676221,
0.043814148753881454,
0.013500220142304897,
0.030906397849321365,
-0.004174963571131229,
0.014305654913187027,
-0.014073493890464306,
-0.007163769565522671,
-0.006229737773537636,
-0.015321644023060799,
-0.0211385115981102,
-0.007816964760422707,
-0.04477044939994812,
0.006565560586750507,
0.010831566527485847,
-0.02385706640779972,
-0.05487298220396042,
-0.10437082499265671,
-0.016517795622348785,
0.0002791502920445055,
-0.014184778556227684,
-0.008990162052214146,
-0.0018311768071725965,
0.010571488179266453,
-0.024899985641241074,
0.06623136252164841,
0.011174159124493599,
-0.025530574843287468,
0.08002035319805145,
0.02359556406736374,
0.046014364808797836,
0.043963611125946045,
0.028118198737502098,
0.0017165944445878267,
-0.05399037525057793,
-0.0004409434332046658,
0.016057351604104042,
0.0007667371537536383,
-0.004001395311206579,
0.09052155911922455,
-0.023128623142838478,
-0.017308969050645828,
-0.023296428844332695,
-0.018713807687163353,
-0.03550482168793678,
-0.037589944899082184,
0.02703794091939926,
0.00826785247772932,
0.009516672231256962,
-0.0014728722162544727,
-0.016590038314461708,
0.09986930340528488,
-0.020078599452972412,
0.024366794154047966,
-0.016654610633850098,
0.004329532850533724,
-0.006140574347227812,
0.019999289885163307,
-0.08064278215169907,
-0.016032801941037178,
0.004624692257493734,
-0.017495013773441315,
-0.008032037876546383,
0.005747050978243351,
-0.013991002924740314,
0.03569750860333443,
-0.0018751599127426744,
-0.015471717342734337,
-0.0011976644163951278,
-0.00014553010987583548,
-0.0197393037378788,
0.08033527433872223,
-0.019790207967162132,
0.01285638753324747,
0.017770804464817047,
0.034076083451509476,
-0.011952116154134274,
0.03499558940529823,
-0.02281361073255539,
-0.002472708933055401,
0.021865390241146088,
-0.0231033768504858,
0.004648733418434858,
0.0001629388571018353,
-0.04997962340712547,
0.02741667442023754,
0.014370305463671684,
-0.0033949126955121756,
-0.01773964986205101,
-0.01421295665204525,
-0.01665409281849861,
0.022772442549467087,
-0.011194710619747639,
0.00854839663952589,
0.05852687358856201,
-0.019336335361003876,
-0.02775154635310173,
0.0024450807832181454,
0.01695850118994713,
-0.059169694781303406,
0.0013731640065088868,
-0.00839095190167427,
-0.006297694519162178,
-0.010309996083378792,
0.0001650958729442209,
0.0006677721394225955,
-0.006823486182838678,
-0.021906109526753426,
-0.005438573192805052,
-0.002642264124006033,
-0.005274684634059668,
0.006807235069572926,
-0.018922463059425354,
-0.0052706697024405,
-0.04597964882850647,
-0.013484287075698376,
-0.05468824878334999,
-0.04237419366836548,
-0.008462696336209774,
0.011776156723499298,
0.005153683479875326,
0.01101683545857668,
0.02126139961183071,
0.061689574271440506,
0.011786321178078651,
0.041700806468725204,
-0.02050652913749218,
-0.06672374904155731,
-0.04577933996915817,
0.27521058917045593,
0.10588376224040985,
-0.023846734315156937,
0.008956948295235634,
0.02333473227918148,
-0.082485631108284,
0.013503571040928364,
-0.029541682451963425,
-0.0037938125897198915,
-0.03513752669095993,
-0.011307374574244022,
0.028310231864452362,
-0.020787522196769714,
-0.029982155188918114,
-0.010672442615032196,
-0.017956288531422615,
0.029082041233778,
-0.09029463678598404,
0.005837534554302692,
-0.0012119474122300744,
0.07572925835847855,
0.013233366422355175,
-0.01575666479766369,
0.04994163662195206,
-0.016452817246317863,
-0.03391877934336662,
0.03406042605638504,
0.007366294506937265,
-0.02005896344780922,
0.008580118417739868,
-0.016324201598763466,
0.011042585596442223,
-0.010032713413238525,
-0.032897889614105225,
0.020029127597808838,
-0.04895981401205063,
0.02319439686834812,
0.014116517268121243,
0.013143625110387802,
-0.00352210970595479,
0.034462712705135345,
0.002802119357511401,
0.02925661765038967,
0.15086887776851654,
0.0052790408954024315,
-0.04110591486096382,
-0.0011316209565848112,
0.007415893487632275,
0.0462612621486187,
0.007673612795770168,
-0.003794832853600383,
0.0009935620473697782,
-0.010482070967555046,
-0.015492313541471958,
-0.03778776153922081,
0.011709294281899929,
0.027750711888074875,
-0.0034837722778320312,
-0.06497322022914886,
0.046751927584409714,
-0.005724501796066761,
0.0020859073847532272,
0.010666124522686005,
-0.04078145697712898,
0.01483648270368576,
0.014359364286065102,
-0.012896928004920483,
-0.011411127634346485,
-0.05958700180053711,
0.011988402344286442,
-0.03282536193728447,
0.02766457386314869,
-0.006414067931473255,
-0.011914555914700031,
0.013519425876438618,
0.04324549064040184,
-0.06839577853679657,
-0.014918223954737186,
-0.018186694011092186,
0.0197946485131979,
-0.024688586592674255,
0.02793222852051258,
0.0023494281340390444,
0.006619324907660484,
0.007979889400303364,
0.01134094875305891,
0.0010199982207268476,
0.022684933617711067,
0.012896680273115635,
-0.0726633295416832,
-0.01809529960155487,
0.004132717382162809,
0.0020501166582107544,
-0.0048896451480686665,
0.03660421818494797,
-0.005253612529486418,
-0.07037829607725143,
0.006486065220087767,
0.012036233209073544,
-0.023422488942742348,
-0.0007282344740815461,
-0.0051811630837619305,
0.005414105020463467,
-0.038871414959430695,
0.006568811368197203,
0.012345975264906883,
0.02857360988855362,
-0.026730099692940712,
0.04674122855067253,
-0.003744180779904127,
-0.022479763254523277,
-0.00960032269358635,
0.027454974129796028,
-0.0020652005914598703,
-0.000149509432958439,
0.05466991290450096,
0.020007533952593803,
-0.017197661101818085,
0.010774736292660236,
-0.007207289803773165,
-0.008200830779969692,
0.0035890734288841486,
-0.02959378995001316,
0.00669742189347744,
-0.008565394207835197,
-0.007104003801941872,
0.02618410438299179,
0.00928824208676815,
-0.0003355165827088058,
-0.01528337225317955,
0.056983623653650284,
-0.014000896364450455,
0.02561078406870365,
-0.03257272392511368,
0.015018732286989689,
0.027142899110913277,
0.01049383357167244,
-0.010446391068398952,
-0.0036313985474407673,
0.006159822456538677,
0.002004211535677314,
0.022564757615327835,
-0.008880585432052612,
-0.010531731881201267,
-0.02240213379263878,
0.0005758367478847504,
0.022255631163716316,
0.010718817822635174,
-0.05298878252506256,
-0.020361680537462234,
0.012481031939387321,
-0.029333937913179398,
-0.01906108297407627,
-0.018965382128953934,
-0.005290137603878975,
0.0034211697056889534,
-0.08106183260679245,
-0.0499659925699234,
-0.0030030501075088978,
-0.02404974028468132,
-0.022062689065933228,
-0.04210599139332771,
-0.0221719928085804,
0.00838410947471857,
-0.0037499344907701015,
0.006717550568282604,
-0.17811670899391174,
0.19022506475448608,
0.021352296695113182,
-0.00535050593316555,
0.020327432081103325,
-0.010813911445438862,
0.02906079590320587,
0.04525546729564667,
0.026211310178041458,
0.00281506753526628,
-0.00848816242069006,
0.048911795020103455,
-0.006001560483127832,
0.009917504154145718,
0.025393366813659668,
0.044039517641067505,
-0.015049372799694538,
0.025463420897722244,
-0.012190014123916626,
0.04784119129180908,
-0.013187620788812637,
-0.0007013795548118651,
0.012695289216935635,
-0.016262397170066833,
0.002800627611577511,
0.00346959731541574,
0.0003451087686698884,
0.006786235608160496,
0.010688957758247852,
-0.011037359945476055,
-0.01613139919936657,
-0.029374143108725548,
0.017733560875058174,
0.010357968509197235,
-0.009710156358778477,
-0.08331874012947083,
0.00787079706788063,
-0.018382035195827484,
-0.003618447808548808,
-0.006561247631907463,
-0.019917016848921776,
-0.021441452205181122,
-0.025263799354434013,
-0.0243223886936903,
-0.03897181898355484,
-0.0030213911086320877,
-0.01391693390905857,
-0.01272285170853138,
0.015727031975984573,
-0.02645595744252205,
-0.0240397397428751,
0.0014464652631431818,
-0.016621200367808342,
-0.06410455703735352,
-0.025590218603610992,
0.16263802349567413,
-0.01330192293971777,
0.0079024787992239,
-0.0035529981832951307,
-0.03246717527508736,
0.03561391308903694,
0.01582890748977661,
0.033037081360816956,
-0.017435576766729355,
0.0184884425252676,
-0.03379957750439644,
0.009755779057741165,
-0.036369673907756805,
-0.1098901554942131,
-0.004964316263794899,
-0.010890338569879532,
-0.04867357015609741,
0.023289868608117104,
-0.020333725959062576,
0.10447650402784348,
0.02000945806503296,
0.0041122399270534515,
-0.10059665888547897,
0.0010246196761727333,
-0.047535546123981476,
0.013477408327162266,
-0.01267052348703146,
-0.03570583462715149,
-0.02248408831655979,
0.02428394742310047,
-0.042946431785821915,
0.015196079388260841,
0.07888535410165787,
-0.0018921633018180728,
-0.047192126512527466,
0.049978528171777725,
-0.02332017943263054,
-0.0023617942351847887,
-0.031485751271247864,
0.007238830905407667,
-0.017430849373340607,
-0.08494500070810318,
-0.009830092079937458,
0.013902430422604084,
0.0548122338950634,
0.009826572611927986,
0.005766523536294699,
0.01762056164443493,
0.003797045210376382,
-0.04270056635141373,
0.05195019021630287,
-0.042468369007110596,
0.04798348248004913,
-0.04691336303949356,
-0.010134883224964142,
0.01535577792674303,
0.007798181381076574,
0.011802255176007748,
-0.01806509867310524,
0.014122631400823593,
0.007901371456682682,
-0.017418891191482544,
-0.020884810015559196,
-0.013043854385614395,
-0.014453602023422718,
-0.003079561749473214,
0.17881622910499573,
0.015125502832233906,
-0.010387703776359558,
0.0013664172729477286,
0.0007750476943328977,
0.048267967998981476,
-0.036040980368852615,
0.050280552357435226,
-0.01047781016677618,
-0.014424013905227184,
-0.00971074216067791,
-0.006105079781264067,
-0.027975494042038918,
-0.017678426578640938,
-0.01543679554015398,
0.011757439002394676,
0.007301029283553362,
0.014668945223093033,
0.031961675733327866,
0.009057288989424706,
0.03834054246544838,
-0.020322240889072418,
0.030957043170928955,
0.04030634090304375,
-0.010243400931358337,
-0.0028220482636243105,
0.020287441089749336,
0.02292087860405445,
0.014836931601166725,
0.008486011065542698,
-0.04117174819111824,
0.027146879583597183,
-0.023656761273741722,
-0.036664482206106186,
0.00006699696677969769,
-0.005117420107126236,
0.02998223714530468,
0.013757050968706608,
-0.0020306219812482595,
0.05396237224340439,
0.02802838385105133,
0.004261074122041464,
-0.007295327726751566,
-0.03095320053398609,
0.003794800490140915,
-0.009164700284600258,
0.0951923131942749,
0.010294261388480663,
0.025485973805189133,
-0.0015547372167930007,
0.0028941903728991747,
-0.03718859702348709,
-0.00943252258002758,
0.03491423279047012,
0.02227153815329075,
0.024348368868231773,
0.011987035162746906,
-0.017953546717762947,
0.0327894426882267,
0.00492932228371501,
-0.09427090734243393,
-0.006685938686132431,
-0.02171155996620655,
0.028225267305970192,
0.019900569692254066,
0.031781528145074844,
-0.002423064084723592,
-0.02861304022371769,
-0.01801709271967411,
0.06290999054908752,
0.11915524303913116,
-0.09126303344964981,
-0.05960175767540932,
-0.006901311222463846,
0.008418907411396503,
-0.026621930301189423,
-0.022855738177895546,
0.002312741242349148,
0.00014243688201531768,
-0.007988772355020046,
-0.0063677020370960236,
0.0014336867025122046,
0.1807766705751419,
0.024141663685441017,
-0.033005304634571075,
-0.0032226599287241697,
0.007568273693323135,
-0.004178693518042564,
0.0022538346238434315,
0.00946007575839758,
0.01518610492348671,
0.00016889660037122667,
0.023950910195708275,
-0.0001022485812427476,
-0.03703026473522186,
-0.041228365153074265,
-0.013697212561964989,
-0.015186555683612823,
-0.06381576508283615,
0.023519419133663177,
0.0021099960431456566,
0.038681089878082275,
-0.003260589437559247,
-0.033194929361343384,
-0.03198138251900673,
-0.0017768251709640026,
-0.008759505115449429,
-0.048451635986566544,
-0.004811703693121672,
0.032863736152648926,
-0.014026211574673653,
-0.002066743792966008,
-0.026867715641856194,
0.0278242826461792,
0.0009034457616508007,
-0.11173947155475616,
-0.007363160140812397,
-0.017892977222800255,
0.03726951777935028,
-0.0009991079568862915,
-0.04912789911031723,
0.0026365485973656178,
-0.01567942462861538,
0.02816951833665371,
0.035762984305620193,
-0.05477367714047432,
0.02321578748524189,
0.028231339529156685,
0.002601028187200427,
-0.012693837285041809,
-0.03236360847949982,
-0.00793435238301754,
0.09605002403259277,
0.09328080713748932,
-0.028089571744203568,
0.021603472530841827,
-0.02574922703206539,
-0.06038862466812134,
0.009576591663062572,
-0.027041643857955933,
-0.048155684024095535,
-0.004869865253567696,
0.023756803944706917,
-0.09557279199361801,
0.02219509519636631,
0.020817063748836517,
-0.007180851884186268,
0.02988104708492756,
0.02223719283938408,
-0.03701699525117874,
0.0007608435116708279
] |
foreign exchange rate fluctuations on the translation of our income before income taxes was a benefit (detriment) of approximately $(104) million and $74 million for the years ended May 31, 2013 and 2012, respectively.
Managing translational exposures
To minimize the impact of translating foreign currency denominated revenues and expenses into U.S. Dollars for consolidated reporting, certain foreign subsidiaries use excess cash to purchase U.S. Dollar denominated available- for-sale investments. The variable future cash flows associated with the purchase and subsequent sale of these U.S. Dollar denominated securities at non-U.S. Dollar functional currency subsidiaries creates a foreign currency exposure that qualifies for hedge accounting under the accounting standards for derivatives and hedging. We utilize forward contracts and/or options to mitigate the variability of the forecasted future purchases and sales of these U.S. Dollar investments. The combination of the purchase and sale of the U.S. Dollar investment and the hedging instrument has the effect of partially offsetting the year-over-year foreign currency translation impact on net earnings in the period the investments are sold. Hedges of available-for- sale investments are accounted for as cash flow hedges.
Refer to Note 6 — Fair Value Measurements and Note 17 — Risk Management and Derivatives in the accompanying Notes to the Consolidated Financial Statements for additional description of how the above financial instruments are valued and recorded as well as the fair value of outstanding derivatives at period end.
We estimate the combination of translation of foreign currency-denominated profits from our international businesses and the year-over-year change in foreign currency related gains and losses included in other (income) expense, net had an unfavorable impact of approximately $56 million on our income before income taxes for the year ended May 31, 2013 and had an insignificant impact for the year ended May 31, 2012.
Net investments in foreign subsidiaries
We are also exposed to the impact of foreign exchange fluctuations on our investments in wholly-owned foreign subsidiaries denominated in a currency other than the U.S. Dollar, which could adversely impact the U.S. Dollar value of these investments and therefore the value of future repatriated earnings. We have hedged and may, in the future, hedge net investment positions in certain foreign subsidiaries to mitigate the effects of foreign exchange fluctuations on these net investments. In accordance with the accounting standards for derivatives and hedging, the effective portion of the change in fair value of the forward contracts designated as net investment hedges is recorded in the cumulative translation adjustment component of accumulated other comprehensive income. Any ineffective portion is immediately recognized in earnings as a component of other (income) expense, net. The impact of ineffective hedges was not material for any period presented. To minimize credit risk, we have structured these net investment hedges to be generally less than six months in duration. Upon maturity, the hedges are settled
| 2SELL
|
[
-0.0038699626456946135,
0.059719305485486984,
-0.002993367612361908,
-0.00970490649342537,
-0.12599195539951324,
-0.017163904383778572,
-0.007596151437610388,
0.005088911857455969,
-0.07218462973833084,
0.02590078115463257,
0.004670667927712202,
-0.01343283336609602,
0.020072942599654198,
-0.03641795367002487,
0.00037227291613817215,
0.0468146875500679,
0.026671182364225388,
-0.008266916498541832,
-0.03860602155327797,
0.004884692374616861,
0.012555206194519997,
0.00999272707849741,
0.0178617462515831,
-0.013373887166380882,
0.02849406562745571,
0.03507475182414055,
-0.06422479450702667,
0.021284081041812897,
0.0497775673866272,
-0.03943367674946785,
0.014904818497598171,
0.022876814007759094,
0.038770802319049835,
-0.017361009493470192,
0.036696311086416245,
0.004134067799896002,
-0.06433618813753128,
0.013827660121023655,
0.035837337374687195,
0.0117407301440835,
-0.04125381261110306,
0.018097639083862305,
-0.026173129677772522,
-0.002339868573471904,
0.00695226714015007,
-0.021474337205290794,
0.023168213665485382,
0.0376545786857605,
0.017545416951179504,
-0.009313284419476986,
0.0014428711729124188,
-0.02146613411605358,
-0.015420970506966114,
-0.03433109074831009,
-0.0255194790661335,
0.0003940434253308922,
-0.0065986281260848045,
-0.009864387102425098,
0.0855645090341568,
0.0275996383279562,
0.03470037505030632,
-0.03443893417716026,
0.005562149919569492,
0.02879251167178154,
0.007871037349104881,
-0.016728665679693222,
-0.01039059553295374,
-0.003514382289722562,
-0.03274025768041611,
-0.022607257589697838,
0.02477259561419487,
0.03821958228945732,
-0.01623639278113842,
-0.022320372983813286,
0.007888738065958023,
-0.045740511268377304,
0.03773884102702141,
-0.0012776959920302033,
0.07890549302101135,
-0.03828251734375954,
-0.0013769238721579313,
-0.07733545452356339,
0.014024266973137856,
-0.07730170339345932,
0.027466142550110817,
0.0009249077993445098,
-0.007967877201735973,
-0.04905097559094429,
-0.016348766162991524,
0.0013260245323181152,
-0.004730322863906622,
0.013440466485917568,
-0.019510827958583832,
-0.06206730008125305,
-0.032420556992292404,
-0.0020539474207907915,
0.040047019720077515,
-0.15134979784488678,
-0.006633945275098085,
-0.0067557175643742085,
0.05992862209677696,
0.010569232515990734,
0.04146333038806915,
-0.012413893826305866,
0.02233312837779522,
0.0029582686256617308,
-0.02204808034002781,
0.0425989143550396,
-0.0032264930196106434,
0.0067064762115478516,
-0.02463994175195694,
-0.06272229552268982,
0.023129409179091454,
-0.0025613324251025915,
-0.007760443724691868,
0.0386500358581543,
0.006947044748812914,
0.0379013791680336,
-0.008711169473826885,
-0.061538733541965485,
0.010349616408348083,
-0.025207508355379105,
-0.037627313286066055,
0.0021516496781259775,
-0.029974544420838356,
0.03205617144703865,
-0.024385225027799606,
-0.010063722729682922,
0.04413863644003868,
-0.010216119699180126,
-0.004147359635680914,
-0.006011701188981533,
-0.0214040819555521,
0.019780926406383514,
-0.03865492716431618,
0.019717825576663017,
-0.004104121122509241,
0.002786099910736084,
-0.04930584132671356,
0.010126693174242973,
-0.02609681524336338,
-0.024018658325076103,
-0.02205684781074524,
-0.00706460140645504,
-0.042648617178201675,
-0.0024898957926779985,
-0.017173876985907555,
0.005881765391677618,
0.018570709973573685,
0.06634843349456787,
-0.009815127588808537,
-0.004539028741419315,
-0.03436478599905968,
-0.013050164096057415,
-0.021561753004789352,
-0.014160950668156147,
0.04575521871447563,
-0.0041803028434515,
-0.06413135677576065,
-0.004272588528692722,
-0.004381687846034765,
-0.005333897657692432,
-0.00993855856359005,
-0.056567687541246414,
-0.0554417185485363,
-0.03398943692445755,
0.018311111256480217,
-0.012450071983039379,
0.04486864432692528,
0.05382772907614708,
0.022914722561836243,
0.0347805880010128,
0.004015024751424789,
0.00027553344261832535,
0.028524307534098625,
-0.05701332911849022,
0.03694192320108414,
0.038136400282382965,
-0.0054414779879152775,
0.022466905415058136,
0.03296247869729996,
-0.0005234605632722378,
0.05523813143372536,
-0.10089519619941711,
-0.058551039546728134,
-0.017488455399870872,
0.006689744535833597,
0.04911067709326744,
-0.008558745495975018,
-0.01869729906320572,
0.04453802853822708,
-0.015371555462479591,
-0.0019358564168214798,
-0.003589842701330781,
-0.002605290384963155,
-0.008732163347303867,
-0.01795056462287903,
0.004682510159909725,
-0.002020090352743864,
-0.010775545611977577,
-0.11204620450735092,
0.017501885071396828,
-0.0057762484066188335,
0.02635878510773182,
0.05117129907011986,
-0.010251238942146301,
-0.004489355720579624,
-0.005419015418738127,
-0.002108163433149457,
-0.010595620609819889,
-0.060963597148656845,
-0.005286433733999729,
0.012729494832456112,
-0.04087146371603012,
0.008195905014872551,
0.04460646212100983,
0.006017494946718216,
-0.09312951564788818,
-0.02920055389404297,
-0.04368237406015396,
0.00636356882750988,
-0.010263289324939251,
0.012768080458045006,
0.013228105381131172,
0.057302046567201614,
-0.006663198582828045,
0.05470776930451393,
-0.006055422127246857,
-0.05086088180541992,
0.03739716112613678,
0.008886369876563549,
0.06141731142997742,
-0.026159264147281647,
0.0318409688770771,
0.008088313043117523,
-0.0023651185911148787,
0.005099841859191656,
0.008423496037721634,
-0.02395620569586754,
0.05640536919236183,
0.08912410587072372,
-0.01564936526119709,
-0.008795524947345257,
-0.006025326903909445,
-0.0317949540913105,
0.050382163375616074,
0.018386617302894592,
0.0403868593275547,
-0.009683918207883835,
-0.027446184307336807,
-0.017874818295240402,
0.026061445474624634,
-0.03292451053857803,
-0.0025225861463695765,
-0.03854876756668091,
0.019703224301338196,
0.02412055805325508,
-0.013517946004867554,
-0.00022616646310780197,
-0.13264776766300201,
-0.003019924508407712,
-0.023215167224407196,
0.009266960434615612,
-0.02142246812582016,
0.012434456497430801,
0.009484860114753246,
0.024435115978121758,
-0.012444626539945602,
-0.007984432391822338,
0.004277478437870741,
-0.015105083584785461,
-0.01579734869301319,
0.04665394499897957,
-0.018529385328292847,
-0.004053635057061911,
0.013549590483307838,
0.03210637718439102,
-0.012823492288589478,
0.027358394116163254,
-0.03573448583483696,
-0.0030753312166780233,
-0.0006625554524362087,
-0.001894780551083386,
-0.022260794416069984,
-0.017382044345140457,
-0.015700222924351692,
-0.02858247235417366,
-0.007087824400514364,
0.08231871575117111,
-0.027992723509669304,
-0.01530497521162033,
0.009517267346382141,
0.012580258771777153,
-0.0363180972635746,
-0.022457120940089226,
0.06459042429924011,
-0.01058092713356018,
-0.03655259683728218,
0.0016815991839393973,
0.04933230206370354,
0.011603380553424358,
0.025577489286661148,
0.008572528138756752,
-0.031487397849559784,
-0.013777303509414196,
-0.01467850711196661,
-0.01364649273455143,
-0.022605376318097115,
0.12467453628778458,
-0.0342877171933651,
0.01143324002623558,
0.01831713691353798,
0.0003856287803500891,
-0.008845950476825237,
-0.01812237873673439,
-0.03741282597184181,
-0.031689174473285675,
0.030062031000852585,
-0.027087362483143806,
-0.02961566485464573,
0.01953858882188797,
0.008150232955813408,
0.02308541163802147,
0.027974003925919533,
0.057101212441921234,
0.004744341131299734,
0.03203519433736801,
-0.03201735392212868,
0.020692989230155945,
-0.021674975752830505,
0.03660884499549866,
0.11250373721122742,
-0.028889337554574013,
0.03931930661201477,
-0.020874900743365288,
0.0035103524569422007,
0.02185368910431862,
-0.019547943025827408,
-0.0029374833684414625,
-0.007738353684544563,
-0.0053705014288425446,
-0.004215592052787542,
0.03075610287487507,
-0.021506642922759056,
0.0004673450894188136,
0.08810035139322281,
0.0042051589116454124,
-0.06029580906033516,
0.018812572583556175,
0.05904562398791313,
0.05226760730147362,
-0.019720496609807014,
0.008188849315047264,
0.0370783656835556,
0.011669577099382877,
-0.027712784707546234,
0.03019098751246929,
0.009989089332520962,
-0.01627720333635807,
0.019390320405364037,
-0.009018009528517723,
-0.02090379223227501,
-0.004825330805033445,
-0.010519880801439285,
0.03288165107369423,
-0.0436733216047287,
-0.04069509357213974,
0.008950218558311462,
0.01411663368344307,
-0.015495703555643559,
-0.011227395385503769,
0.01144412998110056,
0.016865216195583344,
0.07360585033893585,
-0.021630853414535522,
0.0033642305061221123,
0.03081752359867096,
-0.024310162290930748,
-0.002141047501936555,
0.020354099571704865,
-0.00013093784218654037,
0.0018100376473739743,
-0.009128074161708355,
-0.011657771654427052,
0.08672983199357986,
-0.012006808072328568,
0.006310921628028154,
0.013371755369007587,
0.002470841398462653,
0.020142244175076485,
-0.0036109748762100935,
0.029621874913573265,
0.046241920441389084,
0.004450330976396799,
-0.025111643597483635,
0.00005846245039720088,
0.030311081558465958,
-0.006170972250401974,
-0.026258664205670357,
-0.01603703759610653,
-0.002937054494395852,
-0.012436824850738049,
-0.01535454299300909,
0.021153274923563004,
0.05410964787006378,
0.029032863676548004,
-0.031451959162950516,
0.04661029204726219,
-0.019950779154896736,
0.058912668377161026,
-0.0020132337231189013,
-0.1252336949110031,
-0.018957119435071945,
0.01322063896805048,
-0.04937821999192238,
0.028287898749113083,
-0.013490742072463036,
0.03318460285663605,
0.07726813107728958,
0.05208870768547058,
-0.046808499842882156,
0.007224016357213259,
0.038812726736068726,
0.0052764322608709335,
-0.13575592637062073,
0.013952575623989105,
-0.058051206171512604,
-0.032022811472415924,
0.017067935317754745,
0.00787425972521305,
-0.019228722900152206,
0.005273942835628986,
0.020884763449430466,
-0.013201679103076458,
-0.0010825064964592457,
0.010531187988817692,
-0.0018168749520555139,
-0.02833564765751362,
-0.013049835339188576,
0.030813094228506088,
-0.03823702037334442,
0.03529128059744835,
0.0032830906566232443,
-0.013573558069765568,
-0.01992913894355297,
0.011894358322024345,
0.04716058820486069,
-0.018558921292424202,
0.03392643481492996,
-0.0414947085082531,
-0.008576568216085434,
0.008368431590497494,
0.004531793761998415,
0.015380355529487133,
0.005528158042579889,
-0.012076511047780514,
-0.003049337537959218,
0.009015025570988655,
-0.018554290756583214,
0.00670144846662879,
0.010495216585695744,
0.006594476755708456,
0.02563435025513172,
-0.007946046069264412,
-0.004377553705126047,
0.017466867342591286,
0.02267967350780964,
-0.0006611595745198429,
0.048390015959739685,
-0.009726856835186481,
-0.0005938796093687415,
0.004527254030108452,
0.0010628518648445606,
0.0099156703799963,
0.03406260535120964,
-0.009039328433573246,
0.03184875100851059,
-0.005352038890123367,
-0.01286032423377037,
-0.024052008986473083,
0.013438624329864979,
-0.022055162116885185,
-0.02426494099199772,
0.01992260105907917,
0.006078255828469992,
-0.08141857385635376,
-0.06078048050403595,
-0.009611787274479866,
-0.014601926319301128,
0.0030392096377909184,
-0.04229314625263214,
-0.034449391067028046,
-0.03818619251251221,
0.029899688437581062,
-0.00361187057569623,
-0.008883083239197731,
-0.17376138269901276,
0.07022783905267715,
-0.00801766850054264,
-0.013370048254728317,
0.037574946880340576,
-0.010308561846613884,
0.025199059396982193,
0.045954734086990356,
0.011951591819524765,
0.02704733982682228,
-0.007177088875323534,
0.03459932282567024,
-0.05752187222242355,
0.011945974081754684,
0.023307381197810173,
0.022773565724492073,
-0.017114801332354546,
-0.035651661455631256,
0.019859513267874718,
-0.06733829528093338,
0.03293441981077194,
0.0074745891615748405,
0.029021665453910828,
-0.0037029730156064034,
-0.002295369515195489,
0.018831485882401466,
0.028662513941526413,
0.000247152493102476,
0.04553183913230896,
-0.0024959661532193422,
0.03906780481338501,
-0.008659440092742443,
0.05917763337492943,
-0.0038634161464869976,
0.013144596479833126,
0.1961422860622406,
-0.006257387809455395,
-0.016739826649427414,
-0.0011958683608099818,
-0.006678376346826553,
0.0021477157715708017,
-0.008930440060794353,
-0.025100672617554665,
-0.017597025260329247,
-0.018787257373332977,
0.03234054893255234,
0.013649928383529186,
-0.02554042637348175,
0.01925155334174633,
-0.007717586122453213,
-0.06141703203320503,
-0.007889403030276299,
0.00034886764478869736,
-0.0897543653845787,
-0.012836897745728493,
0.11021959781646729,
0.0338958315551281,
0.006866657640784979,
0.016660645604133606,
-0.035802263766527176,
0.01892358437180519,
0.007126186974346638,
0.007584521546959877,
0.016159916296601295,
-0.0051827882416546345,
-0.046815190464258194,
0.0075468034483492374,
-0.021389830857515335,
-0.09089810401201248,
0.006249746307730675,
-0.007257529534399509,
-0.029006438329815865,
0.030200766399502754,
0.0000818847693153657,
0.0959487333893776,
0.012594287283718586,
-0.013734769076108932,
-0.07300243526697159,
0.029644375666975975,
0.005560083780437708,
0.008680199272930622,
-0.032180435955524445,
-0.022594058886170387,
-0.05251196399331093,
0.04530838504433632,
0.01936160773038864,
-0.017305247485637665,
0.01407374907284975,
0.020412763580679893,
-0.10953949391841888,
0.02575009874999523,
0.035606659948825836,
-0.0016655887011438608,
0.007804471999406815,
-0.020145775750279427,
0.00017177409608848393,
-0.002817306900396943,
0.0244037713855505,
0.045848820358514786,
-0.1156456470489502,
-0.015239585191011429,
0.010796933434903622,
-0.0008618381689302623,
-0.020828720182180405,
0.01856272667646408,
0.017905686050653458,
0.021852651610970497,
0.018704336136579514,
0.012331577949225903,
-0.014646582305431366,
0.02531539835035801,
-0.0022184469271451235,
0.032427672296762466,
-0.012920251116156578,
-0.013081049546599388,
-0.02626306563615799,
-0.004789941478520632,
-0.03714866563677788,
-0.002671716036275029,
0.02716091088950634,
0.023207707330584526,
-0.1956893801689148,
0.025555500760674477,
0.03336846083402634,
-0.005289807915687561,
-0.014720848761498928,
0.01635533757507801,
-0.021638302132487297,
-0.046907007694244385,
0.01863265037536621,
-0.02536826767027378,
-0.037496019154787064,
0.016184117645025253,
-0.0009434142266400158,
-0.022271452471613884,
0.013156544417142868,
0.018527967855334282,
-0.022467004135251045,
0.0005050291656516492,
0.039931755512952805,
-0.012889458797872066,
0.03039741702377796,
-0.04603596404194832,
-0.14373020827770233,
0.00929368007928133,
-0.04848794266581535,
-0.011046585626900196,
0.0114941680803895,
0.01897944137454033,
0.0029751132242381573,
-0.012509451247751713,
-0.04013492539525032,
0.040260396897792816,
0.0559048131108284,
0.022839553654193878,
-0.013649014756083488,
0.011213882826268673,
0.04154476523399353,
-0.01644241251051426,
-0.02465437911450863,
0.01340720895677805,
-0.008244520053267479,
-0.005284164100885391,
-0.025752820074558258,
-0.03200928866863251,
0.03053797222673893,
-0.03918886184692383,
0.03327811136841774,
0.015996014699339867,
0.009577484801411629,
0.041615355759859085,
0.00026239873841404915,
-0.04116230085492134,
-0.011786220595240593,
0.027008138597011566,
0.012752193957567215,
-0.010417480953037739,
0.023434389382600784,
0.04883242025971413,
0.018820127472281456,
-0.01733448915183544,
0.020278386771678925,
0.03556361794471741,
-0.05863169953227043,
0.007844815030694008,
0.010260839946568012,
-0.01223834976553917,
0.011514008976519108,
-0.06813405454158783,
0.011258747428655624,
0.04250549525022507,
-0.1635947972536087,
-0.08100499957799911,
-0.06692083925008774,
0.022013643756508827,
0.005796023644506931,
-0.017282649874687195,
0.0024925880134105682,
-0.01888269931077957,
-0.014750084839761257,
-0.006752972491085529,
-0.024960018694400787,
0.0051229773089289665,
-0.09504105895757675,
0.028755294159054756,
-0.013280723243951797,
0.010655740275979042,
0.019757438451051712,
-0.02202039584517479,
0.02008984237909317,
-0.0037526246160268784,
-0.0009804171277210116,
-0.0030129337683320045,
0.01795469969511032,
0.007956267334520817,
-0.009968655183911324,
-0.010628496296703815,
-0.016553927212953568,
0.011480494402348995,
-0.052465375512838364,
0.014148545451462269,
-0.005851691123098135,
0.006900415755808353,
-0.00007908217958174646,
-0.0074598658829927444,
-0.04538361355662346,
-0.039624668657779694,
-0.0142667880281806,
0.12402122467756271,
0.00007581346289953217,
0.028721889480948448,
-0.016011279076337814,
0.007332129403948784,
-0.008432097733020782,
-0.002994757844135165,
-0.03443744033575058,
0.06491970270872116,
-0.03898295760154724,
-0.0027869930490851402,
-0.003827041946351528,
-0.03561132028698921,
-0.019120091572403908,
-0.001315750298090279,
-0.00428237859159708,
0.04022771865129471,
0.02452000230550766,
0.006256246939301491,
0.016644462943077087,
0.04437646269798279,
-0.0051766736432909966,
-0.01189619954675436,
-0.04616542160511017,
-0.03574546054005623,
0.0615108460187912,
-0.10729794204235077,
-0.013297411613166332,
0.03209318593144417,
-0.0008022020920179784,
-0.03037656843662262,
0.01010498683899641,
-0.010195966809988022,
0.0006587787065654993,
0.017163477838039398,
-0.04028641805052757,
-0.015053385868668556,
0.008069082163274288,
0.03683589771389961,
-0.019626658409833908,
0.042260173708200455,
-0.037299562245607376,
0.029095707461237907,
-0.010054320096969604
] |
detailed description of the nature of our sales deductions and our procedures for estimating our obligations. For example:
• For Medicaid, Medicare and performance-based contract rebates, we use our experience ratio of rebates paid and actual prescriptions written during prior quarters, which may be adjusted to better match our current experience or our expected future experience.
• Outside the U.S., the majority of our pharmaceutical rebates, discounts and price reductions (collectively, sales allowances) are contractual or legislatively mandated and our estimates are based on actual invoiced sales within each period, which reduces the risk of variations in the estimation process. In certain European countries, rebates are calculated on the government’s total unbudgeted pharmaceutical spending or on specific product sales thresholds, and we apply an estimated allocation factor against our actual invoiced sales to project the expected level of reimbursement. We obtain third-party information that helps us monitor the adequacy of these accruals.
• For chargebacks, we closely approximate actual as we settle these deductions generally within two to five weeks after incurring the liability.
• For sales returns, we perform calculations in each market that incorporate the following, as appropriate: local returns policies and practices; returns as a percentage of sales; an understanding of the reasons for past returns; estimated shelf life by product; an estimate of the amount of time between shipment and return or lag time; and any other factors that could impact the estimate of future returns, such as loss of exclusivity, product recalls or a changing competitive environment.
• For sales incentives, we use our historical experience with similar incentives programs to predict customer behavior.
These deductions represent estimates of the related obligations and, as such, judgment and knowledge of market conditions and practice are required when estimating the impact of these sales deductions on gross sales for a reporting period. Historically, our adjustments to actual results have not been material to our overall business. On a quarterly basis, our adjustments to actual results generally have been less than 1% of biopharmaceutical net sales and can result in either a net increase or a net decrease in income. Product-specific rebate charges, however, can have a significant impact on year-over-year individual product growth trends. If any of our ratios, factors, assessments, experiences or judgments are not indicative or accurate predictors of our future experience, our results could be materially affected. The sensitivity of our estimates can vary by program, type of customer and geographic location. However, estimates associated with U.S. Medicaid and performance-based contract rebates are most at-risk for material adjustment because of the extensive time delay between the recording of the accrual and its ultimate settlement, an interval that can generally range up to one year. Because of this time lag, in any given quarter, our adjustments to actual can incorporate revisions of several prior quarters.
Asset Impairment Reviews
We review
| 2SELL
|
[
-0.002350547583773732,
0.05749651417136192,
-0.007666328921914101,
-0.019115693867206573,
-0.1107444167137146,
-0.017226817086338997,
-0.0033365697599947453,
0.005671447142958641,
-0.07608900964260101,
0.023631462827324867,
0.003992489539086819,
-0.032840125262737274,
0.02110070176422596,
-0.03984978422522545,
0.012664075940847397,
0.03775737062096596,
0.0491669625043869,
-0.009486011229455471,
-0.04352952539920807,
0.007157804444432259,
0.009173408150672913,
0.017318569123744965,
0.0105665884912014,
-0.011130202561616898,
0.029631482437253,
0.023788271471858025,
-0.061824824661016464,
0.024443460628390312,
0.05351698398590088,
-0.05547589063644409,
0.021719710901379585,
0.03203398734331131,
0.03894827514886856,
-0.02200516313314438,
0.03977910429239273,
0.010199296288192272,
-0.0472332239151001,
0.017235610634088516,
0.03868008032441139,
0.009523981250822544,
-0.05701329931616783,
-0.0019768080674111843,
-0.0031366455368697643,
-0.007972068153321743,
0.008228985592722893,
-0.009327053092420101,
0.01825025863945484,
0.03742428496479988,
0.017225617542862892,
-0.011171084828674793,
-0.0011313619324937463,
-0.02868715673685074,
-0.015815410763025284,
-0.029901139438152313,
-0.02965889312326908,
0.006915935780853033,
-0.015719743445515633,
-0.027458924800157547,
0.07830534130334854,
0.03023393638432026,
0.02100995182991028,
-0.04191881790757179,
0.008184466511011124,
0.04001729562878609,
0.011310639791190624,
-0.008997906930744648,
-0.010330433025956154,
-0.010406059212982655,
-0.03774508088827133,
-0.025364955887198448,
0.027926046401262283,
0.04086779057979584,
-0.01563798449933529,
-0.013565216213464737,
0.004026295151561499,
-0.03628559038043022,
0.04594182223081589,
-0.008854903280735016,
0.08406392484903336,
-0.02912646159529686,
-0.0007141546229831874,
-0.07674024999141693,
0.03362146019935608,
-0.07350806891918182,
0.01907801441848278,
-0.020058531314134598,
-0.02114841341972351,
-0.04938197880983353,
-0.01943468302488327,
-0.0007955753826536238,
0.001612061052583158,
-0.0009144842042587698,
-0.025002120062708855,
-0.0518682524561882,
-0.030084164813160896,
0.005468156188726425,
0.039618417620658875,
-0.16354332864284515,
-0.0018022399162873626,
-0.0022316775284707546,
0.05511428043246269,
0.013026207685470581,
0.02697453461587429,
-0.019407231360673904,
0.02132909744977951,
0.0002986756735481322,
-0.032111141830682755,
0.041424624621868134,
-0.0015850256895646453,
0.010448628105223179,
-0.014026501215994358,
-0.05544297397136688,
0.015712684020400047,
0.002844808157533407,
-0.012674982659518719,
0.043184660375118256,
0.0025974479503929615,
0.04254993423819542,
-0.002879687352105975,
-0.0656515434384346,
0.013370943255722523,
-0.03245854750275612,
-0.027983084321022034,
-0.012159251607954502,
-0.03754051774740219,
0.038820043206214905,
-0.027563024312257767,
-0.01536396611481905,
0.040444206446409225,
-0.005188684910535812,
-0.0030699744820594788,
-0.004954667761921883,
-0.011269968934357166,
0.02160971239209175,
-0.043615348637104034,
0.010878942906856537,
-0.006169954780489206,
0.0005955896340310574,
-0.051451440900564194,
0.008951982483267784,
-0.02946481853723526,
-0.016323531046509743,
-0.01728292740881443,
-0.014601386152207851,
-0.034942690283060074,
-0.0085256677120924,
-0.01379427034407854,
0.009159602224826813,
0.035069771111011505,
0.07698558270931244,
-0.008590690791606903,
0.0014947797171771526,
-0.037743788212537766,
-0.017232857644557953,
-0.025294529274106026,
-0.012486735358834267,
0.04958071932196617,
0.005967264994978905,
-0.0624653585255146,
-0.0076839211396873,
-0.00459373788908124,
-0.006019718945026398,
-0.007394421845674515,
-0.06190985441207886,
-0.054265134036540985,
-0.033298783004283905,
0.013048119843006134,
-0.018483640626072884,
0.039733730256557465,
0.04767964035272598,
0.02722351998090744,
0.0250540878623724,
-0.0015464306343346834,
0.002456145128235221,
0.03493763878941536,
-0.06524576246738434,
0.03917575255036354,
0.04418375343084335,
-0.011502591893076897,
0.022264113649725914,
0.030743803828954697,
0.005277556367218494,
0.05061648041009903,
-0.10691235959529877,
-0.0682758092880249,
-0.024754861369729042,
0.0049019306898117065,
0.04398565739393234,
-0.0018096630228683352,
-0.023596564307808876,
0.04248305782675743,
-0.015716709196567535,
0.004848134703934193,
-0.004160663112998009,
-0.013495614752173424,
-0.014310477301478386,
-0.021759459748864174,
0.004935549106448889,
-0.006821167655289173,
-0.005950897000730038,
-0.10742819309234619,
0.011478438042104244,
-0.0024911118671298027,
0.023727405816316605,
0.031001314520835876,
-0.013858301565051079,
-0.028582699596881866,
-0.0024201953783631325,
0.0001579850068083033,
-0.013812287710607052,
-0.05791376903653145,
-0.013101032935082912,
0.012425673194229603,
-0.026899471879005432,
0.008600803092122078,
0.06085817143321037,
0.0001486611581640318,
-0.09689315408468246,
-0.0329536534845829,
-0.039677273482084274,
0.0052404520101845264,
-0.015315881930291653,
0.028706664219498634,
0.0063816821202635765,
0.06235406920313835,
-0.01579803042113781,
0.04053269326686859,
-0.00890092458575964,
-0.05194350704550743,
0.029261672869324684,
0.005796865560114384,
0.06974882632493973,
-0.040916502475738525,
0.03016819804906845,
0.009473827667534351,
-0.0000898185680853203,
0.0031760078854858875,
0.001183664775453508,
-0.02404934912919998,
0.06609760224819183,
0.08921094238758087,
-0.011639146134257317,
-0.010189344175159931,
-0.011331168003380299,
-0.033382002264261246,
0.04963076487183571,
0.01670941710472107,
0.03179163485765457,
-0.015517005696892738,
-0.022607626393437386,
-0.00544743100181222,
0.034033697098493576,
-0.029529469087719917,
0.002002495341002941,
-0.03558484464883804,
0.02210523560643196,
0.014395887032151222,
-0.011555728502571583,
0.01004656683653593,
-0.14374366402626038,
-0.01680624485015869,
-0.027393218129873276,
-0.004494408145546913,
-0.022487863898277283,
0.013984240591526031,
0.005768122151494026,
0.02304690331220627,
-0.008940432220697403,
-0.0028524238150566816,
0.010392749682068825,
-0.013054920360445976,
-0.014016630128026009,
0.049257244914770126,
-0.013910978101193905,
0.002053162083029747,
0.012178858742117882,
0.03776036575436592,
-0.007410820107907057,
0.025646395981311798,
-0.031249741092324257,
-0.007136066444218159,
-0.003898123512044549,
-0.005370530765503645,
-0.019713498651981354,
-0.021763063967227936,
-0.015985360369086266,
-0.01979123055934906,
-0.0035016187466681004,
0.07996047288179398,
-0.031258661299943924,
-0.014624946750700474,
0.009889726527035236,
0.02157299779355526,
-0.036689091473817825,
-0.027587711811065674,
0.06964380294084549,
-0.006673804484307766,
-0.056212589144706726,
-0.0022849775850772858,
0.05065896362066269,
0.015894992277026176,
0.02864254079759121,
0.015398806892335415,
-0.034750375896692276,
-0.01424535270780325,
-0.015085844323039055,
-0.02738848887383938,
-0.02113048918545246,
0.12064538151025772,
-0.022259309887886047,
0.008380291983485222,
0.015017863363027573,
-0.010813074186444283,
-0.00815921276807785,
-0.01690208539366722,
-0.04295898601412773,
-0.03795544058084488,
0.024259941652417183,
-0.024589991196990013,
-0.029049240052700043,
0.023061754181981087,
0.006277101580053568,
0.01937749609351158,
0.02423352748155594,
0.06597895920276642,
-0.0073752026073634624,
0.04592285677790642,
-0.026849407702684402,
0.03117506019771099,
-0.024725250899791718,
0.05126720666885376,
0.09992531687021255,
-0.028858603909611702,
0.037418704479932785,
-0.02767110802233219,
-0.00098936608992517,
0.02255592867732048,
-0.01987197995185852,
0.005095751024782658,
-0.017507949844002724,
-0.00652428949251771,
-0.0052270302549004555,
0.02299739606678486,
-0.031785525381565094,
-0.002446622820571065,
0.09612458199262619,
0.010288220830261707,
-0.05736622214317322,
0.01597018539905548,
0.07494319975376129,
0.0658024400472641,
-0.019306663423776627,
0.0038865695241838694,
0.05010313540697098,
0.010697606950998306,
-0.035966645926237106,
0.0389227494597435,
0.006531858816742897,
-0.010862237773835659,
0.004036416299641132,
-0.014169348403811455,
-0.011941388249397278,
-0.0015407343162223697,
-0.011005502194166183,
0.04089328274130821,
-0.030355768278241158,
-0.03495609387755394,
0.010523594915866852,
0.012021771632134914,
-0.02098103053867817,
-0.010548063553869724,
0.013298232108354568,
0.01895769312977791,
0.05994271859526634,
-0.0301820058375597,
0.011172425001859665,
0.026530925184488297,
-0.026008546352386475,
0.00631495239213109,
0.035562869161367416,
0.0007718130946159363,
-0.008799630217254162,
-0.010263452306389809,
-0.00841474812477827,
0.06809131801128387,
-0.01825142093002796,
0.006143516395241022,
0.023235062137246132,
-0.002859455533325672,
0.018519341945648193,
-0.01708768680691719,
0.03573872148990631,
0.045856546610593796,
0.015960052609443665,
-0.024146681651473045,
0.005201321095228195,
0.02665477804839611,
-0.001009091385640204,
-0.029657505452632904,
-0.02073243074119091,
0.0005896817310713232,
-0.014597288332879543,
-0.01230573933571577,
0.026974137872457504,
0.050718702375888824,
0.016628675162792206,
-0.02477962151169777,
0.04612158238887787,
-0.00007777948485454544,
0.047384824603796005,
-0.001496630720794201,
-0.1081724688410759,
-0.01234268955886364,
0.016423244029283524,
-0.05552036687731743,
0.037977755069732666,
-0.015573825687170029,
0.03708098456263542,
0.07004259526729584,
0.04083048179745674,
-0.042945511639118195,
0.003849899861961603,
0.02866973541676998,
0.011986179277300835,
-0.14452382922172546,
0.013328648172318935,
-0.06016469746828079,
-0.031508177518844604,
0.014375529251992702,
0.011871238239109516,
-0.013625700026750565,
0.0033901238348335028,
0.024401390925049782,
-0.011204482987523079,
-0.0025298716500401497,
0.005975752603262663,
-0.008939355611801147,
-0.02921793982386589,
-0.012309039942920208,
0.038071826100349426,
-0.03559407219290733,
0.04114338010549545,
0.0041716801933944225,
-0.015334255993366241,
-0.014750806614756584,
0.008830749429762363,
0.050058066844940186,
-0.014407931827008724,
0.025696877390146255,
-0.052752044051885605,
-0.009559063240885735,
0.019109422340989113,
0.004640847444534302,
0.010859216563403606,
0.01065406110137701,
-0.008770567364990711,
-0.005397796630859375,
0.007714462466537952,
-0.011857560835778713,
0.007109207566827536,
0.0043057529255747795,
0.004929622169584036,
0.033176470547914505,
-0.006066618487238884,
0.0038698117714375257,
0.01893833838403225,
0.02121145650744438,
0.0019449818646535277,
0.04980799928307533,
-0.0034683302510529757,
0.00019164150580763817,
0.010928398929536343,
0.00039655802538618445,
-0.006597819738090038,
0.03643868863582611,
-0.013405948877334595,
0.036027856171131134,
-0.0020042541436851025,
-0.015667978674173355,
-0.024262821301817894,
0.019691484048962593,
-0.01701316609978676,
-0.023809732869267464,
0.021497774869203568,
0.0037054282147437334,
-0.09035851806402206,
-0.036188263446092606,
-0.009056377224624157,
-0.016861872747540474,
0.0017562874127179384,
-0.04404768347740173,
-0.032333336770534515,
-0.032817114144563675,
0.03810189291834831,
-0.0036704493686556816,
-0.011625895276665688,
-0.16732566058635712,
0.048732731491327286,
-0.007569249253720045,
-0.011432050727307796,
0.03973286971449852,
-0.018685854971408844,
0.024424556642770767,
0.048194412142038345,
0.00862622819840908,
0.0234784334897995,
-0.011403224430978298,
0.03252880275249481,
-0.05418022722005844,
0.009408445097506046,
0.026851831004023552,
0.0441133975982666,
-0.018796192482113838,
-0.034875690937042236,
0.019367042928934097,
-0.062487661838531494,
0.05059994012117386,
0.00003722973997355439,
0.01731148175895214,
0.005634879227727652,
0.002478844951838255,
0.024937205016613007,
0.030474243685603142,
-0.002316107740625739,
0.05256937816739082,
-0.00817724596709013,
0.03054419904947281,
-0.007330401334911585,
0.05224796012043953,
-0.004770961124449968,
0.01483104843646288,
0.17520584166049957,
-0.007477920036762953,
-0.008528081700205803,
0.0028976157773286104,
-0.00598188117146492,
0.00595300504937768,
-0.013839716091752052,
-0.028427982702851295,
-0.019202906638383865,
-0.02430877648293972,
0.02809121645987034,
0.016695065423846245,
-0.02383781224489212,
0.021684421226382256,
-0.012119796127080917,
-0.07271363586187363,
-0.007455714978277683,
0.011772344820201397,
-0.07835154980421066,
-0.011102598160505295,
0.10698367655277252,
0.039765942841768265,
0.00042667367961257696,
0.012692282907664776,
-0.03338170424103737,
0.01520864199846983,
0.0020260170567780733,
0.009317918680608273,
0.02659199759364128,
0.0027494593523442745,
-0.04313577339053154,
0.005636895075440407,
-0.0102733438834548,
-0.07638669013977051,
0.004821081645786762,
0.004481380805373192,
-0.02671278826892376,
0.024412142112851143,
-0.009172801859676838,
0.0880865827202797,
0.01320063229650259,
-0.0069171409122645855,
-0.06718569248914719,
0.03757816553115845,
0.011688465252518654,
0.005517623387277126,
-0.019576428458094597,
-0.010610556229948997,
-0.044741664081811905,
0.04870603233575821,
0.013793247751891613,
-0.01813158392906189,
-0.0004704442690126598,
0.0249569583684206,
-0.1083412915468216,
0.026462530717253685,
0.02841367945075035,
-0.0018692086450755596,
0.006227055098861456,
-0.02158309891819954,
-0.005517171695828438,
-0.00839137565344572,
0.03263135999441147,
0.04242224246263504,
-0.13558557629585266,
-0.021334102377295494,
0.01817222498357296,
-0.0006002231384627521,
-0.01054524164646864,
0.011087932623922825,
0.011559776030480862,
0.022440696135163307,
0.027364138513803482,
0.012113265693187714,
-0.01579122245311737,
0.02139204367995262,
-0.0024844289291650057,
0.03703340142965317,
-0.01383218914270401,
-0.01714499294757843,
-0.0331898108124733,
-0.005564751103520393,
-0.038919396698474884,
-0.00882837176322937,
0.02709152176976204,
0.015896856784820557,
-0.1925078183412552,
0.02702227607369423,
0.030563509091734886,
-0.00062180170789361,
-0.013467391952872276,
0.022663351148366928,
-0.013056712225079536,
-0.04561441391706467,
0.008680982515215874,
-0.0225273035466671,
-0.043833546340465546,
0.017214005813002586,
-0.0051113031804561615,
-0.03179790452122688,
0.015118641778826714,
0.020773857831954956,
-0.021068276837468147,
-0.0018818526295945048,
0.053566157817840576,
-0.01613069698214531,
0.037658464163541794,
-0.05075988918542862,
-0.13680192828178406,
0.0026306493673473597,
-0.036870405077934265,
-0.016129236668348312,
0.016877654939889908,
0.029257766902446747,
0.010702027007937431,
-0.011595153249800205,
-0.03253736346960068,
0.033799879252910614,
0.06069835647940636,
0.028416188433766365,
-0.012916835956275463,
0.006261471193283796,
0.045848291367292404,
-0.01930622011423111,
-0.012113974429666996,
0.00465778261423111,
-0.010738052427768707,
-0.006824658252298832,
-0.029670339077711105,
-0.030965855345129967,
0.03115733526647091,
-0.03862717002630234,
0.02030014619231224,
0.011320149526000023,
0.009741554036736488,
0.051645923405885696,
0.009801722131669521,
-0.03641299530863762,
-0.007106621749699116,
0.021470095962285995,
0.006332349963486195,
-0.014844046905636787,
0.0294484943151474,
0.04865073412656784,
0.0016363401664420962,
-0.019347399473190308,
0.02638074941933155,
0.033859677612781525,
-0.06280075013637543,
0.010431686416268349,
0.007174694910645485,
-0.024925345554947853,
0.00838164146989584,
-0.06898745894432068,
0.01555089745670557,
0.04079563170671463,
-0.15901385247707367,
-0.07949239015579224,
-0.058622103184461594,
0.01480521634221077,
0.006368936039507389,
-0.018832014873623848,
0.008134572766721249,
-0.018368802964687347,
-0.008852921426296234,
-0.001522890292108059,
-0.024291640147566795,
0.008982639759778976,
-0.09202982485294342,
0.02490132860839367,
-0.015245232731103897,
0.00896751694381237,
0.014987625181674957,
-0.022790739312767982,
0.020547540858387947,
-0.0008546836907044053,
-0.013628816232085228,
-0.007523089647293091,
0.024114230647683144,
0.012942198663949966,
-0.007283368613570929,
-0.003215252188965678,
-0.02376747503876686,
0.002922785235568881,
-0.05806546285748482,
0.006970331072807312,
-0.00022110666031949222,
0.016875453293323517,
0.00194105738773942,
-0.019175004214048386,
-0.036646854132413864,
-0.029743952676653862,
-0.010896706953644753,
0.10880181938409805,
0.0012613206636160612,
0.03291088342666626,
-0.01900596171617508,
0.00699329050257802,
-0.0062989708967506886,
-0.0005044527351856232,
-0.032848868519067764,
0.07022064179182053,
-0.029877793043851852,
-0.008949697948992252,
-0.0005748635740019381,
-0.04188843443989754,
-0.01664607599377632,
-0.005082948133349419,
-0.00886122789233923,
0.05446328595280647,
0.02894633263349533,
0.009898832999169827,
0.01792036183178425,
0.0475911870598793,
-0.01784413680434227,
-0.019677964970469475,
-0.04094382002949715,
-0.041263919323682785,
0.06049780547618866,
-0.0876971185207367,
-0.021400151774287224,
0.020116733387112617,
-0.0003258005599491298,
-0.02041655406355858,
0.010985135100781918,
-0.013981640338897705,
-0.006664498243480921,
0.01310234796255827,
-0.04371170327067375,
0.005001978948712349,
0.0012279389193281531,
0.042654845863580704,
-0.024825086817145348,
0.056571073830127716,
-0.04498898610472679,
0.04045037552714348,
0.0025513905566185713
] |
is our former Animal Health business. For further details on Zoetis-related transactions, see Notes to Consolidated Financial Statements—Note 2D. Acquisitions, Licensing Agreements, Collaborative Arrangements, Divestitures, and Equity-Method Investments: Divestitures. For further details on the transfer of certain product rights, see Notes to Consolidated Financial Statements—Note 2E. Acquisitions, Licensing Agreements, Collaborative Arrangements, Divestitures, and Equity-Method Investments: Equity-Method Investments.
ANALYSIS OF FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
We rely largely on operating cash flows, short-term investments, short-term commercial paper borrowings and long-term debt to provide for our liquidity requirements. Due to our significant operating cash flows as well as our financial assets, access to capital markets and available lines of credit and revolving credit agreements, we believe that we have, and will maintain, the ability to meet our liquidity needs for the foreseeable future, which include:
• the working capital requirements of our operations, including our research and development activities;
• investments in our business;
• dividend payments and potential increases in the dividend rate;
• share repurchases;
• the cash requirements associated with our cost-reduction/productivity initiatives;
• paying down outstanding debt;
• contributions to our pension and postretirement plans; and
• business-development activities.
For additional information about our share-purchase plans, see the “Share-Purchase Plans” section of this Financial Review.
Our long-term debt is rated high-quality by both Standard & Poor’s (S&P) and Moody’s Investors Service (Moody's). See the “Credit Ratings” section below. As market conditions change, we continue to monitor our liquidity position. We have taken and will continue to take a conservative approach to our financial investments. Both short-term and long-term investments consist primarily of high-quality, highly liquid, well-diversified and available-for-sale debt securities.
Selected Measures of Liquidity and Capital Resources
On May 15, 2014, we completed a public offering of $4.5 billion aggregate principal amount of senior unsecured notes (see Notes to
Consolidated Financial Statements––Note 7D. Financial Instruments: Long-Term Debt).
On June 3, 2013, we completed a public offering of $4.0 billion aggregate principal amount of senior unsecured notes. In addition, we repaid at maturity our 3.625% senior unsecured notes that were due June 2013, which had a balance of $2.4 billion at December 31, 2012, and, in December 2013, we redeemed the aggregate principal amount of $1.8 billion of our 5.50% senior unsecured notes that were due in February 2014.
Subsequent Event
On February 5, 2015, we announced that we have entered into a definitive merger agreement under which we agreed to acquire Hospira, the world’s leading provider of injectable drugs and infusion technologies and a global leader in biosimilars, for $90 per share in cash, for a total enterprise value of approximately $17 billion. We expect to finance the transaction through a combination of
| 2SELL
|
[
-0.0007112064631655812,
0.049430545419454575,
-0.009119112975895405,
-0.022335099056363106,
-0.12558642029762268,
-0.013252068310976028,
-0.0037301538977771997,
0.009245436638593674,
-0.06419777125120163,
0.030629215762019157,
0.0029858106281608343,
-0.03540753573179245,
0.015516884624958038,
-0.03432663902640343,
0.004566908348351717,
0.04607652127742767,
0.05188990384340286,
-0.00552620692178607,
-0.039304014295339584,
0.0022450198885053396,
0.015281066298484802,
0.015488976612687111,
0.003897002898156643,
-0.012996972538530827,
0.024096637964248657,
0.02492901310324669,
-0.06683774292469025,
0.022093329578638077,
0.05415193364024162,
-0.04745427519083023,
0.025386396795511246,
0.026657184585928917,
0.03402874618768692,
-0.020688822492957115,
0.05215950682759285,
0.005184816662222147,
-0.04473934695124626,
0.015951508656144142,
0.03620782867074013,
0.008032415062189102,
-0.05042172968387604,
0.001873214729130268,
-0.01600665971636772,
-0.009539663791656494,
0.004922295920550823,
-0.009717712178826332,
0.025861656293272972,
0.02718503214418888,
0.017208142206072807,
-0.011289065703749657,
-0.00020331992709543556,
-0.029347103089094162,
-0.016398202627897263,
-0.034236811101436615,
-0.024439821019768715,
0.0007190880132839084,
-0.01473749428987503,
-0.04036257416009903,
0.07586938887834549,
0.029585516080260277,
0.025497404858469963,
-0.027219407260417938,
0.010067597031593323,
0.03414054960012436,
0.007813980802893639,
-0.010716053657233715,
-0.002960768761113286,
0.00646968511864543,
-0.040462300181388855,
-0.01389989536255598,
0.023548994213342667,
0.04004395008087158,
-0.022130537778139114,
-0.019640415906906128,
0.0003628571575973183,
-0.04974377527832985,
0.038801513612270355,
0.0037824311293661594,
0.0803695023059845,
-0.0343310572206974,
0.003606177866458893,
-0.08264417201280594,
0.05378340184688568,
-0.08732400834560394,
0.019817691296339035,
-0.020989788696169853,
-0.016601763665676117,
-0.05260253697633743,
-0.016559559851884842,
0.004489612299948931,
0.0004300325526855886,
0.012030589394271374,
-0.023322734981775284,
-0.045873064547777176,
-0.020859239622950554,
0.008535967208445072,
0.03609965741634369,
-0.16330179572105408,
-0.003710187505930662,
0.004963451065123081,
0.060626909136772156,
0.011750233359634876,
0.039279770106077194,
-0.023858806118369102,
0.02019277773797512,
0.010041733272373676,
-0.03118450939655304,
0.03913123533129692,
0.00041285192128270864,
0.007736979518085718,
-0.022555150091648102,
-0.061159901320934296,
0.024540027603507042,
-0.0040472992695868015,
-0.009986178949475288,
0.05361402779817581,
0.006290107034146786,
0.043676529079675674,
0.0014657970750704408,
-0.05667702853679657,
0.010038759559392929,
-0.027574893087148666,
-0.03468724340200424,
-0.0072871604934334755,
-0.03991764411330223,
0.020644713193178177,
-0.030540892854332924,
-0.00041547228465788066,
0.037755902856588364,
-0.0032354402355849743,
-0.0030069518834352493,
-0.004996628034859896,
-0.014774145558476448,
0.026133263483643532,
-0.041858017444610596,
0.01217618864029646,
-0.007783492095768452,
0.001060348004102707,
-0.04863009974360466,
0.006816419772803783,
-0.034503959119319916,
-0.02130688540637493,
-0.011525236070156097,
-0.013544319197535515,
-0.04479854553937912,
-0.006007237825542688,
-0.013971110805869102,
0.008169112727046013,
0.026022277772426605,
0.06560847908258438,
-0.014217520132660866,
-0.000629115616902709,
-0.032409001141786575,
-0.011714475229382515,
-0.01313270628452301,
-0.008412986062467098,
0.0629575252532959,
0.002125223632901907,
-0.0663541629910469,
-0.003345182631164789,
-0.005254015326499939,
-0.018049834296107292,
-0.007102770730853081,
-0.06446279585361481,
-0.06749851256608963,
-0.03089182637631893,
0.009705190546810627,
-0.020997894927859306,
0.04226333647966385,
0.042392924427986145,
0.021864138543605804,
0.02586326189339161,
-0.002227331046015024,
0.000907840090803802,
0.03334154561161995,
-0.06364208459854126,
0.02312311716377735,
0.047322146594524384,
-0.01320739183574915,
0.021295521408319473,
0.029072673991322517,
0.007379451300948858,
0.05388205870985985,
-0.108922578394413,
-0.06492167711257935,
-0.01625605672597885,
0.011599946767091751,
0.04777629300951958,
-0.004039705265313387,
-0.015362360514700413,
0.04674427956342697,
-0.02202686294913292,
-0.004018501844257116,
0.0000515073406859301,
0.00019857115694321692,
-0.014796254225075245,
-0.012091201730072498,
0.007517293095588684,
-0.0012276313500478864,
-0.006769584491848946,
-0.10644450038671494,
0.014065434224903584,
0.0004430346598383039,
0.024898162111639977,
0.03586461395025253,
-0.017196007072925568,
-0.023874495178461075,
-0.0017623476451262832,
-0.002310496987774968,
-0.016344552859663963,
-0.05707986652851105,
-0.004411324393004179,
0.009059240110218525,
-0.02472100220620632,
0.0017563571454957128,
0.049289412796497345,
-0.003279481315985322,
-0.0961524099111557,
-0.015120617114007473,
-0.04171687364578247,
0.007842344231903553,
-0.014641931280493736,
0.025398511439561844,
0.0018237291369587183,
0.058430422097444534,
0.005151395685970783,
0.03204156085848808,
-0.008861739188432693,
-0.04729430377483368,
0.018072698265314102,
0.007287127897143364,
0.06231611967086792,
-0.042046885937452316,
0.025193188339471817,
0.008096783421933651,
0.006893035490065813,
0.006660970859229565,
0.003900413168594241,
-0.028875721618533134,
0.07003343850374222,
0.08464425057172775,
-0.008784148842096329,
-0.012643327936530113,
-0.009145663119852543,
-0.0314934104681015,
0.0485270619392395,
0.028841782361268997,
0.033486317843198776,
-0.012795401737093925,
-0.022364666685461998,
-0.010510635562241077,
0.03910075128078461,
-0.04183299094438553,
-0.0013163161929696798,
-0.03969927504658699,
0.022153589874505997,
0.02374717779457569,
-0.014100249856710434,
0.015703346580266953,
-0.1380559355020523,
-0.012423431500792503,
-0.023746822029352188,
0.01026663463562727,
-0.028848921880126,
0.009323272854089737,
0.0030575101263821125,
0.022584140300750732,
-0.011422693729400635,
-0.0019495559390634298,
0.003925447817891836,
-0.005570342764258385,
-0.012247644364833832,
0.037577074021101,
-0.012981278821825981,
-0.0028426421340554953,
0.005520602222532034,
0.03522387146949768,
-0.010837681591510773,
0.029711954295635223,
-0.02664501592516899,
-0.005835977848619223,
-0.00375012937001884,
0.001077178050763905,
-0.02130451425909996,
-0.02322143130004406,
-0.009983931668102741,
-0.03580356389284134,
-0.0013728643534705043,
0.08503013104200363,
-0.03166593983769417,
-0.012591085396707058,
0.0070522925816476345,
0.012149506248533726,
-0.03994430974125862,
-0.02932652086019516,
0.07048819959163666,
-0.009380104020237923,
-0.04740925133228302,
-0.0020981563720852137,
0.0541347861289978,
0.020126786082983017,
0.026161346584558487,
0.016710445284843445,
-0.02944648265838623,
-0.011895772069692612,
-0.011956239119172096,
-0.025446482002735138,
-0.02483086846768856,
0.12742337584495544,
-0.011504155583679676,
0.015459110960364342,
0.017959967255592346,
-0.004437446128576994,
-0.007172039709985256,
-0.018200410529971123,
-0.036570265889167786,
-0.037295132875442505,
0.03598687797784805,
-0.015400323085486889,
-0.029079614207148552,
0.016149429604411125,
0.0062085166573524475,
0.02497190795838833,
0.025231927633285522,
0.05237772688269615,
-0.005735398270189762,
0.04717424884438515,
-0.04597656428813934,
0.04394903406500816,
-0.017897730693221092,
0.0367467999458313,
0.07447858154773712,
-0.03200192749500275,
0.036898672580718994,
-0.026547547429800034,
0.018155863508582115,
0.018676893785595894,
-0.01667013205587864,
0.005656079389154911,
-0.00437383446842432,
-0.0020572750363498926,
-0.0040130093693733215,
0.03315776214003563,
-0.02499162033200264,
0.0032264399342238903,
0.1104598194360733,
0.011480878107249737,
-0.0472869910299778,
0.019786622375249863,
0.07129628211259842,
0.053917981684207916,
-0.021853091195225716,
0.0037585014943033457,
0.047306645661592484,
0.009909423999488354,
-0.040006108582019806,
0.03962763026356697,
0.008675833232700825,
-0.012246913276612759,
0.0076140169985592365,
-0.013009309768676758,
-0.01916407234966755,
-0.00807906873524189,
-0.00045551269431598485,
0.03961416706442833,
-0.010364076122641563,
-0.04175737872719765,
0.01244913786649704,
0.01570753939449787,
-0.01881660334765911,
-0.01515126321464777,
0.007759311236441135,
0.01746322587132454,
0.0520557276904583,
-0.03117574006319046,
0.011478611268103123,
0.026141133159399033,
-0.030572399497032166,
0.003006809391081333,
0.03221290186047554,
0.0002271169505547732,
-0.0009665427496656775,
-0.010038749314844608,
-0.009698665700852871,
0.07655041664838791,
-0.013552781194448471,
0.0060783810913562775,
0.010642181150615215,
0.0023512286134064198,
0.010106577537953854,
-0.010129022412002087,
0.03595951199531555,
0.04281946271657944,
0.014845171011984348,
-0.025319034233689308,
0.0053985645063221455,
0.030083898454904556,
-0.015336922369897366,
-0.014929726719856262,
-0.02845284901559353,
-0.007773920428007841,
-0.017809206619858742,
-0.012948472984135151,
0.027054794132709503,
0.047415122389793396,
0.006697001866996288,
-0.0212248545140028,
0.043074335902929306,
-0.007677446119487286,
0.04624054208397865,
-0.003319081151857972,
-0.11783073842525482,
-0.01497924979776144,
0.019202454015612602,
-0.05460110306739807,
0.027545789256691933,
-0.004640550818294287,
0.035625018179416656,
0.0746583640575409,
0.04763568192720413,
-0.04737433046102524,
0.005391147453337908,
0.032677289098501205,
0.014277051202952862,
-0.14598116278648376,
0.01728202775120735,
-0.05535821616649628,
-0.03091351129114628,
0.01127931009978056,
0.0082124387845397,
-0.009761027991771698,
0.00735662505030632,
0.014832439832389355,
-0.009173634462058544,
-0.0012509353691712022,
0.007671468425542116,
-0.005472906865179539,
-0.030219251289963722,
-0.008171063847839832,
0.037077438086271286,
-0.02844669669866562,
0.038971301168203354,
-0.0012969740200787783,
-0.008214275352656841,
-0.019565464928746223,
0.011352880857884884,
0.044878724962472916,
-0.011947075836360455,
0.032223355025053024,
-0.05830018222332001,
-0.0022792748641222715,
0.017526447772979736,
0.009523976594209671,
0.0010761405574157834,
0.006125308573246002,
-0.01088325958698988,
-0.011583165265619755,
0.010080454871058464,
-0.019349029287695885,
0.0068909721449017525,
0.005785979330539703,
0.008019792847335339,
0.023011580109596252,
-0.0027931779623031616,
-0.007258584722876549,
0.023306721821427345,
0.01921103522181511,
-0.00039208013913594186,
0.05064376816153526,
-0.005577878560870886,
-0.00020817725453525782,
0.006526796612888575,
0.0036756759509444237,
-0.0038424371741712093,
0.03598681837320328,
-0.0073857675306499004,
0.04765807092189789,
-0.006191502325236797,
-0.012876163236796856,
-0.0237506665289402,
0.015561744570732117,
-0.014966544695198536,
-0.01994866132736206,
0.025485850870609283,
0.009178880602121353,
-0.08838310837745667,
-0.03028946928679943,
-0.004125922452658415,
-0.015915602445602417,
0.0053307306952774525,
-0.045247819274663925,
-0.03271489217877388,
-0.031358134001493454,
0.03259824588894844,
-0.003088011872023344,
-0.012299949303269386,
-0.13566100597381592,
0.01251955982297659,
-0.017267638817429543,
-0.011521285399794579,
0.035614967346191406,
-0.015847167000174522,
0.01448200922459364,
0.034917399287223816,
0.0037775614764541388,
0.03225207328796387,
-0.006814074236899614,
0.029744744300842285,
-0.05461883917450905,
0.007172009442001581,
0.021563781425356865,
0.03744438663125038,
-0.01742474175989628,
-0.03768124058842659,
0.024276800453662872,
-0.06993398815393448,
0.04193366318941116,
0.004362570121884346,
0.018946127966046333,
0.00892877671867609,
-0.002894200384616852,
0.022456094622612,
0.02611123025417328,
-0.001968982396647334,
0.05023222416639328,
-0.0011420302325859666,
0.03175066038966179,
-0.004705144092440605,
0.05163215473294258,
-0.009738258086144924,
0.019233690574765205,
0.18524491786956787,
-0.0020404404494911432,
-0.009056175127625465,
-0.0007173475460149348,
-0.001964074093848467,
0.006904049776494503,
-0.007273192051798105,
-0.02659979835152626,
-0.009715002961456776,
-0.00909912958741188,
0.0273362435400486,
0.010711648501455784,
-0.02149813249707222,
0.021636737510561943,
-0.012799435295164585,
-0.061376363039016724,
-0.008070249110460281,
0.0058610700070858,
-0.07690051943063736,
-0.017640268430113792,
0.08981215208768845,
0.03932945802807808,
0.0009743284317664802,
0.016238950192928314,
-0.03320227563381195,
0.014775751158595085,
0.0021268439013510942,
0.0025276648811995983,
0.011516538448631763,
0.001280521391890943,
-0.040477998554706573,
0.003513476112857461,
-0.006719618570059538,
-0.05271923169493675,
0.005910631734877825,
0.0025866790674626827,
-0.029759744182229042,
0.027485791593790054,
-0.006352146156132221,
0.09627960622310638,
0.013584306463599205,
-0.013913733884692192,
-0.06146978586912155,
0.030988315120339394,
0.016631601378321648,
0.008592548780143261,
-0.02135688252747059,
-0.012367029674351215,
-0.03795406222343445,
0.04721008241176605,
0.017631644383072853,
-0.01432336401194334,
-0.002455214038491249,
0.02132076397538185,
-0.11815544217824936,
0.03358272463083267,
0.03509556129574776,
-0.0018240307690575719,
0.014519946649670601,
-0.0185939222574234,
-0.005460232961922884,
0.0026248821523040533,
0.03339850902557373,
0.04083706811070442,
-0.12220089137554169,
-0.0224963016808033,
0.01463039219379425,
-0.005669293459504843,
-0.017437810078263283,
0.019190199673175812,
0.005772204138338566,
0.028985783457756042,
0.023571928963065147,
0.022365452721714973,
-0.02081499621272087,
0.015974190086126328,
0.0017130948835983872,
0.03862884268164635,
-0.00985568854957819,
-0.01787286251783371,
-0.021350327879190445,
-0.0027856952510774136,
-0.03661208972334862,
-0.0063072568736970425,
0.024013403803110123,
0.01351518090814352,
-0.21718019247055054,
0.02628021128475666,
0.038164615631103516,
-0.006295281462371349,
-0.016590630635619164,
0.02424648217856884,
-0.015660621225833893,
-0.041573457419872284,
0.007013294380158186,
-0.011820824816823006,
-0.03332578018307686,
0.022698646411299706,
-0.001433490077033639,
-0.026133179664611816,
0.014227978885173798,
0.01788080297410488,
-0.026233866810798645,
0.0010870577534660697,
0.04850015044212341,
-0.029723627492785454,
0.035311177372932434,
-0.04899980127811432,
-0.13488435745239258,
0.0018388283206149936,
-0.052649229764938354,
-0.013107958249747753,
0.021891096606850624,
0.024826934561133385,
0.006106710061430931,
-0.013647235929965973,
-0.036565717309713364,
0.027027364820241928,
0.07016879320144653,
0.028277413919568062,
-0.010076990351080894,
-0.00018099469889421016,
0.04472045600414276,
-0.022794436663389206,
-0.01111902017146349,
0.009053451009094715,
-0.005267534404993057,
-0.0028601824305951595,
-0.02755553461611271,
-0.029050620272755623,
0.032056014984846115,
-0.0415039099752903,
0.005271308124065399,
0.0011637707939371467,
0.010832574218511581,
0.05159781500697136,
0.009663029573857784,
-0.03950170427560806,
-0.006403790786862373,
0.020325005054473877,
0.007733627688139677,
-0.014284648001194,
0.029269658029079437,
0.05934710055589676,
0.004947993438690901,
-0.02629685401916504,
0.041335638612508774,
0.04001177102327347,
-0.057867564260959625,
0.006699713412672281,
0.004919901955872774,
-0.028194786980748177,
0.014618847519159317,
-0.05631684139370918,
0.020121030509471893,
0.031272247433662415,
-0.17358388006687164,
-0.06924255192279816,
-0.0519820936024189,
0.021130643784999847,
0.005768727045506239,
-0.01556391641497612,
0.012276293709874153,
-0.01680608093738556,
-0.018814275041222572,
-0.007014540955424309,
-0.023367783054709435,
0.007924400269985199,
-0.11759153008460999,
0.02529045194387436,
-0.01746220514178276,
0.004778558388352394,
0.012785856612026691,
-0.017884252592921257,
0.02281055599451065,
-0.00022796499251853675,
-0.018106423318386078,
-0.005329519510269165,
0.017425689846277237,
0.0087538231164217,
-0.007472084369510412,
-0.0002861899556592107,
-0.023105092346668243,
0.004681720864027739,
-0.05593199282884598,
0.006762788165360689,
-0.000018942337192129344,
0.012157345190644264,
0.006492814514786005,
-0.023238375782966614,
-0.03956060856580734,
-0.034326840192079544,
-0.008553864434361458,
0.12416472285985947,
0.0033639229368418455,
0.021673448383808136,
-0.012680628336966038,
-0.0006303538102656603,
-0.007319336291402578,
-0.008081474341452122,
-0.03249409422278404,
0.08952560275793076,
-0.032372817397117615,
-0.011649386025965214,
0.005525568034499884,
-0.04463674873113632,
-0.013357552699744701,
-0.0008374931639991701,
0.0027695284225046635,
0.05513259768486023,
0.027481671422719955,
0.01736152358353138,
0.019379811361432076,
0.047969456762075424,
-0.016274400055408478,
-0.01320867519825697,
-0.04141818732023239,
-0.04117894545197487,
0.043984465301036835,
-0.08872228115797043,
-0.01669565588235855,
0.028159668669104576,
0.0006945221684873104,
-0.03436143696308136,
0.009375400841236115,
-0.013784312643110752,
0.005239051766693592,
0.015273693948984146,
-0.04641846939921379,
0.015150725841522217,
0.0028820920269936323,
0.04481237009167671,
-0.016235772520303726,
0.04998902603983879,
-0.06025839224457741,
0.03836420178413391,
0.002238802146166563
] |
and foreign deferred tax assets or liabilities, as appropriate, for our estimate of future tax effects attributable to temporary differences and carryforwards; and we record a valuation allowance to reduce any deferred tax assets by the amount of any tax benefits that, based on available evidence and judgment, are not expected to be realized.
United States income tax has not been provided on earnings of our non-U.S. subsidiaries to the extent that such earnings are considered to be indefinitely reinvested.
Our calculation of current and deferred tax assets and liabilities is based on certain estimates and judgments and involves dealing with uncertainties in the application of complex tax laws. Our estimates of current and deferred tax assets and liabilities may change based, in part, on added certainty or finality to an anticipated outcome, changes in accounting standards or tax laws in the United States, or foreign jurisdictions where we operate, or changes in other facts or circumstances. In addition, we recognize liabilities for potential United States and foreign income tax contingencies based on our estimate of whether, and the extent to which, additional taxes may be due. If we determine that payment of these amounts is unnecessary or if the recorded tax liability is less than our current assessment, we may be required to recognize an income tax benefit or additional income tax expense in our financial statements, accordingly.
As of January 27, 2013, we had a valuation allowance of $224.8 million related to state and certain foreign deferred tax assets that management determined are not likely to be realized due, in part, to projections of future taxable income and potential utilization limitations of tax attributes acquired as a result of stock ownership changes. To the extent realization of the deferred tax assets becomes more-likely-than-not, we would recognize such deferred tax asset as an income tax benefit during the period.
Our deferred tax assets do not include the excess tax benefit related to stock-based compensation that are a component of our federal and state net operating loss and research tax credit carryforwards in the amount of $459.1 million as of January 27, 2013. Consistent with prior years, the excess tax benefit reflected in our net operating loss and research tax credit carryforwards will be accounted for as a credit to stockholders' equity, if and when realized. In determining if and when excess tax benefits have been realized, we have elected to utilize the with-and-without approach with respect to such excess tax benefits. We have also elected to ignore the indirect tax effects of stock-based compensation deductions for financial and accounting reporting purposes, and specifically to recognize the full effect of the research tax credit in income from operations.
We recognize the benefit from a tax position only if it is more-likely-than-not that the position would be sustained upon audit based solely on the technical merits of the tax position. Our policy is to include interest and penalties related to unrecognized tax benefits as a component of income tax expense. Please refer to Note 14 of
| 2SELL
|
[
-0.006828211713582277,
0.05566784366965294,
0.006672815419733524,
-0.017463136464357376,
-0.11782126873731613,
-0.008644967339932919,
-0.0039553954266011715,
0.0028592110611498356,
-0.07676371932029724,
0.02093903161585331,
0.008145947940647602,
-0.012681766413152218,
0.029609212651848793,
-0.038799677044153214,
-0.010890349745750427,
0.010081269778311253,
0.019165579229593277,
-0.008313175290822983,
-0.045355215668678284,
-0.0012190587585791945,
0.016472917050123215,
0.024978069588541985,
0.014495260082185268,
-0.007500023581087589,
0.026151686906814575,
0.03476648032665253,
-0.03983881324529648,
0.02778877131640911,
0.05519672855734825,
-0.03772841393947601,
0.019113954156637192,
0.01826544478535652,
0.042077936232089996,
-0.01942368783056736,
0.031620100140571594,
0.007672531995922327,
-0.06469132006168365,
0.01425088755786419,
0.06768319755792618,
0.003409327007830143,
-0.05043719336390495,
0.01750076748430729,
-0.014564327895641327,
0.0010021619964390993,
0.00736975995823741,
-0.010509920306503773,
0.03667362779378891,
0.03100424073636532,
0.011007949709892273,
-0.0068735177628695965,
-0.0021071662195026875,
-0.037098389118909836,
-0.028407614678144455,
-0.01156147476285696,
-0.013811849057674408,
-0.020546171814203262,
-0.020618729293346405,
-0.020965438336133957,
0.08020951598882675,
0.04400230199098587,
0.030020473524928093,
-0.036344416439533234,
0.01627337746322155,
0.04870256036520004,
0.010045335628092289,
-0.013509476557374,
-0.00858340784907341,
-0.0038956787902861834,
-0.042011551558971405,
-0.0351385660469532,
0.03184308856725693,
0.04003039374947548,
-0.0240790955722332,
-0.02883325144648552,
0.004473082721233368,
-0.05718115344643593,
0.03913949429988861,
-0.01643328182399273,
0.09838244318962097,
-0.053365495055913925,
-0.002489896956831217,
-0.07262934744358063,
-0.018361393362283707,
-0.0702127069234848,
0.029691487550735474,
-0.008366284891963005,
-0.016644923016428947,
-0.06180589646100998,
-0.022974489256739616,
-0.0039808726869523525,
0.007267575711011887,
0.01836598664522171,
-0.026962991803884506,
-0.06163586303591728,
-0.04760734736919403,
0.016737796366214752,
0.025487150996923447,
-0.1524050384759903,
-0.0042722770012915134,
-0.018807759508490562,
0.05198507383465767,
0.010872208513319492,
0.036882851272821426,
-0.02424459531903267,
0.01909612864255905,
0.010572677478194237,
-0.01914880983531475,
0.03776141256093979,
-0.006168190389871597,
0.009951925836503506,
-0.02525131218135357,
-0.0710373967885971,
0.030074821785092354,
-0.012331439182162285,
-0.005512144882231951,
0.04945213720202446,
0.005299040116369724,
0.021020764485001564,
-0.010623415932059288,
-0.06527861207723618,
0.0127258887514472,
-0.029064631089568138,
-0.022769013419747353,
-0.0002577588311396539,
-0.019895026460289955,
0.0064568002708256245,
-0.0023759023752063513,
-0.00958225131034851,
0.04571878910064697,
-0.012112356722354889,
-0.003338113659992814,
0.013807880692183971,
-0.021006645634770393,
0.03846684470772743,
-0.03984324261546135,
0.015531516633927822,
-0.009004209190607071,
0.008117121644318104,
-0.05274411663413048,
0.022061454132199287,
-0.018617531284689903,
-0.040915895253419876,
-0.03070405125617981,
-0.011745523661375046,
-0.04997658357024193,
-0.002929647918790579,
-0.01673017628490925,
0.007045244798064232,
0.02774782106280327,
0.08007243275642395,
-0.007346675731241703,
0.005485231056809425,
-0.037807006388902664,
-0.015725931152701378,
-0.030140671879053116,
-0.013411975465714931,
0.057413872331380844,
-0.03532607480883598,
-0.07393117994070053,
-0.004381044302135706,
-0.003610987914726138,
-0.004627072252333164,
-0.007885612547397614,
-0.05788560211658478,
-0.04040880873799324,
-0.03825052082538605,
0.02017279341816902,
-0.015137872658669949,
0.040989067405462265,
0.05437135323882103,
0.018903061747550964,
0.038501787930727005,
0.0029822220094501972,
0.00019643479026854038,
0.030928250402212143,
-0.05992809310555458,
0.01515995617955923,
0.026058439165353775,
0.00953936018049717,
0.02198793739080429,
0.027033261954784393,
-0.0022385036572813988,
0.050169654190540314,
-0.06043822318315506,
-0.05853739008307457,
-0.024650510400533676,
0.0036116151604801416,
0.04316260293126106,
0.00005250059621175751,
-0.018924230709671974,
0.03400871157646179,
-0.011227722279727459,
0.011953345499932766,
-0.006491332780569792,
-0.027076000347733498,
-0.01852498948574066,
-0.03979557752609253,
0.00017411151202395558,
0.014122284017503262,
-0.014616427011787891,
-0.11785724014043808,
0.009932347573339939,
-0.007550118025392294,
0.02259163372218609,
0.028068792074918747,
-0.013903984799981117,
-0.02881009876728058,
-0.010180199518799782,
-0.00991804338991642,
-0.013923997059464455,
-0.06084035709500313,
-0.016615740954875946,
-0.002180234994739294,
-0.0447460412979126,
0.008976132608950138,
0.038105376064777374,
-0.00036361877573654056,
-0.08301316201686859,
-0.02573443204164505,
-0.040120601654052734,
0.006997139658778906,
-0.009582811035215855,
0.013725420460104942,
0.0015997161390259862,
0.032848894596099854,
-0.00872704666107893,
0.06603189557790756,
-0.005110830068588257,
-0.0479392409324646,
0.04174238070845604,
0.014963323250412941,
0.06209704652428627,
-0.01565692201256752,
0.03748805820941925,
0.0015750000020489097,
-0.020237546414136887,
-0.000046779121475992724,
0.0020302096381783485,
-0.029412129893898964,
0.04783227667212486,
0.09504355490207672,
-0.015305191278457642,
-0.01030381303280592,
-0.00657841470092535,
-0.03299892693758011,
0.042607273906469345,
-0.0006738677038811147,
0.057098984718322754,
0.0012283055111765862,
-0.030485456809401512,
-0.008454378694295883,
0.01632249914109707,
-0.0006817805115133524,
-0.0004005380324088037,
-0.0436236709356308,
0.01634254679083824,
0.01890208013355732,
-0.005899166688323021,
-0.0037130063865333796,
-0.12834994494915009,
-0.014526003040373325,
-0.03252212330698967,
0.009124604985117912,
-0.017718419432640076,
0.015263575129210949,
0.0077364202588796616,
0.02112889476120472,
-0.006699640303850174,
-0.013712569139897823,
0.0033782655373215675,
-0.005246788263320923,
-0.010637779720127583,
0.061269767582416534,
-0.01901996321976185,
-0.00028044413193129003,
0.017122453078627586,
0.04024731367826462,
-0.019417405128479004,
0.029795633628964424,
-0.04192715883255005,
-0.005331866908818483,
-0.005750604905188084,
-0.0033315650653094053,
-0.02578665129840374,
-0.012983054853975773,
-0.01540874782949686,
-0.03716060519218445,
-0.003702746471390128,
0.07942726463079453,
-0.023744288831949234,
-0.013670902699232101,
0.01311034057289362,
0.014515620656311512,
-0.03266969323158264,
-0.01455715298652649,
0.07474294304847717,
-0.01126901526004076,
-0.052488185465335846,
-0.000454816035926342,
0.04221033304929733,
-0.005598279647529125,
0.02747831866145134,
0.016182556748390198,
-0.03548155725002289,
-0.013483620248734951,
-0.015940023586153984,
-0.013271181844174862,
-0.027713274583220482,
0.10174953192472458,
-0.026629939675331116,
0.01525798812508583,
0.004217674024403095,
0.0028786014299839735,
-0.015526152215898037,
-0.01345877069979906,
-0.03845788910984993,
-0.02626827545464039,
0.002087655244395137,
-0.03547896817326546,
-0.035829707980155945,
0.016056852415204048,
0.0025890320539474487,
0.01925473101437092,
0.0252961665391922,
0.041444942355155945,
0.007327985018491745,
0.045314591377973557,
-0.02780715934932232,
-0.00469285249710083,
-0.0433446504175663,
0.09250162541866302,
0.1433238983154297,
-0.03836063668131828,
0.036155007779598236,
-0.016474008560180664,
0.00037019731826148927,
0.021271631121635437,
-0.030172713100910187,
0.004519783891737461,
-0.013969582505524158,
-0.007650546729564667,
0.007905092090368271,
0.013257400132715702,
-0.024467388167977333,
-0.0037691944744437933,
0.08300492912530899,
0.0194547101855278,
-0.07733311504125595,
0.009869532659649849,
0.061441924422979355,
0.06242267042398453,
-0.014433697797358036,
-0.002907099900767207,
0.047235116362571716,
0.005507657770067453,
-0.041045088320970535,
0.03481072559952736,
0.001918497495353222,
-0.014330003410577774,
0.0338432751595974,
-0.023496409878134727,
-0.01637822762131691,
0.003020083298906684,
0.002917707897722721,
0.057159390300512314,
-0.050466492772102356,
-0.012408856302499771,
0.0033967606723308563,
0.012968323193490505,
-0.01701165735721588,
-0.0008823662647046149,
-0.0006571129197254777,
0.01755709759891033,
0.08566797524690628,
-0.03299597650766373,
0.0012760699028149247,
0.029522502794861794,
-0.019747739657759666,
-0.0007004785002209246,
0.023314977064728737,
-0.003289372893050313,
-0.00612700404599309,
-0.00829610787332058,
-0.014326187781989574,
0.059523776173591614,
-0.02263941615819931,
0.006953053642064333,
0.002139442600309849,
-0.019690396264195442,
0.02704351209104061,
-0.003319338895380497,
0.0273884367197752,
0.05238786339759827,
-0.006163604557514191,
-0.015159161761403084,
0.0015136782312765718,
0.021993594244122505,
0.012835434637963772,
-0.04977908357977867,
-0.021368056535720825,
-0.003539026714861393,
0.00597681850194931,
-0.015519763343036175,
0.0033186059445142746,
0.05681004375219345,
0.019609978422522545,
-0.02329620160162449,
0.04584788531064987,
-0.013175253756344318,
0.0277863759547472,
-0.015447118319571018,
-0.10101327300071716,
-0.012765513733029366,
0.028399905189871788,
-0.049372874200344086,
0.0375608466565609,
-0.02530418522655964,
0.03836177662014961,
0.05257248505949974,
0.007570665329694748,
-0.06302301585674286,
0.011624197475612164,
0.0315202921628952,
0.006942320615053177,
-0.12076470255851746,
0.02352585271000862,
-0.06906064599752426,
-0.027802450582385063,
0.025876853615045547,
0.011465444229543209,
-0.0014649356016889215,
0.0034820919390767813,
0.02032797411084175,
-0.021363310515880585,
0.004256436135619879,
0.015771865844726562,
0.0003187613910995424,
-0.026289936155080795,
-0.0009315184433944523,
0.03503510728478432,
-0.019962182268500328,
0.02557474561035633,
0.008482043631374836,
-0.021818149834871292,
-0.014947282150387764,
0.03948582708835602,
0.037650853395462036,
-0.023774640634655952,
0.03088437020778656,
-0.039321254938840866,
0.0022568830754607916,
0.015907414257526398,
-0.0019229855388402939,
0.022148778662085533,
0.0019517914624884725,
-0.008737082593142986,
-0.002315447898581624,
0.0035560925025492907,
-0.02973567508161068,
-0.001392125035636127,
0.027776075527071953,
0.003752663964405656,
0.02207251451909542,
-0.019552601501345634,
0.004749029874801636,
0.015262588858604431,
0.026322651654481888,
0.004193650558590889,
0.0575273372232914,
-0.007370807230472565,
-0.00026570167392492294,
0.009077842347323895,
0.00585595378652215,
0.001798596465960145,
0.014199674129486084,
-0.010109751485288143,
0.04305243119597435,
-0.0035240724682807922,
-0.024085283279418945,
-0.023453112691640854,
0.02022908255457878,
-0.03465486317873001,
-0.02114911936223507,
0.014486381784081459,
-0.0034879304002970457,
-0.08106507360935211,
-0.07015763968229294,
-0.025350961834192276,
-0.017590459436178207,
-0.0006630358402617276,
-0.051899779587984085,
-0.034694280475378036,
-0.03576259687542915,
0.02963712438941002,
-0.0041750650852918625,
-0.008908815681934357,
-0.23578333854675293,
0.11974236369132996,
0.01502532884478569,
-0.01257205381989479,
0.03184610605239868,
-0.014773241244256496,
0.03308510780334473,
0.04905344545841217,
0.007168251555413008,
0.029459476470947266,
-0.007780764251947403,
0.043170567601919174,
-0.04931102693080902,
0.012405367568135262,
0.013962355442345142,
0.04621896520256996,
-0.009776635095477104,
-0.019211633130908012,
0.021984707564115524,
-0.055313363671302795,
0.042315613478422165,
-0.0037072186823934317,
0.03495848551392555,
-0.013990207575261593,
-0.0037875641137361526,
0.027797209098935127,
0.017820455133914948,
-0.00029250018997117877,
0.043339505791664124,
-0.00978577695786953,
0.0408930703997612,
-0.004728968720883131,
0.05017255246639252,
0.001689322991296649,
0.01790458895266056,
0.151215061545372,
0.0023204758763313293,
-0.013529513031244278,
-0.0036373413167893887,
-0.0128302201628685,
-0.00905738864094019,
-0.02003050409257412,
-0.0064825271256268024,
-0.01650882698595524,
-0.026747383177280426,
0.03461197763681412,
0.01095612719655037,
-0.014400424435734749,
0.022110603749752045,
-0.012702974490821362,
-0.06679239124059677,
-0.009219068102538586,
-0.01042036060243845,
-0.10243798047304153,
-0.024059530347585678,
0.12380916625261307,
0.02894192934036255,
0.005110784899443388,
0.0108853904530406,
-0.03713256120681763,
0.03219260275363922,
0.003924625925719738,
0.016913006082177162,
-0.0029298507142812014,
0.0022795621771365404,
-0.03686489537358284,
0.005641230847686529,
-0.01699584349989891,
-0.12385623902082443,
-0.0009395451052114367,
-0.005743748974055052,
-0.03066110983490944,
0.024202745407819748,
-0.005220997147262096,
0.11191011965274811,
0.015411506406962872,
-0.004736009985208511,
-0.07428068667650223,
0.04688647389411926,
-0.006237954832613468,
0.012964743189513683,
-0.024790707975625992,
-0.004830800462514162,
-0.06044565141201019,
0.05373853072524071,
-0.013276761397719383,
-0.02424154058098793,
0.025525948032736778,
0.012936966493725777,
-0.11424665153026581,
0.0281123798340559,
0.028506604954600334,
-0.0012071294477209449,
-0.0015562268672510982,
-0.01974593661725521,
0.00742234056815505,
-0.02578207477927208,
0.02377479337155819,
0.03548555448651314,
-0.093333400785923,
-0.005908202845603228,
0.02021900750696659,
0.011704553849995136,
-0.011849157512187958,
0.006260816007852554,
0.013364056125283241,
0.014310965314507484,
0.035545624792575836,
0.007221859414130449,
-0.008052525110542774,
0.026558732613921165,
0.0022767449263483286,
0.034119389951229095,
-0.011419445276260376,
-0.014867245219647884,
-0.039375629276037216,
-0.0007451451965607703,
-0.041685447096824646,
-0.007106125354766846,
0.035126492381095886,
0.020700499415397644,
-0.1352899819612503,
0.021847516298294067,
0.0236608125269413,
-0.004847436677664518,
-0.010219579562544823,
0.03055974841117859,
-0.014973043464124203,
-0.01784900575876236,
0.0010388200171291828,
-0.019232943654060364,
-0.033090949058532715,
0.023278679698705673,
0.0037040631286799908,
-0.026205863803625107,
0.0011354607995599508,
0.013690161518752575,
-0.01755465380847454,
-0.011617990210652351,
0.044903311878442764,
0.0024655554443597794,
0.027463307604193687,
-0.040308695286512375,
-0.11013755202293396,
0.013247027061879635,
-0.033003807067871094,
-0.008417816832661629,
0.011061131954193115,
0.024488462135195732,
0.0027508107014000416,
-0.01058509387075901,
-0.036721471697092056,
0.04127217084169388,
0.03239702805876732,
0.012004069983959198,
0.004531604237854481,
0.02902139537036419,
0.05488520488142967,
-0.011085518635809422,
-0.01609615422785282,
0.02161092311143875,
-0.00597189087420702,
-0.0028747105970978737,
-0.02004242315888405,
-0.030437525361776352,
0.02973422408103943,
-0.022713953629136086,
0.06548017263412476,
0.010068565607070923,
0.027346748858690262,
0.032796092331409454,
0.0002217457804363221,
-0.04545511677861214,
-0.018597600981593132,
0.027479195967316628,
0.002360359998419881,
-0.004077779594808817,
0.02453712187707424,
0.04635531082749367,
0.014982647262513638,
-0.005860400386154652,
-0.005733755882829428,
0.04474760591983795,
-0.06013849750161171,
0.006011894438415766,
0.010726903565227985,
-0.019057895988225937,
0.004927197005599737,
-0.05644092708826065,
0.01053272932767868,
0.06275060027837753,
-0.11234211921691895,
-0.0953049585223198,
-0.05766766145825386,
0.018081270158290863,
0.010391867719590664,
-0.014122913591563702,
-0.004582153633236885,
-0.025041453540325165,
-0.008579041808843613,
-0.008594484068453312,
-0.017108753323554993,
0.00018313669716008008,
-0.04324539750814438,
0.02553132176399231,
-0.018642939627170563,
-0.006040286738425493,
0.01727018691599369,
-0.01331730093806982,
0.02409314177930355,
-0.004407502245157957,
-0.010212148539721966,
0.00035327638033777475,
0.02425309270620346,
0.0017444678815081716,
-0.013861088082194328,
-0.015225651673972607,
-0.0258246548473835,
0.008206565864384174,
-0.05877448618412018,
0.020056210458278656,
-0.003190102055668831,
0.014520055614411831,
0.006930090021342039,
-0.011802569031715393,
-0.0402444563806057,
-0.020789721980690956,
-0.004020031541585922,
0.08617841452360153,
0.0036260434426367283,
0.029270052909851074,
-0.022776514291763306,
-0.006734470836818218,
-0.018170805647969246,
0.0014758576871827245,
-0.04361420124769211,
0.02488556317985058,
-0.03690510243177414,
-0.011711292900145054,
-0.002268814016133547,
-0.041223932057619095,
-0.023452823981642723,
-0.004879710730165243,
0.007289481814950705,
0.03593837842345238,
0.03241788223385811,
-0.006375989876687527,
0.012831571511924267,
0.056138817220926285,
0.004252772778272629,
-0.01463027112185955,
-0.03788409382104874,
-0.03908282145857811,
0.08356036245822906,
-0.06018190458416939,
-0.020976310595870018,
0.02712886780500412,
-0.004448799416422844,
-0.051250848919153214,
0.006344645284116268,
-0.01519011054188013,
-0.016170872375369072,
0.014633402228355408,
-0.03143641725182533,
-0.05318060889840126,
0.014473559334874153,
0.061819080263376236,
-0.026126455515623093,
0.05593045800924301,
-0.03261037543416023,
0.025576066225767136,
-0.003452387172728777
] |
2011
CEO Letter to Shareholders
To Our Shareholders,
NIKE, Inc. is about innovation. That’s the role of a leader. That’s how we serve the athlete, reward our shareholders, and continue to lead our industry. And we’ve done a pretty good job of that. In the last 10 years we more than doubled our revenue. We increased our gross margin more than five percentage points and grew diluted EPS at a compounded rate of 15 percent. We nearly tripled our cash flow from operations, paid out over $3 billion in dividends and repurchased over $7 billion in stock. In that same time our market cap more than tripled, driving a 17 percent average annual return to shareholders.1
At the beginning of fiscal 2011, we committed to amplifying our innovation agenda and driving growth at the category, brand and country level. And we did just that:
NIKE, Inc. Revenue was up 10% to a record $20.9 billion.
NIKE Brand Revenue was up 10% to a record $18.1 billion.
Our Other Businesses grew 9% to a record $2.7 billion.
NIKE Brand Futures orders are up 15%.
And Earnings Per Share grew 14%, coming in at $4.39 – also a new record.
The last 12 months also revealed many changes in our world. The global economy continues to recover but as we’ve seen, it’s a slow and volatile recovery. Consumers, particularly youth, face nagging unemployment. Governments are wrestling with high levels of debt. And rising costs for raw materials, energy and labor are sparking inflation in world economies. We’re not immune to these factors and expect them to exert pressure on our gross margins in the first half of fiscal 2012.
But external forces do not control our destiny. We do. We are well resourced and positioned to navigate the global economy, create competitive separation, and deliver profitable growth. The developing markets hold enormous opportunity for NIKE, Inc. Within the next 20 years, as much as 65 percent of the world’s population could be middle class – most of that in China, India and Brazil. We’re performing very well in these markets, and we’re ideally positioned to capitalize on their potential. In our more mature developed markets, the economies are recovering at a slower pace. But the strength of our products and brands should enable us to continue to outgrow the market, as we’ve consistently done in North America.
The key for NIKE, Inc. in any market is to drive innovation at every level – brand, product, retail, operations, events, and communications. That’s at the core of our growth strategy. In May 2010, I stated a goal for NIKE, Inc. to deliver $27 billion of revenue in fiscal 2015. I’m excited to tell you that we’re ahead of schedule, so we’re revising that number. When I look at the strengths of our company and the opportunity we have going forward, I believe we can exceed that goal and reach $28-30 billion in revenue by fiscal 2015.
Today we have seven distinct, high-energy brands – each with a powerful connection to its consumers. Those connections give us the insights we need to create amazing products and experiences. That’s the fundamental cycle that continually drives growth. And while each brand has enormous potential in its own right, the real
| 1HOLD
|
[
-0.0072516752406954765,
0.048375874757766724,
0.015316341072320938,
0.015521194785833359,
-0.07640370726585388,
-0.006284688133746386,
-0.004410968162119389,
-0.009820541366934776,
-0.0729997456073761,
0.010295726358890533,
0.015184354037046432,
0.040445487946271896,
0.019162889569997787,
-0.007845441810786724,
-0.021419638767838478,
0.0021911649964749813,
-0.04889960587024689,
-0.007701594848185778,
-0.030029866844415665,
-0.009244212880730629,
0.009215652011334896,
0.020582128316164017,
0.016856851056218147,
-0.0010942162480205297,
0.027828849852085114,
0.04093847796320915,
-0.022192703559994698,
0.023588398471474648,
0.04521744325757027,
-0.02534301020205021,
0.002352925017476082,
-0.000982551253400743,
0.04012307897210121,
-0.016164423897862434,
0.0291118286550045,
0.01332078780978918,
-0.06949838995933533,
0.000225938405492343,
0.062037061899900436,
0.01669170707464218,
-0.03237651661038399,
0.014149172231554985,
-0.054355766624212265,
0.0017419880023226142,
0.006924445740878582,
-0.008067204616963863,
0.03009013645350933,
0.02334609068930149,
0.015348589979112148,
-0.009589752182364464,
-0.010546205565333366,
-0.003965317737311125,
-0.017048034816980362,
-0.01621764898300171,
-0.005512941628694534,
-0.0034226090647280216,
-0.0006416639662347734,
0.01772678829729557,
0.0755925178527832,
0.03851998597383499,
0.042225271463394165,
-0.025134187191724777,
0.008127445355057716,
0.04592003673315048,
0.005453235004097223,
-0.020130570977926254,
-0.011730642057955265,
-0.008850745856761932,
-0.03299275040626526,
-0.04813326522707939,
0.03428870067000389,
0.029862219467759132,
-0.009954149834811687,
-0.008327050134539604,
0.007938681170344353,
-0.030659520998597145,
0.033207666128873825,
-0.025755977258086205,
0.06753646582365036,
-0.04559440538287163,
-0.020340651273727417,
-0.05490298569202423,
-0.09743344038724899,
-0.027424031868577003,
0.061178889125585556,
0.023308165371418,
0.004241423215717077,
-0.05538078024983406,
-0.019898196682333946,
-0.012317318469285965,
0.017331911250948906,
0.02645917423069477,
-0.020984923467040062,
-0.10057012736797333,
-0.06366918981075287,
0.019766351208090782,
0.021695811301469803,
-0.10212888568639755,
-0.015238391235470772,
-0.034385137259960175,
0.03227444365620613,
0.005301086697727442,
0.011281915009021759,
-0.009722733870148659,
0.015164781361818314,
0.0168149434030056,
-0.005576606374233961,
0.02053583227097988,
0.005200352519750595,
0.01648474670946598,
-0.03230578824877739,
-0.06362232565879822,
0.001997693907469511,
-0.006654476746916771,
0.00817763339728117,
0.03839181363582611,
0.003258268116042018,
-0.011672665365040302,
-0.03956623375415802,
-0.07011678069829941,
0.008994742296636105,
-0.017372893169522285,
-0.007688029669225216,
0.015544628724455833,
-0.022997967898845673,
-0.007739054039120674,
0.02717854268848896,
-0.027716465294361115,
0.04363219439983368,
-0.024740150198340416,
0.0011372019071131945,
-0.008411784656345844,
-0.020857037976384163,
0.02565661445260048,
-0.033234428614377975,
0.02181793376803398,
-0.0011717898305505514,
0.00164329563267529,
-0.052530739456415176,
0.018501289188861847,
0.007177034392952919,
-0.04601382464170456,
-0.054487209767103195,
0.01237266045063734,
-0.0418018102645874,
-0.006740905344486237,
-0.017609907314181328,
0.007314374204725027,
0.03085201233625412,
0.0854291245341301,
-0.00009780946129467338,
-0.0014988335315138102,
-0.02843361720442772,
-0.03448468819260597,
-0.04671106114983559,
0.00004151782559347339,
0.03825175389647484,
-0.041847847402095795,
-0.06594531983137131,
-0.005746081005781889,
-0.009530673734843731,
-0.00018509473011363298,
-0.01545398123562336,
-0.026912061497569084,
-0.012922010384500027,
-0.052887313067913055,
0.04111780971288681,
-0.0060683805495500565,
0.027669409289956093,
0.05385519191622734,
0.029088417068123817,
0.038441818207502365,
0.00955808162689209,
-0.007877583615481853,
0.010494111105799675,
-0.04383470490574837,
0.03146197646856308,
-0.006331214681267738,
0.026053693145513535,
0.019709236919879913,
0.01578117161989212,
-0.01224847137928009,
0.02107187733054161,
-0.03149346634745598,
-0.028741510584950447,
-0.00925854779779911,
-0.0024687040131539106,
0.02986072190105915,
0.0001292044180445373,
-0.005995301064103842,
0.014360197819769382,
-0.003351197112351656,
0.01725473813712597,
-0.0276478324085474,
-0.028477024286985397,
-0.008984248153865337,
-0.05225273594260216,
0.0009707794524729252,
0.061853956431150436,
-0.014279969967901707,
-0.10435014218091965,
0.017056329175829887,
-0.0018910919316112995,
0.019142180681228638,
0.053700756281614304,
-0.011069904081523418,
-0.013709720224142075,
-0.014630183577537537,
-0.010718509554862976,
0.003415493993088603,
-0.04117925092577934,
-0.024053679779171944,
0.005886404775083065,
-0.04294456169009209,
-0.0040453216060996056,
0.0178888738155365,
0.009973643347620964,
-0.0871221274137497,
-0.047018446028232574,
-0.04224967584013939,
0.004531447310000658,
-0.011471307836472988,
0.004189274739474058,
0.013585899956524372,
0.016934853047132492,
-0.0001837021845858544,
0.08826535195112228,
0.0014137212419882417,
-0.05243343487381935,
0.05018783360719681,
0.023462992161512375,
0.063548244535923,
-0.002560040447860956,
0.027601677924394608,
0.0024376402143388987,
-0.02832038700580597,
-0.005280877463519573,
0.010818744078278542,
-0.002109943190589547,
0.020236244425177574,
0.08655018359422684,
-0.01881219446659088,
-0.004548124969005585,
-0.012133318930864334,
-0.015945300459861755,
0.008965982124209404,
-0.03117769956588745,
0.09277702122926712,
-0.0009975715074688196,
-0.01670464500784874,
-0.00013144440890755504,
-0.006567537784576416,
0.03864775598049164,
-0.01232809480279684,
-0.033176444470882416,
0.006267947610467672,
0.007574064191430807,
-0.011585356667637825,
-0.001872342312708497,
-0.0910407230257988,
-0.016985584050416946,
-0.005641160067170858,
0.010792768560349941,
-0.004866424482315779,
0.024327635765075684,
-0.006302064284682274,
0.02174760028719902,
-0.003393205115571618,
-0.02013944834470749,
0.004121583886444569,
-0.012710284441709518,
-0.0038351842667907476,
0.07069851458072662,
-0.015625955536961555,
0.0004366107750684023,
0.026255402714014053,
0.032355088740587234,
-0.0221943948417902,
0.006818839814513922,
-0.02879040688276291,
-0.006047072820365429,
0.001347915967926383,
-0.010103720240294933,
-0.009527111425995827,
-0.00565806170925498,
-0.03496076166629791,
-0.03285327926278114,
-0.002336082048714161,
0.05976836010813713,
-0.012401111423969269,
-0.014863802120089531,
0.0372370183467865,
0.01737518608570099,
-0.022403517737984657,
0.001353429863229394,
0.05773594602942467,
-0.009034073911607265,
-0.05616853013634682,
0.008209559135138988,
0.015827879309654236,
-0.02085474506020546,
0.01632871851325035,
-0.0072018723003566265,
-0.02139102853834629,
-0.013690667226910591,
0.0069657135754823685,
0.007032399531453848,
-0.015710487961769104,
0.09568468481302261,
-0.026612838730216026,
0.00797813106328249,
0.0077295079827308655,
0.012373344041407108,
-0.015852948650717735,
-0.0073112803511321545,
-0.03232895955443382,
-0.016934793442487717,
-0.008160020224750042,
-0.06137431412935257,
-0.022030185908079147,
0.012873465195298195,
0.0025122351944446564,
0.008253530599176884,
0.021642297506332397,
0.0537656769156456,
0.027792857959866524,
0.03827096149325371,
-0.027292000129818916,
-0.05004551261663437,
-0.056797366589307785,
0.04440832883119583,
0.16826684772968292,
-0.02868551015853882,
0.021938471123576164,
-0.006685362197458744,
-0.04438028112053871,
0.018767887726426125,
-0.024759117513895035,
-0.0047501870431005955,
-0.03742079436779022,
-0.01811053976416588,
0.02190297096967697,
-0.010819418355822563,
-0.0033950835932046175,
-0.0010797869181260467,
0.039181821048259735,
0.020344598218798637,
-0.08744250982999802,
0.004243738949298859,
0.009186104871332645,
0.06479913741350174,
-0.0020810002461075783,
-0.012193577364087105,
0.029927244409918785,
0.006498254369944334,
-0.031450316309928894,
0.025160616263747215,
0.01035341341048479,
-0.016559002920985222,
0.028569316491484642,
0.001219100784510374,
-0.015196247957646847,
0.012173408642411232,
-0.02387126535177231,
0.06996683031320572,
-0.10635741800069809,
-0.019779618829488754,
0.01393961813300848,
0.007060599513351917,
0.0025021082255989313,
0.024291304871439934,
0.016194256022572517,
0.017414778470993042,
0.13330785930156708,
-0.008757899515330791,
-0.02627743035554886,
0.0104074627161026,
-0.008611928671598434,
0.0060394625179469585,
0.001479331054724753,
-0.012588809244334698,
-0.004211778752505779,
0.00342065398581326,
-0.010444758459925652,
0.04323710501194,
-0.011105912737548351,
0.01914205588400364,
0.02238733135163784,
-0.0391165129840374,
0.042109355330467224,
0.009523071348667145,
0.008172895759344101,
0.03286682069301605,
-0.022239571437239647,
-0.004878892097622156,
0.0006876747938804328,
-0.002016831887885928,
0.024317048490047455,
-0.07201916724443436,
0.005287429317831993,
-0.00014297706366050988,
0.016995377838611603,
-0.009923648089170456,
-0.006632585544139147,
0.0429089218378067,
0.07994130253791809,
-0.032924018800258636,
0.04426402971148491,
-0.019320577383041382,
0.02389662340283394,
-0.004918552003800869,
-0.05806624889373779,
-0.0029010067228227854,
0.02384839579463005,
-0.009437869302928448,
0.03004077449440956,
-0.027559177950024605,
0.013314562849700451,
0.05282296612858772,
-0.0029544683638960123,
-0.03754592686891556,
0.009164474904537201,
0.024876290932297707,
-0.0017666388303041458,
-0.08030793815851212,
0.017071958631277084,
-0.08056013286113739,
-0.017852595075964928,
0.012985953129827976,
-0.0005405099363997579,
-0.020752843469381332,
-0.009926710277795792,
0.004219939466565847,
-0.025504406541585922,
-0.0013226973824203014,
0.0016608817968517542,
0.011797617189586163,
-0.015069138258695602,
0.007796032819896936,
0.028678052127361298,
-0.026811810210347176,
0.006808015517890453,
0.024716725572943687,
-0.007794532459229231,
-0.0021971305832266808,
0.050686150789260864,
0.013890285976231098,
-0.02430051565170288,
0.021570144221186638,
-0.03142823651432991,
-0.01734408736228943,
0.017335878685116768,
-0.0071953763253986835,
0.0002979199925903231,
-0.0017681402387097478,
-0.01533900573849678,
0.012467003427445889,
0.009386690333485603,
-0.014521700330078602,
-0.004923893604427576,
0.020401068031787872,
-0.0035584415309131145,
0.02708389051258564,
-0.029784495010972023,
0.0007556286291219294,
0.004420962650328875,
0.015034900978207588,
-0.000260551692917943,
0.05167325586080551,
-0.003950473386794329,
0.0025974519085139036,
0.01015834603458643,
0.003622401040047407,
0.018190471455454826,
0.002162081655114889,
-0.00655047781765461,
0.006928551476448774,
0.0052942256443202496,
-0.041000790894031525,
-0.026992589235305786,
0.02716326341032982,
-0.04437974840402603,
-0.018783949315547943,
0.007245090324431658,
-0.007404794450849295,
-0.04640264809131622,
-0.0972619578242302,
-0.0268848929554224,
-0.013546448200941086,
-0.01836732029914856,
-0.03200243040919304,
-0.05221037194132805,
-0.02906477078795433,
0.023296302184462547,
-0.0036169844679534435,
-0.008738582953810692,
-0.2711470127105713,
0.23473593592643738,
0.021289411932229996,
-0.0064916787669062614,
0.031142864376306534,
-0.014506932348012924,
0.030390892177820206,
0.08347626775503159,
0.012324054725468159,
0.014638534747064114,
-0.010480660945177078,
0.06143428385257721,
-0.04443734511733055,
0.02235282026231289,
0.020709088072180748,
0.025894533842802048,
-0.011759404093027115,
0.007883239537477493,
0.005142028909176588,
-0.016855400055646896,
0.014247674494981766,
0.0018259251955896616,
0.03810577839612961,
-0.02453911490738392,
-0.005199403967708349,
0.02062404900789261,
0.004703728947788477,
0.014287429861724377,
0.025746827945113182,
-0.014201377518475056,
0.0445011742413044,
-0.011118683032691479,
0.039566587656736374,
0.008807433769106865,
-0.007399271707981825,
0.12078297883272171,
-0.008474018424749374,
-0.01830512098968029,
0.022363798692822456,
-0.011522669345140457,
-0.004964983090758324,
-0.011867900379002094,
-0.007483721245080233,
-0.029459767043590546,
-0.03400186821818352,
0.015298955142498016,
0.02796241082251072,
-0.01539707463234663,
0.02341555804014206,
-0.0123403025791049,
-0.048905208706855774,
-0.0016499953344464302,
-0.022839564830064774,
-0.13674171268939972,
-0.025230897590517998,
0.14298158884048462,
0.007299345452338457,
0.007175907492637634,
0.015772219747304916,
-0.044221293181180954,
0.04261293634772301,
0.01800847239792347,
0.04067818820476532,
0.01924223266541958,
-0.001403561094775796,
-0.04459935426712036,
0.021898839622735977,
-0.025957351550459862,
-0.15775826573371887,
0.007820852100849152,
-0.007136156316846609,
-0.03286870941519737,
0.01885417103767395,
-0.0204671211540699,
0.1075950413942337,
0.019963018596172333,
0.007432745769619942,
-0.08426987379789352,
0.042791698127985,
-0.022086741402745247,
0.016283893957734108,
-0.01945691555738449,
-0.0323701947927475,
-0.05907301977276802,
0.04734795168042183,
-0.03753769025206566,
-0.007691102102398872,
0.0217889454215765,
0.01265932060778141,
-0.0725083276629448,
0.018131272867321968,
0.015257848426699638,
-0.0007764077745378017,
-0.02312069572508335,
-0.015798600390553474,
-0.005560283083468676,
-0.06705667078495026,
0.0022759034764021635,
0.024400534108281136,
-0.04224410653114319,
0.004322516731917858,
0.014754286967217922,
0.020758843049407005,
-0.011137278750538826,
-0.016258135437965393,
0.03510391712188721,
-0.012952730059623718,
0.047162704169750214,
0.00038322119507938623,
-0.002381331520155072,
0.024604905396699905,
0.0054745920933783054,
0.02419668808579445,
-0.007054316345602274,
-0.011225544847548008,
-0.054325416684150696,
-0.003990355413407087,
-0.024535441771149635,
-0.00848301686346531,
-0.008329637348651886,
0.01483719702810049,
-0.028677240014076233,
0.022426754236221313,
0.02746913768351078,
0.010354077443480492,
0.013639455661177635,
0.03716529533267021,
-0.00744278309866786,
0.00955592468380928,
0.002460281830281019,
-0.02725955843925476,
-0.02509235590696335,
0.002015817677602172,
0.0003590834094211459,
-0.023702997714281082,
-0.004672652576118708,
0.017399806529283524,
-0.005366460885852575,
0.014557725749909878,
0.034535039216279984,
0.021344630047678947,
0.02153690904378891,
-0.030982522293925285,
-0.09503176808357239,
0.04025288298726082,
-0.02553616650402546,
-0.005527895409613848,
0.007777671795338392,
0.02603231370449066,
0.00614886311814189,
0.001202631276100874,
-0.03077211044728756,
0.054179847240448,
0.0032166135497391224,
-0.016508303582668304,
-0.00994937028735876,
0.055975548923015594,
0.04411366581916809,
0.0063264984637498856,
-0.009134025312960148,
-0.01792609877884388,
0.012952218763530254,
-0.012729196809232235,
-0.020184386521577835,
-0.02418527752161026,
0.011073349043726921,
-0.025522323325276375,
0.1232534721493721,
0.008271194994449615,
0.03601433336734772,
0.02622428722679615,
-0.012350253760814667,
-0.03730958700180054,
-0.021334948018193245,
0.03665797412395477,
0.00299050472676754,
0.0003278117219451815,
0.005012440495193005,
0.011671246029436588,
0.04537077248096466,
0.009486645460128784,
-0.06694213300943375,
0.02257339097559452,
-0.0552663654088974,
0.017689255997538567,
0.024131547659635544,
0.021392561495304108,
0.0023317968007177114,
-0.07076676189899445,
-0.009452140890061855,
0.08318139612674713,
-0.062131404876708984,
-0.10089937597513199,
-0.062431659549474716,
0.015284386463463306,
0.004176233895123005,
-0.014879551716148853,
-0.006534131709486246,
-0.02991226501762867,
0.0031270140316337347,
-0.007898695766925812,
-0.012663221918046474,
-0.0023269630037248135,
0.03795977681875229,
0.015137220732867718,
-0.013198594562709332,
0.028458235785365105,
0.014458705671131611,
-0.007267916575074196,
0.019409241154789925,
0.004143014084547758,
-0.004548822995275259,
-0.009115342050790787,
0.02430441603064537,
-0.01072684209793806,
-0.019400229677557945,
-0.03667525574564934,
-0.019817613065242767,
-0.00464226258918643,
-0.05449960008263588,
0.026501573622226715,
-0.0005022516706958413,
0.009906447492539883,
0.0030367886647582054,
-0.006416234653443098,
-0.05389316380023956,
-0.012324964627623558,
-0.013467906974256039,
0.04522951692342758,
0.0012161551276221871,
0.039365511387586594,
-0.018462346866726875,
0.014042369090020657,
-0.03269624337553978,
0.012951353564858437,
-0.043774329125881195,
-0.03617813438177109,
-0.045329127460718155,
-0.015857815742492676,
-0.0021952237002551556,
-0.03273392096161842,
-0.040737222880125046,
-0.010678334161639214,
-0.028178352862596512,
-0.0012256873305886984,
0.020408514887094498,
-0.053528234362602234,
0.011857445351779461,
0.03884649649262428,
0.020280789583921432,
-0.013289806433022022,
-0.04303491860628128,
0.0017883318942040205,
0.10195325314998627,
-0.019121317192912102,
-0.001632081693969667,
0.02848745509982109,
-0.007090591825544834,
-0.042825765907764435,
0.01084920670837164,
-0.01711658015847206,
-0.02982480823993683,
0.004534098785370588,
-0.011330079287290573,
-0.11635753512382507,
0.01952727511525154,
0.02815481647849083,
-0.02347991056740284,
0.029222732409834862,
-0.005177763756364584,
0.018324216827750206,
-0.030669935047626495
] |
compensation related to the issuance of common stock. Our primary uses of cash include our stock repurchase programs, shipping and packaging expenses, the acquisition of content, capital expenditures related to IT and automation equipment for operations, marketing and fulfillment expenses.
In 2009, operating cash flows will be a significant source of liquidity, while the shipping and packaging expenses, acquisition of content, marketing and fulfillment expenses will continue to be significant uses of cash. In addition, on January 26, 2009, we announced that our Board of Directors authorized a stock repurchase program allowing us to repurchase our common stock through the end of 2009. Based on the Board’s authorization, the Company anticipates a repurchase program of up to $175 million in 2009. The timing and actual number of shares repurchased will depend on various factors including price, corporate and regulatory requirements, alternative investment opportunities and other market conditions. The following table highlights selected measures of our liquidity and capital resources as of December 31, 2008, 2007 and 2006:
Operating Activities
During 2008, our operating activities consisted primarily of net income of $83.0 million, increased by non-cash adjustments of $225.1 million offset by a decrease in net changes in operating assets and liabilities of $24.1 million. The majority of the non-cash adjustments came from the amortization of the content library of $209.8 million which increased by $6.3 million over the prior period as we continue to purchase additional titles in order to support our larger subscriber base. The decrease in net changes in operating assets and liabilities was mainly driven by acquisitions of content library related to our streaming content, as we continued to increase our investments in streaming content in 2008. Cash provided by operating activities increased $6.6 million in 2008 as compared to 2007. This was primarily due to an increase in net income of $16.4 million, increased non-cash adjustments of $29.8 million and a decrease in net changes in operating assets and liabilities of $39.6 million.
During 2007, our operating activities consisted primarily of net income of $66.6 million, increased by non-cash adjustments of $195.3 million and net changes in operating assets and liabilities of $15.5 million. The majority of the non-cash adjustments came from the amortization of the content library of $203.4 million which increased by $62.3 million over the prior period as we continued to purchase additional titles, including streaming content in 2007, in order to support our larger subscriber base. Cash provided by operating activities increased $29.2 million in 2007 as compared to 2006. This was primarily due to an increase in net income of $17.8 million, increased non-cash adjustments of $31.1 million and a decrease in net changes in operating assets and liabilities of $19.7 million. See Note 1 of our Notes to Consolidated Financial Statements for information related to reclassifications in cash flows in 2007.
Investing Activities
Our investing activities consisted primarily of purchases and sales of
| 0BUY
|
[
-0.011193235404789448,
0.009578509256243706,
-0.005544085055589676,
-0.01723475381731987,
-0.09392141550779343,
0.012804899364709854,
0.00010915836173808202,
-0.015431220643222332,
0.015275105834007263,
0.01443809736520052,
0.034112099558115005,
-0.11152185499668121,
0.001741493120789528,
-0.009822570718824863,
-0.001688593183644116,
-0.061675529927015305,
0.008778182789683342,
-0.0017600422725081444,
-0.019476843997836113,
0.012312933802604675,
-0.013743139803409576,
0.0079613346606493,
-0.004282194189727306,
0.0038954061456024647,
-0.028523540124297142,
0.015950437635183334,
0.006341647356748581,
0.022418074309825897,
-0.029863569885492325,
-0.029291285201907158,
0.01194390282034874,
-0.019038604572415352,
0.006648941896855831,
-0.012705851346254349,
-0.04877692088484764,
-0.009334576316177845,
0.0023751507978886366,
-0.002798479748889804,
0.035494107753038406,
-0.009884325787425041,
-0.020158523693680763,
0.0023226849734783173,
0.1612318903207779,
-0.02014385722577572,
-0.0021512513048946857,
-0.02160622924566269,
0.030348390340805054,
0.025734512135386467,
0.008640561252832413,
-0.013038460165262222,
-0.0018709814175963402,
-0.0033699311316013336,
0.012802889570593834,
-0.014635114930570126,
-0.0017325527733191848,
-0.008699847385287285,
0.00022409997473005205,
-0.05402244254946709,
0.001761863473802805,
0.026439733803272247,
-0.0057160216383636,
-0.04076661914587021,
0.02035580389201641,
0.03712443262338638,
0.005949747283011675,
0.0011457677464932203,
-0.011947931721806526,
0.019357630982995033,
-0.022107403725385666,
-0.012113852426409721,
0.004463025368750095,
0.020827533677220345,
-0.008483214303851128,
0.0009793052449822426,
0.012660461477935314,
-0.04347027838230133,
0.019170956686139107,
0.0029653427191078663,
0.044027671217918396,
-0.021188070997595787,
0.0162590891122818,
-0.07040438055992126,
0.12194790691137314,
-0.056580979377031326,
0.013386190868914127,
-0.07164017111063004,
-0.021172353997826576,
-0.07094361633062363,
-0.0113262590020895,
-0.004399046301841736,
-0.008786279708147049,
-0.006746099796146154,
-0.032863300293684006,
-0.06686045974493027,
0.030478687956929207,
-0.03322482109069824,
-0.007120437454432249,
-0.11961542814970016,
0.00293048657476902,
0.019861584529280663,
0.0533674955368042,
0.015822065994143486,
0.04122450575232506,
-0.020503738895058632,
0.002556323306635022,
0.006002620328217745,
-0.027759378775954247,
-0.013871180824935436,
-0.00374167924746871,
0.03232549503445625,
-0.01979314722120762,
-0.054366983473300934,
0.0249281357973814,
-0.01004022266715765,
0.0036328041460365057,
0.047440823167562485,
-0.011779269203543663,
0.0043813008815050125,
0.015274071134626865,
-0.051562149077653885,
-0.004965678788721561,
-0.03583201393485069,
-0.02080998755991459,
-0.04146786034107208,
-0.022328419610857964,
0.04083196446299553,
-0.03545897826552391,
0.013936729170382023,
0.007545781321823597,
-0.015310551039874554,
-0.004993859212845564,
-0.019109902903437614,
-0.004288822412490845,
0.035093389451503754,
0.022480377927422523,
-0.016106849536299706,
-0.011142529547214508,
-0.0018503520404919982,
-0.001347622717730701,
-0.016432929784059525,
-0.03703559935092926,
-0.003156769322231412,
-0.00651887571439147,
-0.04863254725933075,
-0.03871617838740349,
-0.0002497382229194045,
-0.01735447533428669,
0.008498750627040863,
0.029934871941804886,
0.05119115114212036,
-0.014637762680649757,
0.018567033112049103,
-0.020560434088110924,
-0.01705864630639553,
-0.011536657810211182,
0.027907855808734894,
0.02139606513082981,
-0.017863307148218155,
-0.014578836970031261,
0.006241725292056799,
-0.0027603188063949347,
0.020704273134469986,
-0.02672716975212097,
-0.05374564602971077,
0.01542782410979271,
-0.039480723440647125,
0.021695028990507126,
-0.025057939812541008,
0.023294297978281975,
0.019260263070464134,
0.010086100548505783,
-0.0070714643225073814,
0.011107324622571468,
-0.00864308699965477,
-0.018785078078508377,
-0.0499255508184433,
0.0019153906032443047,
0.012795490212738514,
-0.016170745715498924,
-0.01845131628215313,
0.021192628890275955,
0.0016452294075861573,
0.04835755378007889,
0.15003784000873566,
-0.045915890485048294,
0.006533607840538025,
0.0008618534775450826,
0.0194325502961874,
-0.018001606687903404,
-0.013708874583244324,
0.031036829575896263,
-0.0017316394951194525,
-0.019021937623620033,
-0.0009966936195269227,
0.012328123673796654,
-0.01765052229166031,
0.027057122439146042,
0.0001616856170585379,
-0.026150457561016083,
-0.004581091925501823,
0.07228188216686249,
0.006535497959703207,
-0.00041652133222669363,
0.007682730909436941,
-0.013890935108065605,
-0.011049440130591393,
-0.028021061792969704,
0.01296781376004219,
-0.009581669233739376,
-0.05150614678859711,
-0.013204592280089855,
-0.021376334130764008,
-0.00799526646733284,
-0.013642743229866028,
0.018394947052001953,
0.0271915215998888,
-0.009083962999284267,
-0.06641604751348495,
0.009740443900227547,
-0.022543754428625107,
0.004698576871305704,
-0.021226854994893074,
0.021910622715950012,
-0.025796378031373024,
0.01114603690803051,
-0.006318260449916124,
-0.017420705407857895,
-0.018340658396482468,
-0.02074016071856022,
0.01985567808151245,
0.025116711854934692,
0.05259348824620247,
-0.037332385778427124,
0.02637683041393757,
-0.001088827382773161,
0.008484703488647938,
0.004434569273144007,
-0.005648473277688026,
-0.023926110938191414,
0.04980677366256714,
0.08334150165319443,
-0.0042754486203193665,
0.0001601309486432001,
-0.01769981160759926,
-0.018649151548743248,
0.05241306498646736,
0.0030821014661341906,
-0.0015155260916799307,
-0.020707489922642708,
0.0008845882257446647,
-0.00367909949272871,
0.021039929240942,
0.005955172702670097,
0.01373437698930502,
-0.04400542750954628,
-0.017056472599506378,
0.0016660535475239158,
-0.04365833103656769,
0.019782228395342827,
-0.11612571775913239,
-0.018249738961458206,
-0.02378750592470169,
-0.02024535834789276,
-0.015059046447277069,
0.023099098354578018,
-0.03325872868299484,
-0.0030174071434885263,
0.012891367077827454,
-0.009925548918545246,
0.004561173263937235,
-0.005356869660317898,
-0.005265453364700079,
0.023806346580386162,
-0.012199308723211288,
-0.0024728216230869293,
-0.0074866716749966145,
0.041252683848142624,
-0.02385767549276352,
0.011830334551632404,
-0.01702793687582016,
-0.001702033099718392,
0.02097972296178341,
0.015852022916078568,
-0.02592603676021099,
0.00013960311480332166,
0.011346089653670788,
-0.021889204159379005,
-0.0007005659863352776,
-0.05530261620879173,
-0.023530280217528343,
-0.012262246571481228,
0.006261271890252829,
0.00844650249928236,
-0.02629396878182888,
-0.022653814405202866,
0.03858892247080803,
-0.02136976644396782,
-0.019531233236193657,
0.002134507754817605,
0.060764532536268234,
-0.018657466396689415,
0.014535456895828247,
0.03324304521083832,
-0.01895875483751297,
-0.008707216009497643,
-0.021404476836323738,
-0.0021955270785838366,
-0.014060012064874172,
-0.05470038577914238,
-0.01374130416661501,
0.00044383612112142146,
0.0015455109532922506,
-0.006815861910581589,
0.004730848129838705,
-0.0026359963230788708,
-0.030498048290610313,
-0.03723930940032005,
0.01726950705051422,
0.018327675759792328,
-0.028656942769885063,
-0.009838040918111801,
-0.003734038909897208,
0.0010011533740907907,
0.01578783057630062,
0.026311494410037994,
-0.006078060250729322,
0.09586616605520248,
-0.0272342711687088,
0.03958035260438919,
-0.0029299804009497166,
0.457645982503891,
-0.0417424812912941,
-0.020868221297860146,
-0.0003162022039759904,
-0.04072175174951553,
0.03698299825191498,
0.012953579425811768,
-0.03884168341755867,
-0.0050584180280566216,
0.002090160269290209,
-0.003953618463128805,
-0.012183623388409615,
-0.003838868346065283,
-0.039959218353033066,
0.005722722038626671,
0.03241681307554245,
-0.0011633486719802022,
-0.029613470658659935,
-0.002540887100622058,
0.09970253705978394,
0.001890893210656941,
-0.02947453036904335,
-0.016875827684998512,
0.04245033860206604,
-0.001696141203865409,
-0.026485377922654152,
0.04525361955165863,
0.006858326029032469,
0.008201722986996174,
0.02146541140973568,
-0.013891499489545822,
-0.008413867093622684,
0.003040493233129382,
0.005738934502005577,
0.006490320432931185,
0.07384760677814484,
0.07587944716215134,
0.005495182238519192,
0.014852645806968212,
-0.042251940816640854,
-0.012894620187580585,
0.02625141479074955,
0.008982791565358639,
0.0069978139363229275,
-0.021310534328222275,
0.009648516774177551,
0.02314910851418972,
-0.0050440700724720955,
0.012229375541210175,
0.027932431548833847,
0.0000629647693131119,
0.0012101981556043029,
0.0017915518255904317,
-0.0002216245629824698,
-0.1123211458325386,
-0.019766131415963173,
0.003064968856051564,
-0.01791377179324627,
-0.02050595171749592,
0.006856580730527639,
-0.022323893383145332,
0.011338606476783752,
0.025603411719202995,
0.0288900937885046,
0.026658622547984123,
0.011384659446775913,
0.01946372166275978,
-0.029242731630802155,
-0.0007423010538332164,
-0.018823066726326942,
-0.010200437158346176,
0.00003363526411703788,
-0.00929849874228239,
0.004237357992678881,
0.02980997785925865,
-0.043988391757011414,
-0.006146567407995462,
0.008504091762006283,
0.015215195715427399,
0.020483361557126045,
-0.013590083457529545,
-0.029713822528719902,
-0.01585426926612854,
0.026974506676197052,
-0.02614278718829155,
0.00574222207069397,
0.0101567218080163,
0.0182629507035017,
0.019682833924889565,
-0.07911950349807739,
-0.04324590787291527,
-0.00431784987449646,
0.021687375381588936,
-0.00014221043966244906,
0.04841106757521629,
0.03251340985298157,
-0.03933766111731529,
-0.012609370984137058,
-0.011781895533204079,
0.004523660987615585,
-0.02488817274570465,
0.0029203686863183975,
0.04796666279435158,
-0.002176848705857992,
0.004324594512581825,
0.007612916640937328,
-0.004415730945765972,
-0.04032684862613678,
0.01637721061706543,
0.033805157989263535,
-0.00234512472525239,
-0.031177235767245293,
-0.007934504188597202,
-0.041714269667863846,
-0.014898383989930153,
0.0011238582665100694,
0.012823080644011497,
0.011378786526620388,
0.0134710893034935,
-0.04194846376776695,
0.00613652216270566,
0.00041842740029096603,
-0.02531982958316803,
-0.006416525226086378,
-0.006057532038539648,
-0.01128674577921629,
-0.025964852422475815,
-0.017047276720404625,
-0.004072180949151516,
0.017767246812582016,
0.00795478280633688,
0.0005222854670137167,
0.008988743647933006,
-0.03786385431885719,
0.013183331117033958,
-0.011212456040084362,
0.02671719528734684,
0.0227311123162508,
0.014145996421575546,
-0.00491222832351923,
0.011274652555584908,
0.004724242724478245,
-0.004037532024085522,
-0.010044458322227001,
-0.00298397452570498,
-0.0194403026252985,
0.026700399816036224,
0.00029279038426466286,
-0.02334536612033844,
-0.010639756917953491,
-0.002072474919259548,
-0.008680693805217743,
-0.014376978389918804,
-0.019756177440285683,
0.013096355833113194,
-0.05823228508234024,
0.0037082964554429054,
-0.0023781759664416313,
-0.006011485122144222,
-0.016781212761998177,
-0.030214857310056686,
-0.02139078453183174,
-0.03459957614541054,
0.04354359582066536,
-0.004173032008111477,
0.012034475803375244,
0.012373635545372963,
0.014329531230032444,
0.004901187028735876,
0.004618528764694929,
0.010846848599612713,
-0.021425098180770874,
-0.0018942615715786815,
0.0013823274057358503,
-0.0019885387737303972,
-0.000509450735989958,
-0.01818005181849003,
-0.017542308196425438,
0.01949377916753292,
-0.02508171647787094,
0.018750779330730438,
0.04923945665359497,
0.0038383575156331062,
-0.011191043071448803,
0.01392405480146408,
0.0018903748132288456,
0.028471337631344795,
0.006230250000953674,
-0.0028683983255177736,
0.007382013835012913,
-0.004687353037297726,
0.02177225984632969,
0.016895553097128868,
0.004535036627203226,
0.014477442018687725,
-0.012292238883674145,
-0.0881691575050354,
-0.009599431417882442,
0.03103545308113098,
-0.0011066857259720564,
0.04286649823188782,
-0.16236484050750732,
-0.020440708845853806,
-0.005499106366187334,
0.012104489840567112,
-0.02110196277499199,
-0.004177983850240707,
-0.00848146341741085,
-0.008431552909314632,
-0.03520902618765831,
0.00343701196834445,
-0.020438620820641518,
0.018138786777853966,
0.02340584062039852,
0.007233873941004276,
-0.014216877520084381,
-0.05395717918872833,
0.007569574285298586,
-0.020976781845092773,
0.04343593120574951,
-0.007821263745427132,
0.09549051523208618,
0.03327835723757744,
-0.02233514003455639,
0.017406875267624855,
-0.03752422705292702,
0.024671267718076706,
-0.00475429417565465,
0.026271997019648552,
-0.01524238009005785,
-0.01670818217098713,
-0.043364252895116806,
-0.0024433759972453117,
-0.01902293972671032,
0.047152820974588394,
-0.02111424133181572,
-0.0026604870799928904,
-0.008533495478332043,
0.011386673897504807,
-0.01887790486216545,
0.09222061187028885,
0.023852117359638214,
-0.0346253477036953,
-0.018842080608010292,
-0.009627235122025013,
-0.006095379125326872,
-0.022820301353931427,
0.0034247764851897955,
-0.015933062881231308,
-0.003554402617737651,
0.03399830311536789,
-0.005246998276561499,
0.00255323713645339,
0.010407899506390095,
-0.016599945724010468,
-0.07993077486753464,
0.009080002084374428,
0.01593744195997715,
-0.002235762309283018,
-0.020114988088607788,
-0.011810232885181904,
-0.012812307104468346,
-0.0018257081974297762,
0.020963910967111588,
0.04987473413348198,
-0.012542723678052425,
-0.02478797733783722,
0.024615135043859482,
-0.001773129915818572,
-0.0189651008695364,
-0.03190385177731514,
0.009242193773388863,
0.02126115746796131,
0.02068374678492546,
0.001519791898317635,
-0.009513095952570438,
0.006001584697514772,
0.0052188183180987835,
0.03224291279911995,
-0.007433976978063583,
-0.0071300300769507885,
-0.01403394527733326,
-0.02696845307946205,
-0.0004262580769136548,
-0.019851723685860634,
0.028700223192572594,
0.01572640798985958,
0.17324984073638916,
0.030151410028338432,
0.03299131616950035,
0.004885807633399963,
-0.004064981825649738,
0.01918952725827694,
-0.009092478081583977,
0.09838958829641342,
-0.03539273142814636,
0.016996487975120544,
-0.026864957064390182,
0.022042838856577873,
-0.020033739507198334,
-0.031581684947013855,
-0.006424149498343468,
0.0029657871928066015,
-0.011028597131371498,
0.012210928834974766,
0.008774862624704838,
-0.003069888101890683,
0.006628499366343021,
-0.05320151895284653,
0.0967148095369339,
0.0006161632481962442,
-0.02333121933043003,
-0.011073233559727669,
0.018325837329030037,
0.027007335796952248,
-0.015342817641794682,
0.0013225694419816136,
-0.039809972047805786,
-0.04957341030240059,
0.0452825166285038,
0.026114847511053085,
-0.027496589347720146,
0.042568787932395935,
-0.002948434790596366,
-0.01455850899219513,
-0.03649558126926422,
0.021482154726982117,
-0.005605186335742474,
-0.0032832357101142406,
-0.011859830468893051,
-0.02222628891468048,
0.004612760618329048,
-0.002783965552225709,
0.015593030489981174,
0.013640157878398895,
-0.01119022537022829,
0.0027739894576370716,
0.016248546540737152,
-0.02994931861758232,
-0.008915348909795284,
0.011463828384876251,
-0.010279634967446327,
0.0056241764687001705,
0.02764534205198288,
0.0743103176355362,
0.006909478921443224,
-0.02475445158779621,
-0.004713304340839386,
0.015218446031212807,
-0.04924392327666283,
0.00289606349542737,
-0.009834770113229752,
-0.01286817155778408,
-0.00920101348310709,
-0.038529522716999054,
-0.009541291743516922,
0.025604723021388054,
0.23566478490829468,
0.0000028879767342004925,
-0.01836273819208145,
0.009882204234600067,
-0.001843229285441339,
-0.012725207023322582,
-0.01115903165191412,
-0.03012961894273758,
-0.011030009016394615,
0.030913371592760086,
-0.010469162836670876,
0.01744130253791809,
0.20019365847110748,
0.008378597907721996,
-0.016249382868409157,
0.024678245186805725,
0.003299891948699951,
-0.023304825648665428,
-0.011383846402168274,
0.0009327993611805141,
-0.01797298900783062,
0.0020129058975726366,
0.009699094109237194,
-0.0011195152765139937,
0.0009288287255913019,
-0.019842516630887985,
-0.012547021731734276,
-0.017206396907567978,
-0.054908767342567444,
0.038203462958335876,
0.000863742723595351,
-0.015508394688367844,
-0.003559771692380309,
-0.03710389509797096,
-0.007263672072440386,
0.004510445985943079,
-0.007994776591658592,
-0.012240102514624596,
-0.00012035659165121615,
0.013892958872020245,
-0.0022361022420227528,
0.009788664989173412,
-0.01912124827504158,
0.007373633328825235,
-0.028312956914305687,
-0.03750281408429146,
-0.02866855449974537,
0.00038666516775265336,
-0.01178477331995964,
-0.04330330342054367,
-0.03137509152293205,
-0.005045860540121794,
0.0012686953414231539,
0.043654780834913254,
0.004214197862893343,
0.006304131355136633,
0.007951401174068451,
0.03234853595495224,
-0.015784287825226784,
-0.013521421700716019,
-0.016607245430350304,
0.0019174295011907816,
0.024752847850322723,
0.17445577681064606,
-0.02654118649661541,
0.028039297088980675,
0.0065378183498978615,
-0.03209788724780083,
0.009175561368465424,
0.01681070402264595,
-0.03308248519897461,
-0.018625866621732712,
-0.02706148475408554,
0.055336013436317444,
0.005121546797454357,
-0.0005053122877143323,
-0.02896147221326828,
0.047593917697668076,
-0.07800125330686569,
0.020573075860738754,
0.021130232140421867
] |
in determining our worldwide income tax provision. In the ordinary course of a global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise as a consequence of revenue sharing and cost reimbursement arrangements among related entities, the process of identifying items of revenues and expenses that qualify for preferential tax treatment, and segregation of foreign and domestic earnings and expenses to avoid double taxation. Although we believe that our estimates are reasonable, the final tax outcome of these matters could be different from that which is reflected in our historical income tax provisions and accruals. Such differences could have a material effect on our income tax provision and net income in the period in which such determination is made.
Our effective tax rate includes the impact of certain undistributed foreign earnings for which no U.S. taxes have been provided because such earnings are planned to be indefinitely reinvested outside the United States. Remittances of foreign earnings to the U.S. are planned based on projected cash flow, working capital and investment needs of our foreign and domestic operations. Based on these assumptions, we estimate the amount that will be distributed to the U.S. and provide U.S. federal taxes on these amounts. Material changes in our estimates or tax legislation that limits or restricts the amount of undistributed foreign earnings that we consider indefinitely reinvested outside the United States could materially impact our income tax provision and effective tax rate.
We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. In order for us to realize our deferred tax assets, we must be able to generate sufficient taxable income in those jurisdictions where the deferred tax assets are located. We consider future growth, forecasted earnings, future taxable income, the mix of earnings in the jurisdictions in which we operate, historical earnings, taxable income in prior years, if carryback is permitted under the law, and prudent and feasible tax planning strategies in determining the need for a valuation allowance. In the event we were to determine that we would not be able to realize all or part of our net deferred tax assets in the future, an adjustment to the deferred tax assets valuation allowance would be charged to earnings in the period in which we make such a determination, or goodwill would be adjusted at our final determination of the valuation allowance related to an acquisition within the measurement period. If we later determine that it is more likely than not that the net deferred tax assets would be realized, we would reverse the applicable portion of the previously provided valuation allowance as an adjustment to earnings at such time.
We calculate our current and deferred tax provision based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed during the subsequent year. Adjustments based on filed returns are generally recorded in the period when the tax returns are filed
| 1HOLD
|
[
-0.019029775634407997,
0.050223883241415024,
0.0020863669924438,
0.02394472435116768,
-0.07508181035518646,
-0.028465231880545616,
0.008306877687573433,
-0.01939738541841507,
-0.033343423157930374,
0.004483681637793779,
-0.0012669780990108848,
-0.030924610793590546,
0.020530812442302704,
-0.037594251334667206,
-0.021990397945046425,
-0.046431005001068115,
-0.03008463606238365,
-0.03609832376241684,
-0.010395205579698086,
0.010695014148950577,
0.013237647712230682,
0.029071159660816193,
0.029760267585515976,
0.005401999689638615,
0.019651733338832855,
0.02177289128303528,
0.014452306553721428,
0.03551905229687691,
0.04430517181754112,
-0.02492770180106163,
0.014725573360919952,
0.009418715722858906,
0.04496723413467407,
-0.018560850992798805,
-0.022186022251844406,
-0.0038391221314668655,
-0.07595326751470566,
0.0006548853125423193,
0.07074720412492752,
0.004356609657406807,
-0.053381357342004776,
0.01850462332367897,
0.031408119946718216,
0.007177488878369331,
0.000994791742414236,
-0.004492711741477251,
0.014186729677021503,
0.014972425065934658,
0.00826419610530138,
-0.005374324508011341,
-0.019153526052832603,
-0.013090000487864017,
-0.01397970411926508,
0.009008663706481457,
-0.0002393734030192718,
-0.007940148003399372,
-0.011515290476381779,
-0.00267578661441803,
0.02473401464521885,
0.02947358228266239,
0.035742539912462234,
-0.03573859855532646,
0.0031171222217381,
0.05417473241686821,
0.004037079866975546,
-0.015596636570990086,
0.0017741057090461254,
-0.0069481017999351025,
-0.04017391428351402,
-0.04834704473614693,
0.013343392871320248,
0.03293270617723465,
-0.0011658748844638467,
-0.012664692476391792,
0.014018514193594456,
-0.023374395444989204,
0.06180950626730919,
-0.024594929069280624,
0.06672501564025879,
-0.04509742558002472,
-0.009227494709193707,
-0.060423463582992554,
-0.07244569808244705,
0.007615032140165567,
0.03838228061795235,
0.024694938212633133,
-0.010532567277550697,
-0.05186080560088158,
-0.00017612743249628693,
-0.011713489890098572,
-0.003751080483198166,
0.003906486090272665,
-0.039405860006809235,
-0.08258859068155289,
-0.04518019035458565,
-0.01554573979228735,
0.004631568677723408,
-0.13854889571666718,
-0.007663118187338114,
-0.03540867939591408,
0.0639815628528595,
0.0004321102169342339,
0.008163283579051495,
-0.02187037467956543,
0.008147239685058594,
-0.010632769204676151,
-0.025133218616247177,
0.017671821638941765,
-0.01152958907186985,
0.007807198446244001,
-0.00661203870549798,
-0.05247655138373375,
0.022290214896202087,
-0.01841977797448635,
-0.019076287746429443,
0.047175757586956024,
-0.02720237895846367,
-0.038967326283454895,
-0.03570711612701416,
-0.05967334285378456,
0.01565699279308319,
-0.016234571114182472,
-0.026532387360930443,
-0.0036432829219847918,
-0.003247331129387021,
0.017934607341885567,
0.030531324446201324,
0.000025616815037210472,
0.04286633059382439,
-0.019361183047294617,
0.0031132816802710295,
-0.0016022245399653912,
-0.020847953855991364,
0.047041155397892,
-0.0037536504678428173,
-0.001118672196753323,
-0.002885575173422694,
-0.00444180890917778,
-0.04530537500977516,
0.03776109218597412,
0.008142221719026566,
-0.06443452835083008,
-0.08106346428394318,
-0.013979639858007431,
-0.013442344032227993,
-0.014504663646221161,
0.00025361275766044855,
0.008613568730652332,
0.029143158346414566,
0.05963044986128807,
-0.0038300661835819483,
0.017940375953912735,
-0.00022920411720406264,
-0.026942647993564606,
-0.0091162184253335,
0.02390189655125141,
0.04071349650621414,
-0.065940722823143,
-0.03040037676692009,
0.0019343482563272119,
-0.0018925261683762074,
-0.023312166333198547,
-0.00036780009395442903,
-0.05097774788737297,
0.016086891293525696,
-0.04589136317372322,
0.03143199160695076,
-0.03035517781972885,
0.008422928862273693,
0.05491587892174721,
0.018511269241571426,
0.019340911880135536,
0.013524233363568783,
-0.008201121352612972,
-0.004460435826331377,
0.0005814678152091801,
0.04925426095724106,
-0.013979862444102764,
0.01837213523685932,
-0.00222977832891047,
0.04258215054869652,
-0.018954230472445488,
0.020710188895463943,
0.08527170866727829,
-0.04747672751545906,
-0.007571350317448378,
-0.006414152216166258,
0.011534570716321468,
0.024378305301070213,
0.008271757513284683,
0.017996326088905334,
0.0035913847386837006,
0.031236322596669197,
-0.025395046919584274,
-0.05028955265879631,
0.006903480272740126,
-0.05006122216582298,
-0.01319233700633049,
0.07325621694326401,
-0.017014967277646065,
0.010159662924706936,
0.014468839392066002,
0.02837410569190979,
0.021541910246014595,
0.0005081079434603453,
-0.01258799061179161,
-0.01595553196966648,
-0.003779904218390584,
-0.023158865049481392,
-0.01518930122256279,
-0.019104428589344025,
-0.029552578926086426,
-0.0020126961171627045,
-0.0741916075348854,
0.021910257637500763,
0.01813255436718464,
-0.02553805150091648,
-0.06461512297391891,
-0.062345001846551895,
-0.018026316538453102,
0.006380826234817505,
-0.016684044152498245,
0.021257352083921432,
0.006419985089451075,
0.004631105810403824,
0.014123219065368176,
0.057144179940223694,
0.0016803722828626633,
-0.026498792693018913,
0.04237498342990875,
0.041137732565402985,
0.02005005069077015,
0.014250180684030056,
0.033560700714588165,
-0.00034910396789200604,
-0.010377109050750732,
-0.0011918648378923535,
0.004444444086402655,
-0.00512735266238451,
0.0359550416469574,
0.09409753233194351,
-0.03422103077173233,
-0.0012650159187614918,
-0.025908859446644783,
-0.026714988052845,
0.03188313543796539,
-0.04607021436095238,
0.08415603637695312,
-0.0077519542537629604,
-0.0056295315735042095,
-0.008769756183028221,
-0.029563652351498604,
0.05960533395409584,
-0.007963603362441063,
-0.03768257424235344,
-0.016556251794099808,
0.0014716217992827296,
-0.02703215554356575,
0.0025033459533005953,
-0.09980886429548264,
-0.030139176174998283,
-0.03487713634967804,
-0.00665429700165987,
-0.012660929001867771,
0.007964573800563812,
-0.02286095730960369,
0.03556261584162712,
-0.005626446567475796,
-0.01623881794512272,
0.006506858393549919,
-0.020173072814941406,
-0.02455204911530018,
0.07906100153923035,
-0.020451802760362625,
0.010001088492572308,
0.026012342423200607,
0.023490360006690025,
-0.013587323017418385,
0.024583417922258377,
-0.008731698617339134,
-0.0069281659089028835,
0.018863793462514877,
-0.029271719977259636,
-0.01574936881661415,
-0.007781106047332287,
-0.023869294673204422,
-0.013787759467959404,
0.00225645094178617,
0.031694844365119934,
-0.02229425497353077,
-0.028726276010274887,
0.017609745264053345,
0.015797743573784828,
-0.029284236952662468,
-0.016461914405226707,
0.06634357571601868,
-0.020035328343510628,
-0.05184062570333481,
0.006431642919778824,
0.032849982380867004,
-0.056086570024490356,
0.013582904823124409,
0.016038380563259125,
-0.011040493845939636,
-0.016537239775061607,
-0.008337498642504215,
0.011087588034570217,
-0.014755596406757832,
-0.012762904167175293,
0.003203082364052534,
-0.00996403954923153,
-0.018802668899297714,
0.0074838921427726746,
0.015033410862088203,
-0.010807271115481853,
-0.03508611395955086,
-0.019430385902523994,
-0.04888889938592911,
-0.057885441929101944,
0.0014493325725197792,
-0.00048502747085876763,
0.01227265689522028,
-0.013146603479981422,
0.012012246064841747,
0.05123261734843254,
0.004195984918624163,
0.05736394599080086,
-0.021305358037352562,
-0.04095212370157242,
-0.06951546669006348,
0.27316153049468994,
0.12124089151620865,
-0.03802027180790901,
0.005130686331540346,
-0.007021209690719843,
-0.03742852434515953,
0.015834810212254524,
-0.027843309566378593,
-0.014640445820987225,
-0.01912986859679222,
-0.004626345820724964,
0.02737893909215927,
-0.0033536877017468214,
-0.03406786173582077,
-0.022886665537953377,
0.01815376803278923,
0.02441229671239853,
-0.084467813372612,
-0.015232536010444164,
0.017348790541291237,
0.054461002349853516,
0.009929779917001724,
-0.03353316709399223,
0.054408226162195206,
-0.0003345744335092604,
-0.03384219482541084,
0.0207868330180645,
0.01838066056370735,
-0.014357325620949268,
0.016471365466713905,
-0.03834068030118942,
0.00997310969978571,
-0.005688210483640432,
0.00009450486686546355,
0.055562421679496765,
-0.05536232888698578,
0.035753052681684494,
0.03697354719042778,
0.023797564208507538,
-0.004773672670125961,
0.03046528995037079,
0.019728077575564384,
0.017383694648742676,
0.10486903786659241,
-0.012722323648631573,
-0.01433548890054226,
0.0013304814929142594,
-0.00502933980897069,
0.007238948717713356,
0.02021552063524723,
-0.020764553919434547,
-0.0191713385283947,
-0.007486632559448481,
-0.007401586044579744,
-0.03722250461578369,
0.0012940450105816126,
0.026836542412638664,
0.042630571871995926,
-0.034518346190452576,
0.047356635332107544,
-0.01434726919978857,
0.01566973514854908,
0.013521530665457249,
-0.019284836947917938,
0.006186043377965689,
0.00704094348475337,
0.0037898330483585596,
0.04412339627742767,
-0.08309667557477951,
-0.002221417147666216,
-0.013031341135501862,
0.02320980839431286,
-0.023978503420948982,
-0.013447197154164314,
0.02728949673473835,
0.03562695160508156,
-0.035382650792598724,
0.005509364418685436,
-0.004465287085622549,
0.016290804371237755,
-0.008344830013811588,
-0.00474820239469409,
-0.008371920324862003,
0.011973816901445389,
-0.0005321152275428176,
0.027505841106176376,
-0.02741738222539425,
0.022351378574967384,
0.030748680233955383,
-0.06826703250408173,
-0.06194421648979187,
0.0061124153435230255,
0.007580885663628578,
-0.0025521188508719206,
0.005336914677172899,
0.026611777022480965,
-0.09346823394298553,
-0.02347974292933941,
0.013216149061918259,
-0.008678347803652287,
-0.006691128946840763,
-0.001853946945630014,
0.031725507229566574,
-0.04198666661977768,
0.004481562413275242,
0.00754681508988142,
0.024640902876853943,
-0.038013387471437454,
0.02003537304699421,
0.018194114789366722,
-0.0052222684025764465,
-0.022804943844676018,
0.005048062652349472,
-0.025171387940645218,
-0.007492555305361748,
0.07006093114614487,
-0.006846433971077204,
-0.013430730439722538,
0.0380900502204895,
-0.016265470534563065,
-0.00012160355981905013,
0.03712718188762665,
-0.05237780511379242,
0.043109744787216187,
-0.009344364516437054,
-0.01850311830639839,
0.010781505145132542,
0.015557346865534782,
-0.02326039783656597,
-0.00555108767002821,
0.03226769343018532,
-0.015001439489424229,
0.02813279628753662,
-0.06131153553724289,
0.0026912945322692394,
0.0010917279869318008,
0.015790659934282303,
0.003525292966514826,
0.04248602315783501,
-0.022868527099490166,
0.02219005860388279,
0.009276418946683407,
0.000239502071053721,
0.012493300251662731,
-0.002787497825920582,
-0.003490204457193613,
0.031218115240335464,
-0.008350532501935959,
-0.07869982719421387,
-0.013837117701768875,
0.02703254669904709,
-0.048221465200185776,
-0.0032533679623156786,
-0.012844649143517017,
0.0037187777925282717,
-0.01384273637086153,
-0.08051010966300964,
-0.024149155244231224,
-0.009109302423894405,
-0.007621452212333679,
-0.02481844089925289,
-0.031634263694286346,
-0.041963979601860046,
0.03012825734913349,
-0.004930054768919945,
0.0025600516237318516,
-0.20329253375530243,
0.19022996723651886,
0.03826870024204254,
0.008725060150027275,
0.024918077513575554,
-0.01910662278532982,
0.003917287569493055,
0.047999057918787,
0.023460155352950096,
0.011112206615507603,
-0.017458217218518257,
0.058212850242853165,
-0.04126766324043274,
0.01046152226626873,
-0.0073548280633986,
0.03846607729792595,
-0.0047167278826236725,
0.016219832003116608,
0.002190403640270233,
0.02330084517598152,
0.01930101402103901,
0.009506798349320889,
0.0013264173176139593,
-0.0047520860098302364,
-0.0025409816298633814,
0.02612329088151455,
0.024327969178557396,
-0.023088186979293823,
0.014038514345884323,
-0.018331395462155342,
-0.008147919550538063,
-0.01032502856105566,
0.014047086238861084,
0.0033741737715899944,
0.02174522913992405,
-0.07349833846092224,
-0.0008597323321737349,
-0.02300955541431904,
0.006668217480182648,
-0.020597700029611588,
-0.0041381074115633965,
-0.030382981523871422,
-0.0010712645016610622,
-0.01136053167283535,
-0.03794468194246292,
0.02238510176539421,
0.019803838804364204,
-0.010813133791089058,
0.01688564382493496,
-0.03259136155247688,
-0.0332970917224884,
0.00013671049964614213,
-0.014886794611811638,
-0.09187909960746765,
-0.003924118354916573,
0.15280191600322723,
-0.010417257435619831,
-0.027910958975553513,
0.00277894944883883,
-0.0321529284119606,
0.05633489787578583,
-0.019909871742129326,
0.01678324304521084,
-0.0005612164968624711,
0.016090039163827896,
-0.019295768812298775,
0.01727975718677044,
-0.018022319301962852,
-0.13018979132175446,
-0.015410901047289371,
-0.0034382138401269913,
-0.04291139170527458,
0.01461721770465374,
-0.0082233976572752,
0.1235719546675682,
0.022199908271431923,
0.008758222684264183,
-0.07467088848352432,
0.025608504191040993,
-0.030682213604450226,
0.004044804722070694,
-0.01848331280052662,
-0.0086430748924613,
-0.03421797230839729,
0.019606715068221092,
-0.04537756368517876,
-0.000257846579188481,
0.03749339282512665,
-0.01260223425924778,
-0.0846371054649353,
-0.008595038205385208,
-0.017929833382368088,
-0.0014745233347639441,
-0.03782442584633827,
-0.00828713271766901,
-0.005750393960624933,
-0.05551885813474655,
0.014133930206298828,
0.027631856501102448,
0.0031524577643722296,
0.0035239120479673147,
0.03098001331090927,
0.006486544851213694,
0.02211533673107624,
-0.04093064367771149,
0.023220602422952652,
-0.011297587305307388,
0.04854365438222885,
0.0021961790043860674,
-0.00849161297082901,
0.030839430168271065,
0.007772642187774181,
0.019825784489512444,
-0.023802554234862328,
-0.014381367713212967,
-0.036357443779706955,
0.0023909220471978188,
-0.015361876226961613,
-0.02178289368748665,
0.004042773973196745,
-0.005023094825446606,
0.12303341180086136,
0.03447125479578972,
0.0053545949049293995,
0.012819730676710606,
0.0006693181348964572,
0.06805796176195145,
-0.04257386177778244,
0.061877597123384476,
-0.027454296126961708,
-0.0018377172527834773,
-0.04211590066552162,
0.0038576950319111347,
-0.02035079523921013,
-0.020999625325202942,
-0.01435074396431446,
0.00372394360601902,
-0.015335388481616974,
-0.016116028651595116,
0.03077501617372036,
0.002615923061966896,
0.02408994361758232,
-0.038221314549446106,
-0.0013524515088647604,
0.025354240089654922,
-0.05365244671702385,
-0.008793688379228115,
0.011430839076638222,
0.03134758770465851,
0.010644286870956421,
-0.011391330510377884,
-0.04153573140501976,
0.017639808356761932,
-0.021935850381851196,
-0.02899336814880371,
0.0021610555704683065,
0.057278089225292206,
0.01744176633656025,
0.006759133189916611,
-0.001475499477237463,
-0.005312636960297823,
0.02197340317070484,
-0.001569771091453731,
-0.0009804829023778439,
-0.03348472714424133,
0.02026955410838127,
-0.026835216209292412,
0.10947733372449875,
0.01140894740819931,
0.03524181246757507,
-0.0028280795086175203,
-0.002980233868584037,
-0.03928739205002785,
-0.0069846780970692635,
0.03548789024353027,
-0.01268362533301115,
0.016940845176577568,
0.01790955662727356,
0.02732209302484989,
0.02126409113407135,
-0.0008124956511892378,
-0.0654442310333252,
0.059980642050504684,
-0.0427282489836216,
0.018371988087892532,
0.024752743542194366,
-0.00445275753736496,
-0.009413337334990501,
-0.013359664008021355,
-0.017760537564754486,
0.08913072198629379,
0.09030492603778839,
-0.06619831919670105,
-0.0384632833302021,
-0.0037329834885895252,
0.002941302489489317,
-0.01437092199921608,
-0.00448578130453825,
0.004317086189985275,
-0.040202897042036057,
-0.020184068009257317,
-0.0025970495771616697,
0.004442686215043068,
0.1701473742723465,
-0.003486963687464595,
-0.015802986919879913,
0.019457826390862465,
0.0066103762947022915,
-0.012607569806277752,
0.007907746359705925,
0.008731340989470482,
-0.011030871421098709,
-0.014460948295891285,
0.022637849673628807,
0.0021550196688622236,
-0.021375885233283043,
-0.007415899075567722,
-0.01609472744166851,
-0.01400754414498806,
-0.04655478894710541,
0.038009945303201675,
-0.005618968978524208,
0.019248835742473602,
-0.014497937634587288,
-0.019018569961190224,
-0.031277697533369064,
0.011295677162706852,
-0.0033152333926409483,
-0.02097209542989731,
0.010615020990371704,
0.056779805570840836,
0.0057059237733483315,
0.005147616378962994,
-0.04155018553137779,
0.01735769957304001,
-0.03251338377594948,
-0.09333481639623642,
-0.03686000034213066,
-0.023436982184648514,
0.0029575638473033905,
-0.03811585158109665,
-0.06595674157142639,
0.0020883118268102407,
-0.011685069650411606,
0.0035533730406314135,
0.04922660067677498,
0.0032123171258717775,
0.029177363961935043,
0.03760264441370964,
-0.00821676105260849,
-0.01759112812578678,
-0.036622535437345505,
-0.004382104612886906,
0.10602518171072006,
0.1042248085141182,
-0.017986346036195755,
0.004271920770406723,
-0.03496821969747543,
-0.045854996889829636,
0.010649180971086025,
-0.012521762400865555,
-0.04230281710624695,
-0.008876021020114422,
0.00814927276223898,
-0.08829475939273834,
0.0018080378649756312,
0.015758778899908066,
-0.02017287164926529,
0.051523320376873016,
-0.013258642517030239,
-0.022856123745441437,
-0.0013521583750844002
] |
equipment, identifiable intangibles, or goodwill.
Warranty Costs
The Company provides currently for the estimated cost for product warranties at the time the related revenue is recognized based on historical experience of failure rates. Each quarter, the Company reevaluates its estimates to assess the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. If actual product failure rates or repair costs differ from estimates, revisions to the estimated warranty liability would be required and could negatively affect the Company's results of operations.
Income Taxes
The Company records a tax provision for the anticipated tax consequences of the reported results of operations. In accordance with SFAS No. 109, Accounting for Income Taxes , the provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.
Management believes it is more likely than not that forecasted income, including income that may be generated as a result of certain tax planning strategies, together with the tax effects of the deferred tax liabilities, will be sufficient to fully recover the remaining deferred tax assets. In the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period such determination is made. Similarly, if the Company subsequently realizes deferred tax assets that were previously determined to be unrealizable, the respective valuation allowance would be reversed, resulting in a positive adjustment to earnings in the period such determination is made. In addition, the calculation of tax liabilities involves significant judgment in estimating the impact of uncertainties in the application of complex tax laws. Resolution of these uncertainties in a manner inconsistent with management's expectations could have a material impact on the Company's results of operations and financial position.
Fiscal Year 2003 versus 2002
Net sales increased $465 million or 8% during 2003 compared to 2002 while Macintosh unit sales declined 3% year-over-year to approximately 3 million units in 2003. Several factors have contributed favorably to net sales during 2003 including:
•
The Retail segment's net sales grew to $621 million during 2003 from $283 million in 2002, an increase of 119%. While the Company's customers may elect to purchase product from their local Apple Retail store rather than through other preexisting sales channels in the United States, the Company believes that a substantial portion of
| 0BUY
|
[
-0.017475416883826256,
0.020432380959391594,
-0.014420961029827595,
0.024225281551480293,
-0.07713811844587326,
-0.019560091197490692,
-0.002116167452186346,
0.0009871013462543488,
0.04534028097987175,
0.01085793599486351,
0.010374336503446102,
-0.1095251813530922,
0.005412139929831028,
-0.0002073697978630662,
0.0050643375143408775,
-0.09457055479288101,
-0.009525993838906288,
0.008301881141960621,
-0.024285998195409775,
0.017223380506038666,
-0.03172480687499046,
-0.009656035341322422,
-0.0013641681289300323,
-0.01291501522064209,
-0.022375550121068954,
0.020942822098731995,
0.015741484239697456,
0.004018670879304409,
-0.0705210268497467,
-0.03900619223713875,
-0.002633290598168969,
-0.008229045197367668,
0.004371128510683775,
-0.006547123193740845,
-0.03956185281276703,
-0.00843642558902502,
-0.002956870710477233,
-0.0025533076841384172,
-0.030796166509389877,
0.005143372341990471,
-0.012411127798259258,
-0.010294973850250244,
0.1632997840642929,
-0.020922642201185226,
0.005519459489732981,
-0.018699608743190765,
0.0015590295661240816,
0.041150402277708054,
0.009490247815847397,
-0.021030500531196594,
-0.007817650213837624,
0.012551414780318737,
0.006726263556629419,
-0.016435835510492325,
-0.014438766986131668,
-0.003365662880241871,
-0.017416859045624733,
-0.023601504042744637,
0.006020052824169397,
0.017784355208277702,
0.025642825290560722,
-0.019722329452633858,
-0.01077357679605484,
0.037050504237413406,
-0.006433637347072363,
-0.0031963391229510307,
-0.016995353624224663,
0.010648487135767937,
-0.01992129534482956,
-0.008180075325071812,
0.0017485144780948758,
0.014115716330707073,
-0.004979928024113178,
0.0030810334719717503,
0.012563463300466537,
-0.037542179226875305,
-0.00008689356764080003,
0.0015607149107381701,
0.025549817830324173,
-0.020789412781596184,
0.00733950175344944,
-0.045826613903045654,
0.15838101506233215,
-0.007370235398411751,
0.008479001000523567,
-0.07676167041063309,
-0.01166344154626131,
-0.0424811877310276,
-0.012757196091115475,
0.014653222635388374,
-0.027023250237107277,
-0.012794037349522114,
-0.00961085595190525,
-0.0522320531308651,
0.02366788126528263,
-0.021997449919581413,
-0.002935746219009161,
-0.11893896013498306,
-0.004952831659466028,
-0.016828114166855812,
0.060271866619586945,
0.026008358225226402,
0.026025166735053062,
0.004853052087128162,
0.004693045746535063,
0.012798492796719074,
-0.004378016572445631,
-0.010423037223517895,
-0.0035923912655562162,
0.02115057222545147,
-0.011097648181021214,
-0.0021136640571057796,
0.03184331953525543,
0.007513474673032761,
0.00682989414781332,
0.04728402569890022,
-0.0032690383959561586,
0.011281774379312992,
0.015602861531078815,
-0.06305869668722153,
-0.005372080951929092,
-0.005324286874383688,
-0.02550191804766655,
-0.018162187188863754,
-0.007472204510122538,
0.055101845413446426,
-0.03448107838630676,
-0.006142128724604845,
0.0067818136885762215,
-0.012104719877243042,
-0.006665433757007122,
-0.025326373055577278,
0.00764252245426178,
-0.006929335184395313,
0.02664625458419323,
0.011639254167675972,
-0.004090663976967335,
-0.008722635917365551,
0.03686320036649704,
-0.023808583617210388,
-0.032723963260650635,
0.019129611551761627,
0.010520515032112598,
-0.035789139568805695,
-0.05219516158103943,
0.006633753422647715,
-0.003053466323763132,
0.0037757931277155876,
0.03761069104075432,
0.03399919718503952,
-0.01362568698823452,
-0.019154250621795654,
-0.015476354397833347,
-0.012037618085741997,
-0.04333735629916191,
0.03770408406853676,
0.02401074953377247,
-0.028291761875152588,
0.02900746464729309,
-0.011837598867714405,
-0.002535909879952669,
0.011040065437555313,
-0.007115640677511692,
-0.07644908130168915,
0.028947245329618454,
-0.02010357938706875,
0.023739153519272804,
-0.010635385289788246,
0.020603928714990616,
-0.0013228636234998703,
0.017735442146658897,
0.003289636690169573,
0.019102567806839943,
0.007690943777561188,
-0.008051176555454731,
-0.03785010799765587,
0.0019996333867311478,
-0.0013631605543196201,
-0.017899731174111366,
-0.01473410427570343,
0.02474508434534073,
0.00276843155734241,
0.03594471514225006,
0.14070941507816315,
-0.03857219219207764,
-0.03516789525747299,
0.0020741464104503393,
-0.003690091660246253,
-0.016376487910747528,
-0.03312750905752182,
0.04395715892314911,
0.007681544870138168,
-0.007278947159647942,
0.008932490833103657,
-0.015701020136475563,
-0.0109942015260458,
0.02230958081781864,
0.0020657244604080915,
-0.0074387951754033566,
-0.006746354047209024,
0.08612216264009476,
-0.013698793016374111,
-0.016775060445070267,
0.006543893367052078,
-0.0047071040607988834,
-0.01621425710618496,
-0.0032389305997639894,
0.0024952259846031666,
0.013585958629846573,
-0.022355027496814728,
-0.0008521683630533516,
-0.024538276717066765,
0.008157496340572834,
-0.029913073405623436,
-0.0031133268494158983,
0.032363396137952805,
0.006634127348661423,
-0.06526720523834229,
0.011017230339348316,
-0.014627705328166485,
-0.0019179629161953926,
-0.011436105705797672,
0.016290664672851562,
-0.013981692492961884,
0.007947040721774101,
-0.029407726600766182,
-0.031123371794819832,
0.004987753927707672,
-0.029668491333723068,
0.016715416684746742,
0.012686149217188358,
0.0275099016726017,
-0.03879757970571518,
0.017805783078074455,
0.005630075931549072,
0.009283770807087421,
0.0026381060015410185,
-0.003151694079861045,
-0.020159993320703506,
0.0493437796831131,
0.06705198436975479,
-0.01662532053887844,
-0.0012884876923635602,
-0.009442013688385487,
-0.02496502734720707,
0.05889817699790001,
0.01686777174472809,
-0.012036111205816269,
-0.010858669877052307,
-0.031519945710897446,
-0.016059860587120056,
0.011927261017262936,
0.0025325901806354523,
0.019977955147624016,
0.0011786582181230187,
-0.02478673867881298,
0.017392706125974655,
-0.02686154469847679,
0.013818505220115185,
-0.10082866251468658,
-0.014743947423994541,
-0.010908935219049454,
-0.03734302148222923,
-0.014756152406334877,
0.013354838825762272,
-0.007554893847554922,
-0.005665544420480728,
0.010419908910989761,
-0.012632627040147781,
0.016648750752210617,
0.007295155432075262,
-0.0009074349654838443,
0.00030685734236612916,
-0.01976350136101246,
-0.007927905768156052,
-0.001465722220018506,
0.011944613419473171,
-0.01882392354309559,
-0.011182148940861225,
-0.04126950353384018,
-0.015760347247123718,
-0.006353660486638546,
0.0004105812986381352,
-0.00663065304979682,
-0.0035594578366726637,
0.017622049897909164,
-0.010591934435069561,
-0.0051291692070662975,
-0.052801620215177536,
-0.02723265253007412,
-0.012348411604762077,
-0.0030757023487240076,
0.03308708593249321,
-0.012287801131606102,
-0.009056240320205688,
0.016318820416927338,
-0.01671018823981285,
-0.0038926342967897654,
0.005292605143040419,
0.06489460915327072,
-0.0032593535725027323,
0.021892806515097618,
0.025370441377162933,
-0.035907816141843796,
-0.012122930027544498,
-0.007143772207200527,
0.019277792423963547,
-0.013768541626632214,
-0.060889314860105515,
-0.0027817522641271353,
-0.009678210131824017,
0.0033296002075076103,
-0.02046935446560383,
-0.0015036013210192323,
-0.008827868849039078,
-0.028631707653403282,
-0.01557485293596983,
0.004634262062609196,
0.02424527332186699,
-0.04536052793264389,
-0.0023480639792978764,
-0.00773598114028573,
0.01412277016788721,
0.013622323051095009,
0.02810574322938919,
-0.0247139073908329,
0.10488089919090271,
-0.03530092164874077,
0.018657254055142403,
0.008659878745675087,
0.49772849678993225,
-0.08724470436573029,
-0.02089962735772133,
-0.0017486122669652104,
-0.03185402974486351,
0.044899024069309235,
0.006199956405907869,
-0.037029121071100235,
-0.00030124420300126076,
0.020657068118453026,
0.010172400623559952,
-0.009711924940347672,
0.009144056588411331,
-0.030354956164956093,
-0.0024717766791582108,
0.007341934833675623,
-0.012379450723528862,
-0.008729870431125164,
0.014239226467907429,
0.0854567438364029,
0.015199147164821625,
-0.032993197441101074,
-0.0009602010832168162,
0.051276795566082,
-0.008802776224911213,
-0.04932817071676254,
0.02483215183019638,
0.015922317281365395,
-0.017231471836566925,
-0.021046917885541916,
-0.024055907502770424,
-0.016720721498131752,
-0.004388811532407999,
0.0057144989259541035,
-0.016862811520695686,
0.08867544680833817,
0.0638536661863327,
0.008074779994785786,
0.0003326952864881605,
-0.04049102962017059,
-0.033475421369075775,
0.003385762916877866,
0.0036268066614866257,
-0.009623031131923199,
-0.020812207832932472,
0.016886357218027115,
0.005401153117418289,
-0.034689441323280334,
0.004446771461516619,
0.017150888219475746,
0.0072601959109306335,
-0.007142154034227133,
-0.012928741052746773,
-0.002754690358415246,
-0.12826120853424072,
-0.007118930574506521,
-0.013470086269080639,
-0.026967424899339676,
0.01974085345864296,
0.004109608009457588,
-0.03497837483882904,
0.00899263471364975,
0.03987855464220047,
0.0351075679063797,
0.026388851925730705,
0.010229576379060745,
0.009524336084723473,
-0.013354581780731678,
0.016254259273409843,
-0.020799336954951286,
-0.004545019473880529,
-0.02211240492761135,
0.010035046376287937,
0.024003492668271065,
0.005268154200166464,
-0.029056796804070473,
-0.03373686224222183,
0.01563839800655842,
-0.0022234057541936636,
0.03896469622850418,
-0.013764746487140656,
-0.020574690774083138,
-0.014304169453680515,
0.016666362062096596,
-0.01928335428237915,
-0.0008892457699403167,
0.008268927223980427,
0.05100439116358757,
0.04694991931319237,
-0.06247590854763985,
-0.021357210353016853,
0.002471653278917074,
-0.000912985997274518,
0.004234944004565477,
0.06421307474374771,
0.01648181863129139,
-0.015462737530469894,
-0.018134288489818573,
0.002020158339291811,
0.005195120815187693,
-0.0013508565025404096,
0.0012072365498170257,
0.018287844955921173,
-0.007658091839402914,
-0.003972898703068495,
0.011663621291518211,
0.003131370758637786,
-0.02770944871008396,
0.006739764008671045,
0.011348849162459373,
-0.024534504860639572,
-0.014281103387475014,
-0.004054239019751549,
-0.03291792422533035,
-0.02246943861246109,
-0.01039042603224516,
0.023470865562558174,
0.01169275026768446,
0.02182351052761078,
-0.015437111258506775,
-0.0019472474232316017,
-0.029242897406220436,
-0.0033493442460894585,
0.005098309367895126,
0.004201333038508892,
-0.008337714709341526,
-0.02963579073548317,
-0.019526442512869835,
-0.0017697770381346345,
0.007998690009117126,
0.008197346702218056,
0.00022186237038113177,
0.02633284404873848,
-0.017539869993925095,
0.008913342840969563,
-0.008058645762503147,
0.02112853340804577,
0.0004822073969990015,
0.0016719687264412642,
-0.020534057170152664,
0.006781332194805145,
0.004972080700099468,
0.001200769329443574,
-0.00625709630548954,
-0.0025366577319800854,
-0.00801355205476284,
0.024495398625731468,
0.0010859824251383543,
-0.011867566965520382,
-0.01862841285765171,
0.016732243821024895,
-0.004237677436321974,
-0.031439971178770065,
-0.0024482193402945995,
0.010140708647668362,
-0.05522649362683296,
0.0021851046476513147,
0.010539061389863491,
0.020482052117586136,
-0.008896730840206146,
-0.02121913805603981,
-0.028298376128077507,
-0.028115874156355858,
0.02255314588546753,
-0.0041332668624818325,
0.003431576071307063,
0.06957975775003433,
-0.0007541444501839578,
-0.00048025092110037804,
-0.00465752137824893,
-0.00016264997248072177,
-0.0082594258710742,
0.010127495042979717,
-0.004630430601537228,
-0.010160013101994991,
-0.0031543350778520107,
-0.0016373750986531377,
-0.011892165057361126,
0.03887799382209778,
-0.023809898644685745,
0.012977754697203636,
0.005219586193561554,
-0.014435375109314919,
-0.010487062856554985,
0.01321191806346178,
0.007376342546194792,
0.017510972917079926,
-0.013645566999912262,
0.013725471682846546,
0.0030189312528818846,
0.00183851458132267,
0.009600047022104263,
0.020828673616051674,
-0.00880204513669014,
0.007533179130405188,
-0.009203908033668995,
-0.09970656037330627,
-0.019084468483924866,
0.033018145710229874,
-0.010362504050135612,
0.03951946645975113,
-0.1642061173915863,
-0.02191316708922386,
-0.007276009302586317,
0.0075850230641663074,
-0.0032752263359725475,
0.01238974928855896,
0.004465619567781687,
-0.021128104999661446,
-0.04069187119603157,
-0.007501189596951008,
0.00798748154193163,
0.01478342805057764,
0.009404981508851051,
-0.008905092254281044,
-0.03185438737273216,
-0.04094718396663666,
0.008264055475592613,
0.0015096900751814246,
0.053027380257844925,
0.0027517806738615036,
0.10006275773048401,
0.04156526178121567,
-0.002565012313425541,
-0.008815356530249119,
-0.02482813037931919,
0.011896013282239437,
-0.0012470479123294353,
0.002310575218871236,
-0.01832551509141922,
-0.030871175229549408,
-0.04261377826333046,
-0.0014972788048908114,
-0.017500579357147217,
0.07997098565101624,
-0.015506190247833729,
0.009386465884745121,
-0.01356865931302309,
0.019120199605822563,
-0.021967146545648575,
0.05447615310549736,
0.007254967000335455,
-0.037681423127651215,
0.006217664573341608,
0.016931120306253433,
-0.011855621822178364,
-0.03295475244522095,
-0.009981129318475723,
-0.012857358902692795,
-0.01763187162578106,
0.029132649302482605,
0.004199100658297539,
0.027381788939237595,
-0.008279449306428432,
-0.013965664431452751,
-0.05135868862271309,
0.002883240347728133,
0.006742462981492281,
-0.0037799004931002855,
0.014753027819097042,
-0.01109887845814228,
-0.02705235406756401,
0.01473154779523611,
0.020750325173139572,
0.03153304010629654,
-0.023456081748008728,
-0.020322285592556,
0.018537044525146484,
-0.0029743362683802843,
-0.02487131766974926,
-0.01169541198760271,
0.010214257054030895,
-0.0010939637431874871,
0.004632757510989904,
0.01753532700240612,
-0.030569562688469887,
0.0038405435625463724,
-0.01901988312602043,
0.04142944887280464,
-0.005150698125362396,
-0.003746638773009181,
0.001230394933372736,
-0.033147674053907394,
0.014411595650017262,
-0.00990233849734068,
0.00921233557164669,
0.012836181558668613,
0.18750496208667755,
0.011589519679546356,
0.022528430446982384,
-0.00571080157533288,
-0.009345201775431633,
0.02142019383609295,
-0.016530169174075127,
0.10728500038385391,
-0.021465344354510307,
0.0023495417553931475,
-0.03099089302122593,
0.007307721767574549,
-0.020662087947130203,
-0.026259051635861397,
0.0016435161232948303,
-0.004378252662718296,
-0.011662676930427551,
0.03525270149111748,
-0.00023201960721053183,
0.0008628056384623051,
0.02174459956586361,
-0.03791423141956329,
0.11348021030426025,
-0.004437013063579798,
-0.020652828738093376,
-0.010429873131215572,
0.0072706607170403,
0.02389046736061573,
0.0047602578997612,
0.0023031041491776705,
-0.01793942227959633,
-0.040463827550411224,
0.0414360836148262,
0.020676331594586372,
0.00009146142838289961,
0.03344687819480896,
0.022365981712937355,
0.0005057454109191895,
-0.03868212178349495,
-0.012365837581455708,
-0.012197614647448063,
-0.015516981482505798,
-0.033249400556087494,
-0.010295845568180084,
0.02617163024842739,
-0.03261256590485573,
-0.025700872763991356,
0.03062598593533039,
-0.03206497058272362,
-0.00017529146862216294,
0.017765672877430916,
-0.025038087740540504,
-0.014148654416203499,
0.013934307731688023,
0.008466782048344612,
0.018252739682793617,
0.02039698325097561,
0.05548499524593353,
0.0072944751009345055,
-0.030408799648284912,
-0.009614399634301662,
-0.0072772325947880745,
-0.040522251278162,
-0.0016674123471602798,
-0.0027066401671618223,
-0.023686856031417847,
0.008946569636464119,
-0.027935324236750603,
0.0032578613609075546,
0.013447485864162445,
0.22697167098522186,
0.02415321208536625,
-0.02205013856291771,
0.023806564509868622,
0.011913401074707508,
-0.011879920959472656,
-0.024793531745672226,
-0.01230313815176487,
-0.0007134265615604818,
0.03464343398809433,
-0.02511669136583805,
0.006745520513504744,
0.14216113090515137,
0.032308343797922134,
-0.014221164397895336,
0.03573675453662872,
0.012121903710067272,
-0.02310359664261341,
-0.010637219995260239,
-0.010378041304647923,
0.007409724406898022,
0.009069469757378101,
-0.0011230256641283631,
-0.0018720569787546992,
-0.001593208871781826,
-0.01139373704791069,
-0.036599300801754,
-0.01048885565251112,
-0.04313221946358681,
-0.0038005011156201363,
0.0029901727102696896,
-0.008017480373382568,
-0.018515918403863907,
-0.004657566547393799,
-0.024283548817038536,
0.0226804930716753,
-0.009020485915243626,
-0.028308629989624023,
0.0006469152867794037,
-0.017682652920484543,
-0.013701777905225754,
0.02035440318286419,
0.021456638351082802,
0.004733106587082148,
-0.003638516180217266,
-0.0719204992055893,
-0.019376583397388458,
0.008672968484461308,
-0.00875555258244276,
-0.013472876511514187,
-0.017724517732858658,
0.006632993463426828,
-0.009494135156273842,
0.054525863379240036,
-0.003159167943522334,
-0.00996772013604641,
0.0055140662007033825,
0.019333362579345703,
-0.00453402753919363,
0.009037104435265064,
-0.024975333362817764,
-0.038031335920095444,
0.025832930579781532,
0.16773928701877594,
-0.043056029826402664,
0.014879780821502209,
0.006646818947046995,
-0.022345958277583122,
0.015458213165402412,
0.02639227919280529,
-0.01795574277639389,
-0.010659613646566868,
-0.015384193509817123,
0.0687064677476883,
0.011188766919076443,
-0.006930969189852476,
-0.021539492532610893,
0.026696834713220596,
-0.04414428770542145,
0.014392230659723282,
0.009642045013606548
] |
6800 Ultra GPU designed for the enthusiast segment, and a new lower-cost AGP version of the GeForce 6200 GPU, designed to bring DirectX 9.0 Shader Model 3.0 technology to the mainstream segment.
In June 2005, we launched and shipped our second generation Shader Model 3.0 GPU, the GeForce 7800 GTX, which is designed to address the high-end enthusiast desktop PC segment. In August 2005, we launched and shipped our second GeForce 7 GPU, the GeForce 7800 GT, which is designed to address the high-end performance desktop PC segment.
In June 2005, we made our SLI technology available to users in the mainstream segment with the release of our GeForce 6600.
In July 2005, we introduced two new NVIDIA Quadro GPUs, the NVIDIA Quadro FX 4500 and the NVIDIA Quadro FX 3450, which are designed for the high-end and mainstream professional segments, respectively. Both products support our SLI technology.
In September 2005, we launched and shipped the new NVIDIA GeForce Go 7800 GTX, the flagship of the NVIDIA notebook GPU product line.
In October 2005, we announced that we will be the exclusive provider of all graphics cards offered on the first peripheral component interconnect, or PCI, express platform from Apple Computer, Inc., or Apple. In addition, the first ever Apple Power Mac will incorporate our NVIDIA Quadro professional-class GPU.
In November 2005, we introduced and shipped the NVIDIA GeForce 7800 GTX 512 GPU, which contains over 302 million transistors and is the industry’s only mainstream GPU to incorporate 64-bit HDR. We also announced the immediate availability of the NVIDIA GeForce 6800 GS GPU, which is designed for the mainstream segment.
In January 2006, we shipped the GeForce 7300 GS, our first mainstream version of the GeForce 7 series. We also introduced three new notebook GPUs - the GeForce Go 7800, GeForce Go 7600 and GeForce Go 7400 - all based on our second generation Shader Model 3.0 architecture and designed to deliver cutting-edge 3D, high-definition, or HD, home theatre-quality video and advanced power management to the notebook market.
The combination of our GeForce 7 and GeForce 6 series of GPUs and our SLI technology has created a new class of gaming PCs and professional workstations. SLI technology takes advantage of the increased bandwidth of the PCI Express bus architecture to allow two NVIDIA-based graphics cards to operate in a single PC or professional workstation. More than 3 million motherboards incorporating SLI technology and 9 million GPUs incorporating SLI technology have shipped to date.
In the upcoming fiscal year, we expect additional growth in our GPU Business. We believe that sales of our desktop GPU products will be increased by share gains from our anticipated position in the market, Microsoft Windows Vista, or Vista, the introduction of HD and Blu-ray video. We expect to extend our technology and performance leadership. The GeForce 7 and GeForce 6 series of desktop and notebook GPUs are designed to be compatible with Vista, which is scheduled to be released in the second half of calendar 2006. We believe that in the upcoming year there will be increased demand for HD video, and that Sony
| 1HOLD
|
[
-0.02402883768081665,
0.04444728419184685,
0.003665765281766653,
0.011359564028680325,
-0.15080346167087555,
-0.02937415987253189,
0.006278698332607746,
-0.013030336238443851,
-0.05089327692985535,
0.01081767026335001,
0.025413352996110916,
-0.03510192409157753,
0.022401098161935806,
-0.01628737896680832,
0.021780138835310936,
-0.0455557182431221,
-0.04576284810900688,
-0.041411299258470535,
-0.014174552634358406,
-0.01968982070684433,
-0.00998690351843834,
0.021255910396575928,
0.023132577538490295,
-0.02515360340476036,
-0.057669300585985184,
0.037048883736133575,
0.0012001999421045184,
0.032174162566661835,
0.02355751022696495,
-0.015307556837797165,
0.005249065347015858,
-0.027381688356399536,
0.03769579902291298,
-0.01547300722450018,
0.030290663242340088,
0.0017347063403576612,
-0.05076261982321739,
0.012001410126686096,
0.040280748158693314,
0.01549703162163496,
-0.03227557614445686,
0.01077748741954565,
0.05018746852874756,
0.019125990569591522,
0.01651141233742237,
-0.003447097260504961,
0.023501770570874214,
0.055446818470954895,
0.017507018521428108,
-0.007188474293798208,
0.004852991085499525,
-0.02512495033442974,
-0.03093530982732773,
-0.017302371561527252,
-0.012312485836446285,
-0.03703824803233147,
-0.0025961457286030054,
-0.02308947592973709,
0.04954293742775917,
0.040629781782627106,
-0.0280548594892025,
-0.0525236651301384,
-0.005642531905323267,
0.025125835090875626,
0.0025799551513046026,
-0.012285362929105759,
-0.018566668033599854,
-0.021879635751247406,
-0.024418089538812637,
-0.046383317559957504,
0.02521614171564579,
0.0030746511183679104,
0.0002157441049348563,
-0.004415820352733135,
-0.008936531841754913,
-0.04741200432181358,
0.011892272159457207,
0.0032359326723963022,
0.07786697149276733,
-0.016297150403261185,
-0.009345020167529583,
-0.05561494082212448,
0.003991149365901947,
0.0005760369822382927,
0.017826266586780548,
-0.004012970253825188,
-0.0019171256572008133,
-0.049522798508405685,
-0.010499192401766777,
0.00022141860972624272,
-0.010896858759224415,
0.015985388308763504,
-0.03488897159695625,
-0.062225762754678726,
-0.04597130045294762,
-0.01154822763055563,
-0.007105124182999134,
-0.12345922738313675,
0.002514618681743741,
-0.0390283577144146,
0.050763875246047974,
0.01669657975435257,
0.05375572293996811,
-0.01697535626590252,
0.0033255359157919884,
0.01800033263862133,
-0.019536903128027916,
0.001758091850206256,
0.013698499649763107,
-0.0053543467074632645,
-0.01442674733698368,
-0.044865332543849945,
0.00789977889508009,
-0.018817083910107613,
-0.014867110177874565,
0.0463583841919899,
-0.0010530257131904364,
-0.009780473075807095,
-0.038298316299915314,
-0.06151415407657623,
-0.001424067304469645,
-0.01494872011244297,
-0.025992609560489655,
-0.020039672031998634,
-0.016627594828605652,
-0.031024755910038948,
-0.016522325575351715,
-0.01886690966784954,
0.026081381365656853,
-0.028131475672125816,
-0.013573246076703072,
-0.012054290622472763,
-0.017647622153162956,
0.03791891783475876,
-0.035879578441381454,
-0.015488628298044205,
0.0023094783537089825,
0.012288613244891167,
-0.06004767119884491,
0.019382035359740257,
-0.021512314677238464,
-0.05328572541475296,
-0.023563573136925697,
0.002852550707757473,
-0.05120338499546051,
-0.007828197441995144,
-0.013425619341433048,
-0.002909533679485321,
0.07465076446533203,
0.10799402743577957,
-0.04082631692290306,
-0.006237807683646679,
-0.03869013488292694,
-0.04410729184746742,
-0.044971298426389694,
0.012386093847453594,
0.024600880220532417,
0.003423872636631131,
-0.034222643822431564,
0.020366044715046883,
0.012623798102140427,
0.003501653205603361,
-0.013764658942818642,
-0.0661599189043045,
-0.002256887499243021,
-0.03932284563779831,
0.034997083246707916,
-0.01727699488401413,
0.02611364983022213,
0.02754049375653267,
0.005651627667248249,
0.024068308994174004,
0.005013001151382923,
0.011152423918247223,
-0.00487762363627553,
-0.046306584030389786,
0.011699621565639973,
0.008558016270399094,
0.0085673276335001,
0.00966203399002552,
0.013610165566205978,
0.004668744746595621,
0.031157614663243294,
0.07027465850114822,
-0.04885311424732208,
-0.05359921231865883,
0.012470307759940624,
0.01186420302838087,
0.02279682271182537,
-0.02643696777522564,
0.025341937318444252,
-0.0008120464044623077,
-0.0028444610070437193,
0.008209739811718464,
-0.024429786950349808,
-0.015563675202429295,
-0.0416184663772583,
-0.008065365254878998,
0.024445876479148865,
-0.009241906926035881,
-0.04401331767439842,
0.011628234758973122,
0.028719116002321243,
0.014023780822753906,
0.035216111689805984,
-0.009452885016798973,
0.019638344645500183,
0.004115038085728884,
-0.00891787838190794,
-0.00237743416801095,
-0.05007292702794075,
-0.030302710831165314,
0.0015241578221321106,
-0.05611627176403999,
0.04351206496357918,
0.04488632082939148,
-0.0022813319228589535,
-0.08166609704494476,
-0.028656112030148506,
-0.04204270988702774,
-0.002902690786868334,
-0.020585333928465843,
-0.018367569893598557,
0.030341861769557,
0.028052352368831635,
-0.032937806099653244,
0.06410149484872818,
0.0028939172625541687,
-0.041374631226062775,
0.05869568511843681,
0.028405360877513885,
0.04037002474069595,
0.00026558846002444625,
0.03960109129548073,
-0.004714610520750284,
-0.017797032371163368,
-0.015088223852217197,
0.018070608377456665,
-0.02966330572962761,
0.03778982162475586,
0.12118397653102875,
-0.018916944041848183,
-0.01602315530180931,
-0.004723649937659502,
-0.02842022106051445,
0.050923414528369904,
0.001852520857937634,
0.06844937801361084,
-0.006301912013441324,
-0.005146473180502653,
-0.0030067679472267628,
-0.014805438928306103,
0.043597932904958725,
-0.004919032566249371,
-0.05015070363879204,
-0.011668918654322624,
-0.01712038554251194,
-0.016055917367339134,
0.007413680199533701,
-0.14284822344779968,
-0.008256093598902225,
-0.02347596548497677,
-0.021900681778788567,
-0.0025122996885329485,
0.030737759545445442,
-0.003150239586830139,
0.016947632655501366,
-0.003950627986341715,
-0.02919381856918335,
0.0034940398763865232,
0.00719789694994688,
-0.002947384025901556,
0.06994868814945221,
-0.03336126729846001,
0.0058615924790501595,
0.0015665526734665036,
0.04720251262187958,
-0.013565057888627052,
0.01222526840865612,
-0.04255760833621025,
-0.0023111102636903524,
-0.0019751645158976316,
-0.002636423334479332,
-0.0181589312851429,
-0.010218663141131401,
-0.027704713866114616,
-0.02497280389070511,
-0.002633389551192522,
0.029474996030330658,
-0.02147536538541317,
-0.026372581720352173,
0.016106832772493362,
-0.005664586089551449,
-0.01083085872232914,
-0.02546432614326477,
0.0513404980301857,
-0.001381582929752767,
-0.014061527326703072,
-0.009966996498405933,
0.028122099116444588,
-0.010911193676292896,
0.006345455069094896,
0.04025258868932724,
-0.03776441887021065,
-0.01455782726407051,
-0.002117045922204852,
-0.013228297233581543,
0.002831938210874796,
0.023432044312357903,
-0.02082897163927555,
0.022315287962555885,
0.002672082046046853,
-0.029771246016025543,
0.0061124167405068874,
-0.005535464733839035,
-0.04766775667667389,
-0.04008109122514725,
0.01431675348430872,
-0.05350261181592941,
-0.02724539116024971,
0.015353241004049778,
0.003699186723679304,
0.013478420674800873,
0.04457048326730728,
0.07039918005466461,
0.010710823349654675,
0.06344863027334213,
-0.0015900192083790898,
-0.018855780363082886,
-0.0438876710832119,
0.353102445602417,
0.05450762063264847,
-0.02718602493405342,
0.05175527185201645,
-0.00809737853705883,
-0.02637026645243168,
0.025596192106604576,
-0.041569266468286514,
0.005758143495768309,
-0.0116415498778224,
-0.033741775900125504,
0.007376897148787975,
0.03216242045164108,
-0.027393987402319908,
-0.009765254333615303,
0.035903360694646835,
-0.00460412260144949,
-0.10169383883476257,
0.00752240139991045,
0.0635799691081047,
0.06409627199172974,
-0.00208857748657465,
-0.00288433232344687,
0.05040830746293068,
-0.016499821096658707,
-0.03312297165393829,
0.029953252524137497,
0.011146178469061852,
-0.018634896725416183,
0.007818927057087421,
0.010403702035546303,
-0.023191550746560097,
0.005448342766612768,
0.00037106656236574054,
0.06168825179338455,
-0.019413873553276062,
0.0296749547123909,
0.009556650184094906,
0.02409837394952774,
-0.0043074325658380985,
-0.003789435839280486,
0.024568036198616028,
0.027586109936237335,
0.06987358629703522,
-0.006397038232535124,
-0.023424331098794937,
0.011297609657049179,
-0.007912196218967438,
0.03342287242412567,
0.011783079244196415,
-0.012054218910634518,
0.012817194685339928,
-0.01809285767376423,
-0.02863786555826664,
-0.025621170178055763,
-0.01592583954334259,
0.002460721880197525,
-0.0060902866534888744,
-0.040953658521175385,
0.033819910138845444,
-0.027777940034866333,
0.0341147743165493,
0.03883187100291252,
-0.019892945885658264,
0.0001499028003308922,
0.012165256775915623,
0.013639907352626324,
-0.024692341685295105,
-0.05817791074514389,
-0.017398232594132423,
-0.007028636988252401,
-0.001724389148876071,
-0.0168104637414217,
-0.03086705505847931,
0.03218421712517738,
0.012819657102227211,
-0.05073137953877449,
0.00809424463659525,
-0.02532234787940979,
0.0478772297501564,
-0.005386519245803356,
-0.07074972987174988,
-0.001371904625557363,
0.04386834055185318,
-0.01968345046043396,
0.003109860699623823,
-0.011487423442304134,
0.013172024860978127,
0.05964864790439606,
-0.05753503739833832,
-0.04956486076116562,
0.021397076547145844,
0.04678717628121376,
-0.01524827629327774,
-0.009726655669510365,
0.004569017793983221,
-0.06222667172551155,
-0.018664561212062836,
0.017656376585364342,
-0.01421944797039032,
-0.035872042179107666,
-0.005803563632071018,
0.038887035101652145,
-0.04321480169892311,
0.003305683843791485,
0.013585293665528297,
0.01868787594139576,
-0.027310382574796677,
0.02351333014667034,
0.014677614904940128,
-0.01282882783561945,
0.010121747851371765,
0.006416207645088434,
-0.0382346548140049,
-0.004136241041123867,
0.041604962199926376,
0.02592543140053749,
-0.021212996914982796,
0.03629298880696297,
-0.042020995169878006,
-0.02467985451221466,
0.011867990717291832,
0.027608122676610947,
-0.01938527263700962,
-0.022944433614611626,
-0.02473375014960766,
0.012245997786521912,
-0.00830009113997221,
-0.01211808156222105,
-0.00285774446092546,
0.03010493703186512,
-0.008978397585451603,
0.01706685684621334,
-0.027334745973348618,
-0.00407608924433589,
0.018249131739139557,
0.0015809796750545502,
-0.0086051719263196,
0.04923305660486221,
-0.00051329709822312,
0.013334869407117367,
0.00925085972994566,
-0.001637126668356359,
-0.0008115643868222833,
0.011729855090379715,
-0.009488130919635296,
0.049935754388570786,
-0.011004452593624592,
-0.018454041332006454,
-0.02567741647362709,
0.018121987581253052,
-0.03661501407623291,
-0.02474774420261383,
-0.0031946534290909767,
-0.01421243604272604,
-0.03302675858139992,
-0.07045350223779678,
-0.03808068856596947,
-0.008167009800672531,
-0.008212203159928322,
-0.02064577490091324,
-0.008169914595782757,
-0.03132161498069763,
0.03824993595480919,
-0.005801375024020672,
0.008671075105667114,
-0.18983229994773865,
0.17110675573349,
0.01854635588824749,
-0.01041780598461628,
0.03160149231553078,
-0.021344294771552086,
0.01210095826536417,
0.0682072564959526,
0.004365173634141684,
0.011770482175052166,
-0.012146549299359322,
0.02101769670844078,
-0.04119632765650749,
-0.009918958880007267,
0.02974618412554264,
0.01837725006043911,
-0.02378595620393753,
-0.0023573474027216434,
0.0017179257702082396,
0.005912892520427704,
0.034052774310112,
0.004345483146607876,
0.005678033456206322,
-0.01608605682849884,
0.000444399454863742,
0.027002718299627304,
0.008704091422259808,
0.007693985011428595,
0.02174842171370983,
0.004648566711694002,
-0.0439838282763958,
-0.01514880545437336,
0.050626490265131,
-0.0017492456827312708,
0.018172049894928932,
-0.007286990527063608,
-0.0013110581785440445,
-0.034086924046278,
0.01571955718100071,
-0.0085245156660676,
-0.02485375665128231,
-0.01309307012706995,
0.011123097501695156,
-0.01017716620117426,
-0.022455882281064987,
0.013646701350808144,
0.00011554730735952035,
-0.006510715465992689,
0.032007865607738495,
-0.026499422267079353,
-0.08079241216182709,
0.007132706232368946,
-0.005493164528161287,
-0.06734253466129303,
-0.04612552747130394,
0.16127781569957733,
0.021478883922100067,
0.0033408880699425936,
0.0020497331861406565,
-0.040157970041036606,
0.019409826025366783,
0.00992828980088234,
-0.00039411699981428683,
0.0463692732155323,
0.014735190197825432,
-0.043148498982191086,
0.009988103993237019,
-0.029480259865522385,
-0.07412557303905487,
-0.010894155129790306,
0.00836898572742939,
-0.044650204479694366,
-0.005189291201531887,
-0.01197224110364914,
0.1815694123506546,
0.005783364176750183,
-0.01805812306702137,
-0.07133009284734726,
0.026194512844085693,
-0.011351344175636768,
-0.006685109809041023,
0.02925076149404049,
-0.0008534915396012366,
-0.03380972892045975,
0.026675306260585785,
-0.025382202118635178,
0.007726800628006458,
0.041814014315605164,
0.009473319165408611,
-0.07247833907604218,
0.05017434060573578,
0.016807638108730316,
-0.0016973037272691727,
-0.02798016555607319,
-0.013734997250139713,
-0.00831657275557518,
-0.04036256670951843,
0.0031834424007683992,
0.04094800353050232,
-0.037683017551898956,
-0.028053032234311104,
0.01959375850856304,
-0.006607832387089729,
-0.02819974161684513,
-0.02117508463561535,
0.02698550373315811,
-0.011896687559783459,
0.03649282827973366,
-0.029708409681916237,
0.0020637642592191696,
0.016751162707805634,
-0.0068819960579276085,
0.02763332426548004,
-0.024561278522014618,
-0.010434633120894432,
0.008207137696444988,
-0.02302137017250061,
-0.03488272428512573,
-0.01716812141239643,
0.009719619527459145,
0.008421968668699265,
0.057664886116981506,
0.03758743405342102,
0.04764921963214874,
0.00474871089681983,
-0.024670595303177834,
0.022284111008048058,
-0.0052467030473053455,
0.047173161059617996,
0.011353234760463238,
-0.020195793360471725,
-0.021387726068496704,
0.009476949460804462,
-0.00827533658593893,
-0.001680437009781599,
-0.021380871534347534,
0.012133263051509857,
-0.021187664940953255,
0.010003692470490932,
0.02290673367679119,
-0.006837180349975824,
0.02768649533390999,
-0.044235751032829285,
-0.012686029076576233,
0.02327973209321499,
-0.04136977344751358,
-0.018915362656116486,
0.018312813714146614,
0.03943590819835663,
-0.004061358515173197,
-0.005923123564571142,
-0.044819530099630356,
0.016537385061383247,
0.03805350512266159,
-0.0029830653220415115,
0.0033887142781168222,
0.0542660653591156,
0.05310623720288277,
0.006957467179745436,
0.007919379509985447,
0.04550836235284805,
0.005164474714547396,
0.010745350271463394,
0.006282228510826826,
-0.021185828372836113,
0.025480594485998154,
-0.047030262649059296,
0.10571887344121933,
0.009367645718157291,
0.00906226597726345,
0.019288307055830956,
0.001307508791796863,
-0.047783978283405304,
-0.0004281727015040815,
0.016480207443237305,
0.014344445429742336,
0.006514894776046276,
0.019703442230820656,
0.05542386323213577,
0.01660076528787613,
-0.018682654947042465,
-0.015587140806019306,
0.013050130568444729,
-0.05685886740684509,
0.004272010643035173,
0.008801384828984737,
-0.0491352342069149,
-0.010536120273172855,
-0.04089721292257309,
0.011360970325767994,
0.06764331459999084,
0.06895241886377335,
-0.10460489243268967,
-0.04677814245223999,
0.006428910885006189,
0.006037742365151644,
-0.016017556190490723,
-0.024190932512283325,
-0.02209537848830223,
-0.035193245857954025,
-0.019441546872258186,
-0.0076343221589922905,
0.004221521783620119,
0.10797717422246933,
-0.0039842030964791775,
-0.04675780236721039,
0.03712816163897514,
0.019466428086161613,
0.001590520842000842,
0.03674896061420441,
-0.001011883607134223,
-0.008350648917257786,
-0.019687984138727188,
0.010062029585242271,
0.009545392356812954,
-0.022648682817816734,
-0.03032391332089901,
-0.022594736889004707,
-0.0236213281750679,
-0.08494026958942413,
0.0379563644528389,
-0.0075127072632312775,
0.025451432913541794,
-0.000991217908449471,
-0.007480385713279247,
-0.04175533726811409,
-0.024947572499513626,
-0.020539147779345512,
0.017423158511519432,
0.004329506773501635,
0.023561187088489532,
-0.02017105743288994,
0.013273865915834904,
-0.025188015773892403,
0.017712047323584557,
-0.0743294358253479,
-0.06512903422117233,
-0.014112550765275955,
-0.0002900144027080387,
0.011387443169951439,
-0.02911345101892948,
-0.03512603044509888,
0.010377329774200916,
-0.020862853154540062,
0.05943281576037407,
0.050881460309028625,
-0.030235707759857178,
0.0056037576869130135,
0.06518510729074478,
0.027867302298545837,
-0.021447312086820602,
-0.056931834667921066,
-0.034943390637636185,
0.06767161935567856,
0.008311607874929905,
-0.004346536006778479,
0.031215570867061615,
-0.01432779524475336,
-0.04463517665863037,
0.005567640997469425,
-0.0028951435815542936,
-0.043490707874298096,
0.0012036460684612393,
0.006400843616575003,
-0.06441141664981842,
0.015744877979159355,
-0.01100971456617117,
-0.011027812957763672,
0.022780872881412506,
-0.0031621179077774286,
0.0022432534024119377,
-0.01740066520869732
] |
center expenses decreased by $13.9 million primarily due to a decrease in hub operation expenses resulting from the declines in DVD shipments, offset partially by increases in customer service center expenses to support our growth in domestic subscriptions.
Marketing
Marketing expenses decreased $40.7 million in 2012 as compared to 2011 primarily due to a decrease in marketing program spending in television, radio and direct mail advertising partially offset by increases in online advertising.
Contribution Profit
Our Domestic streaming segment had a contribution margin of 16% for 2012 and our Domestic DVD segment had a contribution margin of 47%. The Domestic segments collectively had a contribution margin of 27% in 2012 down slightly from 28% in 2011 with the decrease driven primarily by investments in our streaming content. We expect contribution margins for the Domestic DVD segment to decline sequentially due to a seasonal increase in usage in the first quarter of 2013 and the expected USPS rate increase of $0.01 each way which takes effect in January 2013. Contribution margins for the Domestic streaming segment are expected to expand as investments in domestic content and marketing grow slower than domestic streaming revenues and contribution profit may exceed the Domestic DVD contribution profit in the first quarter of 2013.
Revenues
The $962.7 million increase in our domestic revenues in 2011 as compared to 2010 was primarily due to the 49% growth in the domestic average number of unique paying subscribers driven by new streaming subscriptions. This increase was offset in part by a 3% decline in domestic average monthly revenue per unique paying subscriber, resulting from the popularity of the streaming subscription plans (introduced in November 2010) and a decline in the percentage of unique paying subscribers electing both a streaming and a DVD subscription following the pricing changes announced in July 2011.
Cost of Revenues
The $581.9 million increase in domestic cost of revenues in 2011 as compared to 2010 was due to the following factors:
•
Content acquisition and licensing expenses increased by $584.3 million. This increase was primarily attributable to continued investments in streaming content resulting in an increase in the streaming content available for viewing to our domestic subscribers as compared to the prior year.
•
Content delivery expenses decreased $41.8 million primarily due to a 14% decrease in the number of DVDs mailed to paying subscribers. The decrease in the number of DVDs mailed was driven by a 22% decline in monthly DVD rentals per average paying DVD subscriber primarily attributed to the migration of our DVD subscribers toward lower priced plans. The decrease in DVD delivery expenses was partially offset by an increase in costs associated with our use of third-party delivery networks resulting from an increase in the total number of hours of streaming content viewed by our subscribers.
•
Other costs increased due to a $28.9 million increase in credit card fees as a result of the growth in revenues, and a $19.1 million increase in costs associated with customer service call centers to
| 1HOLD
|
[
0.004320110194385052,
0.03203325718641281,
0.0017080451361835003,
-0.0032948784064501524,
-0.07581012696027756,
0.003657727036625147,
-0.0007819710881449282,
-0.015246711671352386,
-0.03455843776464462,
0.0034278500825166702,
0.031631384044885635,
-0.04481879621744156,
0.028269456699490547,
-0.018182523548603058,
0.0031443345360457897,
-0.02894972451031208,
-0.03672478348016739,
-0.0033952374942600727,
-0.028971869498491287,
0.014125131070613861,
0.0155955720692873,
0.048139363527297974,
0.01985141821205616,
0.014296375215053558,
0.007945399731397629,
0.015338980592787266,
0.010064204223453999,
0.037112653255462646,
0.035334810614585876,
-0.04128940775990486,
0.024308951571583748,
-0.000517979497089982,
0.027800818905234337,
-0.021677600219845772,
-0.054787527769804,
0.0013801214518025517,
-0.030450288206338882,
-0.00414253817871213,
0.07068971544504166,
-0.008066223002970219,
-0.009303291328251362,
0.02425244078040123,
0.07927467674016953,
-0.008891674689948559,
0.006229428108781576,
-0.018191613256931305,
0.03658256679773331,
0.011525292880833149,
0.002714219968765974,
-0.005366447381675243,
-0.01771652325987816,
-0.020956259220838547,
-0.0078313322737813,
0.01654825173318386,
-0.0077295764349401,
-0.012958445586264133,
-0.0074246725998818874,
-0.025694072246551514,
0.028723275288939476,
0.02912999875843525,
0.0010028397664427757,
-0.019424408674240112,
0.02463703602552414,
0.03531431034207344,
0.01429991889744997,
-0.010700222104787827,
0.002007504925131798,
0.02388608269393444,
-0.04197753965854645,
-0.04988657310605049,
0.029830841347575188,
0.010315747931599617,
-0.008455370552837849,
0.015477900393307209,
0.007995163090527058,
-0.04003918915987015,
0.05297908931970596,
-0.026314182206988335,
0.0818534716963768,
-0.020634638145565987,
0.005467834882438183,
-0.0698530524969101,
-0.021205337718129158,
-0.04580129683017731,
0.050507012754678726,
-0.017235809937119484,
-0.012761600315570831,
-0.08653056621551514,
0.003133532591164112,
-0.02073374204337597,
0.014535253867506981,
0.003983320202678442,
-0.04681917652487755,
-0.10026229918003082,
-0.028407959267497063,
-0.0059640053659677505,
-0.011011534370481968,
-0.11913836747407913,
0.003264067927375436,
-0.009817227721214294,
0.05066956952214241,
0.0030754078179597855,
0.015457652509212494,
-0.021530447527766228,
0.006944354623556137,
-0.0019390706438571215,
-0.019423607736825943,
-0.019606947898864746,
0.006207323633134365,
0.024627400562167168,
-0.026434339582920074,
-0.07820355147123337,
-0.0004601894470397383,
-0.021854547783732414,
0.011919867247343063,
0.04753816872835159,
-0.01116193924099207,
-0.031864505261182785,
-0.017479615285992622,
-0.0569191537797451,
-0.008019868284463882,
-0.03753257915377617,
0.01106796134263277,
-0.007167359348386526,
-0.04746463522315025,
0.025537610054016113,
0.01006891019642353,
-0.008574952371418476,
0.025948485359549522,
-0.020418580621480942,
0.0052567170932888985,
-0.02629348263144493,
0.0049958680756390095,
0.03777878358960152,
0.019027523696422577,
-0.006235419772565365,
-0.00540181715041399,
0.0005050580948591232,
-0.048735883086919785,
0.023328961804509163,
-0.018058452755212784,
-0.05451604351401329,
-0.04288880527019501,
-0.0373416393995285,
-0.031530462205410004,
-0.013142745941877365,
-0.01196552999317646,
0.00998353585600853,
0.028480952605605125,
0.09158001095056534,
-0.0029532010667026043,
0.037140604108572006,
-0.03240533918142319,
-0.028881631791591644,
-0.008148632943630219,
0.00920699629932642,
0.03496254235506058,
-0.035857949405908585,
-0.06494605541229248,
0.009972727857530117,
-0.00808886718004942,
0.025272082537412643,
-0.02413940243422985,
-0.04926043003797531,
0.010397293604910374,
-0.05247493088245392,
0.0479356087744236,
-0.025574570521712303,
0.03501427546143532,
0.049689363688230515,
0.014180758036673069,
0.009543151594698429,
0.0038984171114861965,
-0.006118844263255596,
-0.012415493838489056,
-0.03771704435348511,
0.023704737424850464,
0.019714413210749626,
0.026404859498143196,
0.00028683317941613495,
0.030032239854335785,
-0.010292098857462406,
0.0514489971101284,
0.09046188741922379,
-0.0322783999145031,
-0.011321398429572582,
-0.014477959834039211,
0.04052690416574478,
-0.019161952659487724,
-0.0309736505150795,
0.013326076790690422,
-0.0036085208412259817,
-0.0016136005287989974,
-0.005331809166818857,
-0.044600095599889755,
-0.018373697996139526,
-0.0267568938434124,
0.0012770036701112986,
0.014931133016943932,
-0.017823046073317528,
-0.00534873828291893,
0.020849116146564484,
0.00330420583486557,
0.017517713829874992,
0.018671976402401924,
-0.010865478776395321,
-0.03838016837835312,
0.004547436255961657,
-0.02550715208053589,
-0.0369383879005909,
-0.04022596776485443,
-0.03586077317595482,
0.002389609580859542,
-0.007758591789752245,
0.0017477833898738027,
0.028332669287919998,
-0.028888341039419174,
-0.09341666102409363,
-0.03403234854340553,
-0.03334089741110802,
0.015802349895238876,
-0.02073293924331665,
0.019184615463018417,
-0.02660459093749523,
0.03435848653316498,
0.005093524232506752,
0.0501776859164238,
-0.004154591355472803,
-0.03302844613790512,
0.040970392525196075,
0.027415964752435684,
0.07089250534772873,
0.006752746645361185,
0.03738710284233093,
0.00429685041308403,
-0.03189313784241676,
0.002357581164687872,
0.0013904060469940305,
-0.013693523593246937,
0.05263088271021843,
0.10263457894325256,
-0.018389878794550896,
-0.0009403925505466759,
-0.019008250907063484,
-0.021357374265789986,
0.03239242732524872,
-0.022346286103129387,
0.044979069381952286,
-0.007995711639523506,
0.03379786014556885,
-0.005468585528433323,
0.02666107937693596,
0.052069805562496185,
0.005284401588141918,
-0.044908881187438965,
0.001112625701352954,
-0.026294592767953873,
-0.024019278585910797,
0.03235286474227905,
-0.11146032065153122,
-0.029090991243720055,
-0.027459049597382545,
-0.009219138883054256,
-0.006868431344628334,
0.011852794326841831,
0.002399455290287733,
0.020528865978121758,
0.015541286207735538,
-0.0027326245326548815,
-0.002831096760928631,
-0.00018883671145886183,
-0.00851823017001152,
0.050895705819129944,
-0.022295521572232246,
0.011045120656490326,
0.009081393480300903,
0.03187957778573036,
-0.018686307594180107,
0.005792994983494282,
-0.015047703869640827,
-0.000373235932784155,
0.012513164430856705,
0.0036885368172079325,
-0.013965800404548645,
0.004995059687644243,
-0.01614834927022457,
-0.0377207025885582,
-0.007836512289941311,
-0.02200661040842533,
-0.015500971116125584,
-0.02257576771080494,
0.007662316784262657,
0.003276195377111435,
-0.018215905874967575,
-0.01967289112508297,
0.07215314358472824,
-0.02158636599779129,
-0.04399064928293228,
-0.003696512198075652,
0.03216865658760071,
-0.017783118411898613,
-0.004912202712148428,
0.009147275239229202,
-0.017833052203059196,
-0.008512686938047409,
-0.023515045642852783,
0.0022962321527302265,
-0.02534741722047329,
-0.008363584987819195,
-0.004700173158198595,
-0.0033829028252512217,
-0.01626461371779442,
-0.0027297132182866335,
-0.0035395261365920305,
-0.004728585481643677,
-0.02660018391907215,
-0.04978951811790466,
-0.017597418278455734,
-0.03060336783528328,
-0.016352850943803787,
0.0004287910123821348,
0.0017457104986533523,
-0.00553811015561223,
0.013940488919615746,
0.04490019753575325,
0.010664346627891064,
0.08117330074310303,
-0.03696329891681671,
-0.00020399002823978662,
-0.039211589843034744,
0.33358702063560486,
0.09816692769527435,
-0.03348378464579582,
0.0162158515304327,
-0.011498848907649517,
-0.0008671826799400151,
0.018372880294919014,
-0.024231212213635445,
-0.0029636414255946875,
-0.027179060503840446,
-0.026984702795743942,
0.00022906647063791752,
-0.01527379360049963,
-0.05018039047718048,
-0.001924513024277985,
0.047156546264886856,
0.021136954426765442,
-0.08423571288585663,
-0.0069258082658052444,
0.059285927563905716,
0.04142210632562637,
-0.004689569119364023,
-0.027216697111725807,
0.03780825063586235,
0.0053469343110919,
-0.040523093193769455,
0.04960760846734047,
-0.004209460690617561,
-0.012502879835665226,
0.05824645981192589,
-0.025302454829216003,
-0.02567332796752453,
-0.008552266284823418,
0.01764822006225586,
0.061556510627269745,
-0.0018548275111243129,
0.07923441380262375,
0.020022552460432053,
0.009821731597185135,
-0.024689767509698868,
0.023277925327420235,
0.01759042777121067,
0.011664872989058495,
0.10216692090034485,
-0.023650024086236954,
-0.013972636312246323,
0.018138080835342407,
0.0031992134172469378,
0.01834147609770298,
0.0356445349752903,
-0.004528291057795286,
-0.018473928794264793,
0.003468951443210244,
-0.011938541196286678,
-0.05826559290289879,
-0.021274592727422714,
0.032382622361183167,
-0.000543704372830689,
-0.028078678995370865,
0.03680777549743652,
-0.011307412758469582,
0.0057556359097361565,
0.02007889375090599,
-0.011517387814819813,
0.0039020879194140434,
0.015765298157930374,
0.02101268246769905,
-0.019236154854297638,
-0.06350655853748322,
-0.028303571045398712,
-0.010917979292571545,
0.039690107107162476,
-0.010832750238478184,
-0.026947740465402603,
0.050145309418439865,
0.01774575188755989,
-0.054520383477211,
0.014816277660429478,
-0.0007966911070980132,
0.00929979421198368,
-0.008472506888210773,
-0.0062147448770701885,
-0.02224595658481121,
0.04664492979645729,
-0.026839522644877434,
0.01918419450521469,
-0.011721345596015453,
0.01900879479944706,
0.04044227674603462,
-0.09253048151731491,
-0.04477563500404358,
-0.012321108020842075,
0.03465916961431503,
0.016981543973088264,
0.00253659556619823,
0.03956611081957817,
-0.08258236199617386,
-0.0036273065488785505,
-0.004423973616212606,
0.004682143218815327,
-0.013617065735161304,
0.0003610418061725795,
0.006580236367881298,
-0.011026579886674881,
-0.0016883683856576681,
-0.006320692598819733,
0.00895367655903101,
-0.03697989881038666,
0.02623358927667141,
0.04783625900745392,
-0.01625771075487137,
-0.022621678188443184,
0.004811887629330158,
-0.03616519272327423,
0.003190274117514491,
0.03882123529911041,
-0.007200698368251324,
-0.02061641961336136,
0.0004819049499928951,
-0.027640027925372124,
0.0010611703619360924,
0.0063830227591097355,
-0.02895987220108509,
-0.0014773901784792542,
0.009420746937394142,
-0.006436546798795462,
0.01759226806461811,
-0.011284925974905491,
-0.014900483191013336,
0.008142441511154175,
0.021255066618323326,
-0.008206350728869438,
0.011820707470178604,
-0.0565759539604187,
0.019137246534228325,
0.005507126450538635,
0.020523184910416603,
0.005828225053846836,
0.07650313526391983,
-0.007778623141348362,
0.008444520644843578,
0.01320561021566391,
-0.012071805074810982,
-0.01638006418943405,
-0.01458777952939272,
-0.019703473895788193,
0.027690574526786804,
0.019215863198041916,
-0.05867572873830795,
-0.033557578921318054,
0.007130736019462347,
-0.023558160290122032,
0.003798834281042218,
-0.01903734728693962,
0.007338210940361023,
-0.04955500736832619,
-0.05748463049530983,
-0.04482680931687355,
-0.01329749170690775,
-0.006091709714382887,
-0.049732934683561325,
-0.04053248465061188,
-0.04312974959611893,
0.036604899913072586,
-0.004307204391807318,
0.006537740584462881,
-0.1318618357181549,
0.12746818363666534,
0.021300368010997772,
-0.0014840243384242058,
0.02471265010535717,
-0.0318746455013752,
0.024507058784365654,
0.05926496535539627,
0.014142015017569065,
-0.01595609448850155,
-0.0244129691272974,
0.023329487070441246,
-0.017942242324352264,
-0.004993859678506851,
0.02966875210404396,
0.04122815281152725,
-0.011303902603685856,
0.007677942514419556,
0.01808207295835018,
0.00007040263153612614,
0.03453821316361427,
-0.011562234722077847,
-0.002752525033429265,
-0.005895952228456736,
-0.00797963235527277,
0.02308259904384613,
0.02344128116965294,
0.0021186189260333776,
0.007420139852911234,
-0.011653070338070393,
-0.039365243166685104,
0.0007375869899988174,
0.018073637038469315,
0.0032363564241677523,
0.04240190237760544,
-0.07928529381752014,
-0.00591357983648777,
-0.012434344738721848,
-0.002727743936702609,
-0.0241069458425045,
0.009182597510516644,
-0.024454066529870033,
-0.017471900209784508,
-0.011567157693207264,
-0.002248582663014531,
-0.0019299902487546206,
0.026218971237540245,
0.030344290658831596,
0.01793671026825905,
-0.010136663913726807,
-0.07831621915102005,
0.0022674885112792253,
-0.02719160169363022,
-0.061486925929784775,
-0.019340015947818756,
0.18026739358901978,
0.014311854727566242,
-0.015490186400711536,
0.03032965399324894,
-0.03514073044061661,
0.041590366512537,
0.002023938577622175,
0.0391155369579792,
0.0012563265627250075,
0.007576077710837126,
-0.04652296379208565,
0.009139161556959152,
-0.01291461568325758,
-0.07528877258300781,
-0.018704373389482498,
-0.017541924491524696,
-0.016312437132000923,
0.01194379385560751,
-0.013872068375349045,
0.11184107512235641,
0.020391983911395073,
-0.027715696021914482,
-0.0782533511519432,
0.014432636089622974,
-0.019784439355134964,
0.001917193061672151,
-0.021833039820194244,
-0.016146184876561165,
-0.03232068568468094,
0.06402416527271271,
-0.06313665956258774,
-0.01471554022282362,
0.023807795718312263,
-0.009287466295063496,
-0.09994155913591385,
0.020789319649338722,
-0.0015332926996052265,
-0.0020301779732108116,
-0.03678646311163902,
-0.00873260572552681,
0.0020717608276754618,
-0.04019013047218323,
0.003114538500085473,
0.05299294739961624,
-0.002048200462013483,
-0.011612369678914547,
0.036585722118616104,
0.019433176144957542,
0.008522606454789639,
-0.04551919177174568,
0.022723756730556488,
0.002171417698264122,
0.05072292685508728,
0.01521061547100544,
-0.009224509820342064,
0.02417355217039585,
0.021605530753731728,
0.027986224740743637,
-0.007209194358438253,
-0.010421925224363804,
-0.03962058946490288,
-0.015061821788549423,
-0.019407153129577637,
-0.011398816481232643,
0.025592010468244553,
0.00020197821140754968,
0.12180755287408829,
0.02972632646560669,
0.01370029617100954,
0.016890592873096466,
-0.005897891707718372,
0.053687941282987595,
-0.03885772079229355,
0.05284019559621811,
-0.02431984804570675,
-0.009360343217849731,
-0.033906735479831696,
0.01527123898267746,
-0.01092411857098341,
-0.021414732560515404,
-0.0341312550008297,
0.011006398126482964,
-0.004769585095345974,
0.0033228271640837193,
0.01657383143901825,
0.004748155362904072,
0.00992792472243309,
-0.05808465927839279,
0.03204970061779022,
0.029979079961776733,
-0.03051071986556053,
-0.0052373893558979034,
0.006854560226202011,
0.030467595905065536,
-0.005666221026331186,
-0.011705014854669571,
-0.030977843329310417,
-0.005566607695072889,
0.023533804342150688,
-0.00836925208568573,
-0.011997530236840248,
0.0898427665233612,
0.02328319661319256,
0.009517434053122997,
-0.01155239250510931,
-0.01343192346394062,
0.006257656496018171,
0.0037216695491224527,
-0.008739455603063107,
-0.019720837473869324,
0.013943285681307316,
-0.0031720006372779608,
0.1007639616727829,
0.012984836474061012,
0.012172951363027096,
0.016134845092892647,
-0.004506091121584177,
-0.03700102120637894,
-0.02653026394546032,
0.021735774353146553,
0.005359468515962362,
-0.005744416732341051,
0.013516477309167385,
0.05591608211398125,
-0.0060203284956514835,
-0.016429828479886055,
-0.04873008280992508,
0.019466707482933998,
-0.05048844590783119,
0.016700200736522675,
0.0033860818948596716,
-0.00626411335542798,
-0.004335093777626753,
-0.04024215042591095,
-0.010816127061843872,
0.07072240114212036,
0.1342180073261261,
-0.0659305602312088,
-0.06250883638858795,
0.0022573014721274376,
0.0023932785261422396,
-0.015505027957260609,
-0.01987025886774063,
-0.02239289879798889,
-0.006895031314343214,
0.003343556309118867,
-0.008765185251832008,
0.003314588451758027,
0.1917051374912262,
0.017057348042726517,
-0.027586042881011963,
0.026397453621029854,
-0.0009869836503639817,
-0.014844081364572048,
0.008835544809699059,
0.004695102106779814,
-0.01099031139165163,
-0.009057238698005676,
0.028277823701500893,
-0.008637298829853535,
-0.016782285645604134,
-0.03002036362886429,
-0.030802195891737938,
-0.022788450121879578,
-0.06742828339338303,
0.03644901514053345,
0.022372255101799965,
0.008377009071409702,
0.011021492071449757,
-0.044840507209300995,
-0.026856275275349617,
-0.01929563283920288,
0.00160658557433635,
-0.016284991055727005,
0.0034047476947307587,
0.055302612483501434,
-0.008548862300813198,
0.009288839064538479,
-0.04753563180565834,
0.024875381961464882,
-0.017775828018784523,
-0.0578606016933918,
-0.041570793837308884,
-0.008053580299019814,
0.002546574454754591,
-0.05594543740153313,
-0.04001316800713539,
-0.009631676599383354,
-0.006035913247615099,
0.012310500256717205,
0.041559308767318726,
-0.016626030206680298,
0.027066243812441826,
0.04114602506160736,
0.004283458460122347,
-0.01537968497723341,
-0.027153300121426582,
0.003528336063027382,
0.06583438813686371,
0.1323518306016922,
-0.006905511952936649,
0.06340574473142624,
-0.001959242159500718,
-0.060034289956092834,
0.009925225749611855,
-0.014303166419267654,
-0.0552789531648159,
-0.006502869073301554,
-0.03772818669676781,
-0.051972005516290665,
0.012749847956001759,
0.023047959432005882,
-0.032939258962869644,
0.04715419560670853,
-0.035623855888843536,
0.01119245309382677,
0.018337074667215347
] |
and assumptions.
Upon our adoption of Statement 141(R), any changes to deferred tax asset valuation allowances and liabilities related to uncertain tax positions will be recorded in current period income tax expense, unless any such changes are identified during the measurement period (defined as the period, not to exceed one year, in which we may adjust the provisional amounts recognized for a business combination) and relate to new information obtained about facts and circumstances that existed as of the acquisition date. Our estimates for the ultimate outcome of income tax matters are based on the best information available to us as of the acquisition date and corresponding measurement period. Additional information may become available subsequent to the acquisition date and corresponding measurement period, which may require us to revise our estimates for these income tax matters. Such estimate revisions that do not qualify as measurement period adjustments will be recorded to our provision for income taxes in our consolidated statement of operations in the period the revision is made and could have a material impact on our results of operations and financial position.
Upon our adoption of Statement 141(R), we will account for one-time termination and exit costs associated with prospective acquisitions pursuant to FASB Statement No. 146, Accounting for Costs Associated with Exit or Disposal Activities . Statement 146 requires that a liability for a cost associated with an exit or disposal activity be recognized and measured initially at its fair value in the period in which the liability is incurred. In order to incur a liability pursuant to Statement 146, our management must have established and approved a plan of restructuring in sufficient detail. A liability for a cost associated with involuntary termination benefits is recorded when benefits have been communicated and a liability for a cost to terminate an operating lease or other contract are incurred when the contract has been terminated in accordance with the contract terms or we have ceased using the right conveyed by the contract, such as vacating a leased facility. Statement 146 requires the use of assumptions and estimates, including estimated sub-lease payments to be received, which can differ materially from actual results. This may require us to revise our estimated liabilities and may materially affect our results of operations and financial position in the period the revision is made. In addition, the recognition of liabilities pursuant to Statement 146 are subject to certain criteria being met, such as the communication of benefits to be paid to employees and the cessation of benefits received under existing contracts, amongst others. These criteria can cause variability in the timing of recognition of restructuring liabilities, which could cause us to incur expenses in periods we had not expected and could materially affect our results of operations and financial position.
If the initial accounting for a business combination that is accounted for pursuant to Statement 141(R) is incomplete by the end of the reporting period in which the business combination
| 1HOLD
|
[
-0.005591078661382198,
0.0564192496240139,
0.008396422490477562,
0.02324254810810089,
-0.0701294019818306,
-0.01140665914863348,
-0.010073515586555004,
-0.03929615393280983,
-0.034996408969163895,
-0.014834566041827202,
-0.026672594249248505,
-0.013756854459643364,
0.03360486775636673,
-0.022742783650755882,
-0.014061425812542439,
-0.05018211528658867,
-0.03852865472435951,
0.0015707553829997778,
-0.016655374318361282,
0.017002278938889503,
0.005029061809182167,
0.013462329283356667,
0.018883755430579185,
-0.0003074323758482933,
0.03692224621772766,
0.012390093877911568,
0.0011671428801491857,
0.028920087963342667,
0.016066793352365494,
-0.016975369304418564,
0.016356298699975014,
0.0006269841105677187,
0.02585526369512081,
-0.015439295209944248,
-0.04203719273209572,
-0.00013026066881138831,
-0.06148065626621246,
-0.011188145726919174,
0.05981955677270889,
0.0024775753263384104,
-0.031060099601745605,
0.00917420256882906,
0.03649963438510895,
0.015314940363168716,
0.025349268689751625,
-0.00991160236299038,
0.019740618765354156,
0.04343322291970253,
0.015185527503490448,
0.007537279278039932,
-0.02632288448512554,
-0.003243169281631708,
-0.018406551331281662,
-0.013222409412264824,
0.004129261244088411,
-0.03224572166800499,
-0.007311895489692688,
-0.0010156637290492654,
0.0488719567656517,
0.012015486136078835,
0.0437103696167469,
-0.03651098534464836,
0.007730046287178993,
0.04917585477232933,
-0.015576975420117378,
-0.008864223025739193,
-0.011859332211315632,
-0.06263329833745956,
-0.0237239059060812,
-0.049847330898046494,
0.0032414321321994066,
0.020022310316562653,
0.006092933937907219,
0.008361583575606346,
0.015069251880049706,
-0.03828374668955803,
0.028558142483234406,
-0.023890869691967964,
0.0753435343503952,
-0.030956782400608063,
-0.0032508315052837133,
-0.050062283873558044,
-0.0843401849269867,
0.04606684297323227,
0.026689665392041206,
0.025258028879761696,
-0.0008752259891480207,
-0.036311548203229904,
-0.013654331676661968,
-0.0014238001313060522,
-0.0056421030312776566,
-0.0005844269180670381,
-0.03581583499908447,
-0.10694617033004761,
-0.04069870710372925,
-0.02407582849264145,
0.02081507444381714,
-0.0743907019495964,
-0.004162233788520098,
-0.02553173340857029,
0.03195124492049217,
0.0143224922940135,
0.028596391901373863,
-0.01685180887579918,
0.011973129585385323,
-0.035119980573654175,
-0.0150954220443964,
0.017966149374842644,
-0.013491615653038025,
0.025348443537950516,
-0.0026203682646155357,
-0.03435872867703438,
0.007036974187940359,
-0.015948450192809105,
-0.010147147811949253,
0.05876349285244942,
-0.04767893627285957,
-0.029170721769332886,
-0.03941534087061882,
-0.06415002048015594,
-0.014945407398045063,
-0.02285381406545639,
-0.026958100497722626,
-0.003362097078934312,
-0.020048929378390312,
-0.004537863656878471,
0.040236882865428925,
-0.013530519790947437,
0.052136339247226715,
-0.013111362233757973,
-0.0013802845496684313,
-0.011408783495426178,
-0.028252223506569862,
0.05957311391830444,
0.006851953454315662,
0.0035703436005860567,
-0.03944946825504303,
-0.008402486331760883,
-0.029736582189798355,
0.04468614235520363,
0.003079572692513466,
-0.0276448056101799,
-0.069645956158638,
-0.011345570906996727,
-0.00047141886898316443,
-0.00817697960883379,
-0.01442218478769064,
0.008119968697428703,
0.029729746282100677,
0.07445061206817627,
0.0015076982090249658,
0.01703447662293911,
-0.0018726172856986523,
-0.011004677042365074,
-0.013569802977144718,
0.0095130680128932,
0.03460464999079704,
-0.05154930800199509,
-0.04481260105967522,
-0.009736304171383381,
-0.018752291798591614,
-0.017182691022753716,
0.0016732856165617704,
-0.026728078722953796,
0.015478425659239292,
-0.038537658751010895,
0.02515861764550209,
-0.029563171789050102,
0.027621451765298843,
0.04238760471343994,
0.03521144017577171,
0.027755187824368477,
0.018499664962291718,
0.003934758715331554,
-0.0049391500651836395,
0.003478080267086625,
0.06248481944203377,
-0.0367124080657959,
0.022642025724053383,
0.0005558133707381785,
0.02386191487312317,
-0.015560287982225418,
0.004454184323549271,
0.09173474460840225,
-0.03264616057276726,
-0.011529732495546341,
-0.009721075184643269,
-0.01027302909642458,
0.0044049229472875595,
0.018025526776909828,
0.00825014989823103,
0.02617659792304039,
0.020789869129657745,
-0.02964628115296364,
-0.013578384183347225,
0.005095529370009899,
-0.053210675716400146,
-0.007598971948027611,
0.027690988034009933,
-0.01950201392173767,
-0.010025986470282078,
0.02188471145927906,
-0.01369540672749281,
0.021119261160492897,
0.014391552656888962,
-0.008589599281549454,
-0.016606057062745094,
0.0031524663791060448,
-0.021838029846549034,
-0.01107295136898756,
-0.01682320237159729,
-0.00014544826990459114,
0.005387665703892708,
-0.06885169446468353,
0.013705657795071602,
0.002877144841477275,
-0.01393964421004057,
-0.06965230405330658,
-0.05163940414786339,
-0.02449522539973259,
0.00012362100824248046,
-0.018886614590883255,
0.03489769622683525,
0.02590954676270485,
0.00040878771687857807,
0.008325900882482529,
0.06797032058238983,
0.012780296616256237,
-0.02473333850502968,
0.057609923183918,
0.02418757602572441,
0.020427703857421875,
0.03681156039237976,
0.018810629844665527,
0.005070693325251341,
-0.024680549278855324,
-0.00009923535253619775,
0.006258557550609112,
-0.008929279632866383,
-0.007558723911643028,
0.10233710706233978,
-0.013957534916698933,
-0.011327533051371574,
-0.025608589872717857,
-0.01450949814170599,
0.03357916325330734,
-0.049100205302238464,
0.07509355247020721,
-0.0009813825599849224,
-0.029652288183569908,
0.0017794629093259573,
-0.014948881231248379,
0.08621372282505035,
0.01126034650951624,
0.01471075601875782,
-0.009469670243561268,
-0.008038721978664398,
-0.01484338752925396,
0.008864746429026127,
-0.09043078869581223,
-0.009457689709961414,
-0.009599759243428707,
-0.0082576684653759,
-0.007990915328264236,
0.004903352819383144,
-0.028865985572338104,
0.027227558195590973,
0.007117966655641794,
-0.019869336858391762,
-0.0024028352927416563,
-0.010507217608392239,
-0.00956051517277956,
0.05420687422156334,
-0.006024791859090328,
0.014977999031543732,
0.02197844721376896,
0.033108893781900406,
-0.019368132576346397,
0.0060113174840807915,
-0.04768827557563782,
0.009231382980942726,
0.026164725422859192,
-0.027267390862107277,
-0.017859013751149178,
0.005274029914289713,
-0.00939930696040392,
-0.009098352864384651,
0.00560453487560153,
0.0187786016613245,
-0.020568151026964188,
-0.02434171363711357,
0.024885278195142746,
-0.0010915260063484311,
-0.006929865572601557,
0.01435040682554245,
0.06957145035266876,
-0.006937098689377308,
-0.0364554300904274,
0.006745581049472094,
0.017576605081558228,
-0.030891433358192444,
0.010655169375240803,
0.0006100442260503769,
-0.03095356933772564,
-0.02706794999539852,
-0.011044660583138466,
0.015277864411473274,
-0.011039464734494686,
-0.02808757685124874,
-0.01598276011645794,
0.0045677730813622475,
-0.007948067039251328,
-0.00862195435911417,
-0.009218519553542137,
0.0026865722611546516,
-0.04557943716645241,
0.0004251213395036757,
-0.031549979001283646,
-0.06386381387710571,
-0.0026330649852752686,
0.0032867416739463806,
0.0033672316931188107,
-0.012019341811537743,
0.023495981469750404,
0.04515182971954346,
0.008441773243248463,
0.04220088943839073,
0.008277731016278267,
-0.04310593754053116,
-0.07663796842098236,
0.26139894127845764,
0.15328451991081238,
-0.01935373619198799,
0.0153010543435812,
0.005888286046683788,
-0.059792324900627136,
0.016472982242703438,
-0.042341284453868866,
0.0030838323291391134,
-0.03222222626209259,
-0.01573996990919113,
0.017933782190084457,
-0.03600325062870979,
-0.029404159635305405,
-0.012352877296507359,
-0.0031948734540492296,
0.012164946645498276,
-0.07050909101963043,
-0.023512056097388268,
0.014904789626598358,
0.050468795001506805,
0.02035919949412346,
-0.033574335277080536,
0.030068956315517426,
-0.008976856246590614,
-0.019003866240382195,
0.007920580916106701,
-0.007060994394123554,
-0.019991260021924973,
0.0290335975587368,
-0.025469237938523293,
-0.007343224249780178,
-0.007504188921302557,
0.014224301092326641,
0.032848846167325974,
-0.10180206596851349,
0.0006571222329512239,
-0.007737123407423496,
0.0016167741268873215,
-0.016670508310198784,
0.0350368395447731,
0.017029955983161926,
0.01373367477208376,
0.1155342236161232,
-0.009010612964630127,
-0.0284747127443552,
-0.0010043554939329624,
0.0229429230093956,
-0.003802071325480938,
0.004368362482637167,
-0.014346356503665447,
-0.019574329257011414,
-0.016133133322000504,
-0.0122753344476223,
-0.04056493565440178,
0.009516887366771698,
0.020588038489222527,
0.003831671318039298,
-0.040418967604637146,
0.047791942954063416,
-0.01480818260461092,
0.017732083797454834,
0.040850941091775894,
-0.020089011639356613,
0.01616649515926838,
0.007691011298447847,
-0.010323512367904186,
0.0500822514295578,
-0.0629829466342926,
0.0009058314608410001,
-0.013694650493562222,
0.010148182511329651,
0.009087875485420227,
0.023911066353321075,
0.027263475582003593,
0.07401128113269806,
-0.05441541224718094,
0.019675416871905327,
0.015482541173696518,
0.021830705925822258,
-0.020947018638253212,
0.044787678867578506,
0.0017579663544893265,
0.019971586763858795,
-0.01927555911242962,
0.007909516803920269,
-0.01892612874507904,
0.04461917653679848,
0.03644724190235138,
-0.007968663237988949,
-0.042127177119255066,
0.009166168048977852,
0.01238909550011158,
-0.0013615807984024286,
-0.02161478064954281,
0.025309165939688683,
-0.08440595120191574,
-0.037780407816171646,
0.011225414462387562,
-0.000938227865844965,
0.0007937329355627298,
-0.018025454133749008,
0.03361218422651291,
-0.0422273613512516,
0.009488501586019993,
-0.0026060324162244797,
0.009226790629327297,
-0.046466391533613205,
0.022676091641187668,
0.0027753151953220367,
-0.0010451128473505378,
-0.021597713232040405,
0.007605385966598988,
-0.007077957037836313,
0.018499068915843964,
0.06419814378023148,
-0.0005814548349007964,
-0.01048124860972166,
0.016086844727396965,
-0.03272254765033722,
-0.004733877256512642,
0.002017981605604291,
-0.013222421519458294,
0.01879880577325821,
0.01735878922045231,
-0.035891346633434296,
0.01641579531133175,
0.011480214074254036,
-0.022237898781895638,
-0.009937227703630924,
0.03658348321914673,
-0.016936665400862694,
0.029830284416675568,
-0.057684462517499924,
0.010740319266915321,
0.002229672856628895,
0.02401840128004551,
-0.005515550263226032,
0.036407314240932465,
-0.0196234118193388,
0.008001417852938175,
-0.006107575260102749,
-0.0037214448675513268,
-0.012427321635186672,
-0.001721087726764381,
0.004902581684291363,
0.0013823435874655843,
0.03054524026811123,
-0.06676489114761353,
-0.022524956613779068,
0.02297849953174591,
-0.0406312495470047,
-0.009091122075915337,
-0.009494859725236893,
-0.015145360492169857,
-0.014577016234397888,
-0.05957964435219765,
-0.03968688100576401,
-0.0004777767462655902,
-0.03129724785685539,
-0.06065606325864792,
-0.04006450995802879,
-0.01231811847537756,
0.030009284615516663,
-0.004817047622054815,
0.002956453012302518,
-0.23500396311283112,
0.19464847445487976,
0.03684597089886665,
0.007846512831747532,
0.01256674062460661,
-0.008900783956050873,
0.006938089616596699,
0.09502461552619934,
0.032314591109752655,
-0.0017389931017532945,
-0.018271397799253464,
0.03998050466179848,
-0.007367425598204136,
-0.020660340785980225,
0.01022921223193407,
0.01519421674311161,
-0.011164922267198563,
0.012234218418598175,
-0.012804935686290264,
0.021624332293868065,
0.01818874478340149,
0.01903747022151947,
0.017540203407406807,
-0.009850825183093548,
-0.0020892617758363485,
0.014232570305466652,
0.021943552419543266,
-0.031088465824723244,
0.0023714606650173664,
-0.022961854934692383,
0.007873727940022945,
-0.02189842239022255,
0.04037830978631973,
0.014228211715817451,
0.013395295478403568,
-0.061984576284885406,
0.010883808135986328,
-0.010733587667346,
0.0036656344309449196,
-0.020659949630498886,
-0.028191542252898216,
-0.018539946526288986,
0.005323334131389856,
-0.028218546882271767,
-0.038199957460165024,
0.007586193736642599,
-0.01087899599224329,
0.0007156097562983632,
0.00746217230334878,
-0.004275737330317497,
-0.05425416678190231,
-0.00654118275269866,
-0.015323861502110958,
-0.07646405696868896,
0.010912626050412655,
0.15072518587112427,
-0.005610383115708828,
-0.011271605268120766,
0.007229790091514587,
-0.040279317647218704,
0.047958288341760635,
0.004360434133559465,
0.026896951720118523,
0.0025086328387260437,
0.005029510241001844,
-0.04967189580202103,
0.014860928058624268,
-0.02040581777691841,
-0.10918855667114258,
-0.017867455258965492,
-0.007897703908383846,
0.000032118576200446114,
0.014008675701916218,
-0.023912901058793068,
0.11181403696537018,
0.021829014644026756,
0.015054899267852306,
-0.07570014148950577,
0.006989056710153818,
-0.0453634113073349,
0.0017627626657485962,
-0.01435746531933546,
-0.015485916286706924,
-0.03408464416861534,
0.06622637063264847,
-0.03879668563604355,
-0.0012140078470110893,
0.03510488197207451,
-0.018672946840524673,
-0.09024405479431152,
-0.010930391028523445,
-0.01585233397781849,
-0.0011227676877751946,
-0.02561604417860508,
0.013216936029493809,
-0.020412825047969818,
-0.04938250035047531,
0.006559113040566444,
0.028648750856518745,
0.0257858969271183,
0.008628019131720066,
0.021035978570580482,
0.010568642057478428,
0.003408628748729825,
-0.04209122061729431,
0.04774266481399536,
-0.01680305227637291,
0.047321710735559464,
-0.017060378566384315,
-0.007435126695781946,
0.01127808727324009,
-0.005654732696712017,
0.04100041836500168,
-0.016582829877734184,
0.00399908097460866,
-0.05285835638642311,
0.001112307421863079,
-0.04697468504309654,
-0.0072503346018493176,
-0.008582825772464275,
0.009902804158627987,
0.10799814015626907,
0.012155918404459953,
0.027096036821603775,
0.016928600147366524,
-0.00437067961320281,
0.05136765539646149,
-0.01622600480914116,
0.06479810178279877,
0.000531125464476645,
0.005584381055086851,
-0.05604741349816322,
0.004276981111615896,
-0.005114952102303505,
-0.02759462594985962,
-0.026209324598312378,
-0.0019244931172579527,
-0.01965991221368313,
-0.02193981222808361,
0.021174132823944092,
0.03224669396877289,
0.023447824642062187,
-0.019779998809099197,
-0.0005922348937019706,
0.039854496717453,
-0.015023217536509037,
-0.000049104783101938665,
0.0004830179095733911,
-0.0023830479476600885,
0.01338451262563467,
-0.003190913237631321,
-0.035167988389730453,
0.03665951266884804,
-0.04074935242533684,
-0.02915295958518982,
-0.033089593052864075,
0.09453976899385452,
0.00908585824072361,
0.008187745697796345,
-0.00410559494048357,
-0.0006933980039320886,
0.011857975274324417,
-0.012195559218525887,
-0.01282463502138853,
-0.041944719851017,
0.021793680265545845,
-0.01844651997089386,
0.11041537672281265,
0.02969350665807724,
0.04050855711102486,
-0.02305467054247856,
0.0024052252992987633,
-0.03797898441553116,
-0.02359100803732872,
0.0339512825012207,
0.0008415105403400958,
0.028502507135272026,
-0.006035890430212021,
-0.0012968291994184256,
0.045216500759124756,
-0.02234477736055851,
-0.08994178473949432,
0.03436139598488808,
-0.03308561071753502,
0.019634278491139412,
0.014233054593205452,
-0.0019701840355992317,
-0.013682081364095211,
-0.01652304269373417,
-0.011827521957457066,
0.06955358386039734,
0.11435169726610184,
-0.07856914401054382,
-0.04821813106536865,
0.0045488192699849606,
0.007255109027028084,
-0.00043619461939670146,
0.005278944503515959,
-0.00599330710247159,
-0.020475249737501144,
-0.014579548500478268,
-0.011958920396864414,
0.011747858487069607,
0.19518305361270905,
-0.0010027155512943864,
-0.00718707824125886,
0.024514297023415565,
0.019098695367574692,
-0.0017672838876023889,
-0.007295654155313969,
-0.004340010229498148,
-0.002537364140152931,
-0.011027542874217033,
0.025614190846681595,
0.0013158789370208979,
-0.02304268442094326,
-0.018047133460640907,
-0.006717580836266279,
-0.017917750403285027,
-0.06189436838030815,
0.034023478627204895,
-0.00024784659035503864,
0.026577822864055634,
-0.0094038350507617,
-0.023839512839913368,
-0.03606649488210678,
-0.0007982043316587806,
-0.01136136893182993,
-0.021577676758170128,
-0.0005505067529156804,
0.02798161655664444,
-0.0012399497209116817,
0.02433892711997032,
-0.02675912156701088,
-0.006505868397653103,
-0.03263271227478981,
-0.10659158229827881,
-0.03269327059388161,
-0.014750393107533455,
-0.0014787463005632162,
-0.03168225660920143,
-0.035299431532621384,
-0.00852111354470253,
-0.012891014106571674,
0.011470741592347622,
0.02732638269662857,
-0.02704589255154133,
0.0070578306913375854,
0.03245767205953598,
0.009441914968192577,
-0.012937620282173157,
-0.04198089987039566,
-0.032290905714035034,
0.11509399861097336,
0.08893480896949768,
-0.0019360225414857268,
0.025096356868743896,
-0.03473524749279022,
-0.0458420030772686,
0.0028960772324353456,
-0.0019645884167402983,
-0.05296846479177475,
-0.009329760447144508,
0.003973622340708971,
-0.10047221928834915,
0.008473492227494717,
0.026247549802064896,
-0.02598593756556511,
0.034766048192977905,
-0.043805986642837524,
-0.02108771540224552,
-0.004161820746958256
] |
the change also reflects the timing of sales and collections in the normal course of business.
• For Inventories, the change also reflects planned inventory reductions, partially offset by inventory builds in advance of plant shutdowns/ product transfers and new product launches.
• For Other current assets, the change also reflects the receipt of the remaining portion of the Protonix patent litigation settlement income recognized in 2013, and other receipts in the normal course of business, partially offset by an increase in receivables associated with our derivative financial instruments.
• For Property, plant and equipment, less accumulated depreciation, the change also reflects depreciation, partially offset by capital additions.
• For Identifiable intangible assets, less accumulated amortization, the change reflects amortization and, to a much lesser extent, asset impairment charges, partially offset by assets acquired as part of the InnoPharma acquisition,the Nexium OTC milestones and other asset acquisitions. For additional information about our intangible assets, see Notes to Consolidated Financial Statements—Note 10A. Identifiable Intangible Assets and Goodwill: Identifiable Intangible Assets. For additional information about the asset impairment charges, see Notes to Consolidated Financial Statements—Note 4. Other (Income)/Deductions—Net. For additional information about the assets acquired as part of the InnoPharma acquisition and the Nexium OTC milestones, see Notes to Consolidated Financial Statements—Note 2. Acquisitions, Licensing Agreements, Collaborative Arrangements, Divestitures, and Equity-Method Investments.
• For Goodwill, the change also reflects the goodwill associated with the acquisition of InnoPharma. For additional information about the acquisition of InnoPharma, see Notes to Consolidated Financial Statements—Note 2. Acquisitions, Licensing Agreements, Collaborative Arrangements, Divestitures, and Equity-Method Investments.
• For Other noncurrent assets, the change also reflects a decrease in the receivables associated with our derivative financial instruments.
• For Other current liabilities, the change also reflects payments of our restructuring liabilities, a decrease in the payables associated with our derivative financial instruments, as well as the timing of other payments and accruals in the normal course of business, partially offset by an increase in legal related liabilities and the accrual of the additional Branded Prescription Drug Fee, not yet paid. For additional information about the Branded Prescription Drug Fee accruals, see the “Our Operating Environment” section of this Financial Review.
• For Pension benefit obligations, net and Postretirement benefit obligations, net, the change reflects, among other things, a decrease in our discount rate assumptions used in the measurement of the plan obligations, as well as the impact of revised mortality assumptions. For additional information, see Notes to Consolidated Financial Statements—Note 11. Pension and Postretirement Benefit Plans and Defined Contribution Plans.
• For Other noncurrent liabilities, the change also reflects an increase
| 2SELL
|
[
-0.002966544823721051,
0.06157280132174492,
-0.007549161557108164,
-0.0024017668329179287,
-0.13539578020572662,
-0.009360004216432571,
-0.0000728522936697118,
-0.0024425897281616926,
-0.07468313723802567,
0.022779064252972603,
0.010615010745823383,
-0.0257392730563879,
0.026586750522255898,
-0.022580808028578758,
0.014761065132915974,
0.010027761571109295,
0.04836617037653923,
-0.011310323141515255,
-0.04405338317155838,
0.009859394282102585,
0.009441183879971504,
0.017835574224591255,
0.01623920351266861,
-0.005704467184841633,
0.02327354997396469,
0.02527533285319805,
-0.056569959968328476,
0.025659121572971344,
0.057531800121068954,
-0.04550116881728172,
0.019412454217672348,
0.015468721278011799,
0.045245878398418427,
-0.023853154852986336,
0.041910119354724884,
0.0054277959279716015,
-0.056226421147584915,
0.01692374236881733,
0.03769056126475334,
0.006988938897848129,
-0.05372951924800873,
0.0045911758206784725,
0.006230621132999659,
-0.010839437134563923,
0.00849231518805027,
-0.014872980304062366,
0.02380097284913063,
0.020091872662305832,
0.0140712084248662,
-0.010162249207496643,
-0.00030188701930455863,
-0.036948952823877335,
-0.02067168802022934,
-0.018809344619512558,
-0.021129043772816658,
-0.008766032755374908,
-0.021044515073299408,
-0.030108751729130745,
0.08106501400470734,
0.04561793431639671,
0.027286216616630554,
-0.030316224321722984,
0.00979511346668005,
0.027630550786852837,
0.013987199403345585,
-0.009216482751071453,
-0.00836979690939188,
-0.00024073141685221344,
-0.04360387474298477,
-0.038220010697841644,
0.028322985395789146,
0.040107063949108124,
-0.017091702669858932,
-0.025082018226385117,
0.005100519396364689,
-0.043626073747873306,
0.039700571447610855,
-0.005716653540730476,
0.08739881217479706,
-0.03468376398086548,
-0.001027241232804954,
-0.08154328912496567,
0.03202492371201515,
-0.06648872792720795,
0.023535706102848053,
-0.01188983116298914,
-0.01741097867488861,
-0.057666461914777756,
-0.02212722785770893,
-0.0007931461441330612,
0.004993809852749109,
0.0039206575602293015,
-0.029600873589515686,
-0.0673120841383934,
-0.03548832982778549,
0.009495322592556477,
0.03077832981944084,
-0.18011824786663055,
-0.0052301716059446335,
-0.0051134806126356125,
0.06376342475414276,
0.011509190313518047,
0.0337856262922287,
-0.03390458598732948,
0.01975623145699501,
0.012262250296771526,
-0.040120627731084824,
0.0372089259326458,
-0.0020261809695512056,
0.013429502956569195,
-0.018972601741552353,
-0.06819900870323181,
0.03134676814079285,
-0.005716518498957157,
-0.009240892715752125,
0.043650660663843155,
0.0051862564869225025,
0.030977539718151093,
-0.0072761643677949905,
-0.07903584837913513,
0.009524557739496231,
-0.03142448142170906,
-0.03337130695581436,
-0.013387450948357582,
-0.021945472806692123,
0.03601008281111717,
-0.015070735476911068,
-0.014042651280760765,
0.04314280301332474,
-0.008379887789487839,
-0.0035792861599475145,
-0.005452939309179783,
-0.01808333210647106,
0.030076218768954277,
-0.04135870933532715,
0.012820035219192505,
-0.0018553461413830519,
0.002571080345660448,
-0.047354646027088165,
0.023432094603776932,
-0.02960631065070629,
-0.03642253577709198,
-0.02227214351296425,
-0.009360963478684425,
-0.0345122255384922,
-0.005328082013875246,
-0.015183241106569767,
0.0032825309317559004,
0.04184762015938759,
0.0834159180521965,
-0.013918097130954266,
0.011998185887932777,
-0.033707890659570694,
-0.01589595153927803,
-0.02936602383852005,
-0.007120274938642979,
0.04868374392390251,
-0.0076512983068823814,
-0.0766325369477272,
-0.0074541508220136166,
-0.002842392073944211,
-0.017490221187472343,
-0.0031903611961752176,
-0.06639713793992996,
-0.043148770928382874,
-0.04186023026704788,
0.0154861556366086,
-0.022078124806284904,
0.040363069623708725,
0.05265224725008011,
0.029099324718117714,
0.032922569662332535,
-0.00015475756663363427,
0.005418209359049797,
0.023525049909949303,
-0.06122361123561859,
0.02217092737555504,
0.03880257159471512,
-0.00639268197119236,
0.024185415357351303,
0.03234364092350006,
0.0014284102944657207,
0.05004878342151642,
-0.06490782648324966,
-0.06474567204713821,
-0.018103500828146935,
0.00888813752681017,
0.03577948734164238,
0.0019427683437243104,
-0.0205062348395586,
0.035365913063287735,
-0.012245658785104752,
0.0042719729244709015,
-0.012939314357936382,
-0.03017013520002365,
-0.008499300107359886,
-0.029156610369682312,
0.003896913258358836,
0.012973785400390625,
-0.010669641196727753,
-0.10104819387197495,
0.011969512328505516,
0.005849055480211973,
0.03535093367099762,
0.04462826997041702,
-0.014064301736652851,
-0.024831535294651985,
-0.004817939829081297,
-0.00719553092494607,
-0.014957025647163391,
-0.062163934111595154,
-0.020151998847723007,
0.007278910838067532,
-0.04650016129016876,
0.014061316847801208,
0.04124678671360016,
-0.01298267487436533,
-0.10025960206985474,
-0.02984277717769146,
-0.03522665053606033,
0.005784329026937485,
-0.01927134022116661,
0.023189282044768333,
-0.004265035502612591,
0.04389866068959236,
-0.006435350514948368,
0.05826590955257416,
-0.005490018520504236,
-0.05229056626558304,
0.04179331660270691,
0.017646431922912598,
0.07342439889907837,
-0.026593441143631935,
0.03331034258008003,
0.01346635166555643,
0.00044154925853945315,
0.0010619928361847997,
0.0033554902765899897,
-0.028438596054911613,
0.06915874779224396,
0.1042722687125206,
-0.01691025123000145,
-0.012762565165758133,
-0.01396155171096325,
-0.035700928419828415,
0.036028921604156494,
0.013136814348399639,
0.05708567425608635,
-0.012217474170029163,
-0.010102316737174988,
-0.00589724350720644,
0.027509471401572227,
-0.01108659990131855,
0.00620617950335145,
-0.04177999496459961,
0.014436942525207996,
0.01690734550356865,
-0.013604933395981789,
0.005054718814790249,
-0.1484794020652771,
-0.013067741878330708,
-0.03155303746461868,
0.003243624232709408,
-0.02939578890800476,
0.01618550531566143,
0.010737964883446693,
0.02854747697710991,
-0.0009270012378692627,
-0.011580768041312695,
0.007179045584052801,
-0.01047260221093893,
-0.01489750575274229,
0.049004439264535904,
-0.013360277749598026,
0.005044437013566494,
0.021521655842661858,
0.03898395597934723,
-0.01971478946506977,
0.009013567119836807,
-0.03179186210036278,
-0.002870712196454406,
0.005590343382209539,
0.006597400177270174,
-0.024508129805326462,
-0.0208929143846035,
-0.010502885095775127,
-0.03302355855703354,
0.007238397374749184,
0.07886849343776703,
-0.031023237854242325,
-0.017334777861833572,
0.012979740276932716,
0.012787071987986565,
-0.04048667103052139,
-0.024425938725471497,
0.07512462139129639,
-0.013422077521681786,
-0.04468895122408867,
-0.002750547369942069,
0.059298448264598846,
-0.0018842340214177966,
0.036422304809093475,
0.019080333411693573,
-0.04300419241189957,
-0.00824036542326212,
-0.013034422881901264,
-0.01407125499099493,
-0.01941825821995735,
0.11105512082576752,
-0.014378312043845654,
0.004966882057487965,
0.01202188991010189,
-0.008835471235215664,
-0.012523927725851536,
-0.01556834951043129,
-0.0431540384888649,
-0.030517632141709328,
0.014094403013586998,
-0.03616767376661301,
-0.037728726863861084,
0.020041877403855324,
0.002137572970241308,
0.01536471676081419,
0.024893345311284065,
0.05198316276073456,
-0.0023040028754621744,
0.05991513654589653,
-0.036435049027204514,
0.014822820201516151,
-0.03690900281071663,
0.1115293875336647,
0.09905076771974564,
-0.0353369414806366,
0.026160690933465958,
-0.021678026765584946,
-0.009832983836531639,
0.02027025818824768,
-0.02692289836704731,
0.0031844000332057476,
-0.007993201725184917,
-0.001492205890826881,
0.004691506270319223,
0.03283088281750679,
-0.029995547607541084,
-0.006370586343109608,
0.08930249512195587,
0.008412384428083897,
-0.0686151459813118,
0.011757120490074158,
0.0675109326839447,
0.05726495012640953,
-0.01033644936978817,
-0.0003248002321925014,
0.049268729984760284,
0.013932798989117146,
-0.04007973521947861,
0.04219093918800354,
0.01048776600509882,
-0.014008722268044949,
0.010176524519920349,
-0.017889149487018585,
-0.012829105369746685,
-0.004039465915411711,
-0.006866094656288624,
0.0597558356821537,
-0.036458373069763184,
-0.03742465004324913,
0.012720199301838875,
0.016863418743014336,
-0.02178775891661644,
0.003057832596823573,
0.006926524452865124,
0.016102252528071404,
0.0959763377904892,
-0.039457693696022034,
0.0036213372368365526,
0.027820922434329987,
-0.03207841143012047,
0.01886894926428795,
0.025424517691135406,
-0.002971458248794079,
-0.00738536287099123,
-0.005464467220008373,
-0.006214539520442486,
0.04572082683444023,
-0.01773678883910179,
0.0028227430302649736,
0.006599517073482275,
-0.023336568847298622,
0.02630237489938736,
-0.01716512255370617,
0.03509014844894409,
0.05645996704697609,
-0.000858364743180573,
-0.01643400266766548,
0.00044571366743184626,
0.03432850539684296,
0.004888519644737244,
-0.034320149570703506,
-0.019967569038271904,
-0.0055008078925311565,
0.0019054729491472244,
-0.012508648447692394,
0.021349117159843445,
0.05430956929922104,
0.019998496398329735,
-0.032432734966278076,
0.033979661762714386,
-0.00324993091635406,
0.0408283993601799,
-0.009604275226593018,
-0.10709083080291748,
-0.015966832637786865,
0.017233196645975113,
-0.04655067250132561,
0.03663155436515808,
-0.00542948255315423,
0.029124025255441666,
0.0681421086192131,
0.017396053299307823,
-0.05657532066106796,
0.007150104735046625,
0.03949042037129402,
0.010008708573877811,
-0.12341772019863129,
0.010250437073409557,
-0.06910029798746109,
-0.02453044056892395,
-0.0007967834244482219,
0.014587878249585629,
-0.01126718521118164,
0.011699222959578037,
0.01825977861881256,
-0.02545739896595478,
0.003506707027554512,
0.008220544084906578,
0.0025354139506816864,
-0.031290452927351,
0.0038654597010463476,
0.036947451531887054,
-0.02592548541724682,
0.030904654413461685,
0.011735777370631695,
-0.0230686217546463,
-0.020677980035543442,
0.02195126563310623,
0.06233125180006027,
-0.018679043278098106,
0.027044927701354027,
-0.06119343638420105,
-0.0035124190617352724,
0.02420298010110855,
0.005779238883405924,
0.01128173153847456,
0.01071222499012947,
-0.012183903716504574,
-0.008208132348954678,
0.009143621660768986,
-0.018664419651031494,
0.00141839066054672,
0.012423546984791756,
0.005455139093101025,
0.031234193593263626,
-0.014105810783803463,
0.0069204107858240604,
0.026409590616822243,
0.024286026135087013,
0.0008525868761353195,
0.056661512702703476,
-0.013928398489952087,
0.00599998002871871,
0.01018680352717638,
0.0027155682910233736,
0.005617334507405758,
0.023383526131510735,
-0.019533861428499222,
0.04152229428291321,
0.0018519496079534292,
-0.028464624658226967,
-0.028666455298662186,
0.02482886053621769,
-0.028483834117650986,
-0.02300804667174816,
0.010801763273775578,
0.002091682283207774,
-0.0851512923836708,
-0.037079840898513794,
-0.023445898666977882,
-0.009277707897126675,
-0.0038013991434127092,
-0.04902663826942444,
-0.048286035656929016,
-0.029360927641391754,
0.028121085837483406,
-0.0036651731934398413,
-0.008951669558882713,
-0.18098323047161102,
0.08050449937582016,
0.0027125999331474304,
-0.009313907474279404,
0.039194006472826004,
-0.020669935271143913,
0.022055992856621742,
0.04964549466967583,
0.0021898914128541946,
0.029911136254668236,
-0.010796302929520607,
0.03258943557739258,
-0.042101021856069565,
0.011648232117295265,
0.01910531520843506,
0.04993656277656555,
-0.014977612532675266,
-0.02123376540839672,
0.01830936223268509,
-0.058906275779008865,
0.04442984238266945,
-0.004806999582797289,
0.025872953236103058,
0.000992165645584464,
0.0036034139338880777,
0.03151779621839523,
0.02277395687997341,
-0.0019150126026943326,
0.048295341432094574,
-0.006941968109458685,
0.022680070251226425,
-0.007292183581739664,
0.0490165613591671,
-0.0058768149465322495,
0.013486519455909729,
0.15382623672485352,
-0.005571814253926277,
-0.01671731285750866,
0.0038321383763104677,
-0.010489254258573055,
-0.008586072362959385,
-0.013141082599759102,
-0.020607367157936096,
-0.014042452909052372,
-0.008635054342448711,
0.038880009204149246,
0.01745540089905262,
-0.016440074890851974,
0.020864106714725494,
-0.015444610267877579,
-0.07317884266376495,
-0.0031527113169431686,
0.002686085645109415,
-0.0841250941157341,
-0.01803630031645298,
0.1140168309211731,
0.03877025097608566,
-0.0008464050479233265,
0.012756272219121456,
-0.036524269729852676,
0.0347297228872776,
0.0063284533098340034,
0.012490118853747845,
0.007480717729777098,
0.009125561453402042,
-0.05019282549619675,
0.001602947129867971,
-0.011090015061199665,
-0.09685806185007095,
0.005181494634598494,
0.001410609926097095,
-0.029937047511339188,
0.024085426703095436,
-0.011855540797114372,
0.07755229622125626,
0.011285652406513691,
-0.012603392824530602,
-0.07823610305786133,
0.04731278121471405,
-0.00472440617159009,
0.005084804259240627,
-0.022992407903075218,
-0.017038697376847267,
-0.057272348552942276,
0.06398820877075195,
0.008408953435719013,
-0.012049938552081585,
0.018675459548830986,
0.019771555438637733,
-0.1223723292350769,
0.04165977984666824,
0.02904224954545498,
-0.001603479846380651,
-0.003902861149981618,
-0.019423644989728928,
-0.004078144673258066,
-0.015164688229560852,
0.02622491680085659,
0.0410192534327507,
-0.10187894850969315,
-0.019674833863973618,
0.020607201382517815,
0.005440921988338232,
-0.004474580753594637,
0.000798719294834882,
0.02396991290152073,
0.017256060615181923,
0.04138869419693947,
0.014204313047230244,
-0.01740114390850067,
0.025168083608150482,
-0.00026351126143708825,
0.04221577197313309,
-0.016512637957930565,
-0.021212324500083923,
-0.031931743025779724,
-0.009507964365184307,
-0.037099726498126984,
-0.006770213134586811,
0.030667437240481377,
0.01081003062427044,
-0.14168928563594818,
0.025448014959692955,
0.030811315402388573,
0.0010693379445001483,
-0.01484841201454401,
0.031411875039339066,
-0.020452456548810005,
-0.016910621896386147,
-0.0037100212648510933,
-0.015207379125058651,
-0.04072369262576103,
0.020110253244638443,
-0.007983899675309658,
-0.02974568121135235,
0.010638139210641384,
0.01291763037443161,
-0.018323827534914017,
-0.0034876158460974693,
0.043774522840976715,
-0.011795273050665855,
0.0350995771586895,
-0.0515945628285408,
-0.11860069632530212,
0.011501857079565525,
-0.042574457824230194,
-0.011085230857133865,
0.014253475703299046,
0.028446903452277184,
0.011451896280050278,
-0.006499211769551039,
-0.04027661681175232,
0.03663336858153343,
0.056620195508003235,
0.019769523292779922,
-0.00623675063252449,
0.028606707230210304,
0.04743489623069763,
-0.011669022962450981,
-0.01631457917392254,
0.006678175646811724,
-0.004918133374303579,
-0.0001773897820385173,
-0.03133567422628403,
-0.02701122872531414,
0.02516079507768154,
-0.03754641115665436,
0.04114546999335289,
0.018562613055109978,
0.01078113168478012,
0.029723795130848885,
0.007581712678074837,
-0.04195203259587288,
-0.018459724262356758,
0.029819663614034653,
0.012666689231991768,
0.0032926059793680906,
0.028834182769060135,
0.05290736258029938,
0.012785314582288265,
-0.01901460997760296,
0.008073749020695686,
0.03309341147542,
-0.05841173604130745,
0.013843860477209091,
0.006030452903360128,
-0.026344815269112587,
0.004554220475256443,
-0.06840528547763824,
0.021354302763938904,
0.050973303616046906,
-0.11698825657367706,
-0.09186916053295135,
-0.0626562163233757,
0.01459263451397419,
0.009606766514480114,
-0.019693631678819656,
0.006441755685955286,
-0.027007782831788063,
-0.009404068812727928,
-0.00935360323637724,
-0.024698257446289062,
-0.00032914342591539025,
-0.03965376317501068,
0.027353644371032715,
-0.022632412612438202,
0.010123314335942268,
0.01429647859185934,
-0.014842384494841099,
0.018750961869955063,
-0.004557638894766569,
-0.014322880655527115,
-0.009006277658045292,
0.026533301919698715,
0.010444476269185543,
-0.011088165454566479,
-0.01426331140100956,
-0.030007436871528625,
0.0024842971470206976,
-0.07048702239990234,
0.019948111847043037,
0.005321325268596411,
0.004156629089266062,
-0.0024024653248488903,
-0.027287207543849945,
-0.040458980947732925,
-0.026148773729801178,
-0.010729099623858929,
0.11007098108530045,
0.008215174078941345,
0.029792137444019318,
-0.023656873032450676,
-0.008067849092185497,
-0.012884745374321938,
0.004237283952534199,
-0.03036143258213997,
0.04394160956144333,
-0.036208491772413254,
-0.007252947892993689,
-0.00924932211637497,
-0.045807134360075,
-0.029108446091413498,
-0.006767245940864086,
0.011657372117042542,
0.04474535211920738,
0.031322114169597626,
-0.007212415803223848,
0.012384510599076748,
0.046951089054346085,
0.0034877636935561895,
-0.02077466994524002,
-0.04062845557928085,
-0.020391782745718956,
0.07981128245592117,
-0.04678182303905487,
-0.012660634703934193,
0.02722601592540741,
-0.0006786109879612923,
-0.037775538861751556,
0.010764533653855324,
-0.020981749519705772,
-0.017784075811505318,
0.014219329692423344,
-0.0351903922855854,
-0.017135964706540108,
0.00662421528249979,
0.037792980670928955,
-0.02145105041563511,
0.05327339097857475,
-0.05937481299042702,
0.031394097954034805,
-0.006812593434005976
] |
to 2012.
The Company currently expects that its effective tax rate for 2015 will be approximately 28.0 to 29.0 percent, which assumes that the U.S. research and development credit will be reinstated for 2015. The rate can vary from quarter to quarter due to discrete items, such as the settlement of income tax audits and changes in tax laws, as well as recurring factors, such as the geographic mix of income before taxes.
Refer to Note 7 for further discussion of income taxes.
Net Income Attributable to Noncontrolling Interest:
Net income attributable to noncontrolling interest represents the elimination of the income or loss attributable to non-3M ownership interests in 3M consolidated entities. The changes in noncontrolling interest amounts have largely related to Sumitomo 3M Limited (Japan), which was 3M’s most significant consolidated entity with non-3M ownership interests. As discussed in Note 5, on September 1, 2014, 3M purchased the remaining 25 percent ownership in Sumitomo 3M Limited, bringing 3M’s ownership to 100 percent. Thus, effective September 1, 2014, net income attributable to noncontrolling interest was significantly reduced. The primary remaining noncontrolling interest relates to 3M India Limited, of which 3M’s effective ownership is 75 percent.
Currency Effects:
3M estimates that year-on-year currency effects, including hedging impacts, decreased net income attributable to 3M by approximately $97 million and $74 million in 2014 and 2013, respectively. These estimates include the effect of translating profits from local currencies into U.S. dollars; the impact of currency fluctuations on the transfer of goods between 3M operations in the United States and abroad; and transaction gains and losses, including derivative instruments designed to reduce foreign currency exchange rate risks and the negative impact of swapping Venezuelan bolivars into U.S. dollars. 3M estimates that year-on-year derivative and other transaction gains and losses increased net income attributable to 3M by approximately $8 million in 2014 and decreased net income attributable to 3M by approximately $12 million in 2013. Refer to Note 11 in the Consolidated Financial Statements for additional information concerning 3M’s hedging activities.
PERFORMANCE BY BUSINESS SEGMENT
Disclosures relating to 3M’s business segments are provided in Item 1, Business Segments. Financial information and other disclosures are provided in the Notes to the Consolidated Financial Statements. As discussed in Note 15, effective in the first quarter of 2014, 3M transferred a product line between divisions within business segments, and in the first, second, and fourth quarters of 2014 also made certain changes within business segments in its continuing effort to improve the alignment of its businesses around markets and customers. Segment information presented herein reflects the impact of these changes for all periods presented. 3M manages its operations in five operating business segments. The reportable segments are Industrial; Safety and Graphics; Electronics and Energy; Health Care; and Consumer.
Corporate and Unallocated:
In addition
| 2SELL
|
[
-0.0028101038187742233,
0.05452783405780792,
-0.0069263712503015995,
-0.020208006724715233,
-0.11719700694084167,
-0.017383044585585594,
-0.0026951595209538937,
0.0020882526878267527,
-0.06679221242666245,
0.027650078758597374,
0.01098785549402237,
-0.01825663261115551,
0.02060800790786743,
-0.025827480480074883,
0.015497668646275997,
0.04566745460033417,
0.044833362102508545,
-0.006816184613853693,
-0.04290633648633957,
-0.00024960635346360505,
0.02041093446314335,
0.010624976828694344,
0.001136090955697,
-0.007535318844020367,
0.02896835282444954,
0.019206339493393898,
-0.0636877790093422,
0.021181706339120865,
0.061910539865493774,
-0.045128244906663895,
0.028925234451889992,
0.022188197821378708,
0.03316890820860863,
-0.019422778859734535,
0.04653666913509369,
0.0017264626221731305,
-0.051666006445884705,
0.01703222282230854,
0.041619110852479935,
0.010875528678297997,
-0.04133756831288338,
0.005583887919783592,
0.003802396124228835,
-0.012091572396457195,
0.010113019496202469,
-0.0073286620900034904,
0.03338686749339104,
0.04697281867265701,
0.014997722581028938,
-0.010019909590482712,
0.0005280698533169925,
-0.03021390177309513,
-0.015321391634643078,
-0.03080791048705578,
-0.023138340562582016,
-0.0030884372536092997,
-0.017381027340888977,
-0.03421784192323685,
0.07317989319562912,
0.03315366432070732,
0.03354367986321449,
-0.02469969168305397,
0.01895304024219513,
0.028283515945076942,
0.009519591927528381,
-0.008724366314709187,
-0.006290685851126909,
0.006728139705955982,
-0.04166370630264282,
-0.02342052012681961,
0.023044241592288017,
0.030618710443377495,
-0.01990886963903904,
-0.010772507637739182,
0.0015802244888618588,
-0.03495073691010475,
0.03880355879664421,
0.0017857302445918322,
0.07948757708072662,
-0.027722083032131195,
0.005792795214802027,
-0.08077414333820343,
0.04767703637480736,
-0.0837896540760994,
0.018531708046793938,
-0.014083124697208405,
-0.01872081495821476,
-0.05008286237716675,
-0.016880659386515617,
-0.00020188605412840843,
0.004510399419814348,
-0.000615344091784209,
-0.026135597378015518,
-0.0515420064330101,
-0.024226052686572075,
0.009343122132122517,
0.029429886490106583,
-0.16559761762619019,
0.0008534693042747676,
-0.010822770185768604,
0.07696972042322159,
0.01371073443442583,
0.04087444394826889,
-0.023699339479207993,
0.01552851963788271,
0.01110706478357315,
-0.03841572254896164,
0.03622541204094887,
-0.0026971243787556887,
0.012042632326483727,
-0.012967852875590324,
-0.06605618447065353,
0.022448379546403885,
-0.002420830773189664,
-0.00913092028349638,
0.04631626605987549,
0.013411907479166985,
0.03811003267765045,
0.001168801449239254,
-0.06891747564077377,
0.012907222844660282,
-0.028846589848399162,
-0.031052496284246445,
-0.0005531221977435052,
-0.029492883011698723,
0.035662099719047546,
-0.034254290163517,
-0.011826644651591778,
0.035346318036317825,
-0.0075567495077848434,
-0.0024994458071887493,
-0.01446253340691328,
-0.011142484843730927,
0.014002853073179722,
-0.04526963829994202,
0.012879821471869946,
-0.016331857070326805,
0.003793908515945077,
-0.04604088142514229,
0.011669572442770004,
-0.0359967015683651,
-0.028673065826296806,
-0.011834800243377686,
-0.006925285328179598,
-0.051102250814437866,
-0.007639129180461168,
-0.011004706844687462,
0.005679937079548836,
0.0410633459687233,
0.07102988660335541,
-0.007157509680837393,
-0.004919479601085186,
-0.030613340437412262,
-0.012895958498120308,
-0.023365234956145287,
-0.013087885454297066,
0.05480674281716347,
-0.007680627051740885,
-0.06544554978609085,
0.001081385649740696,
-0.0033021054696291685,
-0.008225555531680584,
-0.006069122813642025,
-0.060940518975257874,
-0.0604713149368763,
-0.03440343588590622,
0.012748686596751213,
-0.022267911583185196,
0.04468710348010063,
0.05454340577125549,
0.02061929553747177,
0.020609375089406967,
0.000566783593967557,
-0.00014445125998463482,
0.027968348935246468,
-0.06400828808546066,
0.025874581187963486,
0.050459519028663635,
-0.010314918123185635,
0.022307755425572395,
0.02477601356804371,
0.007377335801720619,
0.05938190221786499,
-0.09695319831371307,
-0.061286862939596176,
-0.015831802040338516,
0.010452305898070335,
0.04193513095378876,
-0.010095485486090183,
-0.02521747723221779,
0.04552378132939339,
-0.009905836544930935,
-0.0019210207974538207,
0.0006526891957037151,
-0.012406534515321255,
-0.02010192535817623,
-0.010288462042808533,
0.0016443851636722684,
-0.006601293571293354,
-0.010426358319818974,
-0.10806930810213089,
0.00894810538738966,
0.004103346262127161,
0.02276548556983471,
0.05034520849585533,
-0.019778607413172722,
-0.025925971567630768,
-0.0012657573679462075,
-0.005238542798906565,
-0.015385150909423828,
-0.05890239030122757,
-0.018845483660697937,
0.00935071986168623,
-0.022282760590314865,
0.015103352256119251,
0.04813104867935181,
0.0016994413454085588,
-0.10610745847225189,
-0.028904391452670097,
-0.04633057489991188,
0.007830183021724224,
-0.013944949954748154,
0.023808378726243973,
0.003782132174819708,
0.057643789798021317,
-0.01848408579826355,
0.041693322360515594,
-0.004429999738931656,
-0.05039284750819206,
0.013825447298586369,
0.008003300987184048,
0.06494221091270447,
-0.04413933679461479,
0.03826349228620529,
0.009088457562029362,
-0.005067512392997742,
0.00017858801584225148,
0.002844827016815543,
-0.03261839970946312,
0.07413491606712341,
0.0901927575469017,
-0.010494890622794628,
-0.01268022507429123,
-0.009766691364347935,
-0.03891785070300102,
0.04982616379857063,
0.026975611224770546,
0.03664487227797508,
-0.013780913315713406,
-0.011433973908424377,
-0.012945866212248802,
0.024313991889357567,
-0.04226177558302879,
0.004736556671559811,
-0.031930163502693176,
0.02658655308187008,
0.01883791945874691,
-0.011300811544060707,
0.0043588364496827126,
-0.13493984937667847,
-0.013535317964851856,
-0.024979764595627785,
-0.0012335501378402114,
-0.022296516224741936,
0.007372638676315546,
0.01854649931192398,
0.024935822933912277,
0.0033875417429953814,
-0.004267234355211258,
0.007897770032286644,
-0.001398450112901628,
-0.014000588096678257,
0.03658926486968994,
-0.016906069591641426,
-0.0012734930496662855,
0.010682136751711369,
0.03196268901228905,
-0.012872902676463127,
0.02939438261091709,
-0.03233344107866287,
-0.005085759796202183,
-0.005478264298290014,
-0.000090784378699027,
-0.025901231914758682,
-0.019006939604878426,
-0.006305500399321318,
-0.02460387535393238,
-0.008621428161859512,
0.08039018511772156,
-0.030510611832141876,
-0.01908211037516594,
0.015237501822412014,
0.0157313235104084,
-0.037222422659397125,
-0.02974288910627365,
0.06902632862329483,
-0.009516200982034206,
-0.04212719574570656,
-0.009804163128137589,
0.0528753437101841,
0.01940290443599224,
0.030204737558960915,
0.016373101621866226,
-0.03734198957681656,
-0.013552706688642502,
-0.016618885099887848,
-0.01665130816400051,
-0.024011529982089996,
0.12006327509880066,
-0.019427211955189705,
0.0102432481944561,
0.01773584634065628,
-0.009522681124508381,
-0.012798271141946316,
-0.018776707351207733,
-0.035199105739593506,
-0.034454863518476486,
0.04596852511167526,
-0.01961670257151127,
-0.04003727063536644,
0.019455041736364365,
0.006991723086684942,
0.026107149198651314,
0.026394078508019447,
0.060393717139959335,
-0.0001554824848426506,
0.05006006360054016,
-0.034835346043109894,
0.034796055406332016,
-0.022354409098625183,
0.07111610472202301,
0.08513499796390533,
-0.03194265812635422,
0.02904442697763443,
-0.026849430054426193,
0.02188032865524292,
0.02175016701221466,
-0.025253651663661003,
0.0027997272554785013,
-0.00840472150593996,
0.008971748873591423,
0.0037075337022542953,
0.02967691980302334,
-0.03341134637594223,
-0.0005284350481815636,
0.10245972126722336,
0.009824852459132671,
-0.056745901703834534,
0.022698508575558662,
0.07461432367563248,
0.05206862464547157,
-0.02538874000310898,
0.007973986677825451,
0.03917839750647545,
0.009747033938765526,
-0.04432430490851402,
0.039422374218702316,
0.002776435809209943,
-0.01922154612839222,
0.006563131231814623,
-0.018877096474170685,
-0.019227828830480576,
-0.004235140513628721,
0.003665430238470435,
0.04538625851273537,
-0.006978996563702822,
-0.031909532845020294,
0.013644842430949211,
0.010294866748154163,
-0.027482055127620697,
-0.014057250693440437,
0.009153367020189762,
0.018764514476060867,
0.058234527707099915,
-0.035861507058143616,
0.010813940316438675,
0.03807283192873001,
-0.03205002099275589,
0.0015512637328356504,
0.03631152957677841,
0.0033358081709593534,
-0.004017117898911238,
-0.006557766813784838,
-0.015062340535223484,
0.06016811728477478,
-0.003024592762812972,
-0.004001053050160408,
0.004642090760171413,
0.0008296034066006541,
0.009533572010695934,
-0.008912136778235435,
0.03234834223985672,
0.04373953118920326,
0.008463272824883461,
-0.021380169317126274,
-0.0012168284738436341,
0.03643978387117386,
-0.011433208361268044,
-0.022502027451992035,
-0.019159378483891487,
-0.0006807137397117913,
-0.014567488804459572,
-0.00589819485321641,
0.017290491610765457,
0.04988684132695198,
0.004221007227897644,
-0.023155618458986282,
0.029671087861061096,
0.0035194181837141514,
0.034620944410562515,
-0.011024530045688152,
-0.13189934194087982,
-0.01871737837791443,
0.031624432653188705,
-0.05775674805045128,
0.03373276814818382,
-0.02778748981654644,
0.048248518258333206,
0.0665450394153595,
0.042776577174663544,
-0.04539677873253822,
0.00994514673948288,
0.03481781855225563,
0.008492432534694672,
-0.1360161304473877,
0.00611015735194087,
-0.05685154348611832,
-0.023821471258997917,
0.03140334039926529,
0.017066506668925285,
-0.009353870525956154,
0.008103934116661549,
0.030358651652932167,
-0.011925827711820602,
-0.009317056275904179,
0.012040043249726295,
-0.007245998363941908,
-0.02834404446184635,
-0.006226113066077232,
0.0374370738863945,
-0.03437288478016853,
0.03584425896406174,
0.0017819661879912019,
-0.01700754277408123,
-0.013122989796102047,
0.013782205060124397,
0.05240657180547714,
-0.017061233520507812,
0.022033462300896645,
-0.05484230816364288,
-0.005530064459890127,
0.012743941508233547,
0.018240272998809814,
0.003275288501754403,
0.0057606566697359085,
-0.01071042101830244,
-0.00928882323205471,
0.00031587822013534606,
-0.01811581291258335,
0.008349978365004063,
-0.003770953044295311,
0.00383578147739172,
0.03013806976377964,
-0.0054100146517157555,
0.0006404014420695603,
0.02178097702562809,
0.01894260384142399,
0.004996095784008503,
0.049862999469041824,
-0.004242932889610529,
0.003125160001218319,
0.006340282503515482,
-0.0016044089570641518,
0.0004490692517720163,
0.037310030311346054,
-0.019450731575489044,
0.04823050647974014,
-0.008771478198468685,
-0.008279673755168915,
-0.0242428258061409,
0.015120318159461021,
-0.01973520964384079,
-0.023128125816583633,
0.01771637052297592,
0.0012749185552820563,
-0.08889485150575638,
-0.039972443133592606,
-0.011565184220671654,
-0.008866366930305958,
-0.0007023222860880196,
-0.05480177700519562,
-0.02394256182014942,
-0.032042525708675385,
0.029458679258823395,
-0.0036357296630740166,
-0.007827650755643845,
-0.14872808754444122,
0.016611697152256966,
-0.013981900177896023,
-0.01809750497341156,
0.03453315049409866,
-0.015967536717653275,
0.020996863022446632,
0.03684653341770172,
0.0030780646484345198,
0.02537566050887108,
-0.005109436810016632,
0.02540726587176323,
-0.04842600226402283,
0.0034116017632186413,
0.02546256221830845,
0.02955261990427971,
-0.01687471754848957,
-0.033779483288526535,
0.027604909613728523,
-0.06365326046943665,
0.041394978761672974,
-0.00047725593321956694,
0.034331560134887695,
0.010591354221105576,
-0.0014869177248328924,
0.022154461592435837,
0.029088707640767097,
-0.0015017221448943019,
0.04878929257392883,
-0.008087247610092163,
0.0378485843539238,
-0.007791202049702406,
0.06039559841156006,
-0.010464624501764774,
0.01598655804991722,
0.17743723094463348,
-0.005997168365865946,
-0.0064782071858644485,
-0.0008402374223805964,
-0.0054284012876451015,
0.0036683306097984314,
-0.011060957796871662,
-0.02078038640320301,
-0.014730369672179222,
-0.014540429227054119,
0.03252650052309036,
0.02128535695374012,
-0.016418399289250374,
0.026963956654071808,
-0.017127415165305138,
-0.07878433167934418,
-0.002130048116669059,
0.00048517045797780156,
-0.079886294901371,
-0.010403336025774479,
0.10443627089262009,
0.04641163349151611,
0.0056617772206664085,
0.015918903052806854,
-0.031888753175735474,
0.016053874045610428,
0.006533841136842966,
0.009359968826174736,
0.008010751567780972,
-0.0031299563124775887,
-0.038059480488300323,
0.0022039879113435745,
-0.008810863830149174,
-0.06751137971878052,
-0.0027717631310224533,
-0.0014287321828305721,
-0.026788773015141487,
0.022116797044873238,
-0.012981089763343334,
0.09130862355232239,
0.0029996817465871572,
-0.01122493389993906,
-0.0584707148373127,
0.0440656915307045,
0.010203869082033634,
0.007381978910416365,
-0.026827311143279076,
-0.014627356082201004,
-0.053104184567928314,
0.06174701824784279,
0.015850160270929337,
-0.024874353781342506,
0.015584714710712433,
0.023585502058267593,
-0.12183702737092972,
0.04384402930736542,
0.03650589659810066,
-0.0020797669421881437,
0.009984760545194149,
-0.022525982931256294,
0.0007295290706679225,
-0.004896340426057577,
0.027011210098862648,
0.04406600445508957,
-0.1150478720664978,
-0.022814614698290825,
0.015755321830511093,
-0.0020327421370893717,
-0.020317405462265015,
0.011417028494179249,
0.0071579888463020325,
0.030337968841195107,
0.027253171429038048,
0.015453829430043697,
-0.012629644013941288,
0.01512395590543747,
-0.0036533717066049576,
0.03932135924696922,
-0.001997171901166439,
-0.018540509045124054,
-0.0142954858019948,
-0.008235855028033257,
-0.034775618463754654,
-0.00945668388158083,
0.026571467518806458,
0.021139690652489662,
-0.1926502287387848,
0.0318213552236557,
0.03634465113282204,
-0.013351931236684322,
-0.018243644386529922,
0.025281129404902458,
-0.03175019845366478,
-0.044344592839479446,
0.01647350750863552,
-0.016829947009682655,
-0.03334255516529083,
0.025225788354873657,
-0.00840368214994669,
-0.0215293038636446,
0.012451793998479843,
0.01813642494380474,
-0.026585005223751068,
-0.004984273109585047,
0.04462249204516411,
-0.022720128297805786,
0.03234948590397835,
-0.051351141184568405,
-0.12865447998046875,
-0.0005815312615595758,
-0.04755821079015732,
-0.010838204063475132,
0.018052687868475914,
0.03184991329908371,
0.006502179894596338,
-0.011408877559006214,
-0.03529144823551178,
0.02348112128674984,
0.060159940272569656,
0.027834001928567886,
-0.017387567088007927,
0.010973162949085236,
0.04876284673810005,
-0.019848458468914032,
-0.02531222440302372,
0.01262332871556282,
-0.015038639307022095,
-0.0008466114522889256,
-0.03432289883494377,
-0.029645536094903946,
0.02435711957514286,
-0.04468805342912674,
0.014167253859341145,
0.008929227478802204,
0.007328142877668142,
0.039656247943639755,
0.005539235658943653,
-0.04103893041610718,
-0.009657331742346287,
0.02298344112932682,
0.011084216646850109,
-0.011699832044541836,
0.023606570437550545,
0.056856248527765274,
0.005885629914700985,
-0.02422269620001316,
0.03457404673099518,
0.03697504848241806,
-0.05729750171303749,
0.0065343924798071384,
0.0007364849443547428,
-0.024604130536317825,
0.006443301681429148,
-0.06604503095149994,
0.019084475934505463,
0.041454654186964035,
-0.15220192074775696,
-0.07915974408388138,
-0.06509372591972351,
0.015859493985772133,
0.008361347950994968,
-0.020922580733895302,
-0.0017318121390417218,
-0.02538871392607689,
-0.013286971487104893,
-0.00464270543307066,
-0.028854575008153915,
0.0086974473670125,
-0.09218569099903107,
0.02741554193198681,
-0.0131619181483984,
0.009182875975966454,
0.019008662551641464,
-0.025833968073129654,
0.02404014579951763,
-0.0038296887651085854,
-0.021105706691741943,
-0.0038429866544902325,
0.027247736230492592,
0.008557457476854324,
-0.007657643407583237,
-0.006513452623039484,
-0.023412439972162247,
0.006979466415941715,
-0.0648038238286972,
0.006016176659613848,
0.0014317578170448542,
0.01788746751844883,
0.003611851017922163,
-0.026277219876646996,
-0.043096669018268585,
-0.03206826001405716,
-0.003757199738174677,
0.11999035626649857,
-0.001634252374060452,
0.024038655683398247,
-0.01859978958964348,
0.007128971628844738,
-0.010612275451421738,
-0.001008679741062224,
-0.03819259628653526,
0.06821101903915405,
-0.01619116961956024,
-0.013869015499949455,
0.020922577008605003,
-0.04551035165786743,
-0.017348846420645714,
-0.0006613708683289587,
-0.003169361734762788,
0.057589635252952576,
0.03549271076917648,
0.005722911562770605,
0.017945637926459312,
0.055230896919965744,
-0.005638847127556801,
-0.013592609204351902,
-0.03290772810578346,
-0.038820795714855194,
0.04432309791445732,
-0.08859178423881531,
-0.026601264253258705,
0.021790193393826485,
0.004647364839911461,
-0.040843117982149124,
0.006976669188588858,
0.0006437149713747203,
-0.001276845345273614,
0.009815655648708344,
-0.047304730862379074,
0.009676899760961533,
0.009725799784064293,
0.04196888953447342,
-0.025821875780820847,
0.03407831862568855,
-0.05082147940993309,
0.03761465847492218,
0.002268842188641429
] |
THAT MAY AFFECT FUTURE RESULTS AND FINANCIAL CONDITION
Because of the following factors, as well as other factors affecting the Company's operating results and financial condition, past financial performance should not be considered to be a reliable indicator of future performance, and investors should not use historical trends to anticipate results or trends in future periods.
COMPETITION
The personal computer industry is highly competitive and is characterized by aggressive pricing practices, downward pressure on gross margins, frequent introduction of new products, short product life cycles, continual improvement in product price/performance characteristics, price sensitivity on the part of consumers, and a large number of competitors. The Company's results of operations and financial condition have been, and in the future may continue to be, adversely affected by industry wide pricing pressures and downward pressures on gross margins. The personal computer industry has also been characterized by rapid technological advances in software functionality, hardware performance, and features based on existing or emerging industry standards. Further, as the personal computer industry and its customers place more reliance on the Internet, an increasing number of Internet devices that are smaller and simpler than traditional personal computers may compete for market share with the Company's existing products. Several competitors of the Company have either targeted or announced their intention to target certain of the Company's key market segments, including consumer, education, and design and publishing. Additionally, several of the Company's competitors have introduced or announced plans to introduce products that mimic many of the unique design, technical features, and solutions of the Company's products. Many of the Company's competitors have greater financial, marketing, manufacturing, and technological resources, as well as broader product lines and larger installed customer bases than those of the Company. Additionally, the Company's future operating results and financial condition may be affected by overall demand for personal computers and general customer preferences for one platform over another or one set of product features over another.
The Company is currently the only maker of hardware using the Mac OS. The Mac OS has a minority market share in the personal computer market, which is dominated by makers of computers utilizing Microsoft Windows operating systems. The Company's future operating results and financial condition are substantially dependent on its ability to continue to develop improvements to the Macintosh platform in order to maintain perceived design and functional advantages over competing platforms.
PRODUCT INTRODUCTIONS AND TRANSITIONS
Due to the highly volatile nature of the personal computer industry, which is characterized by dynamic customer demand patterns and rapid technological advances, the Company must continually introduce new products and technologies and enhance existing products in order to remain competitive. The success of new product introductions is dependent on a number of factors, including
| 2SELL
|
[
0.002371018985286355,
0.037096135318279266,
-0.01360334549099207,
-0.014703718945384026,
-0.12816573679447174,
-0.020500153303146362,
-0.0023593672085553408,
0.006932491902261972,
-0.04947672411799431,
0.029308393597602844,
0.0016164706321433187,
-0.06523837894201279,
0.018572477623820305,
-0.0238479133695364,
0.0023668643552809954,
0.04275955259799957,
0.056205350905656815,
-0.011751195415854454,
-0.03458229452371597,
-0.005909754429012537,
0.012049471959471703,
0.016809089109301567,
-0.011243211105465889,
-0.019832197576761246,
0.005293051712214947,
0.023135386407375336,
-0.06029365584254265,
0.021909315139055252,
0.03158576041460037,
-0.058989267796278,
0.0230844896286726,
0.01860838569700718,
0.02886168658733368,
-0.009888810105621815,
0.052781689912080765,
0.010243305005133152,
-0.036593805998563766,
0.01674738898873329,
0.03484589606523514,
0.005138764623552561,
-0.04599900171160698,
-0.01721913367509842,
0.013175399042665958,
-0.014988526701927185,
0.0027513420209288597,
-0.012348218820989132,
0.01996127888560295,
0.027393650263547897,
0.022974060848355293,
-0.009611778892576694,
-0.00008982514555100352,
-0.033151235431432724,
-0.013544099405407906,
-0.02779955230653286,
-0.023394647985696793,
0.004218169488012791,
-0.014373761601746082,
-0.04716520756483078,
0.06369466334581375,
0.02918296493589878,
0.020810607820749283,
-0.039823684841394424,
0.007234822027385235,
0.05412258207798004,
0.006761545781046152,
-0.011174161918461323,
-0.002559828571975231,
0.025302475318312645,
-0.03860285505652428,
-0.005255692172795534,
0.021326450631022453,
0.02826307900249958,
-0.024522986263036728,
-0.012295994907617569,
0.0004902470973320305,
-0.048634979873895645,
0.02504785917699337,
0.007232284173369408,
0.07159800827503204,
-0.02611405961215496,
0.0010318750282749534,
-0.07853879779577255,
0.08356161415576935,
-0.08756409585475922,
0.001498440746217966,
-0.03537485748529434,
-0.019895566627383232,
-0.05522431060671806,
-0.01667099818587303,
0.005748648662120104,
0.002319863997399807,
0.006830771919339895,
-0.017670905217528343,
-0.04518764838576317,
-0.00214227638207376,
0.008628853596746922,
0.034179918467998505,
-0.15834471583366394,
0.0006724283448420465,
-0.005028484854847193,
0.07148139923810959,
0.018036087974905968,
0.04253779351711273,
-0.025592615827918053,
0.014399622566998005,
0.014637070707976818,
-0.04074063524603844,
0.030964897945523262,
0.0026646009646356106,
0.008743571117520332,
-0.02771972492337227,
-0.060237906873226166,
0.03144201263785362,
-0.002886625239625573,
-0.009384381584823132,
0.05651440471410751,
0.008788703009486198,
0.058034978806972504,
0.0038447214756160975,
-0.05938858911395073,
0.016653643921017647,
-0.027793455868959427,
-0.03229888901114464,
-0.014215591363608837,
-0.052610527724027634,
0.03823263943195343,
-0.047675129026174545,
0.0024075109977275133,
0.03426573425531387,
-0.0028597963973879814,
-0.0024679095949977636,
-0.017171762883663177,
-0.00964522548019886,
0.02727416902780533,
-0.04065438732504845,
0.005860082805156708,
-0.014174205251038074,
0.004657320212572813,
-0.048150379210710526,
-0.0016945564420893788,
-0.04054746776819229,
-0.0035160949919372797,
-0.00047164931311272085,
-0.02102827839553356,
-0.05534155294299126,
-0.0007921435753814876,
-0.011247070506215096,
0.0017190244980156422,
0.03966407850384712,
0.06921804696321487,
-0.012616615742444992,
-0.009263132698833942,
-0.0342823825776577,
-0.016544530168175697,
-0.013914555311203003,
-0.0063695842400193214,
0.053998664021492004,
0.014565044082701206,
-0.04558833688497543,
-0.0085403798148036,
-0.008202507160604,
-0.007425409276038408,
0.003957785665988922,
-0.07638762891292572,
-0.0690680518746376,
-0.025468874722719193,
0.017284605652093887,
-0.016544125974178314,
0.04713589698076248,
0.040569256991147995,
0.01916341669857502,
0.02262599766254425,
0.0038456020411103964,
0.0035806968808174133,
0.03365926444530487,
-0.07541163265705109,
0.006681215949356556,
0.06214364990592003,
-0.027941079810261726,
0.015386027283966541,
0.03481702879071236,
0.011373522691428661,
0.06112192943692207,
-0.09612119197845459,
-0.07074461877346039,
-0.014610107988119125,
0.020384302362799644,
0.07051387429237366,
-0.006234363187104464,
-0.019824666902422905,
0.05877096578478813,
-0.022815359756350517,
-0.01911916583776474,
0.015491983853280544,
0.01438713539391756,
-0.02584105171263218,
-0.0034433165565133095,
0.001959530171006918,
-0.015621206723153591,
-0.008119437843561172,
-0.09789120405912399,
-0.0025284725707024336,
-0.006543904077261686,
0.028304724022746086,
0.031438373029232025,
-0.018309181556105614,
-0.015840396285057068,
0.003925980068743229,
-0.00015785987488925457,
-0.011306271888315678,
-0.0663166269659996,
-0.0020403158850967884,
0.008254443295300007,
-0.02045557275414467,
-0.004166535101830959,
0.03923562541604042,
0.007014560978859663,
-0.10067089647054672,
0.009423698298633099,
-0.04168146476149559,
0.011754068545997143,
-0.013566095381975174,
0.015177140943706036,
0.007324725855141878,
0.07179848104715347,
-0.0020715973805636168,
0.013360829092562199,
-0.0090606939047575,
-0.04683850705623627,
-0.00011752844147849828,
0.0016685262089595199,
0.06733885407447815,
-0.05045228824019432,
0.02717408537864685,
0.0041935378685593605,
0.008968133479356766,
0.005260939244180918,
0.0006854053935967386,
-0.037641748785972595,
0.06896387785673141,
0.08896595984697342,
-0.007545762229710817,
-0.0026456427294760942,
0.0006395701202563941,
-0.032699886709451675,
0.057840604335069656,
0.048658110201358795,
0.00412173755466938,
-0.005978438537567854,
-0.032969679683446884,
-0.014450641348958015,
0.0521913506090641,
-0.04808405786752701,
-0.0021643845830112696,
-0.03286096081137657,
0.02773178182542324,
0.020861441269516945,
-0.01141713559627533,
0.023054424673318863,
-0.1330200880765915,
-0.009692574851214886,
-0.015127556398510933,
0.008131410926580429,
-0.02438761107623577,
0.0078858882188797,
-0.0034890470560640097,
0.012735651805996895,
-0.008897912688553333,
-0.003790368093177676,
0.0019943974912166595,
0.00297334510833025,
-0.010201898403465748,
0.02686741016805172,
-0.014827274717390537,
-0.008121548220515251,
-0.0025440629106014967,
0.027570508420467377,
-0.004521210677921772,
0.028323384001851082,
-0.03350977227091789,
-0.008837380446493626,
-0.013525663875043392,
0.017487116158008575,
-0.03146440163254738,
-0.029074380174279213,
-0.009676450863480568,
-0.03992274031043053,
0.002151972847059369,
0.0697045847773552,
-0.02704951912164688,
-0.021613633260130882,
0.004391007591038942,
0.0032386183738708496,
-0.04007844254374504,
-0.030354855582118034,
0.05464494228363037,
-0.009738278575241566,
-0.0399203859269619,
-0.01440952904522419,
0.05947379395365715,
0.024470429867506027,
0.03086635284125805,
0.03332234546542168,
-0.026996344327926636,
-0.01236889697611332,
-0.015651162713766098,
-0.028574306517839432,
-0.02587096206843853,
0.11642776429653168,
-0.02452353946864605,
0.016768457368016243,
0.019634900614619255,
-0.006906230468302965,
-0.005991845391690731,
-0.015025469474494457,
-0.025909261777997017,
-0.041155699640512466,
0.05168454721570015,
-0.0031591467559337616,
-0.04029376804828644,
0.01522295642644167,
0.009985502809286118,
0.03385671228170395,
0.027541285380721092,
0.05684277042746544,
-0.009566588327288628,
0.0590800940990448,
-0.031111866235733032,
0.060441721230745316,
-0.010319212451577187,
0.10326654464006424,
0.03315971419215202,
-0.03402741998434067,
0.022530971094965935,
-0.034437328577041626,
0.039266135543584824,
0.018885396420955658,
-0.013473143801093102,
0.008929861709475517,
0.010093839839100838,
-0.005528357345610857,
-0.013009065762162209,
0.03281111270189285,
-0.027777718380093575,
0.005971888080239296,
0.1209336593747139,
0.009889122098684311,
-0.047823164612054825,
0.023319371044635773,
0.0854942724108696,
0.04056873917579651,
-0.02589612454175949,
0.011886117979884148,
0.049664586782455444,
0.003052187617868185,
-0.03876939415931702,
0.040923651307821274,
0.014535222202539444,
-0.010346675291657448,
0.009430589154362679,
-0.01055227778851986,
-0.028851725161075592,
-0.009453597478568554,
0.004868622403591871,
0.038290902972221375,
0.023411069065332413,
-0.02854355424642563,
0.005982049275189638,
0.010463247075676918,
-0.030001958832144737,
-0.03484586626291275,
-0.0022255745716392994,
0.012621444649994373,
0.028813185170292854,
-0.03548872098326683,
0.012422040104866028,
0.03029061108827591,
-0.029439708217978477,
-0.0075709279626607895,
0.03851248696446419,
-0.0006924468907527626,
0.001022782875224948,
-0.020556742325425148,
-0.017523236572742462,
0.06318019330501556,
-0.005755459424108267,
-0.0023104469291865826,
0.0070332190953195095,
0.01482575386762619,
0.005915999412536621,
-0.008926540613174438,
0.039826471358537674,
0.04222717508673668,
0.026540549471974373,
-0.020283808931708336,
0.0015448592603206635,
0.03456876426935196,
-0.03710800036787987,
-0.0009608833934180439,
-0.03042265959084034,
-0.005473881494253874,
-0.01767236366868019,
-0.010848172940313816,
0.03840966895222664,
0.04944288358092308,
-0.01885991543531418,
-0.014508546330034733,
0.037906765937805176,
-0.00279534375295043,
0.0523768812417984,
-0.004871720913797617,
-0.12966495752334595,
-0.017836077138781548,
0.022315550595521927,
-0.05135275423526764,
0.016864962875843048,
0.004821285605430603,
0.041224196553230286,
0.06460853666067123,
0.04731808602809906,
-0.04033764824271202,
0.0024286163970828056,
0.035255204886198044,
0.0054939365945756435,
-0.13246725499629974,
0.016828052699565887,
-0.04430859908461571,
-0.03171928972005844,
0.013217158615589142,
0.018147213384509087,
-0.004068292677402496,
0.008949016220867634,
0.025319844484329224,
-0.008636695332825184,
-0.005391283892095089,
0.00271559483371675,
-0.01507064700126648,
-0.02695288509130478,
-0.0037005203776061535,
0.046851228922605515,
-0.026751156896352768,
0.04715413600206375,
-0.009688414633274078,
-0.02509087510406971,
-0.015427274629473686,
-0.002295918297022581,
0.04753986373543739,
-0.008508443832397461,
0.03406786546111107,
-0.058091435581445694,
-0.004179889336228371,
0.015480877831578255,
0.011452175676822662,
-0.00623635109513998,
0.0020314506255090237,
-0.011135954409837723,
-0.011380376294255257,
0.006426228675991297,
-0.02084301970899105,
0.01093820109963417,
0.0003930737148039043,
0.009548301808536053,
0.0160042867064476,
0.004604077897965908,
-0.010204527527093887,
0.020209580659866333,
0.02022741734981537,
0.003267740597948432,
0.04073491320014,
-0.0036580641753971577,
-0.009701523929834366,
0.0035332711413502693,
0.007223960477858782,
-0.018064143136143684,
0.04340516775846481,
-0.008141578175127506,
0.05515299364924431,
-0.014949003234505653,
-0.0034231680911034346,
-0.02344738319516182,
0.011501893401145935,
-0.005228877533227205,
-0.020577702671289444,
0.02824210934340954,
0.015236143954098225,
-0.08875015377998352,
-0.022824492305517197,
0.008596797473728657,
-0.014542936347424984,
0.0009494802798144519,
-0.04913144186139107,
-0.02130056917667389,
-0.0329153835773468,
0.035752132534980774,
-0.0035115762148052454,
-0.010677410289645195,
-0.09553328901529312,
-0.023235313594341278,
-0.016107749193906784,
-0.010376830585300922,
0.03020479716360569,
-0.01791103556752205,
0.007299546618014574,
0.030060596764087677,
-0.00865501444786787,
0.030849618837237358,
-0.006454677786678076,
0.016562294214963913,
-0.04613559693098068,
0.0011236057616770267,
0.014457500539720058,
0.02408730424940586,
-0.021461889147758484,
-0.0460042841732502,
0.028529062867164612,
-0.06327830255031586,
0.050191231071949005,
0.004774653818458319,
0.03323732316493988,
0.014902178198099136,
-0.003654110711067915,
0.022372545674443245,
0.03525376319885254,
-0.0031625889241695404,
0.04484346881508827,
-0.000009746655450726394,
0.017410418018698692,
-0.005115814972668886,
0.06577619910240173,
-0.014304294250905514,
0.02255118079483509,
0.1664358228445053,
-0.00858169887214899,
-0.009700899012386799,
-0.010557054542005062,
0.004480809438973665,
0.013910272158682346,
-0.015176390297710896,
-0.01901731640100479,
-0.011027231812477112,
-0.018461383879184723,
0.02477799914777279,
0.018231458961963654,
-0.012745502404868603,
0.02266666106879711,
-0.004451543092727661,
-0.07386577874422073,
-0.013545393943786621,
0.00932314433157444,
-0.03156349062919617,
-0.02497836947441101,
0.10180620849132538,
0.04598207399249077,
0.003529835492372513,
0.006126452703028917,
-0.03301714360713959,
0.004753011278808117,
0.007631008978933096,
-0.002044212305918336,
0.013905348256230354,
-0.0076827495358884335,
-0.04922895133495331,
0.001772754592821002,
-0.002872694516554475,
-0.020719973370432854,
0.006380805280059576,
-0.001073471736162901,
-0.027002623304724693,
0.014130732975900173,
-0.011797651648521423,
0.09669718146324158,
0.006630961317569017,
-0.025781746953725815,
-0.04215707629919052,
0.029091058298945427,
0.02806747891008854,
0.006921221036463976,
-0.013994119130074978,
-0.003771200543269515,
-0.031184056773781776,
0.04774231091141701,
0.013967136852443218,
-0.014620622619986534,
-0.010080823674798012,
0.020030422136187553,
-0.11437972635030746,
0.03963727876543999,
0.03435259684920311,
-0.00246239872649312,
0.013891074806451797,
-0.018727146089076996,
-0.004705121740698814,
0.0022573762107640505,
0.03888833895325661,
0.04147180914878845,
-0.12960045039653778,
-0.03383253887295723,
0.014917819760739803,
-0.007802652195096016,
-0.03546474501490593,
0.016214309260249138,
0.009556635282933712,
0.036411695182323456,
0.013754991814494133,
0.02732732519507408,
-0.028964731842279434,
0.022061318159103394,
-0.008227133192121983,
0.03131331875920296,
-0.006571196485310793,
-0.01472898107022047,
-0.02404823713004589,
-0.013347347266972065,
-0.025696976110339165,
0.0018147994996979833,
0.03133000060915947,
0.013426045887172222,
-0.1979808360338211,
0.030746109783649445,
0.0397946797311306,
-0.015734687447547913,
-0.01450712513178587,
0.020108262076973915,
0.00289486744441092,
-0.020052509382367134,
-0.001855678390711546,
-0.0003618781338445842,
-0.03594382107257843,
0.02751230075955391,
-0.01099689956754446,
-0.021155469119548798,
0.006899803411215544,
0.014555060304701328,
-0.023944787681102753,
0.011641678400337696,
0.03874675929546356,
-0.034221101552248,
0.0314910002052784,
-0.05512154847383499,
-0.11207491904497147,
-0.009318617172539234,
-0.05846356973052025,
-0.015734799206256866,
0.023889634758234024,
0.02059844322502613,
0.007649868726730347,
-0.01061584334820509,
-0.04508531093597412,
0.010953781194984913,
0.08721137791872025,
0.04262440651655197,
-0.0030990412924438715,
0.007787780836224556,
0.06192656606435776,
-0.02489449642598629,
-0.032436303794384,
0.0127485953271389,
-0.017653688788414,
-0.0021822031121701,
-0.03108270652592182,
-0.026063958182930946,
0.031353842467069626,
-0.034600090235471725,
-0.028162704780697823,
0.008303035981953144,
-0.010698768310248852,
0.05412935093045235,
0.017695119604468346,
-0.03517546504735947,
0.0012207301333546638,
0.016184218227863312,
0.013086668215692043,
-0.01885422132909298,
0.028702957555651665,
0.0723157525062561,
-0.0068470570258796215,
-0.02721002884209156,
0.049954865127801895,
0.029645521193742752,
-0.05953868478536606,
0.00688468012958765,
0.0010176504729315639,
-0.035925332456827164,
0.00607706606388092,
-0.06574928760528564,
0.013532555662095547,
0.0234726183116436,
-0.1428513079881668,
-0.05461740121245384,
-0.05940840765833855,
0.01706165075302124,
0.0014063327107578516,
-0.015443449839949608,
0.009928787127137184,
-0.018453020602464676,
-0.028563790023326874,
0.0003886708291247487,
-0.02936837077140808,
0.013187646865844727,
-0.12129776924848557,
0.031197229400277138,
-0.020150240510702133,
0.0009459404391236603,
0.01894855499267578,
-0.02500222437083721,
0.018661459907889366,
-0.0005170002696104348,
-0.028273258358240128,
-0.0038115482311695814,
0.021380998194217682,
0.012932602316141129,
-0.005646551959216595,
0.00756865693256259,
-0.024795394390821457,
0.005440275184810162,
-0.06288213282823563,
-0.008406857959926128,
-0.007733980193734169,
0.005094690248370171,
0.012354901991784573,
-0.015213475562632084,
-0.03371891751885414,
-0.036361537873744965,
-0.008860493078827858,
0.12037051469087601,
0.0014827830018475652,
0.02066340483725071,
-0.00699435593560338,
-0.007066207006573677,
-0.0074929906986653805,
-0.009691053070127964,
-0.03387994319200516,
0.10451764613389969,
-0.012706347741186619,
-0.008440365083515644,
0.0018549426458775997,
-0.0411745086312294,
-0.009527965448796749,
0.0048062545247375965,
0.005817052908241749,
0.06736999750137329,
0.023680217564105988,
0.010507646016776562,
0.02386760339140892,
0.05289357528090477,
-0.021399933844804764,
-0.012530084699392319,
-0.03841657564043999,
-0.04033428058028221,
0.01564813405275345,
-0.07105698436498642,
-0.02914583496749401,
0.03858621418476105,
0.005211465526372194,
-0.036692265421152115,
0.00013941590441390872,
0.001927466713823378,
0.00781079800799489,
0.01636839099228382,
-0.05505341291427612,
0.05123239383101463,
0.000515339954290539,
0.03368784859776497,
-0.017134960740804672,
0.027706578373908997,
-0.06724902242422104,
0.046632084995508194,
0.011395232751965523
] |
products being less favorable than forecasted, unforeseen technological changes or changes to the Company’s product development plans that negatively impact the utility of any of these assets, or significant deterioration in the financial condition of one or more of the Company’s suppliers that hold any of the Company’s manufacturing process equipment or to whom the Company has made an inventory prepayment. Such write-downs would adversely affect the Company’s results of operations in the period when the write-downs were recorded.
The Company records accruals for estimated cancellation fees related to component orders that have been cancelled or are expected to be cancelled. Consistent with industry practice, the Company acquires components through a combination of purchase orders, supplier contracts and open orders in each case based on projected demand. Where appropriate, the purchases are applied to inventory component prepayments that are outstanding with the respective supplier. Purchase commitments typically cover the Company’s forecasted component and manufacturing requirements for periods up to 150 days. If there is an abrupt and substantial decline in demand for one or more of the Company’s products, if the Company’s product development plans change, or if there is an unanticipated change in technological requirements for any of the Company’s products, then the Company may be required to record additional accruals for cancellation fees that would adversely affect its results of operations in the period when the cancellation fees are identified and recorded.
Warranty Costs
The Company provides for the estimated cost of warranties at the time the related revenue is recognized based on historical and projected warranty claim rates, historical and projected cost-per-claim and knowledge of specific product failures that are outside of the Company’s typical experience. Each quarter, the Company re-evaluates these estimates to assess the adequacy of its recorded warranty liabilities considering the size of the installed base of products subject to warranty protection and adjusts the amounts as necessary. If actual product failure rates or repair costs differ from estimates, revisions to the estimated warranty liabilities would be required and could materially affect the Company’s results of operations.
Income Taxes
The Company records a tax provision for the anticipated tax consequences of the reported results of operations. The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.
The Company recognizes tax
| 2SELL
|
[
-0.011059610173106194,
0.0508536621928215,
-0.027303006500005722,
-0.007058421615511179,
-0.1602879911661148,
-0.03525552898645401,
-0.004617754835635424,
-0.010165683925151825,
-0.041088204830884933,
0.0244673453271389,
-0.002021731110289693,
-0.03485319763422012,
0.016102973371744156,
-0.03772700950503349,
0.008665194734930992,
0.025249648839235306,
0.059850309044122696,
-0.020676622167229652,
-0.038517702370882034,
-0.005187140312045813,
0.0164593867957592,
0.007116677705198526,
0.0027412811759859324,
-0.026269709691405296,
0.0163419209420681,
0.027700426056981087,
-0.04912036284804344,
0.016965452581644058,
0.025647679343819618,
-0.0594661682844162,
0.0004818807356059551,
0.009274423122406006,
0.022114457562565804,
-0.009430965408682823,
0.04680851846933365,
0.012196671217679977,
-0.06655551493167877,
0.009790698997676373,
0.02695184014737606,
-0.0042220354080200195,
-0.04386021941900253,
0.002190890721976757,
0.03414541482925415,
-0.0025796706322580576,
0.008227836340665817,
-0.00594715029001236,
0.009722442366182804,
0.023885399103164673,
0.0067153200507164,
-0.021062137559056282,
0.0084986025467515,
-0.002976079937070608,
-0.022831402719020844,
-0.017895374447107315,
-0.01898983120918274,
0.02263331040740013,
-0.015059778466820717,
-0.021159840747714043,
0.07808568328619003,
0.028634043410420418,
0.06173820421099663,
-0.03445723280310631,
0.004890065174549818,
0.026129407808184624,
0.003761927131563425,
0.00020033384498674423,
-0.020757298916578293,
0.01424084696918726,
-0.03426111117005348,
-0.015520119108259678,
0.02985915169119835,
0.03917952999472618,
-0.024687044322490692,
-0.009572694078087807,
0.010696208104491234,
-0.045174740254879,
0.039094045758247375,
0.002038063481450081,
0.08528193831443787,
-0.042436614632606506,
-0.0006438235868699849,
-0.0831441879272461,
0.06053511053323746,
-0.050077956169843674,
0.00018118500884156674,
-0.026231037452816963,
-0.02580159157514572,
-0.03005223535001278,
-0.03307928517460823,
0.0013391942484304309,
0.008428502827882767,
0.013394796289503574,
-0.025519095361232758,
-0.08296138048171997,
-0.011036324314773083,
-0.0008209195220842957,
0.031083256006240845,
-0.164541557431221,
-0.0009017453412525356,
-0.04651021212339401,
0.09512998908758163,
0.0311066173017025,
0.0418199747800827,
0.005177916027605534,
0.015077400021255016,
0.002767241792753339,
-0.04483189433813095,
0.053507085889577866,
-0.011639050208032131,
0.008707113564014435,
-0.020567620173096657,
-0.05446292459964752,
0.018043387681245804,
0.021081652492284775,
-0.00947185605764389,
0.03349686414003372,
-0.0005798798520117998,
0.05987751856446266,
-0.008231773041188717,
-0.07208100706338882,
0.020910678431391716,
-0.013228651136159897,
-0.04964154213666916,
0.007537985686212778,
-0.005657952278852463,
0.04185269773006439,
-0.03701028227806091,
-0.019084498286247253,
0.047985658049583435,
-0.007597086485475302,
-0.007582466583698988,
-0.023248570039868355,
-0.01964440383017063,
0.0347810722887516,
-0.028857115656137466,
0.02463419921696186,
-0.0007128166616894305,
-0.011353647336363792,
-0.042068880051374435,
0.015566401183605194,
-0.04231084883213043,
-0.003281153505668044,
0.0031412243843078613,
-0.002707005012780428,
-0.055444326251745224,
-0.013017360121011734,
-0.003606175072491169,
-0.007359261624515057,
0.07209273427724838,
0.070170558989048,
-0.00023791324929334223,
-0.023079993203282356,
-0.025666743516921997,
-0.01071117352694273,
-0.030837396159768105,
-0.0018098045838996768,
0.07504434883594513,
0.02100762352347374,
-0.027080845087766647,
-0.0161757692694664,
0.007754627615213394,
-0.013539967127144337,
-0.0014059493551030755,
-0.10173346102237701,
-0.043755412101745605,
-0.047922540456056595,
0.020952345803380013,
0.010225559584796429,
0.05339769646525383,
0.0432252362370491,
0.04592189937829971,
0.020899705588817596,
0.008168928325176239,
-0.010879730805754662,
0.027045169845223427,
-0.06724599003791809,
0.025440828874707222,
0.03544340655207634,
-0.007601013407111168,
0.017238609492778778,
0.014386070892214775,
0.013755799271166325,
0.0522037148475647,
-0.05779498815536499,
-0.07173777371644974,
-0.03003552556037903,
0.0005687149823643267,
0.050759363919496536,
-0.005847154650837183,
-0.032079070806503296,
0.07457944005727768,
-0.0019950936548411846,
-0.013820861466228962,
0.008182411082088947,
-0.007561760488897562,
-0.026614971458911896,
-0.025995498523116112,
-0.0022630104795098305,
0.013519924134016037,
-0.01297710184007883,
-0.08274092525243759,
-0.009422441944479942,
-0.01705154962837696,
0.04654977098107338,
0.059194762259721756,
-0.022631626576185226,
-0.03385923430323601,
-0.003146684728562832,
0.005858281627297401,
0.011222626082599163,
-0.0500950887799263,
-0.01028415746986866,
0.01518924068659544,
-0.034829769283533096,
-0.016808126121759415,
0.05486415699124336,
0.013882375322282314,
-0.11023392528295517,
-0.005796128883957863,
-0.03906489908695221,
0.0015969297382980585,
-0.012604563497006893,
0.030858295038342476,
0.009756991639733315,
0.03070501610636711,
-0.012325089424848557,
0.03505163639783859,
-0.00035773662966676056,
-0.05817892402410507,
0.022172456607222557,
-0.003409140044823289,
0.05893321335315704,
-0.03722145035862923,
0.03318606689572334,
0.01454543974250555,
0.023101715371012688,
-0.0042754062451422215,
-0.0007153188344091177,
-0.046508193016052246,
0.07274670898914337,
0.0987439751625061,
-0.01842542737722397,
-0.00020081279217265546,
-0.00004909088966087438,
-0.04498456418514252,
0.0660979151725769,
0.04785285145044327,
0.02977130189538002,
-0.012976020574569702,
-0.038544006645679474,
0.005571686662733555,
0.016712337732315063,
-0.03948042541742325,
0.009560374543070793,
-0.03689471259713173,
0.030170060694217682,
0.012761897407472134,
0.0050179497338831425,
-0.0012312943581491709,
-0.13689100742340088,
-0.002427102066576481,
-0.029174087569117546,
0.016313550993800163,
-0.021029306575655937,
0.01600011996924877,
0.023081554099917412,
0.005134424194693565,
0.0015437297988682985,
-0.023888470605015755,
0.017473232001066208,
-0.010062714107334614,
-0.012143254280090332,
0.033841706812381744,
-0.031109938398003578,
0.008725829422473907,
0.019998151808977127,
0.0469483807682991,
-0.015218629501760006,
0.04736454784870148,
-0.04857761785387993,
-0.018108582124114037,
-0.01921331137418747,
-0.023233335465192795,
-0.05210620537400246,
-0.025551216676831245,
-0.009495007805526257,
-0.023506633937358856,
0.0015992228873074055,
0.0764879435300827,
-0.023896146565675735,
-0.0055574593134224415,
0.005708691198378801,
0.007689561694860458,
-0.03904164955019951,
-0.04237408563494682,
0.06944802403450012,
-0.005499356426298618,
-0.06477352231740952,
-0.012142079882323742,
0.05765553563833237,
0.010406716726720333,
0.03302999958395958,
0.029647408053278923,
-0.05442466959357262,
-0.007568280212581158,
-0.011394360102713108,
-0.014689486473798752,
-0.03042958304286003,
0.09728548675775528,
-0.027684958651661873,
0.004187945742160082,
0.020245086401700974,
-0.007158022839576006,
-0.011043370701372623,
-0.025989050045609474,
-0.04847824573516846,
-0.029817791655659676,
0.040909603238105774,
-0.013379249721765518,
-0.04437444731593132,
0.016482049599289894,
-0.021199552342295647,
0.042795803397893906,
0.024946875870227814,
0.07662204653024673,
-0.012493095360696316,
0.06377206742763519,
-0.041433971375226974,
0.015968933701515198,
-0.03564389795064926,
0.21252213418483734,
0.03977568447589874,
-0.0473746657371521,
0.027430914342403412,
-0.02859615348279476,
0.028173765167593956,
0.012990881688892841,
-0.03042886219918728,
0.004593202378600836,
-0.013080981560051441,
0.013092515990138054,
-0.0046528540551662445,
0.033466871827840805,
-0.03285279870033264,
-0.0009019272984005511,
0.07264399528503418,
0.0074691204354166985,
-0.0639982670545578,
0.015171825885772705,
0.07397041469812393,
0.038374822586774826,
-0.006811220198869705,
-0.0014756368473172188,
0.04101886227726936,
-0.012720066122710705,
-0.022299479693174362,
0.032862454652786255,
0.013474671170115471,
-0.027930235490202904,
-0.005377498455345631,
-0.014528828673064709,
-0.019738953560590744,
0.001426691422238946,
0.010973730124533176,
0.03638856112957001,
0.004812545608729124,
-0.021732373163104057,
0.01246277429163456,
0.0009660754585638642,
-0.023418791592121124,
-0.02000715211033821,
-0.006257783155888319,
0.019706353545188904,
0.0665968731045723,
-0.024191468954086304,
0.01653902232646942,
0.054136648774147034,
-0.030588697642087936,
-0.010890895500779152,
0.02462310716509819,
-0.0053286924958229065,
-0.0045401835814118385,
-0.0039804731495678425,
-0.009911937639117241,
0.027768868952989578,
0.022990014404058456,
-0.013543727807700634,
0.014639885164797306,
0.010046301409602165,
0.0321689210832119,
-0.027463190257549286,
0.04274548590183258,
0.06444580852985382,
0.014693895354866982,
-0.01913839392364025,
-0.015775853767991066,
0.03001362644135952,
-0.023275986313819885,
-0.011612310074269772,
-0.011889226734638214,
-0.006871367339044809,
-0.03505106642842293,
-0.007503880653530359,
0.05032148212194443,
0.04062575101852417,
0.0073699369095265865,
-0.011046740226447582,
0.03931175544857979,
-0.0008000071975402534,
0.0521005280315876,
-0.01683920808136463,
-0.11666260659694672,
-0.008682607673108578,
0.013667197898030281,
-0.056840553879737854,
0.023155756294727325,
-0.03623799979686737,
0.06317927688360214,
0.07033513486385345,
0.04423567280173302,
-0.035668376833200455,
-0.0027843003626912832,
0.03428326174616814,
0.017055824398994446,
-0.10521950572729111,
0.006375105585902929,
-0.044664088636636734,
-0.0359535776078701,
0.025570489466190338,
0.029328180477023125,
-0.007902630604803562,
0.0052237012423574924,
0.04459288343787193,
-0.03249314799904823,
-0.013874451629817486,
0.00907470379024744,
-0.005835740361362696,
-0.026420535519719124,
-0.01827232539653778,
0.0308019258081913,
-0.023876547813415527,
0.04106830060482025,
-0.016456956043839455,
-0.027929266914725304,
0.001038903370499611,
0.01358463428914547,
0.061045121401548386,
-0.017203768715262413,
0.039170585572719574,
-0.039732757955789566,
-0.01326998881995678,
-0.008009308949112892,
0.019036803394556046,
0.01499929279088974,
-0.007135145831853151,
-0.0036292090080678463,
-0.019636526703834534,
-0.006521237548440695,
-0.0067907338961958885,
0.005654489155858755,
0.00905891228467226,
-0.008810409344732761,
0.023227013647556305,
0.0010938229970633984,
-0.00834647286683321,
-0.0038276375271379948,
0.016669748350977898,
-0.0031949912663549185,
0.013043083250522614,
-0.008117026649415493,
-0.011557390913367271,
-0.011388598941266537,
0.010912668891251087,
-0.020149171352386475,
0.025159001350402832,
-0.02641044370830059,
0.04838348552584648,
-0.016817763447761536,
-0.009882494807243347,
-0.03498757258057594,
0.023952577263116837,
-0.00905478186905384,
-0.04309142380952835,
0.02177104353904724,
-0.013078856281936169,
-0.08974593877792358,
-0.03700753673911095,
0.003320480464026332,
0.00015242821245919913,
-0.00499977171421051,
-0.05819777399301529,
-0.049191057682037354,
-0.023381168022751808,
0.03707686439156532,
-0.0039920746348798275,
-0.013293313793838024,
-0.13702665269374847,
-0.007345732767134905,
-0.0018299872754141688,
-0.019053760915994644,
0.03073214925825596,
-0.02812415547668934,
-0.0005278053577058017,
0.03897479549050331,
-0.007052863948047161,
0.021826375275850296,
-0.015491378493607044,
0.01809646375477314,
-0.043464530259370804,
0.022896496579051018,
0.012814698740839958,
0.003537116339430213,
-0.028129758313298225,
-0.026711229234933853,
0.03036542795598507,
-0.07236208021640778,
0.022902268916368484,
0.00963673647493124,
0.05273739993572235,
-0.005352775566279888,
0.013784228824079037,
0.029041653499007225,
0.030458061024546623,
-0.0035321430768817663,
0.04856681451201439,
-0.007682632189244032,
-0.0002802422095555812,
-0.01170365046709776,
0.07404085248708725,
-0.009669704362750053,
0.002508553210645914,
0.12131047248840332,
-0.01558747049421072,
-0.026291707530617714,
0.004701714962720871,
-0.006722802761942148,
0.007790441159158945,
0.0043939948081970215,
-0.002666936721652746,
-0.033076513558626175,
-0.01787760481238365,
0.040944214910268784,
0.030518339946866035,
-0.011588466353714466,
0.04866541922092438,
-0.005651184823364019,
-0.08891469240188599,
0.003069375641644001,
0.008575178682804108,
-0.05809808522462845,
-0.01876703090965748,
0.12617915868759155,
0.05774953216314316,
0.015873709693551064,
0.0005574964452534914,
-0.040601592510938644,
0.006244477815926075,
0.026469992473721504,
0.010623260401189327,
-0.022423379123210907,
-0.023069124668836594,
-0.03407822921872139,
0.0025993562303483486,
-0.0023376098833978176,
-0.01821541227400303,
0.01083638146519661,
0.0002510345366317779,
-0.0344301201403141,
0.02705230750143528,
-0.013071279041469097,
0.11719430238008499,
-0.008232617750763893,
-0.002366547239944339,
-0.0401189923286438,
0.04025333374738693,
0.007496254984289408,
0.004820279777050018,
-0.03470364958047867,
-0.022888127714395523,
-0.050286341458559036,
0.02964426949620247,
0.024441391229629517,
-0.01562739722430706,
-0.0021507672499865294,
0.02343522198498249,
-0.09482302516698837,
0.03129759430885315,
0.02533993124961853,
-0.0025428119115531445,
0.025906333699822426,
-0.02811603993177414,
0.00453974911943078,
-0.005871169734746218,
0.05268288403749466,
0.050245486199855804,
-0.11332651972770691,
-0.040965598076581955,
0.027285100892186165,
0.009705943055450916,
-0.050538863986730576,
0.007449485827237368,
0.031171521171927452,
0.017747286707162857,
0.029551547020673752,
0.03946785628795624,
-0.03271302208304405,
0.004520912189036608,
-0.02074097841978073,
0.03323239088058472,
0.016201822087168694,
-0.016392158344388008,
-0.028251301497220993,
-0.02155456691980362,
-0.022003866732120514,
-0.010774446651339531,
0.020499132573604584,
0.025500180199742317,
-0.10944977402687073,
0.03944910690188408,
0.05005746707320213,
-0.02352009154856205,
-0.021873611956834793,
0.014641623012721539,
-0.006057412829250097,
0.02369682863354683,
0.00013955787289887667,
-0.004993967711925507,
-0.02566160447895527,
0.02070915885269642,
-0.009969598613679409,
-0.03183009475469589,
0.024852454662322998,
0.01454820204526186,
-0.019255388528108597,
0.0007814840064384043,
0.032656989991664886,
-0.016465501859784126,
0.02777012437582016,
-0.05537382885813713,
-0.0781988874077797,
-0.012226236052811146,
-0.059217892587184906,
-0.023745378479361534,
0.021532222628593445,
0.03087061457335949,
0.019612442702054977,
-0.0035879898350685835,
-0.019781945273280144,
0.007687886245548725,
0.044310662895441055,
0.0345553383231163,
0.009906744584441185,
-0.0047011361457407475,
0.0395619198679924,
-0.014891396276652813,
-0.017934970557689667,
0.0067943790927529335,
-0.005154808051884174,
-0.0023921902757138014,
-0.05088884010910988,
-0.03974540904164314,
0.02909991890192032,
-0.02011081390082836,
-0.005971455480903387,
0.01145080290734768,
-0.003223690902814269,
0.03590570017695427,
0.004676557146012783,
-0.03637368977069855,
-0.006964581552892923,
0.018116306513547897,
0.013202830217778683,
-0.0169301126152277,
0.025972066447138786,
0.07857315987348557,
0.011797708459198475,
-0.02652611956000328,
-0.0036484673619270325,
0.029612112790346146,
-0.06905442476272583,
-0.019509224221110344,
-0.00042072220821864903,
-0.014575110748410225,
0.008932110853493214,
-0.07330184429883957,
0.01244068332016468,
0.043950729072093964,
-0.07412762194871902,
-0.05413931608200073,
-0.0549500435590744,
0.017818178981542587,
0.013151228427886963,
-0.016511498019099236,
-0.029285280033946037,
-0.025512319058179855,
-0.017060406506061554,
-0.0012457099510356784,
-0.03611327335238457,
0.0018859102856367826,
-0.03950478881597519,
0.04696401581168175,
-0.005733431316912174,
0.012087062001228333,
0.02905341051518917,
-0.023772036656737328,
-0.0029748452361673117,
0.0015852274373173714,
0.0035279029980301857,
-0.012003010138869286,
0.018860705196857452,
0.013919426128268242,
-0.017195863649249077,
0.00024019592092372477,
-0.024038061499595642,
0.010856539011001587,
-0.06132392957806587,
-0.009422346949577332,
-0.012958675622940063,
-0.006321218330413103,
-0.007840500213205814,
-0.015023686923086643,
-0.044038742780685425,
-0.0006300731329247355,
-0.02480293996632099,
0.10019101202487946,
0.0033157463185489178,
0.025266535580158234,
-0.021619495004415512,
0.017228303477168083,
0.02214093878865242,
0.003623613389208913,
-0.03385409340262413,
0.02321982942521572,
-0.02384856529533863,
0.02239920198917389,
0.0033063169103115797,
-0.021785400807857513,
-0.02510000765323639,
-0.007169760297983885,
-0.02479437366127968,
0.06617816537618637,
0.0223785899579525,
-0.01719231903553009,
0.022109853103756905,
0.05315063148736954,
-0.011040043085813522,
-0.0006299976375885308,
-0.0382617749273777,
-0.023452045395970345,
0.05853648856282234,
-0.02467661164700985,
-0.051031891256570816,
0.03872155025601387,
0.008766472339630127,
-0.07188589870929718,
0.006184413563460112,
-0.00007945285324240103,
-0.005056625232100487,
0.018135620281100273,
-0.04295593500137329,
0.0007392112747766078,
0.012143542058765888,
0.036191027611494064,
-0.03273020684719086,
0.03376935422420502,
-0.05211232975125313,
0.05118165537714958,
-0.01360734086483717
] |
Developments and growth in Pfizer’s presence in emerging markets worldwide; and
• Worldwide emphasis on the need to find solutions to difficult problems in healthcare systems.
We have known that we would face loss of exclusivity in the U.S. of several key products in a very short period of time. As a result, we have been remaking our Company to meet changing times and we are addressing our challenges through the following actions:
• Enhancing a product portfolio intended to transcend the volatility of individual products or markets;
• Pursuing a large number of new product launches, indications and completed clinical trials;
• Increasing our research and development (R&D) productivity;
• Emphasizing the clinical benefits of our medicines;
• Launching new global positionings of our products, where necessary;
• Acquiring the rights to promising medicines;
• Defending our patents aggressively;
• Marketing generic versions of certain of our products after our compounds face generic competition;
• Guarding the integrity of our products in an increasingly predatory atmosphere evidenced by the growing problem of counterfeit drugs;
• Addressing the wide array of patient populations through our innovative access and affordability programs;
• Aligning our research, development and marketing functions in search of new medical opportunities as part of a fully integrated portfolio-planning process; and
• Streamlining many of our basic functions to capitalize on our unmatched size and reach.
Continuing Pricing Pressures
A rise in Consumer Directed Health Plans has increased consumer sensitization to the cost of healthcare. Consumers are aware of global price differences resulting from price controls imposed by foreign governments and have become more willing to seek less expensive alternatives, such as switching to generics and sourcing medicines across national borders. Both U.S. and international governmental regulations mandating prices or price controls can impact our revenues, and we continue to work within the current legal and pricing structures to minimize the impact on our revenues. For example, we have taken steps to assure that medicines intended for Canadian consumption are in fact used for that purpose. Managed care organizations, as well as government agencies, with their significant purchasing power, continue to seek discounts on our products which has served to slow our revenue growth.
The enactment of the Medicare Prescription Drug Improvement and Modernization Act of 2003 (which went into effect in 2006) regarding prescription drug benefits for Medicare beneficiaries expands access to medicines that patients need. While expanded access may potentially result in increased sales of our products, such increases may be offset by increased pricing pressures due to the enhanced purchasing power of the private sector providers that will negotiate on behalf of Medicare beneficiaries in the future. We believe that our medicines provide significant value for both providers and patients not only from the improved treatment of diseases, but also from a reduction in other healthcare costs such as hospitalization or emergency room
| 2SELL
|
[
-0.004651933442801237,
0.06520537286996841,
-0.003920735325664282,
-0.010208513587713242,
-0.1263653188943863,
-0.03110770881175995,
-0.003224447835236788,
0.005384859163314104,
-0.0749925896525383,
0.027573321014642715,
0.012831954285502434,
-0.01690536178648472,
0.020965302363038063,
-0.024017130956053734,
0.0072515071369707584,
0.026585252955555916,
0.03269778564572334,
-0.01052512601017952,
-0.04014599695801735,
-0.003563900711014867,
0.012835618108510971,
0.01306163426488638,
0.01325885858386755,
-0.012115984223783016,
0.029477303847670555,
0.02896607294678688,
-0.04687311500310898,
0.023660803213715553,
0.06726519018411636,
-0.06396277248859406,
0.020513582974672318,
0.013843282125890255,
0.03647235035896301,
-0.026434574276208878,
0.03804323822259903,
0.0001624499273020774,
-0.06261081993579865,
0.010662684217095375,
0.03664025291800499,
0.012174648232758045,
-0.04485909268260002,
-0.00141316803637892,
-0.010513720102608204,
-0.010803207755088806,
0.006548647303134203,
-0.00892056617885828,
0.030231375247240067,
0.02979353815317154,
0.015169329941272736,
-0.012401986867189407,
0.0032209681812673807,
-0.01929374784231186,
-0.018747540190815926,
-0.022493040189146996,
-0.02290503680706024,
-0.003359895898029208,
-0.018403558060526848,
-0.011050255037844181,
0.08720047771930695,
0.043331578373909,
0.035446763038635254,
-0.04214948043227196,
0.01022935938090086,
0.03378733992576599,
0.017962295562028885,
-0.015952153131365776,
-0.018700003623962402,
-0.004765246529132128,
-0.03596891462802887,
-0.039189793169498444,
0.0250014066696167,
0.045514121651649475,
-0.013502330519258976,
-0.009846599772572517,
0.007073885761201382,
-0.03344158083200455,
0.03837107494473457,
-0.010881524533033371,
0.08827114850282669,
-0.03289031237363815,
-0.0022133663296699524,
-0.0804997980594635,
-0.000153018903802149,
-0.043594520539045334,
0.016574595123529434,
0.004341576714068651,
-0.016626261174678802,
-0.054067302495241165,
-0.02887810952961445,
-0.006735750939697027,
0.0028738300316035748,
0.005404660478234291,
-0.029073767364025116,
-0.061571262776851654,
-0.04174688830971718,
0.005263345316052437,
0.030248140916228294,
-0.16705220937728882,
-0.006051549222320318,
-0.018833328038454056,
0.060457322746515274,
0.01762348972260952,
0.030758149921894073,
-0.02401379682123661,
0.017833586782217026,
0.010900109075009823,
-0.03358054906129837,
0.037479571998119354,
0.005809069145470858,
0.009101173840463161,
-0.01741682179272175,
-0.050405748188495636,
0.022915910929441452,
0.0011734062572941184,
-0.016047915443778038,
0.057213712483644485,
0.003969924058765173,
0.0269638542085886,
-0.013648347929120064,
-0.06130293756723404,
0.016573702916502953,
-0.029174992814660072,
-0.0307533610612154,
0.005908734630793333,
-0.02295001596212387,
0.039735592901706696,
-0.00848317425698042,
-0.01791992224752903,
0.04074454307556152,
-0.01034883875399828,
-0.000151864776853472,
-0.0072400979697704315,
-0.012899997644126415,
0.022305764257907867,
-0.05203219875693321,
0.022818494588136673,
-0.011210806667804718,
0.0017537776147946715,
-0.048646196722984314,
0.01775059476494789,
-0.022449037060141563,
-0.028681201860308647,
-0.027362903580069542,
-0.013679597526788712,
-0.03137954697012901,
-0.006335547659546137,
-0.01281436625868082,
0.008888406679034233,
0.04986181482672691,
0.09779519587755203,
-0.007335028611123562,
-0.004805220756679773,
-0.030035700649023056,
-0.02478191629052162,
-0.035592205822467804,
-0.005425051786005497,
0.05164617300033569,
-0.00995907373726368,
-0.057078175246715546,
-0.010230226442217827,
-0.005445883609354496,
-0.015759292989969254,
-0.003923647105693817,
-0.06758521497249603,
-0.03571414574980736,
-0.04735663905739784,
0.020203065127134323,
-0.02003592811524868,
0.04411435127258301,
0.049214333295822144,
0.03076232224702835,
0.023738637566566467,
0.002652837196364999,
-0.0017725552897900343,
0.024953199550509453,
-0.05973869562149048,
0.04535656049847603,
0.0321679413318634,
-0.0017978266114369035,
0.02440524660050869,
0.02626643516123295,
0.001518017379567027,
0.037215281277894974,
-0.08006573468446732,
-0.06441642343997955,
-0.047451864928007126,
-0.0012934856349602342,
0.03660351037979126,
0.0027081237640231848,
-0.026991412043571472,
0.037164561450481415,
-0.007630419451743364,
0.009625734761357307,
-0.0009385229786857963,
-0.015941761434078217,
-0.014799811877310276,
-0.04253451153635979,
0.0032703618053346872,
0.01739065907895565,
-0.006561414338648319,
-0.10508918017148972,
0.012530144304037094,
0.0056161037646234035,
0.03151668980717659,
0.05817696824669838,
-0.01729312166571617,
-0.0050151776522397995,
-0.009558849968016148,
0.0007017545867711306,
-0.006692352704703808,
-0.055866990238428116,
-0.02338315360248089,
0.008132768794894218,
-0.033065129071474075,
-0.0005079409456811845,
0.050513193011283875,
0.009139939211308956,
-0.11104360222816467,
-0.0409386083483696,
-0.04674078896641731,
0.006927378475666046,
-0.02021271176636219,
0.02264198660850525,
0.0015973217086866498,
0.05334945395588875,
-0.00889856368303299,
0.06472018361091614,
-0.0028018751181662083,
-0.054621901363134384,
0.030695585533976555,
0.010898083448410034,
0.06752487272024155,
-0.038724061101675034,
0.037620048969984055,
0.007288017775863409,
-0.004027632996439934,
0.004193553235381842,
0.009570632129907608,
-0.023811131715774536,
0.06549960374832153,
0.09459157288074493,
-0.01891094446182251,
-0.01245774794369936,
-0.008351000025868416,
-0.04252144321799278,
0.056041400879621506,
0.02342485636472702,
0.05218327045440674,
-0.013166424818336964,
-0.01606873795390129,
-0.007669541984796524,
0.02792521007359028,
-0.013222300447523594,
-0.004239578731358051,
-0.05009857937693596,
0.020434165373444557,
0.024100685492157936,
-0.008549495600163937,
0.007151457481086254,
-0.13694530725479126,
-0.014439444988965988,
-0.025104697793722153,
0.003994910046458244,
-0.019230056554079056,
0.01807730831205845,
0.005295510869473219,
0.026428138837218285,
-0.008177949115633965,
-0.005366843659430742,
0.005720019340515137,
-0.018354302272200584,
-0.021795086562633514,
0.0656541958451271,
-0.017570452764630318,
0.003622831776738167,
0.022374890744686127,
0.04111872985959053,
-0.012882967479526997,
0.03151312842965126,
-0.02912474237382412,
0.005412085447460413,
-0.006910981144756079,
-0.011124074459075928,
-0.028138963505625725,
-0.024978764355182648,
-0.01754666492342949,
-0.019559597596526146,
-0.002804094459861517,
0.07945410907268524,
-0.031937845051288605,
-0.005600901786237955,
0.022823888808488846,
0.01564197428524494,
-0.04230114817619324,
-0.016480013728141785,
0.06521851569414139,
-0.013154283165931702,
-0.06866435706615448,
-0.006342312786728144,
0.04282784461975098,
0.010374834761023521,
0.03315267711877823,
0.01694001816213131,
-0.03019871935248375,
-0.01149693038314581,
-0.011126920580863953,
-0.024138031527400017,
-0.026539362967014313,
0.10104020684957504,
-0.024306420236825943,
0.007196947932243347,
0.010774888098239899,
0.001308407518081367,
-0.01479258295148611,
-0.018551623448729515,
-0.04193853586912155,
-0.035041484981775284,
0.021309973672032356,
-0.040693461894989014,
-0.036651838570833206,
0.021623529493808746,
0.0038512926548719406,
0.015455891378223896,
0.025540316477417946,
0.05771571025252342,
0.0039265211671590805,
0.05711096152663231,
-0.0406428799033165,
0.009113330394029617,
-0.039816055446863174,
0.09009253233671188,
0.11141218990087509,
-0.029499853029847145,
0.026188015937805176,
-0.019945332780480385,
-0.012923743575811386,
0.023327255621552467,
-0.023476483300328255,
-0.0013088620034977794,
-0.016440078616142273,
-0.011787280440330505,
0.005238958168774843,
0.02228947915136814,
-0.03235882893204689,
-0.0003969301760662347,
0.08533193916082382,
0.020664354786276817,
-0.07230281084775925,
0.02258187346160412,
0.05253872275352478,
0.06776370108127594,
-0.0146524952724576,
0.0005926679586991668,
0.05388231202960014,
0.015011974610388279,
-0.04519030824303627,
0.03869560733437538,
0.012915006838738918,
-0.006704709958285093,
0.008036226034164429,
-0.011120603419840336,
-0.01688084565103054,
-0.0023418820928782225,
-0.009548756293952465,
0.05583200603723526,
-0.03691498935222626,
-0.0319775752723217,
0.015507315285503864,
0.016103217378258705,
-0.011163324117660522,
0.0012914560502395034,
0.015257748775184155,
0.02109243907034397,
0.10536088794469833,
-0.03268594667315483,
-0.005901844706386328,
0.014920136891305447,
-0.0173813384026289,
-0.0015942092286422849,
0.034651223570108414,
-0.0077467081137001514,
-0.0048879762180149555,
-0.0039629689417779446,
-0.012067313306033611,
0.0595659464597702,
-0.008992450311779976,
0.00715634087100625,
0.03204124793410301,
-0.015253398567438126,
0.02866206504404545,
-0.02430218830704689,
0.03684097155928612,
0.037993431091308594,
0.0022100359201431274,
-0.015531034208834171,
-0.000018273240129929036,
0.029330329969525337,
-0.014510497450828552,
-0.03593546897172928,
-0.012189607135951519,
0.009426064789295197,
-0.0031031223479658365,
-0.010195169597864151,
0.024673981592059135,
0.053880687803030014,
0.012571755796670914,
-0.024227118119597435,
0.034311722964048386,
-0.012626896612346172,
0.051371894776821136,
-0.0064176758751273155,
-0.10141140967607498,
-0.005591580644249916,
0.018200108781456947,
-0.049714345484972,
0.04013052210211754,
-0.011153651401400566,
0.02694043330848217,
0.058437686413526535,
0.012673954479396343,
-0.05027782544493675,
0.01010875217616558,
0.028322363272309303,
0.000938558834604919,
-0.11722978204488754,
0.021026168018579483,
-0.07182237505912781,
-0.028147144243121147,
0.008986253291368484,
0.01223059557378292,
-0.01631546951830387,
0.005107550881803036,
0.020581349730491638,
-0.02286595292389393,
0.002730335807427764,
0.00989529862999916,
0.00759376073256135,
-0.03337860107421875,
0.0026330784894526005,
0.029455572366714478,
-0.034545332193374634,
0.03950905799865723,
0.008943694643676281,
-0.010416712611913681,
-0.013406816869974136,
0.022637637332081795,
0.03797277808189392,
-0.019484352320432663,
0.024231644347310066,
-0.04773436859250069,
-0.012515274807810783,
0.030781738460063934,
-0.002068447880446911,
0.001691227313131094,
0.0017755016451701522,
-0.002977624535560608,
0.0013644307618960738,
0.011961120180785656,
-0.010101036168634892,
-0.0003812683280557394,
0.0071412608958780766,
0.0013391467509791255,
0.028273463249206543,
-0.009110375307500362,
0.0020369968842715025,
0.015965953469276428,
0.015349027700722218,
-0.007501119282096624,
0.04392148554325104,
-0.0072124372236430645,
0.006968064233660698,
0.0035686774645000696,
0.0025244676508009434,
-0.005061086267232895,
0.014403088018298149,
-0.01717420667409897,
0.04492577165365219,
0.012801207602024078,
-0.022623632103204727,
-0.029763957485556602,
0.02811940386891365,
-0.02203402668237686,
-0.022610867395997047,
0.015802068635821342,
-0.0024459154810756445,
-0.07603218406438828,
-0.0642865002155304,
-0.014342814683914185,
-0.011227123439311981,
-0.009089278988540173,
-0.053958095610141754,
-0.04591498523950577,
-0.037338681519031525,
0.03345625475049019,
-0.003846606705337763,
-0.006302826572209597,
-0.20279408991336823,
0.09115631133317947,
0.002570705022662878,
-0.00951765663921833,
0.03211064636707306,
-0.02226896584033966,
0.024072589352726936,
0.07039577513933182,
0.008423577062785625,
0.014996528625488281,
-0.011807330884039402,
0.04307406768202782,
-0.048067256808280945,
0.013529366813600063,
0.02797294780611992,
0.04676353186368942,
-0.01704886555671692,
-0.02792476676404476,
0.020424654707312584,
-0.045934323221445084,
0.04127669706940651,
-0.003920711111277342,
0.025668693706393242,
0.0018470524810254574,
0.002724170684814453,
0.032840047031641006,
0.02254895679652691,
0.0010851856786757708,
0.05166097357869148,
-0.007747683674097061,
0.038613006472587585,
-0.006945837754756212,
0.051057469099760056,
-0.009990609250962734,
0.00030164862982928753,
0.1579701006412506,
-0.014776624739170074,
-0.024476809427142143,
0.0159721951931715,
-0.007903048768639565,
-0.007123054936528206,
-0.010529590770602226,
-0.020066644996404648,
-0.01714787818491459,
-0.028844239190220833,
0.017446814104914665,
0.022535627707839012,
-0.019057458266615868,
0.03150488808751106,
-0.017128126695752144,
-0.07252012938261032,
-0.002690003952011466,
0.00014863348042126745,
-0.09602148085832596,
-0.022171130403876305,
0.12437324970960617,
0.041942354291677475,
0.00455885985866189,
0.01028665155172348,
-0.03851330280303955,
0.030232880264520645,
0.01489434763789177,
0.021130474284291267,
0.022226380184292793,
0.0024177138693630695,
-0.030460581183433533,
0.008615832775831223,
-0.01213377807289362,
-0.0977383702993393,
-0.002772013656795025,
0.00008697395242052153,
-0.035395823419094086,
0.020809698849916458,
-0.021227743476629257,
0.08637610822916031,
0.010398158803582191,
-0.0005808279383927584,
-0.09012044221162796,
0.037889514118433,
0.0018624358344823122,
0.006150874774903059,
-0.034328363835811615,
-0.030651072040200233,
-0.050162702798843384,
0.048512402921915054,
0.0014029316371306777,
-0.02276124246418476,
0.007118753157556057,
0.02803320437669754,
-0.10767435282468796,
0.03573433309793472,
0.026166744530200958,
-0.0017866600537672639,
-0.0018541257595643401,
-0.0272277370095253,
-0.008094929158687592,
-0.032874807715415955,
0.028974078595638275,
0.04411634802818298,
-0.1028805747628212,
-0.02068498730659485,
0.015187940560281277,
0.004482985008507967,
-0.006925380323082209,
0.00026422133669257164,
0.015518737956881523,
0.010591301135718822,
0.03658046945929527,
0.009770962409675121,
-0.01253325492143631,
0.02474920079112053,
-0.00032546353759244084,
0.031958695501089096,
-0.004316458012908697,
-0.013557424768805504,
-0.043833356350660324,
-0.017911070957779884,
-0.03421667590737343,
-0.020193781703710556,
0.018910769373178482,
0.020578773692250252,
-0.1338963657617569,
0.03195922449231148,
0.03035188838839531,
-0.002295261714607477,
-0.01877707429230213,
0.020880846306681633,
-0.01967696100473404,
-0.026721056550741196,
0.012546870857477188,
-0.020632091909646988,
-0.040115248411893845,
0.017897585406899452,
-0.00001021741991280578,
-0.024978157132864,
0.00867145974189043,
0.023627886548638344,
-0.01218496635556221,
0.0016382636968046427,
0.0501573272049427,
-0.014228331856429577,
0.04018724337220192,
-0.05022350698709488,
-0.12406956404447556,
0.006330459378659725,
-0.05381624028086662,
-0.01569874957203865,
0.014739066362380981,
0.027205199003219604,
0.00774085707962513,
-0.010237248614430428,
-0.04482639953494072,
0.03921353071928024,
0.056029584258794785,
0.019605347886681557,
-0.009941891767084599,
0.018046490848064423,
0.04437281936407089,
-0.014997429214417934,
-0.015518677420914173,
-0.0033076792024075985,
-0.00797518901526928,
-0.003070368431508541,
-0.03041677735745907,
-0.03246919810771942,
0.01574750244617462,
-0.023071004077792168,
0.036948852241039276,
-0.005586815997958183,
0.009465971030294895,
0.041125159710645676,
0.008213172666728497,
-0.03960668668150902,
-0.010233096778392792,
0.025377698242664337,
0.004872567020356655,
-0.0017186161130666733,
0.026546068489551544,
0.043617233633995056,
0.009009341709315777,
-0.024323541671037674,
0.0036605787463486195,
0.034260980784893036,
-0.06112689524888992,
0.01361037977039814,
0.012423989363014698,
-0.006988114211708307,
0.004315470345318317,
-0.06628698855638504,
0.015200585126876831,
0.060182929039001465,
-0.12181927263736725,
-0.09475390613079071,
-0.05711552873253822,
0.009580736048519611,
0.004032911267131567,
-0.019639866426587105,
-0.007904472760856152,
-0.01997442916035652,
-0.0007211817428469658,
-0.0043630655854940414,
-0.021290408447384834,
0.002595038851723075,
-0.038699377328157425,
0.0247393436729908,
-0.01614331640303135,
0.014943611808121204,
0.01762656681239605,
-0.01558446791023016,
0.014939162880182266,
-0.004921060521155596,
-0.025197338312864304,
-0.0031726909801363945,
0.02310049906373024,
0.012083793990314007,
-0.00975775346159935,
-0.018564485013484955,
-0.025258788838982582,
-0.0017951814224943519,
-0.06113450601696968,
0.004754095338284969,
0.0022237959783524275,
0.014783862046897411,
-0.0003129248507320881,
-0.006744357757270336,
-0.04775876924395561,
-0.01949176751077175,
-0.011272029019892216,
0.09217559546232224,
0.006115371361374855,
0.03948098421096802,
-0.028742089867591858,
-0.011347828432917595,
-0.007576757576316595,
0.006205669138580561,
-0.031470201909542084,
0.04549471661448479,
-0.023814359679818153,
-0.0009514284320175648,
-0.005487789399921894,
-0.042567383497953415,
-0.029280783608555794,
-0.00864445511251688,
-0.010746532119810581,
0.05841337516903877,
0.04165739193558693,
0.011766942217946053,
0.01641998626291752,
0.052969321608543396,
-0.011088455095887184,
-0.017049476504325867,
-0.03832719475030899,
-0.034326985478401184,
0.07670338451862335,
-0.04816986247897148,
-0.02114696428179741,
0.018463606014847755,
-0.0021843863651156425,
-0.02874903939664364,
0.012512922286987305,
-0.010834847576916218,
-0.020403800532221794,
0.00002418086296529509,
-0.03351612389087677,
-0.02048187330365181,
0.011599794030189514,
0.025480641052126884,
-0.02483786642551422,
0.07495319843292236,
-0.03483479470014572,
0.0339043065905571,
-0.011147025972604752
] |
to Consolidated Financial Statements for information related to reclassifications in cash flows in 2007.
Investing Activities
Our investing activities consisted primarily of purchases and sales of available-for-sale securities, acquisitions of content library related to DVDs and purchases of property and equipment. Cash used in investing activities decreased $291.1 million in 2008 as compared to 2007. This decrease was primarily driven by a decrease in the purchases of short-term investments of $148.4 million coupled with an increase in the proceeds from the sale of short-term investments of $106.5 million. In addition, content acquisitions related to acquisitions of DVDs decreased by $45.8 million as more DVDs were obtained through revenue sharing agreements in 2008.
Cash used in investing activities increased $250.2 million in 2007 as compared to 2006. During the first quarter of 2007, we started an investment portfolio which is comprised of short-term investments consisting of corporate debt securities, government and agency securities and asset and mortgage-backed securities. Content acquisitions were $39.1 million higher in 2007 as compared to 2006. Purchases of property and equipment consisted of expenditures related to Company expansion, primarily to our headquarters in Los Gatos, California. In March 2006, we exercised our option to lease a building adjacent to our headquarters in Los Gatos, California. The building comprises approximately 80,000 square feet of office space and has an initial term of 5 years. The building was completed in the first quarter of 2008. Additionally, purchases of property and equipment consisted of automation equipment for our various shipping centers in order to achieve increased operational efficiencies.
Financing Activities
Our financing activities consist primarily of repurchases of our common stock, issuance of common stock, and the excess tax benefit from stock-based compensation. Cash used by financing activities increased by $112.2 million in 2008 as compared to 2007 primarily due to an increase in stock repurchases of $100.0 million in 2008 as compared to 2007. In addition, the excess tax benefits from stock-based compensation decreased by $21.0 million in 2008, as the Company utilized the remaining benefits from its net operating losses. This use of cash was offset by an increase in proceeds from the issuance of our common stock of $9.3 million.
Cash provided by financing activities decreased by $190.2 million in 2007 as compared to 2006 primarily due to stock repurchases of $99.9 million in 2007 and a decrease of $103.4 million in issuances of common stock as we had raised $101.1 million in a secondary offering in 2006. We did not have any stock repurchases during 2006. This use of cash was offset by the excess tax benefits from stock-based compensation of $26.2 million.
Contractual Obligations
For the purposes of this table, contractual obligations for purchases of goods or services are defined as agreements that are enforceable and legally binding and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price
| 0BUY
|
[
-0.0064399708062410355,
0.04394593834877014,
-0.012337771244347095,
0.01707485318183899,
-0.08904930204153061,
0.0022069807164371014,
0.006689447909593582,
-0.004410003777593374,
0.007984249852597713,
0.017078569158911705,
0.024734601378440857,
-0.07588259875774384,
0.005705411545932293,
-0.0161538477987051,
0.01263363752514124,
-0.06960021704435349,
0.0015409925254061818,
0.006171472370624542,
-0.03493035212159157,
0.024240458384156227,
-0.0077644954435527325,
-0.0011382248485460877,
0.02651485987007618,
-0.007170824334025383,
-0.012062490917742252,
0.012066619470715523,
-0.0005107964971102774,
0.017604291439056396,
-0.010345392860472202,
-0.018407471477985382,
0.011406103149056435,
0.0013140308437868953,
0.018907593563199043,
-0.020045986399054527,
-0.05793166905641556,
0.0010508104460313916,
-0.025645898655056953,
0.0018666390096768737,
0.0044546304270625114,
-0.01108888816088438,
-0.029090406373143196,
0.006069172639399767,
0.15035168826580048,
-0.02238948829472065,
0.0007718571578152478,
-0.034996457397937775,
0.014731823466718197,
0.02256016992032528,
0.012944831512868404,
-0.0029561473056674004,
0.006490050815045834,
-0.02212817780673504,
0.011623968370258808,
0.0004529705038294196,
-0.02259829267859459,
0.00013012134877499193,
-0.025238797068595886,
-0.03174637630581856,
0.022793682292103767,
0.034226275980472565,
0.03184160962700844,
-0.041229136288166046,
-0.004154530819505453,
0.01796121709048748,
0.011703595519065857,
-0.010766553692519665,
-0.007127339951694012,
0.006597386207431555,
-0.030689721927046776,
-0.03321082144975662,
0.012165782041847706,
0.03386281803250313,
-0.010210036300122738,
-0.003341602860018611,
0.01823805458843708,
-0.05403560400009155,
0.02883152849972248,
-0.002806425793096423,
0.06801293790340424,
-0.024630088359117508,
0.00936874095350504,
-0.05795600637793541,
0.09042849391698837,
-0.02269614301621914,
0.023799173533916473,
-0.052084363996982574,
-0.018180033192038536,
-0.06989162415266037,
-0.01821676455438137,
0.00018043200543615967,
-0.0079698096960783,
-0.0002802826347760856,
-0.040904607623815536,
-0.05094681680202484,
-0.00037531895213760436,
-0.028207192197442055,
-0.0049238428473472595,
-0.1459624320268631,
-0.006065681576728821,
0.006171022076159716,
0.06142235919833183,
0.014507168903946877,
0.0298569705337286,
-0.02176520600914955,
0.00731672253459692,
0.022510742768645287,
-0.01269413810223341,
0.010095665231347084,
0.004150982014834881,
0.024619434028863907,
-0.012686394155025482,
-0.06030253320932388,
0.02983097732067108,
-0.024763867259025574,
0.0009339072275906801,
0.03800240531563759,
-0.009657429531216621,
0.010808587074279785,
-0.002869698917493224,
-0.07654774188995361,
0.0002948925830423832,
-0.022048115730285645,
-0.020164407789707184,
-0.005015328526496887,
-0.019710902124643326,
0.048826806247234344,
-0.020589465275406837,
-0.01355755515396595,
0.03315077722072601,
-0.0029445509426295757,
-0.001419488457031548,
-0.02866235375404358,
-0.004423107951879501,
0.03709738329052925,
0.01684843935072422,
0.012461853213608265,
-0.0035183995496481657,
-0.011080513708293438,
0.01086227223277092,
0.006390025839209557,
-0.029359733685851097,
-0.02428496815264225,
-0.021707428619265556,
-0.01524562668055296,
-0.042396340519189835,
0.0013199173845350742,
-0.018420401960611343,
0.0055779702961444855,
0.033072974532842636,
0.07992947846651077,
0.005479974672198296,
0.0005611044471152127,
-0.0313311330974102,
-0.012361367233097553,
-0.02476673014461994,
0.017909536138176918,
0.03686104342341423,
-0.023525774478912354,
-0.0689624473452568,
-0.012303538620471954,
-0.018908031284809113,
0.02740795724093914,
-0.01875089295208454,
-0.07370208948850632,
0.02468246780335903,
-0.03909679129719734,
0.03008042275905609,
-0.0217161625623703,
0.034171584993600845,
0.020009202882647514,
0.02177862823009491,
0.019322749227285385,
0.01666831225156784,
-0.0011129406047984958,
-0.029767857864499092,
-0.051543015986680984,
0.02741708606481552,
-0.004022077191621065,
0.010955289006233215,
-0.022000540047883987,
0.03960710018873215,
-0.004769620951265097,
0.041017305105924606,
0.1429157704114914,
-0.04159674420952797,
-0.03518567979335785,
0.007325953338295221,
-0.0007226202869787812,
-0.013241782784461975,
-0.038028448820114136,
0.051032863557338715,
0.005708258133381605,
0.0025779176503419876,
-0.019450312480330467,
-0.017364254221320152,
0.01112095545977354,
-0.0071208360604941845,
0.012108554132282734,
-0.008880618959665298,
-0.008078285492956638,
0.05277683958411217,
0.016628043726086617,
-0.011995382606983185,
0.036372482776641846,
0.01750871166586876,
-0.02226155437529087,
0.0016281844582408667,
0.011801525950431824,
0.0032783900387585163,
-0.04396359249949455,
-0.015207964926958084,
-0.036486316472291946,
-0.005462346598505974,
-0.024450020864605904,
-0.01281760074198246,
0.026301218196749687,
-0.012580372393131256,
-0.06560210883617401,
-0.007277475204318762,
-0.02363439090549946,
-0.001138119725510478,
-0.011625995859503746,
0.014776737429201603,
-0.02689986675977707,
0.004974752198904753,
-0.02542589046061039,
0.008669308386743069,
-0.007563465274870396,
-0.036914534866809845,
0.0713774636387825,
0.025580748915672302,
0.07052036374807358,
-0.056558866053819656,
0.022812871262431145,
0.014713254757225513,
-0.0005548680783249438,
-0.007845636457204819,
0.004837934859097004,
-0.02469698153436184,
0.030366772785782814,
0.08928846567869186,
-0.01968236267566681,
-0.005178391933441162,
-0.028781017288565636,
-0.028058161959052086,
0.05698220059275627,
-0.008777684532105923,
0.04028094559907913,
-0.009178890846669674,
-0.013419587165117264,
-0.014673775061964989,
0.013159137219190598,
0.027957163751125336,
0.009055753238499165,
-0.04375998303294182,
-0.01749425381422043,
0.009464302100241184,
-0.026875605806708336,
0.00909645389765501,
-0.1284104585647583,
-0.012394256889820099,
-0.03527426719665527,
-0.032136764377355576,
-0.021675407886505127,
0.011698363348841667,
0.0032538187224417925,
0.017320794984698296,
0.016903407871723175,
-0.005422459449619055,
0.0020574303343892097,
0.0003183943626936525,
-0.00782589241862297,
0.014870258048176765,
-0.0011341439094394445,
-0.0033776571508497,
0.020019765943288803,
0.03568829968571663,
-0.02515440061688423,
-0.0015847290633246303,
-0.02430560626089573,
-0.0018787254812195897,
0.0025625741109251976,
-0.0056961337104439735,
-0.018635284155607224,
-0.01405875664204359,
-0.007226371206343174,
-0.011961188167333603,
-0.0286860354244709,
-0.020440736785531044,
-0.02701677195727825,
-0.002515326486900449,
0.001193225965835154,
0.019823389127850533,
-0.030181488022208214,
-0.017989588901400566,
0.03473586589097977,
-0.012768365442752838,
-0.014704577624797821,
-0.003177536651492119,
0.04709191992878914,
-0.0171004980802536,
0.015268520452082157,
0.010234588757157326,
-0.03217330202460289,
-0.010791781358420849,
-0.016592970117926598,
0.007392208557575941,
-0.012052077800035477,
-0.034858327358961105,
-0.03763406723737717,
-0.015016065910458565,
0.005627546925097704,
-0.008170017041265965,
0.00800511334091425,
-0.014557558111846447,
-0.04254757612943649,
-0.01668979972600937,
0.012040747329592705,
-0.01446808222681284,
-0.022522108629345894,
-0.0004734960093628615,
-0.005304299294948578,
-0.0022132473532110453,
0.011957325972616673,
0.02946658246219158,
0.004784123972058296,
0.11018940061330795,
-0.05288822948932648,
-0.004235539119690657,
-0.01213844120502472,
0.41899722814559937,
0.0024608310777693987,
-0.02504749596118927,
0.0032538638915866613,
-0.024185512214899063,
0.01378675177693367,
0.016849298030138016,
-0.03921893984079361,
-0.012520560063421726,
0.00034385747858323157,
0.006537673529237509,
0.00047206354793161154,
0.013249097391963005,
-0.04335871711373329,
-0.006264388095587492,
0.040841806679964066,
0.011895330622792244,
-0.04780299589037895,
-0.006039813626557589,
0.07511358708143234,
0.024024194106459618,
-0.013015503995120525,
0.006876712199300528,
0.05168246105313301,
0.008163386024534702,
-0.04441371187567711,
0.04644179344177246,
0.011006592772901058,
-0.03286505118012428,
0.019372493028640747,
-0.011008846573531628,
-0.02126326411962509,
-0.00613585626706481,
-0.0022852064575999975,
0.0122760571539402,
0.0345611497759819,
0.06342294067144394,
0.013540530577301979,
0.012450046837329865,
-0.025543415918946266,
0.005504964385181665,
0.01116710901260376,
0.010266236960887909,
0.07512585818767548,
-0.05210809037089348,
0.002153977518901229,
0.017992718145251274,
-0.018999909982085228,
0.019513234496116638,
0.020423464477062225,
0.003910467028617859,
-0.00040254794294014573,
0.000402852485422045,
0.004681529942899942,
-0.12538239359855652,
-0.028950506821274757,
-0.0035406542010605335,
-0.04246922954916954,
0.005107638891786337,
0.023302661255002022,
-0.03663690760731697,
0.02553960494697094,
0.041553568094968796,
0.00564087787643075,
0.025701195001602173,
0.016634246334433556,
0.020943205803632736,
-0.006791100371629,
-0.012667454779148102,
-0.036794260144233704,
-0.011865781620144844,
0.005016311537474394,
-0.015775008127093315,
0.006261739414185286,
0.03560244292020798,
-0.012021562084555626,
-0.0407106913626194,
0.01744932122528553,
0.011645270511507988,
0.040263500064611435,
-0.016182860359549522,
-0.015868259593844414,
-0.018056446686387062,
0.006787313614040613,
-0.04617568477988243,
0.027642996981739998,
0.018848570063710213,
0.007912673056125641,
0.027477264404296875,
-0.07073507457971573,
-0.040112994611263275,
-0.0003156590391881764,
0.033914677798748016,
0.017938736826181412,
0.04655470326542854,
0.03724999725818634,
-0.06750737130641937,
-0.03136465698480606,
0.014667024835944176,
0.018471479415893555,
-0.023067770525813103,
-0.0016495948657393456,
0.035776156932115555,
-0.008400455117225647,
0.0028418696019798517,
0.005915602203458548,
0.015527349896728992,
-0.045968424528837204,
0.01309799775481224,
0.01852218061685562,
-0.020589828491210938,
-0.022018181160092354,
0.0060373879969120026,
-0.038784369826316833,
0.0017523993737995625,
0.015103021636605263,
0.041745513677597046,
-0.005770847667008638,
0.016282469034194946,
-0.03089318424463272,
-0.0018386004958301783,
-0.012160028330981731,
-0.012940951623022556,
0.004450193606317043,
0.001660018926486373,
0.00434116879478097,
-0.028012016788125038,
-0.011844002641737461,
-0.02249554730951786,
0.016595451161265373,
0.008324753493070602,
-0.006241357885301113,
0.026058385148644447,
-0.04453810304403305,
0.009446538053452969,
0.004302825778722763,
0.024921944364905357,
0.005001762881875038,
0.03246582671999931,
-0.009579231962561607,
0.012853090651333332,
0.008569090627133846,
-0.004748817998915911,
0.002265695482492447,
-0.0031368788331747055,
-0.015535954385995865,
0.029484184458851814,
0.0075699700973927975,
-0.037672124803066254,
-0.03311021253466606,
0.013878431171178818,
-0.022525718435645103,
-0.031960293650627136,
-0.01698462851345539,
0.006632025353610516,
-0.06857835501432419,
-0.038759950548410416,
-0.010562118142843246,
-0.007863272912800312,
-0.007821395061910152,
-0.042078010737895966,
-0.010897117666900158,
-0.029379412531852722,
0.035290107131004333,
-0.004133536014705896,
0.010983061976730824,
-0.051750894635915756,
0.07660066336393356,
0.015270113945007324,
-0.002008466050028801,
0.02018655277788639,
-0.02022012509405613,
0.017065133899450302,
0.041226066648960114,
0.002759987721219659,
-0.0031609912402927876,
-0.006693216040730476,
0.0024591959081590176,
0.007764128968119621,
-0.029103076085448265,
0.03134923055768013,
0.030694466084241867,
-0.0017628810601308942,
-0.0004263677401468158,
0.010525749064981937,
0.005468849092721939,
0.04643901810050011,
0.0015176591696217656,
0.013139436021447182,
-0.010416396893560886,
0.004974459297955036,
0.017964448779821396,
0.01960042119026184,
0.007757983636111021,
0.01708921603858471,
-0.014411036856472492,
-0.08420661836862564,
-0.0020556538365781307,
0.027396496385335922,
0.006669790484011173,
0.029226921498775482,
-0.1263599395751953,
-0.017433883622288704,
-0.01660110428929329,
0.0006066689384169877,
-0.011671856045722961,
-0.006582001689821482,
-0.006110715214163065,
-0.02571556344628334,
-0.031818144023418427,
-0.01647636853158474,
0.0023689193185418844,
0.004100729711353779,
0.010776988230645657,
0.0034368017222732306,
-0.019200807437300682,
-0.04052761569619179,
0.011135581880807877,
0.005287069361656904,
-0.015901196748018265,
-0.014652675949037075,
0.11903548985719681,
0.0277077779173851,
-0.006615595892071724,
0.02293521538376808,
-0.02566050924360752,
0.040101997554302216,
0.0027353898622095585,
0.01605023443698883,
0.019831642508506775,
-0.006908118259161711,
-0.0470358245074749,
0.014566744677722454,
-0.026426712051033974,
-0.0029543444979935884,
-0.007821445353329182,
-0.011210397817194462,
-0.021457932889461517,
0.011484953574836254,
-0.018072795122861862,
0.09907166659832001,
0.022530395537614822,
-0.03218446299433708,
-0.04842029884457588,
0.00949149951338768,
-0.02652786113321781,
-0.019906699657440186,
-0.01231846772134304,
-0.006566171534359455,
-0.023415662348270416,
0.060091257095336914,
-0.016793375834822655,
0.010818839073181152,
0.013888617046177387,
-0.006989214103668928,
-0.10332656651735306,
0.01046300120651722,
0.021977435797452927,
-0.0021488734055310488,
-0.007430792786180973,
-0.021487699821591377,
-0.008516112342476845,
-0.025262467563152313,
0.011526773683726788,
0.046584706753492355,
-0.019941655918955803,
-0.020118340849876404,
0.029672233387827873,
0.002566782757639885,
0.00481535866856575,
-0.03780876845121384,
0.004363559186458588,
-0.0030114674009382725,
0.02573138102889061,
0.0231936015188694,
-0.011667953804135323,
0.026904694736003876,
0.0013132732128724456,
0.0375024639070034,
-0.011362037621438503,
-0.013281578198075294,
-0.02103375643491745,
-0.03559374064207077,
-0.030610404908657074,
-0.019901467487215996,
0.0069458442740142345,
0.0037959739565849304,
0.16567808389663696,
0.01969943568110466,
0.03132132440805435,
0.011941350996494293,
-0.009121501818299294,
0.025748824700713158,
-0.03245377913117409,
0.07885578274726868,
-0.029346870258450508,
0.006104717031121254,
-0.03396287187933922,
0.020738834515213966,
-0.008856328204274178,
-0.025845205411314964,
-0.024188978597521782,
0.011405783705413342,
-0.008029627613723278,
-0.005606695543974638,
0.02020353078842163,
-0.010193666443228722,
0.011294246651232243,
-0.04527001082897186,
0.05742755904793739,
0.011628138832747936,
-0.03480963036417961,
-0.005465277936309576,
-0.010733840987086296,
0.035887304693460464,
-0.0002757039910648018,
-0.015987301245331764,
-0.04280319809913635,
-0.019730739295482635,
0.04178214073181152,
0.011016049422323704,
-0.015822412446141243,
0.05981987342238426,
0.0217709019780159,
-0.00019716435053851455,
-0.024726008996367455,
0.01080979872494936,
0.016227079555392265,
-0.0249741543084383,
-0.021541381254792213,
-0.02280570939183235,
0.020378032699227333,
-0.009697865694761276,
0.030496181920170784,
0.009677317924797535,
0.002210753271356225,
-0.0022256472148001194,
0.013689497485756874,
-0.0467759370803833,
-0.023722369223833084,
0.017168095335364342,
0.002099426696076989,
0.013313866220414639,
0.016060443595051765,
0.05261335149407387,
0.023129239678382874,
-0.05956999585032463,
-0.06589144468307495,
0.0269429013133049,
-0.04564887285232544,
0.005524862091988325,
-0.007256174460053444,
0.001628195634111762,
0.008664530701935291,
-0.0503653883934021,
0.012681102380156517,
0.035083770751953125,
0.20201143622398376,
-0.03327794745564461,
-0.03694749251008034,
0.018683886155486107,
0.018789250403642654,
-0.009732034057378769,
-0.035831231623888016,
-0.035749029368162155,
-0.010067714378237724,
0.014915993437170982,
-0.007853727787733078,
-0.000016071655409177765,
0.19363030791282654,
0.025294525548815727,
-0.019371919333934784,
0.034093841910362244,
0.018089402467012405,
-0.018457701429724693,
-0.00885153841227293,
-0.009689870290458202,
-0.0025906721130013466,
0.012238648720085621,
0.010902652516961098,
-0.0015445039607584476,
0.0034225306008011103,
-0.015133981592953205,
-0.022779984399676323,
-0.005587874446064234,
-0.06397189944982529,
0.01596398465335369,
0.010360958985984325,
-0.010539568960666656,
-0.017841937020421028,
-0.03605947643518448,
-0.03472660854458809,
-0.00010132043098565191,
-0.008251726627349854,
-0.0315825492143631,
0.00901014544069767,
0.03006865829229355,
-0.021212276071310043,
0.0057485271245241165,
-0.01966356299817562,
0.014660654589533806,
-0.022881193086504936,
-0.09192133694887161,
-0.042026352137327194,
0.024439143016934395,
-0.000572351913433522,
-0.04871221259236336,
-0.03813130035996437,
-0.010641521774232388,
0.009304368868470192,
0.04612275958061218,
0.0122739989310503,
0.009310325607657433,
0.015544751659035683,
0.031347356736660004,
0.003245500847697258,
-0.010343576781451702,
-0.029265129938721657,
-0.013461030088365078,
0.033055562525987625,
0.16415826976299286,
-0.01592533476650715,
0.016695575788617134,
0.011390513740479946,
-0.021168483421206474,
0.020657045766711235,
-0.019557444378733635,
-0.04558917507529259,
-0.008210471831262112,
-0.030567845329642296,
0.005475993733853102,
0.008447103202342987,
0.018007269129157066,
-0.017268598079681396,
0.06021759286522865,
-0.050813328474760056,
0.01485203206539154,
-0.008683961816132069
] |
Receivables Related to Legal Proceedings” (contained in “Legal Proceedings” in Note 13) for additional information about such estimates.
Pension and Postretirement Obligations:
3M has various company-sponsored retirement plans covering substantially all U.S. employees and many employees outside the United States. The primary U.S. defined-benefit pension plan was closed to new participants effective January 1, 2009. The Company accounts for its defined benefit pension and postretirement health care and life insurance benefit plans in accordance with Accounting Standard Codification (ASC) 715, Compensation — Retirement Benefits, in measuring plan assets and benefit obligations and in determining the amount of net periodic benefit cost. ASC 715 requires employers to recognize the underfunded or overfunded status of a defined benefit pension or postretirement plan as an asset or liability in its statement of financial position and recognize changes in the funded status in the year in which the changes occur through accumulated other comprehensive income, which is a component of stockholders’ equity. While the company believes the valuation methods used to determine the fair value of plan assets are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
Pension benefits associated with these plans are generally based primarily on each participant’s years of service, compensation, and age at retirement or termination. Two critical assumptions, the discount rate and the expected return on plan assets, are important elements of expense and liability measurement. See Note 10 for additional discussion of actuarial assumptions used in determining pension and postretirement health care liabilities and expenses.
The Company determines the discount rate used to measure plan liabilities as of the December 31 measurement date for its pension and postretirement benefit plans. The discount rate reflects the current rate at which the associated liabilities could be effectively settled at the end of the year. The Company sets its rate to reflect the yield of a portfolio of high quality, fixed-income debt instruments that would produce cash flows sufficient in timing and amount to settle projected future benefits. Using this methodology, the Company determined a discount rate of 4.10% for the primary U.S. qualified pension plan and 4.07% for U.S. postretirement plans to be appropriate as of December 31, 2014, which represents a decrease from the 4.98% and 4.83% rates, respectively, used as of December 31, 2013. The weighted average discount rate for international pension plans as of December 31, 2014 was 3.11%, a decrease from the 4.02% rate used as of December 31, 2013.
A significant element in determining the Company’s pension expense in accordance with ASC 715 is the expected return on plan assets, which is based on historical results for similar allocations among asset classes. For the primary U.S. qualified pension plan, the expected long-term rate of
| 2SELL
|
[
-0.0035535006318241358,
0.046669501811265945,
-0.004357240162789822,
-0.02474311739206314,
-0.11897461861371994,
-0.016051797196269035,
-0.005694085266441107,
0.008121008053421974,
-0.06814394891262054,
0.030902251601219177,
0.006736281793564558,
-0.012139996513724327,
0.01697736419737339,
-0.03131435438990593,
0.008424405939877033,
0.04497629031538963,
0.0465780533850193,
-0.005257403943687677,
-0.03369826450943947,
-0.003437380539253354,
0.017866283655166626,
0.017213743180036545,
0.001105399802327156,
-0.0092122508212924,
0.022214015945792198,
0.020827867090702057,
-0.06250970810651779,
0.020249737426638603,
0.0673283115029335,
-0.04590385779738426,
0.02820415236055851,
0.021075710654258728,
0.03516247868537903,
-0.018671046942472458,
0.047691937536001205,
0.0007150470046326518,
-0.04899006336927414,
0.019164498895406723,
0.042223431169986725,
0.012395358644425869,
-0.053088460117578506,
0.005662060342729092,
-0.013685613870620728,
-0.00992333423346281,
0.008997074328362942,
-0.01303857285529375,
0.036572668701410294,
0.03872654214501381,
0.016374094411730766,
-0.004946435336023569,
0.0034810283686965704,
-0.029108017683029175,
-0.017239650711417198,
-0.033980514854192734,
-0.026286441832780838,
-0.001337794354185462,
-0.014130753464996815,
-0.03824370726943016,
0.07270212471485138,
0.030795739963650703,
0.02553902566432953,
-0.03880229592323303,
0.010914815589785576,
0.04006630927324295,
0.004742854740470648,
-0.01154292467981577,
-0.005765301641076803,
0.0013346404302865267,
-0.037707727402448654,
-0.014881789684295654,
0.02071843110024929,
0.030908914282917976,
-0.019008632749319077,
-0.019387036561965942,
0.002151909749954939,
-0.043572090566158295,
0.031348612159490585,
-0.0013990954030305147,
0.08147835731506348,
-0.024907831102609634,
0.007337980903685093,
-0.06995709985494614,
0.03948957100510597,
-0.08542487770318985,
0.019489752128720284,
-0.015831975266337395,
-0.01561483833938837,
-0.05597333982586861,
-0.015787076205015182,
0.0025311894714832306,
-0.0024180077016353607,
0.003492087824270129,
-0.020222019404172897,
-0.044151268899440765,
-0.02035362273454666,
0.010321618057787418,
0.03624437749385834,
-0.15217290818691254,
0.0007227236637845635,
-0.008345519192516804,
0.06382407993078232,
0.009562560357153416,
0.047281887382268906,
-0.02207738533616066,
0.016029994934797287,
0.005233368370682001,
-0.029204629361629486,
0.03676574304699898,
-0.0014221634482964873,
0.01397249847650528,
-0.017277758568525314,
-0.06073736399412155,
0.024850040674209595,
-0.0028620618395507336,
-0.006915115751326084,
0.04917668551206589,
0.012173889204859734,
0.03638250008225441,
0.00039578540599904954,
-0.06725570559501648,
0.01435285434126854,
-0.031082140281796455,
-0.030257510021328926,
0.004840992856770754,
-0.03685178980231285,
0.030520910397171974,
-0.03737897053360939,
-0.006813070736825466,
0.03282966464757919,
-0.0028913309797644615,
-0.0018652539001777768,
-0.002854614518582821,
-0.010875917039811611,
0.017947968095541,
-0.03701647371053696,
0.012594586238265038,
-0.017867712303996086,
0.005738187115639448,
-0.05091987922787666,
0.004757173825055361,
-0.03404313698410988,
-0.024745896458625793,
-0.008115775883197784,
-0.010547826066613197,
-0.0491238608956337,
-0.00780336232855916,
-0.012919637374579906,
0.00577941071242094,
0.031818319112062454,
0.06522168964147568,
-0.0103218425065279,
-0.003862790996208787,
-0.031242895871400833,
-0.014180989004671574,
-0.01664108969271183,
-0.020092880353331566,
0.046996958553791046,
-0.00004910117422696203,
-0.06842196732759476,
0.00861783791333437,
-0.004115059971809387,
-0.012023251503705978,
-0.010061271488666534,
-0.05893661826848984,
-0.06411471217870712,
-0.02728051133453846,
0.013085533864796162,
-0.02312888391315937,
0.047435417771339417,
0.053431957960128784,
0.018562274053692818,
0.01932610385119915,
0.001634967396967113,
-0.0010185849387198687,
0.032362282276153564,
-0.06793392449617386,
0.025352532044053078,
0.05665571987628937,
-0.011917222291231155,
0.020747175440192223,
0.02026030234992504,
0.00680257985368371,
0.058382969349622726,
-0.10848293453454971,
-0.06445478647947311,
-0.013155687600374222,
0.01441797986626625,
0.05617450177669525,
-0.008812167681753635,
-0.021773457527160645,
0.04400874674320221,
-0.01766483299434185,
-0.002495329361408949,
0.0006701246602460742,
-0.0027156572323292494,
-0.011880188249051571,
-0.005592830013483763,
0.0013282614527270198,
-0.01795472763478756,
-0.007257266901433468,
-0.11169648170471191,
0.008052894845604897,
0.00012609583791345358,
0.022059133276343346,
0.02896958589553833,
-0.015613891184329987,
-0.01940791681408882,
0.004019659943878651,
-0.005133412778377533,
-0.01038446370512247,
-0.06032731756567955,
-0.006979427300393581,
0.009597555734217167,
-0.01667756587266922,
0.008374417200684547,
0.045272376388311386,
0.0042052255012094975,
-0.09473277628421783,
-0.01893007941544056,
-0.043086934834718704,
0.012464658357203007,
-0.007840008474886417,
0.014984243549406528,
0.007581573445349932,
0.05819662660360336,
-0.015185626223683357,
0.035161375999450684,
-0.004293140955269337,
-0.04622860252857208,
0.009054034017026424,
0.008766917511820793,
0.0588550865650177,
-0.05206222087144852,
0.0315222293138504,
0.006442781537771225,
0.0005235270946286619,
0.0014716761652380228,
0.0019470344996079803,
-0.033341843634843826,
0.063315249979496,
0.09195557981729507,
-0.0067652752622962,
-0.014903942123055458,
-0.0019856090657413006,
-0.03570154681801796,
0.05285104364156723,
0.02709379233419895,
0.037050217390060425,
-0.011129996739327908,
-0.016134224832057953,
-0.012570909224450588,
0.03346754238009453,
-0.04592379182577133,
0.0010476690949872136,
-0.037147048860788345,
0.03212812915444374,
0.021066810935735703,
-0.011661263182759285,
0.014568600803613663,
-0.13800741732120514,
-0.012516091577708721,
-0.019498296082019806,
0.00905259046703577,
-0.022064559161663055,
0.00690712733194232,
0.006238268688321114,
0.02404632233083248,
0.0006585875526070595,
-0.0007037913310341537,
0.005532292649149895,
-0.005970069207251072,
-0.011133533902466297,
0.038357336074113846,
-0.01917480118572712,
-0.004854701459407806,
0.0032635240349918604,
0.0334918312728405,
-0.00818413682281971,
0.018553748726844788,
-0.034029245376586914,
-0.006204916164278984,
-0.0102910241112113,
0.0009623995283618569,
-0.0191525686532259,
-0.019048582762479782,
-0.007206695154309273,
-0.02654891274869442,
-0.00907348282635212,
0.08102089911699295,
-0.031124763190746307,
-0.01819545403122902,
0.007733912672847509,
0.01230583991855383,
-0.039447590708732605,
-0.02728922665119171,
0.06739736348390579,
-0.00917736254632473,
-0.04090847074985504,
-0.005557407159358263,
0.04895548149943352,
0.022083381190896034,
0.02776636742055416,
0.011685049161314964,
-0.032616954296827316,
-0.015505151823163033,
-0.016023268923163414,
-0.02249453403055668,
-0.02218230441212654,
0.12151309102773666,
-0.026201212778687477,
0.015171477571129799,
0.01405034214258194,
-0.00399920204654336,
-0.006336675025522709,
-0.016137611120939255,
-0.0295192152261734,
-0.036451246589422226,
0.04371218383312225,
-0.01816730946302414,
-0.03890424966812134,
0.019906822592020035,
0.0071700094267725945,
0.023747410625219345,
0.027410125359892845,
0.061513666063547134,
-0.000058689609431894496,
0.041471388190984726,
-0.03486672788858414,
0.0334249772131443,
-0.019364522770047188,
0.04091332107782364,
0.09889804571866989,
-0.030278410762548447,
0.03829435631632805,
-0.02646472305059433,
0.024350108578801155,
0.020889751613140106,
-0.01982216164469719,
0.0009004510357044637,
-0.0034600517246872187,
0.0012483589816838503,
-0.0032684020698070526,
0.028036758303642273,
-0.02424744889140129,
0.0038338082376867533,
0.11034882068634033,
0.011020990088582039,
-0.052125561982393265,
0.02277754433453083,
0.06897176802158356,
0.05365920811891556,
-0.02863467112183571,
0.007254143711179495,
0.0432262197136879,
0.014095738530158997,
-0.04173153266310692,
0.03734031319618225,
0.004631202667951584,
-0.013454956002533436,
0.014779457822442055,
-0.015990110114216805,
-0.015321052633225918,
-0.002862163819372654,
0.0028333442751318216,
0.03842692822217941,
-0.015550820156931877,
-0.0439833402633667,
0.008398231118917465,
0.009527379646897316,
-0.022147292271256447,
-0.01840260997414589,
0.007856550626456738,
0.015524295158684254,
0.0459463968873024,
-0.03089926391839981,
0.010616772808134556,
0.03483610227704048,
-0.030216194689273834,
0.0005191998789086938,
0.029840832576155663,
0.0018858787370845675,
-0.00026698195142671466,
-0.008573315106332302,
-0.015476127155125141,
0.07603830099105835,
-0.008092180825769901,
-0.003787680994719267,
0.008637355640530586,
0.006495716981589794,
0.007597827818244696,
-0.004093969706445932,
0.032894283533096313,
0.033003486692905426,
0.014950697310268879,
-0.02530399151146412,
-0.0009050553198903799,
0.03061382658779621,
-0.003912551794201136,
-0.020308135077357292,
-0.02135460637509823,
-0.0010205787839367986,
-0.015026730485260487,
-0.007041516248136759,
0.016136053949594498,
0.05120750516653061,
0.0033195021096616983,
-0.02561653032898903,
0.03697079420089722,
-0.003966730087995529,
0.03792892396450043,
-0.010022473521530628,
-0.12189462035894394,
-0.01711396314203739,
0.024818481877446175,
-0.0576113685965538,
0.031242970377206802,
-0.014562469907104969,
0.041234347969293594,
0.062406204640865326,
0.05213974788784981,
-0.04268746078014374,
0.007417976390570402,
0.03624013438820839,
0.009089509025216103,
-0.1470545530319214,
0.005691648926585913,
-0.05644587054848671,
-0.026149490848183632,
0.02301820181310177,
0.008707324042916298,
-0.00929946918040514,
0.009683431126177311,
0.022640332579612732,
-0.007566825952380896,
-0.005066043697297573,
0.014461948536336422,
-0.009701477363705635,
-0.027451954782009125,
-0.005620826967060566,
0.03508300334215164,
-0.03209654241800308,
0.034644801169633865,
0.000010958544407912996,
-0.013689818792045116,
-0.014806234277784824,
0.00866255909204483,
0.04633103683590889,
-0.016483008861541748,
0.0268779918551445,
-0.05055595934391022,
-0.003261311911046505,
0.016323741525411606,
0.012969263829290867,
0.006016227416694164,
0.008572074584662914,
-0.012833969667553902,
-0.0057586622424423695,
0.003966100979596376,
-0.02229449339210987,
0.006069391965866089,
-0.0028131650760769844,
0.010194642469286919,
0.02649129368364811,
-0.0035789539106190205,
-0.0025717117823660374,
0.02370361238718033,
0.018748659640550613,
0.004847779404371977,
0.05551895126700401,
-0.0027732858434319496,
0.0025117022451013327,
0.004468193743377924,
-0.0005898310919292271,
-0.0007182289846241474,
0.04079978168010712,
-0.01133610401302576,
0.04191191866993904,
-0.01418012473732233,
-0.003785349428653717,
-0.02355136349797249,
0.012035113759338856,
-0.01979680545628071,
-0.02390209399163723,
0.021673692390322685,
0.00797029584646225,
-0.08617989718914032,
-0.033840082585811615,
-0.007148356176912785,
-0.01049887202680111,
-0.0024724097456783056,
-0.04718458652496338,
-0.02180616743862629,
-0.029490787535905838,
0.031064776703715324,
-0.003861213568598032,
-0.00682529853656888,
-0.15707604587078094,
0.021451754495501518,
-0.014941584318876266,
-0.013776795007288456,
0.03378431499004364,
-0.015200701542198658,
0.018591538071632385,
0.03423899784684181,
0.00532559584826231,
0.02976805716753006,
-0.002690911991521716,
0.026923052966594696,
-0.055169787257909775,
0.0017091822810471058,
0.02632386051118374,
0.02857121266424656,
-0.018555812537670135,
-0.04009678214788437,
0.022622734308242798,
-0.06940817832946777,
0.042925819754600525,
0.0009017595439217985,
0.034662600606679916,
0.021240463480353355,
-0.004549118690192699,
0.017440855503082275,
0.030764276161789894,
-0.0013025044463574886,
0.046635814011096954,
-0.005607489962130785,
0.03614853695034981,
-0.005435698665678501,
0.05850527063012123,
0.0009529441013000906,
0.01652979478240013,
0.1895797848701477,
-0.0033796681091189384,
-0.0027886268217116594,
-0.007114325184375048,
-0.0023720443714410067,
0.004602428060024977,
-0.010012218728661537,
-0.02812678925693035,
-0.017279833555221558,
-0.01127801463007927,
0.025380827486515045,
0.015656745061278343,
-0.024302102625370026,
0.02192511036992073,
-0.013881957158446312,
-0.07169730961322784,
-0.00842647161334753,
0.0025142887607216835,
-0.07968265563249588,
-0.013507929630577564,
0.1031562015414238,
0.04239021614193916,
0.007708961144089699,
0.010367197915911674,
-0.0309749785810709,
0.011334956623613834,
-0.0007663042051717639,
0.004067016299813986,
0.014850657433271408,
-0.002269312273710966,
-0.04573611915111542,
0.005396321881562471,
-0.014802594669163227,
-0.06060592457652092,
-0.0020050520543009043,
-0.0009185351082123816,
-0.02600758895277977,
0.024400340393185616,
-0.014305910095572472,
0.09161309152841568,
0.009815211407840252,
-0.01711706630885601,
-0.05523809790611267,
0.03781817853450775,
0.012207607738673687,
0.003839289303869009,
-0.021657949313521385,
-0.010240975767374039,
-0.0494135282933712,
0.05848586931824684,
0.014729999005794525,
-0.023734893649816513,
0.007364259101450443,
0.02772410586476326,
-0.11402639001607895,
0.042058441787958145,
0.03389906883239746,
-0.0018730850424617529,
0.009868648834526539,
-0.021384673193097115,
0.001932632876560092,
0.001977359876036644,
0.02828562818467617,
0.042587097734212875,
-0.11741600930690765,
-0.020538214594125748,
0.010655985213816166,
-0.004582492634654045,
-0.018416274338960648,
0.019953371956944466,
0.003113448852673173,
0.03222277760505676,
0.019905835390090942,
0.017991308122873306,
-0.012949198484420776,
0.022020094096660614,
-0.00021137608564458787,
0.03742358088493347,
-0.007913248613476753,
-0.01747960038483143,
-0.023461101576685905,
-0.003346772165969014,
-0.040255747735500336,
-0.007330715656280518,
0.029809454455971718,
0.0205841101706028,
-0.21349100768566132,
0.02906520664691925,
0.029667777940630913,
-0.013202234171330929,
-0.016212979331612587,
0.02276749350130558,
-0.018512004986405373,
-0.053671158850193024,
0.015670055523514748,
-0.021522516384720802,
-0.03305758535861969,
0.023132113739848137,
-0.00465346546843648,
-0.023743553087115288,
0.008861662819981575,
0.016979068517684937,
-0.027598699554800987,
-0.0034572083968669176,
0.04557354748249054,
-0.022872528061270714,
0.02946181781589985,
-0.0477273128926754,
-0.13524039089679718,
-0.0021922264713793993,
-0.05049131065607071,
-0.011375673115253448,
0.017656082287430763,
0.02590322494506836,
0.0041209738701581955,
-0.014336992986500263,
-0.029324455186724663,
0.025669308379292488,
0.05823860689997673,
0.02382102981209755,
-0.012410148978233337,
0.0062598274089396,
0.05215238779783249,
-0.019767284393310547,
-0.023320723325014114,
0.013154614716768265,
-0.01467882003635168,
-0.003253993345424533,
-0.02435937523841858,
-0.026660053059458733,
0.025121012702584267,
-0.045113299041986465,
0.011627075262367725,
0.02022373303771019,
0.004331293981522322,
0.041303448379039764,
0.0023975814692676067,
-0.03883352130651474,
-0.006171972956508398,
0.022718146443367004,
-0.005002056248486042,
-0.010518919676542282,
0.020157482475042343,
0.06146017089486122,
0.006895482540130615,
-0.02350170724093914,
0.037732090801000595,
0.03623597323894501,
-0.055057037621736526,
0.007750479970127344,
0.00746023328974843,
-0.022999737411737442,
0.008189909160137177,
-0.06154990941286087,
0.020060421898961067,
0.034198250621557236,
-0.1671494096517563,
-0.07370451092720032,
-0.0617542564868927,
0.019513051956892014,
0.001315510831773281,
-0.016355736181139946,
0.0049299802631139755,
-0.02379145845770836,
-0.012067629024386406,
-0.008254526183009148,
-0.02576182596385479,
0.009600287303328514,
-0.10731790959835052,
0.022875936701893806,
-0.013295701704919338,
0.008134491741657257,
0.01769278384745121,
-0.026933323591947556,
0.021464485675096512,
0.0001242761209141463,
-0.022501198574900627,
-0.0007298007840290666,
0.025093087926506996,
0.008206015452742577,
-0.008079362101852894,
-0.007179358974099159,
-0.01881633698940277,
0.009214530698955059,
-0.05953972414135933,
-0.003207937115803361,
-0.0031876605935394764,
0.014043646864593029,
0.0049928929656744,
-0.02868308126926422,
-0.045973654836416245,
-0.040129516273736954,
-0.007434452418237925,
0.11823026835918427,
-0.002697245916351676,
0.020783111453056335,
-0.013891730457544327,
0.003309873165562749,
-0.0068257274106144905,
-0.007043634075671434,
-0.038021452724933624,
0.07870416343212128,
-0.01788855530321598,
-0.013232063502073288,
0.012252015061676502,
-0.04603582248091698,
-0.01205870695412159,
-0.0033973909448832273,
-0.004340991843491793,
0.05432672053575516,
0.021689750254154205,
0.005101860035210848,
0.01643909327685833,
0.05412568151950836,
-0.008468306623399258,
-0.010223533026874065,
-0.03557581081986427,
-0.03971966356039047,
0.05152091011404991,
-0.10107816755771637,
-0.03109372779726982,
0.032705098390579224,
0.00402094004675746,
-0.03933759778738022,
0.00748699763789773,
-0.0028144801035523415,
0.0042621418833732605,
0.009045954793691635,
-0.04879404976963997,
0.013879992067813873,
0.0014937837840989232,
0.0449208989739418,
-0.023516522720456123,
0.03474465385079384,
-0.050892144441604614,
0.03755728527903557,
0.006507697515189648
] |
rate long-term debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates.
At December 31, 2014 , we had $4.1 billion of fixed-rate long-term debt and $5.4 billion of variable-rate long-term debt. An increase of 100 basis points in average annual interest rates would have decreased the estimated fair value of our fixed-rate long-term debt by $170 million at December 31, 2014 and would have increased the annual interest expense on our variable-rate long-term debt by $42 million, exclusive of the impact of our interest rate hedge contracts.
Foreign Currency Exchange Risk
We are subject to foreign currency exchange rate risk because we have revenue and expense denominated in foreign currencies with our primary exposures being the Japanese yen and Canadian dollar. To manage exchange rate risk, we execute both our international revenue and expense transactions in the same foreign currency to the extent practicable. From time to time, we may also enter into foreign currency option and forward contracts. At December 31, 2014 , we had open foreign currency forward contracts totaling a $73 million asset position. We estimate that a 10% depreciation or appreciation in the price of the Japanese yen and Canadian dollar in relation to the U.S. dollar would change the projected cash settlement value of our open hedge contracts by a $60 million gain or $80 million loss, respectively, for the year ending December 31, 2015.
| 2SELL
|
[
-0.0015199993504211307,
0.05955372005701065,
-0.004593811463564634,
-0.020603029057383537,
-0.1249580830335617,
-0.015304435975849628,
-0.011319716461002827,
0.006332281045615673,
-0.05622979253530502,
0.03339472785592079,
-0.003458488266915083,
-0.029366735368967056,
0.01613546349108219,
-0.04654865339398384,
0.005747644696384668,
0.052723854780197144,
0.04423987865447998,
0.004943313077092171,
-0.0340663380920887,
-0.013695232570171356,
0.017184460535645485,
0.0037973346188664436,
0.013023033738136292,
-0.01052657701075077,
0.0207216739654541,
0.029724230989813805,
-0.0677700787782669,
0.017859533429145813,
0.05020713806152344,
-0.034399718046188354,
0.025260068476200104,
0.02283674292266369,
0.03220091015100479,
-0.01532762125134468,
0.05217568576335907,
0.0033502213191241026,
-0.051088668406009674,
0.020596995949745178,
0.028563402593135834,
0.007717885542660952,
-0.051802054047584534,
0.01041029766201973,
-0.004012151621282101,
-0.008457445539534092,
0.008976167999207973,
-0.019229605793952942,
0.022151490673422813,
0.04093986377120018,
0.015461319126188755,
-0.01894487254321575,
-0.000856651458889246,
-0.03494866564869881,
-0.015978971496224403,
-0.03469153493642807,
-0.020605092868208885,
0.0066389963030815125,
-0.014885146170854568,
-0.034229591488838196,
0.08229253441095352,
0.028900794684886932,
0.043821077793836594,
-0.03372097387909889,
0.004049943760037422,
0.02923627384006977,
0.005166993942111731,
-0.0146430479362607,
-0.008236125111579895,
0.0022747027687728405,
-0.023613829165697098,
-0.011441020295023918,
0.011907046660780907,
0.03977854922413826,
-0.014096148312091827,
-0.010037769563496113,
0.003612736938521266,
-0.0509389191865921,
0.029725585132837296,
-0.001164984074421227,
0.07710850238800049,
-0.03274194523692131,
0.00932841282337904,
-0.07688494026660919,
0.055670272558927536,
-0.10226216167211533,
0.018417352810502052,
-0.021891595795750618,
-0.01504735741764307,
-0.04640912637114525,
-0.022875886410474777,
0.000795992324128747,
-0.00951537024229765,
0.005362662486732006,
-0.020784562453627586,
-0.03998022526502609,
-0.017500607296824455,
0.002842351794242859,
0.03404569253325462,
-0.14467650651931763,
-0.004758129827678204,
0.006946131121367216,
0.062384262681007385,
0.014006448909640312,
0.06233090162277222,
-0.019052943214774132,
0.012842411175370216,
0.003416019957512617,
-0.022830884903669357,
0.04164143279194832,
0.001923277392052114,
0.013882623054087162,
-0.015238580293953419,
-0.051994774490594864,
0.02102230302989483,
-0.0011293372372165322,
-0.010516451671719551,
0.06338686496019363,
0.005541506689041853,
0.043798476457595825,
0.0007673032814636827,
-0.06671398133039474,
0.010844717733561993,
-0.022400027140975,
-0.03074011765420437,
-0.01110770646482706,
-0.040485892444849014,
0.012207926250994205,
-0.03890477493405342,
-0.001227418426424265,
0.03799155727028847,
-0.004775459412485361,
-0.004411604721099138,
-0.015865085646510124,
-0.011940494179725647,
0.01858416199684143,
-0.037854623049497604,
0.012137220241129398,
-0.010522788390517235,
-1.9447479360223952e-7,
-0.05309464409947395,
0.008394048549234867,
-0.03522990271449089,
-0.023218492045998573,
-0.007309686858206987,
-0.013393550179898739,
-0.0434887669980526,
-0.002787145087495446,
-0.012208094820380211,
0.007501586806029081,
0.02694815583527088,
0.06288272142410278,
-0.011237326078116894,
-0.01135051529854536,
-0.033600930124521255,
-0.002934785094112158,
-0.015144935809075832,
-0.009990295395255089,
0.04732433706521988,
-0.004189661238342524,
-0.07002655416727066,
-0.006594051606953144,
-0.004140410106629133,
-0.0168209969997406,
-0.012774444185197353,
-0.0667964294552803,
-0.05758316069841385,
-0.026678159832954407,
0.015263061039149761,
-0.013093805871903896,
0.04703906178474426,
0.040466614067554474,
0.021152576431632042,
0.026152515783905983,
0.005417213309556246,
0.008089568465948105,
0.03165379911661148,
-0.07342241704463959,
0.024303965270519257,
0.04215758666396141,
-0.014141291379928589,
0.013526491820812225,
0.032961610704660416,
0.007086195517331362,
0.05047132819890976,
-0.10144627094268799,
-0.06416861712932587,
-0.029087349772453308,
0.006307787261903286,
0.041146419942379,
-0.0038815762382000685,
-0.024641891941428185,
0.05463198199868202,
-0.016898566856980324,
-0.002289660507813096,
0.003599166637286544,
-0.0005115842795930803,
-0.0007292882073670626,
-0.006874622777104378,
0.008494668640196323,
-0.01947341114282608,
-0.008266703225672245,
-0.11069461703300476,
0.011791596189141273,
-0.0019828188233077526,
0.023738760501146317,
0.03940585255622864,
-0.014175787568092346,
-0.0006728125736117363,
0.00043702387483790517,
-0.0009912089444696903,
-0.023638473823666573,
-0.06299283355474472,
-0.0014936331426724792,
0.008087016642093658,
-0.032343778759241104,
0.00823219120502472,
0.04973644018173218,
0.0017564221052452922,
-0.08457809686660767,
-0.0054122875444591045,
-0.038898155093193054,
0.006845461670309305,
-0.012143903411924839,
0.017998794093728065,
0.0017834154423326254,
0.05782518908381462,
-0.007330932188779116,
0.041443172842264175,
-0.011613371782004833,
-0.046431176364421844,
0.026978477835655212,
0.009768947958946228,
0.0542590394616127,
-0.06294108927249908,
0.02598479576408863,
0.009325881488621235,
0.011981876567006111,
0.005052502732723951,
0.011400707997381687,
-0.02509743720293045,
0.0525224506855011,
0.08365755528211594,
-0.010503438301384449,
-0.017500506713986397,
0.0020888762082904577,
-0.03250560909509659,
0.05811649188399315,
0.027470210567116737,
0.028943397104740143,
-0.009069805964827538,
-0.0323169007897377,
-0.015411055646836758,
0.043095141649246216,
-0.04212574288249016,
0.006476538721472025,
-0.0501677431166172,
0.021828770637512207,
0.02333730272948742,
-0.015537079423666,
0.0029350770637392998,
-0.1432843953371048,
-0.003959935158491135,
-0.028079604730010033,
0.010486708022654057,
-0.027388768270611763,
0.012331233359873295,
0.009261861443519592,
0.0198077242821455,
-0.004110435489565134,
-0.004157790914177895,
0.0023585099261254072,
-0.010237867943942547,
-0.012101820670068264,
0.03587169572710991,
-0.026909057050943375,
-0.0019106651889160275,
0.003632412990555167,
0.0294637531042099,
-0.0112228998914361,
0.020239556208252907,
-0.03344237431883812,
-0.002255620202049613,
0.007244367618113756,
0.008158968761563301,
-0.02537946216762066,
-0.02236083708703518,
-0.00480643380433321,
-0.040387436747550964,
-0.023183228448033333,
0.0752725899219513,
-0.033936500549316406,
-0.014094891957938671,
0.006880514789372683,
0.019096719101071358,
-0.03970036655664444,
-0.024947818368673325,
0.05741703510284424,
-0.01005865354090929,
-0.04226899519562721,
-0.006536856759339571,
0.05276572331786156,
0.011099264957010746,
0.02682582288980484,
0.006935867015272379,
-0.03849568963050842,
-0.014108099043369293,
-0.016733087599277496,
-0.0169711634516716,
-0.02571958489716053,
0.12717077136039734,
-0.019312987104058266,
0.01432720385491848,
0.019334062933921814,
-0.005238217767328024,
-0.014758768491446972,
-0.017398016527295113,
-0.03565268591046333,
-0.03347359597682953,
0.03510276973247528,
-0.009186557494103909,
-0.03062143549323082,
0.016911868005990982,
0.005862808786332607,
0.02733135223388672,
0.02774512954056263,
0.048578109592199326,
0.0020997265819460154,
0.05790122598409653,
-0.026812603697180748,
0.03957299143075943,
-0.019437232986092567,
0.056120339781045914,
0.08874142915010452,
-0.03008594736456871,
0.04265758395195007,
-0.026219064369797707,
0.021034682169556618,
0.017954934388399124,
-0.021624842658638954,
0.005188040900975466,
0.002127532847225666,
-0.004210553597658873,
-0.006997988559305668,
0.0351966992020607,
-0.02141261287033558,
0.005280324723571539,
0.1115245446562767,
0.01434497069567442,
-0.04815740883350372,
0.019395947456359863,
0.0655691921710968,
0.045580025762319565,
-0.020068245008587837,
0.018166888505220413,
0.03437536209821701,
0.006033056881278753,
-0.036895472556352615,
0.03065444715321064,
0.002782910829409957,
-0.008605767041444778,
0.0028620350640267134,
-0.006023251451551914,
-0.025202933698892593,
-0.011976512148976326,
-0.0072998059913516045,
0.023923123255372047,
-0.011602870188653469,
-0.04524167627096176,
0.008632057346403599,
0.026137791574001312,
-0.01940608024597168,
-0.016851844266057014,
0.008931062184274197,
0.013021488673985004,
0.05841600522398949,
-0.02672560326755047,
0.010931840166449547,
0.023035893216729164,
-0.027520639821887016,
-0.005652637220919132,
0.023033810779452324,
0.006389957387000322,
0.009345066733658314,
-0.010707617737352848,
-0.012249703519046307,
0.07143046706914902,
-0.009283961728215218,
0.003253685776144266,
-0.016762780025601387,
0.0065526640973985195,
0.0052276067435741425,
-0.013046910986304283,
0.04741250351071358,
0.045221902430057526,
0.01260217186063528,
-0.020185761153697968,
-0.0039992197416722775,
0.03738613426685333,
0.0002224062627647072,
0.011555049568414688,
-0.01835991069674492,
-0.006132181733846664,
-0.018291259184479713,
-0.01169316191226244,
0.027183586731553078,
0.05393632501363754,
0.017293820157647133,
-0.03584820404648781,
0.03857719898223877,
-0.01320812851190567,
0.05535845085978508,
-0.00880434736609459,
-0.13705095648765564,
-0.017258184030652046,
0.009520391002297401,
-0.04585618898272514,
0.020992619916796684,
-0.0046095107682049274,
0.02495761215686798,
0.07607633620500565,
0.06098322570323944,
-0.038532085716724396,
0.006370812188833952,
0.04292602837085724,
0.009528342634439468,
-0.13804636895656586,
0.011410307139158249,
-0.04886997863650322,
-0.03327225148677826,
0.015241841785609722,
0.010554367676377296,
-0.01112738810479641,
0.008022164925932884,
0.02026146836578846,
-0.009951197542250156,
0.0033873484935611486,
0.015039474703371525,
-0.0078043257817626,
-0.029697133228182793,
0.0006728472071699798,
0.030932383611798286,
-0.04279225692152977,
0.040919315069913864,
0.004349333234131336,
-0.01086389273405075,
-0.021798769012093544,
0.014735115692019463,
0.054188381880521774,
-0.016634400933980942,
0.037577856332063675,
-0.04209272563457489,
0.000846805633045733,
0.007212845608592033,
-0.0010792220709845424,
0.019089264795184135,
0.004221006296575069,
-0.007589722517877817,
-0.008192664012312889,
0.006962227169424295,
-0.020199628546833992,
0.008775434456765652,
0.012884421274065971,
-0.0012618666514754295,
0.028546346351504326,
-0.003703070105984807,
-0.011959530413150787,
0.025163153186440468,
0.020431092008948326,
0.0002443553239572793,
0.044937558472156525,
-0.00599319813773036,
-0.0022571978624910116,
0.005303823389112949,
-0.008973540738224983,
0.00331926834769547,
0.036710649728775024,
-0.006473139394074678,
0.049591001123189926,
-0.01348082721233368,
-0.0003434865502640605,
-0.029921071603894234,
0.015755267813801765,
-0.013988334685564041,
-0.022248463705182076,
0.018883321434259415,
0.0062371352687478065,
-0.08602020144462585,
-0.040598224848508835,
-0.006279587280005217,
-0.013795757666230202,
0.010847204364836216,
-0.04960145801305771,
-0.02275848388671875,
-0.024806343019008636,
0.025909923017024994,
-0.0033256018068641424,
-0.003466740483418107,
-0.08142911642789841,
0.01996980421245098,
-0.015256746672093868,
-0.009225594811141491,
0.03508380427956581,
-0.007658475078642368,
0.019865289330482483,
0.02151940017938614,
0.00906423106789589,
0.022791126742959023,
-0.0084468899294734,
0.027316780760884285,
-0.04599880799651146,
0.0040173898451030254,
0.035932496190071106,
0.019643953070044518,
-0.01735042594373226,
-0.04253850132226944,
0.022799018770456314,
-0.0794595256447792,
0.04125569760799408,
0.008208832703530788,
0.03147812932729721,
0.0041261520236730576,
-0.007772871293127537,
0.021831201389431953,
0.031808748841285706,
-0.0019205937860533595,
0.043400563299655914,
0.0018957084976136684,
0.027806086465716362,
-0.0023128576576709747,
0.05492756888270378,
0.004129496403038502,
0.009862453676760197,
0.19203104078769684,
-0.003173401579260826,
-0.017445752397179604,
-0.008070535026490688,
-0.0002503749565221369,
0.006913454737514257,
-0.004353392403572798,
-0.028177205473184586,
-0.013260921463370323,
-0.005193629302084446,
0.03269703686237335,
0.010007432661950588,
-0.020220011472702026,
0.016515139490365982,
-0.010310749523341656,
-0.06055916100740433,
-0.009644880890846252,
0.0022990209981799126,
-0.06528821587562561,
-0.018590280786156654,
0.11002271622419357,
0.03915780410170555,
0.007040871772915125,
0.020888270810246468,
-0.0351196825504303,
0.019010940566658974,
0.0023810644634068012,
0.0032068428117781878,
0.0172836072742939,
-0.009287657216191292,
-0.056774452328681946,
0.00668824277818203,
-0.018892517313361168,
-0.04823842644691467,
0.0011465861462056637,
-0.003944935277104378,
-0.028202220797538757,
0.03258848935365677,
-0.0016677436651661992,
0.09134813398122787,
0.009578757919371128,
-0.016670601442456245,
-0.06545887887477875,
0.01931282877922058,
0.010184088721871376,
0.00014233344700187445,
-0.025791455060243607,
-0.01704218238592148,
-0.0404369980096817,
0.04989701882004738,
0.02886299043893814,
-0.020021546632051468,
0.008780240081250668,
0.023006461560726166,
-0.1228790208697319,
0.03132744878530502,
0.04231051728129387,
-0.0017934221541509032,
0.015761233866214752,
-0.018057558685541153,
-0.004397158045321703,
0.010875009000301361,
0.028409041464328766,
0.04836025834083557,
-0.12351260334253311,
-0.021524859592318535,
0.01140439324080944,
-0.004589713178575039,
-0.032691966742277145,
0.03297574818134308,
0.008322740904986858,
0.02485053427517414,
0.01517118513584137,
0.026759019121527672,
-0.016178149729967117,
0.02610681764781475,
-0.0026165363378822803,
0.0408565029501915,
-0.000920817838050425,
-0.016387274488806725,
-0.015870116651058197,
0.0012248581042513251,
-0.04463541507720947,
-0.002154785906895995,
0.02169656753540039,
0.019000962376594543,
-0.2247474044561386,
0.031404562294483185,
0.038243088871240616,
-0.00573970191180706,
-0.017709407955408096,
0.019341103732585907,
-0.017912939190864563,
-0.050204772502183914,
0.01465942244976759,
-0.01945921592414379,
-0.032706379890441895,
0.019680064171552658,
-0.00809384137392044,
-0.01747497171163559,
0.006374237593263388,
0.01293176133185625,
-0.02584477886557579,
0.002392546506598592,
0.04742753505706787,
-0.034512538462877274,
0.035772278904914856,
-0.041784271597862244,
-0.13566912710666656,
-0.0008537766407243907,
-0.04804421216249466,
-0.008120783604681492,
0.032799750566482544,
0.026166114956140518,
0.001723583904094994,
-0.01537916250526905,
-0.034505508840084076,
0.030667435377836227,
0.06636739522218704,
0.029149090871214867,
-0.022384433075785637,
-0.002895016223192215,
0.04077426344156265,
-0.01839909516274929,
-0.021205000579357147,
0.0070687634870409966,
-0.012561618350446224,
-0.0038804446812719107,
-0.02332289144396782,
-0.0319812037050724,
0.022726798430085182,
-0.043334007263183594,
-0.006760230287909508,
-0.0032166887540370226,
0.004084788262844086,
0.04440011829137802,
0.011971961706876755,
-0.037881191819906235,
-0.00822586938738823,
0.020062357187271118,
0.005203056149184704,
-0.0064043463207781315,
0.030198730528354645,
0.056139424443244934,
0.01029167789965868,
-0.03187846764922142,
0.03406624495983124,
0.028831224888563156,
-0.052360858768224716,
0.005446058232337236,
0.005798425059765577,
-0.016177061945199966,
0.015849649906158447,
-0.05970287322998047,
0.02588691934943199,
0.03149717301130295,
-0.15206481516361237,
-0.07140248268842697,
-0.06115294620394707,
0.023408183827996254,
0.007764008827507496,
-0.011724579147994518,
-0.008687274530529976,
-0.03614319488406181,
-0.01213337853550911,
-0.005918892566114664,
-0.027372227981686592,
0.011767914518713951,
-0.10644745826721191,
0.029827415943145752,
-0.02084081806242466,
0.005462719593197107,
0.021099280565977097,
-0.021553605794906616,
0.022878240793943405,
-0.0063201370649039745,
-0.014222980476915836,
0.00014224235201254487,
0.015368384309113026,
0.01097679603844881,
-0.007152660749852657,
-0.011329323053359985,
-0.018192971125245094,
0.004076770041137934,
-0.05455992743372917,
0.015705043449997902,
-0.0019863289780914783,
0.0011464901035651565,
0.0020825727842748165,
-0.027185531333088875,
-0.04490428417921066,
-0.04154682904481888,
-0.007222442887723446,
0.12476728856563568,
0.0015129795065149665,
0.014678637497127056,
-0.01894480735063553,
0.02225884422659874,
-0.0030934885144233704,
-0.005987920798361301,
-0.052720680832862854,
0.08354587852954865,
-0.0355689600110054,
-0.0004317864659242332,
-0.002473725937306881,
-0.03919682279229164,
-0.009109795093536377,
-0.003523400519043207,
-0.0037013357505202293,
0.06683565676212311,
0.029843555763363838,
0.007633035536855459,
0.013807160779833794,
0.04052663967013359,
-0.00843713991343975,
-0.013134192675352097,
-0.0484037846326828,
-0.036923978477716446,
0.05158747360110283,
-0.11064884066581726,
-0.016739314422011375,
0.03424280509352684,
0.010733339935541153,
-0.021885445341467857,
0.006029963027685881,
-0.010082148015499115,
0.013696168549358845,
0.01368102990090847,
-0.048968106508255005,
0.013413946144282818,
0.002663262886926532,
0.04086648300290108,
-0.02337098866701126,
0.04527992755174637,
-0.0588856004178524,
0.03228815644979477,
-0.0031920140609145164
] |
on complex judgments, probabilities and assumptions that we believe to be reasonable but that are inherently uncertain and, in some cases, unpredictable.
As future events and their effects cannot be determined with precision, our estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, dramatic fluctuations in foreign currency rates and economic downturns, can increase the uncertainty already inherent in our estimates and assumptions. We adjust our estimates and assumptions when facts and circumstances indicate the need for change. Those changes will generally be reflected in our financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. Although we believe our estimates are reasonable and our assumptions supportable, it is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. We are also subject to other risks and uncertainties that may cause actual results to differ from estimated amounts, such as changes in the healthcare environment, competition, litigation, legislation and regulations. These and other risks and uncertainties are discussed throughout this Financial Review, particularly in the sections “Our Operating Environment”, “Our Strategy” and “Forward-Looking Information and Factors That May Affect Future Results”, and in Part I, Item 1A, “Risk Factors” of our 2010 Annual Report on Form 10-K.
Contingencies
We and certain of our subsidiaries are involved in various patent, product liability, consumer, commercial, securities, environmental, and tax litigations and claims; government investigations; and other legal proceedings that arise from time to time in the ordinary course of our business. Except for income tax contingencies, we record accruals for contingencies to the extent that we conclude their occurrence is probable and that the related liabilities are estimable, and we record anticipated recoveries under existing insurance contracts when assured of recovery. For tax matters, we record accruals for income tax contingencies to the extent that we conclude that a tax position is not sustainable under a “more-likely-than-not” standard and we record our estimate of the potential tax benefits in one tax jurisdiction that could result from the payment of income taxes in another tax jurisdiction when we conclude that the potential recovery is more likely than not (see Notes to Consolidated Financial Statements––Note 7D. Taxes on Income: Tax Contingencies). We also evaluate tax matters that are sustainable under the “more-likely-than-not” standard in determining our accruals for income tax contingencies. We consider many factors in making these assessments. Because litigation and other contingencies are inherently unpredictable and excessive verdicts do occur, these assessments can involve a series of complex judgments about future events
| 2SELL
|
[
-0.008862210437655449,
0.058704666793346405,
-0.007581143639981747,
-0.005300196819007397,
-0.12595203518867493,
-0.012318320572376251,
-0.0002467239391990006,
0.012220318429172039,
-0.06638790667057037,
0.020958175882697105,
0.007385954726487398,
-0.02961278147995472,
0.01750943437218666,
-0.03274301439523697,
0.01642596535384655,
0.031044550240039825,
0.035247378051280975,
-0.01805083453655243,
-0.03661869093775749,
0.0036071157082915306,
0.008463938720524311,
0.018862858414649963,
0.009539672173559666,
-0.01190623827278614,
0.0036559784784913063,
0.025812800973653793,
-0.06666306406259537,
0.02137771062552929,
0.05458579212427139,
-0.05422729626297951,
0.023483440279960632,
0.026002613827586174,
0.04720579460263252,
-0.015326985158026218,
0.03680093213915825,
0.009523024782538414,
-0.052901651710271835,
0.019525043666362762,
0.04649687930941582,
0.009560855105519295,
-0.05689720809459686,
-0.004291859455406666,
-0.002143212128430605,
-0.003269928740337491,
0.010288731195032597,
-0.026252776384353638,
0.021572615951299667,
0.03521280735731125,
0.013682137243449688,
-0.008388269692659378,
0.0046337442472577095,
-0.01422819122672081,
-0.02022128738462925,
-0.025519197806715965,
-0.02869284525513649,
0.014912613667547703,
-0.017575794830918312,
-0.022480418905615807,
0.0837649554014206,
0.03543711081147194,
0.036492764949798584,
-0.033295147120952606,
-0.007514642085880041,
0.03500467911362648,
0.005029579158872366,
-0.012475785799324512,
-0.0032667843624949455,
0.0016504607629030943,
-0.03806505724787712,
-0.022744521498680115,
0.02732229046523571,
0.04590672627091408,
-0.0171885397285223,
-0.022960862144827843,
0.007648334372788668,
-0.047157254070043564,
0.036484457552433014,
-0.007619591895490885,
0.0730850100517273,
-0.02110297977924347,
-0.00095267005963251,
-0.06568573415279388,
0.04474319517612457,
-0.08557295799255371,
0.030926108360290527,
-0.03490052372217178,
-0.01794442906975746,
-0.052561890333890915,
-0.020301321521401405,
-0.00009431972284801304,
-0.006074852775782347,
0.007749131880700588,
-0.01659373752772808,
-0.05611554533243179,
-0.0260312519967556,
0.0026006395928561687,
0.043977491557598114,
-0.16327328979969025,
-0.0032233751844614744,
-0.011549118906259537,
0.058667127043008804,
0.009568276815116405,
0.033452026546001434,
-0.015600718557834625,
0.012913121841847897,
0.009773394092917442,
-0.025571880862116814,
0.04011068865656853,
-0.0095791881904006,
0.008994915522634983,
-0.010524153709411621,
-0.06164011359214783,
0.02517598308622837,
0.0054638683795928955,
-0.011359491385519505,
0.04210027679800987,
0.00396927772089839,
0.0446748360991478,
-0.007012954913079739,
-0.0749116912484169,
0.005913527682423592,
-0.040816713124513626,
-0.02748606726527214,
-0.008853843435645103,
-0.0363323912024498,
0.03877367824316025,
-0.02702697552740574,
-0.009190103970468044,
0.03550680726766586,
-0.007368283811956644,
-0.0003164698136970401,
-0.017029838636517525,
-0.013563773594796658,
0.029621215537190437,
-0.03713330999016762,
0.011737600900232792,
-0.007327956147491932,
0.005262941122055054,
-0.05377023294568062,
0.007896197028458118,
-0.032865747809410095,
-0.022554486989974976,
-0.0067840078845620155,
-0.016545958817005157,
-0.04408833384513855,
-0.007951447740197182,
-0.016677357256412506,
0.004004969261586666,
0.024647338315844536,
0.07303985208272934,
-0.011080808937549591,
-0.006481301039457321,
-0.038998086005449295,
-0.018688516691327095,
-0.02255924791097641,
-0.015005062334239483,
0.04304996505379677,
0.003603120567277074,
-0.06210043281316757,
0.0015681764343753457,
-0.0016405620845034719,
-0.010321980342268944,
-0.005674217361956835,
-0.07596370577812195,
-0.049788009375333786,
-0.0251413956284523,
0.016933269798755646,
-0.01485344860702753,
0.04323797672986984,
0.04783450439572334,
0.028438372537493706,
0.025748344138264656,
0.008735776878893375,
0.0021624332293868065,
0.021282939240336418,
-0.0613141804933548,
0.03693162649869919,
0.05014803633093834,
-0.002115710638463497,
0.017369916662573814,
0.035694289952516556,
0.0021244145464152098,
0.05969153717160225,
-0.0765257403254509,
-0.07136895507574081,
-0.03194157034158707,
0.017425887286663055,
0.048987485468387604,
-0.01027083769440651,
-0.023970380425453186,
0.052988018840551376,
-0.01681438833475113,
0.0010019869077950716,
-0.010804244317114353,
-0.015795426443219185,
-0.015223187394440174,
-0.01402530912309885,
0.0028861311729997396,
-0.0009911954402923584,
-0.007513026706874371,
-0.10543861240148544,
0.007097522262483835,
0.001504720188677311,
0.03014903888106346,
0.03685826435685158,
-0.007164559792727232,
-0.005229684989899397,
-0.0008843768737278879,
-0.0022130191791802645,
-0.009433556348085403,
-0.06124890223145485,
-0.003305289428681135,
0.021921442821621895,
-0.01673072949051857,
0.01587749272584915,
0.0518316924571991,
-0.0034022685140371323,
-0.0994507297873497,
-0.03159496188163757,
-0.03692961484193802,
0.007655955385416746,
-0.01408549677580595,
0.023768065497279167,
0.014965116046369076,
0.059702303260564804,
-0.0024932578671723604,
0.04364195466041565,
-0.00009372189379064366,
-0.05282549932599068,
0.023048948496580124,
0.010963931679725647,
0.0780821219086647,
-0.025921432301402092,
0.02768809162080288,
0.01221553422510624,
0.0015780349494889379,
0.01032315008342266,
0.0009045414626598358,
-0.023807894438505173,
0.06839997321367264,
0.09881311655044556,
-0.008898257277905941,
-0.01466020941734314,
-0.0018360147951170802,
-0.03529619053006172,
0.053129956126213074,
0.01782756857573986,
0.035995397716760635,
-0.0072179134003818035,
-0.026841798797249794,
-0.009323294274508953,
0.03156763315200806,
-0.037890397012233734,
-0.0007497109472751617,
-0.04984151944518089,
0.020261161029338837,
0.016573656350374222,
-0.015922797843813896,
0.022035084664821625,
-0.1397870033979416,
-0.017317408695816994,
-0.025271518155932426,
-0.0017599854618310928,
-0.02495392970740795,
0.026206400245428085,
0.0089153703302145,
0.01989724114537239,
-0.004207768011838198,
-0.0034783310256898403,
0.009545804932713509,
-0.01614607311785221,
-0.012409331277012825,
0.05514239892363548,
-0.013773022219538689,
-0.0007621182012371719,
0.012859796173870564,
0.02760488912463188,
-0.012953266501426697,
0.0177617184817791,
-0.02914145402610302,
-0.0048381248489022255,
-0.007169665768742561,
-0.0067759412340819836,
-0.03207959234714508,
-0.022153999656438828,
-0.022681843489408493,
-0.017569774761795998,
-0.008625016547739506,
0.07261447608470917,
-0.02645917609333992,
-0.016114650294184685,
0.00023500884708482772,
0.02084023877978325,
-0.03351735696196556,
-0.0244390070438385,
0.0709463506937027,
-0.013680346310138702,
-0.043289314955472946,
-0.0005587383056990802,
0.0643143579363823,
-0.004284202121198177,
0.02838967926800251,
0.016441503539681435,
-0.030660396441817284,
-0.014135465025901794,
-0.013617714866995811,
-0.019382158294320107,
-0.020553484559059143,
0.12623828649520874,
-0.025180352851748466,
0.006216306705027819,
0.01810920611023903,
-0.004743976518511772,
-0.0038090143352746964,
-0.02062741480767727,
-0.03904194012284279,
-0.038741789758205414,
0.03245266526937485,
-0.025608543306589127,
-0.0298309363424778,
0.021704094484448433,
0.011736145243048668,
0.022163625806570053,
0.025874575600028038,
0.060258205980062485,
0.004457562696188688,
0.06071704253554344,
-0.029014453291893005,
0.03480212390422821,
-0.028650715947151184,
0.091889888048172,
0.08384016156196594,
-0.03082413598895073,
0.03035224974155426,
-0.023331169039011,
0.0038848293479532003,
0.021741382777690887,
-0.024491485208272934,
-0.0011436480563133955,
-0.010369773954153061,
-0.008116770535707474,
-0.004136386793106794,
0.030848776921629906,
-0.027853775769472122,
-0.006009051110595465,
0.10436896234750748,
0.003225744003430009,
-0.06259177625179291,
0.02447197400033474,
0.07889512926340103,
0.05833747237920761,
-0.012899493798613548,
0.0020720285829156637,
0.06016318127512932,
0.006397147662937641,
-0.05055313557386398,
0.03331796079874039,
0.01452923845499754,
-0.01868395321071148,
0.01936313696205616,
-0.020068176090717316,
-0.009112255647778511,
-0.007489360868930817,
-0.006924165412783623,
0.03617335483431816,
-0.004164285492151976,
-0.05446619912981987,
0.01533171720802784,
0.012595009058713913,
-0.01683718152344227,
-0.006287872325628996,
0.015362354926764965,
0.007229489739984274,
0.07212667167186737,
-0.025072626769542694,
0.004135011229664087,
0.023781072348356247,
-0.036639079451560974,
-0.0020398544147610664,
0.03263942152261734,
-0.004717438481748104,
-0.00705105671659112,
-0.006509323604404926,
-0.010130357928574085,
0.04863657057285309,
-0.014433946460485458,
0.005554542876780033,
0.016151882708072662,
0.005350861698389053,
0.023157427087426186,
-0.012267415411770344,
0.036882128566503525,
0.04228915646672249,
0.010691736824810505,
-0.02017161436378956,
-0.001956329680979252,
0.010570493526756763,
-0.019710132852196693,
-0.02603389509022236,
-0.022886287420988083,
-0.0034941642079502344,
-0.013362955302000046,
-0.016682537272572517,
0.016165150329470634,
0.05259472504258156,
0.029752954840660095,
-0.03448443487286568,
0.04331967234611511,
-0.009082828648388386,
0.0494513101875782,
-0.007758942898362875,
-0.13126979768276215,
-0.016958119347691536,
0.01924152858555317,
-0.04581800103187561,
0.034042682498693466,
-0.005709556862711906,
0.04633710905909538,
0.07651443779468536,
0.04233381152153015,
-0.04179210588335991,
0.003090387210249901,
0.039221737533807755,
0.019437875598669052,
-0.13303448259830475,
0.013016752898693085,
-0.0651458203792572,
-0.0326877124607563,
0.0013015300501137972,
0.008282199501991272,
-0.013358906842768192,
0.009903518483042717,
0.010453972034156322,
-0.012062661349773407,
-0.007941590622067451,
0.008834658190608025,
0.003304906655102968,
-0.027075473219156265,
-0.008435211144387722,
0.03209928423166275,
-0.04453495517373085,
0.036878738552331924,
0.014477066695690155,
-0.010080069303512573,
-0.017437389120459557,
0.01811758056282997,
0.0456160306930542,
-0.01758825220167637,
0.03405686467885971,
-0.0399291068315506,
-0.011403180658817291,
0.016651256009936333,
0.0020507879089564085,
-0.0007633408531546593,
0.0028506899252533913,
-0.012281602248549461,
-0.004991440102458,
0.0072038182988762856,
0.000383536156732589,
0.004773515276610851,
0.007524569518864155,
0.0037741800770163536,
0.0332760214805603,
-0.0015906838234513998,
-0.007318314630538225,
0.01861821487545967,
0.015277649275958538,
0.0034688806626945734,
0.054798971861600876,
-0.012008486315608025,
0.0001783899642759934,
0.005359081085771322,
0.001661553862504661,
0.0019292952492833138,
0.03422354534268379,
-0.008810724131762981,
0.039174869656562805,
-0.012384355999529362,
-0.011789923533797264,
-0.03135467320680618,
0.016933100298047066,
-0.024112703278660774,
-0.029820552095770836,
0.023802069947123528,
0.005944573786109686,
-0.0875341072678566,
-0.05428062751889229,
-0.008320449851453304,
-0.0014874759363010526,
-0.001095151761546731,
-0.0397590734064579,
-0.03769128397107124,
-0.03457729518413544,
0.0331411249935627,
-0.00381916924379766,
-0.010310055688023567,
-0.1704024225473404,
0.04463686794042587,
-0.009860998950898647,
-0.012149456888437271,
0.04266643896698952,
-0.015845458954572678,
0.02494528517127037,
0.04009179025888443,
0.005138637963682413,
0.027255259454250336,
-0.013148454017937183,
0.035898152738809586,
-0.05381936952471733,
0.004791676066815853,
0.024410925805568695,
0.04551703855395317,
-0.024357909336686134,
-0.03994766250252724,
0.022202225401997566,
-0.06083976477384567,
0.045723188668489456,
0.0028204990085214376,
0.03295374661684036,
0.010284576565027237,
-0.0030880016274750233,
0.017592810094356537,
0.03063972480595112,
-0.0009810238843783736,
0.050136398524045944,
-0.0010748959612101316,
0.007651818450540304,
-0.01410610880702734,
0.06557788699865341,
-0.005859582219272852,
0.020914046093821526,
0.17067989706993103,
-0.01447727158665657,
-0.01535087637603283,
0.003620445029810071,
0.00005999171844450757,
0.006186846178025007,
-0.01051253080368042,
-0.04137108102440834,
-0.019334547221660614,
-0.02687772922217846,
0.03240058571100235,
0.010183186270296574,
-0.01568085514008999,
0.020070383325219154,
-0.010638690553605556,
-0.06651359051465988,
-0.009751535952091217,
0.009213726967573166,
-0.07349977642297745,
-0.01917019486427307,
0.11316601186990738,
0.04405514895915985,
0.007817436009645462,
0.011695528402924538,
-0.03162040188908577,
0.0223804023116827,
0.004685137886554003,
0.005541772581636906,
0.026018695905804634,
0.0024460493586957455,
-0.04047898203134537,
0.00843680277466774,
-0.009870781563222408,
-0.06397616118192673,
0.0068548438139259815,
-0.002063580323010683,
-0.034066516906023026,
0.028649041429162025,
-0.012186781503260136,
0.09805481135845184,
0.010548267513513565,
-0.022792503237724304,
-0.06291478872299194,
0.043361905962228775,
0.00766049325466156,
0.0036981089506298304,
-0.023555384948849678,
-0.015216766856610775,
-0.03995461016893387,
0.04733932390809059,
0.00853775441646576,
-0.005195626989006996,
-0.009035005234181881,
0.03508257493376732,
-0.1111251637339592,
0.041002124547958374,
0.044975049793720245,
-0.002068809000775218,
-0.0007546017877757549,
-0.022916803136467934,
-0.003708271309733391,
0.0014643913600593805,
0.02763999253511429,
0.04664876312017441,
-0.12788233160972595,
-0.024366935715079308,
0.016555558890104294,
-0.007214616984128952,
-0.01612674631178379,
0.011161001399159431,
0.012480591423809528,
0.024387719109654427,
0.0265168659389019,
0.03233705833554268,
-0.022351013496518135,
0.008455511182546616,
-0.0005503954598680139,
0.04694713279604912,
-0.026971660554409027,
-0.01455813180655241,
-0.030746640637516975,
-0.0053826081566512585,
-0.02321944199502468,
-0.008589070290327072,
0.035565439611673355,
0.011134478263556957,
-0.16613204777240753,
0.0184533279389143,
0.03187120705842972,
-0.01412272546440363,
-0.013762685470283031,
0.018562598153948784,
-0.018477967008948326,
-0.022734161466360092,
0.005223530810326338,
-0.024361060932278633,
-0.03215080872178078,
0.016729509457945824,
-0.009497623890638351,
-0.03577475622296333,
0.014944193884730339,
0.01798488385975361,
-0.02073477767407894,
0.011848904192447662,
0.042139019817113876,
-0.025849387049674988,
0.03197376802563667,
-0.057518940418958664,
-0.11775962263345718,
0.001906822551973164,
-0.04993189871311188,
-0.020868780091404915,
0.007288326043635607,
0.03222905099391937,
0.009644122794270515,
-0.006800427567213774,
-0.023464664816856384,
0.031054750084877014,
0.06777629256248474,
0.026045285165309906,
0.00006587267853319645,
0.01181807927787304,
0.0514473058283329,
-0.01454391609877348,
-0.003750351257622242,
-0.0069338600151240826,
-0.0031905577052384615,
-0.013684841804206371,
-0.0362444631755352,
-0.032480742782354355,
0.029957666993141174,
-0.028574028983712196,
0.01815672777593136,
0.005008600186556578,
0.0008613858371973038,
0.046093929558992386,
-0.002037604572251439,
-0.041275255382061005,
-0.0028238168451935053,
0.011676676571369171,
0.009632314555346966,
0.006323887966573238,
0.022166188806295395,
0.051032714545726776,
0.011919085867702961,
-0.02480701357126236,
0.018183397129178047,
0.032203078269958496,
-0.06359240412712097,
0.011063827201724052,
0.012003680691123009,
-0.024855658411979675,
0.0013258199905976653,
-0.06813400983810425,
0.005645499099045992,
0.04396945983171463,
-0.13618046045303345,
-0.0761079341173172,
-0.06344432383775711,
0.016472166404128075,
0.0033849766477942467,
-0.02164955995976925,
-0.0037403665482997894,
-0.019845115020871162,
-0.004146656487137079,
-0.005411711521446705,
-0.023348167538642883,
-0.00024823856074362993,
-0.08521170169115067,
0.016429491341114044,
-0.019161541014909744,
0.02087613195180893,
0.016582245007157326,
-0.024802520871162415,
0.013977770693600178,
0.0007671394851058722,
-0.011679812334477901,
-0.007934690453112125,
0.022190706804394722,
0.008706181310117245,
-0.007093757390975952,
-0.007024244870990515,
-0.027114108204841614,
0.0030433612409979105,
-0.06667663902044296,
0.0018381098052486777,
-0.004446579143404961,
-0.0006443023448809981,
0.0019922552164644003,
-0.01584240235388279,
-0.04712595045566559,
-0.025355691090226173,
-0.017303911969065666,
0.11802763491868973,
0.0002591258962638676,
0.028805410489439964,
-0.012319167144596577,
0.000024854518414940685,
0.005251377355307341,
-0.003280135104432702,
-0.03875292092561722,
0.051133301109075546,
-0.04078016057610512,
0.006322465371340513,
-0.008422437123954296,
-0.04084304720163345,
-0.017744015902280807,
-0.002208641031756997,
-0.004314216319471598,
0.04633805528283119,
0.026903925463557243,
-0.007663982454687357,
0.019477244466543198,
0.04843109846115112,
-0.00608123978599906,
-0.020948445424437523,
-0.04764759540557861,
-0.03267665579915047,
0.069312684237957,
-0.08623196929693222,
-0.01619233563542366,
0.02719864621758461,
-0.0002551262441556901,
-0.03321553394198418,
0.015613460913300514,
-0.021112851798534393,
-0.009952854365110397,
0.004667007364332676,
-0.04729992523789406,
-0.003265166422352195,
0.005569328088313341,
0.034118033945560455,
-0.029811277985572815,
0.03533421456813812,
-0.048293717205524445,
0.0376833975315094,
0.007725332863628864
] |
infrastructure costs. As a percentage of revenues, technology and development expenses decreased in 2005 as compared to 2004 primarily due to a greater increase in revenues than technology and development expenses.
We continuously research and test a variety of potential improvements to our internal hardware and software systems in an effort to improve our productivity and enhance our subscribers’ experience. Additionally, we continue to develop and enhance solutions for the online delivery of content to our subscribers. As a result, we expect our technology and development expenses to increase in absolute dollars in 2007.
Marketing
The increase in marketing expenses in absolute dollars in 2006 as compared to 2005 was primarily attributable to an increase in marketing program costs, which included direct mail, online advertising and television advertising, to attract new subscribers. As a percentage of revenues, marketing expenses increased primarily due to a greater increase in marketing expenses than revenues. Subscriber acquisition cost increased in 2006 as compared to 2005 primarily due to an increase in marketing program spending offset in part by a decrease in cost of providing free trials associated with our lower priced plans coupled with a slight decline in personnel-related costs.
The increase in marketing expenses in absolute dollars in 2005 as compared to 2004 was primarily attributable to an increase in marketing program costs, primarily direct mail, radio, television and online advertising, to attract new subscribers. As a percentage of revenues, the increase in marketing expenses was primarily due to a greater increase in marketing expenses than revenues. Subscriber acquisition cost increased in 2005 as compared to 2004 due to an increase in overall marketing program spending and spending on a per acquired subscriber basis offset partially by a decrease in the cost of providing free trials associated with our new lower priced plans, and by a $2.1 million reduction in liability due to the final settlement of certain marketing programs.
We anticipate that our marketing expense will increase in absolute dollars in 2007 as we grow our business.
General and Administrative
The increase in general and administrative expenses in absolute dollars in 2006 as compared to 2005 is primarily attributable to an increase in costs related to ongoing legal proceedings, personnel costs and professional fees to support our growing operations. As a percentage of revenues, the decrease in general and administrative expenses was primarily due to a greater increase in revenues than general and administrative expenses.
The increase in general and administrative expenses in absolute dollars in 2005 as compared to 2004 was primarily attributable to an increase in legal costs as well as an increase in personnel-related costs, insurance costs and professional fees, to support our growing operations. General and administrative costs in 2005 included an accrual of $8.1 million (net of expected insurance proceeds for reimbursement of legal defense costs of $0.9 million) related to the proposed settlement costs of the Chavez vs. Netflix, Inc. lawsuit.
| 1HOLD
|
[
-0.0024761708918958902,
0.061421170830726624,
0.00475383922457695,
0.010942923836410046,
-0.1186085194349289,
-0.018181100487709045,
-0.007288815453648567,
-0.026600981131196022,
-0.041935160756111145,
-0.0039666444063186646,
0.01580239273607731,
-0.04940520599484444,
0.024321600794792175,
-0.019513927400112152,
0.003427674528211355,
-0.03283953666687012,
-0.01078182552009821,
-0.014965314418077469,
-0.03270579129457474,
0.023680729791522026,
0.014871352352201939,
0.02782394178211689,
0.007658613845705986,
-0.009510127827525139,
0.015155856497585773,
0.018409956246614456,
-0.011715119704604149,
0.03645261004567146,
0.0605296790599823,
-0.05383654683828354,
0.016751304268836975,
-0.0018971526296809316,
0.036076340824365616,
-0.027057917788624763,
-0.010026550851762295,
0.009861098602414131,
-0.06016933172941208,
0.00920412689447403,
0.03441080451011658,
-0.0011488220188766718,
-0.021688131615519524,
0.022312933579087257,
0.0772760882973671,
-0.007660725619643927,
0.011610942892730236,
-0.008973364718258381,
0.027006089687347412,
0.017897697165608406,
0.018216032534837723,
-0.01175080705434084,
-0.007835407741367817,
-0.01654943637549877,
-0.016552500426769257,
-0.014852612279355526,
-0.003752276534214616,
-0.007818973623216152,
-0.011768149212002754,
-0.022504543885588646,
0.04883969575166702,
0.038564976304769516,
0.04474440589547157,
-0.03683098405599594,
0.001949329860508442,
0.050352003425359726,
0.013993320986628532,
-0.008713264018297195,
-0.006622659042477608,
0.01047461573034525,
-0.042133230715990067,
-0.05320367217063904,
0.014734093099832535,
0.004845610354095697,
-0.007276239339262247,
0.010554398410022259,
0.010637243278324604,
-0.035528432577848434,
0.03956227004528046,
-0.014129629358649254,
0.0700327679514885,
-0.03586272522807121,
-0.004073969554156065,
-0.08895684033632278,
-0.004535965155810118,
-0.010830179788172245,
0.019428493455052376,
0.0028009884990751743,
-0.017269635573029518,
-0.06813153624534607,
-0.009480908513069153,
-0.0032012113370001316,
0.005127263255417347,
-0.006997806020081043,
-0.04469579830765724,
-0.07934442162513733,
-0.038283850997686386,
-0.01039012148976326,
0.007055066525936127,
-0.1361469030380249,
-0.00016396194405388087,
-0.03394491970539093,
0.03425312042236328,
0.017346732318401337,
0.03407233580946922,
-0.019067468121647835,
0.009798722341656685,
0.001613900763913989,
-0.04416198655962944,
0.015230326913297176,
-0.007999541237950325,
0.0025037999730557203,
-0.02261299081146717,
-0.06930818408727646,
0.022952169179916382,
-0.01432829163968563,
-0.005788508802652359,
0.05597972869873047,
-0.02014290913939476,
-0.005282214842736721,
-0.033465608954429626,
-0.06785663962364197,
0.007132049184292555,
-0.024740416556596756,
-0.03329426422715187,
-0.015908513218164444,
-0.04901084676384926,
0.024007437750697136,
0.0031136509496718645,
-0.007332874462008476,
0.0374922938644886,
-0.027701344341039658,
0.0001264015882043168,
-0.012798822484910488,
-0.018199553713202477,
0.046821437776088715,
-0.019635995849967003,
-0.0021874040830880404,
-0.012418629601597786,
0.0014773760922253132,
-0.03410346060991287,
0.030050981789827347,
-0.020542720332741737,
-0.04563601687550545,
-0.04487580433487892,
-0.026771318167448044,
-0.030003271996974945,
-0.01105439756065607,
-0.00772784324362874,
-0.0032424137461930513,
0.04589904472231865,
0.09087911248207092,
-0.004596087150275707,
0.004479177296161652,
-0.026682842522859573,
-0.020724551752209663,
-0.02086799219250679,
0.009349260479211807,
0.04603005200624466,
-0.014766420237720013,
-0.04207568243145943,
-0.022930793464183807,
-0.007738312240689993,
-0.01191609725356102,
-0.0029595261439681053,
-0.05869629979133606,
0.0011926403967663646,
-0.04566143825650215,
0.03290409967303276,
-0.02402801439166069,
0.03545156866312027,
0.05995577946305275,
0.0215210672467947,
0.007601218298077583,
0.010944299399852753,
-0.0071586561389267445,
-0.0002907188900280744,
-0.04048385098576546,
0.05191821604967117,
0.007623192388564348,
0.01089836098253727,
0.009892148897051811,
0.03348595276474953,
-0.00686149625107646,
0.020645061507821083,
0.09123070538043976,
-0.05479054152965546,
-0.019274860620498657,
0.0019244464347139,
0.027798587456345558,
0.014491090551018715,
-0.017787110060453415,
0.0215133186429739,
-0.0001953099126694724,
0.010887918062508106,
-0.009439426474273205,
-0.03869642689824104,
-0.012320230714976788,
-0.0448625423014164,
-0.009738247841596603,
0.046910811215639114,
-0.014493717812001705,
-0.018134549260139465,
0.011525703594088554,
0.02771284058690071,
0.03356163948774338,
0.0397237092256546,
-0.016925254836678505,
-0.010176917538046837,
-0.007583507336676121,
-0.016599731519818306,
-0.015047982335090637,
-0.02736884541809559,
-0.024752575904130936,
0.0018450001953169703,
-0.04186980798840523,
0.009615634568035603,
0.03342633321881294,
-0.023580394685268402,
-0.06701257079839706,
-0.057718079537153244,
-0.0219266414642334,
0.0073119644075632095,
-0.014484106563031673,
0.013856160454452038,
-0.0076101901941001415,
0.026921845972537994,
-0.0033105225302278996,
0.05164021626114845,
-0.004108840599656105,
-0.04395139217376709,
0.05225589498877525,
0.026722673326730728,
0.04960630089044571,
-0.01562805101275444,
0.0338861346244812,
0.012354971840977669,
-0.023744836449623108,
0.009441456757485867,
0.009186592884361744,
-0.018510157242417336,
0.04735305905342102,
0.0870313048362732,
-0.030361521989107132,
-0.011495450511574745,
-0.025550827383995056,
-0.031769558787345886,
0.017673810943961143,
-0.020734800025820732,
0.05463501438498497,
-0.009820888750255108,
-0.005358697846531868,
-0.00734935374930501,
0.00757683115079999,
0.05879217013716698,
-0.0012004523305222392,
-0.029365593567490578,
0.006170801352709532,
0.014582346193492413,
-0.026925235986709595,
0.010664857923984528,
-0.12652461230754852,
-0.019645171239972115,
-0.007312453351914883,
0.0009006893960759044,
-0.02319195680320263,
0.012721490114927292,
-0.004229127429425716,
0.0285100769251585,
0.010841049253940582,
-0.002405460923910141,
0.013848201371729374,
-0.01481657475233078,
-0.015960611402988434,
0.05845272168517113,
-0.008913020603358746,
0.005513153038918972,
0.011126022785902023,
0.03127328306436539,
-0.02132362872362137,
0.024869967252016068,
-0.023396456614136696,
-0.006294604390859604,
0.003662016009911895,
-0.00517362030223012,
-0.022744765505194664,
-0.014976821839809418,
-0.014924365095794201,
-0.015414980240166187,
0.010160071775317192,
0.005958906374871731,
-0.027250805869698524,
-0.025347672402858734,
0.012628650292754173,
0.016863694414496422,
-0.02636663243174553,
-0.011142167262732983,
0.0629035085439682,
-0.022403370589017868,
-0.033305574208498,
-0.0015837912214919925,
0.0240423996001482,
-0.02458796091377735,
0.014536207541823387,
0.022293904796242714,
-0.024722745642066002,
-0.02226303145289421,
-0.018462352454662323,
-0.011264216154813766,
-0.01159927062690258,
0.004599087405949831,
-0.005462173372507095,
-0.0015167950186878443,
-0.00404037069529295,
-0.005276808049529791,
-0.0010841765906661749,
-0.0038064217660576105,
-0.03872564062476158,
-0.023354539647698402,
-0.00430662464350462,
-0.04843706637620926,
-0.022683028131723404,
0.00529960123822093,
-0.0020973484497517347,
-0.000982953468337655,
0.017165454104542732,
0.06928594410419464,
0.0028169008437544107,
0.0935453325510025,
-0.036601923406124115,
-0.001776882796548307,
-0.05501679331064224,
0.3435541093349457,
0.09250140190124512,
-0.03991595655679703,
0.028562886640429497,
-0.02001326158642769,
-0.0377335362136364,
0.024347908794879913,
-0.03685689717531204,
-0.00796535611152649,
-0.025048360228538513,
-0.007758239284157753,
0.02044851891696453,
-0.0012103350600227714,
-0.03936531022191048,
-0.006580438930541277,
0.047189775854349136,
0.01996537484228611,
-0.09011325240135193,
0.005701035261154175,
0.0506560243666172,
0.05067812651395798,
0.00490917544811964,
-0.025825731456279755,
0.05070487782359123,
0.0148478914052248,
-0.04553765803575516,
0.03303680941462517,
0.002428682055324316,
-0.006652633659541607,
0.02335836924612522,
-0.018148867413401604,
-0.021259337663650513,
-0.0015948242507874966,
-0.00005497149322764017,
0.05649448558688164,
-0.04009128361940384,
0.025987938046455383,
0.02602575346827507,
0.01286549586802721,
-0.007234786171466112,
0.021526815369725227,
0.010935362428426743,
0.014079581014811993,
0.09143821895122528,
-0.020949220284819603,
-0.01455901749432087,
0.02401374652981758,
0.0011927859159186482,
0.003251879010349512,
0.03118891827762127,
-0.00806838646531105,
-0.013054648414254189,
-0.014248225837945938,
-0.004703777842223644,
-0.057560455054044724,
-0.011854276992380619,
0.016240840777754784,
0.018077248707413673,
-0.03198346868157387,
0.04201594367623329,
-0.00906564574688673,
0.016219593584537506,
0.047801513224840164,
-0.014897684566676617,
0.00914119090884924,
-0.0011987341567873955,
0.015042318031191826,
0.001961376518011093,
-0.059694111347198486,
0.0021971275564283133,
-0.01707949861884117,
0.021028943359851837,
-0.011947614140808582,
0.011868678033351898,
0.04602402448654175,
0.01454977411776781,
-0.037331558763980865,
0.02404213696718216,
-0.00257568946108222,
0.020174900069832802,
-0.016960829496383667,
-0.022963786497712135,
-0.006476304028183222,
0.027883095666766167,
-0.014179040677845478,
0.03460201621055603,
-0.022136053070425987,
0.018482057377696037,
0.050558142364025116,
-0.06041494384407997,
-0.05263569951057434,
0.001735862111672759,
0.027466073632240295,
0.0028390754014253616,
-0.018054520711302757,
0.024205556139349937,
-0.08444990962743759,
-0.013900116086006165,
-0.0002675701107364148,
-0.007921736687421799,
-0.01055530458688736,
0.0030693956650793552,
0.012197261676192284,
-0.03359217569231987,
-0.013336703181266785,
0.009501227177679539,
0.00845604669302702,
-0.043650686740875244,
0.02303294464945793,
0.03260684385895729,
-0.0008167523192241788,
-0.015699295327067375,
0.007456869352608919,
-0.034760940819978714,
-0.008531561121344566,
0.05270428955554962,
0.024286264553666115,
-0.012878287583589554,
0.02419767901301384,
-0.0364367738366127,
-0.005031969863921404,
0.02745170146226883,
-0.025925207883119583,
0.03005840815603733,
0.003303677774965763,
-0.008391552604734898,
0.0015406673774123192,
0.0026195431128144264,
-0.020262429490685463,
-0.009543919004499912,
0.028739195317029953,
-0.0148027203977108,
0.030280111357569695,
-0.04708551988005638,
0.006231744308024645,
0.003951765596866608,
0.02178570255637169,
0.0004493742890190333,
0.038648054003715515,
-0.0009748991578817368,
-0.0018207539105787873,
0.011982587166130543,
-0.002650282345712185,
0.0036366756539791822,
-0.005244547501206398,
-0.0011839780490845442,
0.026136238127946854,
0.011211877688765526,
-0.0661420226097107,
-0.03199107199907303,
0.02526368945837021,
-0.034287504851818085,
-0.017482737079262733,
-0.01149726938456297,
-0.0066980780102312565,
-0.04330610856413841,
-0.076934814453125,
-0.03550533205270767,
-0.009035870432853699,
-0.018477752804756165,
-0.053266577422618866,
-0.034177105873823166,
-0.02060261182487011,
0.024689802899956703,
-0.004227814730256796,
-0.008319341577589512,
-0.1626937985420227,
0.1609821766614914,
0.028711823746562004,
0.005852963775396347,
0.037148792296648026,
-0.025213759392499924,
0.01215619221329689,
0.05825919285416603,
0.021958094090223312,
0.007279718294739723,
-0.024983501061797142,
0.03987312316894531,
-0.037366755306720734,
0.00934014841914177,
0.01980326510965824,
0.050583042204380035,
-0.016542203724384308,
0.006940440274775028,
0.007235414814203978,
-0.008959350176155567,
0.025680087506771088,
-0.005028820596635342,
0.022650402039289474,
-0.004558681510388851,
-0.001639931695535779,
0.028771189972758293,
0.021064797416329384,
0.0009072351385839283,
0.02123626321554184,
-0.013860175386071205,
-0.030568363144993782,
-0.006788216065615416,
0.02756880223751068,
0.013640260323882103,
0.00711011653766036,
-0.06317848712205887,
-0.010185973718762398,
-0.024458495900034904,
0.006562830414623022,
-0.02151377685368061,
-0.008225981146097183,
-0.02319985069334507,
-0.020572470501065254,
-0.021847469732165337,
-0.025135278701782227,
0.02341310679912567,
0.01751074194908142,
-0.0029099201783537865,
0.02318183332681656,
-0.03008851781487465,
-0.07033341377973557,
0.005570284090936184,
-0.009976410306990147,
-0.06431513279676437,
-0.022768430411815643,
0.1561838835477829,
0.026918228715658188,
-0.0025564837269484997,
0.00742857763543725,
-0.0474247969686985,
0.03821718692779541,
0.0007796091958880424,
0.03843153268098831,
0.007295146118849516,
0.008621783927083015,
-0.045519839972257614,
0.0034693509805947542,
-0.009803568944334984,
-0.08733341097831726,
-0.007467234507203102,
-0.006964636500924826,
-0.0338984951376915,
0.020408641546964645,
-0.019302820786833763,
0.10290458053350449,
0.0211087167263031,
-0.0014625220792368054,
-0.08561408519744873,
0.023836884647607803,
-0.025526156648993492,
0.006383474916219711,
-0.04371020942926407,
-0.00136913254391402,
-0.03838320076465607,
0.05098084360361099,
-0.03014354221522808,
-0.012105529196560383,
0.030955513939261436,
0.005176775623112917,
-0.09251675009727478,
0.016667041927576065,
0.0128605542704463,
-0.001623036921955645,
-0.04072224721312523,
-0.01368722878396511,
-0.015528055839240551,
-0.057384882122278214,
0.017873510718345642,
0.032285310328006744,
-0.01707325130701065,
-0.009164254181087017,
0.02751850336790085,
0.01516422163695097,
0.010563770309090614,
-0.03559538349509239,
0.02139251120388508,
0.0002106590400217101,
0.047032322734594345,
0.00669524073600769,
-0.008439715951681137,
0.021434323862195015,
0.009131083264946938,
0.040551021695137024,
-0.014023670926690102,
-0.004678793251514435,
-0.03231498971581459,
-0.006192345172166824,
-0.031138041988015175,
-0.02168033830821514,
0.008473471738398075,
0.006860366091132164,
0.10591601580381393,
0.032838474959135056,
0.006104927975684404,
0.012065781280398369,
0.003431021934375167,
0.04460526630282402,
-0.020327670499682426,
0.06264735013246536,
-0.019644808024168015,
-0.012496482580900192,
-0.0221567340195179,
0.0015721319941803813,
-0.0062937056645751,
-0.02314649522304535,
-0.009967903606593609,
0.012782028876245022,
-0.008031480014324188,
0.0018997654551640153,
0.031193526461720467,
-0.008130333386361599,
0.024868009611964226,
-0.048291780054569244,
0.024157527834177017,
0.014727961272001266,
-0.025029635056853294,
-0.004464541096240282,
0.026783768087625504,
0.022174879908561707,
0.012514897622168064,
-0.005479280836880207,
-0.03052699752151966,
0.0014734506839886308,
0.011188237927854061,
-0.014868499711155891,
-0.018639085814356804,
0.07031725347042084,
0.023931413888931274,
0.004576937761157751,
-0.009112199768424034,
-0.0016091640572994947,
0.014277484267950058,
0.0045086597092449665,
-0.020677514374256134,
-0.03742699697613716,
0.0011401126394048333,
-0.02110738307237625,
0.10955862700939178,
0.004504838492721319,
0.026775095611810684,
0.015414604917168617,
-0.005251370370388031,
-0.0487641878426075,
-0.020740730687975883,
0.03680358827114105,
-0.004156209994107485,
0.02769847773015499,
0.009788019582629204,
0.04168786481022835,
0.009741405956447124,
-0.018568752333521843,
-0.07326708734035492,
0.0309480968862772,
-0.060769930481910706,
0.010247056372463703,
0.015288248658180237,
0.001002544886432588,
0.0044681476429104805,
-0.05055980756878853,
-0.002705893013626337,
0.0753168910741806,
0.10981202870607376,
-0.08825831115245819,
-0.06358808279037476,
0.0000456513007520698,
-0.007300710305571556,
-0.014727485366165638,
-0.019270097836852074,
-0.02337007038295269,
-0.016466060653328896,
-0.007754236459732056,
-0.00873156264424324,
0.004597706254571676,
0.17374132573604584,
0.016199490055441856,
-0.019381321966648102,
0.023182526230812073,
0.004203528631478548,
-0.022128315642476082,
0.009319194592535496,
0.0029102438129484653,
-0.009824934415519238,
-0.01580413430929184,
0.02819184958934784,
0.00977026205509901,
-0.028188981115818024,
-0.025209110230207443,
-0.028053831309080124,
-0.007649377919733524,
-0.06166115775704384,
0.0260620154440403,
-0.00011029052984667942,
0.024631088599562645,
-0.009763993322849274,
-0.040637142956256866,
-0.04146811366081238,
-0.003310099709779024,
-0.008730350062251091,
-0.006432660389691591,
0.008289786987006664,
0.06067122146487236,
-0.008981065824627876,
-0.009836588986217976,
-0.012025461532175541,
0.007740165572613478,
-0.02562982216477394,
-0.07137870043516159,
-0.034556493163108826,
-0.014263379387557507,
-0.005028790328651667,
-0.040250636637210846,
-0.0554625578224659,
-0.0022200727835297585,
0.000014743937754246872,
0.03938145563006401,
0.037786565721035004,
-0.005932203494012356,
0.029897594824433327,
0.0379277728497982,
-0.01684277318418026,
-0.022168420255184174,
-0.034503210335969925,
-0.01657198928296566,
0.08126017451286316,
0.1350458562374115,
-0.016430914402008057,
0.05075335502624512,
-0.019050346687436104,
-0.05943092703819275,
0.01709907315671444,
-0.014922327362000942,
-0.04615185409784317,
-0.010333309881389141,
-0.01143447682261467,
-0.04416687414050102,
0.006382459308952093,
0.05499677360057831,
-0.026460299268364906,
0.06343751400709152,
-0.03978053107857704,
0.00022774508397560567,
0.00322624109685421
] |
net of allowances, less cost of revenue. Cost of revenue consists primarily of the cost of semiconductors purchased from subcontractors, including wafer fabrication, assembly, testing and packaging, manufacturing support costs, including labor and overhead associated with such purchases, final test yield fallout, inventory provisions and shipping costs. Cost of revenue also includes development costs for license and service arrangements. Gross margin is the percentage of gross profit to revenue. Our gross margin can vary in any period depending on the mix of types of products sold. Our gross margin was 42.4%, 38.3%, and 32.2% for fiscal years 2007, 2006 and 2005, respectively. A discussion of our gross margin results for each of our operating segments is as follows:
Fiscal Year 2007 vs. Fiscal Year 2006
GPU Business. The gross margin of our GPU Business increased during fiscal 2007 as compared to fiscal 2006, primarily due to the sale of our GeForce 8 series GPUs and increased sales of our GeForce 7 series GPUs, which collectively accounted for approximately 70% of our GPU Business revenue. Our GeForce 8 and our GeForce 7 series GPUs generally have higher gross margins than our previous generations of GPUs.
MCP Business. The gross margin of our MCP Business decreased during fiscal 2007 as compared to fiscal 2006, primarily due to a shift in product mix to higher volumes of integrated AMD-based desktop products which have experienced lower gross margins than our discrete MCP products, and inventory reserves that we recorded as a charge to cost of revenue that primarily related to purchase commitments that we believed had exceeded future demand.
41
Handheld GPU Business. The gross margin of our Handheld GPU Business increased during fiscal 2007 as compared to fiscal 2006, primarily due to an increase in unit sales of high-end feature cellular phone and PDA products which generally have higher gross margins than our previous Handheld GPU products.
Consumer Electronics Business. The gross margin of our Consumer Electronics Business increased during fiscal 2007 as compared to fiscal 2006, primarily due to license and royalty revenue from our contractual development arrangements that have higher gross margins compared to the gross margin of Xbox products shipped in fiscal 2006.
Fiscal Year 2006 vs. Fiscal Year 2005
GPU Business. The gross margin of our GPU Business increased during fiscal 2006 as compared to fiscal 2005, primarily due to the sale of our GeForce 7 series GPUs and increased sales of our GeForce 6 series GPUs, which collectively accounted for approximately 78% of our fiscal 2006 GPU Business revenue. Our GeForce 7 and our GeForce 6 series GPUs generally have higher gross margins than our GeForce FX series GPUs which comprised 53% of our fiscal 2005 GPU Business revenue. In addition, average selling prices from our notebook GeForce 7 and GeForce 6 series GPU products increased as a larger percentage of our total notebook revenue during fiscal 2006 as compared to fiscal 2005.
MCP Business. The gross margin of our MCP Business increased during fiscal 2006 as compared to fiscal 2005, primarily due
| 2SELL
|
[
-0.005838304758071899,
0.06266768276691437,
-0.0032338600140064955,
-0.027754830196499825,
-0.10443967580795288,
-0.018596528097987175,
-0.0014105874579399824,
-0.0004444270161911845,
-0.06176766753196716,
0.028856733813881874,
0.0032607296016067266,
-0.02545522153377533,
0.02013673260807991,
-0.018455682322382927,
0.01815236359834671,
0.0290408693253994,
0.0529954619705677,
-0.015734001994132996,
-0.041803259402513504,
0.006422408856451511,
0.0155523382127285,
0.02206672728061676,
0.007165621500462294,
-0.011302509345114231,
0.010610552504658699,
0.0169032271951437,
-0.056911297142505646,
0.021714475005865097,
0.06005784869194031,
-0.04891053959727287,
0.028821466490626335,
0.024659758433699608,
0.0301357451826334,
-0.019779488444328308,
0.05249395966529846,
0.005786350462585688,
-0.04424316808581352,
0.021341953426599503,
0.032973553985357285,
0.005860945209860802,
-0.04541565477848053,
-0.0022452010307461023,
0.0029597957618534565,
-0.012203988619148731,
0.013863664120435715,
-0.009150098077952862,
0.03392105922102928,
0.04470447450876236,
0.014454022981226444,
-0.009508436545729637,
0.0035664041060954332,
-0.034104231745004654,
-0.015310157090425491,
-0.0276329442858696,
-0.027104157954454422,
-0.00918166246265173,
-0.023596961051225662,
-0.032935429364442825,
0.07432333379983902,
0.033142007887363434,
0.02890334650874138,
-0.034546881914138794,
0.007575562689453363,
0.01565939374268055,
0.004646001383662224,
-0.004736755043268204,
-0.0026888775173574686,
-0.0002360656944802031,
-0.03360670059919357,
-0.02674879878759384,
0.026040127500891685,
0.032811377197504044,
-0.01553268637508154,
-0.029739374294877052,
0.002975717419758439,
-0.044040530920028687,
0.03489510342478752,
0.0022689425386488438,
0.08801082521677017,
-0.02448759786784649,
0.003919144626706839,
-0.07874753326177597,
0.0593896210193634,
-0.07774897664785385,
0.008294242434203625,
-0.028950488194823265,
-0.020625533536076546,
-0.044434692710638046,
-0.017498759552836418,
0.002066483022645116,
0.005709345918148756,
0.0010740451980382204,
-0.019521957263350487,
-0.03452121093869209,
-0.02810809388756752,
-0.006859990302473307,
0.0305457953363657,
-0.16607175767421722,
0.0036145446356385946,
-0.0027153545524924994,
0.06435184180736542,
0.014758704230189323,
0.0480802021920681,
-0.02529391087591648,
0.01398885902017355,
0.01128398161381483,
-0.028103819116950035,
0.02793850563466549,
0.006218858528882265,
0.010620469227433205,
-0.0028707224410027266,
-0.06161290034651756,
0.025515830144286156,
-0.002579774707555771,
-0.009168673306703568,
0.05247128754854202,
0.009127095341682434,
0.03609326109290123,
0.0031510991975665092,
-0.07556658238172531,
0.00853730272501707,
-0.03473767638206482,
-0.03327010199427605,
-0.009723298251628876,
-0.03743617609143257,
0.03374426066875458,
-0.04103853181004524,
-0.0060849920846521854,
0.03857547044754028,
-0.009174960665404797,
-0.008277864195406437,
0.005662852898240089,
-0.008686252869665623,
0.02520960196852684,
-0.0441570058465004,
0.006572543643414974,
-0.02340448834002018,
0.004225926008075476,
-0.044162947684526443,
0.011307609267532825,
-0.0386669859290123,
-0.02955632284283638,
0.0023647930938750505,
-0.001803658902645111,
-0.051357854157686234,
-0.008106674998998642,
-0.012530350126326084,
0.0006472031236626208,
0.03564959764480591,
0.08135871589183807,
-0.02044772543013096,
-0.011187706142663956,
-0.028221208602190018,
-0.01859378069639206,
-0.0176496934145689,
-0.01683051325380802,
0.05172927305102348,
0.0021805830765515566,
-0.06870973855257034,
-0.005372492130845785,
-0.0028629754669964314,
-0.00010819964518304914,
-0.0067353746853768826,
-0.06566867232322693,
-0.05145296826958656,
-0.02699083834886551,
0.010351385921239853,
-0.017231198027729988,
0.044142499566078186,
0.03961578756570816,
0.02065848931670189,
0.02194051630795002,
0.0007684080046601593,
0.010254809632897377,
0.029221683740615845,
-0.07323083281517029,
0.019015388563275337,
0.0484941229224205,
-0.008837726898491383,
0.013665796257555485,
0.026795949786901474,
0.0074670505709946156,
0.06351334601640701,
-0.08624569326639175,
-0.07051312923431396,
-0.029649633914232254,
0.011769577860832214,
0.032594066113233566,
-0.0015204870142042637,
-0.02104102075099945,
0.0470530241727829,
-0.015608245506882668,
0.0010072991717606783,
0.003444905858486891,
-0.01661330834031105,
-0.004712723195552826,
-0.014608615078032017,
0.00106395548209548,
-0.004621719475835562,
-0.007912597618997097,
-0.10458294302225113,
0.015938233584165573,
0.001310234423726797,
0.01727130450308323,
0.04542163759469986,
-0.014422561973333359,
-0.020727042108774185,
0.0021041061263531446,
-0.003842598758637905,
-0.007652648258954287,
-0.06557934731245041,
-0.011349457316100597,
0.00454008998349309,
-0.032816093415021896,
0.011890369467437267,
0.058635029941797256,
-0.01436438038945198,
-0.0876193568110466,
-0.02173733524978161,
-0.038778237998485565,
0.006612598896026611,
-0.016055336222052574,
0.018030451610684395,
0.0023785647936165333,
0.06186320260167122,
-0.019813615828752518,
0.03756911680102348,
-0.002930739428848028,
-0.05061047151684761,
0.025479910895228386,
0.01164070051163435,
0.07005691528320312,
-0.035518959164619446,
0.029916252940893173,
0.012303969822824001,
0.004413777031004429,
0.0017610274953767657,
-0.000557872757781297,
-0.03333248943090439,
0.0672944113612175,
0.09119074791669846,
-0.00860154815018177,
-0.015896713361144066,
-0.009550129063427448,
-0.03977486863732338,
0.03646605834364891,
0.023959217593073845,
0.028765425086021423,
-0.015291515737771988,
-0.007851283997297287,
-0.010697622783482075,
0.02750951610505581,
-0.03659600764513016,
0.0062755499966442585,
-0.03846711665391922,
0.01802102103829384,
0.011241908185184002,
-0.011111986823379993,
0.01552745420485735,
-0.13725432753562927,
-0.011993390507996082,
-0.026821572333574295,
0.0005747258546762168,
-0.02480178326368332,
0.014851607382297516,
0.02221333608031273,
0.026059269905090332,
-0.0012209998676553369,
-0.01303540263324976,
0.004840254317969084,
-0.0021170866675674915,
-0.007656989153474569,
0.03961940482258797,
-0.018468493595719337,
0.002145919483155012,
0.007664105389267206,
0.031232595443725586,
-0.010058765299618244,
0.01842339336872101,
-0.03486841544508934,
-0.0034453561529517174,
-0.004538174252957106,
-0.0018986363429576159,
-0.02833937481045723,
-0.02150793746113777,
-0.008205723017454147,
-0.03611750528216362,
-0.005127520300447941,
0.08464359492063522,
-0.03317401930689812,
-0.023424718528985977,
0.004298260435461998,
0.009518229402601719,
-0.0357440747320652,
-0.03370405361056328,
0.06894560903310776,
-0.011289015412330627,
-0.05093156918883324,
-0.003448336850851774,
0.058854129165410995,
0.018529808148741722,
0.033745378255844116,
0.018315760418772697,
-0.037157658487558365,
-0.011165731586515903,
-0.011073367670178413,
-0.013557679019868374,
-0.016176559031009674,
0.1264588087797165,
-0.014930900186300278,
0.012807557359337807,
0.017570635303854942,
-0.016225744038820267,
-0.004884148482233286,
-0.015098935924470425,
-0.048336632549762726,
-0.04375527426600456,
0.041036881506443024,
-0.021886581555008888,
-0.03618795424699783,
0.0193934366106987,
0.0064598508179187775,
0.021354887634515762,
0.026207508519291878,
0.056326575577259064,
0.0005874950438737869,
0.045555517077445984,
-0.024446774274110794,
0.03144339099526405,
-0.020209522917866707,
0.06827408075332642,
0.0802864283323288,
-0.03780733793973923,
0.043628059327602386,
-0.02819979377090931,
0.012423494830727577,
0.023130837827920914,
-0.03215153515338898,
0.0020873022731393576,
-0.002576542552560568,
0.002512921579182148,
-0.002023428212851286,
0.028480682522058487,
-0.029558587819337845,
-0.00014016499335411936,
0.10366995632648468,
0.0034749088808894157,
-0.05812472477555275,
0.02072865515947342,
0.08700357377529144,
0.05755285173654556,
-0.020138945430517197,
0.012374582700431347,
0.05211465433239937,
0.0015101444441825151,
-0.03950105234980583,
0.04352729767560959,
0.006228770595043898,
-0.02080797404050827,
0.013730069622397423,
-0.018735898658633232,
-0.01627383753657341,
-0.006328393239527941,
-0.0009914253605529666,
0.04313118755817413,
-0.001652194419875741,
-0.04090174287557602,
0.00986358243972063,
0.021248500794172287,
-0.027431068941950798,
-0.013244688510894775,
0.009712835773825645,
0.01843857951462269,
0.05455251783132553,
-0.035958364605903625,
0.011587129905819893,
0.03286294266581535,
-0.03425721079111099,
0.011485466733574867,
0.03533831611275673,
0.008016994222998619,
0.0012482296442613006,
-0.007927840575575829,
-0.014997679740190506,
0.0628645122051239,
-0.021677983924746513,
-0.0006196484318934381,
-0.007635779678821564,
-0.010112966410815716,
0.01075650006532669,
-0.013777283020317554,
0.038239143788814545,
0.040681932121515274,
0.010658619925379753,
-0.01856830343604088,
0.006225792225450277,
0.03395311161875725,
-0.004785086959600449,
-0.02184496633708477,
-0.025304259732365608,
-0.011161059141159058,
-0.013776738196611404,
-0.0054381233640015125,
0.008839577436447144,
0.054873425513505936,
0.005546179600059986,
-0.03334316238760948,
0.025557538494467735,
-0.0010334652615711093,
0.03994874283671379,
-0.011731276288628578,
-0.12726448476314545,
-0.019801480695605278,
0.02370917797088623,
-0.06204235181212425,
0.037379976361989975,
-0.012569899670779705,
0.03651968389749527,
0.0700828954577446,
0.026063531637191772,
-0.0459718257188797,
0.011026967316865921,
0.03997843712568283,
0.015648387372493744,
-0.13300377130508423,
-0.0029290413949638605,
-0.05714833363890648,
-0.029217833653092384,
0.027973035350441933,
0.013006903231143951,
-0.00917756650596857,
0.01180066168308258,
0.031999386847019196,
-0.00879135075956583,
0.003572622314095497,
0.01021972019225359,
-0.0049684601835906506,
-0.03405311331152916,
-0.0030800269450992346,
0.026402832940220833,
-0.029449408873915672,
0.03923135995864868,
0.006867730058729649,
-0.01735498011112213,
-0.010039393790066242,
0.01074320450425148,
0.05834652855992317,
-0.020581169053912163,
0.023907311260700226,
-0.0518939271569252,
-0.0035462321247905493,
0.014977831393480301,
0.030384352430701256,
0.008242109790444374,
0.010638032108545303,
-0.009882763028144836,
-0.015890713781118393,
0.006553447339683771,
-0.01835562475025654,
0.0075044333934783936,
0.009077539667487144,
0.005418631248176098,
0.028442367911338806,
-0.007049359381198883,
0.0028076940216124058,
0.02664000354707241,
0.016634076833724976,
0.003940279129892588,
0.054270144551992416,
-0.005563319660723209,
0.009876469150185585,
0.006977638695389032,
0.002498431596904993,
-0.0007703479495830834,
0.03665275126695633,
-0.019666874781250954,
0.052051741629838943,
-0.015313202515244484,
-0.008419995196163654,
-0.02645343914628029,
0.016826195642352104,
-0.0192185677587986,
-0.027035854756832123,
0.0157853364944458,
0.004282652400434017,
-0.0864902064204216,
-0.03530707210302353,
-0.0191402118653059,
-0.011831587180495262,
0.004151166882365942,
-0.04735051468014717,
-0.03149649500846863,
-0.029399016872048378,
0.03589010611176491,
-0.0035705778282135725,
-0.006550261285156012,
-0.1530216634273529,
0.02635524421930313,
-0.01277944352477789,
-0.01680544950067997,
0.037769824266433716,
-0.014324814081192017,
0.01660895347595215,
0.03715218976140022,
0.003149649128317833,
0.0302995927631855,
-0.0040717581287026405,
0.025056345388293266,
-0.04510817304253578,
0.0012595199514180422,
0.029629362747073174,
0.041412271559238434,
-0.014437330886721611,
-0.03814932703971863,
0.021567467600107193,
-0.07119043171405792,
0.04351535066962242,
0.0024453820660710335,
0.02994084730744362,
0.00722550181671977,
-0.001437840168364346,
0.02259247936308384,
0.025376176461577415,
-0.0016137617640197277,
0.049971286207437515,
-0.007388103287667036,
0.019847258925437927,
-0.013037140481173992,
0.0530925951898098,
0.003145852591842413,
0.012578088790178299,
0.17472441494464874,
-0.00023136992240324616,
-0.0064596133306622505,
-0.00519191287457943,
-0.002144645666703582,
-0.0009457452106289566,
-0.011951655149459839,
-0.018702920526266098,
-0.01318683847784996,
-0.013460068963468075,
0.026614058762788773,
0.012066670693457127,
-0.011695172637701035,
0.023374546319246292,
-0.01492942962795496,
-0.07559029012918472,
-0.005889533087611198,
0.00034007278736680746,
-0.05855304002761841,
-0.01578865945339203,
0.09295020997524261,
0.04726298898458481,
0.002225809497758746,
0.006757725961506367,
-0.027190951630473137,
0.012045253068208694,
-0.000017003265384119004,
0.006376618053764105,
0.016678733751177788,
0.007163416128605604,
-0.04638802632689476,
0.001980867236852646,
-0.015800904482603073,
-0.04877100884914398,
0.005344437435269356,
0.0038870482239872217,
-0.03133906424045563,
0.023126961663365364,
-0.012791759334504604,
0.09242510050535202,
0.010756175965070724,
-0.019745271652936935,
-0.06455738842487335,
0.03871898725628853,
0.00558453006669879,
0.00026454354519955814,
-0.005765405483543873,
-0.007313075941056013,
-0.04775797575712204,
0.059785619378089905,
0.020923178642988205,
-0.012056880630552769,
0.015580481849610806,
0.02390889823436737,
-0.12135840952396393,
0.04997192695736885,
0.023200832307338715,
-0.0017633432289585471,
0.006399684119969606,
-0.018690237775444984,
0.002366656670346856,
-0.006221417803317308,
0.024047886952757835,
0.048876792192459106,
-0.12189799547195435,
-0.020108792930841446,
0.015883710235357285,
-0.001971523044630885,
-0.016971375793218613,
0.014265734702348709,
0.007884543389081955,
0.02692440152168274,
0.02898559346795082,
0.01955856755375862,
-0.01601616106927395,
0.017548155039548874,
-0.0011288459645584226,
0.036253850907087326,
-0.025523105636239052,
-0.016399063169956207,
-0.006990871392190456,
-0.004127727821469307,
-0.034479252994060516,
-0.0014512049965560436,
0.03031722456216812,
0.014614091254770756,
-0.19117213785648346,
0.026370510458946228,
0.03678782656788826,
-0.011748277582228184,
-0.017661582678556442,
0.02531757391989231,
-0.01821359619498253,
-0.04972516745328903,
0.010244718752801418,
-0.01692989096045494,
-0.03247456252574921,
0.024987412616610527,
-0.01663449965417385,
-0.020076638087630272,
0.01400621049106121,
0.014547095634043217,
-0.02357654832303524,
0.0024433748330920935,
0.04440002515912056,
-0.027272112667560577,
0.03515004366636276,
-0.051473211497068405,
-0.12636882066726685,
0.0038483557291328907,
-0.05045697093009949,
-0.01205409411340952,
0.012759264558553696,
0.03396996483206749,
0.005024038255214691,
-0.012034116312861443,
-0.03197803348302841,
0.02441439963877201,
0.06059754267334938,
0.033578380942344666,
-0.007366166915744543,
-0.0029902211390435696,
0.05120312049984932,
-0.017602672800421715,
-0.017400795593857765,
0.0226761307567358,
-0.014044389128684998,
0.0005967364413663745,
-0.030971713364124298,
-0.024364518001675606,
0.03756692633032799,
-0.04996142536401749,
0.004205209203064442,
0.012115484103560448,
0.009205610491335392,
0.03448629379272461,
0.015097533352673054,
-0.047434933483600616,
-0.00849469006061554,
0.018311748281121254,
0.01806691661477089,
-0.006284830626100302,
0.024913249537348747,
0.06498580425977707,
0.011518909595906734,
-0.0338120199739933,
0.03916415944695473,
0.01900537870824337,
-0.05502907186746597,
0.01119453739374876,
0.001396004925481975,
-0.030959896743297577,
0.008296629413962364,
-0.06012051925063133,
0.025515951216220856,
0.02742694318294525,
-0.14391446113586426,
-0.08778940141201019,
-0.07759183645248413,
0.01848645880818367,
0.01119935791939497,
-0.021506965160369873,
-0.0032866145484149456,
-0.022863857448101044,
-0.012434955686330795,
-0.002743284683674574,
-0.0256586205214262,
0.0055887396447360516,
-0.09416960179805756,
0.028360160067677498,
-0.020193051546812057,
0.007302561309188604,
0.019739791750907898,
-0.01843235455453396,
0.020959191024303436,
-0.004995096009224653,
-0.015138782560825348,
-0.007409421727061272,
0.027249207720160484,
0.011547613888978958,
-0.007442766800522804,
-0.003873849054798484,
-0.025801757350564003,
-0.0013064596569165587,
-0.0768837109208107,
0.011608302593231201,
0.0018690137658268213,
0.012120647355914116,
0.0043738349340856075,
-0.021635333076119423,
-0.03969576954841614,
-0.031467556953430176,
-0.0067301117815077305,
0.11919660121202469,
-0.0025692612398415804,
0.01917225308716297,
-0.01918225735425949,
0.009580000303685665,
-0.008785226382315159,
0.003550313413143158,
-0.04368976503610611,
0.07317135483026505,
-0.01838964968919754,
-0.006765982136130333,
0.019482828676700592,
-0.0482131689786911,
-0.01482835691422224,
-0.00016048071847762913,
0.001191562507301569,
0.06556933373212814,
0.034191351383924484,
-0.00993417203426361,
0.019166629761457443,
0.055191781371831894,
-0.016180872917175293,
-0.01646922342479229,
-0.037849061191082,
-0.04872812703251839,
0.056124716997146606,
-0.10584976524114609,
-0.025463609024882317,
0.022288400679826736,
0.007406075485050678,
-0.04065844789147377,
0.012173579074442387,
-0.009500770829617977,
-0.009677853435277939,
0.01227973960340023,
-0.04157363250851631,
0.010054664686322212,
0.008233129046857357,
0.028951622545719147,
-0.018465006723999977,
0.04218220338225365,
-0.0546114481985569,
0.03687399625778198,
0.01369350217282772
] |
Systems Products and Hardware Systems Related Services (Nonsoftware Arrangements)
In the third quarter of fiscal 2010, we early adopted the provisions of Accounting Standards Update No. 2009-13, Revenue Recognition (Topic 605) Multiple-Deliverable Revenue Arrangements (ASU 2009-13) and Accounting Standards Update 2009-14, Software (Topic 985)—Certain Revenue Arrangements that Include Software Elements (ASU 2009-14). ASU 2009-13 amended existing accounting guidance for revenue recognition for multiple-element arrangements. To the extent a deliverable within a multiple-element arrangement is not accounted for pursuant to other accounting standards, including ASC 985-605, Software-Revenue Recognition, ASU 2009-13 establishes a selling price hierarchy that allows for the use of an estimated selling price (ESP) to determine the allocation of arrangement consideration to a deliverable in a multiple element arrangement where neither VSOE nor third-party evidence (TPE) is available for that deliverable. ASU 2009-14 modifies the scope of ASC 985-605 to exclude tangible products containing software components and nonsoftware components that function together to deliver the product’s essential functionality. In addition, ASU 2009-14 provides guidance on how a vendor should allocate arrangement consideration to nonsoftware and software deliverables in an arrangement where the vendor sells tangible products containing software components that are essential in delivering the tangible product’s functionality.
As a result of our early adoption of ASU 2009-13 and ASU 2009-14, we applied the provisions of these accounting standards updates as of the beginning of fiscal 2010. The impact of our adoption of ASU 2009-13 and ASU 2009-14 was not material to our results of operations for fiscal 2010.
We enter into arrangements with customers that purchase both nonsoftware related products and services from us at the same time, or within close proximity of one another (referred to as nonsoftware multiple-element arrangements). Each element within a nonsoftware multiple-element arrangement is accounted for as a separate unit of accounting provided the following criteria are met: the delivered products or services have value to the customer on a standalone basis; and for an arrangement that includes a general right of return relative to the delivered products or services, delivery or performance of the undelivered product or service is considered probable and is substantially controlled by us. We consider a deliverable to have standalone value if the product or service is sold separately by us or another vendor or could be resold by the customer. Further, our revenue arrangements generally do not include a general right of return relative to the delivered products. Where the aforementioned criteria for a separate unit of accounting are not met, the deliverable is combined with the undelivered element(s) and treated as a single unit of accounting for the purposes of allocation of the arrangement consideration and revenue recognition. For those units of accounting that include more than one deliverable but are treated as a single unit of accounting, we generally
| 1HOLD
|
[
-0.009022200480103493,
0.042468536645174026,
0.0041371481493115425,
0.03219307214021683,
-0.09767486155033112,
-0.014140909537672997,
-0.009883858263492584,
-0.015501330606639385,
-0.04946746677160263,
0.012535405345261097,
0.02079647406935692,
-0.01185657363384962,
0.01991334557533264,
-0.025429625064134598,
-0.0052124690264463425,
-0.042667221277952194,
-0.03419109806418419,
-0.014996588230133057,
-0.013530148193240166,
0.0032667831983417273,
0.011736211366951466,
0.012055127881467342,
0.004510554485023022,
-0.019208891317248344,
-0.00848071463406086,
0.02412150613963604,
-0.0012344187125563622,
0.021569428965449333,
0.053403694182634354,
-0.02340921387076378,
0.015676775947213173,
-0.02927270717918873,
0.029486754909157753,
-0.015616940334439278,
-0.01884845457971096,
0.006583576090633869,
-0.06094112992286682,
0.00969662144780159,
0.035538025200366974,
0.0002027574082603678,
0.003751809010282159,
-0.011605520732700825,
0.023621128872036934,
0.009167495183646679,
0.017203183844685555,
-0.012160620652139187,
0.03391270339488983,
0.03207807615399361,
0.016204580664634705,
-0.000040202146919909865,
0.009776717983186245,
-0.01121384184807539,
-0.026701416820287704,
-0.031072497367858887,
-0.007486323360353708,
-0.01190873421728611,
0.009350610896945,
-0.010180210694670677,
0.06007359176874161,
0.027797551825642586,
0.03612425923347473,
-0.02304551750421524,
-0.01314279343932867,
0.054020024836063385,
0.0019398167496547103,
-0.017772944644093513,
-0.003931343089789152,
0.04567929357290268,
-0.04061969742178917,
-0.03144592419266701,
0.01101253554224968,
0.006138382013887167,
-0.009204449132084846,
-0.006541278678923845,
0.013676111586391926,
-0.025103304535150528,
0.023499375209212303,
0.0031209916342049837,
0.06970098614692688,
-0.04081663489341736,
-0.010880851186811924,
-0.07187123596668243,
-0.03861941024661064,
0.0314217209815979,
0.04146596044301987,
-0.0029809579718858004,
0.008020525798201561,
-0.050660401582717896,
-0.019577451050281525,
-0.009276634082198143,
0.006759214214980602,
0.01067974790930748,
-0.033275604248046875,
-0.08546873182058334,
-0.03660488501191139,
0.005537425167858601,
0.0018410541815683246,
-0.1442742943763733,
-0.005527604836970568,
-0.04554988071322441,
0.05875462293624878,
0.006445032078772783,
0.049467477947473526,
-0.005897992756217718,
-0.01103768590837717,
0.013433062471449375,
0.0017834443133324385,
0.007454433012753725,
-0.0035061610396951437,
0.0058798957616090775,
-0.019083358347415924,
-0.06446656584739685,
0.02548920549452305,
-0.005640999414026737,
0.0153959384188056,
0.035807352513074875,
-0.005805314518511295,
-0.004120206460356712,
-0.04417270049452782,
-0.0774948000907898,
-0.006997636053711176,
-0.03188022971153259,
-0.03256002441048622,
-0.023235570639371872,
-0.02668081223964691,
0.005059152841567993,
0.002806516131386161,
-0.0103165777400136,
0.03240394592285156,
-0.01935054175555706,
0.007390604354441166,
0.005810311064124107,
-0.024694044142961502,
0.03233538568019867,
-0.018356958404183388,
0.009277600795030594,
-0.017787497490644455,
-0.008143586106598377,
-0.02930382266640663,
0.01777638867497444,
-0.010079982690513134,
-0.04232758283615112,
-0.0409276969730854,
-0.013091614469885826,
-0.03677651658654213,
-0.00990142673254013,
-0.018905360251665115,
-0.0028254699427634478,
0.029131995514035225,
0.10005700588226318,
-0.004109364002943039,
-0.01628624089062214,
-0.010885657742619514,
-0.02855909802019596,
-0.033542219549417496,
0.015364928171038628,
0.020487800240516663,
-0.06499782204627991,
-0.03483662009239197,
-0.0008978598052635789,
0.009101481176912785,
0.007200058549642563,
-0.001634200569242239,
-0.0184854157269001,
0.014114703983068466,
-0.01863771863281727,
0.030075110495090485,
-0.024638153612613678,
0.032067496329545975,
0.025174902752041817,
0.012384820729494095,
0.024901362136006355,
0.013090966269373894,
-0.0003292264591436833,
-0.015995875000953674,
-0.021741164848208427,
0.040223315358161926,
-0.011055601760745049,
0.016011372208595276,
0.005267664790153503,
0.0014219635631889105,
-0.013761796057224274,
0.008268490433692932,
0.11724796891212463,
-0.03689843788743019,
0.0027056687977164984,
0.001323798904195428,
0.03930569440126419,
0.011549766175448895,
0.004763334523886442,
0.018862497061491013,
-0.014025835320353508,
-0.004941526800394058,
-0.030297178775072098,
-0.023662850260734558,
-0.010084575042128563,
-0.03952159360051155,
-0.013363742269575596,
0.02957727387547493,
-0.007857107557356358,
-0.018864067271351814,
0.020883571356534958,
0.016318032518029213,
0.0175013430416584,
0.02384517900645733,
-0.018577463924884796,
-0.014008481055498123,
-0.006090642884373665,
-0.014918546192348003,
-0.01081184484064579,
-0.030697058886289597,
-0.005655811168253422,
-0.0009416578686796129,
-0.020964380353689194,
0.005672765895724297,
0.01178903691470623,
0.003349141450598836,
-0.06844952702522278,
-0.03974234312772751,
-0.032015930861234665,
0.004073364194482565,
-0.014167239889502525,
0.0003027008206117898,
-0.0010042903013527393,
0.0034982601646333933,
-0.004311592783778906,
0.051633112132549286,
0.002302303910255432,
-0.03913484513759613,
0.035170648247003555,
0.03171028196811676,
0.018947523087263107,
0.015962235629558563,
0.028808901086449623,
0.0036449034232646227,
-0.018390513956546783,
-0.0018498172285035253,
0.028924761340022087,
-0.015955930575728416,
0.021508775651454926,
0.12020625174045563,
-0.02322123758494854,
-0.013419250957667828,
-0.026261838153004646,
-0.03455390781164169,
0.01571962982416153,
-0.02859807386994362,
0.06519901752471924,
0.002670582616701722,
-0.014502978883683681,
-0.004803250543773174,
-0.015761159360408783,
0.06100891903042793,
-0.005979001987725496,
-0.03434056416153908,
-0.014863044954836369,
0.012930292636156082,
-0.019638584926724434,
0.0115809952840209,
-0.12090642005205154,
-0.009072015061974525,
0.001585311722010374,
0.016227057203650475,
-0.022389838472008705,
0.018320828676223755,
-0.030532479286193848,
0.02050691284239292,
0.01997612975537777,
-0.011624530889093876,
0.008660797961056232,
-0.009756729006767273,
-0.00977011676877737,
0.06780701130628586,
-0.017635732889175415,
-0.0014477011281996965,
0.010742578655481339,
0.027966303750872612,
-0.023988869041204453,
0.005779829807579517,
-0.029993057250976562,
-0.004705200903117657,
-0.009950005449354649,
-0.03132535517215729,
-0.01174007635563612,
-0.011818081140518188,
-0.014338811859488487,
-0.015213451348245144,
0.006123687606304884,
0.0009229373536072671,
-0.028492147102952003,
-0.018526781350374222,
0.015605505555868149,
0.011578930541872978,
-0.008062431588768959,
-0.003908722661435604,
0.05881792679429054,
-0.01705264300107956,
-0.016197623685002327,
-0.004107097163796425,
0.023118488490581512,
-0.05551087483763695,
0.022532427683472633,
-0.012742370367050171,
-0.024248188361525536,
-0.022080879658460617,
-0.0037913343403488398,
0.011146781034767628,
-0.005830082576721907,
-0.0015756553038954735,
-0.01155148260295391,
0.0008960770210251212,
0.005572997499257326,
0.0022154266480356455,
-0.003643372794613242,
0.005682075396180153,
-0.043746232986450195,
-0.011662562377750874,
0.01162598468363285,
-0.06817431002855301,
-0.028228024020791054,
0.0060472446493804455,
0.004188144113868475,
0.003011767053976655,
0.025381896644830704,
0.07332710921764374,
0.01840176433324814,
0.06769406795501709,
-0.02270343527197838,
-0.03021935559809208,
-0.057856399565935135,
0.3277777135372162,
0.09812408685684204,
-0.02409992553293705,
0.029076779261231422,
-0.004940321668982506,
-0.05083104968070984,
0.03150658309459686,
-0.03452334925532341,
-0.00110360246617347,
-0.031414177268743515,
-0.0005720359040424228,
0.04044770076870918,
-0.003428221680223942,
-0.024494770914316177,
0.004293829668313265,
0.03044922649860382,
0.02119722031056881,
-0.1042633056640625,
0.003183881053701043,
0.020340705290436745,
0.058387745171785355,
0.0056570349261164665,
-0.022678054869174957,
0.039696529507637024,
0.0027209215331822634,
-0.05211016908288002,
0.018050050362944603,
0.02403835766017437,
-0.007101738825440407,
0.024711498990654945,
-0.016849404200911522,
0.0005211137467995286,
0.006598697975277901,
-0.00751258572563529,
0.05743204802274704,
-0.02521621622145176,
0.01986595056951046,
0.011759602464735508,
0.0157150961458683,
0.001614079112187028,
0.02048891969025135,
-0.0026572172064334154,
0.011967410333454609,
0.09423898160457611,
-0.003576594637706876,
-0.03393010422587395,
0.02063925378024578,
0.006612786091864109,
0.01428649015724659,
-0.0015914172399789095,
-0.010404739528894424,
0.009413099847733974,
-0.009229163639247417,
-0.017524678260087967,
-0.05592378228902817,
-0.0005446448922157288,
0.009832466021180153,
0.00432129530236125,
-0.059262361377477646,
0.0382545180618763,
0.00911301001906395,
0.016030266880989075,
0.03588353469967842,
-0.015977468341588974,
0.015222237445414066,
-0.005533838178962469,
-0.018704397603869438,
0.009327583946287632,
-0.04977543279528618,
0.008414163254201412,
-0.02180696837604046,
0.004422623198479414,
-0.005910194478929043,
-0.030443549156188965,
0.02487892657518387,
0.0401068814098835,
-0.021808434277772903,
0.0338725708425045,
-0.021095793694257736,
0.037324581295251846,
-0.012164355255663395,
-0.05501920357346535,
0.00660806056112051,
0.04699807986617088,
0.007526912726461887,
0.011878754943609238,
-0.029505498707294464,
0.045769620686769485,
0.04042303189635277,
-0.022826531901955605,
-0.05357711389660835,
0.008774064481258392,
0.03955932706594467,
-0.005255379714071751,
-0.013213420286774635,
0.021410144865512848,
-0.06816728413105011,
-0.01406217459589243,
0.0019015835132449865,
-0.017547914758324623,
-0.02819538302719593,
-0.005343558266758919,
0.015993012115359306,
-0.04832935333251953,
0.0016107199480757117,
0.0025227442383766174,
0.006465022452175617,
-0.02876897156238556,
0.015431896783411503,
0.02182266302406788,
0.0009483298053964972,
-0.021397287026047707,
0.009493587538599968,
-0.014833915047347546,
-0.011921773664653301,
0.0706963837146759,
0.03277559205889702,
-0.006081809289753437,
0.030385475605726242,
-0.02335122413933277,
-0.01950816623866558,
0.01498282328248024,
-0.021504120901226997,
0.043605003505945206,
-0.016308829188346863,
-0.01871327869594097,
0.013982925564050674,
-0.006764121353626251,
0.004790015984326601,
-0.008387698791921139,
0.01926395855844021,
-0.015801792964339256,
0.01945485919713974,
-0.04588828608393669,
-0.010924968868494034,
0.004628643859177828,
0.012696025893092155,
0.012375229969620705,
0.01321113109588623,
-0.00149739149492234,
-0.007350136525928974,
0.005845577921718359,
-0.004313688259571791,
0.0034529375843703747,
-0.011048324406147003,
0.01629910245537758,
0.008944712579250336,
-0.014343648217618465,
-0.050236985087394714,
-0.01731506735086441,
0.005646687466651201,
-0.044626373797655106,
-0.021549219265580177,
-0.006216190289705992,
-0.015414002351462841,
-0.029539695009589195,
-0.07598727196455002,
-0.019527552649378777,
-0.002607656642794609,
-0.02106539160013199,
-0.03539304435253143,
-0.03927242383360863,
-0.02503475360572338,
0.030730366706848145,
-0.004385269246995449,
0.0017578863771632314,
-0.19156356155872345,
0.17403632402420044,
0.004510602913796902,
-0.000015412002539960667,
0.03012361004948616,
-0.025640549138188362,
-0.0033037224784493446,
0.06328830868005753,
0.006996572483330965,
0.017396852374076843,
-0.02238466590642929,
0.043470598757267,
-0.025487961247563362,
0.002686505438759923,
0.010643438436090946,
0.049855854362249374,
-0.007469969801604748,
0.01547405868768692,
0.009524641558527946,
0.007494783960282803,
-0.0012217583134770393,
-0.0004639308899641037,
0.026713406667113304,
0.011713356710970402,
-0.010550210252404213,
0.023921113461256027,
0.011187491938471794,
0.006936825346201658,
0.014518380165100098,
-0.009683225303888321,
-0.025143679231405258,
-0.022614547982811928,
0.03899857774376869,
0.013170188292860985,
-0.0007152084144763649,
-0.07448189705610275,
0.003133087884634733,
-0.020592227578163147,
0.028100181370973587,
-0.022089334204792976,
-0.0033113574609160423,
-0.01941833831369877,
-0.029221899807453156,
-0.031918201595544815,
-0.011924883350729942,
-0.004520330112427473,
0.014490429311990738,
-0.021601898595690727,
0.030587168410420418,
-0.01615474745631218,
-0.04535684734582901,
0.006751684937626123,
-0.010537384077906609,
-0.09667007625102997,
-0.04172613099217415,
0.15297693014144897,
0.0017958278767764568,
0.018413865938782692,
-0.0011810639407485723,
-0.04331112653017044,
0.03713930398225784,
0.007359161041676998,
0.024257643148303032,
0.003246573032811284,
0.005958449561148882,
-0.0328904390335083,
0.00604158965870738,
-0.017667999491095543,
-0.0867491066455841,
-0.006455200258642435,
-0.009104003198444843,
-0.03928631916642189,
0.013767802156507969,
-0.040008969604969025,
0.11442136019468307,
0.026148587465286255,
-0.012841583229601383,
-0.08269324898719788,
0.05182972922921181,
-0.017044363543391228,
0.00023196007532533258,
-0.012062858790159225,
-0.012011355720460415,
-0.03417220711708069,
0.05262463539838791,
-0.03749827295541763,
-0.013107189908623695,
0.03418095409870148,
0.007360611576586962,
-0.07022467255592346,
0.014670533128082752,
0.023015640676021576,
-0.0011333198053762317,
-0.03024597465991974,
-0.017171761021018028,
-0.017321771010756493,
-0.07662516832351685,
0.004648859612643719,
0.015413238666951656,
-0.004920736886560917,
-0.0009970302926376462,
0.012205102480947971,
0.015509636141359806,
-0.009258393198251724,
-0.02626808173954487,
0.0319809652864933,
-0.014729280956089497,
0.03827906772494316,
0.007961414754390717,
-0.016900086775422096,
0.013417256064713001,
-0.0028337333351373672,
0.041760146617889404,
-0.01580505445599556,
0.0032289819791913033,
-0.03198651969432831,
-0.012264905497431755,
-0.02520952746272087,
-0.014557029120624065,
0.008801786229014397,
0.003129188669845462,
0.14287953078746796,
0.02200601063668728,
0.002133552450686693,
0.013222920708358288,
0.004985308740288019,
0.04021473601460457,
0.004327679984271526,
0.08652546256780624,
0.013338706456124783,
-0.017370475456118584,
-0.022474048659205437,
0.006325142458081245,
-0.0027576519642025232,
-0.0180301945656538,
-0.016754822805523872,
0.01052403450012207,
-0.01879274472594261,
0.03267783671617508,
0.015353415161371231,
-0.0009448631899431348,
0.018814176321029663,
-0.039076317101716995,
0.0273511353880167,
0.020381033420562744,
-0.00912424921989441,
0.0015396293019875884,
0.01684924215078354,
0.03722693771123886,
-0.0006440966972149909,
0.0032910951413214207,
-0.031039228662848473,
0.017798129469156265,
0.0012735886266455054,
-0.03005947545170784,
-0.005222989711910486,
0.08230741322040558,
0.013943993486464024,
0.005042228382080793,
-0.010103194043040276,
-0.014723632484674454,
0.03740011900663376,
-0.018083646893501282,
-0.012569957412779331,
-0.0357714407145977,
0.015285301022231579,
-0.020714787766337395,
0.13168570399284363,
0.014753753319382668,
0.025348704308271408,
0.010211155749857426,
-0.008553588762879372,
-0.04557736963033676,
-0.023496247828006744,
0.026142099872231483,
-0.0032980076503008604,
0.03606472164392471,
0.002219908870756626,
0.006132590118795633,
0.02438458241522312,
-0.02642618678510189,
-0.0786389485001564,
0.030271371826529503,
-0.04766743257641792,
0.00022720106062479317,
0.023958709090948105,
0.016695396974682808,
-0.006372504401952028,
-0.0740697979927063,
-0.027633890509605408,
0.06887392699718475,
0.1162584125995636,
-0.07773599773645401,
-0.05754733830690384,
0.009487591683864594,
-0.004511785693466663,
-0.016686903312802315,
-0.0357094407081604,
-0.007137422915548086,
0.006348855793476105,
-0.010717255063354969,
-0.0029503225814551115,
-0.004447916988283396,
0.19736671447753906,
-0.012487687170505524,
-0.015038393437862396,
0.02995794638991356,
0.014905020594596863,
-0.019008006900548935,
0.012066519819200039,
-0.004910169169306755,
0.011186284944415092,
-0.011981704272329807,
0.021792734041810036,
0.007591795176267624,
-0.02980584092438221,
-0.03376156836748123,
-0.010447550565004349,
-0.004678404424339533,
-0.06761082261800766,
0.018655359745025635,
-0.010933233425021172,
0.024082256481051445,
-0.010047640651464462,
-0.026956817135214806,
-0.03979627043008804,
0.006995128933340311,
-0.016551055014133453,
-0.03438761830329895,
-0.0003037512651644647,
0.029669107869267464,
0.0003687917487695813,
-0.0036799765657633543,
-0.002250224817544222,
0.0088778305798769,
-0.04881798475980759,
-0.09470905363559723,
-0.023752352222800255,
-0.015501102432608604,
-0.05607898160815239,
-0.036271832883358,
-0.06627525389194489,
-0.009448944590985775,
-0.014326619915664196,
0.0488569401204586,
0.02282862365245819,
-0.018851855769753456,
0.021370142698287964,
0.038215577602386475,
0.0067613087594509125,
-0.02307908423244953,
-0.037891022861003876,
-0.014125955291092396,
0.09708918631076813,
0.11070244759321213,
-0.002329727169126272,
0.05124238505959511,
-0.02962357923388481,
-0.07376478612422943,
0.006325438152998686,
-0.005405331030488014,
-0.04715242236852646,
-0.003072089282795787,
0.00707927905023098,
-0.07715703547000885,
0.02851688303053379,
0.036575499922037125,
-0.020444117486476898,
0.008508674800395966,
-0.013275130651891232,
-0.002008698880672455,
-0.00785093754529953
] |
operating income.
Year Ended December 31, 2012, versus Year Ended December 31, 2011
In 2012, foreign currency exchange rates unfavorably impacted consolidated operating income by 5 percent. The unfavorable impact of changes in foreign currency exchange rates was primarily due to a stronger U.S. dollar compared to certain other foreign currencies, including the South African rand, British pound, euro, Brazilian real, Mexican peso and Australian dollar, which impacted the Eurasia and Africa, Europe, Latin America, Pacific and Bottling Investments operating segments. The unfavorable impact of a stronger U.S. dollar compared to the currencies listed above was partially offset by the impact of a weaker U.S. dollar compared to certain other foreign currencies, including the Japanese yen, which had a favorable impact on our Pacific operating segment. Refer to the heading "Liquidity, Capital Resources and Financial Position — Foreign Exchange" below.
Our 2012 consolidated operating margin was favorably impacted by geographic mix. The favorable geographic mix was primarily due to many of our emerging markets recovering from the global recession at a quicker pace than our developed markets. Although this shift in geographic mix has a negative impact on net operating revenues, it generally has a favorable impact on our gross profit margin and operating margin due to the correlated impact it has on our product mix. The product mix in the majority of our emerging and developing markets is more heavily skewed toward products in our sparkling beverage portfolio, which generally yield a higher gross profit margin compared to our still beverages and finished products. Consequently, the shift in our geographic mix is driving favorable product mix from a global perspective.
Operating income for Eurasia and Africa for the years ended December 31, 2012 and 2011 was$1,078 million and $1,003 million, respectively. In 2012, operating income was unfavorably impacted by fluctuations in foreign currency exchange rates of 10 percent. The unfavorable impact of the fluctuations in foreign currency exchange rates was offset by volume and revenue growth across the operating segment.
Europe’s operating income for the years ended December 31, 2012 and 2011 was$2,960 million and $3,090 million, respectively. In 2012, operating income was unfavorably impacted by fluctuations in foreign currency exchange rates by 4 percent. Operating income also declined in 2012 as a result of lower sales volume and shifts in product, package and channel mix across the market due to ongoing macroeconomic uncertainty and weak consumer confidence, partially offset by efficient expense management.
Operating income in Latin America for the years ended December 31, 2012 and 2011 was$2,879 million and $2,815 million, respectively. In 2012, operating income was unfavorably impacted by fluctuations in foreign currency exchange rates by 10 percent. In spite of the unfavorable currency impact, operating income in Latin America increased in 2012, reflecting solid volume growth and favorable pricing across the group, partially offset by continued investments in the business, including some
| 2SELL
|
[
-0.004191393498331308,
0.0596175342798233,
0.00039239090983755887,
-0.016220543533563614,
-0.11184558272361755,
-0.015383993275463581,
-0.0047080121003091335,
0.00011700483446475118,
-0.07050421088933945,
0.026104863733053207,
0.0019077756442129612,
-0.021673481911420822,
0.024355445057153702,
-0.038899976760149,
0.001725038280710578,
0.05061044543981552,
0.015864843502640724,
-0.003439440857619047,
-0.034898046404123306,
0.003635657485574484,
0.01282546017318964,
0.01663297228515148,
0.014755052514374256,
-0.0036606488283723593,
0.029234753921628,
0.028618672862648964,
-0.05729006975889206,
0.02526184543967247,
0.051388584077358246,
-0.039673347026109695,
0.01841200515627861,
0.025654152035713196,
0.03919791057705879,
-0.022313646972179413,
0.045197367668151855,
-0.00083422742318362,
-0.057331278920173645,
0.015258682891726494,
0.049443963915109634,
0.015240783803164959,
-0.0498637817800045,
0.010718723759055138,
-0.022246448323130608,
-0.004296926781535149,
0.0057146125473082066,
-0.01571219228208065,
0.03003612905740738,
0.03238547220826149,
0.018427308648824692,
-0.011336169205605984,
-0.0035078616347163916,
-0.03399194777011871,
-0.02082442305982113,
-0.027862265706062317,
-0.02102106809616089,
-0.001014973153360188,
-0.010296233929693699,
-0.028734374791383743,
0.07953764498233795,
0.02768653817474842,
0.03182578086853027,
-0.03137638419866562,
0.009634981863200665,
0.038636814802885056,
0.00429014815017581,
-0.012670802883803844,
-0.00028456581640057266,
-0.005728962831199169,
-0.03635408356785774,
-0.024058891460299492,
0.024718929082155228,
0.04230016469955444,
-0.01841970719397068,
-0.01731189526617527,
0.0064285797998309135,
-0.04822755232453346,
0.04143933579325676,
-0.006296239793300629,
0.0859069898724556,
-0.03927309066057205,
-0.005117006134241819,
-0.07602369040250778,
0.007571794558316469,
-0.09905801713466644,
0.031571436673402786,
-0.0038003074005246162,
-0.009965256787836552,
-0.0507027730345726,
-0.012356282211840153,
-0.0015270775184035301,
0.0018869612831622362,
0.017617203295230865,
-0.023292653262615204,
-0.07248283922672272,
-0.03325462341308594,
0.007294923532754183,
0.037437569350004196,
-0.13887405395507812,
-0.006720960605889559,
-0.004395924508571625,
0.04936935007572174,
0.010609927587211132,
0.03857196867465973,
-0.021801644936203957,
0.02377842180430889,
0.004347788169980049,
-0.02123505063354969,
0.03825001046061516,
-0.0029566872399300337,
0.012692955322563648,
-0.01922440528869629,
-0.06856385618448257,
0.024216262623667717,
-0.006352634634822607,
-0.0028563139494508505,
0.04123876988887787,
0.006200860720127821,
0.02082712948322296,
-0.007898191921412945,
-0.05210191383957863,
0.012820824980735779,
-0.015299094840884209,
-0.023221222683787346,
-0.0007383723859675229,
-0.038180600851774216,
0.00864710845053196,
-0.019522279500961304,
-0.006947026588022709,
0.04916147142648697,
-0.009890636429190636,
-0.0017460448434576392,
-0.007072091568261385,
-0.022984957322478294,
0.028616251423954964,
-0.036681558936834335,
0.0122179901227355,
-0.01065406296402216,
0.005217370577156544,
-0.055505286902189255,
0.010526856407523155,
-0.023947248235344887,
-0.03631553426384926,
-0.025302665308117867,
-0.014017105102539062,
-0.04284343495965004,
-0.0057992576621472836,
-0.01151710283011198,
0.004352530464529991,
0.01916959136724472,
0.06785053014755249,
-0.010123237036168575,
-0.0007716817199252546,
-0.039040178060531616,
-0.01468129176646471,
-0.01813666522502899,
-0.014109106734395027,
0.05405289679765701,
-0.016589205712080002,
-0.06969134509563446,
0.0012666404945775867,
-0.007346661761403084,
-0.0033964747563004494,
-0.008086423389613628,
-0.05252137407660484,
-0.05206473171710968,
-0.03725852072238922,
0.026990480720996857,
-0.02099335752427578,
0.03949316218495369,
0.053206149488687515,
0.023880112916231155,
0.03092666156589985,
-0.002854574704542756,
0.000932532362639904,
0.027933524921536446,
-0.05976317822933197,
0.031814541667699814,
0.042791854590177536,
-0.004731024615466595,
0.021107947453856468,
0.026771629229187965,
0.0034716331865638494,
0.05771076679229736,
-0.10344649106264114,
-0.06102242320775986,
-0.009345502592623234,
0.006738536991178989,
0.04915746673941612,
-0.0038301923777908087,
-0.018504805862903595,
0.040403056889772415,
-0.014918132685124874,
-0.0021530971862375736,
-0.008835363201797009,
-0.012292149476706982,
-0.01909756287932396,
-0.01559688150882721,
0.007263228762894869,
0.017329920083284378,
-0.01022909302264452,
-0.11021754890680313,
0.013509304262697697,
-0.004542082082480192,
0.019661353901028633,
0.0425998717546463,
-0.014736700803041458,
-0.018781229853630066,
0.001600626390427351,
-0.009787979535758495,
-0.01238099206238985,
-0.05783205106854439,
-0.0013565117260441184,
0.008061204105615616,
-0.037279244512319565,
-0.0010768882930278778,
0.05243564397096634,
0.008368125185370445,
-0.09666608273983002,
-0.02341877669095993,
-0.04639933258295059,
0.00708625465631485,
-0.01407739520072937,
0.016295023262500763,
0.011219321750104427,
0.056063659489154816,
-0.0021753618493676186,
0.04918554425239563,
-0.006456362083554268,
-0.04380711168050766,
0.03346526622772217,
0.015571236610412598,
0.05438415706157684,
-0.027788927778601646,
0.031469348818063736,
0.004645893815904856,
-0.01702216826379299,
0.004269749857485294,
0.0032433343585580587,
-0.01723218336701393,
0.06267371028661728,
0.08957426249980927,
-0.014116638340055943,
-0.01186241302639246,
-0.007867391221225262,
-0.030301997438073158,
0.05041079968214035,
0.003681149333715439,
0.04891900345683098,
-0.015984883531928062,
-0.010770485736429691,
-0.014805745333433151,
0.02678513154387474,
-0.02509194053709507,
-0.004920202773064375,
-0.038632843643426895,
0.012657643295824528,
0.01829034835100174,
-0.010314732789993286,
0.012095008045434952,
-0.12890081107616425,
-0.012543163262307644,
-0.028110383078455925,
0.018221739679574966,
-0.02062995359301567,
0.010435070842504501,
0.010211074724793434,
0.018476063385605812,
-0.011499685235321522,
-0.00990862213075161,
0.003134653903543949,
-0.011903733015060425,
-0.012918388471007347,
0.05339014530181885,
-0.020833944901823997,
0.00034642324317246675,
0.00972199160605669,
0.0355694442987442,
-0.01678219810128212,
0.02075962722301483,
-0.02979981154203415,
0.0005638563889078796,
0.002188741695135832,
0.009512473829090595,
-0.01944890432059765,
-0.010372921824455261,
-0.025961969047784805,
-0.04449348524212837,
-0.008361978456377983,
0.08072006702423096,
-0.02736545540392399,
-0.02006245031952858,
0.015595639124512672,
0.014797001145780087,
-0.044652555137872696,
-0.02196253091096878,
0.06452679634094238,
-0.007977205328643322,
-0.04765499755740166,
-0.00017404078971594572,
0.03968887776136398,
0.015869662165641785,
0.0241184551268816,
0.015877360478043556,
-0.026266906410455704,
-0.010063786059617996,
-0.016088690608739853,
-0.01820630021393299,
-0.02123050019145012,
0.12705662846565247,
-0.022698700428009033,
0.013952300883829594,
0.015375223942101002,
-0.008310742676258087,
-0.006870171520859003,
-0.016631755977869034,
-0.031913064420223236,
-0.034113332629203796,
0.020353976637125015,
-0.025960346683859825,
-0.0269661545753479,
0.01128217950463295,
0.011875380761921406,
0.024516290053725243,
0.026880046352744102,
0.051334887742996216,
0.0038053367752581835,
0.045960888266563416,
-0.03271054849028587,
0.03685479611158371,
-0.025913327932357788,
0.032347824424505234,
0.1161993071436882,
-0.025473948568105698,
0.04477294161915779,
-0.021473785862326622,
0.00854151789098978,
0.01953073777258396,
-0.023458756506443024,
0.005088239908218384,
-0.008585577830672264,
-0.00838075764477253,
-0.003667370416224003,
0.021205639466643333,
-0.021959353238344193,
0.0007063139928504825,
0.09495218843221664,
0.013894899748265743,
-0.055406395345926285,
0.018810519948601723,
0.05870760604739189,
0.05143941193819046,
-0.02545292302966118,
0.002815420040860772,
0.04354235529899597,
0.01215353887528181,
-0.02802654542028904,
0.03338472545146942,
0.0033680121414363384,
-0.013261888176202774,
0.02713870070874691,
-0.020291853696107864,
-0.02240566723048687,
-0.005857227835804224,
-0.008449398912489414,
0.04137714207172394,
-0.03481234237551689,
-0.02881191112101078,
0.0047052172012627125,
0.015405598096549511,
-0.019784897565841675,
-0.005563816055655479,
0.009237207472324371,
0.017205053940415382,
0.0736880823969841,
-0.03211091458797455,
0.00750274583697319,
0.02728736773133278,
-0.025748660787940025,
-0.007288695313036442,
0.023200953379273415,
-0.00294476212002337,
-0.004358953796327114,
-0.012841170653700829,
-0.01208164170384407,
0.07409282773733139,
-0.01357294898480177,
0.01571696810424328,
0.009044324979186058,
-0.0004385467036627233,
0.01623089425265789,
0.006353565026074648,
0.024355672299861908,
0.04024394601583481,
0.0034580782521516085,
-0.01718723401427269,
0.002282562432810664,
0.03161371871829033,
-0.008767266757786274,
-0.03033536858856678,
-0.018304934725165367,
-0.0023089267779141665,
-0.006312166806310415,
-0.011909440159797668,
0.027708880603313446,
0.05867826193571091,
0.03419582173228264,
-0.03162555769085884,
0.04300325736403465,
-0.01711239665746689,
0.05077032744884491,
-0.0027784896083176136,
-0.11525075882673264,
-0.01882525347173214,
0.028428589925169945,
-0.04442153498530388,
0.027606146410107613,
-0.022444438189268112,
0.023965196684002876,
0.07360102236270905,
0.04336865246295929,
-0.0474221371114254,
0.009343250654637814,
0.029062725603580475,
0.0047539640218019485,
-0.13257506489753723,
0.014221008867025375,
-0.06130293011665344,
-0.027597976848483086,
0.01776224933564663,
0.012768564745783806,
-0.01016486156731844,
0.003928803373128176,
0.014574944041669369,
-0.01959439553320408,
-0.0052298870868980885,
0.01146613247692585,
-0.0011622589081525803,
-0.029045533388853073,
-0.007321981713175774,
0.03563068434596062,
-0.0377083495259285,
0.02962661348283291,
0.005981178022921085,
-0.01985442265868187,
-0.018260378390550613,
0.016357043758034706,
0.030396416783332825,
-0.014737492427229881,
0.030470125377178192,
-0.053315673023462296,
-0.0041498770006000996,
0.007131821475923061,
0.011887249536812305,
0.01497473195195198,
0.00711102643981576,
-0.019448908045887947,
-0.0002495670923963189,
0.010660824365913868,
-0.02374848537147045,
0.006295997649431229,
0.009245236404240131,
0.005184223875403404,
0.01947973668575287,
-0.014228913001716137,
-0.0018333561019971967,
0.023928968235850334,
0.016723183915019035,
0.0031884703785181046,
0.06742462515830994,
-0.01098142471164465,
0.008160616271197796,
0.008915260434150696,
0.00044462436926551163,
0.005556485150009394,
0.029462099075317383,
-0.007056492380797863,
0.02915073186159134,
-0.01185925118625164,
-0.018950199708342552,
-0.027847247198224068,
0.01900557056069374,
-0.022103579714894295,
-0.01678864099085331,
0.016107618808746338,
0.00839469488710165,
-0.0845043808221817,
-0.058015670627355576,
-0.013394789770245552,
-0.009644417092204094,
0.006347580812871456,
-0.04699276015162468,
-0.031346019357442856,
-0.034345533698797226,
0.03202909603714943,
-0.003344646655023098,
-0.00852399691939354,
-0.18566067516803741,
0.06936287134885788,
-0.010191123001277447,
-0.010678719729185104,
0.03422137722373009,
-0.013264656066894531,
0.021078532561659813,
0.04063709080219269,
0.011910405941307545,
0.02376425638794899,
-0.014903916977345943,
0.033018775284290314,
-0.053653355687856674,
0.009483029134571552,
0.023287108168005943,
0.042811233550310135,
-0.018835458904504776,
-0.032383669167757034,
0.023548467084765434,
-0.06421352177858353,
0.033448513597249985,
0.005763051100075245,
0.029236098751425743,
0.011222632601857185,
-0.007743227761238813,
0.024558648467063904,
0.022034181281924248,
-0.002065313281491399,
0.03899948298931122,
-0.00636732904240489,
0.046523164957761765,
-0.0049875518307089806,
0.04852879419922829,
0.0023612480144947767,
0.02339092083275318,
0.18621064722537994,
-0.0019723305013030767,
-0.00867743231356144,
0.003752209711819887,
-0.008261261507868767,
0.007479304913431406,
-0.01847950741648674,
-0.014482736587524414,
-0.013053782284259796,
-0.014868355356156826,
0.029724998399615288,
0.018731463700532913,
-0.014390355907380581,
0.01830180175602436,
-0.019470276311039925,
-0.0586169995367527,
-0.006726900115609169,
-0.006517349276691675,
-0.10227814316749573,
-0.011472268961369991,
0.11579466611146927,
0.03558826446533203,
0.00008061649714363739,
0.018275057896971703,
-0.037367384880781174,
0.024813778698444366,
-0.00008190233347704634,
0.010982800275087357,
0.014631730504333973,
-0.00433359993621707,
-0.044736191630363464,
0.007670506369322538,
-0.0168739166110754,
-0.09001937508583069,
-0.009117034263908863,
-0.0010070073185488582,
-0.027310321107506752,
0.02261495217680931,
-0.0021476210094988346,
0.10056138038635254,
0.011626144871115685,
-0.010314643383026123,
-0.0673585757613182,
0.026816027238965034,
0.0043358164839446545,
0.007087263278663158,
-0.023635631427168846,
-0.01703459583222866,
-0.052105505019426346,
0.049128614366054535,
0.0020854934118688107,
-0.01758435368537903,
0.02128523215651512,
0.01585366018116474,
-0.11923827975988388,
0.024784201756119728,
0.030995383858680725,
-0.0014174793614074588,
0.0024794330820441246,
-0.018325988203287125,
0.001277628936804831,
-0.008962086401879787,
0.02102493681013584,
0.047411803156137466,
-0.10094045102596283,
-0.0163629911839962,
0.021328341215848923,
0.0006068125949241221,
-0.01952880062162876,
0.01533757708966732,
0.008733452297747135,
0.025183090940117836,
0.02356080152094364,
0.016020100563764572,
-0.014611727558076382,
0.02324717491865158,
0.0012830377090722322,
0.037837982177734375,
-0.011089012958109379,
-0.014807237312197685,
-0.022601500153541565,
0.0009616264724172652,
-0.035062745213508606,
-0.0019673705101013184,
0.0209171324968338,
0.014096541330218315,
-0.1880677491426468,
0.03199236840009689,
0.04085654020309448,
0.0033012009225785732,
-0.0154389888048172,
0.031862523406744,
-0.012190639041364193,
-0.044991329312324524,
0.01604321599006653,
-0.02246496081352234,
-0.04218047112226486,
0.01622127555310726,
-0.0044176033698022366,
-0.018802965059876442,
0.014522744342684746,
0.01632620021700859,
-0.02067680098116398,
0.0033425483852624893,
0.04174669459462166,
-0.01203040312975645,
0.024301303550601006,
-0.044430505484342575,
-0.1381913274526596,
0.014086519367992878,
-0.04668591171503067,
-0.0119009455665946,
0.01561214029788971,
0.025136329233646393,
0.004460631869733334,
-0.011129953898489475,
-0.03329415246844292,
0.038975272327661514,
0.052988141775131226,
0.02325625903904438,
-0.015141535550355911,
0.012537030503153801,
0.049691714346408844,
-0.012834186665713787,
-0.020119408145546913,
-0.0076588899828493595,
-0.014788193628191948,
-0.005144638475030661,
-0.023569568991661072,
-0.025457939133048058,
0.027721012011170387,
-0.04457872360944748,
0.04377070814371109,
0.007231025490909815,
0.022911300882697105,
0.04635268822312355,
0.00002711883826123085,
-0.03757167607545853,
-0.011425687931478024,
0.029865289106965065,
0.01159436721354723,
-0.025465071201324463,
0.028015203773975372,
0.058826908469200134,
0.009512555785477161,
-0.015917843207716942,
0.029904736205935478,
0.04124366119503975,
-0.06032700464129448,
0.004548077937215567,
0.010325179435312748,
-0.015320568345487118,
0.009967812336981297,
-0.05692942813038826,
0.011099644005298615,
0.05177365615963936,
-0.16059555113315582,
-0.08694863319396973,
-0.06509392708539963,
0.02654752880334854,
0.00543844373896718,
-0.012489676475524902,
0.004081749822944403,
-0.020239440724253654,
-0.009462772868573666,
-0.007081923075020313,
-0.023509498685598373,
0.00932410266250372,
-0.09338020533323288,
0.028260618448257446,
-0.019775623455643654,
0.001997788203880191,
0.01716829463839531,
-0.01780228689312935,
0.02623950131237507,
-0.004504721146076918,
-0.019386272877454758,
-0.008972103707492352,
0.021661600098013878,
-0.0025858746375888586,
-0.00917845219373703,
-0.01582409255206585,
-0.027264177799224854,
0.005615874193608761,
-0.061529263854026794,
0.021035460755228996,
0.0039383783005177975,
0.0031815494876354933,
-0.0009543610503897071,
-0.018856288865208626,
-0.03609267249703407,
-0.0344359427690506,
-0.003862596582621336,
0.1203523799777031,
0.00009374364890391007,
0.026141289621591568,
-0.015040107071399689,
0.02007969841361046,
-0.015819741412997246,
-0.009063178673386574,
-0.03294270113110542,
0.07197137922048569,
-0.04626299813389778,
-0.015266275964677334,
0.009188252501189709,
-0.04195559024810791,
-0.018395816907286644,
-0.003775942837819457,
-0.0013639801181852818,
0.03443286567926407,
0.03174946829676628,
-0.0031842978205531836,
0.019524026662111282,
0.04859456792473793,
-0.005301071330904961,
-0.011926387436687946,
-0.04288845509290695,
-0.04110639542341232,
0.06456996500492096,
-0.10019169747829437,
-0.017014488577842712,
0.036450743675231934,
0.00573341641575098,
-0.03838542103767395,
0.007432193960994482,
-0.0004721523146145046,
-0.0030847180169075727,
0.014255130663514137,
-0.0449451245367527,
-0.0174168199300766,
0.006429367698729038,
0.03174940496683121,
-0.02353074960410595,
0.03873911127448082,
-0.043118666857481,
0.039457570761442184,
0.00005588111889665015
] |
by introducing new customers to the Company’s other products. Desktop demand was stimulated in 2005 due to the iMac G5 and the introduction of the Mac mini in January 2005. Net sales and unit sales of desktop products increased 45% and 55%, respectively, during 2005 compared to 2004. Macintosh net sales and unit sales also included sales of the Company’s portable products, which increased 11% and 21%, respectively, compared to 2004.
Net sales per Macintosh unit sold decreased 7% on a year-over-year basis. The decrease was the result of changes in the overall unit mix towards relatively lower-priced consumer products, specifically the impact of the Mac mini product, and desktop and portable price reductions. This decrease was partially offset by an increase in the proportion of direct sales.
Net sales of peripherals and other hardware rose by 18% during 2005 compared to 2004 primarily due to an increase in net sales of displays and other computer accessories. Net sales of other hardware include AirPort cards and base stations, Xserve RAID storage, iSight digital video cameras, and third-party hardware products.
Net sales of software, service and other sales rose $270 million or 33% during 2005 compared to 2004. This growth was primarily attributable to increased net sales in APP extended service and support contracts, driven primarily by higher associated Macintosh computer sales. Additionally, the Company experienced increases in net sales of .Mac Internet service, professional and consumer applications, third-party software, and Mac OS X that was primarily attributable to the release of version 10.4 Tiger in April 2005.
Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company’s reportable operating segments are comprised of the Americas, Europe, Japan, and Retail. The Americas, Europe, and Japan reportable segments do not include activities related to the Retail segment. The Americas segment includes both North and South America. The Europe segment includes European countries as well as the Middle East and Africa. The Retail segment operated Apple-owned retail stores in the U.S., Canada, Japan, and the U.K. during 2006. Each reportable geographic operating segment provides similar hardware and software products and similar services. Further information regarding the Company’s operating segments may be found in Note 11, “Segment Information and Geographic Data” in Notes to Consolidated Financial Statements of this Form 10-K.
Americas
During 2006, net sales in the Americas segment increased $2.7 billion, or 41%, compared to 2005. The main factors for this increase were significant increases in net sales of iPods, other music related products and services, Macintosh portable systems, and APP. Sales of iPods increased primarily due to the introduction of the updated iPod with video-playing capabilities in October 2005 and the iPod nano during September 2005. The increase in other music related products and services was due to increases in sales of Apple-branded and third-party iPod accessories and sales from the iTunes Store. The increase in sales of Macintosh portable systems in
| 0BUY
|
[
-0.021266086027026176,
0.038841620087623596,
-0.007882349193096161,
-0.009627916850149632,
-0.08817555755376816,
-0.00903230719268322,
0.011188573203980923,
0.0025390032678842545,
0.024180201813578606,
0.021799052134156227,
0.003950893878936768,
-0.1398191750049591,
0.002142072655260563,
-0.004161136690527201,
0.005777798593044281,
-0.0793784037232399,
0.01184904295951128,
0.005156270693987608,
-0.03687603399157524,
0.012734740041196346,
-0.022470176219940186,
-0.006508296355605125,
-0.011152581311762333,
-0.011391239240765572,
-0.032034970819950104,
0.016935264691710472,
0.0038148907478898764,
0.012493600137531757,
-0.051961690187454224,
-0.03242562711238861,
0.008576760068535805,
-0.0034809678327292204,
0.0017190681537613273,
-0.009887847118079662,
-0.008732154034078121,
-0.0006022079614922404,
0.007859238423407078,
0.004978853743523359,
-0.02435348741710186,
-0.00004569662269204855,
-0.042853374034166336,
-0.00786756444722414,
0.16444945335388184,
-0.020308570936322212,
0.004998983349651098,
-0.01801172085106373,
0.009560582228004932,
0.03481912612915039,
0.011259863153100014,
-0.010618007741868496,
-0.006982683204114437,
-0.009265678003430367,
-0.0012253463501110673,
-0.022666985169053078,
-0.016091467812657356,
0.005526964087039232,
-0.02237045019865036,
-0.045986637473106384,
0.016844095662236214,
0.03399788588285446,
0.008590146899223328,
-0.03461947292089462,
-0.008298353292047977,
0.03285543620586395,
-0.01220544520765543,
0.0014090311015024781,
-0.014641506597399712,
0.00895857997238636,
-0.018115272745490074,
-0.000745956611353904,
0.007521599996834993,
0.017213882878422737,
-0.008566315285861492,
-0.00725120585411787,
0.0010535531910136342,
-0.03644689917564392,
0.004585545975714922,
0.01580820046365261,
0.041129596531391144,
-0.02533257007598877,
0.00571167329326272,
-0.06119392067193985,
0.2126694768667221,
-0.037809912115335464,
-0.0019758183043450117,
-0.05719282105565071,
-0.012905635870993137,
-0.043373845517635345,
-0.021317144855856895,
0.012829041108489037,
-0.013989401049911976,
-0.01652016118168831,
-0.018611092120409012,
-0.049243196845054626,
0.015437684021890163,
-0.02379421889781952,
0.004133211448788643,
-0.14340929687023163,
-0.004064672626554966,
0.01250606682151556,
0.050439927726984024,
0.0237191803753376,
0.0430382564663887,
0.0010686949826776981,
0.0035155322402715683,
0.023585893213748932,
-0.022276759147644043,
-0.0058013987727463245,
0.0017407897394150496,
0.02455645054578781,
-0.011375930160284042,
-0.03044685162603855,
0.03173767775297165,
-0.009575446136295795,
0.00007231358904391527,
0.04233335331082344,
-0.0031302189454436302,
0.03086364082992077,
0.03309307619929314,
-0.048878949135541916,
-0.004510188475251198,
0.000466725294245407,
-0.0279366634786129,
-0.026409560814499855,
-0.024153824895620346,
0.05539484694600105,
-0.05241984501481056,
0.0014471934409812093,
0.012074838392436504,
-0.004404321778565645,
-0.009515921585261822,
-0.019725915044546127,
0.010179979726672173,
0.009730033576488495,
0.008964559063315392,
0.004599669948220253,
-0.012842611409723759,
-0.012140173465013504,
0.02085878513753414,
-0.018970005214214325,
-0.04444945976138115,
0.00842767208814621,
0.022062599658966064,
-0.039007626473903656,
-0.04851660132408142,
0.00686194421723485,
-0.01600799523293972,
0.0035228808410465717,
0.04128463938832283,
0.04100843146443367,
-0.020158637315034866,
-0.0025926486123353243,
-0.04016515985131264,
-0.005637712776660919,
-0.04016042873263359,
0.015583259053528309,
0.03524889051914215,
-0.025097444653511047,
0.009610608220100403,
-0.006213826593011618,
-0.0026283757761120796,
0.013514961116015911,
-0.0059465025551617146,
-0.09397775679826736,
-0.0014355798484757543,
-0.0276340302079916,
0.013566555455327034,
-0.012818782590329647,
0.025943366810679436,
0.0086670545861125,
0.008923742920160294,
0.006213977467268705,
0.011828004382550716,
0.018026309087872505,
0.008464299142360687,
-0.07188443094491959,
-0.0028167013078927994,
0.032476525753736496,
-0.02936016581952572,
-0.012089407071471214,
0.028227660804986954,
0.004898970481008291,
0.044463541358709335,
0.10632399469614029,
-0.05768514424562454,
-0.02915545552968979,
0.017805607989430428,
-0.0002501315902918577,
-0.0181441493332386,
-0.037206683307886124,
0.05130621790885925,
0.007458218839019537,
-0.008758298121392727,
0.015905356034636497,
-0.005155287217348814,
-0.033271919935941696,
0.02984398975968361,
0.007192871067672968,
-0.034012746065855026,
-0.01167116779834032,
0.045258864760398865,
0.0010903554502874613,
-0.013292431831359863,
0.0088021419942379,
-0.017773451283574104,
-0.013164904899895191,
0.0062132179737091064,
0.008487754501402378,
0.009160034358501434,
-0.031347181648015976,
-0.02744152955710888,
-0.021163150668144226,
0.00619716988876462,
-0.051401276141405106,
0.01861266791820526,
0.03943242132663727,
0.005650202743709087,
-0.06611161679029465,
0.025340653955936432,
-0.02255747839808464,
0.0004549459845293313,
-0.01118591520935297,
0.014163014478981495,
-0.001168366870842874,
0.015034293755888939,
-0.009187547490000725,
-0.03868348151445389,
0.002729784930124879,
-0.023202594369649887,
0.004949528258293867,
0.006425466854125261,
0.03533690422773361,
-0.05099119246006012,
0.01958875171840191,
-0.004968633875250816,
0.01062273234128952,
0.008867311291396618,
-0.012791973538696766,
-0.03757632151246071,
0.062071140855550766,
0.08995743840932846,
-0.017868362367153168,
0.0002190461236750707,
-0.0028357391711324453,
-0.03083212301135063,
0.0812215656042099,
0.04073738306760788,
-0.00849088653922081,
-0.00971230398863554,
-0.023806899785995483,
-0.025303324684500694,
0.02738446183502674,
-0.02055763453245163,
0.021112171933054924,
-0.01653107814490795,
-0.014567042700946331,
0.0065135350450873375,
-0.027632448822259903,
0.005899554584175348,
-0.09527192264795303,
-0.008808037266135216,
-0.01790805533528328,
-0.0437152162194252,
-0.020997149869799614,
0.01892714388668537,
-0.024065930396318436,
-0.006941664963960648,
0.005657635163515806,
-0.010668077506124973,
0.01741793192923069,
0.018201680853962898,
-0.0019247913733124733,
-0.00032617684337310493,
-0.011296519078314304,
-0.014061147347092628,
-0.015334696508944035,
0.027739882469177246,
-0.012375691905617714,
-0.02153918147087097,
-0.04875858873128891,
-0.018279798328876495,
-0.014875458553433418,
0.02765258587896824,
-0.02279595099389553,
-0.014629820361733437,
-0.00518181873485446,
-0.026503123342990875,
-0.0028683217242360115,
-0.03177862614393234,
-0.02322336658835411,
-0.014294148422777653,
-0.007527600508183241,
0.030662130564451218,
-0.022477498278021812,
-0.028717782348394394,
0.0218026302754879,
-0.007721659727394581,
-0.009993028827011585,
-0.0072264536283910275,
0.0543840117752552,
0.01872415840625763,
0.0264013409614563,
0.02889338880777359,
-0.025689654052257538,
-0.009413229301571846,
-0.015141400508582592,
-0.0159950852394104,
-0.01856015808880329,
-0.018900498747825623,
-0.013818520121276379,
0.0006288171862252057,
-0.008336571976542473,
-0.033136527985334396,
0.004681007470935583,
-0.014413035474717617,
-0.01890343241393566,
-0.0320892296731472,
0.040566664189100266,
0.03360668569803238,
-0.045893698930740356,
-0.002661836799234152,
-0.0050893500447273254,
0.021956972777843475,
0.024685610085725784,
0.028925171121954918,
-0.023084666579961777,
0.09722234308719635,
-0.013803325593471527,
0.04776051267981529,
0.008363052271306515,
0.4494732916355133,
-0.10237380862236023,
-0.019887462258338928,
0.012046304531395435,
-0.04457730054855347,
0.06112302467226982,
0.009362083859741688,
-0.044947300106287,
0.0021028260234743357,
0.03169484809041023,
-0.00616777129471302,
-0.01717199943959713,
0.031424734741449356,
-0.03699801117181778,
-0.0005294944858178496,
0.0489426851272583,
-0.0016497033648192883,
-0.014771504327654839,
0.027959175407886505,
0.11025383323431015,
0.020040273666381836,
-0.036439865827560425,
0.006220222916454077,
0.046396657824516296,
-0.007421711925417185,
-0.033425405621528625,
0.031407374888658524,
0.014315593987703323,
-0.014216870069503784,
-0.010400998406112194,
-0.02324153669178486,
-0.020104067400097847,
-0.00561650050804019,
0.012206233106553555,
-0.008829762227833271,
0.11055897176265717,
0.07134365290403366,
0.008169205859303474,
0.013982695527374744,
-0.0390549935400486,
-0.04382713511586189,
0.01002174150198698,
0.0009673221502453089,
-0.04231620579957962,
-0.0518588125705719,
0.025358662009239197,
0.017025906592607498,
-0.034381940960884094,
-0.009418847039341927,
0.022935429587960243,
0.005668590776622295,
-0.002667216816917062,
-0.01910519041121006,
-0.009299377910792828,
-0.10814870148897171,
-0.027077628299593925,
-0.016190342605113983,
-0.047202736139297485,
0.048744477331638336,
0.0028385112527757883,
-0.03276093304157257,
0.037455156445503235,
0.047224514186382294,
0.04104498028755188,
0.019365515559911728,
-0.0010415344731882215,
0.02538861334323883,
-0.027569949626922607,
0.01760876737535,
-0.01914447359740734,
0.001685794210061431,
-0.01404309831559658,
-0.0022903145290911198,
0.02417362481355667,
0.03299255296587944,
-0.04788921773433685,
-0.0041250973008573055,
0.016017943620681763,
-0.0027304335962980986,
0.06817006319761276,
-0.011043066158890724,
-0.06269080936908722,
-0.012622787617146969,
0.032942112535238266,
-0.034930165857076645,
-0.00406378461048007,
0.011025283485651016,
0.0574239045381546,
0.0355750173330307,
-0.05062919482588768,
-0.030540980398654938,
0.0071557979099452496,
0.006811161059886217,
0.0023957828525453806,
0.05014243349432945,
0.017803601920604706,
-0.013517443090677261,
-0.020808743312954903,
0.028238000348210335,
0.010438462719321251,
-0.004228123463690281,
0.004244518466293812,
0.035556912422180176,
-0.007094311527907848,
-0.005479024723172188,
0.014589391648769379,
0.0058868201449513435,
-0.03389427065849304,
0.005761969368904829,
0.01797015219926834,
-0.03196907788515091,
-0.005679526831954718,
-0.0017588324844837189,
-0.05784478038549423,
-0.017193278297781944,
-0.016011901199817657,
0.046640004962682724,
0.006292901933193207,
0.03022572584450245,
-0.02199513092637062,
0.002072441391646862,
-0.0021241677459329367,
0.01359445508569479,
-0.019593102857470512,
0.003988878335803747,
-0.013332396745681763,
-0.03800645098090172,
-0.023212552070617676,
-0.01861211471259594,
0.0061757611110806465,
0.01887587085366249,
0.009438411332666874,
0.022390957921743393,
-0.014210118912160397,
0.0011362412478774786,
0.0176806952804327,
0.02608123980462551,
0.011311017908155918,
0.01869257166981697,
-0.016416212543845177,
0.006843217182904482,
0.005136239342391491,
0.0036461881827563047,
-0.007631037384271622,
0.012013411149382591,
-0.006637476850301027,
0.041611578315496445,
-0.022384142503142357,
-0.005222749430686235,
-0.014666936360299587,
0.010474063456058502,
-0.004321005195379257,
-0.036365263164043427,
-0.0014300165930762887,
0.0013434611028060317,
-0.0714719295501709,
-0.011944475583732128,
0.01786951720714569,
-0.0018937201239168644,
0.0006356066442094743,
-0.034530892968177795,
0.0019806050695478916,
-0.034100454300642014,
0.027739597484469414,
-0.0030869951006025076,
-0.0036892227362841368,
0.07267051190137863,
-0.036568302661180496,
0.003184902248904109,
-0.009774064645171165,
0.008425816893577576,
-0.009387855418026447,
0.0034793815575540066,
0.0006131441332399845,
-0.01663401536643505,
0.017788013443350792,
-0.008219055831432343,
-0.01731037348508835,
0.025451835244894028,
-0.02445419877767563,
0.01527092233300209,
0.03132070228457451,
-0.017860107123851776,
-0.030827004462480545,
0.017849281430244446,
-0.005617719609290361,
0.0364609956741333,
-0.0056678857654333115,
0.020877601578831673,
0.019061259925365448,
0.0023141938727349043,
0.011352918110787868,
0.015987366437911987,
-0.0041270144283771515,
0.019675524905323982,
-0.007353103719651699,
-0.08138871192932129,
-0.00838551390916109,
0.03906804695725441,
0.0009516398422420025,
0.051691655069589615,
-0.11936710774898529,
-0.009699727408587933,
-0.01224853377789259,
-0.002359275007620454,
0.005180743057280779,
0.020107993856072426,
0.00849845539778471,
-0.021081529557704926,
-0.024433797225356102,
-0.02524387463927269,
0.007507706992328167,
0.015548313967883587,
0.006220156792551279,
-0.008890186436474323,
-0.03551209345459938,
-0.05601000413298607,
-0.0009067265782505274,
0.0007675518281757832,
0.05970912054181099,
-0.006812231615185738,
0.09322439879179001,
0.05553492531180382,
-0.007168575655668974,
-0.008851232007145882,
-0.024980774149298668,
0.011060248129069805,
-0.01580529659986496,
-0.012950469739735126,
0.0006643729866482317,
-0.024577129632234573,
-0.048973020166158676,
-0.00030166638316586614,
-0.0111120929941535,
0.08638648688793182,
-0.01163184642791748,
0.0071851946413517,
-0.01628323644399643,
0.005708247423171997,
-0.020194675773382187,
0.09637381136417389,
-0.0014323655050247908,
-0.04334717616438866,
0.007002008613198996,
0.014050186611711979,
0.003370190504938364,
-0.02105407975614071,
0.008908772841095924,
0.0009196138707920909,
-0.024813072755932808,
0.023838987573981285,
0.003978500608354807,
0.01977667026221752,
-0.030207857489585876,
0.0013562614331021905,
-0.06981749832630157,
-0.0006848681368865073,
0.014444613829255104,
-0.0028095899615436792,
0.016258664429187775,
-0.011919147334992886,
-0.019051913172006607,
0.03275732696056366,
0.03104313462972641,
0.027305463328957558,
-0.05255475267767906,
-0.018022460862994194,
0.015432147309184074,
-0.02156144753098488,
-0.03850383311510086,
-0.004753554705530405,
-0.0177596565335989,
0.011856664903461933,
0.013352414593100548,
0.01907673478126526,
-0.015592004172503948,
0.016425421461462975,
-0.0213608555495739,
0.03952154144644737,
-0.01679237373173237,
-0.005161564331501722,
-0.0009140641777776182,
-0.036329206079244614,
-0.0010174171766266227,
-0.007736993953585625,
0.027404705062508583,
0.01318909227848053,
0.10841507464647293,
0.007872809655964375,
0.046415701508522034,
-0.00470600463449955,
-0.017366591840982437,
0.016661295667290688,
-0.012002740055322647,
0.08073069900274277,
-0.015650516375899315,
-0.002494181739166379,
-0.0410890057682991,
0.0216235239058733,
-0.008142277598381042,
-0.019615069031715393,
-0.0056063272058963776,
-0.008740104734897614,
-0.017760440707206726,
0.01517015416175127,
0.015707096084952354,
-0.024041060358285904,
0.01687840186059475,
-0.03910986706614494,
0.08291000127792358,
-0.014671086333692074,
-0.003656435990706086,
-0.011126949451863766,
0.008653624914586544,
0.020496007055044174,
0.0013061730423942208,
-0.0028910485561937094,
-0.041744060814380646,
-0.036224838346242905,
0.06023275479674339,
0.041801534593105316,
0.005474236328154802,
0.017818106338381767,
0.0451851524412632,
-0.012438506819307804,
-0.03804723545908928,
0.009218528866767883,
-0.031950559467077255,
-0.0179587434977293,
-0.02824685163795948,
-0.007861407473683357,
0.04209766536951065,
-0.00900945533066988,
-0.01373272854834795,
0.010608547367155552,
-0.035004861652851105,
0.018308231607079506,
0.03712375834584236,
-0.03196975588798523,
0.0010795742273330688,
0.0038801601622253656,
0.013781235553324223,
0.011905476450920105,
0.02829544059932232,
0.07206519693136215,
-0.0005091634229756892,
-0.046391792595386505,
0.014952574856579304,
-0.00041241306462325156,
-0.04989232122898102,
-0.006127255503088236,
-0.0007581015815958381,
-0.03267257660627365,
0.02421182207763195,
-0.02068232372403145,
0.024610737338662148,
0.016093069687485695,
0.18145592510700226,
0.012670321390032768,
-0.025264618918299675,
0.020676808431744576,
0.016283132135868073,
-0.01852196455001831,
0.006538229528814554,
-0.03109438344836235,
-0.01832922361791134,
0.03309372812509537,
-0.021712813526391983,
0.017796292901039124,
0.07112787663936615,
0.030181651934981346,
-0.019119856879115105,
0.016093090176582336,
0.016637258231639862,
-0.02363685518503189,
-0.0018567012157291174,
-0.014792010188102722,
-0.009561174549162388,
0.004034763667732477,
0.0025452866684645414,
-0.004685979802161455,
0.00227684760466218,
-0.003469661809504032,
-0.03528180345892906,
0.0027165154460817575,
-0.05664311721920967,
-0.0011239333543926477,
0.0034627935383468866,
-0.010853130370378494,
0.00021246093092486262,
0.01940237544476986,
-0.021174166351556778,
0.009119859896600246,
-0.00408343318849802,
0.008273734711110592,
0.0032587330788373947,
-0.012994127348065376,
-0.020648322999477386,
0.015409921295940876,
0.00671874126419425,
0.0089846421033144,
-0.008788982406258583,
-0.018930137157440186,
-0.015066459774971008,
0.0010018032044172287,
-0.006620899774134159,
-0.022785235196352005,
-0.006287968251854181,
0.0027314447797834873,
-0.0028808237984776497,
0.06320948898792267,
0.00428151385858655,
0.0006126808002591133,
0.00856335461139679,
0.04591651260852814,
-0.008265106938779354,
0.005888736341148615,
-0.020819900557398796,
-0.06690160185098648,
0.005706621799618006,
0.1161900982260704,
-0.025255464017391205,
0.017114467918872833,
0.014145055785775185,
-0.01905357837677002,
0.011591066606342793,
0.03587263077497482,
-0.014703611843287945,
-0.006786932237446308,
-0.024829218164086342,
0.09676707535982132,
0.006932777352631092,
-0.0006906655617058277,
-0.02695331908762455,
0.023193802684545517,
-0.0468522310256958,
0.022611310705542564,
0.024302860721945763
] |
judgments formed the basis for our estimate of the total charge to cover anticipated customer warranty, repair, return and replacement and other associated costs. However, if actual repair, return, replacement and other associated costs and/or actual field failure rates exceed our estimates, we may be required to record additional reserves, which would increase our cost of revenue and materially harm our financial results.
In September, October and November 2008, several putative class action lawsuits were filed against us, asserting various claims related to the impacted MCP and GPU products. Please refer to Note 12 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K for further information regarding this litigation.
Contractual Obligations
The following table summarizes our contractual obligations as of January 25, 2009:
Contractual Obligations
Off-Balance Sheet Arrangements
As of January 25, 2009, we had no material off-balance sheet arrangements as defined in Regulation S-K 303(a)(4)(ii).
Adoption of New Accounting Pronouncements
Please see Note 1 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K for a discussion of adoption of new accounting pronouncements.
Recently Issued Accounting Pronouncements
Please see Note 1 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K for a discussion of recently issued accounting pronouncements.
| 2SELL
|
[
-0.0005214174743741751,
0.054420821368694305,
-0.008074759505689144,
-0.03453727439045906,
-0.10868395864963531,
-0.011946718208491802,
-0.004853097256273031,
0.004700093530118465,
-0.06224816292524338,
0.03029743582010269,
-0.00358942081220448,
-0.02072216011583805,
0.02151963859796524,
-0.0220355074852705,
0.01238864753395319,
0.04175856336951256,
0.05981728434562683,
-0.0044818841852247715,
-0.03512389585375786,
0.0038534700870513916,
0.01563117280602455,
0.018295686691999435,
-0.0023313509300351143,
-0.010177052579820156,
0.02059575915336609,
0.013986767269670963,
-0.06119944155216217,
0.017030904069542885,
0.06361893564462662,
-0.04982686787843704,
0.02960408851504326,
0.029514765366911888,
0.027023090049624443,
-0.02054724656045437,
0.045789703726768494,
0.0049666715785861015,
-0.03631524369120598,
0.021577052772045135,
0.02917228452861309,
0.008596005849540234,
-0.049140218645334244,
-0.003489257302135229,
-0.011031541042029858,
-0.014492630958557129,
0.013430164195597172,
-0.008492652326822281,
0.029832467436790466,
0.03727782517671585,
0.015414010733366013,
-0.007681332994252443,
0.006490316241979599,
-0.03347710892558098,
-0.014554471708834171,
-0.028221240267157555,
-0.027782637625932693,
-0.0021947305649518967,
-0.022628959268331528,
-0.043033137917518616,
0.07411409914493561,
0.027490682899951935,
0.028900621458888054,
-0.029708053916692734,
0.013932843692600727,
0.016788877546787262,
0.008586687035858631,
-0.006490248721092939,
-0.0019724045414477587,
-0.0024623514618724585,
-0.03565698489546776,
-0.01660633273422718,
0.023141657933592796,
0.03509851545095444,
-0.01930837333202362,
-0.02579854615032673,
0.0019858682062476873,
-0.04663333296775818,
0.03178736940026283,
0.0015341943362727761,
0.08767501264810562,
-0.025750260800123215,
0.004625658970326185,
-0.07607242465019226,
0.05735907331109047,
-0.0862550437450409,
0.01565857045352459,
-0.019287290051579475,
-0.0179850235581398,
-0.04538790136575699,
-0.020044703036546707,
-0.00035490767913870513,
0.004907626658678055,
0.0047942292876541615,
-0.01473646517843008,
-0.030657239258289337,
-0.017144734039902687,
0.0040421560406684875,
0.03321920335292816,
-0.1513926237821579,
0.003468150505796075,
0.004255965817719698,
0.06336342543363571,
0.01259840652346611,
0.05222781375050545,
-0.02607266791164875,
0.014149624854326248,
0.01405510026961565,
-0.02695334516465664,
0.03407840058207512,
0.0028487537056207657,
0.011069604195654392,
-0.0079576401039958,
-0.059881825000047684,
0.021476762369275093,
-0.002753382781520486,
-0.005816945340484381,
0.04667024314403534,
0.009442976675927639,
0.036778561770915985,
0.0048415265046060085,
-0.06903546303510666,
0.008541284129023552,
-0.036525677889585495,
-0.03291495889425278,
0.00173872837331146,
-0.03563207760453224,
0.030317818745970726,
-0.039047721773386,
-0.0018449192866683006,
0.03931792080402374,
-0.00189164315816015,
-0.007761715445667505,
-0.008288940414786339,
-0.010812543332576752,
0.02535211481153965,
-0.03825957328081131,
0.008551252074539661,
-0.021759655326604843,
0.00450556818395853,
-0.045230429619550705,
0.005310308653861284,
-0.037148185074329376,
-0.023485779762268066,
0.0031761827412992716,
-0.006104633677750826,
-0.04487757012248039,
-0.008741580881178379,
-0.013181468471884727,
-0.0013950273860245943,
0.02890218421816826,
0.06704424321651459,
-0.012462819926440716,
-0.008908728137612343,
-0.02753729559481144,
-0.01562688499689102,
-0.012109935283660889,
-0.015206245705485344,
0.05494864284992218,
0.0088312067091465,
-0.0652180090546608,
0.006873251870274544,
-0.0045897746458649635,
-0.007633399683982134,
-0.009753693826496601,
-0.056445032358169556,
-0.06500053405761719,
-0.026095474138855934,
0.007735678926110268,
-0.02363264560699463,
0.04501838982105255,
0.041289228945970535,
0.02431442029774189,
0.023264756426215172,
0.00328011903911829,
0.004854587838053703,
0.03404521942138672,
-0.07501648366451263,
0.02416490577161312,
0.05286727100610733,
-0.013382215984165668,
0.01596706174314022,
0.019505472853779793,
0.009996451437473297,
0.06578295677900314,
-0.09916802495718002,
-0.07028669863939285,
-0.01879611797630787,
0.013963067904114723,
0.04617155343294144,
-0.007930697873234749,
-0.0194796621799469,
0.050117719918489456,
-0.015576476231217384,
-0.00484411371871829,
-0.005395862273871899,
0.002269213320687413,
-0.008931479416787624,
-0.0019232532940804958,
0.003731658449396491,
-0.01628347858786583,
-0.007939874194562435,
-0.10588570684194565,
0.017940377816557884,
-0.008845671080052853,
0.019258448854088783,
0.04007267579436302,
-0.015432761050760746,
-0.020651347935199738,
0.006127981934696436,
-0.002297627739608288,
-0.007607840467244387,
-0.06003668159246445,
-0.004238374065607786,
0.012454865500330925,
-0.026321612298488617,
0.00881913397461176,
0.051719531416893005,
-0.0038876247126609087,
-0.08640352636575699,
-0.016099581494927406,
-0.04042330011725426,
0.00843917578458786,
-0.013793579302728176,
0.019704777747392654,
0.003542202990502119,
0.05797671526670456,
-0.011089528910815716,
0.02877490222454071,
-0.005391652230173349,
-0.04823501035571098,
0.009835462085902691,
0.009018776938319206,
0.058383941650390625,
-0.04772563651204109,
0.0228804312646389,
0.01165142934769392,
0.004349724855273962,
0.0007307518390007317,
0.001127240713685751,
-0.03196898102760315,
0.06434316188097,
0.08601677417755127,
-0.003923789132386446,
-0.016977205872535706,
-0.009405786171555519,
-0.03560527414083481,
0.045190952718257904,
0.03143595904111862,
0.03358439356088638,
-0.013324037194252014,
-0.017626862972974777,
-0.009619333781301975,
0.03464376926422119,
-0.04781335964798927,
0.004050788003951311,
-0.035611219704151154,
0.02595560997724533,
0.014714865013957024,
-0.009647241793572903,
0.016165439039468765,
-0.1350594460964203,
-0.012736237607896328,
-0.026939712464809418,
0.013251821510493755,
-0.024019712582230568,
0.00875125639140606,
0.01431133970618248,
0.022515902295708656,
-0.000978572410531342,
-0.004939732141792774,
0.001934385159984231,
-0.005448630079627037,
-0.009371467866003513,
0.03212539851665497,
-0.01456387061625719,
-0.0015852578217163682,
-0.0001812100235838443,
0.03220980986952782,
-0.00800634641200304,
0.015817053616046906,
-0.0324416421353817,
-0.0039194137789309025,
-0.01533925998955965,
-0.0034237131476402283,
-0.02585548907518387,
-0.02055945061147213,
0.0015249944990500808,
-0.033230870962142944,
-0.003765905974432826,
0.08587438613176346,
-0.034446101635694504,
-0.020340625196695328,
0.006474670488387346,
0.0006290085730142891,
-0.03835621476173401,
-0.029324263334274292,
0.06547044962644577,
-0.008814824745059013,
-0.04419289901852608,
-0.004674340598285198,
0.05108359828591347,
0.030400464311242104,
0.031493332237005234,
0.014879896305501461,
-0.03510347008705139,
-0.01516083162277937,
-0.013161933049559593,
-0.01768995262682438,
-0.017739105969667435,
0.1246349960565567,
-0.0254055205732584,
0.0168616846203804,
0.011456160806119442,
-0.01279634889215231,
-0.006836698390543461,
-0.014537817798554897,
-0.03877037391066551,
-0.0385875403881073,
0.051406726241111755,
-0.016757715493440628,
-0.0315135195851326,
0.016676155850291252,
0.0034254726488143206,
0.023300375789403915,
0.02550799958407879,
0.050445783883333206,
-0.000515661493409425,
0.0459144227206707,
-0.028217030689120293,
0.04530338570475578,
-0.01707390509545803,
0.02843262068927288,
0.09017283469438553,
-0.03278764337301254,
0.04579586908221245,
-0.02636922150850296,
0.022587640210986137,
0.02021472528576851,
-0.024833129718899727,
0.003498407546430826,
-0.005203579552471638,
0.003090808168053627,
-0.0037526870146393776,
0.022965526208281517,
-0.026808323338627815,
0.0015855123056098819,
0.10746442526578903,
0.001843185513280332,
-0.04596060514450073,
0.021715810522437096,
0.08117146790027618,
0.04828030243515968,
-0.026754451915621758,
0.009997810237109661,
0.046528372913599014,
0.010310537181794643,
-0.04050542786717415,
0.039596620947122574,
0.0012112717377021909,
-0.016047045588493347,
0.011416719295084476,
-0.01562839187681675,
-0.022897636517882347,
-0.0029642037115991116,
-0.0019726520404219627,
0.04195411130785942,
-0.010362789034843445,
-0.047283150255680084,
0.002622779458761215,
0.01407671719789505,
-0.026801761239767075,
-0.01761748641729355,
0.008581926114857197,
0.014955985359847546,
0.04157130792737007,
-0.0368996225297451,
0.01661553420126438,
0.03396417573094368,
-0.03388091176748276,
-0.002092433627694845,
0.037260543555021286,
0.006835312116891146,
0.0013913586735725403,
-0.005062563810497522,
-0.01294079888612032,
0.07540605962276459,
-0.014634454622864723,
-0.00443113362416625,
-0.00360806193202734,
0.00378486979752779,
0.00392252579331398,
-0.004892690572887659,
0.035389576107263565,
0.03653410077095032,
0.017688678577542305,
-0.020055674016475677,
0.000536277424544096,
0.03874282166361809,
-0.0021608835086226463,
-0.01143893226981163,
-0.02600889652967453,
-0.0073892585933208466,
-0.020062748342752457,
-0.0011839272920042276,
0.02175810933113098,
0.051317665725946426,
0.006882529705762863,
-0.023995669558644295,
0.03445447236299515,
0.00023490411695092916,
0.04574832320213318,
-0.010124965570867062,
-0.12952177226543427,
-0.021089138463139534,
0.0247914157807827,
-0.06483687460422516,
0.03363335132598877,
-0.011877395212650299,
0.04534924402832985,
0.06968074291944504,
0.04420431703329086,
-0.049757570028305054,
0.009112422354519367,
0.03809616342186928,
0.01300941314548254,
-0.14955464005470276,
0.004973663482815027,
-0.05383411794900894,
-0.03232703357934952,
0.026201937347650528,
0.013994253240525723,
-0.006974752061069012,
0.009666183963418007,
0.030370207503437996,
-0.00521975290030241,
-0.002781517105177045,
0.009763795882463455,
-0.013299541547894478,
-0.030937625095248222,
-0.006327907554805279,
0.02862536534667015,
-0.02448112703859806,
0.03684071823954582,
-0.0007124432013370097,
-0.0068360548466444016,
-0.01496774423867464,
0.008760001510381699,
0.05576939135789871,
-0.017183879390358925,
0.02347869798541069,
-0.0554824098944664,
-0.0018378577660769224,
0.014192399568855762,
0.023751545697450638,
0.0014159531565383077,
0.012523600831627846,
-0.01166179496794939,
-0.014905736781656742,
0.0061547523364424706,
-0.019503993913531303,
0.009607342071831226,
-0.005233827978372574,
0.005075846333056688,
0.026440832763910294,
-0.0021947124041616917,
0.0005382775561884046,
0.019329030066728592,
0.015252739191055298,
0.004901065491139889,
0.05530741065740585,
-0.004690927919000387,
-0.000024457298422930762,
0.0021754857152700424,
0.003711952595040202,
0.0013652801280841231,
0.03996290639042854,
-0.017691494897007942,
0.04632524028420448,
-0.012380932457745075,
-0.0035486954730004072,
-0.026620563119649887,
0.011835395358502865,
-0.019328350201249123,
-0.0243057943880558,
0.019393617287278175,
0.007164660841226578,
-0.09108727425336838,
-0.025678139179944992,
-0.008534261025488377,
-0.006972861010581255,
0.002824664581567049,
-0.0460406057536602,
-0.025444362312555313,
-0.025530053302645683,
0.03200286254286766,
-0.003604911034926772,
-0.00993618555366993,
-0.10784126818180084,
0.004219840746372938,
-0.02260103076696396,
-0.014169958420097828,
0.03278323635458946,
-0.012426177971065044,
0.01599116064608097,
0.03554617986083031,
0.006495783105492592,
0.03254023939371109,
0.00048474149662069976,
0.022236697375774384,
-0.04994770139455795,
-0.0001269639324164018,
0.028367238119244576,
0.033061422407627106,
-0.01663113944232464,
-0.041762176901102066,
0.024256445467472076,
-0.08469250798225403,
0.039815254509449005,
-0.0010529017308726907,
0.0338224396109581,
0.012037578038871288,
-0.00470169261097908,
0.015164566226303577,
0.025546325370669365,
-0.005168614909052849,
0.047001902014017105,
-0.0072625200264155865,
0.03070034459233284,
-0.00591270299628377,
0.05514710769057274,
-0.0027974785771220922,
0.006656256504356861,
0.18857228755950928,
-0.00013934947492089123,
-0.0019390429370105267,
-0.006564510986208916,
-0.003404486458748579,
0.006623357068747282,
-0.007203984074294567,
-0.02044738084077835,
-0.015653856098651886,
-0.0069298408925533295,
0.021914366632699966,
0.01679343357682228,
-0.01675865612924099,
0.020127713680267334,
-0.013223576359450817,
-0.07997094839811325,
-0.005052617285400629,
0.0009725267882458866,
-0.0647667944431305,
-0.013944890350103378,
0.1164461299777031,
0.04580339044332504,
0.002578234998509288,
0.012761436402797699,
-0.02817588485777378,
0.007721785455942154,
-0.0006129162502475083,
0.005055255722254515,
0.019475068897008896,
0.0010278966510668397,
-0.04118749126791954,
0.002851220779120922,
-0.013360840268433094,
-0.03872371464967728,
0.005045405589044094,
0.005087429191917181,
-0.02374647743999958,
0.023530608043074608,
-0.010612783022224903,
0.08196008205413818,
0.011986227706074715,
-0.022703543305397034,
-0.052559420466423035,
0.03917831555008888,
0.013616719283163548,
0.0014429994625970721,
-0.012691509909927845,
-0.013429217040538788,
-0.04489130899310112,
0.057660311460494995,
0.019985239952802658,
-0.020754463970661163,
0.0018116579158231616,
0.023720186203718185,
-0.11746831238269806,
0.03248166665434837,
0.026892611756920815,
-0.0020104176364839077,
0.010596022941172123,
-0.020116092637181282,
0.0059362915344536304,
0.004522738046944141,
0.027421578764915466,
0.047594066709280014,
-0.13113656640052795,
-0.02477188967168331,
0.013763959519565105,
-0.0019493461586534977,
-0.013598459772765636,
0.018997667357325554,
0.005543972831219435,
0.03171256557106972,
0.01817881129682064,
0.03086709789931774,
-0.01892639324069023,
0.011860644444823265,
0.000055992444686125964,
0.03381151705980301,
-0.020030034705996513,
-0.015749244019389153,
-0.01921762526035309,
-0.0024983345065265894,
-0.040008123964071274,
-0.00041484201210550964,
0.026208754628896713,
0.01951226219534874,
-0.21817542612552643,
0.024839013814926147,
0.0375731885433197,
-0.010785585269331932,
-0.016344241797924042,
0.019473370164632797,
-0.01157265342772007,
-0.04846956953406334,
0.014304762706160545,
-0.012928685173392296,
-0.031465765088796616,
0.024932861328125,
-0.005355291534215212,
-0.02353755012154579,
0.013072124682366848,
0.018777765333652496,
-0.028139082714915276,
-0.000720861426088959,
0.04186490550637245,
-0.025057796388864517,
0.0292259082198143,
-0.04913818836212158,
-0.13443368673324585,
-0.0010526645928621292,
-0.054353103041648865,
-0.009638775140047073,
0.01502679381519556,
0.029218154028058052,
0.0030115493573248386,
-0.015559573657810688,
-0.03009296953678131,
0.024148672819137573,
0.06671532243490219,
0.032251499593257904,
-0.008654887787997723,
0.0019903124775737524,
0.04869178310036659,
-0.023113423958420753,
-0.016477134078741074,
0.006356109399348497,
-0.015741951763629913,
-0.004147954285144806,
-0.027866024523973465,
-0.028337569907307625,
0.03417056053876877,
-0.045527923852205276,
-0.00533538730815053,
0.01005587913095951,
0.00571788614615798,
0.0382111631333828,
0.011367728933691978,
-0.04277375340461731,
-0.007815604098141193,
0.016585292294621468,
0.006600457243621349,
-0.011594991199672222,
0.021093759685754776,
0.06987763941287994,
0.013508488424122334,
-0.03886234760284424,
0.05019966512918472,
0.026634646579623222,
-0.05297471955418587,
0.007782968692481518,
0.003985258750617504,
-0.02811996452510357,
0.007773277815431356,
-0.0612611249089241,
0.024949023500084877,
0.023059125989675522,
-0.16114859282970428,
-0.07748541235923767,
-0.06878437846899033,
0.021488653495907784,
0.007848842069506645,
-0.013048426248133183,
0.004176007118076086,
-0.020956572145223618,
-0.015168724581599236,
-0.005559293087571859,
-0.02474358305335045,
0.007145291194319725,
-0.11580133438110352,
0.02586636319756508,
-0.01507157739251852,
0.010016679763793945,
0.019272446632385254,
-0.021564563736319542,
0.019025105983018875,
-0.00461703073233366,
-0.018559912219643593,
-0.002866283757612109,
0.02492504194378853,
0.008333580568432808,
-0.0008790231659077108,
-0.0021135592833161354,
-0.01979425922036171,
0.0008781175711192191,
-0.06593310087919235,
0.0015113281551748514,
-0.00010627399024087936,
0.013507979921996593,
0.0033479935955256224,
-0.021623387932777405,
-0.03934687376022339,
-0.03210322558879852,
-0.007279237732291222,
0.12082377821207047,
-0.004434587899595499,
0.017092015594244003,
-0.01522846706211567,
0.01076667383313179,
-0.007756856735795736,
-0.005420616362243891,
-0.052583370357751846,
0.08645207434892654,
-0.0233615729957819,
-0.011497670784592628,
0.01264736708253622,
-0.04629899561405182,
-0.007033616304397583,
-0.00045033684000372887,
0.0018607878591865301,
0.06009817123413086,
0.02124185860157013,
-0.007746273186057806,
0.016954904422163963,
0.05356067791581154,
-0.005317716393619776,
-0.01379366684705019,
-0.036073315888643265,
-0.04961143061518669,
0.0460011325776577,
-0.11094094067811966,
-0.024295082315802574,
0.02814185805618763,
0.00805986113846302,
-0.028963882476091385,
0.006726136896759272,
-0.003251319518312812,
0.0008446531719528139,
0.011495471931993961,
-0.04908106103539467,
0.018831847235560417,
0.002862927969545126,
0.03565061092376709,
-0.018154647201299667,
0.036872316151857376,
-0.061287008225917816,
0.04167710244655609,
0.009717040695250034
] |
$1.14 billion also contributed to the decline. Partially offsetting these decreases were lower operating expenses of $240 million. Foreign currency effects decreased earnings by $25 million in 2016, compared to an increase of $47 million a year earlier.
International downstream earned $4.42 billion in 2015, compared with $1.70 billion in 2014. The increase was primarily due to a $1.6 billion gain from the sale of the company's interest in Caltex Australia in second quarter 2015 and higher margins on refined product sales of $690 million. Foreign currency effects increased earnings by $47 million in 2015, compared to a decrease of $112 million a year earlier.
Total refined product sales of 1.46 million barrels per day in 2016 were down 3 percent from 2015. Excluding the effects of the Caltex Australia Limited divestment, refined product sales were down 1 percent, primarily reflecting lower fuel oil sales. Sales of 1.51 million barrels per day in 2015 were essentially unchanged from 2014.
Refer to the “Selected Operating Data” table, on page FS-12, for a three-year comparison of sales volumes of gasoline and other refined products and refinery input volumes.
All Other
All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies.
Net charges in 2016 increased $342 million from 2015, mainly due to higher corporate charges, interest expense and corporate tax items, partially offset by lower environmental reserve additions and lower charges related to reductions in corporate staffs. Net charges in 2015 decreased $935 million from 2014, mainly due to lower corporate tax items and the absence of 2014 charges related to mining assets, partially offset by higher charges related to reductions in corporate staffs.
Consolidated Statement of Income
Comparative amounts for certain income statement categories are shown below:
Sales and other operating revenues decreased in 2016 primarily due to lower refined product and crude oil prices, partially offset by higher crude oil volumes. The decrease between 2015 and 2014 was primarily due to lower refined product and crude oil prices, partially offset by higher refined product and crude oil volumes
Income from equity affiliates decreased in 2016 from 2015 primarily due to lower upstream-related earnings from Tengizchevroil in Kazakhstan and Petroboscan in Venezuela, and lower downstream-related earnings from CPChem and GS Caltex in South Korea.
Income from equity affiliates decreased in 2015 from 2014 mainly due to lower earnings from Tengizchevroil in Kazakhstan, CPChem, Angola LNG and the effect of the sale of Caltex Australia Limited in second quarter 2015. Partially offsetting these effects were higher earnings from GS Caltex in South Korea and Petropiar in Venezuela.
Refer to Note 16, beginning on page FS-43, for a discussion of Chevron’s investments in affiliated companies.
Other income of $1.6 billion in 2016 included net gains from asset sales of $1.1 billion before-tax. Other income in 2015 and 2014 included net gains from asset sales of $3.2 billion and $3.6 billion
| 2SELL
|
[
-0.00511429738253355,
0.0473666787147522,
-0.01713012531399727,
-0.024038052186369896,
-0.14046649634838104,
-0.015184840187430382,
-0.009623836725950241,
0.0006726314313709736,
-0.05895322188735008,
0.028632929548621178,
0.01401977427303791,
-0.06620601564645767,
0.022221704944968224,
-0.02204938419163227,
0.0140497125685215,
0.05327197164297104,
0.05552230030298233,
-0.011082271113991737,
-0.0330330990254879,
0.004291357938200235,
0.012963762506842613,
0.01328019704669714,
0.0021208287216722965,
-0.00854402780532837,
0.00845553632825613,
0.02320755459368229,
-0.0770304724574089,
0.019829735159873962,
0.04030182957649231,
-0.04424958676099777,
0.025936264544725418,
0.020380841568112373,
0.03198312595486641,
-0.015062865801155567,
0.048696331679821014,
0.003934524487704039,
-0.045978426933288574,
0.017270488664507866,
0.007818708196282387,
-0.003047708887606859,
-0.040125370025634766,
0.020676221698522568,
0.011543209664523602,
-0.012349194847047329,
0.007705208379775286,
-0.014204306527972221,
0.030627278611063957,
0.034571573138237,
0.017285257577896118,
-0.017456533387303352,
0.0006670490256510675,
-0.03281978890299797,
-0.02305927872657776,
-0.031153084710240364,
-0.025681721046566963,
-0.005020750220865011,
-0.015488974750041962,
-0.044216666370630264,
0.07612485438585281,
0.029533756896853447,
0.0239946898072958,
-0.028908269479870796,
0.002404160099104047,
0.03499772772192955,
0.006281531415879726,
-0.0040469844825565815,
-0.006044298410415649,
0.021199027076363564,
-0.03148835524916649,
-0.006012708880007267,
0.009616213850677013,
0.02713199332356453,
-0.02324994094669819,
-0.02352302148938179,
0.006697625853121281,
-0.05355733260512352,
0.03370102867484093,
0.007747789844870567,
0.06989993900060654,
-0.026530606672167778,
0.006535728927701712,
-0.09062685817480087,
0.08915915340185165,
-0.10848928987979889,
0.005129690282046795,
-0.03570389002561569,
-0.012370707467198372,
-0.05240701511502266,
-0.012695739045739174,
0.006687446963042021,
0.007367445155978203,
0.01108778826892376,
-0.02157953567802906,
-0.05331641063094139,
-0.013735453598201275,
-0.0005193027318455279,
0.036711305379867554,
-0.15645051002502441,
-0.00424555130302906,
0.0011697896989062428,
0.05264123156666756,
0.018389329314231873,
0.055435661226511,
-0.029196225106716156,
0.011719451285898685,
0.018782075494527817,
-0.02695387974381447,
0.04081083461642265,
-0.0008488734601996839,
0.010275336913764477,
-0.01805855706334114,
-0.05493153631687164,
0.0367685928940773,
0.00043308036401867867,
-0.004732850007712841,
0.05620381608605385,
0.006402385421097279,
0.04737349599599838,
0.005594294052571058,
-0.058927394449710846,
0.012685413472354412,
-0.021250475198030472,
-0.04323001950979233,
-0.02116653136909008,
-0.03277076408267021,
0.0380709134042263,
-0.0381259061396122,
0.0076526072807610035,
0.039539139717817307,
-0.007483002729713917,
-0.0024516235571354628,
-0.0095061045140028,
-0.014862172305583954,
0.031351856887340546,
-0.040552955120801926,
0.005280287936329842,
-0.02130262739956379,
0.000613198324572295,
-0.041945796459913254,
0.006608171854168177,
-0.04181088134646416,
-0.02617921307682991,
-0.0036284253001213074,
-0.022952040657401085,
-0.05423705279827118,
-0.0015279647195711732,
-0.013170182704925537,
0.0014411327429115772,
0.0339074470102787,
0.06406557559967041,
-0.022330569103360176,
-0.000016172349205589853,
-0.03856755420565605,
-0.003041992662474513,
-0.018829060718417168,
-0.0042290170677006245,
0.05455087497830391,
0.005747732240706682,
-0.05271083116531372,
-0.0006230100407265127,
-0.009916156530380249,
-0.004713855218142271,
0.000025287183234468102,
-0.06735309213399887,
-0.065040722489357,
-0.028348900377750397,
0.018903128802776337,
-0.013109332881867886,
0.045276712626218796,
0.04147776961326599,
0.02586331032216549,
0.018228324130177498,
0.000798632565420121,
-0.0010833893902599812,
0.026807624846696854,
-0.06250815093517303,
0.018573570996522903,
0.05120750144124031,
-0.019658902660012245,
0.017419971525669098,
0.030002092942595482,
0.0071016279980540276,
0.05646200105547905,
-0.0958062931895256,
-0.07125687599182129,
-0.0013150997692719102,
0.01494219247251749,
0.05852425470948219,
-0.013955887407064438,
-0.01693941280245781,
0.05792713165283203,
-0.014112883247435093,
-0.013154424726963043,
-0.00004325842746766284,
0.0008463460253551602,
-0.017439791932702065,
-0.004176138900220394,
-0.0006996175507083535,
-0.019119057804346085,
-0.010927665047347546,
-0.10128378123044968,
0.0001734920806484297,
-0.008321369998157024,
0.02745642699301243,
0.02856343798339367,
-0.014312018640339375,
-0.017011430114507675,
0.013430140912532806,
-0.0029329974204301834,
-0.022455528378486633,
-0.06070858985185623,
-0.0035631689243018627,
0.011274303309619427,
-0.02904357947409153,
0.004561576060950756,
0.049217551946640015,
0.0023918775841593742,
-0.09558235853910446,
0.008806480094790459,
-0.04379810020327568,
0.00535542331635952,
-0.012699857354164124,
0.016792934387922287,
0.011704808101058006,
0.08182348310947418,
0.007123236544430256,
0.02962445840239525,
-0.005559056531637907,
-0.03765963762998581,
0.02015271782875061,
0.006137431599199772,
0.052627190947532654,
-0.04421447589993477,
0.03195006027817726,
0.0007084326352924109,
0.0008527335594408214,
0.005933594424277544,
0.003925573080778122,
-0.031656116247177124,
0.06958072632551193,
0.09464051574468613,
-0.011100959032773972,
-0.011961810290813446,
-0.008431432768702507,
-0.03346748277544975,
0.06632766872644424,
0.0376247875392437,
0.01569882221519947,
-0.012269830331206322,
-0.015022434294223785,
-0.01410734374076128,
0.04524657875299454,
-0.04933888837695122,
0.005766390822827816,
-0.04683825001120567,
0.014304245822131634,
0.021471034735441208,
-0.015044917352497578,
0.00405161315575242,
-0.13652049005031586,
-0.003122481284663081,
-0.021188408136367798,
0.026296185329556465,
-0.031296033412218094,
0.010783541016280651,
0.012709333561360836,
0.013331258669495583,
-0.002229830250144005,
-0.009255760349333286,
0.005162090994417667,
0.000644287618342787,
-0.007815971970558167,
0.024699920788407326,
-0.01830160990357399,
-0.006083160173147917,
-0.005066012032330036,
0.030707111582159996,
-0.008839408867061138,
0.025370698422193527,
-0.037795647978782654,
-0.0013800566084682941,
0.009745430201292038,
0.020456720143556595,
-0.02662169188261032,
-0.025585683062672615,
-0.0048111965879797935,
-0.03738886117935181,
0.0010804084595292807,
0.07202911376953125,
-0.02777882292866707,
-0.015679314732551575,
0.008066244423389435,
0.013226736336946487,
-0.03576795384287834,
-0.02637586183845997,
0.05443645268678665,
-0.008941729553043842,
-0.03517774119973183,
-0.007221131585538387,
0.06393837928771973,
0.027095260098576546,
0.023853536695241928,
0.028781896457076073,
-0.03138973191380501,
-0.011724050156772137,
-0.015394856221973896,
-0.008601948618888855,
-0.018189402297139168,
0.11971978843212128,
-0.0029387741815298796,
0.012140018865466118,
0.019512686878442764,
-0.0177651084959507,
-0.0016403674380853772,
-0.01920599490404129,
-0.02886701188981533,
-0.032556094229221344,
0.04549102485179901,
-0.01121217105537653,
-0.03262833505868912,
0.014591203071177006,
0.004245626740157604,
0.028558986261487007,
0.02276735007762909,
0.04269051551818848,
-0.003491284092888236,
0.05898477882146835,
-0.04097949340939522,
0.0665564090013504,
-0.016682075336575508,
0.092300184071064,
0.03571781888604164,
-0.03436260297894478,
0.04774453490972519,
-0.02841661311686039,
0.032184939831495285,
0.015650002285838127,
-0.02688699960708618,
0.013717004097998142,
0.003354909596964717,
0.0010216578375548124,
-0.008020643144845963,
0.04892552271485329,
-0.0280026625841856,
0.0054387291893363,
0.10852053761482239,
0.010103097185492516,
-0.05031454563140869,
0.030213167890906334,
0.0847991332411766,
0.028685083612799644,
-0.02043561264872551,
0.009803475812077522,
0.03969302773475647,
0.004565828945487738,
-0.025472184643149376,
0.03618406876921654,
0.01770680770277977,
-0.012439862824976444,
0.019041748717427254,
-0.019097881391644478,
-0.02660079300403595,
-0.008566847071051598,
0.008590123616158962,
0.03328468278050423,
0.028590865433216095,
-0.034823231399059296,
0.0063230181112885475,
0.021318966522812843,
-0.027657125145196915,
-0.02469232864677906,
0.008791119791567326,
0.008797339163720608,
0.03349435701966286,
-0.03180380538105965,
0.0142434136942029,
0.025465818122029305,
-0.031273726373910904,
-0.007026338949799538,
0.024273045361042023,
-0.0018963259644806385,
0.0011924899881705642,
-0.02350706048309803,
-0.008167071267962456,
0.059205688536167145,
-0.011815761215984821,
0.00201972178183496,
0.00133756292052567,
-0.0031755384989082813,
0.005623503588140011,
-0.005986448377370834,
0.03630180284380913,
0.05389871448278427,
0.0212238822132349,
-0.01982862874865532,
0.002364356303587556,
0.04132193699479103,
-0.023005953058600426,
-0.0025721669662743807,
-0.024977143853902817,
-0.0037056133151054382,
-0.017981579527258873,
-0.011498388834297657,
0.024144889786839485,
0.05743567645549774,
-0.012412307783961296,
-0.019613247364759445,
0.03998240455985069,
-0.009978041984140873,
0.05191747099161148,
-0.008215733803808689,
-0.1418796181678772,
-0.013551709242165089,
0.01764361932873726,
-0.05906934291124344,
0.01673121564090252,
-0.012069903314113617,
0.03459590673446655,
0.07041694968938828,
0.060022614896297455,
-0.04214175418019295,
0.00141919928137213,
0.04023616760969162,
0.006578115280717611,
-0.12990783154964447,
0.019388925284147263,
-0.045896977186203,
-0.028310397639870644,
0.01704326458275318,
0.011055253446102142,
-0.010958675295114517,
0.008262339048087597,
0.02282591722905636,
-0.009454552084207535,
-0.004893798381090164,
0.007857149466872215,
-0.005384507123380899,
-0.03028237260878086,
-0.004882311448454857,
0.031850457191467285,
-0.03497091308236122,
0.04696140065789223,
-0.0005150454817339778,
-0.02202591486275196,
-0.02187432162463665,
0.007893257774412632,
0.06049058958888054,
-0.012278171256184578,
0.02953631430864334,
-0.05275465175509453,
-0.000923971354495734,
0.016966693103313446,
0.01999305747449398,
0.005474058445543051,
0.00430853059515357,
-0.007915422320365906,
-0.011654455214738846,
0.004370538517832756,
-0.023774124681949615,
0.004722174722701311,
0.00503005925565958,
0.00444152532145381,
0.020867707207798958,
-0.0008375130128115416,
-0.01083308458328247,
0.018221331760287285,
0.021430600434541702,
-0.0035167683381587267,
0.04646165668964386,
-0.015077435411512852,
-0.003903586184605956,
0.0038955381605774164,
0.00016615072672720999,
0.0006142625934444368,
0.035379454493522644,
-0.0017980976263061166,
0.04823600500822067,
-0.01533067598938942,
0.0028635316994041204,
-0.02964083105325699,
0.017591778188943863,
-0.0075888000428676605,
-0.018890419974923134,
0.022028088569641113,
0.012334015220403671,
-0.08622100949287415,
-0.03238910436630249,
-0.002483254997059703,
-0.009093299508094788,
0.0016850820975378156,
-0.05269809812307358,
-0.026080066338181496,
-0.03150616213679314,
0.02733815833926201,
-0.0033979720901697874,
-0.008806332014501095,
-0.09866137057542801,
-0.01002367865294218,
-0.019249288365244865,
-0.010562922805547714,
0.035233765840530396,
-0.012716338969767094,
0.013265363872051239,
0.019500834867358208,
0.0017786266980692744,
0.02528282441198826,
-0.014017912559211254,
0.011862063780426979,
-0.04708174988627434,
0.001058864640071988,
0.014314250089228153,
0.0191794540733099,
-0.014533729292452335,
-0.04465164989233017,
0.02522643469274044,
-0.07941491901874542,
0.03179807588458061,
0.0020785469096153975,
0.01615314930677414,
0.013790442608296871,
-0.009026722051203251,
0.02387937903404236,
0.02975965104997158,
-0.0050364211201667786,
0.041863519698381424,
0.002605649409815669,
0.02180604822933674,
-0.009992578998208046,
0.0636143609881401,
-0.008650491945445538,
0.025315608829259872,
0.17996181547641754,
-0.005298013333231211,
-0.015935441479086876,
-0.009223265573382378,
-0.0016820026794448495,
-0.00021080434089526534,
-0.014434874057769775,
-0.023687342181801796,
-0.004854095168411732,
-0.013467343524098396,
0.03231849521398544,
0.009910039603710175,
-0.012816132046282291,
0.02617325447499752,
-0.00911419652402401,
-0.07681901007890701,
-0.007489256095141172,
0.00570368068292737,
-0.05206975340843201,
-0.008601758629083633,
0.09358586370944977,
0.048602208495140076,
-0.00047987853758968413,
0.016126610338687897,
-0.029572362080216408,
0.018833817914128304,
0.00030762143433094025,
0.0005903418059460819,
0.011313112452626228,
-0.012222232297062874,
-0.048621807247400284,
-0.004361764993518591,
-0.013298863545060158,
-0.03181266412138939,
-0.0014308919198811054,
-0.00012878420238848776,
-0.029259653761982918,
0.021323684602975845,
0.0017594387754797935,
0.0796099454164505,
0.0030024044681340456,
-0.02102096751332283,
-0.05796442925930023,
0.024279072880744934,
0.020622069016098976,
0.0036794354673475027,
-0.023156652227044106,
-0.005128989461809397,
-0.04432595893740654,
0.042003732174634933,
0.02610064670443535,
-0.011835123412311077,
-0.010207242332398891,
0.01997307874262333,
-0.11295455694198608,
0.028949355706572533,
0.035308144986629486,
-0.00240600504912436,
0.013188881799578667,
-0.01713685505092144,
-0.0045078219845891,
0.014292723499238491,
0.03620937094092369,
0.044295236468315125,
-0.12982602417469025,
-0.0343053862452507,
0.012525792233645916,
-0.00370044051669538,
-0.03237185254693031,
0.0194667000323534,
0.0008825247641652822,
0.03399743512272835,
0.025450756773352623,
0.013925925828516483,
-0.029125791043043137,
0.007815471850335598,
-0.0022953390143811703,
0.04371992126107216,
-0.00930830929428339,
-0.01685689389705658,
-0.004843581467866898,
-0.00018580621690489352,
-0.030103174969553947,
-0.0024962001480162144,
0.0379292368888855,
0.02144051529467106,
-0.1962178349494934,
0.03412706032395363,
0.03746597468852997,
-0.008027694188058376,
-0.01607583276927471,
0.008424933068454266,
-0.0041710021905601025,
-0.03024158999323845,
0.0050094700418412685,
-0.016757052391767502,
-0.03735347464680672,
0.023269740864634514,
-0.006379610858857632,
-0.015300319530069828,
0.01614239253103733,
0.012735764496028423,
-0.02123541198670864,
0.011320890858769417,
0.0437355674803257,
-0.024925880134105682,
0.02961624786257744,
-0.05080168694257736,
-0.11584476381540298,
0.005518448073416948,
-0.0383499376475811,
-0.016447629779577255,
0.023062488064169884,
0.016630688682198524,
0.00733713386580348,
-0.008534345775842667,
-0.04207257926464081,
0.02399333007633686,
0.07115736603736877,
0.0422171875834465,
-0.019498111680150032,
-0.011570979841053486,
0.051744528114795685,
-0.022613100707530975,
-0.02192205935716629,
0.012815122492611408,
-0.017873091623187065,
0.0016699327388778329,
-0.03838731721043587,
-0.029662763699889183,
0.02595449797809124,
-0.045712098479270935,
-0.008510783314704895,
-0.012953673489391804,
0.004472703207284212,
0.04455409198999405,
0.008461837656795979,
-0.03918254002928734,
-0.004586659837514162,
0.02001393400132656,
0.008691354654729366,
-0.01649579592049122,
0.029902096837759018,
0.0789007768034935,
0.01008547842502594,
-0.029859283939003944,
0.05513805150985718,
0.027978308498859406,
-0.06022704392671585,
0.0013301711296662688,
0.0005785730900242925,
-0.029657401144504547,
0.01637214608490467,
-0.055531278252601624,
0.012014580890536308,
0.028044113889336586,
-0.14977452158927917,
-0.06820952892303467,
-0.06098761036992073,
0.023773908615112305,
0.005172642879188061,
-0.012516799382865429,
-0.003179422812536359,
-0.02303602732717991,
-0.022102218121290207,
0.0011680368334054947,
-0.02633131481707096,
0.01011679694056511,
-0.11990198493003845,
0.02455967850983143,
-0.021269746124744415,
0.00146760162897408,
0.01958022266626358,
-0.024688873440027237,
0.01842518523335457,
-0.007461509667336941,
-0.016057651489973068,
-0.006077410653233528,
0.0171347688883543,
0.011752708815038204,
-0.005044779274612665,
0.0018744448898360133,
-0.021108394488692284,
0.00967833586037159,
-0.060807280242443085,
0.013140848837792873,
-0.0019192452309653163,
-0.00026953648193739355,
0.0031700998079031706,
-0.012248809449374676,
-0.03374191001057625,
-0.04009971022605896,
-0.0042905802838504314,
0.1301000863313675,
0.0018957960419356823,
0.011950462125241756,
-0.015523886308073997,
0.014123518019914627,
-0.007456169463694096,
-0.01217342633754015,
-0.03997351601719856,
0.09740661084651947,
-0.042575523257255554,
-0.0098770372569561,
0.0008011037134565413,
-0.031044693663716316,
-0.00911037065088749,
0.0021805595606565475,
0.01132494118064642,
0.0569080151617527,
0.02959827333688736,
0.011621750891208649,
0.021475495770573616,
0.04710741713643074,
-0.011128837242722511,
-0.01294644083827734,
-0.040691327303647995,
-0.030755843967199326,
0.02996351756155491,
-0.08612335473299026,
-0.016763726249337196,
0.025778355076909065,
0.005800994578748941,
-0.03984937071800232,
0.009695759043097496,
-0.0011046061990782619,
0.007254736497998238,
0.012867928482592106,
-0.04989367723464966,
0.04029927775263786,
0.005014083813875914,
0.04233928397297859,
-0.02165723592042923,
0.03885572776198387,
-0.06751158088445663,
0.04283417761325836,
0.006194328423589468
] |
3M Venezuela swapped bolivars into U.S. dollars in 2009. While increasing cost of sales, these actions mitigated 3M’s exposure to future exchange rate risks.
Selling, General and Administrative Expenses:
Selling, general and administrative (SG&A) expenses increased 12 percent in 2010 when compared to 2009. In 2010, sales and marketing expenses increased 14 percent, which included advertising and promotion investment increases of over 20 percent in 2010. These increased investments are expected to help drive sales volumes, both now and into the future. In addition, 3M has increased both sales coverage and its marketing strength, particularly in faster-growing emerging economies. In 2010, general and administrative costs remained under control, as these costs increased at approximately half the rate of 2010 sales growth. SG&A expenses, measured as a percent of net sales, decreased 0.7 percentage points in 2010 compared to 2009. As indicated in Note 4, restructuring expenses of $91 million were recorded in SG&A expenses in 2009. Measured as a percent of sales, these restructuring expenses increased 2009 SG&A expenses by 0.4 percentage points.
Selling, general and administrative (SG&A) expenses as a percent of net sales increased 0.4 percentage points in 2009 when compared to 2008, but decreased $338 million in dollars, helped by savings from restructuring and other actions. In the sales and marketing area, advertising and merchandising costs were down year-on-year, but were up in the fourth quarter. As indicated above, restructuring expenses increased 2009 SG&A expenses as a percent of sales by 0.4 percentage points. In 2008, restructuring actions and exit activities, net of a gain on sale of real estate, increased SG&A by $111 million, which increased SG&A as a percent of sales by 0.5 percentage points. In the fourth quarter of 2008, as part of its restructuring program, 3M took aggressive actions to reduce general and administrative expenses and also pared back selling and marketing costs in certain businesses.
Research, Development and Related Expenses:
Research, development and related expenses (R&D) increased 11 percent in 2010 compared to 2009, as 3M continued to support its key growth initiatives. R&D as a percent of net sales declined to 5.4 percent from 5.6 percent in both 2009 and 2008. R&D expenses in dollars declined approximately 8 percent in 2009 compared to 2008. Overall dollar spending in 2009 was impacted by company-wide cost initiatives, such as reductions in indirect spending.
Gain/Loss from Sale of Businesses:
In June 2008, 3M completed the sale of HighJump Software to Battery Ventures, a technology venture capital and private equity firm. 3M received proceeds of $85 million for this transaction and recognized, net of assets sold, transaction and other costs, a pre-tax loss of $23 million (recorded in the Safety, Security and Protection Services segment) in the second quarter of 2008.
Operating Income:
3M uses operating income as one of its primary business segment performance measurement tools. Operating income was 22.2 percent of sales in 2010, compared to 20.8 percent of sales in 2009
| 2SELL
|
[
-0.0014745970256626606,
0.05632226541638374,
-0.004232740495353937,
-0.02818555012345314,
-0.1132865771651268,
-0.025900302454829216,
-0.005894455127418041,
-0.0006040381267666817,
-0.07269547134637833,
0.02552979253232479,
0.01033495832234621,
-0.003725219052284956,
0.01674623228609562,
-0.028957048431038857,
0.016932688653469086,
0.043104227632284164,
0.04172583669424057,
-0.005322477780282497,
-0.04159078001976013,
-0.003819661447778344,
0.024122370406985283,
0.011389373801648617,
-0.002226857002824545,
-0.011133229359984398,
0.03731812536716461,
0.015091663226485252,
-0.05923951044678688,
0.023089390248060226,
0.0694623664021492,
-0.049505140632390976,
0.029046986252069473,
0.020100582391023636,
0.030608676373958588,
-0.019987281411886215,
0.046616822481155396,
0.00020812843285966665,
-0.05794321000576019,
0.01644178479909897,
0.04327161982655525,
0.012291237711906433,
-0.04392669349908829,
0.0069152372889220715,
-0.002531317761167884,
-0.009658580645918846,
0.009655398316681385,
-0.008022983558475971,
0.04369156062602997,
0.0501495823264122,
0.015091675333678722,
-0.004968365654349327,
-0.005178509745746851,
-0.022036390379071236,
-0.017788318917155266,
-0.03353743255138397,
-0.021977616474032402,
-0.0007481478969566524,
-0.013606834225356579,
-0.029266638681292534,
0.07236972451210022,
0.031133927404880524,
0.03529922664165497,
-0.03921297937631607,
0.022423816844820976,
0.03923794999718666,
0.006572735961526632,
-0.010784556157886982,
-0.0074334414675831795,
-0.0066189952194690704,
-0.04209701716899872,
-0.020980902016162872,
0.024878747761249542,
0.025087852030992508,
-0.02252327837049961,
-0.007206898182630539,
0.002176896436139941,
-0.03165015950798988,
0.03679070621728897,
-0.007225335109978914,
0.08456668257713318,
-0.02846144326031208,
0.006666084285825491,
-0.06827151775360107,
0.02989431470632553,
-0.07067326456308365,
0.02798069454729557,
0.001066406024619937,
-0.013555668294429779,
-0.05594133585691452,
-0.018578005954623222,
-0.0029721662867814302,
0.005049076396971941,
-0.002402797807008028,
-0.027785062789916992,
-0.05663347616791725,
-0.028022581711411476,
0.007046213373541832,
0.03176684305071831,
-0.1562335193157196,
0.000014257116163207684,
-0.018450193107128143,
0.07496803253889084,
0.011444387026131153,
0.046649497002363205,
-0.021645905449986458,
0.012129723094403744,
0.008543552830815315,
-0.03913881257176399,
0.03932387754321098,
-0.0027220682241022587,
0.009159733541309834,
-0.014975802972912788,
-0.06919749826192856,
0.018744206055998802,
-0.0008600071887485683,
-0.008440736681222916,
0.045608095824718475,
0.012054327875375748,
0.03219171240925789,
-0.00616722134873271,
-0.07092202454805374,
0.017001880332827568,
-0.027929140254855156,
-0.02936401590704918,
0.008814881555736065,
-0.038507189601659775,
0.025337213650345802,
-0.029654385522007942,
-0.011312129907310009,
0.034586574882268906,
-0.003215582575649023,
-0.0005325337406247854,
-0.010072613134980202,
-0.010448290035128593,
0.013702591881155968,
-0.04275089502334595,
0.014868241734802723,
-0.013630440458655357,
0.0031861793249845505,
-0.05155915394425392,
0.01138223148882389,
-0.031449515372514725,
-0.027201447635889053,
-0.015058239921927452,
-0.0072548883035779,
-0.04557174816727638,
-0.00871523842215538,
-0.010287746787071228,
0.007839689031243324,
0.041513171046972275,
0.07505898922681808,
-0.002946092514321208,
-0.00936318188905716,
-0.027781816199421883,
-0.012945275753736496,
-0.01796974427998066,
-0.021196959540247917,
0.052297867834568024,
-0.003636257955804467,
-0.06537636369466782,
0.002815467771142721,
-0.0015220674686133862,
-0.013166735880076885,
-0.008544974960386753,
-0.05498144030570984,
-0.06555140763521194,
-0.0325089693069458,
0.010441476479172707,
-0.020616784691810608,
0.049967143684625626,
0.054885949939489365,
0.018823521211743355,
0.015784304589033127,
0.0005778417689725757,
-0.0021723781246691942,
0.025109754875302315,
-0.0643264576792717,
0.030029943212866783,
0.052718233317136765,
-0.0031837986316531897,
0.027841191738843918,
0.019466564059257507,
0.007009888533502817,
0.05424351990222931,
-0.10638559609651566,
-0.056898921728134155,
-0.01523397397249937,
0.011609591543674469,
0.04593968391418457,
-0.009503954090178013,
-0.022738726809620857,
0.03865163028240204,
-0.011035614646971226,
-0.005285073537379503,
-0.012835896573960781,
-0.005459291394799948,
-0.022243309766054153,
-0.013836565427482128,
-0.004176249261945486,
-0.01615673303604126,
-0.00858647283166647,
-0.10951857268810272,
0.0068261893466115,
0.007634366396814585,
0.025352364405989647,
0.04888156056404114,
-0.018048038706183434,
-0.016681646928191185,
-0.005185984540730715,
-0.0033157411962747574,
-0.009046259336173534,
-0.05694764107465744,
-0.0097319595515728,
0.011224516667425632,
-0.016125822439789772,
0.017888177186250687,
0.0450931079685688,
0.008881794288754463,
-0.10469100624322891,
-0.040157631039619446,
-0.05171288549900055,
0.01221485435962677,
-0.010726788081228733,
0.02309434302151203,
0.010041520930826664,
0.05519875884056091,
-0.024201709777116776,
0.04743899032473564,
-0.004858099855482578,
-0.04945952817797661,
0.012519714422523975,
0.00572711369022727,
0.0623701736330986,
-0.04815538227558136,
0.04026135802268982,
0.007656548637896776,
-0.009815849363803864,
-0.0018717675702646375,
0.0030584484338760376,
-0.03415504842996597,
0.07118892669677734,
0.09209463000297546,
-0.0069383797235786915,
-0.012432930059731007,
-0.00583828566595912,
-0.03746538236737251,
0.05526115372776985,
0.02645113319158554,
0.04749732464551926,
-0.016482168808579445,
-0.014683079905807972,
-0.012762420810759068,
0.015536066144704819,
-0.03905525431036949,
0.00492832250893116,
-0.030376283451914787,
0.03640801087021828,
0.016870960593223572,
-0.007582642138004303,
0.00862978957593441,
-0.12664076685905457,
-0.01356769260019064,
-0.018867064267396927,
0.00038153771311044693,
-0.01475556567311287,
0.005419631488621235,
0.008341822773218155,
0.026046911254525185,
0.001518622855655849,
-0.002427449682727456,
0.010045497678220272,
-0.00010575902706477791,
-0.014615830034017563,
0.04157062619924545,
-0.02179480902850628,
-0.0016495207091793418,
0.008574500679969788,
0.03895100578665733,
-0.008729531429708004,
0.04163232818245888,
-0.03403302654623985,
-0.005105691961944103,
-0.009502680972218513,
-0.01600578986108303,
-0.02569776214659214,
-0.018636908382177353,
-0.010641470551490784,
-0.01195130031555891,
-0.005640116520226002,
0.08170510083436966,
-0.027800967916846275,
-0.01359917689114809,
0.018369629979133606,
0.011354610323905945,
-0.038023024797439575,
-0.027683421969413757,
0.06941533088684082,
-0.006682270206511021,
-0.04085804522037506,
-0.010517733171582222,
0.04150395467877388,
0.0198045801371336,
0.028104159981012344,
0.007567788008600473,
-0.03300090134143829,
-0.015381126664578915,
-0.016958508640527725,
-0.022214366123080254,
-0.026641536504030228,
0.11548124998807907,
-0.031239280477166176,
0.011279962956905365,
0.010698202066123486,
-0.0037709458265453577,
-0.012528923340141773,
-0.020218590274453163,
-0.03318437933921814,
-0.03276510909199715,
0.04312024265527725,
-0.022446421906352043,
-0.04061821475625038,
0.01874162070453167,
0.009050501510500908,
0.02861965075135231,
0.028398627415299416,
0.06956975907087326,
0.0029973469208925962,
0.03879191726446152,
-0.03331248462200165,
0.02768375352025032,
-0.02585471048951149,
0.0534118190407753,
0.11358410120010376,
-0.029131056740880013,
0.03909280523657799,
-0.02271011471748352,
0.014899872243404388,
0.02492240071296692,
-0.019543105736374855,
-0.0011347215622663498,
-0.013164610601961613,
0.00577869638800621,
0.007343605626374483,
0.020389627665281296,
-0.033616889268159866,
0.0024891584180295467,
0.0964101031422615,
0.010977460071444511,
-0.05576014518737793,
0.020214715972542763,
0.0625249370932579,
0.055225834250450134,
-0.026175588369369507,
0.0021265209652483463,
0.042138323187828064,
0.01369120366871357,
-0.042590636759996414,
0.03520328924059868,
0.0028710151091217995,
-0.013202130794525146,
0.007824688218533993,
-0.017263079062104225,
-0.02108469419181347,
-0.0011535824742168188,
0.005300587974488735,
0.04679090529680252,
-0.01970478892326355,
-0.025179894641041756,
0.007634513545781374,
0.0029961636755615473,
-0.02224705182015896,
-0.01657123677432537,
0.004404724575579166,
0.020711183547973633,
0.06689125299453735,
-0.030125418677926064,
0.0038858377374708652,
0.04230262339115143,
-0.025172345340251923,
0.001983421854674816,
0.0383448489010334,
0.0005914932698942721,
-0.0074906134977936745,
-0.006434364710003138,
-0.020088734105229378,
0.06589926034212112,
0.0034895753487944603,
-0.005789713468402624,
0.0036548601929098368,
-0.003343958407640457,
0.01258118823170662,
-0.012701863422989845,
0.03126192092895508,
0.03369922190904617,
0.003987722564488649,
-0.02305310219526291,
-0.005571766756474972,
0.03316464275121689,
-0.00590989226475358,
-0.035412389785051346,
-0.01689867489039898,
0.002995566464960575,
-0.01619529351592064,
-0.008055436424911022,
0.021195653825998306,
0.05060913413763046,
0.00967454444617033,
-0.02069663070142269,
0.029575709253549576,
-0.001456339145079255,
0.03943028673529625,
-0.010083199478685856,
-0.12166913598775864,
-0.015878360718488693,
0.04037216678261757,
-0.05724130570888519,
0.03102809190750122,
-0.032567717134952545,
0.0487954281270504,
0.05999034270644188,
0.05478428304195404,
-0.04172598198056221,
0.00964607484638691,
0.03422602638602257,
0.007642794866114855,
-0.1307997703552246,
0.006383577827364206,
-0.06110089272260666,
-0.023012708872556686,
0.03354138135910034,
0.015660597011446953,
-0.007985285483300686,
0.006005952600389719,
0.029978349804878235,
-0.013123564422130585,
-0.010813803412020206,
0.011721493676304817,
-0.008571603335440159,
-0.026679126545786858,
-0.006805966608226299,
0.03685924783349037,
-0.024598946794867516,
0.03133397549390793,
-0.002587368478998542,
-0.012124091386795044,
-0.00641890661790967,
0.014840231277048588,
0.046179454773664474,
-0.019908124580979347,
0.021272487938404083,
-0.049613483250141144,
-0.005672838073223829,
0.009786943905055523,
0.010875857435166836,
0.003968508448451757,
0.0012231580913066864,
-0.01335699763149023,
-0.006779498886317015,
-0.00434183469042182,
-0.017768023535609245,
0.007854585535824299,
-0.002398965647444129,
0.00261137867346406,
0.028461730107665062,
-0.002425548154860735,
0.0010553317843005061,
0.022695371881127357,
0.018092071637511253,
0.006459090393036604,
0.04959162697196007,
0.0005188501672819257,
0.0008425653795711696,
0.004883678629994392,
-0.0013242175336927176,
-0.004317483864724636,
0.0392378605902195,
-0.018490713089704514,
0.04183947294950485,
-0.004987584426999092,
-0.008167446590960026,
-0.023399444296956062,
0.011225740425288677,
-0.02277478389441967,
-0.025063619017601013,
0.01766250655055046,
-0.003225808497518301,
-0.08469787985086441,
-0.048605915158987045,
-0.011554260738193989,
-0.010305688716471195,
-0.008251260034739971,
-0.05128547176718712,
-0.018898239359259605,
-0.029021795839071274,
0.030084719881415367,
-0.0037965085357427597,
-0.010328223928809166,
-0.1784803718328476,
0.030638160184025764,
-0.009515168145298958,
-0.018426595255732536,
0.03297979757189751,
-0.014076103456318378,
0.018891293555498123,
0.044556036591529846,
0.007182997185736895,
0.02441032975912094,
-0.010916822589933872,
0.029188040643930435,
-0.05428437888622284,
0.0037847247440367937,
0.0265435092151165,
0.03301641717553139,
-0.01641825959086418,
-0.032138414680957794,
0.022546865046024323,
-0.057861343026161194,
0.04406385496258736,
0.002918216399848461,
0.044526129961013794,
0.013160115107893944,
0.0029637538827955723,
0.02131170965731144,
0.029598833993077278,
0.003147765761241317,
0.04840535297989845,
-0.009499195031821728,
0.04704054072499275,
-0.007152295205742121,
0.06164511665701866,
0.000008453958798781969,
0.013153000734746456,
0.17243613302707672,
-0.00717185391113162,
-0.004865371622145176,
-0.006932815536856651,
-0.005275448318570852,
0.0029674400575459003,
-0.009382195770740509,
-0.02192750759422779,
-0.014594309963285923,
-0.015609538182616234,
0.02967360056936741,
0.017543064430356026,
-0.018934911116957664,
0.029028568416833878,
-0.018412433564662933,
-0.08163884282112122,
-0.005156293511390686,
-0.0010488914558663964,
-0.08694741129875183,
-0.008484749123454094,
0.11028828471899033,
0.0432940311729908,
0.008066916838288307,
0.013488993048667908,
-0.03491421788930893,
0.013074003159999847,
0.009943538345396519,
0.010557799600064754,
0.006351586431264877,
-0.004505107179284096,
-0.037103354930877686,
0.0023677917197346687,
-0.009036481380462646,
-0.08279357850551605,
-0.0039007302839308977,
-0.0023950845934450626,
-0.02722611464560032,
0.01952085830271244,
-0.02022196352481842,
0.10493738949298859,
-0.0004557691281661391,
-0.0047692242078483105,
-0.06255817413330078,
0.03959078714251518,
0.006995134986937046,
0.01136970054358244,
-0.021374549716711044,
-0.02089497074484825,
-0.05122101306915283,
0.06345317512750626,
0.008597527630627155,
-0.03174053505063057,
0.018705131486058235,
0.025933319702744484,
-0.11679858714342117,
0.0290442556142807,
0.03377528488636017,
-0.0016362429596483707,
0.009227300062775612,
-0.025636469945311546,
0.0008871966856531799,
-0.011067229323089123,
0.030696915462613106,
0.04097822681069374,
-0.1065179631114006,
-0.020617663860321045,
0.015164998359978199,
-0.0035911500453948975,
-0.016271842643618584,
0.007687711622565985,
0.0041878619231283665,
0.03233697637915611,
0.02116534672677517,
0.008634842000901699,
-0.011694149114191532,
0.014445736072957516,
-0.0031640345696359873,
0.036787133663892746,
-0.002122653881087899,
-0.014061636291444302,
-0.025371553376317024,
-0.008505173958837986,
-0.03744497150182724,
-0.01845892332494259,
0.02334020286798477,
0.022011801600456238,
-0.18881173431873322,
0.029552806168794632,
0.03334880247712135,
-0.016088055446743965,
-0.01798645779490471,
0.024643370881676674,
-0.025827256962656975,
-0.04731988534331322,
0.02318858727812767,
-0.02220441959798336,
-0.028265459463000298,
0.027260124683380127,
-0.007076883688569069,
-0.020375752821564674,
0.006908768322318792,
0.02220771461725235,
-0.026626035571098328,
-0.01836245134472847,
0.045718614012002945,
-0.018296269699931145,
0.031206129118800163,
-0.04821949079632759,
-0.12437994033098221,
0.0014853543834760785,
-0.04329812899231911,
-0.009538307785987854,
0.01999146118760109,
0.028088441118597984,
0.005855893716216087,
-0.010227584280073643,
-0.03549623116850853,
0.02301596663892269,
0.050463661551475525,
0.022253822535276413,
-0.013669520616531372,
0.021162310615181923,
0.04590141400694847,
-0.021953098475933075,
-0.03511643409729004,
0.01146333385258913,
-0.014650062657892704,
-0.0017605716129764915,
-0.028289321810007095,
-0.035437390208244324,
0.01988459937274456,
-0.037501074373722076,
0.03375066816806793,
0.009661187417805195,
0.008878946304321289,
0.03957642614841461,
0.00001267176958208438,
-0.037221938371658325,
-0.006088605150580406,
0.02092599868774414,
0.0036547183990478516,
-0.010666957125067711,
0.02005874551832676,
0.05435621365904808,
0.0013644598657265306,
-0.01713821478188038,
0.03377079218626022,
0.03744034841656685,
-0.05883762985467911,
0.007742349058389664,
0.002471138257533312,
-0.018518107011914253,
-0.0008401217055507004,
-0.06344715505838394,
0.01763671264052391,
0.0438971109688282,
-0.1545402854681015,
-0.08033279329538345,
-0.07111067324876785,
0.010876534506678581,
0.008964424952864647,
-0.02219873107969761,
-0.007821735925972462,
-0.022171782329678535,
-0.020516153424978256,
-0.00958458986133337,
-0.027122916653752327,
0.011214658617973328,
-0.0787806361913681,
0.020774375647306442,
-0.005954183638095856,
0.006595424842089415,
0.018279893323779106,
-0.025885989889502525,
0.02636507898569107,
0.0016263670986518264,
-0.01579810306429863,
-0.0013720551505684853,
0.027553889900445938,
0.006750508211553097,
-0.0082693574950099,
-0.005475165322422981,
-0.017749343067407608,
0.008496113121509552,
-0.06354263424873352,
-0.00032867604750208557,
-0.0013929912820458412,
0.020984740927815437,
0.0029914132319390774,
-0.02319560945034027,
-0.04666132852435112,
-0.03203482925891876,
-0.005421386566013098,
0.1165880635380745,
-0.002661379985511303,
0.0290285125374794,
-0.017550814896821976,
0.002851421944797039,
-0.005715698469430208,
-0.004313377197831869,
-0.03581078723073006,
0.05536840483546257,
-0.008619525469839573,
-0.019335994496941566,
0.018422307446599007,
-0.04814367741346359,
-0.016713518649339676,
-0.00441546319052577,
-0.011698935180902481,
0.057917822152376175,
0.036718133836984634,
0.006123045459389687,
0.018280835822224617,
0.06390160322189331,
-0.009956253692507744,
-0.013745677657425404,
-0.030264854431152344,
-0.05252492055296898,
0.044714540243148804,
-0.07821417599916458,
-0.02462865598499775,
0.0262734517455101,
0.001902701216749847,
-0.04868466407060623,
0.004750063177198172,
0.005364633165299892,
0.0018929678481072187,
0.00893489457666874,
-0.04885423555970192,
-0.002520269714295864,
0.007696116343140602,
0.04946698248386383,
-0.027475634589791298,
0.033899400383234024,
-0.05217772722244263,
0.0347282774746418,
0.002931072609499097
] |
and other liabilities had been provided for, then we would have been obligated to pay 3dfx two million shares of NVIDIA common stock. If 3dfx could not make such a certification, but instead properly certified that its debts and liabilities could be satisfied for less than $25.0 million, then 3dfx could have elected to receive a cash payment equal to the amount of such debts and liabilities and a reduced number of shares of our common stock, with such reduction calculated by dividing the cash payment by $25.00 per share. If 3dfx could not certify that all of its debts and liabilities had been provided for, or could not be satisfied, for less than $25.0 million, we would not be obligated under the agreement to pay any additional consideration for the assets. In October 2002, 3dfx filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Northern District of California. In March 2003, we were served with a complaint filed by the Trustee appointed by the Bankruptcy Court which sought, among other things, payments from us as additional purchase price related to our purchase of certain assets of 3dfx. In early November 2005, after many months of mediation, NVIDIA and the Official Committee of Unsecured Creditors of 3dfx reached a conditional settlement of the Trustee’s claims against NVIDIA. This conditional settlement, which will be subject to the review and approval of the Bankruptcy Court, calls for a payment of approximately $30.6 million to the 3dfx estate. Under the settlement, $5.6 million relates to various administrative expenses and Trustee fees, and $25.0 million relates to the satisfaction of debts and liabilities owed to the general unsecured creditors of 3dfx. As such, during the three months ended October 30, 2005, we recorded $5.6 million as a charge to settlement costs and $25.0 million as additional purchase price for 3dfx. Please refer to Note 11 of the Notes to Consolidated Financial Statements for further information regarding this litigation.
Contractual Obligations
The following summarizes our contractual obligations that are not on our balance sheet as of January 29, 2006 and the effect such obligations are expected to have on our liquidity and cash flow in future periods:
Contractual Obligations
Off-Balance Sheet Arrangements
We have no material off-balance sheet arrangements as defined in Regulation S-K 303(a)(4)(ii). Recently Issued Accounting Pronouncements
In December 2004, the Financial Accounting Standards Board, or FASB, issued Statement of Financial Accounting Standards No. 123(R), or SFAS No. 123(R), Share-Based Payment, which requires the measurement and recognition of compensation expense for all stock-based compensation payments. In April 2005, the SEC delayed the effective date of SFAS No. 123(R), which is now effective for annual periods that begin after June 15, 2005. In March 2005, the SEC issued Staff Accounting Bulletin No. 107, or SAB No. 107, which includes interpretive guidance for the initial implementation of SFAS No. 123(R). SFAS No. 123(R) allows for either prospective recognition of compensation expense or retrospective recognition. We intend to adopt
| 1HOLD
|
[
-0.008551235310733318,
0.0626930221915245,
0.0031224803533405066,
0.039864927530288696,
-0.0877867192029953,
-0.006370348855853081,
-0.0014903799165040255,
-0.005148404743522406,
-0.0718403160572052,
0.0030736043117940426,
0.016200486570596695,
0.02361014299094677,
0.0277737844735384,
-0.010019969195127487,
0.01765565015375614,
-0.010113539174199104,
-0.027392854914069176,
-0.029733926057815552,
-0.027478374540805817,
0.010658416897058487,
0.0029884621035307646,
0.028803035616874695,
0.037326328456401825,
-0.023045655339956284,
-0.015018328092992306,
0.039914701133966446,
-0.013828868046402931,
0.03132382407784462,
0.05633584037423134,
-0.044890694320201874,
0.015068822540342808,
-0.008148804306983948,
0.034556254744529724,
-0.010355149395763874,
0.026464909315109253,
0.016246160492300987,
-0.05945175886154175,
0.0079802256077528,
0.012751409783959389,
0.01948772929608822,
-0.025979582220315933,
-0.0071382843889296055,
-0.024664826691150665,
0.001208006520755589,
0.018763871863484383,
-0.00169498345348984,
0.02515879087150097,
0.046442002058029175,
0.010060381144285202,
-0.02086428366601467,
0.00624608900398016,
-0.013034113682806492,
-0.02940588817000389,
-0.006116895005106926,
-0.016157444566488266,
-0.0019099549390375614,
-0.013635187409818172,
0.021698912605643272,
0.07870016247034073,
0.02136019989848137,
0.02173386514186859,
-0.025242136791348457,
-0.004125793930143118,
0.024450872093439102,
0.015566105023026466,
-0.017667710781097412,
-0.009160242043435574,
-0.04331047087907791,
-0.02066989801824093,
-0.06924022734165192,
0.036058515310287476,
0.021278444677591324,
0.00636195158585906,
-0.0033162483014166355,
0.0075689502991735935,
-0.02251620404422283,
0.05027404800057411,
-0.01490241289138794,
0.08194664120674133,
-0.010212818160653114,
-0.018508560955524445,
-0.055728714913129807,
-0.06035684049129486,
0.008195771835744381,
0.012203950434923172,
-0.01659725420176983,
0.0009466271148994565,
-0.03399253264069557,
-0.02327299490571022,
-0.006621162872761488,
0.00972814206033945,
0.010502415709197521,
-0.025210099294781685,
-0.07377227395772934,
-0.07861550152301788,
0.001878980197943747,
0.012113898992538452,
-0.11287683993577957,
-0.001067711622454226,
-0.04656925052404404,
0.04169824346899986,
0.014187538996338844,
0.016584167256951332,
-0.00007768217619741336,
0.008237682282924652,
0.01623407006263733,
-0.029600856825709343,
0.010711786337196827,
0.015753785148262978,
-0.012756627053022385,
-0.011181322857737541,
-0.050282806158065796,
0.0021219858899712563,
-0.0017209372017532587,
-0.00205155648291111,
0.03484632819890976,
-0.01040739007294178,
-0.0029885994736105204,
-0.044721491634845734,
-0.060483139008283615,
-0.0008797305054031312,
-0.02973487228155136,
-0.030535168945789337,
-0.002126269042491913,
-0.02122931182384491,
-0.010567586869001389,
0.010970721021294594,
-0.03378232568502426,
0.053308118134737015,
-0.024093827232718468,
-0.002047647023573518,
-0.014763368293642998,
-0.013058384880423546,
0.02703951671719551,
-0.035774115473032,
0.00754394568502903,
0.003979851026087999,
0.0034013064578175545,
-0.05623619630932808,
0.02527059242129326,
-0.0006139013567008078,
-0.043735187500715256,
-0.029831476509571075,
0.015361514873802662,
-0.047701362520456314,
-0.017964588478207588,
-0.010894154198467731,
0.00047277106205001473,
0.05225234478712082,
0.09483715891838074,
-0.020524488762021065,
-0.024506855756044388,
-0.02488960698246956,
-0.05079466849565506,
-0.05928885191679001,
-0.0013978296192362905,
0.043599437922239304,
-0.009983713738620281,
-0.04674878716468811,
-0.004949621856212616,
-0.0040968433022499084,
0.016777951270341873,
-0.008599131368100643,
-0.047821272164583206,
0.005206684581935406,
-0.04693858325481415,
0.033990148454904556,
-0.0008232565596699715,
0.013650629669427872,
0.03799562528729439,
0.019320083782076836,
0.04454749450087547,
0.011669873259961605,
0.0036660784389823675,
0.010154452174901962,
-0.039042796939611435,
0.03908740356564522,
0.003927229903638363,
0.02472061477601528,
0.00964217260479927,
0.019527068361639977,
-0.010179883800446987,
0.04542747512459755,
0.004287479445338249,
-0.041177842766046524,
-0.07939650118350983,
-0.012937734834849834,
0.02336311899125576,
-0.00007074039604049176,
-0.022612333297729492,
0.00840215478092432,
-0.00666786078363657,
0.016214869916439056,
-0.021121064200997353,
-0.04303063452243805,
-0.0006204739911481738,
-0.08815830200910568,
0.0008040704415179789,
0.05816877633333206,
-0.010937350802123547,
-0.0977010428905487,
0.032190579921007156,
-0.001266393344849348,
0.012167338281869888,
0.05006922408938408,
-0.01106255128979683,
0.0029379287734627724,
-0.014267506077885628,
-0.010892651975154877,
-0.0015194922452792525,
-0.04641062766313553,
-0.02694624848663807,
0.003653510008007288,
-0.07342977821826935,
-0.001617455156520009,
0.03916546702384949,
-0.004426737781614065,
-0.07397297024726868,
-0.05364855378866196,
-0.03153703361749649,
-0.005133465863764286,
-0.020218368619680405,
0.0028453520499169827,
0.014894138090312481,
0.029383251443505287,
-0.01463262364268303,
0.09264012426137924,
-0.0036598825827240944,
-0.049339428544044495,
0.06683645397424698,
0.02058376558125019,
0.05624198168516159,
0.010638426057994366,
0.033023055642843246,
0.014847439713776112,
-0.003766322508454323,
-0.003076405031606555,
0.015542149543762207,
-0.006991570349782705,
0.031168410554528236,
0.07732338458299637,
-0.023305164650082588,
-0.00739291263744235,
-0.009130004793405533,
-0.02767729014158249,
0.010280648246407509,
-0.020653201267123222,
0.08770633488893509,
-0.008335304446518421,
-0.01879138872027397,
0.00009092487016459927,
-0.011347325518727303,
0.04359317198395729,
-0.018361957743763924,
-0.011120891198515892,
0.0030678147450089455,
-0.0031462202314287424,
0.0003384295559953898,
0.014233788475394249,
-0.12910741567611694,
-0.012252885848283768,
-0.0023065481800585985,
0.014083528891205788,
-0.008943445980548859,
0.03526365011930466,
0.019068730995059013,
0.019336456432938576,
-0.006348975468426943,
-0.018275855109095573,
0.012122425250709057,
-0.016818547621369362,
-0.009904635138809681,
0.07664550095796585,
-0.026714039966464043,
0.010077488608658314,
0.03371843695640564,
0.021892473101615906,
-0.01678822934627533,
0.041079502552747726,
-0.024332085624337196,
0.009504166431725025,
-0.012141605839133263,
-0.0451391264796257,
-0.011912348680198193,
-0.018543235957622528,
-0.03353270888328552,
-0.02632184699177742,
-0.004191434942185879,
0.04454275965690613,
-0.020391598343849182,
-0.017500927671790123,
0.02833283506333828,
0.006832399405539036,
-0.006160725839436054,
-0.024995658546686172,
0.055680591613054276,
-0.00622843112796545,
-0.061193935573101044,
0.005408375523984432,
0.01403186284005642,
-0.0005883857375010848,
0.024719497188925743,
-0.0021461243741214275,
-0.03752933070063591,
-0.018412725999951363,
0.008693398907780647,
-0.020328955724835396,
0.003822253318503499,
0.07728853076696396,
-0.026259373873472214,
0.0011599371209740639,
0.006699484772980213,
-0.006040948908776045,
-0.006216889247298241,
-0.013078289106488228,
-0.07051444053649902,
-0.0379091314971447,
-0.006571219302713871,
-0.07544167339801788,
-0.017675669863820076,
0.02145184949040413,
0.009393766522407532,
0.02038116380572319,
0.029069561511278152,
0.053129129111766815,
0.02107802964746952,
0.01198340579867363,
0.009085800498723984,
-0.043225619941949844,
-0.06043747067451477,
0.11525731533765793,
0.12776614725589752,
-0.034047067165374756,
0.01969151757657528,
-0.0020887835416942835,
-0.06394365429878235,
0.0328846201300621,
-0.023673735558986664,
-0.0015941065503284335,
-0.04407807067036629,
-0.02013612538576126,
0.025143632665276527,
0.013850804418325424,
-0.02084687352180481,
0.003287443658336997,
0.021955104544758797,
0.017181623727083206,
-0.0908515527844429,
0.011899654753506184,
0.04347585141658783,
0.07645086944103241,
0.00034689123276621103,
0.001449050847440958,
0.061130039393901825,
0.0002876564394682646,
-0.031239673495292664,
0.026059845462441444,
0.018052875995635986,
-0.03450452908873558,
0.03909545764327049,
0.007035944610834122,
-0.015299616381525993,
0.008262834511697292,
-0.027819354087114334,
0.0842207744717598,
-0.0793316587805748,
-0.009737683460116386,
0.014503412880003452,
0.025719981640577316,
0.004927392117679119,
0.02663498744368553,
0.03628815338015556,
0.030835473909974098,
0.12318947166204453,
-0.011517168022692204,
-0.03745712339878082,
0.021912995725870132,
-0.012547549791634083,
0.020684896036982536,
0.009549824520945549,
-0.006075006444007158,
0.002226675394922495,
-0.006867401301860809,
-0.0057816472835838795,
0.03523799031972885,
-0.02706599235534668,
0.006183854769915342,
0.02415119856595993,
-0.0641416609287262,
0.04349823296070099,
-0.023692015558481216,
0.016216041520237923,
0.03740736097097397,
-0.028595341369509697,
-0.010985391214489937,
0.009789735078811646,
0.0009292199392803013,
-0.003308933461084962,
-0.06048433482646942,
-0.006733666639775038,
-0.0014977211831137538,
0.0012529714731499553,
-0.008124631829559803,
-0.02390359900891781,
0.0458030067384243,
0.07180455327033997,
-0.053879253566265106,
0.018608249723911285,
-0.017316922545433044,
0.011493825353682041,
-0.0097244493663311,
-0.04628799110651016,
-0.0023715582210570574,
0.027337634935975075,
-0.024679817259311676,
0.025177104398608208,
-0.008074606768786907,
-0.005036824848502874,
0.07744438201189041,
-0.042973730713129044,
-0.04220448061823845,
0.013244633562862873,
0.030073268339037895,
0.0043846843764185905,
-0.08134658634662628,
0.000294095923891291,
-0.07390233129262924,
-0.010693271644413471,
0.03286262974143028,
-0.0007194019854068756,
-0.03216329962015152,
0.006528536323457956,
0.02775348350405693,
-0.02985541708767414,
0.0057088048197329044,
0.003834034549072385,
0.014402988366782665,
-0.02301873080432415,
0.0211748406291008,
0.007559542078524828,
-0.03149795904755592,
0.024631371721625328,
0.025479406118392944,
-0.0035597088281065226,
0.008627506904304028,
0.04277949780225754,
0.01989903673529625,
-0.020716624334454536,
0.030728915706276894,
-0.02464967779815197,
-0.024300847202539444,
0.007180678192526102,
0.026046352460980415,
-0.008603584952652454,
-0.014398692175745964,
-0.007841861806809902,
0.009346885606646538,
0.0017393827438354492,
-0.0004143102269154042,
-0.003332590451464057,
0.027751484885811806,
-0.015015942975878716,
0.03249736875295639,
-0.023407498374581337,
-0.001680872985161841,
-0.005788647104054689,
0.00722599308937788,
-0.013332407921552658,
0.05950549617409706,
-0.0036499882116913795,
0.0060565294697880745,
0.009996240958571434,
-0.005989043507725,
-0.0005424806731753051,
0.0012527566868811846,
-0.008501059375703335,
0.007802905514836311,
0.009169726632535458,
-0.032290004193782806,
-0.03337695822119713,
0.03313663974404335,
-0.041851140558719635,
-0.022563882172107697,
0.007382849231362343,
-0.02077396772801876,
-0.042303215712308884,
-0.09013918042182922,
-0.051743973046541214,
-0.01791428215801716,
-0.00468315789476037,
-0.04686223715543747,
-0.05619708076119423,
-0.023060165345668793,
0.0403318852186203,
-0.0032827304676175117,
0.007750201970338821,
-0.2544836401939392,
0.2104431539773941,
0.028555069118738174,
-0.025376198813319206,
0.034257519990205765,
-0.02504786103963852,
0.03893623873591423,
0.08386120200157166,
0.011602064594626427,
0.004583593923598528,
-0.02004450373351574,
0.05902097746729851,
-0.03601177781820297,
0.011809238232672215,
0.03730630874633789,
0.03195345029234886,
-0.019547848030924797,
0.0006955670542083681,
0.0055587259121239185,
-0.010713458992540836,
0.02919730171561241,
-0.0001699015701888129,
0.022661015391349792,
-0.03074760176241398,
0.010261688381433487,
0.03384297713637352,
0.015036482363939285,
0.013350185938179493,
0.030696727335453033,
-0.004659533500671387,
-0.0016634071944281459,
-0.02929370105266571,
0.03874686732888222,
0.0055985520593822,
-0.010075606405735016,
0.07133277505636215,
-0.002859057392925024,
-0.024500448256731033,
0.042989667505025864,
-0.014865350909531116,
-0.015420225448906422,
-0.0159539133310318,
0.0007148340810090303,
-0.020810680463910103,
-0.03384679555892944,
0.009614944458007812,
0.026450788602232933,
-0.007955050095915794,
0.040087535977363586,
-0.022498782724142075,
-0.038906559348106384,
0.006154081784188747,
0.0020698141306638718,
-0.10589414089918137,
-0.03210229426622391,
0.12179113924503326,
0.017144501209259033,
0.012304405681788921,
-0.0033900360576808453,
-0.034749485552310944,
0.03236013650894165,
0.01068263128399849,
0.048806268721818924,
0.014137576334178448,
0.028282130137085915,
-0.0405299998819828,
0.019803807139396667,
-0.025445573031902313,
-0.12635397911071777,
0.008059455081820488,
-0.0057020955719053745,
-0.04580867290496826,
0.006839308887720108,
-0.020860524848103523,
0.09276378154754639,
0.011309887282550335,
-0.0003415522223804146,
-0.0877378061413765,
0.04920598864555359,
-0.020575156435370445,
0.0014293205458670855,
0.003564277430996299,
-0.0043705846183001995,
-0.04857347160577774,
0.040847551077604294,
-0.02012111432850361,
-0.0076372334733605385,
0.04196229949593544,
0.027445096522569656,
-0.06413758546113968,
0.06663619726896286,
0.005464155692607164,
-0.001190320821478963,
-0.023704325780272484,
-0.02066817320883274,
0.002224984113126993,
-0.07252492010593414,
-0.009729493409395218,
0.031763091683387756,
-0.0529961958527565,
-0.009676757268607616,
0.007230107672512531,
0.022500867024064064,
0.009165924042463303,
-0.021775178611278534,
0.04171770438551903,
-0.024737535044550896,
0.04934367164969444,
-0.009198375977575779,
0.0014937416417524219,
0.017792433500289917,
-0.0008256377768702805,
0.030686412006616592,
-0.011921975761651993,
-0.00846545398235321,
-0.04319781810045242,
-0.01519651897251606,
-0.022669805213809013,
-0.020774153992533684,
0.008998576551675797,
0.006921738386154175,
-0.0028088924009352922,
0.027832789346575737,
0.029023349285125732,
0.01771574094891548,
-0.002712395042181015,
0.03364812582731247,
-0.02360534854233265,
-0.021039916202425957,
0.024273362010717392,
-0.03592045605182648,
-0.02274571917951107,
-0.0013111780863255262,
-0.01077086292207241,
-0.005613045301288366,
-0.0063020153902471066,
0.02338806726038456,
0.0007439636392518878,
0.034334223717451096,
0.044502608478069305,
-0.005537319928407669,
0.03650941699743271,
-0.038581594824790955,
-0.07884065806865692,
0.027547182515263557,
-0.01962956041097641,
-0.019767222926020622,
0.003151843324303627,
0.037385161966085434,
0.006099286489188671,
-0.005442072171717882,
-0.031092045828700066,
0.05675862357020378,
0.012889552861452103,
0.001972451340407133,
0.012025057338178158,
0.04061208665370941,
0.041460778564214706,
0.010530414059758186,
0.0204258281737566,
-0.0023296710569411516,
0.00722015555948019,
-0.003002006793394685,
-0.013254653662443161,
-0.02139403484761715,
0.010521517135202885,
-0.040184151381254196,
0.09943023324012756,
0.008540538139641285,
0.025130782276391983,
0.01831849105656147,
-0.0030481070280075073,
-0.033723630011081696,
-0.009962199255824089,
0.01987280510365963,
0.02328401990234852,
-0.029067840427160263,
0.026103133335709572,
0.02179376222193241,
0.0339493528008461,
-0.01543344184756279,
-0.05985204130411148,
0.01033090427517891,
-0.04763016477227211,
0.016629351302981377,
0.010058736428618431,
-0.010354585945606232,
-0.006890100426971912,
-0.06878820061683655,
-0.005596524570137262,
0.08134414255619049,
-0.05599639192223549,
-0.12033338844776154,
-0.04849695414304733,
0.009120629169046879,
0.011902794241905212,
-0.022859210148453712,
-0.03457346558570862,
-0.0018673761514946818,
0.0319879911839962,
-0.009522446431219578,
-0.006503409240394831,
-0.012541179545223713,
0.07998451590538025,
0.02588680200278759,
-0.02354619652032852,
0.02979825995862484,
0.02623685635626316,
-0.0007874563452787697,
0.01950354129076004,
-0.003358836518600583,
0.012508789077401161,
-0.019663456827402115,
0.022368960082530975,
0.0037826006300747395,
-0.025238629430532455,
-0.03477995842695236,
-0.01995389349758625,
-0.02425221912562847,
-0.060737427324056625,
0.03256014361977577,
0.000814101193100214,
0.03777295723557472,
-0.0007793987751938403,
0.00012937374413013458,
-0.04213408753275871,
-0.0137047553434968,
-0.013682276010513306,
0.03255777433514595,
0.009040485136210918,
0.05317603051662445,
-0.03349338471889496,
0.01081058569252491,
-0.017773637548089027,
0.024425333365797997,
-0.03999548777937889,
-0.05368199944496155,
-0.006713858339935541,
-0.011891953647136688,
0.00026880414225161076,
-0.03284090384840965,
-0.04984210804104805,
-0.011359198950231075,
-0.026643352583050728,
0.04834676906466484,
0.033651210367679596,
-0.03571539372205734,
0.02080448903143406,
0.052459340542554855,
0.011813582852482796,
-0.014989903196692467,
-0.049586422741413116,
0.0007135524647310376,
0.09726598113775253,
-0.042714737355709076,
-0.009893922135233879,
0.007273701019585133,
-0.008633513934910297,
-0.023044664412736893,
0.02159220352768898,
-0.009319639764726162,
-0.03918090835213661,
0.006989076733589172,
0.0006629774579778314,
-0.11125016212463379,
0.01714981719851494,
0.005587734282016754,
-0.015189142897725105,
0.055900923907756805,
0.020489543676376343,
0.022538848221302032,
-0.03543440252542496
] |
3% for fiscal 2012, as growth in Running and Football (Soccer) more than offset a decline in Sportswear.
Excluding changes in currency exchange rates, apparel revenue decreased 1% for fiscal 2012, as the decline in Sportswear more than offset the growth in Running and Football (Soccer).
On a reported basis, EBIT for Japan grew at a faster rate than revenue as a result of improved gross margin and leverage of selling and administrative expenses. The increase in Japan’s gross margin was mainly driven by the favorable impact from the year-over-year change in standard currency rates, a decrease in inventory obsolescence expense as well as a lower mix of close-out sales. These favorable impacts were partially offset by higher product input costs.
Emerging Markets
Fiscal 2013 Compared to Fiscal 2012
For fiscal 2013, constant currency revenue growth for the Emerging Markets geography was driven by growth in every key category and every territory, led by Argentina, Brazil, and Mexico.
Constant currency footwear revenue growth for fiscal 2013 was driven by growth in most key categories, most notably Running, Football (Soccer), and Women’s Training. Unit sales increased approximately 9% and average selling price per pair increased 6%, primarily driven by selling price increases.
Fiscal 2013 constant currency apparel revenue was driven by growth in every key category, led by Football (Soccer), Running, Sportswear, and Men’s Training. Unit sales increased approximately 10% and average selling price per unit increased 9%, largely attributable to price increases.
Fiscal 2013 Emerging Markets EBIT grew faster than revenue primarily driven by gross margin improvement, partially offset by higher selling and administrative expense as a percent of revenue. Gross margin increased 260 basis points due largely to the favorable impact of price increases, the anniversary of a one-time custom duty charge in fiscal 2012, and favorable standard foreign currency exchange rates, which more than offset the unfavorable impact of higher product costs. As a percent of revenue, selling and administrative expense was higher due to higher operating overhead costs to support the expansion of our Direct to Consumer business and overall growth of the business.
Fiscal 2012 Compared to Fiscal 2011
Excluding the changes in currency exchange rates, revenues for the Emerging Markets increased 26% for fiscal 2012 as all territories in the geography reported double-digit revenue growth, led by Argentina, Brazil, Mexico and Korea.
For fiscal 2012, revenue growth for both footwear and apparel in the Emerging Markets was driven by double-digit percentage growth in unit sales and mid-single-digit percentage growth in average selling price per unit, primarily reflective of product price increases. The overall increase in Emerging Markets’ footwear and apparel sales was driven by strong demand in nearly all key categories, led by Running and Sportswear.
The increase in Emerging Markets’ EBIT for fiscal 2012 was primarily the result of revenue growth and selling and administrative expense leverage, which more than offset a lower gross margin. Gross margin declined 150
| 2SELL
|
[
-0.001362323178909719,
0.05621647089719772,
-0.005529649090021849,
-0.018106041476130486,
-0.10170117765665054,
-0.016887178644537926,
-0.002047491492703557,
-0.0004982845857739449,
-0.06702279299497604,
0.029152195900678635,
0.0112137570977211,
-0.024668024852871895,
0.023299064487218857,
-0.029177794232964516,
0.013650032691657543,
0.041944000869989395,
0.03543195500969887,
-0.0022585804108530283,
-0.03426536172628403,
-0.0008193958783522248,
0.013782870955765247,
0.01768018864095211,
0.017604660242795944,
-0.007917402312159538,
0.023399047553539276,
0.025371797382831573,
-0.05618879944086075,
0.02034843899309635,
0.0752396285533905,
-0.04608036205172539,
0.01914607547223568,
0.022713275626301765,
0.03496075049042702,
-0.017572909593582153,
0.041957877576351166,
0.0028556438628584146,
-0.050876908004283905,
0.018821127712726593,
0.039847005158662796,
0.00928954966366291,
-0.03806009143590927,
0.009771582670509815,
-0.0199423860758543,
-0.004432938061654568,
0.008386146277189255,
-0.01304636336863041,
0.03394211456179619,
0.03725587576627731,
0.012593981809914112,
-0.011008485220372677,
0.003977766260504723,
-0.03648650646209717,
-0.016785044223070145,
-0.024679871276021004,
-0.025446007028222084,
-0.003154202364385128,
-0.014579749666154385,
-0.023399703204631805,
0.07934288680553436,
0.030507832765579224,
0.03432012349367142,
-0.030646812170743942,
0.0030589986126869917,
0.03230924531817436,
0.0067153433337807655,
-0.011917746625840664,
-0.003347760997712612,
0.005646889563649893,
-0.03521769866347313,
-0.0245534498244524,
0.02412777952849865,
0.03663402050733566,
-0.019232818856835365,
-0.012564722448587418,
0.005881876684725285,
-0.053424954414367676,
0.03440923988819122,
0.00014637109416071326,
0.08264169842004776,
-0.030533039942383766,
-0.0007977772038429976,
-0.07878251373767853,
0.027204429730772972,
-0.09179394692182541,
0.01985037699341774,
-0.016759224236011505,
-0.015713460743427277,
-0.049855008721351624,
-0.014312840066850185,
-0.0038028459530323744,
-0.0028382502496242523,
0.00928387138992548,
-0.020454710349440575,
-0.05763693153858185,
-0.031901583075523376,
0.0108115179464221,
0.03459262102842331,
-0.15144087374210358,
-0.004341108724474907,
-0.002218678593635559,
0.05207883566617966,
0.013661841861903667,
0.05152719095349312,
-0.021906651556491852,
0.020360467955470085,
0.01031254418194294,
-0.025941139087080956,
0.040386948734521866,
0.0014591849176213145,
0.013950621709227562,
-0.01923796534538269,
-0.05482226237654686,
0.02051515318453312,
-0.0050104702822864056,
-0.0021210815757513046,
0.04617525264620781,
0.009927664883434772,
0.037431612610816956,
-0.0027997151482850313,
-0.05459528788924217,
0.012971004471182823,
-0.02442905306816101,
-0.03223446011543274,
-0.0003692996397148818,
-0.03368105739355087,
0.019045419991016388,
-0.025807518512010574,
-0.013728003948926926,
0.0430593341588974,
-0.013835430145263672,
-0.0021290197037160397,
-0.001444061752408743,
-0.017350079491734505,
0.02617771551012993,
-0.03927307948470116,
0.013570718467235565,
-0.015154387801885605,
0.004684122744947672,
-0.047737862914800644,
0.009826280176639557,
-0.030687788501381874,
-0.037119150161743164,
-0.016019321978092194,
-0.011356302537024021,
-0.04465340077877045,
-0.003963142167776823,
-0.013008416630327702,
0.002227842342108488,
0.034727729856967926,
0.07066316902637482,
-0.011374792084097862,
-0.004639545921236277,
-0.03758014366030693,
-0.014999364502727985,
-0.02565963938832283,
-0.015653228387236595,
0.04615477845072746,
0.005104756448417902,
-0.0713827982544899,
-0.00866710115224123,
-0.0050429352559149265,
-0.004796448163688183,
-0.00482912827283144,
-0.05979343503713608,
-0.051989734172821045,
-0.03292301297187805,
0.020485294982790947,
-0.019608736038208008,
0.04287077113986015,
0.0553029328584671,
0.025108328089118004,
0.029093759134411812,
0.004710657987743616,
0.00044073432218283415,
0.030873777344822884,
-0.06517794728279114,
0.03196054324507713,
0.046346940100193024,
-0.004628083202987909,
0.018069494515657425,
0.02471369318664074,
0.006489385385066271,
0.05726909637451172,
-0.09539757668972015,
-0.06238530948758125,
-0.015900732949376106,
0.012317207641899586,
0.04526534304022789,
-0.006712398026138544,
-0.02176930569112301,
0.04767424240708351,
-0.014996364712715149,
-0.0049963453784585,
0.0037693551275879145,
-0.01008889451622963,
-0.006051001138985157,
-0.018858056515455246,
0.005977320950478315,
0.008286991156637669,
-0.00841436069458723,
-0.11284257471561432,
0.014398555271327496,
-0.01152613665908575,
0.020890280604362488,
0.04893621429800987,
-0.017304616048932076,
-0.013419377617537975,
-0.001577504095621407,
-0.005692050792276859,
-0.013514405116438866,
-0.06339532136917114,
-0.0019663837738335133,
0.011073071509599686,
-0.028687279671430588,
-0.00048278161557391286,
0.05026862770318985,
0.00530413119122386,
-0.09266188740730286,
-0.017515083774924278,
-0.04748288914561272,
0.007465059868991375,
-0.01154699269682169,
0.011856629513204098,
0.0003576283634174615,
0.055499520152807236,
-0.0059765540063381195,
0.04535224288702011,
-0.004824219737201929,
-0.047178756445646286,
0.028016500174999237,
0.012314584106206894,
0.06567803770303726,
-0.035449735820293427,
0.032307930290699005,
0.008133085444569588,
-0.015179794281721115,
0.004175790585577488,
0.002259029308333993,
-0.02928084321320057,
0.06164931878447533,
0.0935077890753746,
-0.013378611765801907,
-0.01256213616579771,
-0.009822354651987553,
-0.03586519509553909,
0.05894450843334198,
0.02413902059197426,
0.044205956161022186,
-0.012903035618364811,
-0.004272389225661755,
-0.014688710682094097,
0.03328613191843033,
-0.03678272292017937,
0.0019351113587617874,
-0.04616536945104599,
0.022077303379774094,
0.018927590921521187,
-0.01219599973410368,
0.006961509585380554,
-0.1364469975233078,
-0.010554992593824863,
-0.028344765305519104,
0.007046383805572987,
-0.02386029250919819,
0.011025659739971161,
0.01517232321202755,
0.022581636905670166,
-0.006589018274098635,
-0.012639815919101238,
0.004980646073818207,
-0.00847695767879486,
-0.010385996662080288,
0.03916723653674126,
-0.018355034291744232,
-0.004740337375551462,
0.008670796640217304,
0.036026209592819214,
-0.013084645383059978,
0.025139320641756058,
-0.03300432860851288,
-0.0031775895040482283,
0.0007932521984912455,
0.0061675324104726315,
-0.025597281754016876,
-0.015892118215560913,
-0.014154529199004173,
-0.036790501326322556,
-0.006586082745343447,
0.08211860805749893,
-0.028904296457767487,
-0.01786014437675476,
0.008358240127563477,
0.01675475388765335,
-0.039833903312683105,
-0.028120417147874832,
0.05938473343849182,
-0.01055640634149313,
-0.04358191415667534,
-0.003400308545678854,
0.048716213554143906,
0.0191564429551363,
0.028010893613100052,
0.017941782251000404,
-0.033604469150304794,
-0.014257746748626232,
-0.011925315484404564,
-0.025214694440364838,
-0.019689487293362617,
0.12314271926879883,
-0.020284704864025116,
0.01163388229906559,
0.012738525867462158,
-0.0038167410530149937,
-0.005030816420912743,
-0.015080004930496216,
-0.03591867908835411,
-0.034376274794340134,
0.03843526169657707,
-0.02609407901763916,
-0.03303900361061096,
0.020134853199124336,
0.008880866691470146,
0.020930537953972816,
0.02629985474050045,
0.05310092121362686,
0.003175216494128108,
0.05267251282930374,
-0.04502120614051819,
0.03499259799718857,
-0.018659111112356186,
0.024288175627589226,
0.09740214049816132,
-0.0337546244263649,
0.039809949696063995,
-0.025608329102396965,
0.023089546710252762,
0.02112191915512085,
-0.02423231489956379,
0.0017327091190963984,
-0.0027630480471998453,
-0.004715424962341785,
-0.004622085485607386,
0.03526716306805611,
-0.024532372131943703,
0.002429021056741476,
0.1058637872338295,
0.014217425137758255,
-0.0606745183467865,
0.015720155090093613,
0.07008708268404007,
0.049784593284130096,
-0.02482491359114647,
0.005119019653648138,
0.051806289702653885,
0.014037387445569038,
-0.030957035720348358,
0.03920073062181473,
0.011979736387729645,
-0.015182813629508018,
0.01892312616109848,
-0.010318328626453876,
-0.02404630184173584,
-0.003199832048267126,
-0.0007302926969714463,
0.044188886880874634,
-0.01654781401157379,
-0.03377293050289154,
0.013125510886311531,
0.01138005219399929,
-0.01968354918062687,
-0.0116325244307518,
0.008974803611636162,
0.014905906282365322,
0.07300058752298355,
-0.041353628039360046,
0.007475458551198244,
0.02495516650378704,
-0.03175382316112518,
-0.005609314423054457,
0.03024013713002205,
0.004728648345917463,
0.002177744871005416,
-0.006162501871585846,
-0.013939209282398224,
0.06678760796785355,
-0.012165657244622707,
0.001939214882440865,
0.006743861362338066,
-0.003177106147632003,
0.01405925303697586,
-0.0017318606842309237,
0.03346670791506767,
0.0462941899895668,
0.0044747102074325085,
-0.020558733493089676,
0.0033752599265426397,
0.0321076400578022,
-0.014178486540913582,
-0.034477926790714264,
-0.02415872924029827,
-0.004724191967397928,
-0.010609072633087635,
-0.006623076740652323,
0.0216850433498621,
0.05437105521559715,
0.017635438591241837,
-0.026136131957173347,
0.03600646182894707,
-0.010877505876123905,
0.04995632916688919,
-0.008263587951660156,
-0.12768130004405975,
-0.0205026026815176,
0.029162323102355003,
-0.0512412004172802,
0.03137430176138878,
-0.01904953643679619,
0.038447797298431396,
0.06051027029752731,
0.03900110349059105,
-0.0518340989947319,
0.008592577651143074,
0.03925348445773125,
0.009088042192161083,
-0.14274214208126068,
0.010890304110944271,
-0.05979472026228905,
-0.028122328221797943,
0.023243000730872154,
0.01473937276750803,
-0.013334025628864765,
0.011096435599029064,
0.01996215432882309,
-0.012543739750981331,
-0.0036804263945668936,
0.01530003733932972,
-0.00032990725594572723,
-0.027727285400032997,
-0.00886419415473938,
0.03370444476604462,
-0.04103410989046097,
0.03403759002685547,
0.007961983792483807,
-0.019308120012283325,
-0.017470650374889374,
0.013720346614718437,
0.0405045747756958,
-0.020178887993097305,
0.026047270745038986,
-0.048646263778209686,
-0.0030824104323983192,
0.010560344904661179,
0.008645805530250072,
0.006660163402557373,
0.011468946933746338,
-0.010565923526883125,
-0.004678434692323208,
0.008512599393725395,
-0.02158130519092083,
0.006465334445238113,
0.005394109059125185,
0.008453202433884144,
0.022519487887620926,
-0.010255921632051468,
-0.004646928049623966,
0.022066233679652214,
0.017761964350938797,
0.0043717036023736,
0.06666302680969238,
-0.00804411806166172,
0.00276323058642447,
0.0073636076413095,
0.0017216093838214874,
0.006221933290362358,
0.02786562219262123,
-0.012109754607081413,
0.039708107709884644,
-0.006893164943903685,
-0.009806728921830654,
-0.03153892606496811,
0.02147419936954975,
-0.019824091345071793,
-0.021896734833717346,
0.01866236887872219,
0.006818478927016258,
-0.08173949271440506,
-0.04976310580968857,
-0.012714622542262077,
-0.009160771034657955,
0.004733941983431578,
-0.04946223273873329,
-0.03150874748826027,
-0.03817088529467583,
0.03131897747516632,
-0.00327694253064692,
-0.005263675004243851,
-0.15691395103931427,
0.048934102058410645,
-0.012243903242051601,
-0.014644525945186615,
0.034780681133270264,
-0.015159998089075089,
0.024144520983099937,
0.04679231718182564,
0.007006347645074129,
0.02982255630195141,
-0.006032576784491539,
0.028324861079454422,
-0.054111968725919724,
0.007501040585339069,
0.025051996111869812,
0.023617815226316452,
-0.014085589908063412,
-0.035312067717313766,
0.021444974467158318,
-0.06633817404508591,
0.03868493810296059,
-0.0004530884907580912,
0.021239040419459343,
0.005364533513784409,
-0.005667062941938639,
0.023059511557221413,
0.024593057110905647,
-0.000022730924683855847,
0.043744172900915146,
-0.0035135389771312475,
0.0384146124124527,
-0.005791636649519205,
0.05825374275445938,
0.007723125629127026,
0.012329665012657642,
0.19081082940101624,
-0.002476270543411374,
-0.009246979840099812,
-0.0007649015751667321,
-0.002808058401569724,
-0.002761731157079339,
-0.012316456995904446,
-0.019594460725784302,
-0.014695831574499607,
-0.023590411990880966,
0.03669995814561844,
0.01591568998992443,
-0.01981211267411709,
0.02304857224225998,
-0.017054297029972076,
-0.07512034475803375,
-0.006404488813132048,
-0.002196461195126176,
-0.0881182849407196,
-0.015510553494095802,
0.107001893222332,
0.04407065361738205,
0.00473924120888114,
0.01566513441503048,
-0.03174330294132233,
0.015573889017105103,
-0.0007347320788539946,
0.006331173703074455,
0.013353349640965462,
0.0019466318190097809,
-0.04101599380373955,
0.006109774578362703,
-0.01597040332853794,
-0.07770051807165146,
-0.002213191706687212,
-0.0060220216400921345,
-0.0305282361805439,
0.0234227292239666,
-0.009336994960904121,
0.08785175532102585,
0.012191681191325188,
-0.022074580192565918,
-0.06485816091299057,
0.03446528688073158,
0.008099246770143509,
0.0054122768342494965,
-0.011200858280062675,
-0.012750938534736633,
-0.05290134623646736,
0.05465381219983101,
0.011506103910505772,
-0.018290935084223747,
0.011963529512286186,
0.02431432344019413,
-0.1147984117269516,
0.03242766857147217,
0.035252660512924194,
-0.0017151813954114914,
0.008478021249175072,
-0.022871043533086777,
0.009185696952044964,
-0.007622705306857824,
0.026984496042132378,
0.0454634428024292,
-0.11159440875053406,
-0.0217141080647707,
0.016772858798503876,
-0.00033586579957045615,
-0.02278483659029007,
0.010932112112641335,
0.00490315817296505,
0.024115297943353653,
0.027824873104691505,
0.012003345414996147,
-0.013381429947912693,
0.024024808779358864,
0.0003629454877227545,
0.03709006682038307,
-0.009095052257180214,
-0.017465468496084213,
-0.025918573141098022,
-0.0037306486628949642,
-0.038375113159418106,
-0.00247330404818058,
0.03148099035024643,
0.017707262188196182,
-0.19608688354492188,
0.03324125334620476,
0.039006300270557404,
-0.009103648364543915,
-0.01702386885881424,
0.019115576520562172,
-0.014501743949949741,
-0.05325489491224289,
0.015763720497488976,
-0.02183276042342186,
-0.04057778790593147,
0.022978097200393677,
-0.003406934440135956,
-0.021546274423599243,
0.012857086025178432,
0.01542903296649456,
-0.021990150213241577,
-0.007168053649365902,
0.04471750184893608,
-0.020797641947865486,
0.031665951013565063,
-0.04756627604365349,
-0.13606023788452148,
0.007722941227257252,
-0.046893924474716187,
-0.009452929720282555,
0.013238964602351189,
0.028938671573996544,
0.0026273024268448353,
-0.011784308589994907,
-0.025353258475661278,
0.033491916954517365,
0.06024669110774994,
0.025249438360333443,
-0.012505369260907173,
0.008787712082266808,
0.05018478259444237,
-0.013128791935741901,
-0.020750373601913452,
-0.00012139463069615886,
-0.015058458782732487,
-0.0012035451363772154,
-0.029452009126544,
-0.02776023931801319,
0.029480520635843277,
-0.04861931875348091,
0.03064626269042492,
0.006497978698462248,
0.015497695654630661,
0.04257652908563614,
0.00048551661893725395,
-0.04439201205968857,
-0.012556099332869053,
0.0239394623786211,
0.008561964146792889,
-0.014422559179365635,
0.023255420848727226,
0.061874330043792725,
0.014294409193098545,
-0.02295270934700966,
0.0293772891163826,
0.0345134437084198,
-0.0579480417072773,
0.010424685664474964,
0.006937731988728046,
-0.008982774801552296,
0.007858927361667156,
-0.0574241578578949,
0.017605790868401527,
0.03658801317214966,
-0.15807147324085236,
-0.08984851837158203,
-0.07307209074497223,
0.023368176072835922,
0.0033355490304529667,
-0.015091399662196636,
-0.000337584555381909,
-0.023543816059827805,
-0.005954247433692217,
-0.006298807915300131,
-0.026321595534682274,
0.003484508255496621,
-0.09660845994949341,
0.029977653175592422,
-0.01830754056572914,
0.006705670617520809,
0.017361363396048546,
-0.020297622308135033,
0.021302590146660805,
-0.0027950492221862078,
-0.021082572638988495,
-0.005463742651045322,
0.022814691066741943,
0.005715680308640003,
-0.004095982760190964,
-0.006795112043619156,
-0.02426024153828621,
0.008554695174098015,
-0.05753078684210777,
0.0053227683529257774,
0.0034326408058404922,
0.005686823278665543,
0.003424009308218956,
-0.017075778916478157,
-0.04267098009586334,
-0.03717780113220215,
-0.008892906829714775,
0.11821077018976212,
0.00029150338377803564,
0.02262500301003456,
-0.018077302724123,
0.011936457827687263,
-0.017608901485800743,
-0.0013883460778743029,
-0.03561687469482422,
0.06761904805898666,
-0.03354229778051376,
-0.010910392738878727,
-0.006744168233126402,
-0.042132820934057236,
-0.0168515183031559,
-0.003991897217929363,
0.0031136299949139357,
0.05169549584388733,
0.031610067933797836,
-0.0029114277567714453,
0.015541961416602135,
0.05169147625565529,
-0.008240271359682083,
-0.014035425148904324,
-0.03966721147298813,
-0.0391344279050827,
0.05394024774432182,
-0.09614753723144531,
-0.029843272641301155,
0.02481396682560444,
0.010083825327455997,
-0.03244287893176079,
0.010984393768012524,
-0.007053291890770197,
-0.003460981184616685,
0.014596049673855305,
-0.042177800089120865,
-0.0009239135542884469,
0.0027732239104807377,
0.03251514211297035,
-0.023779412731528282,
0.04847756400704384,
-0.040721286088228226,
0.039058949798345566,
0.0016118665225803852
] |
subject to regulatory approvals.
Other
Common Stock Dividends The 2018 annual dividend was $4.48 per share, making 2018 the 31st consecutive year that the company increased its annual per share dividend payout. In January 2019, the company's Board of Directors approved a $0.07 per share increase in the quarterly dividend to $1.19 per share, payable in March 2019, representing an increase of 6 percent.
Common Stock Repurchase Program The company purchased $1.75 billion of its common stock in 2018 under its stock repurchase program.
Results of Operations
The following section presents the results of operations and variances on an after-tax basis for the company’s business segments – Upstream and Downstream – as well as for “All Other.” Earnings are also presented for the U.S. and international geographic areas of the Upstream and Downstream business segments. Refer to Note 13, beginning on page 66, for a discussion of the company’s “reportable segments.” This section should also be read in conjunction with the discussion in “Business Environment and Outlook” on pages 28 through 31.
U.S. Upstream
U.S. upstream earnings were $3.28 billion in 2018, compared with $3.64 billion in 2017. The decrease in earnings was primarily due to the absence of the 2017 benefit from U.S. tax reform of $3.33 billion, higher other tax items of $160 million and higher exploration expense of $350 million, partially offset by higher crude oil realizations of $2.45 billion and higher crude oil production of $1.12 billion.
U.S. upstream earnings were $3.64 billion in 2017, compared with a loss of $2.05 billion from 2016. The improvement in earnings reflected a benefit of $3.33 billion from U.S. tax reform, higher crude oil and natural gas realizations of $1.3 billion and lower depreciation expenses of $650 million, primarily reflecting a decrease in impairments and other asset write-offs. Lower operating expenses of $140 million also contributed to the improvement.
The company’s average realization for U.S. crude oil and natural gas liquids in 2018 was $58.17 per barrel, compared with $44.53 in 2017 and $35.00 in 2016. The average natural gas realization was $1.86 per thousand cubic feet in 2018, compared with $2.10 in 2017 and $1.59 in 2016.
Net oil-equivalent production in 2018 averaged 791,000 barrels per day, up 16 percent from 2017 and up 14 percent from 2016. Between 2018 and 2017, production increases from shale and tight properties in the Permian Basin in Texas and New
Mexico and base business in the Gulf of Mexico were partially offset by the effect of asset sales of 35,000 barrels per day. Between 2017 and 2016, production increases from shale and tight properties in the Permian Basin in Texas and New Mexico and base business in the Gulf of Mexico were more than offset by the effect of asset sales of 59,000 barrels per day and normal field declines.
The net liquids component of oil-equivalent production for 2018 averaged 618,000 barrels per day, up 19 percent from 2017 and up 23 percent from 2016. Net natural gas production averaged 1.03 billion cubic feet per day in 2018, up 7 percent from 2017 and down 8 percent from 2016. Refer to the “Selected
| 2SELL
|
[
-0.006042255088686943,
0.04386566951870918,
-0.016132980585098267,
-0.03419973701238632,
-0.1288386881351471,
-0.01354795042425394,
-0.007793624885380268,
0.00985126756131649,
-0.05862293764948845,
0.026971202343702316,
0.022318940609693527,
-0.060204967856407166,
0.02264328859746456,
-0.021285293623805046,
0.00952085666358471,
0.04543772339820862,
0.06930860131978989,
-0.010395483113825321,
-0.03160664811730385,
-0.006844594143331051,
0.014476245269179344,
0.00848293025046587,
0.007399358786642551,
-0.009987277910113335,
0.005471135023981333,
0.025336461141705513,
-0.07369536906480789,
0.020058654248714447,
0.045936908572912216,
-0.04304509237408638,
0.023140478879213333,
0.020343808457255363,
0.031904976814985275,
-0.015875615179538727,
0.03879474848508835,
0.0009133446728810668,
-0.04894128069281578,
0.01939472369849682,
0.016793997958302498,
-0.000962205056566745,
-0.05170437693595886,
0.011099351570010185,
0.006181937642395496,
-0.012560390867292881,
0.006387659348547459,
-0.015455959364771843,
0.023369528353214264,
0.0316174291074276,
0.013724924996495247,
-0.0175896268337965,
0.0017838383791968226,
-0.03825334832072258,
-0.02006607875227928,
-0.02612856589257717,
-0.027137598022818565,
-0.0024999245069921017,
-0.014913350343704224,
-0.03997236490249634,
0.07188672572374344,
0.03468405827879906,
0.020496966317296028,
-0.026623494923114777,
0.007022772915661335,
0.03645619377493858,
0.005834237206727266,
-0.00257841101847589,
-0.009530968964099884,
0.009987037628889084,
-0.03311992809176445,
-0.001548093743622303,
0.01040816493332386,
0.03739246353507042,
-0.024263516068458557,
-0.01800750195980072,
0.0034998678602278233,
-0.054077111184597015,
0.03451616317033768,
0.011064772494137287,
0.07638531178236008,
-0.026010841131210327,
0.007051622960716486,
-0.08178529143333435,
0.07609952986240387,
-0.1064775139093399,
0.0017607859335839748,
-0.04866744950413704,
-0.013752498663961887,
-0.051007870584726334,
-0.016941117122769356,
0.005510200280696154,
0.005538021679967642,
0.01658259704709053,
-0.02025359496474266,
-0.03167248144745827,
-0.011419381946325302,
0.01181305292993784,
0.03533253073692322,
-0.15814948081970215,
-0.001186175737529993,
0.0014037576038390398,
0.0705968588590622,
0.011079730466008186,
0.037267010658979416,
-0.03310814127326012,
0.01036959607154131,
0.015133828856050968,
-0.022621747106313705,
0.045801058411598206,
-0.00461153918877244,
0.011883378960192204,
-0.023889213800430298,
-0.061286021023988724,
0.03639230877161026,
-0.002265408867970109,
-0.008468229323625565,
0.052521370351314545,
0.008636165410280228,
0.04485746845602989,
0.009286901913583279,
-0.05770432949066162,
0.0186360701918602,
-0.0198852326720953,
-0.04146551340818405,
-0.01194196566939354,
-0.010413963347673416,
0.039502233266830444,
-0.035829268395900726,
0.01203998364508152,
0.03711628168821335,
-0.0015237662009894848,
-0.005398404784500599,
-0.004018520936369896,
-0.013065434992313385,
0.03183360770344734,
-0.04121879115700722,
0.005168634001165628,
-0.012628991156816483,
0.0106362821534276,
-0.04252694547176361,
0.006680043414235115,
-0.03914123773574829,
-0.020098473876714706,
-0.004057750105857849,
-0.016380542889237404,
-0.044873420149087906,
-0.004588119685649872,
-0.009982176125049591,
0.0020193010568618774,
0.036075253039598465,
0.060907717794179916,
-0.018424859270453453,
0.0000012829250408685766,
-0.03530103340744972,
-0.00869150459766388,
-0.017932118847966194,
-0.009975721128284931,
0.05773160979151726,
0.012388598173856735,
-0.05706384778022766,
0.0012561354087665677,
-0.006717834621667862,
-0.007832362316548824,
-0.0038804032374173403,
-0.06975194811820984,
-0.06177370622754097,
-0.03106152079999447,
0.015390037558972836,
-0.017070358619093895,
0.0420880988240242,
0.04890023171901703,
0.025106554850935936,
0.0280485600233078,
-0.0007102582603693008,
-0.003762737847864628,
0.02945052832365036,
-0.0610729418694973,
0.021089574322104454,
0.04925151541829109,
-0.020032664760947227,
0.016434071585536003,
0.026338251307606697,
0.005869843997061253,
0.059760093688964844,
-0.10106390714645386,
-0.06535788625478745,
-0.009737741202116013,
0.014721201732754707,
0.049637340009212494,
-0.01252626534551382,
-0.01897464133799076,
0.05383654311299324,
-0.016357818618416786,
-0.005096280016005039,
0.00929995533078909,
-0.006176710594445467,
-0.015363475307822227,
0.001123710535466671,
-0.0013264885637909174,
-0.01747298613190651,
-0.013282323256134987,
-0.10286403447389603,
-0.00011915615323232487,
-0.01748037338256836,
0.024469537660479546,
0.016732199117541313,
-0.017480304464697838,
-0.015802714973688126,
0.01247402373701334,
-0.0052072955295443535,
-0.01782882586121559,
-0.0534479133784771,
-0.008924095891416073,
0.0055935257114470005,
-0.021722836419939995,
0.006748241372406483,
0.042780835181474686,
0.004022661596536636,
-0.09695214778184891,
0.013881244696676731,
-0.04552953690290451,
0.0020748942624777555,
-0.016007069498300552,
0.014709592796862125,
0.008696971461176872,
0.060106270015239716,
0.003747266950085759,
0.028374558314681053,
-0.008873732760548592,
-0.03718980401754379,
0.016358500346541405,
0.009425926022231579,
0.045695967972278595,
-0.0429973229765892,
0.02946186624467373,
0.00038808665703982115,
0.011368799023330212,
0.004428159911185503,
0.0024278629571199417,
-0.031172189861536026,
0.0668209046125412,
0.08242222666740417,
-0.011534830555319786,
-0.017655685544013977,
-0.004301191307604313,
-0.03422115370631218,
0.06726192682981491,
0.03722120076417923,
0.03419950604438782,
-0.009162139147520065,
-0.009631762281060219,
-0.01274996530264616,
0.023777848109602928,
-0.06120253726840019,
-0.0008249501697719097,
-0.04922056943178177,
0.01231094729155302,
0.026648135855793953,
-0.011545747518539429,
0.004261519759893417,
-0.14816169440746307,
-0.006855525076389313,
-0.03855083882808685,
0.020322680473327637,
-0.03145803511142731,
0.009960988536477089,
0.005642475560307503,
0.01506966631859541,
-0.001788203022442758,
-0.009232450276613235,
0.002409844659268856,
-0.0038323933258652687,
-0.010502689518034458,
0.02496957592666149,
-0.0207597017288208,
-0.004682924132794142,
0.00109451066236943,
0.034548886120319366,
-0.010296562686562538,
0.020006541162729263,
-0.032774731516838074,
-0.001993623562157154,
0.008008982986211777,
0.001724623842164874,
-0.02617279440164566,
-0.021742064505815506,
-0.0024333272594958544,
-0.043405286967754364,
0.0012964055640622973,
0.08034959435462952,
-0.029250485822558403,
-0.013264314271509647,
0.012690508738160133,
0.007887338288128376,
-0.04401296004652977,
-0.03375561162829399,
0.0601164884865284,
-0.006638708990067244,
-0.04623793438076973,
-0.010270151309669018,
0.05425568297505379,
0.018580228090286255,
0.02613208070397377,
0.03028971701860428,
-0.0373380109667778,
-0.013917875476181507,
-0.01484348252415657,
-0.008320598863065243,
-0.020729413256049156,
0.1321590691804886,
-0.005294224247336388,
0.017721952870488167,
0.020234892144799232,
-0.01207105815410614,
0.0008683203486725688,
-0.017976069822907448,
-0.029305366799235344,
-0.03598474711179733,
0.041560098528862,
-0.013582311570644379,
-0.02864728309214115,
0.014079385437071323,
0.0025634802877902985,
0.029272479936480522,
0.019100867211818695,
0.037230443209409714,
-0.006469402927905321,
0.055546507239341736,
-0.043539851903915405,
0.05727894976735115,
-0.020996149629354477,
0.07287544012069702,
0.0376105010509491,
-0.034667570143938065,
0.03552694246172905,
-0.0239102840423584,
0.036142777651548386,
0.017178745940327644,
-0.02651849202811718,
0.01261566486209631,
0.0020662497263401747,
0.014294254593551159,
-0.00501733785495162,
0.04925201088190079,
-0.024244703352451324,
-0.0009388559265062213,
0.10062512010335922,
0.004294905345886946,
-0.05018296837806702,
0.024513695389032364,
0.0730941891670227,
0.03554528206586838,
-0.02475828118622303,
0.010758986696600914,
0.038899824023246765,
0.009926564060151577,
-0.02265997603535652,
0.03871224820613861,
0.011485127732157707,
-0.019932478666305542,
0.024530965834856033,
-0.022992100566625595,
-0.02973988652229309,
-0.00443962961435318,
0.006363986060023308,
0.03403840586543083,
0.01783796213567257,
-0.030404504388570786,
0.01122689712792635,
0.022188037633895874,
-0.026978187263011932,
-0.02137204073369503,
0.010679921135306358,
0.014107421971857548,
0.02422754466533661,
-0.036927055567502975,
0.019447611644864082,
0.022015199065208435,
-0.03516320139169693,
-0.015754342079162598,
0.015741560608148575,
-0.0026831873692572117,
-0.0050138505175709724,
-0.02058962918817997,
-0.009373771958053112,
0.06446140259504318,
-0.011583738029003143,
-0.006825999356806278,
0.007359637413173914,
-0.003944901283830404,
0.0031156388577073812,
-0.01075202040374279,
0.03552994132041931,
0.050331320613622665,
0.019322732463479042,
-0.02350163273513317,
0.001746359863318503,
0.042256709188222885,
-0.022466374561190605,
0.0009842079598456621,
-0.026265263557434082,
-0.0001264108723262325,
-0.016337057575583458,
-0.013548699207603931,
0.028371745720505714,
0.05127430334687233,
-0.014294365420937538,
-0.008105514571070671,
0.03909340873360634,
-0.002257266314700246,
0.040798693895339966,
-0.004314098972827196,
-0.1491955816745758,
-0.01659533940255642,
0.009094187058508396,
-0.06154778599739075,
0.022909827530384064,
-0.012624705210328102,
0.02631988748908043,
0.06658899039030075,
0.04852275922894478,
-0.05039330571889877,
0.0037534197326749563,
0.03486906364560127,
0.005405365489423275,
-0.14127200841903687,
0.022122947499155998,
-0.04600425064563751,
-0.030847840011119843,
0.024327222257852554,
0.015222033485770226,
-0.012654025107622147,
0.008222797885537148,
0.026347536593675613,
-0.005631694570183754,
-0.006897557061165571,
0.012829393148422241,
-0.007522810250520706,
-0.02698461525142193,
-0.010077793151140213,
0.03200029581785202,
-0.03809826448559761,
0.04474448040127754,
-0.004716762341558933,
-0.013921549543738365,
-0.022671973332762718,
0.0048289550468325615,
0.056155819445848465,
-0.013780788518488407,
0.03235063701868057,
-0.054556604474782944,
0.0013563849497586489,
0.019781718030571938,
0.02149992808699608,
0.007482765708118677,
-0.0033783342223614454,
-0.00743611715734005,
-0.009564864449203014,
0.00497458828613162,
-0.022153597325086594,
0.006462633144110441,
0.0000864148314576596,
0.0035862952936440706,
0.020304052159190178,
0.0010882698697969317,
-0.0029893298633396626,
0.018833812326192856,
0.022944839671254158,
-0.0013654152862727642,
0.05368597060441971,
-0.011768360622227192,
0.005287342704832554,
0.002953312359750271,
0.0003193931479472667,
0.0021675261668860912,
0.041365522891283035,
-0.010844970121979713,
0.04241609573364258,
-0.02093413472175598,
0.004233415704220533,
-0.026514368131756783,
0.016141364350914955,
-0.009797652252018452,
-0.020041871815919876,
0.023461362347006798,
0.00883973203599453,
-0.08634186536073685,
-0.02073589526116848,
-0.004082500468939543,
-0.005436347797513008,
0.0008535396191291511,
-0.04704008623957634,
-0.019044963642954826,
-0.027631478384137154,
0.029111258685588837,
-0.0037879084702581167,
-0.004972197115421295,
-0.10878384858369827,
-0.0034566796384751797,
-0.012310796417295933,
-0.01211334578692913,
0.0323391817510128,
-0.01447207946330309,
0.01456291601061821,
0.021740173920989037,
0.0019326981855556369,
0.022939419373869896,
-0.007428839802742004,
0.012621039524674416,
-0.047233834862709045,
0.003968943376094103,
0.01767672412097454,
0.018675990402698517,
-0.01754883863031864,
-0.04260595887899399,
0.027426917105913162,
-0.08159312605857849,
0.03645646944642067,
0.003567021805793047,
0.007380965165793896,
0.004937097430229187,
-0.005910021252930164,
0.02117357961833477,
0.02849186770617962,
-0.00608594948425889,
0.04674927517771721,
-0.0019978482741862535,
0.029586434364318848,
-0.0031127864494919777,
0.061625562608242035,
-0.013118540868163109,
0.02429109252989292,
0.18201877176761627,
-0.006018173880875111,
-0.01718868315219879,
-0.010318099521100521,
-0.009532316587865353,
-0.0011650945525616407,
-0.016378464177250862,
-0.024533674120903015,
-0.010217261500656605,
-0.010728297755122185,
0.029776940122246742,
0.01471935398876667,
-0.019991343840956688,
0.02550693415105343,
-0.006966646760702133,
-0.085296131670475,
-0.00410039396956563,
0.01278627198189497,
-0.05517461150884628,
-0.004714831244200468,
0.08654835820198059,
0.04548552632331848,
-0.002848216565325856,
0.01518621388822794,
-0.02371164783835411,
0.017328955233097076,
0.0012545175850391388,
-0.0021792941261082888,
0.01202576607465744,
-0.008864941075444221,
-0.029682612046599388,
0.001595853827893734,
-0.014105640351772308,
-0.031791821122169495,
0.0018419699044898152,
0.0012420846614986658,
-0.03206779062747955,
0.021703705191612244,
0.0005983299342915416,
0.09347511827945709,
0.0037496236618608236,
-0.021651852875947952,
-0.046362198889255524,
0.02250937558710575,
0.021940382197499275,
0.000017426837075618096,
-0.01701761968433857,
0.0008762828656472266,
-0.04726029932498932,
0.04248122125864029,
0.021394338458776474,
-0.020298723131418228,
-0.01544099859893322,
0.0215735025703907,
-0.1192624419927597,
0.03923100233078003,
0.032265499234199524,
-0.002511510858312249,
0.0158358383923769,
-0.01820766180753708,
0.004337263759225607,
0.015033554285764694,
0.03532566502690315,
0.045007478445768356,
-0.13488911092281342,
-0.037591855973005295,
0.010869249701499939,
0.002568216063082218,
-0.023610955104231834,
0.027054399251937866,
-0.0007545454427599907,
0.031824689358472824,
0.027780290693044662,
0.019009096547961235,
-0.02031228505074978,
0.009463896974921227,
0.00019140525546390563,
0.04778293892741203,
-0.001415938138961792,
-0.022281846031546593,
-0.0014494021888822317,
-0.00399816082790494,
-0.03384336456656456,
0.00032305921195074916,
0.028445832431316376,
0.021111296489834785,
-0.2146383374929428,
0.03382864221930504,
0.03961849585175514,
-0.010248329490423203,
-0.01770593225955963,
0.010790405794978142,
-0.002626175759360194,
-0.03514307737350464,
0.010962841100990772,
-0.014001191593706608,
-0.037466492503881454,
0.019134491682052612,
-0.0009199685882776976,
-0.012656183913350105,
0.018133947625756264,
0.01565251499414444,
-0.022590328007936478,
0.0004863484064117074,
0.04187370091676712,
-0.024555880576372147,
0.02632201462984085,
-0.04812869429588318,
-0.12353609502315521,
-0.0018066560151055455,
-0.052268121391534805,
-0.017285339534282684,
0.02137009985744953,
0.027006547898054123,
0.00794151984155178,
-0.013338788412511349,
-0.03650009259581566,
0.02501717396080494,
0.06941311806440353,
0.044165391474962234,
-0.01263118814677,
-0.012197027914226055,
0.05689665302634239,
-0.02183965966105461,
-0.02166467159986496,
0.006988896522670984,
-0.013887019827961922,
-0.007170624099671841,
-0.03979538381099701,
-0.022349562495946884,
0.021384749561548233,
-0.049203865230083466,
-0.010406357236206532,
-0.018545763567090034,
0.00404000049456954,
0.041574109345674515,
0.004891734570264816,
-0.03746943920850754,
-0.006008101627230644,
0.021037112921476364,
-0.0011722337221726775,
-0.016869476065039635,
0.03155234083533287,
0.08481405675411224,
0.003394941333681345,
-0.024683715775609016,
0.05464597046375275,
0.03941716253757477,
-0.05851782113313675,
-0.0013748911442235112,
0.0011582635343074799,
-0.03664243593811989,
0.013701695948839188,
-0.04467541724443436,
0.012196038849651814,
0.024990344420075417,
-0.16247959434986115,
-0.06272845715284348,
-0.04848182201385498,
0.02701653726398945,
0.005947429686784744,
-0.001986540388315916,
-0.010885736905038357,
-0.017333485186100006,
-0.014124393463134766,
-0.0020897442009299994,
-0.022045614197850227,
0.004541287664324045,
-0.11458542197942734,
0.021948877722024918,
-0.01574454829096794,
0.008362391963601112,
0.019085649400949478,
-0.023189708590507507,
0.012459225952625275,
-0.008120049722492695,
-0.018728462979197502,
0.00020272975962143391,
0.016324782744050026,
0.012021709233522415,
-0.0052742003463208675,
0.002173495013266802,
-0.018728533759713173,
0.006546929944306612,
-0.06305383890867233,
0.013663789257407188,
-0.007316704373806715,
0.011054186150431633,
0.002369759837165475,
-0.017067015171051025,
-0.030040310695767403,
-0.03773210942745209,
-0.0052625639364123344,
0.12523536384105682,
0.0005764638772234321,
0.02026572823524475,
-0.018704015761613846,
0.006597852800041437,
-0.007337308954447508,
-0.009609187953174114,
-0.04944201186299324,
0.08869154006242752,
-0.030918696895241737,
-0.003977096173912287,
0.006023047491908073,
-0.03469625115394592,
-0.003807738423347473,
-0.0021088579669594765,
0.005754617974162102,
0.06563201546669006,
0.02542155049741268,
0.017731554806232452,
0.019600413739681244,
0.04840851575136185,
-0.0013646952575072646,
-0.007204368710517883,
-0.03585931286215782,
-0.023017466068267822,
0.023560110479593277,
-0.09605486690998077,
-0.02313290350139141,
0.013875170610845089,
0.008049927651882172,
-0.02979636751115322,
0.009797964245080948,
-0.0020062539260834455,
0.004748015198856592,
0.010784371756017208,
-0.04833618924021721,
0.037054311484098434,
0.001687946729362011,
0.03636981174349785,
-0.02382451854646206,
0.05110291764140129,
-0.053424179553985596,
0.049805399030447006,
0.0036077520344406366
] |
Assurance, which gives customers the right to install any new release of products covered in the licensing agreement during the term of their coverage. The level of customer adoption of our new volume licensing programs will affect the mix of multi-year licensing agreements with a resulting impact on the timing of revenue recognition. In addition, the timing and extent of a recovery in consumer and corporate spending on PCs and information technology will be factors affecting revenue growth.
CONSOLIDATED OPERATING INCOME
Operating income grew 6% in fiscal 2001, 2% in fiscal 2002, and 11% in fiscal 2003. In fiscal 2003, the growth in operating income reflected an increase of $3.82 billion in revenue, partially offset by an increase of $2.52 billion in operating expenses, primarily related to employee and related costs associated with additional headcount and increased legal settlement expenses. In fiscal 2002, the growth in operating income reflected an increase of $3.07 billion in revenue, substantially offset by an increase of $2.88 billion in operating expenses, which included the onset of costs related to Xbox video game systems. In fiscal 2001, the growth in operating income reflected an increase of $2.34 billion in revenue, partially offset by an increase of $1.63 billion in operating expenses.
SEGMENT PRODUCT REVENUE/OPERATING INCOME (LOSS)
We revised our segments for fiscal year 2003. Our seven segments are:
Client
Server and Tools
Information Worker
Microsoft Business Solutions
MSN
Mobile and Embedded Devices
Home and Entertainment
The revenue and operating income/(loss) amounts in this MD&A are presented in accordance with U.S. GAAP. Segment Information appearing in Note 21 of the Notes to Financial Statements are presented in accordance with SFAS 131, Disclosures about Segments of an Enterprise and Related Information.
The following table presents our segment revenue and operating income, determined in accordance with U.S. GAAP:
Client
Client revenue was $8.17 billion, $9.36 billion, and $10.39 billion in 2001, 2002, and 2003. Client includes revenue from Windows XP Professional and Home, Windows 2000 Professional, and other standard Windows operating systems. In 2003, Client revenue growth was driven by OEM licensing revenue growth of $933 million and a 9 percentage point increase of the mix of the higher priced Windows Professional operating systems, the majority of which was in the OEM channel. Windows Professional revenue growth for fiscal 2003 was $1.59 billion or 31% compared to fiscal 2002, partially offset by a $573 million decline in revenue of
earlier versions of Windows operating systems. Client operating profit for fiscal 2003 increased 11% primarily as a result of the 11% growth in revenue, partially offset by an increase in operating expenses, largely attributed to headcount additions and related costs.
In fiscal 2002, the growth in Client revenue reflected strong multi-year licensing revenue growth and a continued shift of sales to the higher priced Windows 2000 and Windows XP Professional operating system licensed through OEMs. OEM revenue
| 1HOLD
|
[
-0.006900270469486713,
0.05421316251158714,
0.01576785370707512,
0.022839702665805817,
-0.06692937016487122,
-0.012324306182563305,
0.00409023417159915,
-0.013021598570048809,
-0.04799715429544449,
0.0012011815560981631,
-0.000646834378130734,
0.04057666286826134,
0.015948282554745674,
-0.003897392423823476,
-0.0029411977156996727,
-0.0389416478574276,
-0.03743045777082443,
-0.03107363171875477,
-0.025760499760508537,
0.015242481604218483,
0.009706228040158749,
0.0331973098218441,
0.003342939540743828,
-0.007426122669130564,
-0.00002529161429265514,
0.01077610719949007,
0.01035613939166069,
0.021788548678159714,
0.05163212865591049,
-0.028449155390262604,
0.022591162472963333,
-0.000897285935934633,
0.03259842097759247,
-0.020778292790055275,
-0.004331457894295454,
0.007601375691592693,
-0.056230928748846054,
0.0037519647739827633,
0.06303580105304718,
0.010881048627197742,
-0.02068622037768364,
0.00004174641071585938,
-0.01370847038924694,
0.004826228134334087,
0.01575997658073902,
0.0031689454335719347,
0.03328079730272293,
0.025726936757564545,
0.021319443359971046,
0.007724574767053127,
0.0004788336518686265,
0.0016348307253792882,
-0.029142912477254868,
-0.006539634428918362,
-0.007960977964103222,
-0.02651870995759964,
-0.016453543677926064,
0.013529622927308083,
0.07115606218576431,
0.025474416092038155,
0.03743252530694008,
-0.027179347351193428,
-0.008347655646502972,
0.003984070383012295,
0.006986189167946577,
-0.016698284074664116,
-0.0025111304130405188,
-0.014536338858306408,
-0.034960534423589706,
-0.06997279077768326,
0.027326496317982674,
0.009108349680900574,
0.0003475246485322714,
-0.015839610248804092,
-0.0009761059191077948,
-0.009965731762349606,
0.02590440772473812,
-0.020791446790099144,
0.07095558196306229,
-0.02563495561480522,
-0.0077485209330916405,
-0.042385149747133255,
-0.08602255582809448,
0.03086937591433525,
0.03523806855082512,
0.03275776654481888,
-0.0007181206019595265,
-0.05342107638716698,
-0.017112018540501595,
-0.009193670004606247,
-0.012561788782477379,
0.0033612321130931377,
-0.030652571469545364,
-0.06472982466220856,
-0.05991799011826515,
-0.007382666226476431,
0.001030173385515809,
-0.11681398004293442,
0.0022756713442504406,
-0.02876546047627926,
0.02678794600069523,
0.009127292782068253,
0.04501161724328995,
-0.008722285740077496,
0.0020685596391558647,
0.00945128034800291,
-0.02435760200023651,
-0.0017042573308572173,
0.015509855933487415,
-0.007688187062740326,
0.0017213810933753848,
-0.06718268245458603,
0.008739897981286049,
-0.004630423616617918,
-0.009422081522643566,
0.05934929475188255,
-0.021268101409077644,
-0.026250969618558884,
-0.045393429696559906,
-0.06759697198867798,
-0.0034372955560684204,
-0.03849388286471367,
-0.009440599009394646,
0.001263755839318037,
-0.044231560081243515,
0.0050665345042943954,
0.02323254942893982,
-0.021352121606469154,
0.04981730878353119,
-0.022480489686131477,
0.004729090258479118,
0.013554580509662628,
-0.008851060643792152,
0.013515019789338112,
-0.03191082924604416,
0.00522953923791647,
-0.012202827259898186,
0.006228023674339056,
-0.041238173842430115,
0.03484313562512398,
0.0030173291452229023,
-0.06001089885830879,
-0.038256946951150894,
0.010208884254097939,
-0.04504745453596115,
-0.007042106240987778,
-0.011616306379437447,
0.004607255570590496,
0.0237971693277359,
0.10355266183614731,
-0.009939359501004219,
-0.01665782555937767,
-0.0063097793608903885,
-0.027140168473124504,
-0.01937420666217804,
0.015020139515399933,
0.04297933354973793,
-0.050972893834114075,
-0.040527667850255966,
0.013559474609792233,
-0.00845971517264843,
-0.008180269040167332,
-0.010523874312639236,
-0.03223400563001633,
0.015478556044399738,
-0.04027530178427696,
0.035129331052303314,
-0.027469482272863388,
0.02138938196003437,
0.03716463968157768,
0.003095005638897419,
0.023493971675634384,
0.009374757297337055,
0.008680279366672039,
-0.009115099906921387,
-0.03477336838841438,
0.03261211887001991,
-0.008994308300316334,
0.03955675661563873,
0.011671971529722214,
0.01181394699960947,
-0.01046096719801426,
0.02030404657125473,
0.05820548161864281,
-0.043365973979234695,
-0.04034161940217018,
-0.007959493435919285,
0.005778051912784576,
0.012276341207325459,
-0.006808164529502392,
0.009672037325799465,
0.003948423080146313,
0.02394074946641922,
-0.018354667350649834,
-0.03124958835542202,
0.008184650912880898,
-0.06681961566209793,
-0.006913335062563419,
0.04849709942936897,
-0.002804425312206149,
-0.06812861561775208,
0.021093208342790604,
0.03819543495774269,
0.01905101351439953,
0.05516655370593071,
-0.0036032916978001595,
0.0020947568118572235,
-0.013293533585965633,
-0.018706921488046646,
0.00842846930027008,
-0.035888612270355225,
-0.017796536907553673,
-0.003878694958984852,
-0.041264817118644714,
0.006056951824575663,
0.03946566581726074,
-0.02518676035106182,
-0.07256821542978287,
-0.0951540470123291,
-0.03707216680049896,
0.006106499582529068,
-0.017765352502465248,
-0.00031541078351438046,
0.006959137041121721,
0.02136809378862381,
-0.016936125233769417,
0.07854434102773666,
0.01113963034003973,
-0.04688723757863045,
0.06234080344438553,
0.029041308909654617,
0.053755540400743484,
0.006352727301418781,
0.026795674115419388,
0.009800187312066555,
-0.0340530201792717,
0.00015903492749202996,
0.01943296194076538,
-0.008011511527001858,
0.006033881567418575,
0.09290190041065216,
-0.0169090386480093,
-0.018250184133648872,
-0.02820134162902832,
-0.03523381054401398,
-0.02711748704314232,
-0.0420219711959362,
0.0707097053527832,
0.0025077618192881346,
-0.010476811788976192,
0.0055523402988910675,
0.0019749689381569624,
0.07087057828903198,
-0.02007323130965233,
0.006170043721795082,
-0.004142359364777803,
-0.0023149640765041113,
-0.006579164415597916,
0.027759147807955742,
-0.106228768825531,
-0.01747610606253147,
0.009441250935196877,
-0.01100478321313858,
-0.0025871675461530685,
0.007398055866360664,
-0.009741347283124924,
0.03319578990340233,
0.0035143771674484015,
-0.013369224965572357,
-0.0011597636621445417,
-0.0010982590029016137,
-0.005929307546466589,
0.08786138147115707,
-0.009636194445192814,
0.010352772660553455,
0.01694246008992195,
0.04052531719207764,
-0.013844585977494717,
0.0317528173327446,
-0.02221863530576229,
0.0056295245885849,
-0.00419092969968915,
-0.03052150271832943,
-0.014021184295415878,
-0.009821641258895397,
-0.03207309544086456,
-0.011592083610594273,
0.0020126602612435818,
0.037226952612400055,
-0.026894835755228996,
-0.01805710420012474,
0.0015977623406797647,
0.001418924774043262,
-0.01601807214319706,
-0.006891469471156597,
0.08135543763637543,
-0.01131060067564249,
-0.04761572927236557,
0.0004307019407860935,
0.016020502895116806,
-0.03625662252306938,
0.0023232779931277037,
-0.008185711689293385,
-0.020392626523971558,
-0.015313996933400631,
-0.003347935387864709,
-0.01453921664506197,
-0.00912540778517723,
0.021246377378702164,
-0.019654463976621628,
0.0011201574234291911,
-0.004444712772965431,
0.004524291027337313,
-0.01411089114844799,
-0.002392121823504567,
-0.04413069784641266,
-0.024958856403827667,
-0.013473128899931908,
-0.0724732056260109,
-0.013948630541563034,
0.013970238156616688,
0.009701020084321499,
-0.0013594790361821651,
0.03202422708272934,
0.06868721544742584,
0.02914152853190899,
0.053069546818733215,
-0.01917428895831108,
-0.04836585745215416,
-0.06514058262109756,
0.1801472306251526,
0.1548914611339569,
-0.028321869671344757,
0.03896735608577728,
0.008864243514835835,
-0.06090240925550461,
0.028904590755701065,
-0.030770285055041313,
-0.010078465566039085,
-0.045516759157180786,
-0.024532439187169075,
0.03478650376200676,
-0.02373526245355606,
-0.03134579956531525,
-0.009216777049005032,
0.034708648920059204,
0.022839540615677834,
-0.10021144896745682,
0.0025810690131038427,
0.011919969692826271,
0.07671277970075607,
0.01780843548476696,
-0.01709824427962303,
0.050186604261398315,
0.0012006834149360657,
-0.04140382260084152,
0.027976492419838905,
0.0018743275431916118,
-0.022134194150567055,
0.02451772801578045,
-0.005881667137145996,
-0.0037536798045039177,
-0.0045003630220890045,
-0.026301292702555656,
0.06507598608732224,
-0.08463931083679199,
-0.0037967502139508724,
-0.00031897990265861154,
0.01603878289461136,
0.004201038274914026,
0.0411766953766346,
0.004982670769095421,
0.026722408831119537,
0.12419766932725906,
-0.008452938869595528,
-0.03857836499810219,
0.014591801911592484,
0.011440647765994072,
0.03311064839363098,
0.017930204048752785,
-0.006473156623542309,
0.01074180006980896,
-0.005001727491617203,
-0.01879010535776615,
0.013822047971189022,
-0.015779370442032814,
0.022706104442477226,
0.0008479055832140148,
-0.04880671203136444,
0.04586020112037659,
0.009907225146889687,
0.0055488343350589275,
0.012037461623549461,
-0.0317428782582283,
-0.001545308972708881,
0.013599095866084099,
-0.007960249669849873,
0.018071068450808525,
-0.07021328061819077,
0.0015912556555122137,
-0.025326596572995186,
0.020252492278814316,
0.0034719319082796574,
-0.010048138909041882,
0.038550931960344315,
0.05678509548306465,
-0.061488304287195206,
0.005357783753424883,
-0.0020369042176753283,
0.013047481887042522,
-0.021972626447677612,
-0.0024814768694341183,
-0.00782790407538414,
0.023699501529335976,
-0.00536419777199626,
0.030296092852950096,
-0.008480440825223923,
0.03712732717394829,
0.04244242608547211,
-0.0630207434296608,
-0.03118753433227539,
0.009313688613474369,
0.025474442169070244,
0.0005371462320908904,
-0.029831640422344208,
-0.003925205208361149,
-0.08629048615694046,
-0.005425985902547836,
0.017256470397114754,
-0.020287271589040756,
-0.007683543488383293,
-0.004240736830979586,
0.0054648625664412975,
-0.03740576654672623,
0.0007051955908536911,
0.005220676306635141,
0.017637040466070175,
-0.03372831270098686,
0.03165636584162712,
0.008730941452085972,
-0.004831127356737852,
-0.00031721623963676393,
0.02011950872838497,
-0.010902393609285355,
0.012361867353320122,
0.05950131267309189,
0.0339428074657917,
-0.02949134260416031,
0.014279186725616455,
-0.027785159647464752,
-0.0062029664404690266,
0.012598859146237373,
-0.0027926552575081587,
-0.01581384241580963,
-0.0004493042069952935,
-0.01880606822669506,
0.01541445218026638,
0.013135882094502449,
-0.009851553477346897,
-0.011000768281519413,
0.03279619291424751,
-0.008116190321743488,
0.026266807690262794,
-0.04177675023674965,
0.008710836991667747,
0.02256142720580101,
0.0059850336983799934,
-0.007691618055105209,
0.037882234901189804,
0.006308643613010645,
-0.002680873963981867,
0.014976901933550835,
0.0001823882048483938,
-0.0007301140576601028,
-0.008244510740041733,
0.0022054959554225206,
0.034817881882190704,
0.010076525621116161,
-0.05173391476273537,
-0.030051328241825104,
0.017961233854293823,
-0.04385000839829445,
-0.019204044714570045,
-0.007502292282879353,
-0.0038254885002970695,
-0.021467627957463264,
-0.08608496934175491,
-0.049567174166440964,
-0.015298984944820404,
-0.016196362674236298,
-0.029560668393969536,
-0.038743164390325546,
-0.027751900255680084,
0.020595448091626167,
-0.004634585697203875,
-0.0002603112661745399,
-0.2757247984409332,
0.20194599032402039,
0.023641688749194145,
-0.005937432870268822,
0.02899046801030636,
-0.016852058470249176,
0.02862478606402874,
0.07904023677110672,
0.02997909113764763,
0.006110703106969595,
-0.009074850007891655,
0.056688662618398666,
-0.035491544753313065,
0.009146342054009438,
0.02328377775847912,
0.04982900246977806,
-0.011832334101200104,
0.0120393643155694,
-0.006101701408624649,
0.010106012225151062,
0.008012846112251282,
-0.00487178098410368,
0.029136069118976593,
-0.008388787508010864,
-0.005809166003018618,
0.015044054016470909,
0.007848525419831276,
0.0023288866505026817,
0.018469732254743576,
-0.01339440606534481,
0.008588394150137901,
-0.02584371343255043,
0.0303955078125,
0.01741531863808632,
-0.01046750694513321,
0.007740098517388105,
0.005571344401687384,
-0.017017889767885208,
0.013336323201656342,
0.00014543047291226685,
-0.01909194327890873,
-0.017350997775793076,
-0.017644304782152176,
-0.021007267758250237,
-0.027482083067297935,
-0.004772657994180918,
0.002209373516961932,
-0.005333096254616976,
0.027439456433057785,
-0.016409974545240402,
-0.033542655408382416,
0.005614113993942738,
-0.0200458075851202,
-0.11664839833974838,
-0.03556467220187187,
0.15277911722660065,
0.0025286402087658644,
0.01055097859352827,
0.008551389910280704,
-0.041435353457927704,
0.03577325493097305,
0.0073965308256447315,
0.03307384252548218,
0.015194008126854897,
0.01699482649564743,
-0.037123821675777435,
0.01483067125082016,
-0.02335249073803425,
-0.1362866908311844,
-0.005917247384786606,
-0.004278082400560379,
-0.03926854580640793,
0.013136118650436401,
-0.024291513487696648,
0.14106255769729614,
0.024587508291006088,
0.0031738041434437037,
-0.10300323367118835,
0.03339047357439995,
-0.03572303056716919,
0.008136042393743992,
-0.016711488366127014,
-0.020943449810147285,
-0.0289609394967556,
0.051102206110954285,
-0.04261760786175728,
0.00013547658454626799,
0.0664631724357605,
0.0015340977115556598,
-0.07787846773862839,
0.029682684689760208,
-0.019044797867536545,
-0.0011638014111667871,
-0.042113177478313446,
-0.004630024544894695,
-0.004152620676904917,
-0.08727481216192245,
-0.009561872109770775,
0.027086421847343445,
0.0039273775182664394,
0.0030114250257611275,
0.012110495008528233,
0.01717429794371128,
0.011419927701354027,
-0.03444615751504898,
0.042946334928274155,
-0.023348167538642883,
0.045614149421453476,
-0.025140337646007538,
0.002811508486047387,
0.009657435119152069,
0.00615200400352478,
0.008910964243113995,
-0.04268612340092659,
-0.002153404988348484,
-0.017055515199899673,
-0.0036089520435780287,
-0.04617602750658989,
0.002372350078076124,
0.0020604822784662247,
0.0018987375078722835,
0.055011309683322906,
0.015566821210086346,
0.0021877107210457325,
0.009206598624587059,
-0.003484903834760189,
0.060782548040151596,
-0.03202157840132713,
0.009265969507396221,
-0.0020991344936192036,
-0.019066667184233665,
-0.013179038651287556,
0.001954093109816313,
-0.0227424968034029,
-0.014766864478588104,
-0.02521124668419361,
0.015377198345959187,
-0.005215773358941078,
0.003437562845647335,
0.03406417369842529,
-0.0028017433360219,
0.025825653225183487,
-0.02730650268495083,
-0.03107793629169464,
0.036038149148225784,
-0.033305082470178604,
0.000040858169086277485,
0.005397382657974958,
0.021280867978930473,
0.011011400260031223,
-0.0012982450425624847,
-0.032894957810640335,
0.0392860546708107,
-0.0005499607650563121,
-0.03400536626577377,
-0.002496774774044752,
0.04411093518137932,
0.03376428410410881,
0.008745194412767887,
0.01138696726411581,
0.030672859400510788,
0.02157752960920334,
-0.0032254501711577177,
-0.00329130538739264,
-0.02881482057273388,
0.01699054427444935,
-0.03577139601111412,
0.11396311968564987,
0.015441940166056156,
0.03212772682309151,
0.008265335112810135,
-0.00018440565327182412,
-0.04732473939657211,
-0.005477811675518751,
0.026789061725139618,
0.01891915872693062,
0.009742616675794125,
0.0051961601711809635,
0.008847055025398731,
0.028023431077599525,
-0.01647159643471241,
-0.0790722668170929,
0.011164652183651924,
-0.034315429627895355,
0.02004285529255867,
0.01733499765396118,
0.007392727304250002,
-0.0014659984735772014,
-0.04819983243942261,
0.0046539511531591415,
0.07298892736434937,
0.04210669547319412,
-0.12148495018482208,
-0.07562776654958725,
0.0003793521609622985,
0.0018835258670151234,
-0.018892452120780945,
-0.015567516908049583,
-0.0029428235720843077,
-0.019951526075601578,
-0.018803497776389122,
-0.0029823007062077522,
0.006778604816645384,
0.1151985451579094,
0.019044257700443268,
-0.03333689644932747,
0.0021444291342049837,
0.015740573406219482,
0.0013214719947427511,
0.017758512869477272,
0.002649419941008091,
-0.007323354948312044,
-0.01012697909027338,
0.033554282039403915,
-0.00209762342274189,
-0.02332303859293461,
-0.03800426423549652,
-0.01245585735887289,
-0.016602203249931335,
-0.07369175553321838,
0.013498053885996342,
0.003101811045780778,
0.041498295962810516,
0.006581227295100689,
-0.026108790189027786,
-0.04294368997216225,
-0.007755516562610865,
-0.01004317868500948,
-0.002866663970053196,
-0.0023862356320023537,
0.045926596969366074,
-0.017809834331274033,
0.011956213042140007,
-0.012004383839666843,
0.010288955643773079,
-0.020700490102171898,
-0.07098740339279175,
-0.016382327303290367,
-0.013394133187830448,
0.03068382665514946,
-0.041654523462057114,
-0.056959737092256546,
0.0030582533217966557,
-0.01155134104192257,
0.017824579030275345,
0.03679823875427246,
-0.04482540488243103,
0.022817375138401985,
0.04701143130660057,
0.004182411823421717,
-0.01615457609295845,
-0.03922707960009575,
-0.047515738755464554,
0.09838508814573288,
0.02612967975437641,
0.0035819916520267725,
0.02293381281197071,
-0.027480175718665123,
-0.051883943378925323,
0.011051211506128311,
-0.04193675518035889,
-0.05356723070144653,
0.0037794194649904966,
0.006518656853586435,
-0.10883484780788422,
0.012898980639874935,
0.02201058156788349,
-0.014704840257763863,
0.03517567738890648,
0.007953406311571598,
-0.01560576818883419,
-0.00297609344124794
] |
the remaining useful life of the asset and modify it, as appropriate.
• For indefinite-lived intangible assets, such as brands, each year and whenever impairment indicators are present, we will calculate the fair value of the asset and record an impairment loss for the excess of book value over fair value, if any. Fair value is generally measured as the net present value of projected cash flows. In addition, in all cases of an impairment review, we will re-evaluate the remaining useful life of the asset and determine whether continuing to characterize the asset as having an indefinite life is appropriate.
• For goodwill, which includes amounts related to our Human Health, Consumer Healthcare and Animal Health segments, each year and whenever impairment indicators are present, we will calculate the fair value of each business segment and calculate the implied fair value of goodwill by subtracting the fair value of all the identifiable net assets other than goodwill and record an impairment loss for the excess of book value of goodwill over the implied fair value, if any.
• For other long-lived assets, such as property, plant and equipment, we apply procedures similar to those for finite-lived intangible assets to determine if an asset is impaired. Long-term investments and loans are subject to periodic impairment reviews and whenever impairment indicators are present. For these assets, fair value is typically determined by observable market quotes or the expected present value of future cash flows. When necessary, we record charges for impairments of long-lived assets for the amount by which the fair value is less than the carrying value of these assets.
• For non-current deferred tax assets, we provide a valuation allowance when we believe that the assets are not recoverable based on an assessment of estimated future taxable income that incorporates ongoing, prudent, feasible tax planning strategies.
The value of intangible assets is determined primarily using the “income method,” which starts with a forecast of all the expected future net cash flows (see “Acquisitions” above). Accordingly, the potential for impairment for these intangible assets may exist if actual revenues are significantly less than those initially forecasted or actual expenses are significantly more than those initially forecasted.
Some of the more significant estimates and assumptions inherent in the intangible asset impairment estimation process include: the amount and timing of projected future cash flows; the discount rate selected to measure the risks inherent in the future cash flows; and the assessment of the asset’s life cycle and the competitive trends impacting the asset, including consideration of any technical, legal, regulatory, or economic barriers to entry as well as expected changes in standard of practice for indications addressed by the asset.
The implied fair value of goodwill is determined by first estimating the fair value of the associated business segment. To estimate the fair value of each business segment, we generally use the “market approach,” where we compare the segment to similar businesses or “guideline” companies whose securities
| 2SELL
|
[
-0.005256541073322296,
0.04544394463300705,
-0.006059367209672928,
-0.025755051523447037,
-0.11381802707910538,
-0.008391245268285275,
0.0002716054441407323,
0.006266175303608179,
-0.06892217695713043,
0.027387700974941254,
0.0023447975981980562,
-0.036302462220191956,
0.013473328202962875,
-0.030167877674102783,
0.01150915864855051,
0.047045543789863586,
0.045841727405786514,
-0.0051766131073236465,
-0.029940364882349968,
0.000277186743915081,
0.013816026970744133,
0.012272036634385586,
0.007766824681311846,
-0.015493286773562431,
0.01905580423772335,
0.031736891716718674,
-0.06198250502347946,
0.022602371871471405,
0.06714870035648346,
-0.04145381599664688,
0.017703231424093246,
0.01758643612265587,
0.03910161182284355,
-0.015212858095765114,
0.04191964119672775,
0.0018510798690840602,
-0.04515351355075836,
0.014120987616479397,
0.052851442247629166,
0.015255384147167206,
-0.04654582217335701,
0.0002574421523604542,
-0.021147139370441437,
-0.003801913931965828,
0.005853874608874321,
-0.015303882770240307,
0.021811598911881447,
0.04278015345335007,
0.017742574214935303,
-0.004602932371199131,
0.006700820289552212,
-0.024998238310217857,
-0.016467269510030746,
-0.03096698224544525,
-0.022640474140644073,
0.004218344110995531,
-0.009340577758848667,
-0.02806658297777176,
0.08038090914487839,
0.025816384702920914,
0.02665109932422638,
-0.040642376989126205,
-0.0032775108702480793,
0.04845516011118889,
0.004317356739193201,
-0.017282817512750626,
-0.002931391354650259,
0.006576700136065483,
-0.03635058179497719,
-0.012424217537045479,
0.021380623802542686,
0.041720155626535416,
-0.02117515355348587,
-0.026007413864135742,
0.004347468260675669,
-0.056943971663713455,
0.026365743950009346,
-0.00013325613690540195,
0.06326880306005478,
-0.030850255861878395,
0.00018802599515765905,
-0.07456392794847488,
0.036529604345560074,
-0.08543810993432999,
0.020521314814686775,
-0.011122343130409718,
-0.014759785495698452,
-0.052652206271886826,
-0.011937204748392105,
0.005234146490693092,
-0.00011828292917925864,
0.006816193461418152,
-0.01972770318388939,
-0.048822809010744095,
-0.019157133996486664,
0.008404113352298737,
0.04186489060521126,
-0.1521214246749878,
-0.0008480251999571919,
-0.0017071430338546634,
0.054128248244524,
0.01681124046444893,
0.038480982184410095,
-0.012218321673572063,
0.020562000572681427,
0.011211365461349487,
-0.019485244527459145,
0.03746096417307854,
-0.004176362417638302,
0.010417776182293892,
-0.024526502937078476,
-0.05979788675904274,
0.0304802767932415,
0.0012639130000025034,
-0.008968379348516464,
0.0453537181019783,
0.006416146643459797,
0.04470915347337723,
-0.005294080823659897,
-0.052071504294872284,
0.011039933189749718,
-0.033032990992069244,
-0.03067861497402191,
-0.0036528045311570168,
-0.04478634148836136,
0.03938684239983559,
-0.035775527358055115,
-0.005089924205094576,
0.030067939311265945,
-0.008440475910902023,
-0.0028375813271850348,
-0.008139315992593765,
-0.015047180466353893,
0.0226297564804554,
-0.0404372364282608,
0.010130808688700199,
-0.014564093202352524,
0.0022263010032474995,
-0.05327403172850609,
-0.0020021244417876005,
-0.03718002885580063,
-0.021324671804904938,
-0.019949952140450478,
-0.017196811735630035,
-0.05119611695408821,
-0.002729598432779312,
-0.013005937449634075,
0.0058318860828876495,
0.023434950038790703,
0.07067754864692688,
-0.015691354870796204,
-0.0034063083585351706,
-0.033745959401130676,
-0.013255114667117596,
-0.015165098011493683,
-0.011006730608642101,
0.049257852137088776,
0.021268224343657494,
-0.062364961951971054,
0.006548710633069277,
-0.0034409048967063427,
-0.010594897903501987,
-0.006969638168811798,
-0.06619614362716675,
-0.06073518097400665,
-0.02412121556699276,
0.018370792269706726,
-0.02221992239356041,
0.043018754571676254,
0.047543156892061234,
0.01992693357169628,
0.02168588526546955,
0.0044577112421393394,
-0.0025502112694084644,
0.030193962156772614,
-0.06279109418392181,
0.03782721236348152,
0.05278874561190605,
-0.007339341100305319,
0.020960504189133644,
0.028225183486938477,
0.011829708702862263,
0.05625542998313904,
-0.10871367901563644,
-0.06208038330078125,
-0.013383478857576847,
0.016114789992570877,
0.06253548711538315,
-0.005520036909729242,
-0.015253867022693157,
0.04208233579993248,
-0.024725332856178284,
-0.005871724337339401,
0.003791172057390213,
-0.0005206275964155793,
-0.0047768098302185535,
-0.010586430318653584,
0.00653354125097394,
-0.015189344063401222,
-0.0022251156624406576,
-0.108891561627388,
0.009490063413977623,
-0.005289839580655098,
0.024369148537516594,
0.03208957239985466,
-0.010785363614559174,
-0.019173434004187584,
0.0007497207843698561,
-0.004958873614668846,
-0.016698544844985008,
-0.0600615069270134,
-0.0010282315779477358,
0.009396444074809551,
-0.014519640244543552,
-0.0013623525155708194,
0.05874652415513992,
0.009257378987967968,
-0.094349704682827,
-0.012865751050412655,
-0.03991515561938286,
0.004628263879567385,
-0.013220095075666904,
0.015591699630022049,
0.011283056810498238,
0.059392381459474564,
0.0007010751287452877,
0.03792055696249008,
-0.008113524876534939,
-0.044523365795612335,
0.020235180854797363,
0.005913642235100269,
0.06772876530885696,
-0.04653181508183479,
0.025881389155983925,
0.00622726371511817,
0.007703631650656462,
0.00882712472230196,
0.0012124285567551851,
-0.03238235041499138,
0.06046290323138237,
0.07882902771234512,
-0.008076591417193413,
-0.013016131706535816,
-0.0014218541327863932,
-0.034887831658124924,
0.062370866537094116,
0.027829306200146675,
0.03362700343132019,
-0.015361696481704712,
-0.011654033325612545,
-0.008916337974369526,
0.03981615602970123,
-0.04811040684580803,
-0.005116621498018503,
-0.045034512877464294,
0.022988293319940567,
0.021266452968120575,
-0.013360977172851562,
0.017613912001252174,
-0.14156661927700043,
-0.015941379591822624,
-0.014433840289711952,
0.0017210940131917596,
-0.02003149874508381,
0.013175521977245808,
0.007133541163057089,
0.020585600286722183,
-0.006285089999437332,
-0.005912030581384897,
0.0004643615975510329,
-0.009079262614250183,
-0.011684185825288296,
0.045009080320596695,
-0.010883406735956669,
-0.007105934899300337,
0.004053383134305477,
0.033628132194280624,
-0.015371376648545265,
0.015676023438572884,
-0.030039900913834572,
-0.004288947209715843,
0.006392421200871468,
0.016097620129585266,
-0.021740861237049103,
-0.020798560231924057,
-0.011280836537480354,
-0.0315382219851017,
-0.005370136816054583,
0.07836968451738358,
-0.03239111602306366,
-0.01703060045838356,
-0.0018100845627486706,
0.011977175250649452,
-0.04030507802963257,
-0.031194046139717102,
0.07251393795013428,
-0.00971860159188509,
-0.0428902842104435,
-0.004330640658736229,
0.057120662182569504,
0.014172160997986794,
0.027223842218518257,
0.01688842661678791,
-0.02817562222480774,
-0.013668331317603588,
-0.015498344786465168,
-0.021779360249638557,
-0.020252849906682968,
0.12350837141275406,
-0.01918274164199829,
0.01541261188685894,
0.013897271826863289,
-0.0005356023320928216,
0.001655368134379387,
-0.012981454841792583,
-0.029726333916187286,
-0.034644633531570435,
0.0329672209918499,
-0.020551996305584908,
-0.03022140823304653,
0.02253544330596924,
0.011735399253666401,
0.021244874224066734,
0.028463922441005707,
0.05936211720108986,
0.0004249271296430379,
0.0513586662709713,
-0.0330793596804142,
0.03846106678247452,
-0.019161706790328026,
0.03947967290878296,
0.08256422728300095,
-0.02614009939134121,
0.03025083802640438,
-0.024075966328382492,
0.024436451494693756,
0.018677687272429466,
-0.020507540553808212,
0.0027756644412875175,
-0.001168353483080864,
-0.018284061923623085,
-0.009356512688100338,
0.041382547467947006,
-0.02076141908764839,
0.004920736886560917,
0.11461830139160156,
0.005499809514731169,
-0.04998202249407768,
0.02063637599349022,
0.06453203409910202,
0.05185726284980774,
-0.023250965401530266,
-0.0020694683771580458,
0.047021277248859406,
0.016883203759789467,
-0.029485443606972694,
0.034582022577524185,
0.013748056255280972,
-0.011442477814853191,
0.01852584257721901,
-0.014959374442696571,
-0.014387864619493484,
-0.009227131493389606,
-0.0035261008888483047,
0.029807960614562035,
-0.015327723696827888,
-0.05008699744939804,
0.011028219014406204,
0.009334636852145195,
-0.017325041815638542,
-0.01423123013228178,
0.014439569786190987,
0.01388678140938282,
0.05804077535867691,
-0.02086944691836834,
0.003395535284653306,
0.022220727056264877,
-0.028079114854335785,
-0.00005281514677335508,
0.02703067846596241,
0.0012580492766574025,
-0.00011278617603238672,
-0.004119856748729944,
-0.015514709055423737,
0.07572922855615616,
-0.01399562694132328,
0.006123343948274851,
0.021657008677721024,
0.008035670965909958,
0.013770520687103271,
-0.00648672366514802,
0.032349925488233566,
0.032225269824266434,
0.017255717888474464,
-0.024361904710531235,
0.004700901918113232,
0.023890748620033264,
-0.02668030746281147,
-0.021569406613707542,
-0.022774705663323402,
-0.005045963451266289,
-0.01355417538434267,
-0.010560632683336735,
0.026278682053089142,
0.04724600166082382,
0.02241281047463417,
-0.027649542316794395,
0.039821598678827286,
-0.006777696777135134,
0.05352461710572243,
-0.00657890597358346,
-0.11701568216085434,
-0.017739204689860344,
0.01800648868083954,
-0.06076493486762047,
0.03041628561913967,
-0.0042266384698450565,
0.024220220744609833,
0.07461129128932953,
0.050202950835227966,
-0.036642707884311676,
0.005525985732674599,
0.0316523052752018,
0.011608520522713661,
-0.1384100615978241,
0.014740711078047752,
-0.05620458722114563,
-0.03274909034371376,
0.02052612043917179,
0.002486661309376359,
-0.015944793820381165,
0.0067091695964336395,
0.00873535592108965,
-0.015833502635359764,
-0.00807996280491352,
0.005861159414052963,
-0.0050376420840620995,
-0.02942384034395218,
-0.013502459041774273,
0.03726765513420105,
-0.03886706009507179,
0.03259579464793205,
0.0020999533589929342,
-0.010760447941720486,
-0.016226952895522118,
0.011501382105052471,
0.04728259891271591,
-0.012490380555391312,
0.03331122174859047,
-0.04729247838258743,
-0.009994619525969028,
0.021715180948376656,
0.005419367924332619,
0.008908652700483799,
0.00664213253185153,
-0.01797361858189106,
-0.0006524723721668124,
0.008792604319751263,
-0.016746683046221733,
0.004492103587836027,
0.0045620291493833065,
0.007884934544563293,
0.01980726793408394,
-0.006349558010697365,
-0.012201199308037758,
0.020930765196681023,
0.014646506868302822,
-0.004686891101300716,
0.0467226579785347,
-0.006245752796530724,
0.0010417577577754855,
0.0035350790712982416,
0.0019461717456579208,
-0.003222558880224824,
0.033330850303173065,
-0.010316785424947739,
0.04215417057275772,
-0.007511784788221121,
-0.007562600076198578,
-0.023109976202249527,
0.014615965075790882,
-0.021116746589541435,
-0.021811537444591522,
0.025812292471528053,
0.010662177577614784,
-0.08153153210878372,
-0.03641637787222862,
-0.004576959181576967,
-0.010179010219871998,
0.004941171500831842,
-0.04497159272432327,
-0.03105773963034153,
-0.04062745347619057,
0.034441571682691574,
-0.0034751729108393192,
-0.011956639587879181,
-0.15117190778255463,
0.01967347040772438,
-0.016901377588510513,
-0.009539410471916199,
0.03951459005475044,
-0.01751980371773243,
0.015398910269141197,
0.0492187961935997,
0.0032920243684202433,
0.023580819368362427,
-0.007806297391653061,
0.02739856392145157,
-0.05739523470401764,
0.006652566604316235,
0.026456542313098907,
0.026901554316282272,
-0.020174304023385048,
-0.04172827675938606,
0.022333795204758644,
-0.06992292404174805,
0.036175087094306946,
0.004731583409011364,
0.026968492195010185,
0.019060548394918442,
-0.004477522801607847,
0.011791420169174671,
0.025754213333129883,
-0.002516918582841754,
0.0503217950463295,
0.002414196263998747,
0.03323964774608612,
-0.004868372809141874,
0.06039407104253769,
-0.011299367062747478,
0.019527152180671692,
0.1919015794992447,
-0.00804432388395071,
-0.010188140906393528,
-0.0002529148478060961,
-0.004446341656148434,
0.001381245325319469,
-0.009344467893242836,
-0.02826778218150139,
-0.018231868743896484,
-0.015786541625857353,
0.02456846460700035,
0.0048921979032456875,
-0.027423465624451637,
0.021164756268262863,
-0.00833935383707285,
-0.06392553448677063,
-0.011128967627882957,
0.005551195237785578,
-0.07261840254068375,
-0.019705191254615784,
0.10389049351215363,
0.043422434478998184,
0.008425773121416569,
0.01780371554195881,
-0.03473036736249924,
0.016410939395427704,
0.004830284975469112,
0.0007001059711910784,
0.01896333321928978,
0.003031934378668666,
-0.04774782434105873,
0.003054217668250203,
-0.013693496584892273,
-0.06591036915779114,
0.00620259577408433,
-0.0009348182356916368,
-0.024478446692228317,
0.028413984924554825,
-0.01578730344772339,
0.09544936567544937,
0.01539613213390112,
-0.01964535005390644,
-0.05882415175437927,
0.02179417386651039,
0.016003133729100227,
0.0067698778584599495,
-0.028950685635209084,
-0.015469739213585854,
-0.03703896328806877,
0.05097489804029465,
0.017207659780979156,
-0.011802053079009056,
-0.0031547918915748596,
0.019495148211717606,
-0.11088121682405472,
0.04133833572268486,
0.040780775249004364,
-0.002011572476476431,
0.008538249880075455,
-0.019703593105077744,
-0.007714238483458757,
-0.0016898919129744172,
0.031224992126226425,
0.04344911500811577,
-0.12516610324382782,
-0.02715323679149151,
0.0198931023478508,
-0.00796730350703001,
-0.02141682803630829,
0.0231927540153265,
0.014972439035773277,
0.026555541902780533,
0.016907261684536934,
0.017279107123613358,
-0.02052314579486847,
0.024163033813238144,
-0.00005468225572258234,
0.04698939993977547,
-0.015875689685344696,
-0.015842830762267113,
-0.02825654298067093,
-0.0026697295252233744,
-0.03832089155912399,
-0.006259558722376823,
0.027295658364892006,
0.015845198184251785,
-0.2096197009086609,
0.022535037249326706,
0.034856051206588745,
-0.009246793575584888,
-0.020670071244239807,
0.02220325544476509,
-0.013508521020412445,
-0.04990798234939575,
0.011276984587311745,
-0.017811227589845657,
-0.03784703463315964,
0.01691262051463127,
-0.0018156717997044325,
-0.02856987528502941,
0.01163641456514597,
0.015707939863204956,
-0.029331371188163757,
0.004598541650921106,
0.042575299739837646,
-0.024835245683789253,
0.027527200058102608,
-0.04435979947447777,
-0.13664750754833221,
0.002460696967318654,
-0.055178891867399216,
-0.013439918868243694,
0.022409562021493912,
0.023495761677622795,
0.008816368877887726,
-0.013024051673710346,
-0.02552356757223606,
0.031896475702524185,
0.06614536792039871,
0.024486903101205826,
-0.017312519252300262,
-0.0005454215570352972,
0.05027979984879494,
-0.020063741132616997,
-0.015093071386218071,
0.00602752435952425,
-0.0027830577455461025,
-0.002471920568495989,
-0.025196922942996025,
-0.03662464767694473,
0.030397119000554085,
-0.051775433123111725,
0.006275290623307228,
0.013639047741889954,
0.0038645556196570396,
0.052441321313381195,
0.01238390151411295,
-0.03803433105349541,
-0.003771725809201598,
0.01810905523598194,
0.007267320994287729,
-0.015809113159775734,
0.024026885628700256,
0.06748539209365845,
0.011294561438262463,
-0.01882302761077881,
0.033045776188373566,
0.029251955449581146,
-0.06998085230588913,
0.01067869458347559,
0.011289605870842934,
-0.029453212395310402,
0.004417965654283762,
-0.06249699741601944,
0.013814282603561878,
0.03217645734548569,
-0.1651967316865921,
-0.07068770378828049,
-0.05252038314938545,
0.018585076555609703,
-0.0013536708429455757,
-0.015548407100141048,
0.010283086448907852,
-0.020515920594334602,
-0.008209667168557644,
-0.00942427571862936,
-0.023431312292814255,
0.008559629321098328,
-0.11230455338954926,
0.022066833451390266,
-0.019826170057058334,
0.012996767647564411,
0.016145819798111916,
-0.02280174009501934,
0.02400319278240204,
0.005672885570675135,
-0.026744188740849495,
-0.010248251259326935,
0.016967417672276497,
0.0034429216757416725,
-0.007347657345235348,
-0.010932764038443565,
-0.0171369481831789,
0.00855191145092249,
-0.061498817056417465,
0.002858514664694667,
-0.004824825096875429,
0.011474138125777245,
0.005780646111816168,
-0.017724940553307533,
-0.04696568474173546,
-0.03728920593857765,
-0.009805924259126186,
0.12569327652454376,
0.0021676684264093637,
0.029600540176033974,
-0.009378914721310139,
-0.0007823121850378811,
-0.00652862386777997,
-0.012252709828317165,
-0.02962471917271614,
0.08893955498933792,
-0.025844503194093704,
0.00122745125554502,
-0.00204049632884562,
-0.042556796222925186,
-0.014967583119869232,
-0.005133301485329866,
0.0006104853237047791,
0.060843199491500854,
0.027598537504673004,
0.01659994199872017,
0.01320489402860403,
0.0531882718205452,
-0.014226317405700684,
-0.012393070384860039,
-0.04757339879870415,
-0.02884914167225361,
0.05517296493053436,
-0.09148791432380676,
-0.01810580864548683,
0.036838095635175705,
-0.0012503184843808413,
-0.03305140510201454,
0.005543992854654789,
-0.018256068229675293,
0.004879026208072901,
0.005053577944636345,
-0.04940337315201759,
0.014734849333763123,
0.00046146532986313105,
0.029360201209783554,
-0.022274136543273926,
0.04399285465478897,
-0.04353771731257439,
0.03405546024441719,
0.010043122805655003
] |
average debt levels and an increase in stockholders’ equity. Although total debt was slightly higher at the end of 2005 than a year earlier due to the assumption of debt associated with the Unocal acquisition, the debt ratio declined as a result of higher stockholders’ equity balances for retained earnings and the capital stock that was issued in connection with the Unocal acquisition.
GUARANTEES, OFF-BALANCE-SHEET
ARRANGEMENTS AND CONTRACTUAL OBLIGATIONS,
AND OTHER CONTINGENCIES
Direct or Indirect Guarantees*
At December 31, 2006, the company and its subsidiaries provided guarantees, either directly or indirectly, of $296 million for notes and other contractual obligations of affiliated companies and $131 million for third parties, as described by major category below. There are no amounts being carried as liabilities for the company’s obligations under these guarantees.
The $296 million in guarantees provided to affiliates related to borrowings for capital projects. These guarantees were undertaken to achieve lower interest rates and generally cover the construction periods of the capital projects. Included in these amounts are the company’s guarantees of $214 million associated with a construction completion guarantee for the debt financing of the company’s equity interest in the BTC crude oil pipeline project. Substantially all of the $296 million guaranteed will expire between 2007 and 2011, with the remaining expiring by the end of 2015. Under the terms of the guarantees, the company would be required to fulfill the guarantee should an affiliate be in default of its loan terms, generally for the full amounts disclosed.
The $131 million in guarantees provided on behalf of third parties relate to construction loans to governments of certain of the company’s international upstream operations. Substantially all of the $131 million in guarantees expire by 2011, with the remainder expiring by 2015. The company would be required to perform under the terms of the guarantees should an entity be in default of its loan or contract terms, generally for the full amounts disclosed.
At December 31, 2006, Chevron also had outstanding guarantees for about $120 million of Equilon debt and leases. Following the February 2002 disposition of its interest in Equilon, the company received an indemnification from Shell for any claims arising from the guarantees. The company has
not recorded a liability for these guarantees. Approximately 50 percent of the amounts guaranteed will expire within the 2007 through 2011 period, with the guarantees of the remaining amounts expiring by 2019.
Indemnifications The company provided certain indemnities of contingent liabilities of Equilon and Motiva to Shell and Saudi Refining, Inc., in connection with the February 2002 sale of the company’s interests in those investments. The company would be required to perform if the indemnified liabilities become actual losses. Were that to occur, the company could be required to make future payments up to $300 million. Through the end of 2006, the company paid approximately $48 million under these indemnities and continues to be obligated for
| 2SELL
|
[
-0.010441632941365242,
0.06662473827600479,
-0.006353053264319897,
-0.005133557599037886,
-0.1345839500427246,
-0.019329916685819626,
-0.004480649251490831,
-0.014263363555073738,
-0.06182489171624184,
0.025046685710549355,
0.0075607760809361935,
-0.018472742289304733,
0.02240542136132717,
-0.021371012553572655,
-0.003250193316489458,
-0.00030824830173514783,
0.0012641442008316517,
-0.01365774404257536,
-0.03946532681584358,
0.02312333509325981,
0.006534176878631115,
0.022022148594260216,
0.01664612628519535,
-0.00899887178093195,
0.013869168236851692,
0.029174290597438812,
-0.03772910311818123,
0.02396964281797409,
0.04386216402053833,
-0.05680970475077629,
0.03162477910518646,
0.01807677559554577,
0.0325414277613163,
-0.027441481128335,
0.015384047292172909,
0.005324570462107658,
-0.07102267444133759,
0.009945221245288849,
0.04341068118810654,
0.011769150383770466,
-0.04433175176382065,
-0.00321772089228034,
0.012840996496379375,
-0.017531173303723335,
0.012403072789311409,
-0.004806917160749435,
0.026171352714300156,
0.04296497628092766,
0.021012727171182632,
-0.02281648851931095,
0.0015159285394474864,
-0.024429403245449066,
-0.020664522424340248,
-0.008984021842479706,
-0.018758879974484444,
-0.025071362033486366,
-0.01417012419551611,
-0.02283484674990177,
0.09184447675943375,
0.033085428178310394,
0.035457924008369446,
-0.03179958835244179,
0.010827122256159782,
0.03251846134662628,
0.006842455826699734,
-0.01471529621630907,
-0.011949143372476101,
-0.006638769991695881,
-0.03220943734049797,
-0.04032097011804581,
0.022385839372873306,
0.02136428840458393,
-0.014326577074825764,
-0.026403483003377914,
0.006280956789851189,
-0.05272623151540756,
0.04719795286655426,
-0.010247341357171535,
0.09525130689144135,
-0.04070771858096123,
0.000035167809983249754,
-0.08426592499017715,
-0.0010430740658193827,
-0.047172266989946365,
0.023377683013677597,
-0.014215799979865551,
-0.010870376601815224,
-0.06500383466482162,
-0.020740095525979996,
0.0013807965442538261,
0.019365422427654266,
0.0000062283443185151555,
-0.037737857550382614,
-0.08138222247362137,
-0.05112713947892189,
-0.006154803093522787,
0.01719633862376213,
-0.15689720213413239,
-0.010918286629021168,
-0.022935250774025917,
0.04878964647650719,
0.020846586674451828,
0.047714266926050186,
-0.02644800767302513,
0.013016204349696636,
0.020961621776223183,
-0.022350754588842392,
0.019164688885211945,
0.008366287685930729,
0.013233321718871593,
-0.014057534746825695,
-0.06796735525131226,
0.02911803126335144,
0.0015556368744000793,
-0.006130099296569824,
0.05467979609966278,
-0.006427591200917959,
0.008384966291487217,
-0.023984570056200027,
-0.07627244293689728,
0.00952618196606636,
-0.026204897090792656,
-0.027412626892328262,
-0.015509366057813168,
-0.03448057919740677,
0.024624668061733246,
-0.0057540470734238625,
0.001152954064309597,
0.048998501151800156,
-0.0142288813367486,
0.0034203343093395233,
-0.009038670919835567,
-0.012795578688383102,
0.02073969691991806,
-0.0379752591252327,
0.000495192944072187,
-0.023023143410682678,
0.00439633522182703,
-0.0405438132584095,
0.024619085714221,
-0.016135450452566147,
-0.04865351319313049,
-0.03817841783165932,
-0.016513898968696594,
-0.04253614693880081,
-0.0049469503574073315,
-0.016405101865530014,
0.006819927133619785,
0.023103004321455956,
0.09678430110216141,
-0.020182251930236816,
0.0027399167884141207,
-0.027289152145385742,
-0.02236439846456051,
-0.01684054173529148,
-0.0014643040485680103,
0.06453918665647507,
-0.03566993400454521,
-0.05230698361992836,
0.006624832283705473,
-0.010843345895409584,
-0.0053778584115207195,
-0.015810074284672737,
-0.05857253074645996,
-0.026836737990379333,
-0.04628574103116989,
0.028983984142541885,
-0.02651214599609375,
0.0372370146214962,
0.04167688265442848,
0.03644946590065956,
0.03549741581082344,
0.009193053469061852,
0.006696613971143961,
0.010578538291156292,
-0.055044230073690414,
0.03420509770512581,
0.014971109107136726,
-0.005856131669133902,
0.012611917220056057,
0.024012645706534386,
-0.00004610173709806986,
0.0465206652879715,
-0.016915058717131615,
-0.06695622950792313,
-0.036354225128889084,
-0.0008425147971138358,
0.03348144143819809,
-0.007480734493583441,
-0.02304162085056305,
0.03908345103263855,
-0.00112824491225183,
0.011087889783084393,
-0.027015794068574905,
-0.020088203251361847,
-0.007980418391525745,
-0.04424522817134857,
-0.0012110489187762141,
0.011381971649825573,
-0.010898707434535027,
-0.08318889886140823,
0.031532905995845795,
-0.016857104375958443,
0.030250832438468933,
0.055859751999378204,
-0.016638049855828285,
-0.004771305713802576,
-0.002073637442663312,
-0.011327123269438744,
-0.01585615985095501,
-0.04373082518577576,
-0.0017854822799563408,
-0.002753231441602111,
-0.06012687459588051,
0.004287174437195063,
0.049694884568452835,
-0.0027644552756100893,
-0.09648917615413666,
-0.04888811334967613,
-0.038055919110774994,
0.002867617877200246,
-0.024727458134293556,
0.02078499086201191,
-0.0017394114984199405,
0.0540718175470829,
0.0013493667356669903,
0.0729229673743248,
-0.006513684988021851,
-0.05349370092153549,
0.05834672972559929,
0.024593045935034752,
0.06177116185426712,
-0.02304399386048317,
0.042288392782211304,
0.008528809994459152,
-0.00030115022673271596,
0.0008861574460752308,
0.011350001208484173,
-0.017397988587617874,
0.04967477545142174,
0.1034049540758133,
-0.019549092277884483,
-0.0146814975887537,
-0.0252859964966774,
-0.04454268515110016,
0.030860276892781258,
0.005439146421849728,
0.0707852765917778,
-0.02004031278192997,
-0.022998524829745293,
-0.0036055687814950943,
0.025693722069263458,
0.013255158439278603,
-0.004517654422670603,
-0.02590303122997284,
-0.008140879683196545,
0.02162906713783741,
-0.0147321792319417,
0.021732592955231667,
-0.17022374272346497,
-0.010137009434401989,
-0.014409738592803478,
0.015095780603587627,
-0.03167487680912018,
0.013796324841678143,
-0.006353895645588636,
0.026593629270792007,
-0.0019499709596857429,
-0.01526005007326603,
-0.00027685449458658695,
-0.009384362027049065,
-0.009779375046491623,
0.053490761667490005,
-0.014395872130990028,
0.009357507340610027,
0.01079506054520607,
0.03672286868095398,
-0.023079974576830864,
0.034006115049123764,
-0.03098958358168602,
0.012438887730240822,
0.005921678617596626,
0.0012188811087980866,
-0.016392314806580544,
-0.017440572381019592,
-0.01200901623815298,
-0.04550130292773247,
-0.00042545783799141645,
0.06696159392595291,
-0.03404393419623375,
-0.01920742727816105,
0.029375670477747917,
0.01820392720401287,
-0.02156834304332733,
-0.024078745394945145,
0.07335862517356873,
-0.01808769814670086,
-0.04016759991645813,
0.005205648019909859,
0.05133839696645737,
-0.009675230830907822,
0.028177272528409958,
0.01483897678554058,
-0.044381797313690186,
-0.023485800251364708,
-0.009432472288608551,
0.0012061964953318238,
-0.0060624778270721436,
0.07308610528707504,
-0.011349746957421303,
0.004470041487365961,
0.010465530678629875,
-0.006224311422556639,
-0.01057612057775259,
-0.011822293512523174,
-0.04996810480952263,
-0.02731330692768097,
0.00567285344004631,
-0.053085360676050186,
-0.02426891401410103,
0.013633465394377708,
0.006039915606379509,
0.013503885827958584,
0.021267667412757874,
0.055511534214019775,
0.01204385980963707,
0.08779579401016235,
-0.027369122952222824,
0.007529890164732933,
-0.06288255751132965,
0.18512193858623505,
0.11438719183206558,
-0.02676508203148842,
0.027626395225524902,
-0.02004089765250683,
-0.015562672168016434,
0.02423064596951008,
-0.038668353110551834,
-0.004783026874065399,
-0.017051829025149345,
-0.007482773158699274,
0.00449186097830534,
0.01839553378522396,
-0.027462882921099663,
-0.005342929624021053,
0.07202941179275513,
0.012949394062161446,
-0.08062821626663208,
0.009382798336446285,
0.06219182163476944,
0.04324616119265556,
-0.004007453098893166,
-0.0007255137315951288,
0.04808632656931877,
0.0014028768055140972,
-0.04215391352772713,
0.04019762948155403,
0.012666942551732063,
-0.013546722941100597,
0.03368396684527397,
-0.030609769746661186,
-0.020476119592785835,
-0.0023874458856880665,
-0.016161538660526276,
0.05572262033820152,
-0.026374664157629013,
-0.019418906420469284,
0.009144656360149384,
0.0270265843719244,
-0.01302495226264,
0.0023014857433736324,
0.016855396330356598,
0.02129044383764267,
0.08466780930757523,
-0.03829903528094292,
-0.01314715575426817,
0.012740994803607464,
-0.020690470933914185,
0.020308705046772957,
0.01680808700621128,
-0.0018015376990661025,
-0.0016058165347203612,
-0.012364499270915985,
-0.008737150579690933,
0.016740748658776283,
-0.010967079550027847,
0.0005000408855266869,
-0.0008929318282753229,
-0.030840128660202026,
0.03023155964910984,
-0.006382150109857321,
0.030369337648153305,
0.03313169628381729,
-0.002550420118495822,
-0.003719466272741556,
0.011263294145464897,
0.024877212941646576,
0.007598684169352055,
-0.050415460020303726,
-0.01738026738166809,
-0.004524451680481434,
0.0029815013986080885,
-0.0020241006277501583,
0.012992220930755138,
0.06180408596992493,
0.033467989414930344,
-0.05318900942802429,
0.029934881255030632,
-0.008286847732961178,
0.019959595054388046,
-0.0062373243272304535,
-0.0836697444319725,
-0.01685883104801178,
0.03572440892457962,
-0.03535997122526169,
0.02991565875709057,
-0.010769879445433617,
0.02848743088543415,
0.08251319080591202,
-0.0052995942533016205,
-0.05093881115317345,
0.01704319193959236,
0.042547404766082764,
0.002114097122102976,
-0.09607848525047302,
0.020094318315386772,
-0.07393304258584976,
-0.032573748379945755,
0.031372394412755966,
0.008718821220099926,
-0.015008284710347652,
0.0007343838806264102,
0.029445108026266098,
-0.018784835934638977,
0.005949825048446655,
0.01722496561706066,
0.013072478584945202,
-0.03505680710077286,
0.006931656505912542,
0.018336337059736252,
-0.03712956979870796,
0.029643086716532707,
0.013189763762056828,
-0.01744014397263527,
-0.01530730351805687,
0.04118848592042923,
0.04097522050142288,
-0.020837536081671715,
0.03163456916809082,
-0.058252669870853424,
0.008491016924381256,
0.0033321192022413015,
0.009580342099070549,
0.024776369333267212,
0.0021810787729918957,
-0.023671895265579224,
0.001597527414560318,
0.012592194601893425,
-0.021203206852078438,
-0.0031949919648468494,
0.007807514164596796,
-0.005739946383982897,
0.032543592154979706,
-0.026100780814886093,
0.01206257939338684,
0.01745142787694931,
0.020370543003082275,
-0.004095455631613731,
0.05427330359816551,
-0.017689641565084457,
0.010151133872568607,
0.007177538238465786,
-0.0005755411693826318,
0.010466440580785275,
0.016949638724327087,
-0.010096976533532143,
0.04425046220421791,
0.0015052217058837414,
-0.04044709354639053,
-0.03547380119562149,
0.026985185220837593,
-0.031104426831007004,
-0.020659301429986954,
0.005045610014349222,
0.004916847217828035,
-0.06588026136159897,
-0.061197686940431595,
-0.02871214970946312,
-0.010221369564533234,
-0.007898187264800072,
-0.043105944991111755,
-0.03991139307618141,
-0.03049171343445778,
0.02779734879732132,
-0.004523137118667364,
-0.0010771219385787845,
-0.211509108543396,
0.14315152168273926,
0.0029740023892372847,
-0.012321844696998596,
0.03074657917022705,
-0.0156392902135849,
0.018635505810379982,
0.05169491842389107,
0.017035655677318573,
0.011625264771282673,
-0.010576331056654453,
0.04151326045393944,
-0.033874813467264175,
0.007603551726788282,
0.02156432531774044,
0.0329599566757679,
-0.01457564253360033,
-0.02183091826736927,
0.017642119899392128,
-0.047483425587415695,
0.029508138075470924,
-0.0014836668269708753,
0.02096467651426792,
-0.0030454902444034815,
-0.005228723399341106,
0.03232848644256592,
0.019053084775805473,
-0.012936059385538101,
0.036084212362766266,
-0.004170664120465517,
0.01748497597873211,
-0.018303673714399338,
0.05233108624815941,
0.011182424612343311,
0.013383662328124046,
0.10456433147192001,
-0.0038154390640556812,
-0.030384929850697517,
0.024758465588092804,
-0.0038932382594794035,
-0.006854949053376913,
-0.02550206519663334,
-0.018632490187883377,
-0.017603270709514618,
-0.01203395240008831,
0.01753154583275318,
0.023953299969434738,
-0.004066601395606995,
0.027432173490524292,
-0.018355775624513626,
-0.07857214659452438,
0.005014152266085148,
-0.007297784090042114,
-0.10738425701856613,
-0.005607870407402515,
0.12846390902996063,
0.03915286436676979,
-0.0005685727228410542,
0.01109193917363882,
-0.04419471696019173,
0.04325533285737038,
-0.007243680767714977,
0.026684235781431198,
0.01631092093884945,
0.002168369945138693,
-0.04354275390505791,
0.010671164840459824,
-0.02654627524316311,
-0.1026507019996643,
-0.0035817569587379694,
-0.004146181046962738,
-0.03897732123732567,
0.023978376761078835,
-0.02357768826186657,
0.09536215662956238,
0.018851643428206444,
-0.015296570956707,
-0.08822846412658691,
0.04307296499609947,
-0.01475468184798956,
-0.0011263607302680612,
-0.02126142755150795,
-0.016894763335585594,
-0.052473779767751694,
0.06777642667293549,
-0.004614225588738918,
-0.009422758594155312,
0.03361871466040611,
0.0023958534002304077,
-0.12926901876926422,
0.025542130693793297,
0.01195433083921671,
-0.0014223065227270126,
-0.017574965953826904,
-0.01970413513481617,
-0.012130437418818474,
-0.04128943011164665,
0.0095214257016778,
0.047500915825366974,
-0.08254194259643555,
-0.025319581851363182,
0.013818641193211079,
0.013507970608770847,
-0.004321183543652296,
-0.002400060882791877,
0.03311753273010254,
0.004606291186064482,
0.051758140325546265,
0.015040968544781208,
-0.021137649193406105,
0.0033620644826442003,
-0.0023199866991490126,
0.04641127213835716,
-0.026578979566693306,
-0.011036179959774017,
-0.02132171392440796,
-0.008797269314527512,
-0.03880612924695015,
0.001211040304042399,
0.021469514816999435,
0.015293980948626995,
-0.06623087078332901,
0.029931137338280678,
0.02767348662018776,
0.012675881385803223,
-0.01812068186700344,
0.04279189556837082,
-0.0203019380569458,
-0.008761902339756489,
0.0037882509641349316,
-0.012985527515411377,
-0.03806307539343834,
0.018124926835298538,
-0.012645130977034569,
-0.019402123987674713,
-0.0051300604827702045,
0.019071195274591446,
-0.013339806348085403,
0.024046774953603745,
0.03911564499139786,
-0.014498394913971424,
0.0358085036277771,
-0.04885369911789894,
-0.09645626693964005,
0.027414578944444656,
-0.04597574844956398,
-0.008837499655783176,
0.020281512290239334,
0.029576271772384644,
0.008603038266301155,
-0.01235070452094078,
-0.03877736255526543,
0.040957123041152954,
0.04910173639655113,
0.007676333654671907,
-0.007234078831970692,
0.050851140171289444,
0.04650837182998657,
-0.00508290296420455,
-0.01826808974146843,
-0.002979276468977332,
-0.0036614404525607824,
-0.0038852570578455925,
-0.026442203670740128,
-0.025435879826545715,
0.019293731078505516,
-0.0437324158847332,
0.06271287053823471,
0.016617758199572563,
0.01640695333480835,
0.013042713515460491,
0.008576915599405766,
-0.0412028506398201,
-0.014854882843792439,
0.033353209495544434,
0.008724456652998924,
0.003047465579584241,
0.0383262038230896,
0.05385225638747215,
0.038527946919202805,
-0.0339655801653862,
-0.030699597671628,
0.032051850110292435,
-0.05360402166843414,
0.012774689123034477,
0.009166067466139793,
-0.010435772128403187,
0.008300193585455418,
-0.06771019846200943,
0.011472777463495731,
0.06621868163347244,
-0.04709896072745323,
-0.10187964141368866,
-0.06643940508365631,
0.022643547505140305,
0.01030027586966753,
-0.008158777840435505,
-0.010060708969831467,
-0.019730795174837112,
-0.0010334305698052049,
-0.004489406011998653,
-0.01891217939555645,
0.005337756592780352,
0.009101024828851223,
0.02498812973499298,
-0.027308901771903038,
0.021518524736166,
0.022773971781134605,
-0.010265219025313854,
0.022567827254533768,
-0.014622927643358707,
-0.01606014557182789,
-0.009648285806179047,
0.02721088007092476,
0.0018364009447395802,
-0.018293360248208046,
-0.022678354755043983,
-0.02243795059621334,
-0.010795964859426022,
-0.06940704584121704,
0.02374720387160778,
0.0033050179481506348,
0.02024787850677967,
-0.007265591528266668,
-0.02575240656733513,
-0.04390578344464302,
-0.014197107404470444,
0.0020708460360765457,
0.06445014476776123,
-0.0006703403196297586,
0.03491225466132164,
-0.019506482407450676,
0.022898627445101738,
-0.009560645557940006,
0.005194882862269878,
-0.04097050428390503,
0.0064163897186517715,
-0.03954306244850159,
-0.006979103200137615,
-0.01716500334441662,
-0.04727839678525925,
-0.04768296703696251,
-0.006393196526914835,
-0.008533583953976631,
0.039068277925252914,
0.0388331264257431,
-0.01890682615339756,
0.022659389302134514,
0.03766971826553345,
-0.0005981628783047199,
-0.010773704387247562,
-0.051398731768131256,
-0.028579020872712135,
0.10193964838981628,
-0.033795010298490524,
-0.00601588049903512,
0.023780658841133118,
-0.01362887304276228,
-0.042492303997278214,
0.015900764614343643,
-0.012765521183609962,
-0.03114730678498745,
-0.0051544648595154285,
-0.02218255214393139,
-0.04307295009493828,
0.009584697894752026,
0.034037258476018906,
-0.027226967737078667,
0.05156899616122246,
-0.045839518308639526,
0.024739444255828857,
-0.01756870374083519
] |
the monthly remeasurement of these instruments due to changes in foreign exchange rates is recognized in accumulated other comprehensive income upon the consolidation of these subsidiaries.
There were no significant changes in debt market risks during fiscal 2006. We did not issue any long-term fixed-rate corporate bonds during fiscal 2006 or 2005; however, in previous years we issued a total of $490 million in long-term fixed-rate corporate bonds that mature between August 2006 and October 2015. Fixed interest rates on these bonds range from 4.7% to 5.66%. For each of the bonds issued, we have entered into interest rate swap agreements whereby we receive fixed interest payments at the same rate as the bonds and pay variable interest payments based on the three-month or six-month LIBOR plus a spread. As a result of the interest rate swap agreements the average effective interest rate payable on these bonds was 6.07% at May 31, 2006 and 4.17% at May 31, 2005. For $440 million of the issued bonds, the associated swaps have the same notional amount and maturity date as the corresponding bond. These interest rate swaps are accounted for as fair value hedges, so changes in the recorded fair values of the swaps are offset by changes in the recorded fair value of the related debt. The remaining $50 million bond matures in October 2013 whereas the associated interest rate swap expires in October 2006. Accordingly, changes in the fair value of this swap are recorded to net income each period. The recorded fair value of the interest rate swaps accounted for as fair value hedges was a net $5.6 million loss at May 31, 2006 and a $9.0 million gain at May 31, 2005. The change in fair value of the $50 million interest rate swap expiring October 2006 was not material for the years ended May 31, 2006, 2005 and 2004.
In fiscal 2003 we also entered into an interest rate swap agreement related to a Japanese yen denominated intercompany loan with one of our Japanese subsidiaries. The Japanese subsidiary pays variable interest on the intercompany loan based on 3-month LIBOR plus a spread. Under the interest rate swap agreement, the subsidiary pays fixed interest payments at 0.8% and receives variable interest payments based on 3-month LIBOR plus a spread based on a notional amount of 8 billion Japanese yen. This interest rate swap is not accounted for as a hedge, accordingly changes in the fair value of the swap are recorded to net income each period. The change in fair value of the swap was not material for the years ended May 31, 2006, 2005 and 2004.
| 2SELL
|
[
-0.003500557504594326,
0.07185922563076019,
-0.0004638236714527011,
0.013331420719623566,
-0.1342918574810028,
-0.018175337463617325,
-0.005253057926893234,
0.003446857212111354,
-0.06520707160234451,
0.022489050403237343,
0.004734884016215801,
-0.023569529876112938,
0.020117735490202904,
-0.030603846535086632,
0.016491148620843887,
0.03610970452427864,
0.01675397716462612,
0.00494271470233798,
-0.05069185793399811,
0.005180608481168747,
0.015188016928732395,
-0.002602232852950692,
0.016163574531674385,
-0.024070316925644875,
0.012180814519524574,
0.03045891784131527,
-0.058148343116045,
0.02407839335501194,
0.0604015477001667,
-0.03551843762397766,
0.018995050340890884,
0.01899966597557068,
0.041497983038425446,
-0.027229588478803635,
0.036227934062480927,
0.005576502066105604,
-0.06809594482183456,
0.013767525553703308,
0.030930906534194946,
0.006767321843653917,
-0.036776430904865265,
0.010359209030866623,
0.008207493461668491,
-0.009707062505185604,
0.010411958210170269,
-0.019995760172605515,
0.02015472948551178,
0.04408498480916023,
0.017851250246167183,
-0.02809247188270092,
0.005430649034678936,
-0.025877125561237335,
-0.026061000302433968,
-0.02516457810997963,
-0.019287988543510437,
0.0038964501582086086,
-0.015815015882253647,
-0.030557304620742798,
0.08529647439718246,
0.037157926708459854,
0.041157305240631104,
-0.036518730223178864,
-0.003091373248025775,
0.03029361553490162,
0.015401976183056831,
-0.015786701813340187,
-0.0031941719353199005,
0.02102932333946228,
-0.031128939241170883,
-0.033065587282180786,
0.011652028188109398,
0.03633974865078926,
-0.00473876902833581,
-0.018827123567461967,
0.012594432570040226,
-0.046965986490249634,
0.027537554502487183,
-0.005058680661022663,
0.09089499711990356,
-0.02997942641377449,
-0.0004462068318389356,
-0.08015532791614532,
0.01201864704489708,
-0.07178651541471481,
0.019732976332306862,
-0.0191377904266119,
-0.009665591642260551,
-0.05009162798523903,
-0.021126538515090942,
0.000776341010350734,
0.01291571743786335,
0.00879178661853075,
-0.036922063678503036,
-0.039149537682533264,
-0.04271525889635086,
-0.004005316644906998,
0.022096101194620132,
-0.16250479221343994,
-0.016650019213557243,
-0.01353562530130148,
0.0641273558139801,
0.010540131479501724,
0.03254557400941849,
-0.010601387359201908,
0.006025536917150021,
0.0005109471967443824,
-0.016830194741487503,
0.026639940217137337,
0.010698564350605011,
0.0036446775775402784,
-0.006169660482555628,
-0.062130484730005264,
0.022771265357732773,
-0.013608984649181366,
-0.0023113421630114317,
0.04713180288672447,
-0.001681978814303875,
0.02061035856604576,
-0.016212772578001022,
-0.0843442752957344,
0.013375392183661461,
-0.026041874662041664,
-0.026087777689099312,
-0.0070381201803684235,
-0.0374213270843029,
0.010316310450434685,
-0.02961801365017891,
-0.005364737473428249,
0.04185635596513748,
-0.020472615957260132,
-0.006727986969053745,
-0.012418861500918865,
-0.014771071262657642,
0.018658271059393883,
-0.038912221789360046,
0.011724797077476978,
0.0006277425563894212,
-0.005551219917833805,
-0.037646517157554626,
0.021135905757546425,
-0.028458239510655403,
-0.03706728667020798,
-0.02964121848344803,
0.005417062900960445,
-0.043179288506507874,
-0.00481422757729888,
-0.01703459955751896,
0.0038144399877637625,
0.03227483853697777,
0.10882323235273361,
-0.012574977241456509,
-0.015093496069312096,
-0.029028581455349922,
-0.008747510612010956,
-0.02780611626803875,
-0.0039246766828000546,
0.053085241466760635,
-0.03621520847082138,
-0.06397674232721329,
0.0005595659604296088,
-0.004795362241566181,
-0.007755226455628872,
-0.012022869661450386,
-0.055673081427812576,
-0.030096624046564102,
-0.031011618673801422,
0.02484147623181343,
-0.019072771072387695,
0.037376768887043,
0.04660016670823097,
0.023734265938401222,
0.02787872962653637,
0.007386197801679373,
0.014941232278943062,
0.0075537217780947685,
-0.05652504414319992,
0.044828739017248154,
0.015303653664886951,
0.0033785689156502485,
0.011571384966373444,
0.04201393947005272,
0.007536554709076881,
0.0392378494143486,
-0.05459851399064064,
-0.04815258830785751,
-0.03855840116739273,
-0.0022771290969103575,
0.03739854693412781,
0.01058963779360056,
-0.02751232124865055,
0.04767242446541786,
-0.004265752620995045,
0.00291805318556726,
-0.011185761541128159,
-0.010280366986989975,
-0.006451844237744808,
-0.022083047777414322,
0.008769066073000431,
0.005083242431282997,
-0.011016052216291428,
-0.09575968235731125,
0.027871785685420036,
0.002573795849457383,
0.02839171513915062,
0.04629304260015488,
-0.02128799818456173,
0.004702708218246698,
-0.004671810660511255,
0.002588143339380622,
-0.023424850776791573,
-0.056701287627220154,
-0.01716376654803753,
0.00238757929764688,
-0.03853363171219826,
-0.0007327145431190729,
0.04684038832783699,
-0.003397165099158883,
-0.09417951852083206,
-0.04545082896947861,
-0.04133966937661171,
0.0032252646051347256,
-0.01792178303003311,
0.004518814384937286,
0.0003154498990625143,
0.05828908458352089,
-0.00888208206743002,
0.06387271732091904,
-0.008574416860938072,
-0.05690665915608406,
0.04497302696108818,
0.02137204073369503,
0.05253402143716812,
-0.04561491310596466,
0.036266736686229706,
0.01157488115131855,
-0.005726286210119724,
-0.007723616901785135,
0.021543338894844055,
0.0013134833425283432,
0.057708609849214554,
0.10812272876501083,
-0.024835672229528427,
-0.017006563022732735,
-0.012373053468763828,
-0.03617813438177109,
0.045651569962501526,
-0.004893559962511063,
0.05178137496113777,
-0.007980497553944588,
-0.023729825392365456,
-0.010520190000534058,
-0.0047080074436962605,
-0.004721031524240971,
-0.008025607094168663,
-0.05602506920695305,
0.0073012700304389,
0.025089867413043976,
-0.010867026634514332,
0.020325804129242897,
-0.16697514057159424,
-0.0023981814738363028,
-0.023024851456284523,
0.017650017514824867,
-0.03484387323260307,
0.009154451079666615,
0.012227918021380901,
0.032371386885643005,
-0.0060372669249773026,
-0.009209617041051388,
0.003697129897773266,
-0.02004590630531311,
-0.012860525399446487,
0.04911455139517784,
-0.016144905239343643,
0.0015847112517803907,
0.01841007173061371,
0.02966933511197567,
-0.01870403252542019,
0.020391713827848434,
-0.02458208054304123,
0.007802591659128666,
0.003122955560684204,
-0.0035652024671435356,
-0.01736493967473507,
-0.031217828392982483,
-0.020090579986572266,
-0.03758929669857025,
-0.014394735917448997,
0.06885261088609695,
-0.034190066158771515,
-0.019905757158994675,
0.009806206449866295,
0.017107408493757248,
-0.035378653556108475,
-0.01515660434961319,
0.06314314901828766,
-0.020738638937473297,
-0.04279337450861931,
-0.007328389678150415,
0.040578171610832214,
-0.004978551063686609,
0.022376004606485367,
0.0008827309939078987,
-0.028971143066883087,
-0.0186421200633049,
-0.007940645329654217,
0.009102432988584042,
-0.018517786636948586,
0.11250414699316025,
-0.029651254415512085,
0.007076403126120567,
0.02802122011780739,
-0.0018086775671690702,
-0.008010562509298325,
-0.014912879094481468,
-0.05209500715136528,
-0.03391978517174721,
0.014585672877728939,
-0.035931751132011414,
-0.020866483449935913,
0.016678813844919205,
0.01295484509319067,
0.014876008033752441,
0.029076017439365387,
0.051921501755714417,
0.01137417834252119,
0.056277450174093246,
-0.04326929897069931,
0.00875773560255766,
-0.03660640865564346,
0.10985330492258072,
0.12857897579669952,
-0.033352889120578766,
0.03252337500452995,
-0.01716017536818981,
-0.01759445108473301,
0.02318917028605938,
-0.023348769173026085,
-0.0006780149997211993,
-0.015176679939031601,
-0.002318179002031684,
0.0023980645928531885,
0.027342364192008972,
-0.029193667694926262,
-0.008275376632809639,
0.08143071830272675,
0.0176192969083786,
-0.07261333614587784,
0.012043849565088749,
0.047464244067668915,
0.05951112508773804,
-0.008063002489507198,
0.024662496522068977,
0.04257646203041077,
0.0020538943354040384,
-0.03980090469121933,
0.03313270956277847,
0.004111680202186108,
-0.01857825554907322,
0.012931973673403263,
-0.006849082186818123,
-0.0137986084446311,
-0.00848987977951765,
-0.02513856068253517,
0.031066663563251495,
-0.03129762411117554,
-0.034556854516267776,
0.016696035861968994,
0.03406063839793205,
-0.009661494754254818,
-0.003176044672727585,
0.004245450720191002,
0.014918341301381588,
0.08855537325143814,
-0.025123873725533485,
-0.0049564773216843605,
0.0035942629911005497,
-0.007786213885992765,
0.0070522380992770195,
0.023247811943292618,
-0.002594464924186468,
-0.0005044874851591885,
-0.018263934180140495,
-0.009014785289764404,
0.05841108784079552,
-0.005767688155174255,
0.004723804537206888,
-0.015069962479174137,
-0.025552576407790184,
0.022288229316473007,
-0.015307595953345299,
0.0360601544380188,
0.038029637187719345,
-0.0010255363304167986,
-0.01359453983604908,
0.007389137987047434,
0.02254597656428814,
0.0009901465382426977,
-0.005729557480663061,
-0.018536364659667015,
-0.016093799844384193,
-0.010796766728162766,
-0.014823508448898792,
0.007715749088674784,
0.04489598050713539,
0.03940810263156891,
-0.044378891587257385,
0.04513699188828468,
-0.01724955439567566,
0.050470076501369476,
-0.0005673695704899728,
-0.137165829539299,
-0.020658891648054123,
0.017949048429727554,
-0.04096329212188721,
0.023436864838004112,
-0.013238072395324707,
0.01974465511739254,
0.08647848665714264,
0.028650157153606415,
-0.043690986931324005,
0.009350031614303589,
0.047862108796834946,
0.00827508419752121,
-0.1326901614665985,
0.014664036221802235,
-0.0756889134645462,
-0.03119758889079094,
0.013445351272821426,
0.016807498410344124,
-0.032909899950027466,
0.0042419712990522385,
0.014019075781106949,
-0.02541630156338215,
0.003438736079260707,
0.015838252380490303,
0.001664085779339075,
-0.030103931203484535,
0.004820123314857483,
0.033249568194150925,
-0.041569992899894714,
0.02952739968895912,
0.010593105107545853,
-0.002228740369901061,
-0.02955515682697296,
0.028677187860012054,
0.045448075979948044,
-0.020622188225388527,
0.026215052232146263,
-0.049993548542261124,
-0.00336653646081686,
0.010011251084506512,
-0.018413271754980087,
0.013872656039893627,
0.003398324828594923,
-0.006939861457794905,
0.0004786742210853845,
0.011883455328643322,
-0.0147712929174304,
0.01322641596198082,
0.020925583317875862,
-0.011447666212916374,
0.028259236365556717,
-0.015779292210936546,
0.005655348300933838,
0.028461217880249023,
0.015224163420498371,
-0.0053575350902974606,
0.041024889796972275,
-0.006954272743314505,
0.004921524785459042,
0.012593294493854046,
-0.003173563163727522,
0.006031469441950321,
0.01854441687464714,
-0.003889582585543394,
0.04114335775375366,
-0.012743950821459293,
-0.025953862816095352,
-0.026091644540429115,
0.022264789789915085,
-0.021668240427970886,
-0.02946702018380165,
0.008629676885902882,
0.006033595185726881,
-0.06508056819438934,
-0.06255842000246048,
-0.011647512204945087,
-0.003739676671102643,
0.004281465895473957,
-0.043007951229810715,
-0.02396763488650322,
-0.028789717704057693,
0.0259829293936491,
-0.00443027401342988,
-0.006628040689975023,
-0.19329829514026642,
0.10305171459913254,
0.004383812192827463,
-0.004346565343439579,
0.041483987122774124,
-0.014017810113728046,
0.02300308831036091,
0.041315559297800064,
0.015411975793540478,
0.02837195433676243,
-0.0003671859158203006,
0.036487165838479996,
-0.045623209327459335,
0.009031780064105988,
0.03306880593299866,
0.04008335992693901,
-0.013318660669028759,
-0.02866591140627861,
0.020911915227770805,
-0.0718548446893692,
0.026282496750354767,
0.008773790672421455,
0.04247451573610306,
-0.0030745938420295715,
-0.0011232176329940557,
0.032922081649303436,
0.021991342306137085,
0.002765549346804619,
0.03603201359510422,
-0.003846860723569989,
0.026400556787848473,
-0.012931954115629196,
0.04440317302942276,
0.01700678840279579,
0.011965423822402954,
0.13560141623020172,
-0.01189147774130106,
-0.029088616371154785,
-0.0013563106767833233,
-0.0017186605837196112,
0.01481286995112896,
-0.011830681003630161,
-0.041980817914009094,
-0.006786545738577843,
-0.010153727605938911,
0.03630022704601288,
0.018797211349010468,
-0.023969164118170738,
0.018098529428243637,
-0.009664563462138176,
-0.05840708687901497,
-0.000320388819091022,
0.005281698424369097,
-0.08940909802913666,
-0.02464149333536625,
0.1399860680103302,
0.019562693312764168,
0.009378119371831417,
0.01917087286710739,
-0.035807590931653976,
0.03469309210777283,
0.0023653018288314342,
0.013108871877193451,
0.016991861164569855,
-0.007048993371427059,
-0.06750565767288208,
0.006201410200446844,
-0.016570523381233215,
-0.10271197557449341,
0.01809174194931984,
-0.002575092716142535,
-0.04492144659161568,
0.029805224388837814,
-0.0039051156491041183,
0.10393860191106796,
0.013967586681246758,
0.0003613914886955172,
-0.088337242603302,
0.024268049746751785,
-0.00046669732546433806,
-0.0027481091674417257,
-0.03252117708325386,
-0.030441707000136375,
-0.0361173152923584,
0.045672837644815445,
0.010862356051802635,
-0.008313748054206371,
0.01941831409931183,
0.01860307715833187,
-0.12335901707410812,
0.04505496844649315,
0.03045012801885605,
-0.0015231916913762689,
0.0005573025555349886,
-0.019807614386081696,
-0.007254071068018675,
-0.03174027428030968,
0.014102403074502945,
0.04517640545964241,
-0.09647274017333984,
-0.022402169182896614,
0.01707492023706436,
0.0037804092280566692,
-0.007361909840255976,
0.011286941356956959,
0.016970012336969376,
0.008399216458201408,
0.029134541749954224,
0.024142039939761162,
-0.016500139608979225,
0.026485800743103027,
-0.003112867008894682,
0.03788740187883377,
-0.019773408770561218,
-0.013073641806840897,
-0.010384134016931057,
-0.004522254690527916,
-0.03676997497677803,
-0.011037559248507023,
0.012917445972561836,
0.004657126497477293,
-0.13698619604110718,
0.025924628600478172,
0.02936564013361931,
0.012222659774124622,
-0.015363022685050964,
0.022815773263573647,
-0.0133673632517457,
-0.04043629392981529,
0.011873912066221237,
-0.019991343840956688,
-0.028430568054318428,
0.01683960109949112,
-0.01357948500663042,
-0.017428124323487282,
0.01117028295993805,
0.017649412155151367,
-0.022163590416312218,
0.010071572847664356,
0.04143896698951721,
-0.017952291294932365,
0.038002993911504745,
-0.043544817715883255,
-0.12591584026813507,
-0.004211322404444218,
-0.05936908721923828,
-0.00831552129238844,
0.024134939536452293,
0.0374288447201252,
0.008020265959203243,
-0.00809409748762846,
-0.047543782740831375,
0.041071753948926926,
0.051342226564884186,
0.013052386231720448,
-0.00699635362252593,
0.028307026252150536,
0.024728260934352875,
-0.016020575538277626,
-0.03120318241417408,
0.02738248184323311,
0.0033963758032768965,
-0.016345437616109848,
-0.0270103570073843,
-0.03519229218363762,
0.013419884257018566,
-0.04998955875635147,
0.04418206959962845,
0.00312947784550488,
0.01768523082137108,
0.03926888853311539,
0.007615783251821995,
-0.045942772179841995,
-0.014777262695133686,
0.02504042349755764,
0.009987018071115017,
0.01105798315256834,
0.02747981995344162,
0.040594421327114105,
0.011486532166600227,
-0.038433730602264404,
-0.00866703037172556,
0.027424978092312813,
-0.042306024581193924,
0.007630346808582544,
0.012834509834647179,
0.011248189024627209,
0.017971070483326912,
-0.0814441666007042,
0.0182543583214283,
0.046866077929735184,
-0.11075979471206665,
-0.0958915650844574,
-0.06762267649173737,
0.023218531161546707,
0.004426591098308563,
-0.016961999237537384,
-0.02246224880218506,
-0.033821556717157364,
0.0019251429475843906,
-0.008397749625146389,
-0.020989466458559036,
0.0007675917004235089,
-0.008076375350356102,
0.02199639566242695,
-0.01773739978671074,
0.02194642275571823,
0.021413328126072884,
-0.021063590422272682,
0.02548474818468094,
-0.013373485766351223,
-0.0034801845904439688,
-0.00275752367451787,
0.01942538283765316,
0.016778066754341125,
-0.024861684069037437,
-0.024648211896419525,
-0.02352065034210682,
-0.000807122909463942,
-0.05374806001782417,
0.01875307410955429,
-0.0010601383401080966,
0.014258175157010555,
-0.008412737399339676,
-0.03556220233440399,
-0.04695414751768112,
-0.02925792708992958,
-0.006312961224466562,
0.08344700187444687,
-0.0007537616766057909,
0.03189367055892944,
-0.027023889124393463,
0.02401564083993435,
-0.008891720324754715,
0.007502797991037369,
-0.04730306938290596,
0.031559109687805176,
-0.037451691925525665,
0.007553556002676487,
-0.014349899254739285,
-0.036902740597724915,
-0.035554926842451096,
0.0034554237499833107,
-0.005017101299017668,
0.06581512093544006,
0.04965191334486008,
0.0029360498301684856,
0.023891549557447433,
0.02339678443968296,
-0.01221556682139635,
-0.011205515824258327,
-0.051750730723142624,
-0.032866355031728745,
0.07527600973844528,
-0.057852115482091904,
-0.013129247352480888,
0.032416608184576035,
-0.008537699468433857,
-0.018681449815630913,
0.013462215662002563,
-0.02521096169948578,
-0.013596346601843834,
0.019677430391311646,
-0.027079060673713684,
-0.0260065495967865,
0.0159426499158144,
0.04545794054865837,
-0.016530655324459076,
0.04074627161026001,
-0.033794987946748734,
0.01822318322956562,
-0.020195135846734047
] |
the Wyeth acquisition, partially offset by cash flows from operations.
Credit Ratings
Two major corporate debt-rating organizations, Moody’s Investors Service (Moody’s) and Standard & Poor’s (S&P), assign ratings to our short-term and long-term debt. The following chart reflects the current ratings assigned by these rating agencies to our commercial paper and senior unsecured non-credit-enhanced long-term debt issued by us:
COMMERCIAL LONG-TERM DEBT
DATE OF LAST ACTION
October 2009 October 2009
We have available lines of credit and revolving credit agreements with a group of banks and other financial intermediaries. We maintain cash and cash equivalent balances and short-term investments in excess of our commercial paper and other short-term borrowings. As of December 31, 2010, we had access to $9.0 billion of lines of credit, of which $1.9 billion expire within one year. Of these lines of credit, $8.4 billion are unused, of which our lenders have committed to loan us $7.0 billion at our request. Also, $7.0 billion of our unused lines of credit, all of which expire in 2013, may be used to support our commercial paper borrowings.
Global Economic Conditions
The challenging economic environment has not had, nor do we anticipate it will have, a significant impact on our liquidity. Due to our significant operating cash flow, financial assets, access to capital markets and available lines of credit and revolving credit agreements, we continue to believe that we have the ability to meet our liquidity needs for the foreseeable future. As markets change, we continue to monitor our liquidity position. There can be no assurance that the challenging economic environment or a further economic downturn would not impact our ability to obtain financing in the future.
Selected Measures of Liquidity and Capital Resources
The following table sets forth certain relevant measures of our liquidity and capital resources:
The increase in cash and cash equivalents and short-term investments and loans, as of December 31, 2010, compared to December 31, 2009, was primarily due to operating cash flows, partially offset by the use of proceeds of short-term investments for repayment of short-term borrowings and for tax payments made in 2010, associated mainly with certain business decisions executed to finance the Wyeth acquisition. The change in working capital and the ratio of current assets to current liabilities was due to the timing of accruals, cash receipts and payments in the ordinary course of business. We are monitoring developments regarding government receivables in several European markets. Where necessary, we will continue to adjust our allowance for doubtful accounts.
We funded our business-development transactions that closed in the fourth quarter of 2010 with available cash and the proceeds from short-term investments, and we did the same in connection with the completion of our tender offer for the shares of King in January 2011. For additional information about these transactions, see the “Our Business Development Initiatives” section of this Financial Review.
Summary of Cash Flows
Operating Activities
2010 vs. 2009
Our net cash
| 2SELL
|
[
0.0038477107882499695,
0.06446416676044464,
-0.011531533673405647,
-0.02009396068751812,
-0.11785726249217987,
-0.010513403452932835,
-0.0030889168847352266,
0.004292789846658707,
-0.06852562725543976,
0.028809212148189545,
0.00978880189359188,
-0.01597563549876213,
0.018371278420090675,
-0.013987569138407707,
0.019481664523482323,
0.06116724759340286,
0.039714161306619644,
-0.008367862552404404,
-0.04505828022956848,
0.006332289427518845,
0.01680200919508934,
0.0012031913502141833,
0.011316809803247452,
-0.015673808753490448,
0.022773053497076035,
0.029892144724726677,
-0.06448211520910263,
0.015686610713601112,
0.07202578336000443,
-0.05528681352734566,
0.02708910033106804,
0.024496903643012047,
0.025624560192227364,
-0.016134845092892647,
0.03850432485342026,
0.011228350922465324,
-0.05122232437133789,
0.01621437445282936,
0.034052371978759766,
0.009038466028869152,
-0.040617913007736206,
-0.003803521627560258,
-0.004870289005339146,
-0.01345029752701521,
0.011385345831513405,
-0.014542282558977604,
0.029216699302196503,
0.035034362226724625,
0.014576597139239311,
-0.018056128174066544,
0.0021916916593909264,
-0.026139888912439346,
-0.019827576354146004,
-0.027142027392983437,
-0.023194720968604088,
0.008390817791223526,
-0.01832602359354496,
-0.007687588222324848,
0.08812321722507477,
0.03139030560851097,
0.04441508650779724,
-0.02152271941304207,
0.0007390060927718878,
0.03832196444272995,
0.014719304628670216,
-0.010415532626211643,
-0.003090084996074438,
-0.00673979427665472,
-0.03181885555386543,
-0.02271435223519802,
0.02534852735698223,
0.023866625502705574,
-0.014543388038873672,
-0.012804155237972736,
0.007373899687081575,
-0.05170602351427078,
0.03194909170269966,
-0.004182529170066118,
0.08571548759937286,
-0.026248183101415634,
0.0010352194076403975,
-0.08323647826910019,
0.04349317029118538,
-0.095680832862854,
0.01993674784898758,
-0.02788003906607628,
-0.016767723485827446,
-0.05166282504796982,
-0.019621575251221657,
0.006480004638433456,
-0.012376931495964527,
0.0016620809910818934,
-0.02101704478263855,
-0.04545929282903671,
-0.027427980676293373,
0.012757118791341782,
0.03456045314669609,
-0.1612643003463745,
-0.0048384577967226505,
-0.005863314028829336,
0.08085259050130844,
0.012103172019124031,
0.03843652084469795,
-0.009748836979269981,
0.01530526578426361,
0.010552490130066872,
-0.0398128479719162,
0.03899507224559784,
0.001684551127254963,
0.004504186566919088,
-0.01818927377462387,
-0.04874051362276077,
0.02552889660000801,
-0.0035112749319523573,
-0.00728283217176795,
0.03673213720321655,
0.006797252222895622,
0.04474682733416557,
-0.008274399675428867,
-0.07450421899557114,
0.015529409050941467,
-0.03460018336772919,
-0.04249957576394081,
-0.006090936716645956,
-0.03689567372202873,
0.03081231378018856,
-0.03874116390943527,
-0.010868377052247524,
0.033627551048994064,
-0.008317898958921432,
-0.0011346685932949185,
-0.01247331965714693,
-0.004660550970584154,
0.011669380590319633,
-0.04398459568619728,
0.010193315334618092,
-0.001194848446175456,
0.0020119091495871544,
-0.04542640224099159,
0.013977155089378357,
-0.04019738361239433,
-0.01701531745493412,
-0.007785075809806585,
-0.013991988264024258,
-0.04558941721916199,
-0.010684412904083729,
-0.008644087240099907,
0.008393307216465473,
0.04383251443505287,
0.07861907035112381,
-0.005598981399089098,
-0.014743158593773842,
-0.03420482948422432,
-0.015241161920130253,
-0.021194813773036003,
-0.000671461399178952,
0.06245029717683792,
-0.009738652966916561,
-0.06221194565296173,
-0.006979712285101414,
-0.004224477335810661,
-0.0024342266842722893,
0.0017478590598329902,
-0.06370706856250763,
-0.053269173949956894,
-0.02478642761707306,
0.01424120832234621,
-0.024749748408794403,
0.039533354341983795,
0.041049934923648834,
0.02400321513414383,
0.024873575195670128,
0.009696781635284424,
0.007807434536516666,
0.025496311485767365,
-0.06761225312948227,
0.029547423124313354,
0.052622031420469284,
-0.007626605220139027,
0.018786730244755745,
0.044748179614543915,
0.005712713114917278,
0.05570920556783676,
-0.10179287940263748,
-0.06231203302741051,
-0.026483384892344475,
0.0038347297813743353,
0.0365418866276741,
-0.005604008678346872,
-0.021580509841442108,
0.0409310944378376,
-0.015519916079938412,
0.0010537301423028111,
0.004554087296128273,
-0.007097403984516859,
-0.01645473577082157,
-0.01349464152008295,
0.010417581535875797,
-0.005166775546967983,
-0.004025820642709732,
-0.10564412921667099,
0.017436418682336807,
0.001596987247467041,
0.025188084691762924,
0.03692251071333885,
-0.013560982421040535,
-0.0031432569958269596,
-0.0069394358433783054,
-0.0007592480396851897,
-0.014684847556054592,
-0.05932706221938133,
-0.0013408573577180505,
0.012352085672318935,
-0.028103092685341835,
0.004044811706990004,
0.0521213598549366,
0.0015950928209349513,
-0.09838264435529709,
-0.03467702865600586,
-0.0433989018201828,
0.007176711689680815,
-0.017585858702659607,
0.021307943388819695,
-0.0018477855483070016,
0.07418251037597656,
0.0036327471025288105,
0.038589779287576675,
-0.01377321407198906,
-0.04590296372771263,
0.01733427681028843,
0.004116629716008902,
0.06615955382585526,
-0.03670370578765869,
0.027518464252352715,
0.01207785215228796,
0.005399595946073532,
0.0012421811698004603,
0.008247395046055317,
-0.018572108820080757,
0.07146621495485306,
0.08449693769216537,
-0.014091682620346546,
-0.010914362967014313,
-0.010968399234116077,
-0.03621245548129082,
0.04663866385817528,
0.02469143085181713,
0.030892977491021156,
-0.011554381810128689,
-0.01471648644655943,
-0.004700344521552324,
0.03290095552802086,
-0.032492510974407196,
0.00012158408208051696,
-0.045828770846128464,
0.02745400182902813,
0.01817481964826584,
-0.0075277709402143955,
0.010890067555010319,
-0.13183872401714325,
-0.011413546279072762,
-0.02900533378124237,
0.008423451334238052,
-0.029609456658363342,
0.01628742925822735,
0.0000653497627354227,
0.026178855448961258,
-0.007836020551621914,
-0.0043589225970208645,
0.005954152904450893,
-0.004337380640208721,
-0.0167959313839674,
0.03785394877195358,
-0.02430877462029457,
0.002466005738824606,
0.010653085075318813,
0.03216907009482384,
-0.011423473246395588,
0.03045208379626274,
-0.023339342325925827,
-0.003800282021984458,
-0.002064547734335065,
-0.005367118399590254,
-0.03339007496833801,
-0.029427938163280487,
-0.0015718673821538687,
-0.03293797746300697,
-0.007758807856589556,
0.06929953396320343,
-0.03595896437764168,
-0.014726930297911167,
0.013856686651706696,
0.021396631374955177,
-0.03273056074976921,
-0.029490984976291656,
0.05828843638300896,
-0.014348067343235016,
-0.05251496285200119,
-0.010052104480564594,
0.042794182896614075,
0.009111056104302406,
0.03229375183582306,
0.00836668536067009,
-0.036163587123155594,
-0.012293783016502857,
-0.010632762685418129,
-0.01250071544200182,
-0.01894952543079853,
0.13238433003425598,
-0.01743238978087902,
0.0048735616728663445,
0.01085631176829338,
0.003157152561470866,
-0.011243810877203941,
-0.016040083020925522,
-0.04650517553091049,
-0.03756087273359299,
0.041881710290908813,
-0.0148724764585495,
-0.033119212836027145,
0.017660554498434067,
0.021364077925682068,
0.025187229737639427,
0.025178680196404457,
0.07312752306461334,
-0.002015631878748536,
0.047589000314474106,
-0.032046910375356674,
0.030613835901021957,
-0.017438285052776337,
0.056593041867017746,
0.08097710460424423,
-0.02730409987270832,
0.038605768233537674,
-0.026344025507569313,
0.010062087327241898,
0.028893902897834778,
-0.01404896192252636,
0.005750142969191074,
-0.01140036154538393,
-0.001668101642280817,
-0.002910505747422576,
0.04190762713551521,
-0.032285962253808975,
0.005278660450130701,
0.10255461186170578,
0.013894387520849705,
-0.06474645435810089,
0.03132188320159912,
0.06707478314638138,
0.05419448763132095,
-0.015696072950959206,
0.006508880294859409,
0.043011512607336044,
0.01340470276772976,
-0.04095415025949478,
0.038429029285907745,
0.007489529438316822,
-0.012318008579313755,
0.015123755671083927,
-0.009545011445879936,
-0.00882477592676878,
-0.00828646868467331,
0.0026190185453742743,
0.031516898423433304,
-0.0012442560400813818,
-0.0392276868224144,
0.019388092681765556,
0.017725083976984024,
-0.016235677525401115,
-0.014046022668480873,
0.014525511302053928,
0.013958562165498734,
0.05513114482164383,
-0.02181410975754261,
0.009495383128523827,
0.020732836797833443,
-0.021570203825831413,
-0.004253362771123648,
0.03791619837284088,
0.006113499402999878,
-0.006343372166156769,
-0.0024261956568807364,
-0.010447060689330101,
0.0635228306055069,
-0.00017043644038494676,
0.00874626450240612,
-0.008988515473902225,
-0.011752268299460411,
0.008461326360702515,
-0.0098409503698349,
0.03982402756810188,
0.04407484084367752,
0.011060057207942009,
-0.017837081104516983,
-0.002532790880650282,
0.032851651310920715,
-0.0317845493555069,
0.00020508072338998318,
-0.023673387244343758,
-0.004725606180727482,
-0.008357642218470573,
-0.007405703421682119,
0.01222188025712967,
0.046629033982753754,
0.013205841183662415,
-0.03896215558052063,
0.025758443400263786,
-0.015177030116319656,
0.05808890238404274,
0.000986977480351925,
-0.13708989322185516,
-0.018963338807225227,
0.02538185752928257,
-0.04475625231862068,
0.02615789696574211,
-0.012557992711663246,
0.033681586384773254,
0.08010473847389221,
0.04231391102075577,
-0.04050595313310623,
0.002624686574563384,
0.038587458431720734,
0.014132299460470676,
-0.14567731320858002,
0.012623350135982037,
-0.05301227048039436,
-0.033889904618263245,
0.00962130632251501,
0.014046123251318932,
-0.013188071548938751,
0.007254566065967083,
0.024812214076519012,
-0.0106496037915349,
-0.010817061178386211,
0.006825885735452175,
-0.004491325467824936,
-0.027850588783621788,
-0.005655860528349876,
0.03931871056556702,
-0.03386015444993973,
0.04216018691658974,
0.0034612773451954126,
-0.0059471530839800835,
-0.01628054492175579,
0.015535268001258373,
0.054756782948970795,
-0.017352215945720673,
0.0303672943264246,
-0.045068878680467606,
-0.006885298527777195,
0.006935458164662123,
0.007699804380536079,
0.008025527000427246,
0.01007832121104002,
-0.01005384512245655,
-0.002659705001860857,
0.007267067674547434,
-0.0012426695320755243,
0.01592753455042839,
0.008999018929898739,
-0.005199208855628967,
0.028479453176259995,
-0.0011540085542947054,
-0.000962570309638977,
0.02341327629983425,
0.01765679195523262,
-0.001346560544334352,
0.05264648050069809,
0.0020034825429320335,
-0.0026181708090007305,
0.011497439816594124,
-0.00389474187977612,
-0.0023809196427464485,
0.03442106768488884,
-0.015446102246642113,
0.04262919723987579,
0.001880057854577899,
-0.008486423641443253,
-0.03009505569934845,
0.01786854676902294,
-0.016693007200956345,
-0.023021521046757698,
0.021054379642009735,
-0.0010062085930258036,
-0.08599492162466049,
-0.05035247653722763,
-0.010929039679467678,
-0.00870506651699543,
0.003350060200318694,
-0.05181214213371277,
-0.04720621183514595,
-0.026540886610746384,
0.028479238972067833,
-0.002651207847520709,
-0.008342632092535496,
-0.12300688028335571,
0.01873401552438736,
-0.005948578007519245,
-0.010430185124278069,
0.038218215107917786,
-0.0111162681132555,
0.026715055108070374,
0.02936463989317417,
0.008651486597955227,
0.011509726755321026,
-0.00838787667453289,
0.03549601137638092,
-0.05114229768514633,
0.009805120527744293,
0.040591102093458176,
0.029212722554802895,
-0.02025441639125347,
-0.03782202675938606,
0.02547704242169857,
-0.06337486207485199,
0.04247460514307022,
0.008716277778148651,
0.037750713527202606,
0.0039994544349610806,
0.0018481480656191707,
0.02752351388335228,
0.026717817410826683,
0.003308570245280862,
0.04627499729394913,
0.0028251144103705883,
0.024731511250138283,
-0.013703807257115841,
0.05429081618785858,
0.008913243189454079,
0.012803105637431145,
0.17815999686717987,
-0.011751743033528328,
-0.016854485496878624,
-0.0038360143080353737,
0.0010150013258680701,
0.01130033377557993,
-0.004645246546715498,
-0.04890329763293266,
-0.009339985437691212,
-0.014970364049077034,
0.02595870941877365,
0.02120705135166645,
-0.01643131487071514,
0.024793123826384544,
-0.012063885107636452,
-0.07079926878213882,
-0.004625129979103804,
0.005641303490847349,
-0.0749746561050415,
-0.008947981521487236,
0.10569295287132263,
0.038409288972616196,
0.009278901852667332,
0.02513505332171917,
-0.031449250876903534,
0.01986580155789852,
0.008610300719738007,
0.011952371336519718,
0.02432282455265522,
0.006937193684279919,
-0.035990048199892044,
-0.0012279790826141834,
-0.008985419757664204,
-0.06342217326164246,
0.008627123199403286,
-0.004206104204058647,
-0.038032468408346176,
0.029761116951704025,
-0.009720615111291409,
0.07908828556537628,
0.0071467445231974125,
-0.01604408770799637,
-0.052553899586200714,
0.023974789306521416,
0.00976778008043766,
0.005124635528773069,
-0.03096103109419346,
-0.02775040827691555,
-0.04399964585900307,
0.04746811091899872,
0.015389714390039444,
-0.026489565148949623,
-0.005900330375880003,
0.03009863756597042,
-0.11206239461898804,
0.046027421951293945,
0.03681124746799469,
-0.0021361680701375008,
0.007935640402138233,
-0.02198328822851181,
-0.0003098391753155738,
-0.008661002852022648,
0.028825093060731888,
0.04845304787158966,
-0.12531797587871552,
-0.028519267216324806,
0.014599697664380074,
-0.0022413490805774927,
-0.020070122554898262,
0.025792447850108147,
0.004809732548892498,
0.025722218677401543,
0.020500194281339645,
0.021614229306578636,
-0.02100173756480217,
0.01939236931502819,
-0.004690325818955898,
0.03996255621314049,
-0.015277320519089699,
-0.013501252979040146,
-0.025185193866491318,
-0.007920447736978531,
-0.02486494556069374,
-0.00963359884917736,
0.019099047407507896,
0.014988889917731285,
-0.19479084014892578,
0.028372909873723984,
0.034678854048252106,
-0.009051449596881866,
-0.01801132783293724,
0.020261485129594803,
-0.016609270125627518,
-0.03977276384830475,
0.016333723440766335,
-0.027540098875761032,
-0.027849366888403893,
0.01699962466955185,
-0.011353928595781326,
-0.02101890929043293,
0.014627236872911453,
0.01789609156548977,
-0.021797839552164078,
0.013448676094412804,
0.04556363821029663,
-0.033016931265592575,
0.050177522003650665,
-0.052719369530677795,
-0.13381126523017883,
-0.008112413808703423,
-0.060402460396289825,
-0.0174977146089077,
0.020650343969464302,
0.0301813967525959,
0.005807142239063978,
-0.005862893536686897,
-0.02825837954878807,
0.02895265817642212,
0.07067015022039413,
0.03289351984858513,
-0.016663827002048492,
-0.0008519828552380204,
0.04010362923145294,
-0.018553223460912704,
-0.02097238600254059,
0.0032603289000689983,
-0.0091486731544137,
-0.005712260492146015,
-0.030072031542658806,
-0.04287123680114746,
0.02523474581539631,
-0.03936095908284187,
0.00942501612007618,
0.010341037064790726,
0.001522583537735045,
0.05109697952866554,
0.001020881230942905,
-0.03687381371855736,
-0.008616442792117596,
0.019984006881713867,
0.01054034847766161,
-0.017671937122941017,
0.02954486757516861,
0.05726540833711624,
0.0031574878375977278,
-0.028710080310702324,
0.038679927587509155,
0.03250616043806076,
-0.05256817117333412,
0.012657400220632553,
0.005129149183630943,
-0.02101486176252365,
0.013652157038450241,
-0.07165513932704926,
0.011214766651391983,
0.03473631665110588,
-0.15421752631664276,
-0.08677559345960617,
-0.06660573184490204,
0.01777370646595955,
0.0009691657614894211,
-0.022993994876742363,
-0.007122035138309002,
-0.017557265236973763,
0.013052185997366905,
-0.001055094413459301,
-0.026165081188082695,
0.005779007915407419,
-0.08862337470054626,
0.02713860012590885,
-0.014461856335401535,
0.005167687777429819,
0.01927674002945423,
-0.02394803985953331,
0.019011307507753372,
-0.0005766356480307877,
-0.01123701874166727,
-0.007031440269201994,
0.02735097147524357,
0.00927683524787426,
-0.010632256045937538,
-0.0038197266403585672,
-0.02061876840889454,
-0.0008009441080503166,
-0.05522431060671806,
0.0014258071314543486,
-0.0008984864107333124,
0.010773999616503716,
0.008519744500517845,
-0.0246614720672369,
-0.043341174721717834,
-0.029251275584101677,
-0.00713890977203846,
0.11620163172483444,
0.000739699462428689,
0.022777672857046127,
-0.018543170765042305,
0.006750943139195442,
-0.009219914674758911,
-0.008954184129834175,
-0.031464833766222,
0.07508964091539383,
-0.02002946473658085,
-0.003224893007427454,
-0.0027551392558962107,
-0.041660018265247345,
-0.022145094349980354,
-0.003988420590758324,
-0.007458615116775036,
0.07824749499559402,
0.03771528601646423,
0.00885862484574318,
0.019801964983344078,
0.04828990623354912,
-0.01756575144827366,
-0.013246513903141022,
-0.04193378984928131,
-0.03343477472662926,
0.054560404270887375,
-0.09390100091695786,
-0.01675570011138916,
0.03586283326148987,
0.004528867080807686,
-0.016372881829738617,
0.008044930174946785,
-0.006022884976118803,
0.0017559550469741225,
0.012016980908811092,
-0.05027197301387787,
0.006396549288183451,
0.004378217738121748,
0.026763785630464554,
-0.023532047867774963,
0.038214344531297684,
-0.053743522614240646,
0.030456554144620895,
-0.0057086157612502575
] |
marketing expense also contributed to improved operating results in this period compared to the previous year. This improvement has been partially offset by increased salary and benefit costs from increased hiring and increased investment in research and development. The Mobile and Embedded Devices operating loss for fiscal year 2004 decreased compared to fiscal year 2003 primarily due to growth in revenue and lower marketing expenses, partially offset by $58 million of stock-based compensation expense from the employee stock option transfer program in the second quarter of fiscal year 2004.
Mobile and Embedded Devices is committed to continuing product innovation to meet the growing needs of our customers and partners. We will continue to invest in research and development and sales and marketing to develop and market evolving software solutions. In fiscal year 2006 we expect to bring added functionality to the Windows Mobile 5.0 platform through the Windows Mobile 5.0 Messaging and Security Feature Pack and the Exchange Server 2003 Service Pack 2. This solution enables business users to easily stay connected to their Microsoft Office Outlook Mobile information and helps businesses to better protect device data. We expect sales for Mobile and Embedded Devices to continue to grow in fiscal year 2006. The growth is anticipated to be driven by an overall increase in customer demand for connectivity, and an increase in the number of new devices being offered by OEMs and mobile operators incorporating Windows Mobile software and Windows Embedded operating
systems. Growth is also anticipated due to a strong focus on increasing segment share in the connected device space by working with our partners to bring to market a strong portfolio of Smartphone and mobile computing devices. In addition, we are focused on bringing to market applications and services on the Windows Mobile platform that fulfill our customers desire for personalized communication devices. Effective July 1, 2005, functions related to MapPoint in Mobile and Embedded Devices have been moved to MSN. This reorganization will result in a corresponding change to the Mobile and Embedded Devices and MSN reported results.
Home and Entertainment
Home and Entertainment includes the Microsoft Xbox video game console system, PC games, the Home Products Division (HPD), and TV platform products for the interactive television industry. The success of video game consoles is determined by console functionality, the portfolio of video game content for the console, and the market share of the console. Revenue and unit volumes have grown quickly since we entered the market in 2002 and we have established ourselves as one of the market leaders. We believe our competitive position and revenue is bolstered by our increasing software game attach rates, which provides higher margins to offset the declining prices on consoles sold. Xbox consoles have negative gross margins.
Home and Entertainment revenue increased in fiscal year 2005 primarily due to significant new product launches, which resulted in a $416 million or 23% increase in Xbox revenue. In the second quarter of fiscal year
| 1HOLD
|
[
-0.005703521426767111,
0.05826079100370407,
0.005501321982592344,
-0.010649786330759525,
-0.15159988403320312,
-0.015041752718389034,
0.004048471804708242,
-0.009350567124783993,
-0.0769771933555603,
0.007951229810714722,
0.015974314883351326,
0.012653278186917305,
0.01690055988729,
-0.03795450180768967,
0.01861325278878212,
-0.02111118473112583,
0.015404104255139828,
-0.02984197810292244,
-0.04316214844584465,
0.013274960219860077,
0.013834675773978233,
0.01546893548220396,
-0.017043430358171463,
-0.015632063150405884,
-0.010997200384736061,
0.023389169946312904,
-0.021508293226361275,
0.031435996294021606,
0.07230779528617859,
-0.03987935930490494,
0.03236507996916771,
0.005582117009907961,
0.04209698364138603,
-0.026556164026260376,
0.04120558872818947,
-0.0058157844468951225,
-0.06752358376979828,
0.01878601312637329,
0.08627492934465408,
0.003911064472049475,
-0.048067856580019,
0.0208011195063591,
0.024596720933914185,
-0.010097954422235489,
0.015419230796396732,
-0.010465912520885468,
0.029414447024464607,
0.012883308343589306,
0.017601674422621727,
-0.014134631492197514,
0.013164971023797989,
-0.015596088953316212,
-0.038593996316194534,
-0.009478677995502949,
-0.010029826313257217,
-0.014318256638944149,
-0.023048778995871544,
-0.03605233505368233,
0.06404609233140945,
0.05092699080705643,
0.008775037713348866,
-0.03648800030350685,
0.004526604898273945,
0.027304526418447495,
0.008767234161496162,
-0.004858309868723154,
0.0011839992366731167,
-0.0009848393965512514,
-0.04496373236179352,
-0.04587598890066147,
0.03357185423374176,
0.017972636967897415,
-0.016644559800624847,
-0.025030238553881645,
0.003660632995888591,
-0.022167043760418892,
0.0101864542812109,
-0.0035209781490266323,
0.08422591537237167,
-0.05280155688524246,
-0.001994161866605282,
-0.06138543784618378,
-0.0020231816451996565,
-0.023600148037075996,
0.018797097727656364,
-0.0018476319964975119,
-0.018115906044840813,
-0.07423144578933716,
-0.028559641912579536,
-0.006333290133625269,
-0.003994582686573267,
-0.004080870654433966,
-0.050079964101314545,
-0.0662538930773735,
-0.03874754533171654,
-0.0025585591793060303,
0.006589747499674559,
-0.16396436095237732,
0.005492579657584429,
-0.03081698901951313,
0.06380928307771683,
0.013075838796794415,
0.042374901473522186,
-0.0156819187104702,
0.00003895685222232714,
0.008964977227151394,
-0.05825381353497505,
0.018046870827674866,
-0.0005019449745304883,
-0.0016405683709308505,
-0.010811525397002697,
-0.07877016812562943,
0.032274626195430756,
-0.02106332965195179,
-0.010444232262670994,
0.05759560316801071,
-0.004023420158773661,
-0.0018055610125884414,
-0.0279409047216177,
-0.07244551181793213,
0.011042763479053974,
-0.02610546536743641,
-0.01486951019614935,
-0.022901825606822968,
-0.018463540822267532,
-0.004228328354656696,
-0.024679314345121384,
-0.008636708371341228,
0.04011261463165283,
-0.011156974360346794,
-0.0021351019386202097,
0.0014702705666422844,
-0.01972886733710766,
0.029252907261252403,
-0.03570077195763588,
0.002994649577885866,
0.003735075704753399,
-0.012652972713112831,
-0.032850753515958786,
0.03146248683333397,
-0.031957726925611496,
-0.04382942244410515,
-0.03365809842944145,
-0.01007774006575346,
-0.05106104537844658,
0.00003291464599897154,
-0.01110046822577715,
0.0010156944626942277,
0.059707414358854294,
0.11884987354278564,
-0.008409211412072182,
-0.015667999163269997,
-0.02163070999085903,
-0.00712890550494194,
-0.02809503674507141,
0.010481233708560467,
0.04960322752594948,
-0.017038755118846893,
-0.04553297534584999,
0.010568506084382534,
0.005163359921425581,
-0.022071225568652153,
-0.007029397878795862,
-0.05519707500934601,
-0.028526833280920982,
-0.04125363752245903,
0.031002521514892578,
-0.01319807767868042,
0.0467476062476635,
0.06152680143713951,
0.01460064947605133,
0.01646639220416546,
-0.004785026889294386,
0.010005582123994827,
0.013464834541082382,
-0.08121807128190994,
0.01870642974972725,
0.006007231771945953,
0.013726973906159401,
0.02201130986213684,
0.010239849798381329,
0.004058937542140484,
0.027773970738053322,
0.02508964017033577,
-0.05620398744940758,
-0.008470314554870129,
0.0015224592061713338,
0.052655868232250214,
0.019162463024258614,
-0.021398520097136497,
0.03576579689979553,
-0.010077904909849167,
0.01868254691362381,
0.01617410220205784,
-0.008523460477590561,
-0.01058948040008545,
-0.022082848474383354,
-0.015456709079444408,
0.03075636923313141,
-0.010368771851062775,
-0.07843746989965439,
0.012487955391407013,
0.033749163150787354,
0.026351934298872948,
0.04099449887871742,
-0.020817430689930916,
-0.022889068350195885,
-0.02119371108710766,
-0.010950145311653614,
0.009822634980082512,
-0.060911279171705246,
-0.02662947215139866,
-0.003291783621534705,
-0.06252993643283844,
0.02381562814116478,
0.048069704324007034,
-0.03923429176211357,
-0.07849577069282532,
-0.04292907193303108,
-0.028454020619392395,
0.009558840654790401,
-0.008102895691990852,
-0.0018696192419156432,
0.006356049794703722,
0.04286596551537514,
-0.008359158411622047,
0.04922797903418541,
0.0023532751947641373,
-0.04473015293478966,
0.012739676982164383,
0.02346336841583252,
0.04050620645284653,
-0.02124030888080597,
0.03474785387516022,
0.014863962307572365,
0.00036353032919578254,
-0.009829840622842312,
0.012846717610955238,
-0.03932543843984604,
0.059851936995983124,
0.13378867506980896,
-0.021666541695594788,
-0.007854334078729153,
-0.007715508341789246,
-0.04149053245782852,
0.021771851927042007,
-0.026319535449147224,
0.07266517728567123,
0.011796113103628159,
0.0007597856456413865,
0.005359410308301449,
0.006177166476845741,
0.0459345206618309,
0.000013981216397951357,
-0.007104066200554371,
0.01686828024685383,
0.011498887091875076,
0.005888625979423523,
0.039232511073350906,
-0.1426129788160324,
-0.003722294932231307,
-0.011399373412132263,
-0.01192374899983406,
-0.024749182164669037,
-0.001426681294105947,
-0.02584729716181755,
0.03161119297146797,
0.0017948857275769114,
-0.0153582114726305,
0.006128562148660421,
-0.003264332888647914,
-0.004834321327507496,
0.06347042322158813,
-0.036638293415308,
0.002940304344519973,
0.006166805978864431,
0.05456191673874855,
-0.021509116515517235,
0.055239517241716385,
-0.029324596747756004,
-0.013458815403282642,
-0.015510275959968567,
0.019011465832591057,
-0.03246087208390236,
-0.01503513753414154,
-0.032975587993860245,
-0.058040570467710495,
0.017599603161215782,
0.05154547467827797,
-0.035335760563611984,
-0.025986500084400177,
0.011604308150708675,
0.00011441479728091508,
-0.042002785950899124,
-0.01342172920703888,
0.10331249982118607,
-0.014058900997042656,
-0.04974230006337166,
-0.011327684856951237,
0.01905193366110325,
-0.015655411407351494,
0.013815289363265038,
-0.014081154018640518,
-0.028624312952160835,
-0.009991130791604519,
-0.015046886168420315,
0.0012059909058734775,
-0.019348591566085815,
0.06676948070526123,
-0.017115643247961998,
0.0070744832046329975,
0.006179066840559244,
-0.001886515412479639,
-0.013147152028977871,
-0.00915740616619587,
-0.04447376728057861,
-0.032845765352249146,
0.012929951772093773,
-0.04854588955640793,
-0.027794020250439644,
0.010184845887124538,
-0.004388580564409494,
0.020635992288589478,
0.035391587764024734,
0.053702495992183685,
0.011171551421284676,
0.07146378606557846,
-0.025143444538116455,
-0.016344215720891953,
-0.04822484776377678,
0.2286306470632553,
0.11746500432491302,
-0.03851454332470894,
0.04579761251807213,
-0.014499685727059841,
-0.024959854781627655,
0.019553273916244507,
-0.023074058815836906,
-0.00439520413056016,
-0.020549047738313675,
-0.010868611745536327,
0.020666971802711487,
0.010389938950538635,
-0.04963446408510208,
-0.017261017113924026,
0.07087843120098114,
0.021988119930028915,
-0.08352965116500854,
-0.006231067702174187,
0.034733764827251434,
0.06909139454364777,
-0.012417103163897991,
-0.015439690090715885,
0.05388011410832405,
-0.0029023869428783655,
-0.03995484486222267,
0.0284725409001112,
0.005445494782179594,
-0.020774081349372864,
0.02359667606651783,
-0.025862958282232285,
-0.003504555905237794,
-0.00045952145592309535,
-0.007945947349071503,
0.05607883259654045,
-0.036696821451187134,
-0.011012421920895576,
-0.0006732696201652288,
0.024760130792856216,
-0.005169725511223078,
0.008887041360139847,
-0.024260681122541428,
0.014681979082524776,
0.08556240051984787,
-0.01571081019937992,
-0.0036804662086069584,
0.02693132683634758,
0.008013589307665825,
0.03126881644129753,
0.026351777836680412,
-0.014066983014345169,
0.01001813355833292,
-0.020771076902747154,
-0.015929263085126877,
0.027193797752261162,
-0.022329935804009438,
0.003297531045973301,
0.0012017168337479234,
-0.028422221541404724,
0.034148719161748886,
-0.00866223406046629,
0.02920868992805481,
0.031538426876068115,
-0.0032117997761815786,
-0.011919648386538029,
-0.0075165932066738605,
0.010479018092155457,
-0.007576529867947102,
-0.055360209196805954,
-0.0077215260826051235,
-0.014942620880901814,
-0.003491125302389264,
-0.009543245658278465,
0.03154013305902481,
0.0387653149664402,
0.01929098553955555,
-0.0356280617415905,
0.03846424072980881,
-0.0067893220111727715,
0.03368031606078148,
-0.02200155518949032,
-0.07640298455953598,
-0.011113190092146397,
0.03260575979948044,
-0.027637934312224388,
0.03886592760682106,
-0.012921652756631374,
0.02005140110850334,
0.0632905513048172,
-0.02987373061478138,
-0.05191611498594284,
0.014650885947048664,
0.04105072468519211,
-0.001125307404436171,
-0.06562623381614685,
0.0037142555229365826,
-0.07758484035730362,
-0.008081476204097271,
0.011725074611604214,
0.006058268714696169,
0.00986141711473465,
0.0011887750588357449,
0.027679387480020523,
-0.039299383759498596,
-0.012789519503712654,
0.014784726314246655,
0.00004402708145789802,
-0.021038848906755447,
0.0003805624437518418,
0.03802415356040001,
-0.01223322469741106,
0.0042116385884583,
-0.0011335992021486163,
-0.023212779313325882,
-0.012599688954651356,
0.037040505558252335,
0.05324617773294449,
-0.025240305811166763,
0.03276443853974342,
-0.05049341171979904,
-0.014901517890393734,
0.004881581291556358,
-0.0035975698847323656,
0.008605781011283398,
0.009366258047521114,
-0.02397030033171177,
0.00784451887011528,
0.0034448078367859125,
-0.01501772552728653,
0.004268711898475885,
0.024898149073123932,
-0.0024892447981983423,
0.012504351325333118,
-0.02664807066321373,
0.011916931718587875,
0.013829030096530914,
0.020910225808620453,
0.001834430149756372,
0.02505975402891636,
0.007964981719851494,
-0.02007342502474785,
0.008381851948797703,
0.008415361866354942,
0.0006627957918681204,
0.023213325068354607,
-0.004370936658233404,
0.0456666499376297,
-0.030724791809916496,
-0.041574642062187195,
-0.026369066908955574,
0.016098972409963608,
-0.04250774532556534,
-0.04002893716096878,
0.002066157292574644,
0.004430950153619051,
-0.05975266918540001,
-0.06753222644329071,
-0.01696351170539856,
-0.017946042120456696,
-0.01195878442376852,
-0.05102990195155144,
-0.008682210929691792,
-0.01831229217350483,
0.025811774656176567,
-0.004833388142287731,
-0.014536109752953053,
-0.21045084297657013,
0.1396079659461975,
0.026451248675584793,
-0.0007340097799897194,
0.02578742802143097,
-0.02625257894396782,
0.004753117449581623,
0.05108340084552765,
0.008538187481462955,
0.03000580705702305,
-0.012203571386635303,
0.03048229031264782,
-0.04329196363687515,
0.018625063821673393,
0.015587778761982918,
0.055766843259334564,
-0.017905166372656822,
-0.00234982674010098,
0.010767013765871525,
-0.06390132009983063,
0.02677236869931221,
-0.0020800712518393993,
0.03392380475997925,
0.0016249694162979722,
-0.0033600584138184786,
0.032974593341350555,
0.005262917373329401,
0.007647741120308638,
0.03519561514258385,
-0.010386054404079914,
0.03763650357723236,
-0.019313881173729897,
0.04008651152253151,
0.01207633875310421,
0.005140481051057577,
0.04675920307636261,
0.001460166065953672,
-0.027181392535567284,
-0.003972032107412815,
0.00027952154050581157,
0.0020260156597942114,
-0.024121586233377457,
-0.04003936052322388,
-0.009627196006476879,
-0.023417338728904724,
-0.005057395435869694,
0.009231923148036003,
-0.025697775185108185,
0.025561464950442314,
-0.011768418364226818,
-0.07409985363483429,
0.0008017124491743743,
-0.016425447538495064,
-0.11048024147748947,
-0.04307037964463234,
0.16449443995952606,
0.02756350487470627,
0.031192367896437645,
0.014544849283993244,
-0.03809354826807976,
0.023493854328989983,
0.009491054341197014,
-0.0007480468484573066,
-0.006172174587845802,
0.008505632169544697,
-0.036179039627313614,
0.004522860050201416,
-0.0011180434376001358,
-0.11435725539922714,
0.015517320483922958,
0.0004692369548138231,
-0.03981095924973488,
0.009342354722321033,
-0.01847597025334835,
0.14128196239471436,
0.014721179381012917,
0.006443283520638943,
-0.07481817901134491,
0.029707806184887886,
-0.005242095794528723,
0.016021328046917915,
-0.02978171780705452,
-0.005395947024226189,
-0.037379100918769836,
0.04176386073231697,
-0.021913429722189903,
-0.014118964783847332,
0.04080967977643013,
0.007616840302944183,
-0.0918647050857544,
0.03669852763414383,
0.008732442744076252,
-0.0009324298589490354,
-0.026975512504577637,
-0.012108296155929565,
-0.0033697676844894886,
-0.04828726500272751,
0.023780744522809982,
0.026057429611682892,
-0.050465792417526245,
-0.019833402708172798,
0.02992783859372139,
0.0014957081293687224,
-0.014898421242833138,
-0.010540102608501911,
0.026594087481498718,
0.009570237249135971,
0.048195984214544296,
0.003521955804899335,
-0.005769186653196812,
0.009935831651091576,
-0.0035898408386856318,
0.02262677438557148,
-0.03554006665945053,
-0.0074720014818012714,
-0.03657674789428711,
-0.005035219248384237,
-0.036885134875774384,
-0.009110325947403908,
0.010456128045916557,
-0.0017805711831897497,
-0.013633079826831818,
0.0349247083067894,
0.006551677361130714,
-0.0030736227054148912,
-0.01247100718319416,
0.04603971913456917,
-0.011567296460270882,
0.014340201392769814,
-0.003817504970356822,
-0.008618493564426899,
-0.024799266830086708,
0.01904447190463543,
-0.006862696725875139,
-0.029047897085547447,
-0.006115644704550505,
0.012423953041434288,
-0.016452964395284653,
-0.007564337458461523,
0.04483155906200409,
0.0000516074760525953,
0.01671348139643669,
-0.04127977043390274,
-0.052355051040649414,
0.005716810468584299,
-0.045906875282526016,
-0.0056646051816642284,
0.028520315885543823,
0.02392064966261387,
0.005343794822692871,
-0.008268770761787891,
-0.035947661846876144,
0.020962009206414223,
0.026326656341552734,
0.0007061193464323878,
0.003731142496690154,
0.022965896874666214,
0.054246772080659866,
-0.011423170566558838,
-0.01107439398765564,
0.04527401924133301,
0.008256688714027405,
-0.006006109528243542,
-0.012731886468827724,
-0.025317708030343056,
0.023566411808133125,
-0.020825359970331192,
0.10847483575344086,
0.030243422836065292,
0.025347687304019928,
0.026496155187487602,
-0.02091417834162712,
-0.04761248081922531,
-0.013507978059351444,
0.0059131537564098835,
0.005734862759709358,
-0.005605660378932953,
0.013544951565563679,
0.030397387221455574,
0.008983384817838669,
-0.03175788000226021,
-0.060549959540367126,
0.029767611995339394,
-0.038384657353162766,
0.0006262946990318596,
0.016614770516753197,
0.007593101821839809,
0.012112232856452465,
-0.08091723173856735,
0.020660726353526115,
0.06164504587650299,
0.007261831779032946,
-0.0957411453127861,
-0.0615365207195282,
0.016622444614768028,
0.0017210880760103464,
-0.01356955524533987,
-0.02443104423582554,
-0.033435430377721786,
-0.016921717673540115,
-0.027885910123586655,
-0.016299907118082047,
0.010646956041455269,
0.0580156110227108,
0.02344670705497265,
-0.021215809509158134,
0.0006759125972166657,
0.014780892059206963,
-0.01395906787365675,
0.026278646662831306,
-0.0007737688138149679,
-0.0044192480854690075,
-0.008229332976043224,
0.038326654583215714,
0.0032641242723912,
-0.025316115468740463,
-0.027530554682016373,
-0.01491579320281744,
0.004981696140021086,
-0.0878484919667244,
0.012089689262211323,
-0.008175925351679325,
0.008044242858886719,
-0.0016293597873300314,
-0.030916327610611916,
-0.040810950100421906,
-0.008532063104212284,
-0.002137427218258381,
0.04141826555132866,
-0.0008029926684685051,
0.019845884293317795,
-0.022581001743674278,
-0.008225430734455585,
0.0016117265913635492,
0.006627361290156841,
-0.043019503355026245,
-0.027623429894447327,
-0.02108035609126091,
0.010393507778644562,
0.03733168914914131,
-0.03734844923019409,
-0.048057422041893005,
0.003787899622693658,
-0.009971763007342815,
0.03979622200131416,
0.037151988595724106,
-0.029188675805926323,
0.0277151707559824,
0.0589774064719677,
0.0014427575515583158,
-0.017032532021403313,
-0.039433516561985016,
-0.042860131710767746,
0.09151167422533035,
0.0429035909473896,
-0.02547474391758442,
0.02685375325381756,
-0.016594888642430305,
-0.05800577625632286,
-0.004131170455366373,
-0.02490880899131298,
-0.03897540271282196,
0.019586171954870224,
-0.02260003425180912,
-0.040736351162195206,
0.017227018252015114,
0.0644068494439125,
-0.017573179677128792,
0.03615053370594978,
-0.008775612339377403,
0.018348995596170425,
-0.0011926162987947464
] |
amount based on overall estimated exposure. If the financial condition of our customers were to deteriorate, resulting in an impairment in their ability to make payments, additional allowances may be required, we may be required to defer revenue recognition on sales to affected customers, and we may be required to pay higher credit insurance premiums, any of which could adversely affect our operating results. In the future, we may have to record additional reserves or write-offs and/or defer revenue on certain sales transactions which could negatively impact our financial results.
Our cash balances are held in numerous locations throughout the world, including substantial amounts held outside of the United States. As of January 29, 2012, we had cash, cash equivalents and marketable securities of $1.23 billion held within the United States and $1.90 billion held outside of the United States. Most of the amounts held outside the United States may be repatriated to the United States but, under current law, would be subject to U.S. federal income taxes, less applicable foreign tax credits. Further, repatriation of some foreign balances may be restricted by local laws. As of January 29, 2012, we have not provided for U.S. federal and state income taxes on approximately $1.29 billion of undistributed earnings of non-United States subsidiaries, as such earnings are considered indefinitely reinvested outside the United States. Although we have no current need to do so, if we repatriate foreign earnings for cash requirements in the United States, we would incur U.S. federal and state income tax, less applicable foreign tax credits, and reduced by the current amount of our U.S. federal and state net operating loss and other tax credit carryforwards. Further, in addition to the $1.23 billion of cash, cash equivalents and marketable securities held within the United States and available to fund our U.S. operations and any other U.S. cash needs, we have access to external sources of financing if cash is needed in the United States other than by repatriation of foreign earnings where U.S. income tax may otherwise be due. Accordingly, we do not reasonably expect any material impact on our business, as a whole, or to our financial flexibility with respect to our current cash balances held outside of the United States.
Patent Cross License Agreement
On January 10, 2011, we entered into a new six-year patent cross licensing agreement, or the License Agreement, with Intel. Under the License Agreement, Intel has granted to NVIDIA and its qualified subsidiaries, and NVIDIA has granted to Intel and Intel’s qualified subsidiaries, a non-exclusive, non-transferable, worldwide license, without the right to sublicense to all patents that are either owned or controlled by the parties at any time that have a first filing date on or before March 31, 2017, to make, have made (subject to certain limitations), use, sell, offer to sell, import and otherwise dispose of certain semiconductor- and electronic-related products anywhere in the world. NVIDIA’s rights to Intel’s patents have certain specified limitations, including but not limited to, NVIDIA was
| 2SELL
|
[
-0.006268981844186783,
0.05523078143596649,
0.0023467964492738247,
-0.02118062600493431,
-0.11379453539848328,
-0.009406251832842827,
-0.005786513909697533,
0.007123043294996023,
-0.07347570359706879,
0.024992909282445908,
0.005641549825668335,
-0.0034333684016019106,
0.021153802052140236,
-0.034714292734861374,
-0.0050997924990952015,
0.038177113980054855,
0.02262847125530243,
-0.007092460989952087,
-0.03571530804038048,
0.000835936632938683,
0.011954372748732567,
0.019227277487516403,
0.011331609450280666,
-0.011331767775118351,
0.02606707438826561,
0.034415774047374725,
-0.055603161454200745,
0.02076585963368416,
0.06425928324460983,
-0.038682952523231506,
0.01597859151661396,
0.02230553887784481,
0.038928475230932236,
-0.020236803218722343,
0.047998085618019104,
0.004684029147028923,
-0.058354701846838,
0.016431624069809914,
0.05348340794444084,
0.012450332753360271,
-0.044881828129291534,
0.014539748430252075,
-0.02782333455979824,
-0.0012208325788378716,
0.008284945972263813,
-0.012647503055632114,
0.03249405324459076,
0.028178704902529716,
0.013691280968487263,
-0.009032940492033958,
0.0025900069158524275,
-0.03279051557183266,
-0.018786191940307617,
-0.03163205459713936,
-0.023520085960626602,
-0.0018330739112570882,
-0.01309941615909338,
-0.021130653098225594,
0.08079726248979568,
0.03607078641653061,
0.0318046398460865,
-0.037259653210639954,
0.010133669711649418,
0.031745295971632004,
0.006519374903291464,
-0.014146251603960991,
-0.002867449540644884,
-0.003994243685156107,
-0.03784235194325447,
-0.02502410113811493,
0.02696414664387703,
0.04365478828549385,
-0.02094041183590889,
-0.0222111027687788,
0.0026085013523697853,
-0.04671124368906021,
0.03523567318916321,
-0.009798361919820309,
0.0855042114853859,
-0.03685241565108299,
-0.0021699368953704834,
-0.07448101043701172,
0.002198317786678672,
-0.08935099095106125,
0.034112635999917984,
-0.00809116568416357,
-0.011490732431411743,
-0.05582159757614136,
-0.014958120882511139,
-0.0033600758761167526,
-0.001542669371701777,
0.02088046446442604,
-0.016248133033514023,
-0.05541323125362396,
-0.037048082798719406,
0.014012093655765057,
0.037136875092983246,
-0.14217780530452728,
-0.00641562370583415,
-0.0035154030192643404,
0.05073047801852226,
0.009544934146106243,
0.03984565660357475,
-0.020430371165275574,
0.016632776707410812,
0.008606807328760624,
-0.013661027885973454,
0.041014414280653,
-0.001133653218857944,
0.013869845308363438,
-0.02185961790382862,
-0.06360897421836853,
0.017652537673711777,
-0.00705672474578023,
-0.001201219274662435,
0.03778088092803955,
0.006440021563321352,
0.024964701384305954,
-0.00840481836348772,
-0.0691063180565834,
0.010224447585642338,
-0.02660861425101757,
-0.018800772726535797,
0.007204646244645119,
-0.03363822028040886,
0.007001757156103849,
-0.01737428642809391,
-0.011858485639095306,
0.04276465252041817,
-0.010390205308794975,
-0.002949572168290615,
0.00395934609696269,
-0.01673191413283348,
0.034564048051834106,
-0.040884267538785934,
0.017310691997408867,
-0.012390956282615662,
0.007981549017131329,
-0.05134649574756622,
0.008973765186965466,
-0.019850129261612892,
-0.03223955258727074,
-0.02070682682096958,
-0.0052232700400054455,
-0.05311942845582962,
-0.005110608413815498,
-0.017118901014328003,
0.0043096081353724,
0.02460641600191593,
0.06621802598237991,
-0.010008923709392548,
-0.0031972837168723345,
-0.040973205119371414,
-0.018709631636738777,
-0.01977880485355854,
-0.017421144992113113,
0.04798271879553795,
-0.019031114876270294,
-0.07635445892810822,
-0.0008816151530481875,
-0.0031506374944001436,
-0.0035624599549919367,
-0.010867100208997726,
-0.049515921622514725,
-0.054604094475507736,
-0.03157320246100426,
0.015655072405934334,
-0.01945655047893524,
0.04183885082602501,
0.05852682143449783,
0.0207408107817173,
0.03541593253612518,
0.0036694761365652084,
-0.002207657089456916,
0.030350197106599808,
-0.06271636486053467,
0.029250886291265488,
0.0419723317027092,
0.0010446729138493538,
0.020407460629940033,
0.02987091802060604,
0.0018775988137349486,
0.0539366714656353,
-0.09468110650777817,
-0.05993594229221344,
-0.019696751609444618,
0.012146317400038242,
0.04176183044910431,
-0.002267490839585662,
-0.017699746415019035,
0.04586966335773468,
-0.01980334334075451,
0.002178720897063613,
-0.004752138629555702,
-0.009426181204617023,
-0.016870304942131042,
-0.016006512567400932,
0.002465298864990473,
0.010947400704026222,
-0.009947878308594227,
-0.12177290767431259,
0.018140338361263275,
-0.006828031502664089,
0.017706571146845818,
0.03973216190934181,
-0.01368161290884018,
-0.014758409932255745,
-0.0031905649229884148,
-0.00552973011508584,
-0.00595230283215642,
-0.060927510261535645,
-0.008450016379356384,
0.011270995251834393,
-0.03141298145055771,
0.00061367591843009,
0.04523163661360741,
0.0014737193705514073,
-0.08882588893175125,
-0.023811375722289085,
-0.04450627788901329,
0.010788822546601295,
-0.00798068568110466,
0.011853795498609543,
0.007752349600195885,
0.05036928877234459,
-0.011362092569470406,
0.04974451661109924,
-0.004470308776944876,
-0.0503307469189167,
0.01942824013531208,
0.013884292915463448,
0.0590440109372139,
-0.03204663470387459,
0.02563386596739292,
0.006526453420519829,
-0.011931735090911388,
-0.0008321216446347535,
0.0035032047890126705,
-0.02759609930217266,
0.055090636014938354,
0.09269875288009644,
-0.012957669794559479,
-0.015063345432281494,
-0.009935879148542881,
-0.031282540410757065,
0.048488158732652664,
0.010963336564600468,
0.05127306282520294,
-0.007406259886920452,
-0.01734517328441143,
-0.012072829529643059,
0.021863184869289398,
-0.024608474224805832,
-0.003973100334405899,
-0.04629351198673248,
0.023733241483569145,
0.020312804728746414,
-0.01030162163078785,
0.007572993170469999,
-0.12083548307418823,
-0.01058274321258068,
-0.028929969295859337,
0.005526217631995678,
-0.02251155860722065,
0.015589804388582706,
0.009880767203867435,
0.02110479399561882,
-0.009969590231776237,
-0.007491561118513346,
0.004859666805714369,
-0.010510895401239395,
-0.00903858058154583,
0.05496970936655998,
-0.01977015845477581,
-0.0032869363203644753,
0.011123690754175186,
0.03278413042426109,
-0.01380741037428379,
0.014542287215590477,
-0.03738359361886978,
-0.00522400438785553,
-0.007470506709069014,
0.0026932209730148315,
-0.027747564017772675,
-0.01560705341398716,
-0.017404671758413315,
-0.03611260652542114,
-0.0102069191634655,
0.08143958449363708,
-0.02715555764734745,
-0.01616423949599266,
0.010086266323924065,
0.012725685723125935,
-0.03907516598701477,
-0.019394082948565483,
0.06777403503656387,
-0.010917862877249718,
-0.05054052546620369,
-0.00008926486771088094,
0.03968099504709244,
0.005035574547946453,
0.022495022043585777,
0.01570829190313816,
-0.03061259537935257,
-0.012481060810387135,
-0.013238443061709404,
-0.010680696927011013,
-0.022645508870482445,
0.1231599822640419,
-0.02800391986966133,
0.017771711573004723,
0.014613195322453976,
-0.003624877892434597,
-0.008666970767080784,
-0.013055067509412766,
-0.03602921962738037,
-0.03433041274547577,
0.01892966777086258,
-0.02957078069448471,
-0.02961667999625206,
0.02046939544379711,
0.005720181856304407,
0.017761355265975,
0.026484226807951927,
0.04793034493923187,
0.006758803501725197,
0.04024169594049454,
-0.03050478920340538,
0.021269381046295166,
-0.02717764861881733,
0.02973436750471592,
0.12651535868644714,
-0.030221713706851006,
0.04868427291512489,
-0.02181684970855713,
0.007671575993299484,
0.020927786827087402,
-0.024038435891270638,
0.00017440051306039095,
-0.009250611998140812,
-0.010677726939320564,
-0.0010210174368694425,
0.02069554291665554,
-0.018040888011455536,
0.0029777695890516043,
0.09661488234996796,
0.008857662789523602,
-0.06197934225201607,
0.017734212800860405,
0.0670100674033165,
0.05664275214076042,
-0.02361380122601986,
0.00638557318598032,
0.04160860925912857,
0.011648905463516712,
-0.036412619054317474,
0.03414996713399887,
0.001956451218575239,
-0.013278728350996971,
0.022708186879754066,
-0.006859953515231609,
-0.02261599339544773,
-0.0005563522572629154,
-0.003069020574912429,
0.044043198227882385,
-0.050719790160655975,
-0.03703555092215538,
0.008609224110841751,
0.016697751358151436,
-0.012468928471207619,
-0.005756018217653036,
0.009304065257310867,
0.013821257278323174,
0.07251384109258652,
-0.024640100076794624,
0.004229849204421043,
0.02460463158786297,
-0.024899175390601158,
-0.010997042991220951,
0.026725491508841515,
-0.0028577686753124,
0.0017400108044967055,
-0.009125059470534325,
-0.013931267894804478,
0.0836135745048523,
-0.023726269602775574,
0.005029199179261923,
0.005833442788571119,
-0.009386107325553894,
0.01680164970457554,
0.0027947374619543552,
0.02912059612572193,
0.04707953333854675,
0.0005120408604852855,
-0.021201493218541145,
0.001498688943684101,
0.01787561923265457,
0.0036839242093265057,
-0.03784426674246788,
-0.021766921505331993,
-0.006411968730390072,
-0.004328281618654728,
-0.01520826481282711,
0.008737051859498024,
0.053359150886535645,
0.03253563866019249,
-0.024038609117269516,
0.050009652972221375,
-0.01228951383382082,
0.04690080136060715,
-0.006882012821733952,
-0.11444295197725296,
-0.017205605283379555,
0.02898569591343403,
-0.046041764318943024,
0.03599291667342186,
-0.02335449308156967,
0.04015973582863808,
0.06452285498380661,
0.035019174218177795,
-0.05137096345424652,
0.008989936672151089,
0.03625817224383354,
0.007981867529451847,
-0.13467159867286682,
0.012692926451563835,
-0.06267285346984863,
-0.03202226758003235,
0.020848607644438744,
0.005706337746232748,
-0.01179695688188076,
0.007899605669081211,
0.012342596426606178,
-0.01323214266449213,
-0.006579975597560406,
0.00885117705911398,
-0.0012543338816612959,
-0.026204092428088188,
-0.008398858830332756,
0.03421608731150627,
-0.034671809524297714,
0.027835210785269737,
0.004534747451543808,
-0.01592128537595272,
-0.018762636929750443,
0.021369613707065582,
0.03513478860259056,
-0.020129643380641937,
0.029493751004338264,
-0.0433410182595253,
-0.008309511467814445,
0.01059980783611536,
0.0014301533810794353,
0.015106220729649067,
0.010634959675371647,
-0.011620882898569107,
0.00024057902919594198,
0.009698051027953625,
-0.020729755982756615,
0.003587225452065468,
0.012261771596968174,
0.005540486425161362,
0.024908481165766716,
-0.007908604107797146,
-0.0013355439295992255,
0.020976193249225616,
0.0188310369849205,
0.0050251176580786705,
0.06169392913579941,
-0.00541720213368535,
0.0006808068137615919,
0.007517102174460888,
0.0013218948151916265,
0.013221479021012783,
0.027248429134488106,
-0.01070041861385107,
0.03556196019053459,
-0.014534751884639263,
-0.01225193403661251,
-0.02515881322324276,
0.016440605744719505,
-0.029487457126379013,
-0.021356917917728424,
0.019441138952970505,
0.005450084339827299,
-0.08342114835977554,
-0.06124440208077431,
-0.016780171543359756,
-0.009410584345459938,
0.004551670979708433,
-0.04179450124502182,
-0.04012569412589073,
-0.03425923362374306,
0.029372895136475563,
-0.003659340087324381,
-0.012623247690498829,
-0.20078450441360474,
0.08030829578638077,
-0.0048752883449196815,
-0.013432874344289303,
0.03707483038306236,
-0.01253548078238964,
0.027611684054136276,
0.0464194118976593,
0.010470209643244743,
0.03220691531896591,
-0.0036837535444647074,
0.036644238978624344,
-0.05932731553912163,
0.008174530230462551,
0.02651936560869217,
0.035075023770332336,
-0.01528981328010559,
-0.031132744625210762,
0.021908212453126907,
-0.06736550480127335,
0.03817892074584961,
-0.001933347200974822,
0.03424467891454697,
0.0002450882748235017,
-0.00945201050490141,
0.01928226463496685,
0.025410056114196777,
0.006338081322610378,
0.0427313968539238,
-0.006117518991231918,
0.035271402448415756,
-0.0046293726190924644,
0.05297171697020531,
0.007116265594959259,
0.012613317929208279,
0.19388926029205322,
-0.0070343660190701485,
-0.007274808827787638,
0.002371546346694231,
-0.00624252250418067,
0.0042370036244392395,
-0.012322395108640194,
-0.024035397917032242,
-0.018629493191838264,
-0.015896042808890343,
0.03217079117894173,
0.01499844714999199,
-0.021234579384326935,
0.01758553273975849,
-0.013541646301746368,
-0.06442093849182129,
-0.00902386661618948,
-0.005295387003570795,
-0.09384371340274811,
-0.01949080266058445,
0.11210168153047562,
0.030972253531217575,
0.008707767352461815,
0.016176193952560425,
-0.03321456536650658,
0.020701773464679718,
0.0027622950728982687,
0.010917074047029018,
0.022283216938376427,
-0.003942735027521849,
-0.040552254766225815,
0.009301641024649143,
-0.01911521889269352,
-0.08245185762643814,
-0.0027391547337174416,
0.0002878108061850071,
-0.03246411681175232,
0.029300667345523834,
-0.0015898672863841057,
0.11085046827793121,
0.013498992659151554,
-0.014086346141994,
-0.06179066374897957,
0.036015287041664124,
0.0066444468684494495,
0.00771733745932579,
-0.023247765377163887,
-0.009947869926691055,
-0.053097743541002274,
0.051830265671014786,
0.004519648849964142,
-0.019015545025467873,
0.007867587730288506,
0.022736238315701485,
-0.10316440463066101,
0.022929422557353973,
0.03305567800998688,
-0.0011957314563915133,
0.00250397901982069,
-0.022255955263972282,
0.00543587701395154,
-0.007975038141012192,
0.021439187228679657,
0.04450351372361183,
-0.11521263420581818,
-0.009380508214235306,
0.014457182958722115,
0.000820052984636277,
-0.017961977049708366,
0.014673962257802486,
0.005943045951426029,
0.02444121055305004,
0.020338721573352814,
0.019839828833937645,
-0.006441155914217234,
0.02115439809858799,
0.0038776379078626633,
0.03949730098247528,
-0.019111165776848793,
-0.014359096996486187,
-0.037318941205739975,
0.0019036029698327184,
-0.03433994948863983,
-0.0015555344289168715,
0.027377648279070854,
0.017334800213575363,
-0.19133299589157104,
0.022627003490924835,
0.033169373869895935,
-0.008205023594200611,
-0.009285707026720047,
0.02250240556895733,
-0.01518233586102724,
-0.04300291836261749,
0.012080760672688484,
-0.025122929364442825,
-0.03774174302816391,
0.01488806214183569,
0.003930758219212294,
-0.0222797654569149,
0.012665215879678726,
0.016388945281505585,
-0.02051415666937828,
-0.0003291900793556124,
0.04151780530810356,
-0.0103645920753479,
0.025510074570775032,
-0.044669244438409805,
-0.13549844920635223,
0.009867889806628227,
-0.04110574722290039,
-0.011079569347202778,
0.007648692931979895,
0.026203369721770287,
0.0015696485061198473,
-0.016964808106422424,
-0.034249573945999146,
0.03660484030842781,
0.05395955592393875,
0.016889218240976334,
-0.012793296948075294,
0.01880027912557125,
0.050941284745931625,
-0.012848027981817722,
-0.01406991295516491,
-0.004127864725887775,
-0.011681267991662025,
-0.008646662347018719,
-0.02266065776348114,
-0.02619268000125885,
0.025518739596009254,
-0.04449737071990967,
0.04501519352197647,
0.009549877606332302,
0.021913697943091393,
0.04564695060253143,
-0.0017273289849981666,
-0.045243341475725174,
-0.01501681562513113,
0.027151815593242645,
0.0026840621139854193,
-0.013412625528872013,
0.021210430189967155,
0.058758992701768875,
0.019246425479650497,
-0.014825859107077122,
0.022893019020557404,
0.04002946987748146,
-0.05850009247660637,
0.006831527221947908,
0.014787770807743073,
-0.014878764748573303,
0.005290728993713856,
-0.06028447300195694,
0.016805052757263184,
0.04983580857515335,
-0.1524779200553894,
-0.08828923106193542,
-0.06213608384132385,
0.02601843886077404,
0.0042374953627586365,
-0.014187091961503029,
0.00007502110383938998,
-0.031408876180648804,
-0.0022995949257165194,
-0.00948318187147379,
-0.022656571120023727,
0.0038532610051333904,
-0.08628948777914047,
0.0236300490796566,
-0.018346628174185753,
0.011235012672841549,
0.015996210277080536,
-0.01693585142493248,
0.023322874680161476,
-0.002334997057914734,
-0.012621395289897919,
-0.00329610682092607,
0.021349815651774406,
-0.0009145812364295125,
-0.010636675171554089,
-0.013844996690750122,
-0.02277330309152603,
0.0114876888692379,
-0.05978105962276459,
0.012403286062180996,
0.002953924937173724,
0.008839885704219341,
0.0034670960158109665,
-0.008037959225475788,
-0.04622183367609978,
-0.03307215869426727,
-0.0108870230615139,
0.11062712967395782,
0.0003082620387431234,
0.026328295469284058,
-0.015435607172548771,
0.013700091280043125,
-0.012464974075555801,
-0.005904470570385456,
-0.04225621744990349,
0.05395204946398735,
-0.0376301035284996,
-0.007813154719769955,
0.004755260422825813,
-0.04195662587881088,
-0.014498335309326649,
0.0010355322156101465,
-0.0007050214917398989,
0.029554473236203194,
0.031570278108119965,
-0.008139076642692089,
0.019162876531481743,
0.048623114824295044,
0.0023539939429610968,
-0.013286186382174492,
-0.042655687779188156,
-0.03536331281065941,
0.06778648495674133,
-0.09920898079872131,
-0.020890329033136368,
0.03194135054945946,
0.0036972525995224714,
-0.03453029692173004,
0.011940473690629005,
-0.004475484136492014,
-0.00506786722689867,
0.012893416918814182,
-0.043316274881362915,
-0.024458300322294235,
0.0037966424133628607,
0.03447366878390312,
-0.021003464236855507,
0.045346301048994064,
-0.03555763512849808,
0.03619904816150665,
-0.005369633436203003
] |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.