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[ "In the first quarter of 2011, management performed a review of the useful life of the Company’s coal plants and", "determined that the useful life did not match common industry practices. As a result of an analysis compared with", "industry peers, historical averages, and the Company’s maintenance practices, the estimate of the useful life of the", "coal plants was revised. Effective January 1, 2011, the Company prospectively revised its estimate of the useful life", "of its coal plants from 35 years to 45 years. The change in estimate resulted in lower depreciation expense.", "For determining purchase price allocations for business combinations, the Company is required to estimate the fair", "value of acquired assets and obligations. Goodwill is measured as the excess of the fair value of the consideration", "transferred less the fair value of the identifiable assets acquired and liabilities assumed. Goodwill acquired in an", "acquisition is, from the date of acquisition, allocated to each of the cash generating units (CGU) that are expected to", "benefit from the acquisition.", "Estimates of fair value for the recoverable amount of CGUs undergoing impairment testing, and for purchase price", "allocations for business combinations are primarily based on discounted cash flow projection techniques employing", "estimated future cash flows based on assumptions regarding the expected market outlook and cash flows from each", "CGU or asset. The cash flow estimates will vary with the circumstances of the particular assets or CGU and will be", "based on, among other things, the lives of the assets, contract prices, estimated future prices, revenues and", "expenses, including growth rates and inflation, and required capital expenditures.", "For purposes of impairment testing of non-financial assets, assets that are managed as a portfolio are grouped", "together into a CGU, which is the smallest group of assets that generates cash inflows from continuing use that are", "largely independent of the cash inflows of other assets or groups of assets. For the purpose of goodwill impairment", "testing, goodwill acquired in a business combination is allocated to the CGU, or the group of CGUs, that is expected", "to benefit from the synergies of the combination.", "The Company has determined its CGUs and for non-financial assets subject to depreciation and amortization, it", "performs impairment testing when events or changes in circumstances may indicate or cause the asset’s carrying", "amount to exceed its recoverable amount. The Company reviews the recoverability of goodwill and indefinite life", "intangibles on an annual basis, or more frequently if events or circumstances indicate that the carrying amount may", "be impaired.", "Identifying events or changes in circumstances that may indicate or cause a non-financial asset’s carrying amount to", "exceed its recoverable amount requires judgment in assessing what events or circumstances would have such an", "impact. For 2011, the Company recognized an impairment loss of $43 million on management contracts associated", "with the operations of CPILP prior to the sale of CPILP units to Atlantic Power.", "Impairment charges or reversals of impairment charges are expected to occur more frequently than reported in the", "past due to changes in Canadian GAAP. Assets that are acquired or developed are initially recorded at their fair value", "which is subject to change as company, industry and general economic conditions fluctuate. The Company performs", "goodwill impairment testing on an annual basis and current assessments of fair value of its assets on a regular basis", "which may result in the recognition of impairment losses or reversals of losses such as the 2012 second quarter’s", "impairment loss with respect to its North East U.S. plants. See Significant Events.", "Decommissioning and other provisions", "Measurement of the Company’s provisions and the related change in discount rate require the use of estimates with", "respect to the amount and timing of asset retirements, the extent of site remediation required, and related future cash", "flows for the decommissioning provisions and estimates of expected customer renewals for the Company’s other", "provisions.", "The Company estimates the undiscounted amount of cash flow required to settle its decommissioning obligations is", "approximately $331 million, calculated using inflation rates ranging from 2% to 3%. The expected timing for", "settlement of the obligations is between 2013 and 2066, which reflects the anticipated useful lives of the different", "power plants. The majority of the payments to settle the obligations are expected to occur between 2032 and 2066 for", "the power generation plants and between 2013 and 2019 for sections of the Genesee coal mine. Discount rates used", "to calculate the carrying amount of the obligation ranged from 1.14% to 2.95%. The actual costs to settle", "decommissioning obligations may vary from estimates as a result of changes to contractor rates required to perform", "the decommissioning.", "Capital Power Corporation Management’s Discussion and Analysis 2012", "55" ]

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[ "AGL Energy Limited 2011 Annual Report", "9", "Our hydro generation assets have also operated efficiently during ", "Customer Service", "the year. Increased dam storage levels have largely restored ", "Providing excellent service to our customers is crucial, particularly ", "generation capacity at the Dartmouth and Eildon power stations. ", "in an environment where many households are experiencing ", "These renewable energy facilities will play a more important role ", "substantial increases in their energy bills. Our customer service ", "for AGL in the future than they have done in the recent past.", "levels continued to improve during the year, although we still have ", "Our Upstream Gas business continued work on proving up AGL’s ", "more work to do to achieve the service levels to which we aspire.", "own reserves of gas. During the year, the proved plus probable ", "In 2010, we released our new Customer Charter which set out a ", "level of reserves increased by 32.4% from 1,578 petajoules to ", "number of promises to our customers. This year we have tracked ", "2,089 petajoules. These reserves will play an important part in ", "our delivery of each of the promises set out in the Customer ", "meeting AGL’s requirements for gas from the middle of the decade.", "Charter. I am pleased to report that, for the most part, we have ", "Within the next few years, the existing gas pipeline infrastructure ", "met or exceeded the service level targets we set for each promise.", "will need to be supplemented to deliver sufficient quantities of ", "I", "am determined to continue improving the quality of the service ", "gas to the major east coast population centres during periods of ", "we provide to our customers. This will be an important objective ", "peak demand. The ability to store gas for use in peak periods will ", "for AGL’s senior leaders over the coming year.", "become an increasingly important means of allowing AGL to meet ", "its customers’ needs. It will also allow AGL to generate additional ", "income from providing gas storage services to third parties.", "Our People", "Among the assets gained as a consequence of AGL’s acquisition this ", "The extraordinary weather which affected our business earlier ", "year of Mosaic Oil N.L. was a depleted underground gas reservoir ", "this year had a much wider human impact, especially as a result ", "located in rural Queensland, which AGL has redeveloped as a gas ", "of the floods in Queensland. During the crisis, a number of our ", "storage facility. AGL has already contracted with the BG Group to ", "people demonstrated their commitment to local communities by ", "provide gas storage services to support BG’s construction of an ", "volunteering to help with relief operations. For example, Silver ", "LNG production plant at Gladstone. As the potential of Queensland’s ", "Springs field operator Janis Green volunteered with the local State ", "LNG industry is realised, the demand for storage capacity will grow, ", "Emergency Service, delivering food by boat to stranded farms and ", "allowing AGL to expand the storage capacity at Silver Springs.", "arranging helicopter assistance.", "AGL employees donated $24,757 to the relief effort. AGL matched ", "this contribution on a dollar for dollar basis and also made two ", "The Year Ahead", "further donations of $50,000 each, one to The Salvation Army ", "Over the next year, we will seek to further expand our retail ", "Queensland Flood Relief and another to the Queensland Premier’s ", "electricity customer base in New South Wales. We believe that high ", "Disaster Relief Appeal.", "quality customer service will be a point of differentiation in the ", "highly competitive Australian energy markets, so continuing to make ", "Workplace health and safety is a matter of the utmost importance ", "improvements in this area is a priority.", "at AGL. Over the last four years, we have put a lot of effort into ", "improving our workplace safety performance. We saw the benefits ", "Planning is now well advanced to construct a 500 MW gas-", "of this with substantial reductions in workplace injury rates between ", "fired electricity generation plant at Dalton, north of Canberra, ", "2007 and 2010. Unfortunately, this year, we saw a partial reversal ", "which will support the expected growth in electricity load in New ", "of that trend with our Total Injury Frequency Rate increasing from ", "South Wales. In the near future, AGL is also likely to proceed with ", "2.7", "to 5.0. Although most of the injuries were not serious, we ", "the development of a gas liquification and storage facility near ", "are determined to continue making improvements in this area. ", "Newcastle in New South Wales. This facility will be used to provide ", "All leaders have, as one of their performance objectives in FY2012, ", "natural gas to AGL’s customers in Newcastle and Sydney and will ", "the completion of actions to make AGL a safer place to work.", "provide additional security of supply during times of peak use, ", "particularly in the winter months.", "I", "would like to thank all our employees for their dedication and hard ", "work during what was, at times, a difficult year for AGL.", "AGL’s contracts to supply 100% renewable energy to both the ", "South Australian and Victorian desalination plants will commence ", "later this year. These are long-term contracts which will make an ", "Delivering on Our Strategic Objectives", "earnings contribution for many years to come, demonstrating the ", "During the year, AGL continued to make good progress on achieving ", "value from AGL’s commitment to the construction of renewable ", "its strategic objectives.", "energy assets.", "In South Australia, the AGL Hallett 4 Wind Farm was commissioned ", "We will continue looking to expand our gas reserves in areas such ", "in May, and substantial progress was made on the construction of ", "as the Hunter Valley and Gloucester in New South Wales. In doing ", "the AGL Hallett 5 Wind Farm. In Victoria, work commenced on both ", "so, we will be especially mindful of the need to work more closely ", "the Oaklands Hill Wind Farm and the Macarthur Wind Farm. The ", "with regional communities to demonstrate that our exploration ", "Macarthur Wind Farm is being developed with our joint venture ", "and development activities can co-exist with agriculture, viticulture ", "partner from New Zealand, Meridian Energy. When completed in ", "and tourism and will not harm the environment or compromise the ", "2013, it will be the largest wind farm in the southern hemisphere ", "health and wellbeing of local residents.", "with an energy capacity of 420 MW. Tower sections have recently ", "Although 2011 was a challenging year in a number of respects, we ", "arrived on site following months of preparatory work.", "are very optimistic about AGL’s future prospects. We are confident ", "We have also continued to identify future wind farm development ", "that shareholders will enjoy the benefit of profitable growth in the ", "opportunities, although we made the decision to temporarily ", "year ahead.", "suspend investments in new wind farms until there is a recovery ", "in the price of renewable energy certificates.", "Michael Fraser, Managing Director" ]

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[ "GETTING TO", "THE HEART OF THE MATTER", "2013 ANNUAL REPORT", "BUILD-A-BEAR WORKSHOP, INC." ]

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[ 11, 11, 11, 5 ]

[ "CAPITAL POWER CORPORATION", "Notes to the Consolidated Financial Statements", "(Tabular amounts in millions of Canadian dollars, except share and per share amounts)", "30.", "Risk management, continued:", "Credit risk, continued", "Loans and long-term financing", "As at December 31, 2012 loans and long-term financing consists primarily of notes receivable attributable to", "two", "Alberta", "PPA", "syndicate", "members.", "The", "Company", "is", "exposed", "to", "credit", "risk", "in", "the", "event", "of", "non-performance by the syndicate members, but does not anticipate such non-performance. Although the", "syndicate members are not investment grade, the notes receivable are secured by security interests in the", "syndicate members' respective shares of the power syndicate agreement.", "Trade and other receivables and financial derivative instruments", "Trade and other receivables are substantially made up of receivables related to the generation and sale of", "electricity to customers including industrial and commercial customers, independent system operators from", "various regions and government-owned or sponsored entities and the settlement of financial derivative", "instruments related to merchant price risk mitigation and trading activities. The Company manages its credit", "risk on these financial assets through its credit adjudication process, dealing with creditworthy counterparties", "and utilizing the credit risk mitigation practices noted above.", "Generation credit risk", "Credit risk exposure from PPAs, agreements with independent system operators, power and steam sales", "contracts, and certain energy supply agreements is predominantly restricted to trade and other receivables", "and contract default. In certain cases, the Company relies on a single or small number of customers to", "purchase all or a significant portion of a facility’s output. The failure of any one of these counterparties to", "fulfill its contractual obligations could negatively impact the Company’s financial results. Financial loss", "resulting from events of default by counterparties in certain PPAs and steam purchase arrangements may", "not be recovered since the contracts may not be replaceable on similar terms under current market", "conditions. Consequently, the Company’s financial performance depends on the continued performance by", "customers and suppliers of their obligations under these long-term agreements. Credit risk exposure is", "mitigated by dealing with creditworthy counterparties that are determined to be investment grade based on", "the Company's internally assigned ratings or employing mitigation strategies as noted above, netting", "amounts by legally enforceable set-off rights, and, when appropriate, taking back security from the", "counterparty. Credit risk with counterparties in this asset class that are government-owned or sponsored", "entities and regulated public utility distributors is generally considered low.", "Wholesale and merchant credit risk", "Credit risk exposure for wholesale and merchant trading counterparties is measured by calculating the costs", "(or proceeds) of replacing the commodity position (physical and derivative contracts), adjusting for", "settlement amounts due to or due from the counterparty and, if permitted, netting amounts by legally", "enforceable set-off rights. Financial loss on wholesale contracts could include, but is not limited to, the cost", "of replacing the obligation, amounts owing from the counterparty or any loss incurred on liability settlements.", "Wholesale and merchant credit risk exposure is mitigated by trading with investment grade and creditworthy", "counterparties, portfolio diversification, monitoring of credit exposure limits, margining to reduce energy", "trading risks, obtaining parent company guarantees, and when appropriate taking back security from", "counterparties.", "Trade and other receivables and allowance for doubtful accounts", "Trade and other receivables consist primarily of amounts due from customers including industrial and", "commercial", "customers,", "independent", "system", "operators", "from", "various", "regions,", "government-owned", "or", "sponsored entities, and other counterparties. Larger commercial and industrial customer contracts and", "contract-for-differences provide for performance assurances including letters of credit if deemed appropriate.", "The Company also has credit exposures to large suppliers of electricity and natural gas. The Company", "mitigates these exposures by dealing with creditworthy counterparties and, when appropriate, taking back", "appropriate security from the supplier.", "125" ]

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[ "MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS", "CRITICAL ACCOUNTING POLICIES", "The Bancorp’s Consolidated Financial Statements are prepared in ", "the portfolio. Factors that management considers in the analysis ", "accordance with U.S. GAAP. Certain accounting policies require ", "include the effects of the national and local economies; trends in ", "management to exercise judgment in determining methodologies, ", "the", "nature", "and", "volume", "of", "delinquencies,", "charge-offs", "and", "economic assumptions and estimates that may materially affect ", "nonaccrual loans; changes in loan mix; credit score migration ", "the value of the Bancorp’s assets or liabilities and results of ", "comparisons; asset quality trends; risk management and loan ", "operations and cash flows. The Bancorp's critical accounting ", "administration; changes in the internal lending policies and credit ", "policies include the accounting for the ALLL, reserve for ", "standards; collection practices; and examination results from bank ", "unfunded commitments, income taxes, valuation of servicing ", "regulatory agencies and the Bancorp’s internal credit reviewers.", "regulatory agencies and the Bancorp’s internal credit reviewers.", "rights, fair value measurements and goodwill. No material changes ", "The Bancorp’s current methodology for determining the ", "The Bancorp’s current methodology for determining the ", "were made to the valuation techniques or models described below ", "ALLL is based on historical loss rates, current credit grades, ", "during the year ended December 31, 2010.", "specific allocation on TDRs and impaired commercial credits ", "above specified thresholds and other qualitative adjustments. ", "ALLL ", "ALLL ", "Allowances on individual commercial loans and historical loss ", "The Bancorp disaggregates its portfolio loans and leases into ", "The Bancorp disaggregates its portfolio loans and leases into ", "rates are reviewed quarterly and adjusted as necessary based on ", "portfolio segments for purposes of determining the ALLL. The ", "changing borrower and/or collateral conditions and actual ", "Bancorp’s portfolio segments include commercial, residential ", "collection and charge-off experience. An unallocated allowance is ", "mortgage, and consumer. The Bancorp further disaggregates its ", "maintained to recognize the imprecision in estimating and ", "portfolio segments into classes for purposes of monitoring and ", "measuring losses when evaluating allowances for individual loans ", "assessing credit quality based on certain risk characteristics. ", "or pools of loans.", "or pools of loans.", "Classes", "within", "the", "commercial", "portfolio", "segment", "include", "Loans acquired by the Bancorp through a purchase business ", "Loans acquired by the Bancorp through a purchase business ", "commercial & industrial, commercial mortgage owner-occupied, ", "combination are recorded at fair value as of the acquisition date. ", "commercial", "mortgage", "nonowner-occupied,", "commercial", "The Bancorp does not carry over the acquired company’s ALLL, ", "construction, and commercial leasing. The residential mortgage ", "nor does the Bancorp add to its existing ALLL as part of purchase ", "portfolio segment is also considered a class. Classes within the ", "accounting. ", "accounting. ", "consumer segment include home equity, automobile, credit card, ", "The Bancorp’s primary market areas for lending are the ", "The Bancorp’s primary market areas for lending are the ", "and other consumer loans and leases. For an analysis of the ", "Midwestern and Southeastern regions of the United States. When ", "Bancorp’s", "ALLL", "by", "portfolio", "segment", "and", "credit", "quality", "evaluating the adequacy of allowances, consideration is given to ", "information by class, see Note 7 of the Notes to Consolidated ", "these", "regional", "geographic", "concentrations", "and", "the", "closely", "Financial Statements.", "Financial Statements.", "associated effect changing economic conditions have on the ", "Larger commercial loans included within aggregate borrower ", "Larger commercial loans included within aggregate borrower ", "Bancorp’s customers. ", "relationship balances exceeding $1 million that exhibit probable or ", "Reserve for Unfunded Commitments ", "Reserve for Unfunded Commitments ", "observed credit weaknesses, as well as loans that have been ", "The reserve for unfunded commitments is maintained at a level ", "The reserve for unfunded commitments is maintained at a level ", "modified in a TDR, are subject to individual review for ", "believed by management to be sufficient to absorb estimated ", "impairment. The Bancorp considers the current value of collateral, ", "probable losses related to unfunded credit facilities and is included ", "credit quality of any guarantees, the loan structure, and other ", "in other liabilities in the Consolidated Balance Sheets. The ", "factors when evaluating whether an individual loan is impaired. ", "determination of the adequacy of the reserve is based upon an ", "Other factors may include the industry of the borrower, size and ", "evaluation", "of", "the", "unfunded", "credit", "facilities,", "including", "an", "financial condition of the borrower, cash flow, leverage of the ", "assessment of historical commitment utilization experience, credit ", "borrower, and the Bancorp’s evaluation of the borrower’s ", "risk grading and historical loss rates based on credit grade ", "management. When individual loans are impaired, allowances are ", "migration.", "Net", "adjustments", "to", "the", "reserve", "for", "unfunded", "determined based on management’s estimate of the borrower’s ", "commitments are included in other noninterest expense in the ", "ability to repay the loan given the availability of collateral, other ", "Consolidated Statements of Income. ", "sources of cash flow, as well as evaluation of legal options ", "available to the Bancorp. Allowances for impaired loans are ", "Income Taxes ", "Income Taxes ", "measured based on the present value of expected future cash ", "The Bancorp estimates income tax expense based on amounts ", "The Bancorp estimates income tax expense based on amounts ", "flows discounted at the loan’s effective interest rate, fair value of ", "expected to be owed to the various tax jurisdictions in which the ", "the underlying collateral or readily observable secondary market ", "Bancorp conducts business. On a quarterly basis, management ", "values. The Bancorp evaluates the collectability of both principal ", "assesses the reasonableness of its effective tax rate based upon its ", "and interest when assessing the need for a loss accrual. ", "and interest when assessing the need for a loss accrual. ", "current estimate of the amount and components of net income, ", "Historical credit loss rates are applied to commercial loans ", "Historical credit loss rates are applied to commercial loans ", "tax credits and the applicable statutory tax rates expected for the ", "that are not impaired or are impaired, but smaller than the ", "full year. The estimated income tax expense is recorded in the ", "established threshold of $1 million and thus not subject to specific ", "Consolidated Statements of Income. ", "Consolidated Statements of Income. ", "allowance allocations. The loss rates are derived from a migration ", "Deferred income tax assets and liabilities are determined ", "Deferred income tax assets and liabilities are determined ", "analysis, which tracks the historical net charge-off experience ", "using the balance sheet method and are reported in other assets ", "sustained on loans according to their internal risk grade. The risk ", "and accrued taxes, interest and expenses, respectively in the ", "grading system currently utilized for allowance analysis purposes ", "Consolidated Balance Sheets. Under this method, the net deferred ", "encompasses ten categories.", "encompasses ten categories.", "tax asset or liability is based on the tax effects of the differences ", "Homogenous loans and leases in the residential mortgage and ", "Homogenous loans and leases in the residential mortgage and ", "between the book and tax basis of assets and liabilities, and ", "consumer portfolio segments are not individually risk graded. ", "recognizes enacted changes in tax rates and laws. Deferred tax ", "Rather,", "standard", "credit", "scoring", "systems", "and", "delinquency", "assets are recognized to the extent they exist and are subject to a ", "monitoring are used to assess credit risks, and allowances are ", "valuation allowance based on management’s judgment that ", "established based on the expected net charge-offs. Loss rates are ", "realization is more-likely-than-not. This analysis is performed on a ", "based on the average net charge-off history by loan category. ", "quarterly basis and includes an evaluation of all positive and ", "Historical loss rates may be adjusted for significant factors that, in ", "negative evidence to determine whether realization is more-likely-", "management’s judgment, are necessary to reflect losses inherent in ", "than-not. ", "20", "Fifth Third Bancorp" ]

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[ "30", "June 2014", "Directors’ Declaration", "In the directors’ opinion:", "• ", "the attached financial statements and notes thereto comply with the Corporations Act 2001, the Accounting ", "Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; ", "• ", "the attached financial statements and notes thereto comply with International Financial Reporting Standards ", "For personal use only", "as issued by the International Accounting Standards Board as described in note 1 to the financial statements; ", "• ", "the attached financial statements and notes thereto give a true and fair view of the Consolidated Entity’s ", "financial position as at 30 June 2014 and of its performance for the financial year ended on that date; and ", "• ", "there are reasonable grounds to believe that the Company will be able to pay its debts as and when they ", "become due and payable. ", "The directors have been given the declarations required by section 295A of the Corporations Act 2001.", "Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.", "On behalf of the directors", "Chris Ellison", "Managing Director", "14", "August 2014", "Perth", "Declaration", "Directors’ ", "93", "Annual Report 2014 ", "Mineral Resources Limited" ]

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[ "2010 10-K: Part II", "Morningstar, Inc. and Subsidiaries ", "Consolidated Statements of Equity and", "Comprehensive Income (Loss)", "Morningstar, Inc. Shareholders’ Equity", "Morningstar, Inc. Shareholders’ Equity", "Common ", "Common ", "Accumulated ", "Stock ", "Stock ", "Additional ", "Other ", "Non ", "Shares ", " Par ", "Treasury ", "Paid-In ", "Retained", "Comprehensive ", "Controlling ", "Total", "(in thousands except share amounts) ", "Outstanding ", "Value ", "Stock ", "Capital ", "Earnings ", "Income (Loss) ", "Interests ", "Equity", "Balance as of December 31, 2007", "— ", " 44,843,166 ", "$", "4 ", "$ (3,280) ", "$ 332,164 ", "$", "71,757 ", "$ ", "7,658 ", "$ — ", "$ 408,303", "as reported", "Cumulative effect of prior year adjustments ", " — ", "— ", "— ", "— ", "(1,946) ", "(3,942) ", "— ", "(5,888)", "Balance as of December 31, 2007", "— ", " 44,843,166 ", "4 ", " (3,280) ", " 330,218 ", "67,815 ", "— ", "402,415", "7,658 ", "as adjusted", "Comprehensive income (loss): ", " — ", "89,629 ", " 397 ", "90,026", "Net income ", "— ", "— ", "— ", "Unrealized gains on available-for-sale", "investments, net of income tax of $252 ", " — ", "— ", "— ", "— ", "429 ", "— ", "429", "Foreign currency translation adjustment, net", " — ", "— ", "— ", "— ", " (23,972) ", "— ", "(23,972)", "Total comprehensive income (loss) ", " — ", "— ", "— ", "89,629 ", " (23,543) ", " 397 ", "66,483", " 2,439,792 ", " — ", "23,428 ", "— ", "23,428 ", "Issuance of common stock related to", "— ", "— ", "— ", "stock-option exercises and vesting of", "restricted stock units, net", "Stock-based compensation ", " — ", "— ", "11,281 ", "— ", "— ", "— ", "11,281", "Excess tax benefit derived from stock- ", "option exercises and vesting of", " — ", "26,638 ", "— ", "26,638", "restricted stock units ", "— ", "— ", "— ", "Balance as of December 31, 2008", " 47,282,958 ", "4 ", " (3,280) ", " 391,565 ", " 157,444 ", " (15,885) ", " 397 ", " 530,245", "Comprehensive income (loss): ", " — ", "82,129 ", " (132) ", "Net income ", "— ", "— ", "— ", "81,997", "Unrealized loss on available-for-sale", " — ", "— ", "investments, net of income tax of $66 ", "— ", "— ", "— ", "(111) ", "(111)", "Foreign currency translation adjustment, net", " — ", "— ", "— ", "— ", "16,029 ", "(29) ", "16,000", "Total comprehensive income (loss) ", " — ", "— ", "— ", "82,129 ", "15,918 ", " (161) ", "97,886", "Issuance of common stock related to", " 1,485,583 ", "1 ", "150 ", "16,288 ", "— ", "— ", "— ", "16,439 ", "stock-option exercises and vesting of", "restricted stock units, net", "Stock-based compensation ", " — ", "— ", "11,593 ", "— ", "— ", "— ", "11,593", "Excess tax benefit derived from stock- ", "option exercises and vesting of", " — ", "— ", "restricted stock units ", "— ", "8,693 ", "— ", "— ", "8,693", " — ", "— ", "— ", "— ", "— ", " 933 ", "933", "Non-controlling interest in Morningstar Korea ", "102" ]

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[ "AGL Energy Limited Annual Report 2012", "77", "tax-consolidated group in accordance with the arrangement. ", "tax-consolidated group in accordance with the arrangement. ", "Deferred tax", "Deferred tax", "Further information about the tax funding arrangement is detailed ", "Further information about the tax funding arrangement is detailed ", "Deferred tax is recognised on temporary differences between the ", "Deferred tax is recognised on temporary differences between the ", "in Note 10 to the financial statements. ", "carrying amounts of assets and liabilities in the financial statements ", "and the corresponding tax bases used in the computation of taxable ", "On 29 June 2012, AGL Generation Proprietary Limited, a subsidiary ", "profit. Deferred tax liabilities are generally recognised for all taxable ", "of AGL Energy Limited (AGL), acquired the remaining 67.46% ", "temporary differences. Deferred tax assets are generally recognised ", "of the shares in, and loan notes issued by, Great Energy Alliance ", "for all deductible temporary differences to the extent that it is ", "Corporation Pty Limited (GEAC) and 100% of the shares in Loy ", "probable that taxable profits will be available against which those ", "Yang Marketing Holdings Pty Limited (LYMH) which it did not ", "deductible temporary differences can be utilised. Such deferred tax ", "already own. GEAC, LYMH and their subsidiaries are not eligible ", "assets and liabilities are not recognised if the temporary difference ", "to be members of the existing AGL tax-consolidated group. On ", "arises from goodwill or from the initial recognition (other than in a ", "23", "July 2012, the LYMH entities joined a new tax-consolidated ", "business combination) of other assets and liabilities in a transaction ", "group which was formed by AGL Generation Holdco Pty Ltd, a ", "that affects neither the taxable profit nor the accounting profit.", "subsidiary of AGL. On 27 July 2012, the GEAC entities joined the ", "new tax-consolidated group. AGL Generation Holdco Pty Ltd is ", "The carrying amount of deferred tax assets is reviewed at the end ", "the head entity in the new tax-consolidated group. ", "of each reporting period and reduced to the extent that it is no ", "longer probable that sufficient taxable profits will be available to ", "(ah) Earnings per share", "(ah) Earnings per share", "allow all or part of the asset to be recovered.", "Basic earnings per share is determined by dividing the profit for the ", "Basic earnings per share is determined by dividing the profit for the ", "year attributable to owners of AGL Energy Limited, by the weighted ", "Deferred tax assets and liabilities are measured at the tax rates that ", "average number of ordinary shares outstanding during the period.", "are expected to apply in the period in which the liability is settled or ", "the asset realised, based on tax rates (and tax laws) that have been ", "Diluted earnings per share is determined by dividing the profit for ", "enacted or substantively enacted by the end of the reporting period. ", "the year attributable to owners of AGL Energy Limited, by the ", "The measurement of deferred tax liabilities and assets reflects the ", "weighted average number of ordinary shares outstanding during ", "tax consequences that would follow from the manner in which the ", "the period and dilutive potential ordinary shares.", "consolidated entity expects, at the end of the reporting period, to ", "(ai) Standards and Interpretations in issue not yet adopted", "(ai) Standards and Interpretations in issue not yet adopted", "recover or settle the carrying amount of its assets and liabilities.", "A number of Australian Accounting Standards have been issued by ", "A number of Australian Accounting Standards have been issued by ", "Deferred tax assets and liabilities are offset when there is a legally ", "the AASB but are not effective for the year ended 30 June 2012, ", "enforceable right to set off current tax assets against current tax ", "but will be applicable to the consolidated entity in future reporting ", "liabilities and when they relate to income taxes levied by the same ", "periods.", "taxation authority and the consolidated entity intends to settle its ", "> AASB 9 ", " AASB 2009-11 ", "current tax assets and liabilities on a net basis.", "Financial Instruments,", "Amendments ", " AASB 9 and ", "to Australian Accounting Standards arising from", "Current and deferred tax for the period", "Current and deferred tax for the period", "AASB 2010-7 ", "Amendments to Australian Accounting Standards ", "Current and deferred tax are recognised as an expense or income in ", "Current and deferred tax are recognised as an expense or income in ", " are expected to be ", "arising from AASB 9 (December 2010)", "profit or loss, except when they relate to items that are recognised ", "effective for annual reporting periods beginning on or after ", "outside profit or loss (whether in other comprehensive income or ", "1", "January 2015 (previously 1 January 2013). ", "directly in equity), in which case the tax is also recognised outside ", " The IASB has deferred the application date for the international ", "profit or loss, or where they arise from the initial accounting for ", "equivalent to AASB 9, ", ", until 1 January 2015. As a result, ", "a business combination. In the case of a business combination, ", "IFRS 9", "the AASB has issued a related exposure draft, ED 215 ", "the tax effect is included in the accounting for the ", "Mandatory ", ". This proposed amendment to AASB 9 ", "business combination.", "Effective Date of IFRS 9", "is in pending status at the reporting date. ", "Tax consolidation", "Tax consolidation", " AASB 9 ", " and its associated amending ", "The Parent Entity and its wholly-owned Australian resident ", "The Parent Entity and its wholly-owned Australian resident ", "Financial Instruments", "Standards introduce new requirements for the classification ", "subsidiaries formed a tax-consolidated group under Australian ", "and measurement of financial assets and financial liabilities ", "taxation law with effect from 25 October 2006 and are therefore ", "and for derecognition.", "taxed as a single entity from that date. AGL Energy Limited is the ", "head entity in the tax-consolidated group. ", " AASB 9 requires all recognised financial assets that are within ", "the scope of AASB 139 ", ": ", "Tax expense/income, deferred tax liabilities and deferred tax assets ", "Financial Instruments", "Recognition and ", "to be subsequently measured at amortised cost ", "arising from temporary differences of the members of the ", "Measurement ", "or fair value.", "tax-consolidated group are recognised in the separate financial ", "statements of the members of the tax-consolidated group using ", " The most significant effect of AASB 9 regarding the classification ", "the ‘stand alone taxpayer’ approach by reference to the carrying ", "and measurement of financial liabilities relates to the accounting ", "amounts in the separate financial statements of each entity and the ", "for changes in fair value of a financial liability (designated as at ", "tax values applying under tax consolidation. Current tax liabilities and ", "fair value through profit or loss) attributable to changes in the ", "assets and deferred tax assets arising from unused tax losses and tax ", "credit risk of that liability. For financial liabilities designated at ", "credits of the members of the tax-consolidated group are recognised ", "fair value, the portion of the change in fair value due to changes ", "by the Parent Entity (as head entity in the tax-consolidated group).", "in own credit risk now generally must be presented in other ", "comprehensive income, rather than through profit or loss.", "Due to the existence of a tax funding arrangement between the ", "entities in the tax-consolidated group, amounts are recognised ", " AASB 9 will be mandatory for the consolidated entity’s 30 June ", "as payable to or receivable by the Parent Entity and each member ", "2016 financial statements. The potential impact on the ", "of the group in relation to the tax contribution amounts paid or ", "consolidated entity’s financial statements has not yet been ", "payable between the Parent Entity and the other members of the ", "determined. " ]

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[ "A schedule of maturities of certificates of deposit is as follows:", "Amount", "(dollars in thousands)", "Year Ending December 31,", "2003", "$332,498", "2004", "62,450", "2005", "50,681", "2006", "13,136", "2007 and thereafter", "23,142", "Total", "$481,907", "NOTE 8 – SHORT-TERM BORROWINGS: ", "Short-term borrowings at December 31, 2002 and 2001 are summarized as follows:", "2002", "2001", "(dollars in thousands)", "Securities sold under agreements to repurchase ", "$21,803", "$ 8,089", "Federal Home Loan Bank advances", "75,000", "–", "Bank line of credit", "–", "4,250", "Total short-term borrowings", "$96,803", "$12,339", "Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily. Securities sold under", "agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The Company may be required", "to provide additional collateral based on the fair value of the underlying securities.", "The short-term borrowings at December 31, 2002 consist of FHLB advances with maturity terms of 2 days, at fixed interest rates ranging", "from 1.30% to 1.35%. The short-term borrowings at December 31, 2001 consist of a bank line of credit secured by stock of the Bank, with", "90-day maturity terms, at fixed interest rates ranging from 2.90% to 3.38%. ", "2002", "2001", "2000", "(dollars in thousands)", "Outstanding at December 31", "$96,803", "$ 12,339", "$ 54,000", "Maximum month-end outstandings", "96,803", "52,058", "88,500", "Average daily outstandings", "32,961", "13,508", "65,831", "Average rate during the year", "1.86%", "4.57%", "6.45%", "Average rate at year end", "1.36%", "2.57%", "6.40%", "NOTE 9 – LONG-TERM DEBT:", "Long-term debt at December 31, 2002 and 2001 is summarized as follows:", "2002", "2001", "(dollars in thousands)", "Federal Home Loan Bank notes at:", "1.71", "to 1.96% variable, 3 month LIBOR index", "$35,000", "$", "–", "4.33", "to 7.28% fixed", "30,458", "31,437", "Junior Subordinated debt", "10,000", "–", "Total long-term debt", "$75,458", "$31,437", "48" ]

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[ "$17", "8,319,000", "INCOME FROM ", "CONTINUING OPERATIONS:", "$12,113", ",37", "4,000", "TOTAL ASSETS", "$2,", "6", "43,163,000", "NET PREMIUMS:", "2003" ]

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[ "231", "All joint ventures are unlisted and are accounted for using the equity method and are considered to be non-current. The investments ", "in joint ventures include interest in insurance companies that are required to maintain a minimum solvency margin based on local ", "directives. Such restrictions can affect the ability of these joint ventures to transfer funds in the form of cash dividends, or repayment ", "of loans or advances, and therefore, there can be no assurance that these restrictions will not become a limitation in the future. There ", "are no unrecognized shares of losses in joint ventures. The financial statements of all joint ventures have the same reporting date as ", "the Group. Refer to note 55 for a listing of the investments in joint ventures and the Group’s percentage holding. In 2012 the category ", "Other reflects a decrease of an earn out provision relating to Caja Cantabria.", "Unnim ", "On May 7, 2013, Aegon has finalized exiting its life, health and pension joint venture with Unnim and sold its 50% stake to Unnim. ", "The consideration amounted a total of EUR 353 million and the sale resulted in a book gain of EUR 102 million before tax. ", "Additionally a revaluation reserve of EUR 26 million was released, which was recycled from equity through profit and loss account. ", "Furthermore there was a release of an earn out provision of EUR 176 million. Consequently the sale resulted in a total disposal ", "amount of EUR 453 million. Aegon’s share in underlying earnings before tax of the joint venture totalled EUR 6 million for 2013 ", "(full year 2012: EUR 17 million).", "Strategic partnership with Santander ", "On June 3, 2013, Aegon completed an exclusive 25-year strategic partnership with Banco Santander, Spain’s largest financial group, ", "first announced in December 2012. Under the terms of the agreement, Aegon acquired a 51% stake in both a life insurance company as ", "well as in a non-life insurance company for a cash consideration of EUR 220 million. In addition, there is also a contingent consideration ", "which will be paid depending on future performance of the joint ventures. The joint ventures will distribute life and general insurance ", "products through Banco Santander’s extensive branch network. Aegon Spain will provide the back-office services to the joint venture ", "companies. ", "Banca Cívica", "Following the announced merger between Banca Cívica and CaixaBank in Spain, Aegon reached an agreement, on August 3, 2012, ", "with CaixaBank to end the life, health and pension partnership with Banca Cívica and sell its 50% interest in the joint ventures to ", "CaixaBank for a total consideration of EUR 190 million. The transaction was closed on October 11, 2012, after obtaining regulatory ", "approval. The sale resulted in a book gain of EUR 35 million before tax and was recorded in the fourth quarter of 2012. Aegon’s share ", "in underlying earnings before tax of the joint venture totalled EUR 13 million for 2012." ]

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[ "Additional information", "328", "conditions and within certain limits. Taxes on this inside build-up of earnings may not be payable at all and, if payable, generally are due ", "only when the earnings are actually paid.", "The US Congress has, from time to time, considered possible legislation that may make Aegon’s products less attractive to consumers, ", "including legislation that would reduce or eliminate the deferral of taxation on the accretion of value within certain annuities and life ", "insurance products. This may have an impact on insurance products and sales in the United States.", "The US Government, as well as state and local governments, also considers from time to time tax law changes that may increase the ", "amount of taxes that Aegon pays. For example, the US Treasury Department and the Internal Revenue Service may propose new ", "regulations regarding the methodology to determine the dividends received deduction (DRD) related to variable life insurance and ", "variable annuity contracts. The DRD reduces the amount of dividend income subject to tax and is a significant component of the ", "difference between Aegon’s effective tax rate and the federal statutory tax rate of 35%. A change in the DRD, including the possible ", "elimination of this deduction, may reduce Aegon’s consolidated net income.", "Any changes in tax laws, interpretation of tax laws, later jurisprudence or case law, or the introduction of new taxes or tax laws in all ", "countries in which Aegon operates or invests, which affects Aegon’s products, may have a materially adverse effect on Aegon’s ", "businesses, results of operations and financial condition.", "Competitive factors may adversely affect Aegon’s market share.", "Competition in Aegon’s business segments is based on service, product features, price, commission structure, financial strength, claims ", "paying ability, ratings and name recognition. Aegon faces intense competition from a large number of other insurers, as well as ", "non-insurance financial services companies such as banks, broker-dealers and asset managers, for individual customers, employers, ", "other group customers, agents and other distributors of insurance and investment products. Consolidation in the global financial ", "services industry can enhance the competitive position of some of Aegon’s competitors by broadening the range of their products and ", "services, and increasing their distribution channels and their access to capital. In addition, development of alternative distribution ", "channels for certain types of insurance and securities products, including through the internet, may result in increasing competition as ", "well as pressure on margins for certain types of products. Traditional distribution channels are also challenged by the ban on sales-", "based commissions in some countries. These competitive pressures may result in increased pricing pressures on a number of products ", "and services, particularly as competitors seek to win market share. This may harm Aegon’s ability to maintain or increase profitability.", "The adverse market and economic conditions that began in the second half of 2007 and significantly worsened in 2008 and into 2009, ", "with recovery beginning in late 2009 and in 2010, followed in 2011, 2012 and 2013 by further periods of volatility and weakness, ", "particularly in the Eurozone, can be expected to result in changes in the competitive landscape. For example, the financial distress ", "experienced by some financial services industry participants as a result of weak economic conditions and newly imposed regulation may ", "lead to acquisition opportunities. Aegon’s ability or that of Aegon’s competitors to pursue such opportunities may be limited due to ", "lower earnings, reserve increases, capital requirements or a lack of access to debt capital markets and other sources of financing. Such ", "conditions may also lead to changes by Aegon or Aegon’s competitors in product offerings and product pricing that may affect Aegon ", "and Aegon’s relative sales volumes, market shares and profitability. Additionally, the competitive landscape in which Aegon operates ", "may be further affected by government-sponsored programs or actions taken in response to the severe dislocations in financial markets ", "which occurred in 2008 and 2009, as well as the European sovereign debt crisis.", "The default of a major market participant may disrupt the markets.", "The failure of a sufficiently large and influential financial institution may disrupt securities markets or clearance and settlement ", "systems in Aegon’s markets. This may cause market declines or volatility. Such a failure may lead to a chain of defaults that may ", "adversely affect Aegon and Aegon’s contract counterparties. In addition, such a failure may impact future product sales as a potential ", "result of reduced confidence in the insurance industry.", "Aegon may be unable to attract and retain personnel who are key to the business.", "As a global financial services enterprise with a decentralized management structure, Aegon relies, to a considerable extent, on the ", "quality of local management in the various countries in which Aegon operates. The success of Aegon’s operations is dependent, among ", "other things, on Aegon's ability to attract and retain highly qualified professional personnel. Competition for key personnel in most ", "countries in which Aegon operates is intense. Aegon’s ability to attract and retain key personnel, in particular senior officers, ", "Annual Report 2013" ]

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[ 6, 6, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 8, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 8, 10, 10, 10, 10, 8, 10, 10, 10, 10, 5 ]

[ "Copper stocks in the LME, Shanghai and COMEX warehouses increased 8% or 45,000 tonnes during the year. ", "Total reported global stocks (which include producer, consumer, merchant and terminal stocks) stood at an estimated ", "24", "days of global consumption versus the 25-year average of 28 days of global consumption.", "Production disruptions continued to affect the market in 2012, with estimates of close to 0.9 million tonnes of planned ", "production lost during the year. Total copper mine production increased by only 3.8% in 2012, which was well below ", "the estimated 10.1% increase projected at the beginning of the year. Wood Mackenzie, a commodity research ", "consultancy, is expecting a 12% increase in global mine production in 2013 as new mining projects begin to ramp up; ", "at the same time, Wood Mackenzie is also expecting an 11% increase in smelter production. Based on a history of ", "industry production shortfalls over the past eight years combined with the continuing difficulties in bringing new ", "production to market on time, we continue to expect unplanned production disruptions through 2013. We therefore ", "expect smelter capacity utilization to remain under pressure in 2013, with the concentrate market remaining in deficit. ", "With global copper metal demand projected by Wood Mackenzie to increase by 5.0% in 2013, projected supply ", "is expected to exceed demand slightly, moving the refined market into balance. If mine production continues to ", "disappoint in 2013 from current projections, the refined market could again slip into deficit in 2013.", "Copper Inventories ", "Copper Price and LME Inventory ", "Global Demand for Copper ", "Source: ICSG, LME, COMEX, SHFE", "Source: LME", "(Tonnes in millions) ", "Source: ICSG, Wood Mackenzie", "35", "$5.00", "25", "750", "1,500", "30", "600", "1,200", "20", "$4.00", "25", "450", "900", "$3.00", "15", "20", "$2.00", "300", "600", "10", "15", "$1.00", "150", "300", "5", "10", "0", "$0.00", "0", "0", "0", "2008", "2009", "2010", "2011", "1988", "1992", "1996", "2000", "2004", "2008", "2008", "2009", "2010", "2011", "2012", "2012", "2012", "Tonnes", "Days", "Tonnes", "Tonnes", "Rest of the world", " China", "Tonnes (000’s)", " US$/pound", "Tonnes (000’s)", "■", "■", "■", "■", "■", "Days of global consumption", "■", "25-year average days inventory", "■", "Teck 2012 Annual Report", "40" ]

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[ 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 1, 1, 1, 1, 1, 1, 1, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, 5, 5 ]

[ "Thousands of", "U.S. Dollars", "Millions of Yen", "(Note 1)", "LIABILITIES AND EQUITY", "2009", "2010", "2010", "Current Liabilities:", "Short-term bank loans (Notes 9 and 17)", "¥", "43,024", "¥", "42,180", "$", "453,355", "Current portion of long-term debt (Notes 9 and 17)", "63,492", "6,814", "73,235", "Notes and accounts payable (Notes 9 and 17):", "Trade notes", "9,275", "9,361", "100,616", "Trade accounts", "107,604", "106,177", "1,141,196", "Unconsolidated subsidiaries and associated companies", "4,307", "6,983", "75,056", "Other", "17,862", "14,562", "156,517", "Income taxes payable (Note 17)", "4,715", "6,986", "75,083", "Accrued expenses", "53,998", "59,988", "644,754", "Allowance for loss on factory restructuring", "355", "914", "9,821", "Other current liabilities", "41,538", "39,204", "421,367", "Total current liabilities", "346,170", "293,169", "3,151,000", "Long-Term Liabilities:", "Long-term debt (Notes 9 and 17)", "121,628", "176,581", "1,897,900", "Liability for employees’ retirement benefits (Note 10)", "11,534", "11,001", "118,242", "Retirement allowances for directors and corporate auditors", "1,120", "1,034", "11,116", "Deferred tax liabilities (Note 13)", "4,956", "6,186", "66,485", "Negative goodwill", "651", "772", "8,302", "Other", "29,706", "28,439", "305,659", "Total long-term liabilities", "169,595", "224,013", "2,407,704", "(Notes 15, 18 and 19)", "Commitments and Contingent Liabilities ", "(Note 11)", "Equity ", ":", "Common stock—authorized, 1,300,000,000 shares;", "issued, 313,054,255 shares in 2010 and 2009", "68,122", "68,122", "732,174", "Capital surplus", "259,703", "259,703", "2,791,305", "Retained earnings", "272,465", "255,404", "2,745,094", "Unrealized gain on available-for-sale securities", "1,369", "2,660", "28,587", "Deferred gain (loss) on derivatives under hedge accounting", "(410)", "42", "447", "Foreign currency translation adjustments", "(6,552)", "(8,224)", "(88,384)", "Treasury stock—at cost, 34,160,840 shares in 2010", "and 34,150,762 shares in 2009", "(63,752)", "(63,767)", "(685,368)", "Total", "530,945", "513,940", "5,523,855", "Minority interests", "2,128", "2,382", "25,607", "Total equity", "533,073", "516,322", "5,549,462", "¥1,048,838", "Total", "¥1,033,504", "$11,108,166", "59", "JS Group Corporation", "Annual Report 2010" ]

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[ "Stock Options", "The following table presents the change in outstanding stock options under the Plan and the Director Plan for the years ended ", "December 31, 2013 and 2012.", "Weighted ", "Weighted ", "Average ", "Range of ", "Average ", "Average ", "Intrinsic ", "Exercise ", "Exercise ", "Remaining ", "Value - Per ", "Shares", "Prices", "Price", "Life", "Share", "Balance as of December 31, 2012", "12,000", "$ 4.42 – 12.50", "$", "6.95", "0.8", "$", "102.36", "Options granted", "—", "—", "—", "Options exercised", "(12,000)", "4.42", "– 12.50", "6.95", "Options forfeited", "—", "—", "—", "Balance as of December 31, 2013", "—", "—", "$", "—", "The total intrinsic value of options exercised during 2013, 2012 and 2011 were $0.1 million, $0.1 million and $4.0 million, ", "respectively.", "For the years ended December 31, 2013, 2012 and 2011, stock-based compensation expense recognized in the income statement is ", "as follows (in thousands):", "2013", "2012", "2011", "$", "10,268", "Cost of product sales and services", "$", "8,835", "$", "10,960", "10,258", "General and administrative", "9,546", "6,205", "$", "20,526", "$", "Total stock-based compensation expense", "$", "18,381", "17,165", "14.", "14.", "OTHER INCOME, NET", "OTHER INCOME, NET", "The components of other (income) expense, net, are as follows (in thousands):", "The components of other (income) expense, net, are as follows (in thousands):", "For the Years Ended December 31,", "2013", "2012", "2011", "$", "(909)", "Sale of assets", "$ ", " (201)", "$", "(487)", "(177)", "Results of non-consolidated subsidiaries", "(646)", "(274)", "4,339", "Foreign exchange", "142", "1,800", "(776)", "Interest income", "(319)", "(138)", "(863)", "(1,033)", "(1,716)", "Rents and royalties", "(1,611)", "Insurance recovery", "(4,490)", "(1,014)", "—", "Legal entity realignment", "1,860", "711", "—", "NYSE Euronext Amsterdam listing", "923", "—", "(341)", "(357)", "199", "Other, net", "$", "(338)", "Total other (income) expense, net", "$", "(4,121)", "$", "(919)", "We incurred property losses during Hurricane Isaac in 2012. During 2013, our insurance claim for property losses and business inter-", "ruption was fully settled for a gain of $1.6 million.", "During 2012, we incurred legal, accounting and other fees in connection with the realignment of certain of our legal entities into a ", "more cost effective structure and the listing of our shares on the NYSE Euronext Amsterdam.", "As a result of a supply disruption in 2011 from a key vendor that provided certain high performance specialty steel tubulars used with ", "the Company’s perforating systems, we filed a claim under our business interruption insurance policy which was fully settled during ", "2012 for $4.4 million.", "58" ]

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[ "Other", "Additionally, we have the following commitments in the normal course of business for the purpose of enhancing the total return on our investment", "portfolio: commitments to fund partnership investments; mortgage loan commitments; and commitments to fund bank credit facilities, bridge loans and", "private corporate bond investments.", "See “Net Investment Income” and “Net Investment Gains (Losses)” in Note 8 of the Notes to the Consolidated Financial Statements for information", "on the investment income, investment expense, gains and losses from such investments. See also “Fixed Maturity and Equity Securities Available-for-", "Sale,” “Mortgage Loans,” “Real Estate and Real Estate Joint Ventures,” and “Other Limited Partnerships” in Note 8 of the Notes to the Consolidated", "Financial Statements for information on our investments in fixed maturity securities, mortgage loans and partnership investments.", "Other than the commitments disclosed in Note 21 of the Notes to the Consolidated Financial Statements, there are no other material obligations or", "liabilities arising from the commitments to fund partnership investments, mortgage loans, bank credit facilities, bridge loans, and private corporate bond", "investments. For further information on commitments to fund partnership investments, mortgage loans, bank credit facilities, bridge loans and private", "corporate bond investments. See “— Liquidity and Capital Resources — The Company — Contractual Obligations.”", "In addition, see “Primary Risks Managed by Derivatives and Non-Derivatives” in Note 9 of the Notes to the Consolidated Financial Statements for", "further information on interest rate lock commitments.", "Insolvency Assessments", "See Note 21 of the Notes to the Consolidated Financial Statements.", "Policyholder Liabilities", "We establish, and carry as liabilities, actuarially determined amounts that are calculated to meet policy obligations or to provide for future annuity", "payments. Amounts for actuarial liabilities are computed and reported in the consolidated financial statements in conformity with GAAP. For more details", "on Policyholder Liabilities, see “— Summary of Critical Accounting Estimates.”", "Due to the nature of the underlying risks and the high degree of uncertainty associated with the determination of actuarial liabilities, we cannot", "precisely determine the amounts that will ultimately be paid with respect to these actuarial liabilities, and the ultimate amounts may vary from the", "estimated amounts, particularly when payments may not occur until well into the future.", "Our actuarial liabilities for future benefits are adequate to cover the ultimate benefits required to be paid to policyholders. We periodically review our", "estimates of actuarial liabilities for future benefits and compare them with our actual experience. We revise estimates, to the extent permitted or required", "under GAAP, if we determine that future expected experience differs from assumptions used in the development of actuarial liabilities. We charge or", "credit changes in our liabilities to expenses in the period the liabilities are established or re-estimated. If the liabilities originally established for future", "benefit payments prove inadequate, we must increase them. Such an increase could adversely affect our earnings and have a material adverse effect", "on our business, results of operations and financial condition.", "Insurance regulators in many of the non-U.S. countries in which we operate require certain MetLife entities to prepare a sufficiency analysis of the", "reserves presented in the locally required regulatory financial statements, and to submit that analysis to the regulatory authorities. See “Business —", "International Regulation” in the 2012 Form 10-K.", "We have experienced, and will likely in the future experience, catastrophe losses and possibly acts of terrorism, as well as turbulent financial markets", "that may have an adverse impact on our business, results of operations, and financial condition. Due to their nature, we cannot predict the incidence,", "timing, severity or amount of losses from catastrophes and acts of terrorism, but we make broad use of catastrophic and non-catastrophic reinsurance", "to manage risk from these perils.", "Future Policy Benefits", "We establish liabilities for amounts payable under insurance policies. See Notes 1 and 4 of the Notes to the Consolidated Financial Statements for", "additional information. See also “ — Industry Trends — Interest Rate Stress Scenario” and “— Variable Annuity Guarantees.” A discussion of future", "policy benefits by segment follows.", "Retail", ".", "For the Retail Life & Other business, future policy benefits are comprised mainly of liabilities for traditional life and for universal and variable", "life insurance contracts. In order to manage risk, we have often reinsured a portion of the mortality risk on new individual life insurance policies. The", "reinsurance programs are routinely evaluated and this may result in increases or decreases to existing coverage. We have entered into various derivative", "positions, primarily interest rate swaps and swaptions, to mitigate the risk that investment of premiums received and reinvestment of maturing assets", "over the life of the policy will be at rates below those assumed in the original pricing of these contracts. For the Retail Annuities business, future policy", "benefits are comprised mainly of liabilities for life-contingent income annuities, and liabilities for the variable annuity guaranteed minimum benefits", "accounted for as insurance.", "Group, Voluntary & Worksite Benefits", ".", "With the exception of our property & casualty products, future policy benefits for our Group and Voluntary &", "Worksite businesses are comprised mainly of liabilities for disabled lives under disability waiver of premium policy provisions, liabilities for survivor income", "benefit insurance, LTC policies, active life policies and premium stabilization and other contingency liabilities held under life insurance contracts. For our", "property & casualty products, future policy benefits include unearned premium reserves and liabilities for unpaid claims and claim expenses and", "represent the amount estimated for claims that have been reported but not settled and claims incurred but not reported. Liabilities for unpaid claims are", "estimated based upon assumptions such as rates of claim frequencies, levels of severities, inflation, judicial trends, legislative changes or regulatory", "decisions. Assumptions are based upon our historical experience and analyses of historical development patterns of the relationship of loss adjustment", "expenses to losses for each line of business, and consider the effects of current developments, anticipated trends and risk management programs,", "reduced for anticipated salvage and subrogation.", "Corporate Benefit Funding", ".", "Liabilities for this segment are primarily related to payout annuities, including pension closeouts and structured", "settlement annuities. There is no interest rate crediting flexibility on these liabilities. As a result, a sustained low interest rate environment could negatively", "impact earnings; however, we have employed various ALM strategies, including the use of various derivative positions, primarily interest rate floors and", "interest rate swaps, to mitigate the risks associated with such a scenario.", "Latin America", ".", "Future policy benefits for this segment are held primarily for immediate annuities in Chile, Argentina and Mexico and traditional life", "contracts mainly in Brazil and Mexico. There are also reserves held for total return pass-through provisions included in certain universal life and savings", "products in Mexico. Factors impacting these liabilities include sustained periods of lower yields than rates established at policy issuance, lower than", "expected asset reinvestment rates, and mortality and lapses different than expected. We mitigate our risks by implementing an ALM policy and through", "the development of periodic experience studies.", "MetLife, Inc.", "49" ]

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[ "Communications", "e-mail", "[email protected]", "tel", "fax", "1", "888 932-6666", "(514) 870-4385", "Investor Relations", "e-mail", "[email protected]", "tel", "fax", "1", "800 339-6353", "(514) 786-3970" ]

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[ 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5 ]

[ "22", "ALLIANZ GROUP", "We have learned the lessons from last year’s loss and adapted our ", "strategy to the new market and risk situation. The result is our “Three Plus One”", "program. It continues the earlier Allianz initiatives for securing and increasing profits, makes them more ", "precise and defines the framework for our actions until 2005. It is designed to sharpen the focus of the ", "Group’s business activities, boost its competitiveness and strengthen its orientation towards the sustainable", "creation of value.", "The “Three Plus One” program comprises four mutually com-", "the risk capital required for an entire risk portfolio is less than", "plementary, cross-linked initiatives that are implemented si-", "the sum of the capital needs of all the individual risks it con-", "multaneously. The first three are aimed at restoring the known", "tains, because the probability that various worst-case scenarios", "financial strength and performance of Allianz in all relevant en-", "will occur at the same time is extremely low. To limit our ex-", "trepreneurial dimensions. The fourth point, the “Plus One,”", "posure to stock market fluctuations, we scaled down share-", "goes beyond these initiatives. Its purpose is to make sure that", "holdings such as those in Beiersdorf and Munich Re, which ", "our future competitiveness is the key driver in the implemen-", "concentrated risk because of their size, and reduced the over-", "tation of all these measures.", "all share of stocks in our investment portfolio from 19 to 16.4", "percent. At the same time, the proceeds from these transactions", "The four strategic concepts of “Three Plus One” are the fol-", "and from the sale of sub-critical activities strengthened our", "lowing: ", "shareholders’ equity. Overall, our equity capital grew by 6.9 bil-", "lion euros to 28.6 billion euros. ", "The “Three” stands for protecting and strengthening our capi-", "tal base, for a significant boost of our operating profitability and", "2", "Significant boost of our operating profitability", "for a focused portfolio – and thus a reduction of complexity.", "Here, it is a matter of making sure that Allianz operates and", "That is the program with which we will fortify the foundation", "grows profitably. We adjusted the prices and conditions in the", "of our business activity. In the “Plus One” concept, we are fo-", "insurance business to the actual risk situation, exposed our-", "cusing on the fundamental strengthening of our competitive-", "selves to fewer additional capital market risks, continually", "ness and increasing value.", "ramped up the efficiency of our operations and eliminated those", "risks from our existing portfolio which were not matched by an", "What stands behind this program and what progress has already", "adequate profit potential. The major successes in the reporting", "been achieved?", "year were the acceleration and deepening of the turnaround", "programs at Fireman’s Fund, Allianz Global Risks, AGF and", "1", "Protecting and strengthening our capital base", "Dresdner Bank, as well as the improvement of the combined ra-", "If we want to remain a reliable business partner for our cus-", "tio in property and casualty insurance from 105.7 to 97.0 per-", "tomers and be able to implement our ambitious growth and", "cent. In Life insurance, we brought down the expense ratio, and", "profitability plans, we must have adequate equity and risk cap-", "we reduced the cost-income ratio in asset management and at", "ital. That was the purpose of our substantial capital increase in", "Dresdner Bank. These indicators are the most effective levers", "April 2003. We are pressing ahead with the extension of a com-", "for improving operating income.", "pany-wide risk management system that protects the capital", "Important prerequisites were rigorous cost management in", "base by setting risk standards and limits that are applicable", "all segments, especially in life insurance, and, where necessary,", "worldwide. At the same time, all business activities are brought", "a radical reform of our business models with a clear profitabil-", "into line with our internal risk capital model, which places par-", "ity target. Having already completed this work in the U.S.A.,", "ticular emphasis on diversification. This is based on the fact that", "Australia and Austria, we continued to pursue it vigorously in" ]

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