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(&#147;Costamare&#148;) and its wholly-owned subsidiaries (collectively, the &#147;Company&#148;). Costamare was formed on April 21, 2008, under the laws of the Republic of the Marshall Islands.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify">Costamare was incorporated as part of a reorganization to acquire the ownership interest in 53 ship-owning companies owned by the Konstantakopoulos family (Vasileios Konstantakopoulos and his three sons Messrs. Konstantinos Konstantakopoulos, Achillefs Konstantakopoulos and Christos Konstantakopoulos, together the &#147;Family&#148;). The reorganization was completed in November 2008. On November 4, 2010, Costamare completed its initial public offering (&#147;Initial Public Offering&#148;) in the United States under the United States Securities Act of 1933, as amended (the &#147;Securities Act&#148;). On March 27, 2012 and on October 19, 2012, the Company completed two follow-on public offerings in the United States under the Securities Act and issued 7,500,000 shares and 7,000,000 shares, respectively, par value $0.0001, at a public offering price of $14.10 per share and $14.00 per share, respectively, increasing the issued share capital to 74,800,000 shares. On March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 2015, the Company issued 598,400 shares, in aggregate, to Costamare Shipping Company S.A. and Costamare Shipping Services Ltd. (Note 3) in accordance with (i) the Group Management Agreement until November 2, 2015, and (ii) the Services Agreement (Note 3) from November 2, 2015, increasing the issued share capital to 75,398,400 shares. At December 31, 2015, members of the Family owned, directly or indirectly, approximately 65.0% of the outstanding common shares, in the aggregate. Furthermore, on (i) August 7, 2013, the Company completed a public offering of 2,000,000 shares of its 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (the &#147;Series B Preferred Stock&#148;), par value $0.0001, at a public offering price of $25.00 per share, (ii) on January 21, 2014, the Company completed a public offering of 4,000,000 shares of its 8.50% Series C Cumulative Redeemable Perpetual Preferred Stock (the &#147;Series C Preferred Stock&#148;), par value $0.0001, at a public offering price of $25.00 per share and, (iii) on May 13, 2015, the Company completed a public offering of 4,000,000 shares of its 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (the &#147;Series D Preferred Stock&#148;), par value $0.0001, at a public offering price of $25.00 per share.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify">As of December 31, 2014 and 2015, the Company owned and/or operated a fleet of 55 and 54 container vessels, respectively, with a total carrying capacity of approximately 320,407 twenty-foot equivalent units (&#147;TEU&#148;) and 317,774 TEU, respectively, through wholly-owned subsidiaries incorporated in the Republic of Liberia. The Company provides worldwide marine transportation services by chartering its container vessels to some of the world&#146;s leading liner operators under long, medium and short-term time charters.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify">At December 31, 2015, Costamare had 92 wholly-owned subsidiaries, all incorporated in the Republic of Liberia, except for five incorporated in the Republic of the Marshall Islands.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify"><b><i>(a) Principles of Consolidation:</i></b> The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (&#147;U.S. GAAP&#148;). The consolidated financial statements include the accounts of Costamare and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify">Costamare as the holding company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (&#147;ASC&#148;) 810 &#147;Consolidation,&#148; (formerly Accounting Research Bulletin (&#147;ARB&#148;) No. 51) a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. Costamare consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. Variable interest entities (&#147;VIE&#148;) are entities as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity&#146;s expected losses, receives a majority of an entity&#146;s expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2014 and 2015 no such interest existed.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify"><b><i>(b) Use of Estimates:</i></b> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify"><b><i>(c) Comprehensive Income / (Loss):</i></b> In the statement of comprehensive income, the Company presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. The Company follows the provisions of ASC 220 &#147;Comprehensive Income&#148;, and presents items of net income, items of other comprehensive income (&#147;OCI&#148;) and total comprehensive income in two separate but consecutive statements. Reclassification adjustments between OCI and net income are required to be presented separately on the statement of comprehensive income.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify"><b><i>(d) Foreign Currency Translation:</i></b> The functional currency of the Company is the U.S. dollar because the Company&#146;s vessels operate in international shipping markets and, therefore, primarily transact business in U.S. dollars. The Company&#146;s books of accounts are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of income.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify"><b><i>(e) Cash and Cash Equivalents:</i></b> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. Cash also includes other kinds of accounts that have the general characteristics of demand deposits in that the customer may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify"><b><i>(f) Restricted Cash:</i></b> Restricted cash is additional minimum cash deposits required to be maintained with certain banks under the Company&#146;s borrowing arrangements. Restricted cash includes bank deposits and deposits in so-called &#147;retention accounts&#148; that are required under the Company&#146;s borrowing arrangements which are used to fund the loan installments coming due. The funds can only be used for the purposes of loan repayment.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify"><b><i>(g) Accounts Receivable, net:</i></b> The amount shown as receivables, at each balance sheet date, mainly includes receivables from charterers for hire, net of any provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. The provision established for doubtful accounts as of December 31, 2014 and 2015, is $0.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify"><b><i>(h) Inventories:</i></b> Inventories consist of bunkers, lubricants and spare parts which are stated at the lower of cost or market on a consistent basis. Cost incurred to bring inventories to their present location and condition is determined by the first in, first out method.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify"><b><i>(i) Insurance Claims Receivable:</i></b> The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company&#146;s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the claim is not subject to litigation.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify"><b><i>(j) Vessels, Net:</i></b> Vessels are stated at cost, which consists of the contract price and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest and on-site supervision costs incurred during the construction periods). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify">The cost of each of the Company&#146;s vessels is depreciated from the date of acquisition on a straight-line basis over the vessel&#146;s remaining estimated economic useful life, after considering the estimated residual value which is equal to the product of vessels&#146; lightweight tonnage and estimated scrap rate, which up until December 31, 2014, was estimated to be approximately $0.250 per lightweight ton. In order to align the scrap rate estimates with the current historical average scrap rate, effective from January 1, 2015, the Company adjusted the estimated scrap rate used to calculate the vessels' salvage value from $0.250 to $0.300 per lightweight ton. The impact of the increase in the estimated scrap rate is a decrease in depreciation expense prospectively. The effect of this change in accounting estimate, which did not require retrospective adoption as per ASC 250 &#34;Accounting Changes and Error Corrections,&#34; was to decrease depreciation expense by $5,388 and increase net income by $5,388 or $0.07 per common share, basic and diluted , for the year ended December 31, 2015.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify">Management estimates the useful life of the Company&#146;s vessels to be 30 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify"><b><i>(k) Accrued Charter Revenue/Unearned Revenue:</i></b> The Company records identified assets or liabilities associated with the acquisition of a vessel at fair value, determined by reference to market data. The Company values any asset or liability arising from the market value of the time charters assumed when a vessel is acquired from entities that are not under common control. This policy does not apply when a vessel is acquired from entities that are under common control. The amount to be recorded as an asset or liability at the date of vessel delivery is based on the difference between the current fair market value of the charter and the net present value of future contractual cash flows. When the present value of the contractual cash flows of the time charter assumed is greater than its current fair value, the difference is recorded as accrued charter revenue. When the opposite situation occurs, any difference, capped to the vessel&#146;s fair value on a charter free basis, is recorded as unearned revenue. Such assets and liabilities, respectively, are amortized as a reduction of, or an increase in, revenue over the period of the time charter assumed.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify"><b><i>(l) Impairment of Long-Lived Assets:</i></b> The Company uses ASC 360 &#147;Property plant and equipment&#148;, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The standard requires that long-lived assets and certain identifiable intangibles held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify">As of December 31, 2014 and 2015, the Company concluded that, as conditions in the worldwide shipping industry remain depressed, indicators existed which triggered the existence of potential impairment of its long-lived assets. As a result, the Company performed an impairment assessment of the Company&#146;s long-lived assets by comparing the undiscounted projected net operating cash flows for each vessel to its respective carrying value. The Company&#146;s strategy is mainly to charter its vessels under long-term, fixed or variable rate time charters, providing the Company with contracted future cash flows.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify">In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels&#146; future performance, with the significant assumptions being related to time charter rates, vessels&#146; operating expenses, vessels&#146; capital expenditures, vessels&#146; residual value, fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify">The Company determines undiscounted projected net operating cash flows for each vessel and compares it to the vessel&#146;s carrying value. To the extent impairment indicators are present, the undiscounted projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter rate for the unfixed days (based on the most recent ten year historical average rates) over the remaining estimated life of the vessel assumed to be 30 years from the delivery of the vessel from the shipyard, expected outflows for vessels&#146; operating expenses assuming an expected increase in expenses based on the Company&#146;s historical data and an average inflation rate of 2.76% (in line with the average world Consumer Price Index forecasted), planned dry-docking and special survey expenditures, management fees expenditures and fleet utilization of 99.2% (excluding the scheduled off-hire days for planned dry-dockings and special surveys which are determined separately ranging from 16 to 30 days depending on the size and age of each vessel) based on historical experience. 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The lease payments are allocated between liability and finance costs to achieve a constant rate on the capital balance outstanding. If the lease agreement transfers the ownership of the leased asset to the lessee, then the asset is depreciated over its useful economic life (estimated at 30 years), otherwise it is depreciated over the lease term.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify">For sale and lease back transactions, when the fair value of the asset sold is more than its carrying amount, any indicated loss on the sale is in substance a prepayment of rent and thus, in accordance with ASC 840-40-35-4, the Company defers this prepaid rental and amortizes it over the lease term. 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Declines in the fair value of trading securities are recognized in earnings, while declines in the fair value of available-for-sale securities are recorded in Other Comprehensive Income and affect earnings when the securities are disposed. Held-to-maturity debt securities are initially recognized at cost and subsequently are measured at amortized cost, less impairment. The amortized cost is adjusted for amortization of premiums and accretion of discounts to maturity. Management evaluates debt securities held-to-maturity for other than temporary impairment at each reporting date. In evaluating whether a decline in value is other than temporary, the Company considers several factors including, but not limited, to the following: (i) the extent of the duration of the decline; (ii) the reasons for the decline in value and (iii) the financial condition of and near-term prospects of the issuer. 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The termination fee is equal to (a) the number of full years remaining prior to December 31, 2025, times (b) the aggregate fees due and payable to Costamare Shipping or Costamare Services, as applicable, during the 12-month period ending on the date of termination (without taking into account any reduction in fees under the Framework Agreement to reflect that certain obligations have been delegated to a sub-manager or a sub-provider, as applicable); provided that the termination fee will always be at least two times the aggregate fees over the 12-month period described above.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: justify">On January 7, 2013, Costamare Shipping entered into a co-operation agreement (the &#147;Co-operation Agreement&#148;) with third-party ship managers V.Ships Greece Ltd. (&#147;V.Ships Greece&#148;), pursuant to which the two companies established a ship management cell (the &#147;Cell&#148;) under V.Ships Greece. 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It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. The Company follows the provisions of ASC 220 &#147;Comprehensive Income&#148;, and presents items of net income, items of other comprehensive income (&#147;OCI&#148;) and total comprehensive income in two separate but consecutive statements. Reclassification adjustments between OCI and net income are required to be presented separately on the statement of comprehensive income.</p> .531250 0.476563 .29 0.546875 .29 0.476563 0.531250 0.546875 2125000 953000 2188000 953000 2125000 2188000 2016-01-14 2016-01-14 2016-01-21 2016-01-14 2016-04-19 2016-04-14 2016-04-14 2016-04-14 <p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">On January 27, 2016, Kelsen Shipping Co. and Montes Shipping Co. entered into a supplemental agreement with the bank in order to reschedule the repayment of the outstanding loan amount of $66,000 (Note 10.2.3) by extending the repayment, in 10 consecutive semi-annual variable installments from June 2016 until December 2020 and a balloon payment of $12,000 payable together with the last installment.</font></p> 2744000 0 352000 0 352000 0 0 0 0 2016-01-15 2016-01-15 2016-02-04 2016-02-11 2016-01-15 2016-05-04 2016-04-15 2016-04-15 2016-04-15 2016-02-18 12645000 10313000 5531000 up to 99 months 365 days earliest redelivery dates possible 5 5 2 2024 17313000 14793000 The newbuild vessels <i>MSC Azov</i>, <i>MSC Ajaccio</i> and <i>MSC Amalfi </i>were delivered to the Company on January 14, 2014, March 14, 2014 and April 28, 2014, respectively (Note 6). At the same time, the Company agreed with a financial institution to refinance the then outstanding balance of the loans relating to<i> MSC Azov</i>, <i>MSC Ajaccio</i> and <i>MSC Amalfi</i>, by entering into a ten-year sale and leaseback transaction for each vessel upon their respective deliveries In December 2014, these five companies novated their ship-building contracts to a financial institution and agreed to lease back the vessels upon their delivery from the shipyard for a period of 12 years. . In December 2015, these two companies novated their ship-building contracts to a financial institution and agreed to lease back the vessels upon their delivery from the shipyard for a period of seven years. 85572000 256716000 7581000 6169000 Costamare Ventures Inc. Sparrow Holdings LP (York) between 25% and 49% 6 up to $250 million $75 million up to $240 million 1452000 6777000 8229000 676000 3567000 7802000 798000 2888000 108330000 .51 27740000 51853000 689112000 95080000 95080000 95080000 9403 9403 9403 March 14, 2014 April 28, 2014 January 14, 2014 $0.300 per light weight ton approximately $0.250 per light weight ton 30 years .0276 16-30 days .992 0.085 0.07625 .0875 0.085 0.07625 .0875 0.0001 0.0001 0.0001 0.0001 0.0001 .0001 0.0001 0.0001 0.0001 0.0001 0.0001 25 25 14 14.1 25 25 25 14 14.1 12 25 Republic of Marshall Islands 2008-04-21 53 1000000000 2000000 2.125 1.90625 0.88 2.1875 4000000 2000000 4000000 At any time after January 21, 2019, the Series C Preferred Stock may be redeemed, at Company's election at a price of $25 of liquidation preference per share. At any time after August 6, 2018, the Series B Preferred Stock may be redeemed, at Company's election at a price of $25 of liquidation preference per share. At any time after May 13, 2020, the Series D Preferred Stock may be redeemed, at Company's election at a price of $25 of liquidation preference per share. 74800000 67800000 60300000 25000000 149600 100000000 145543000 96523000 100584000 48042000 93547000 96616000 10000000 0.0001 0.0001 0.0001 .0001 6283000 5335000 0.7 0.3 .65 320407 317774 22118000 1090000 13200000 921000 34709000 2925000 16044000 8767000 30305000 6669000 4654000 3212000 21662000 637000 4410000 45793000 49817000 In order to align the scrap rate estimates with the current historical average scrap rate, effective from January 1, 2015, the Company adjusted the estimated scrap rate used to calculate the vessels' salvage value from $0.250 to $0.300 per lightweight ton. The impact of the increase in the estimated scrap rate is a decrease in depreciation expense prospectively. The effect of this change in accounting estimate, which did not require retrospective adoption as per ASC 250 "Accounting Changes and Error Corrections," was to decrease depreciation expense by $5,388 and increase net income by $5,388 or $0.07 per common share, basic and diluted , for the year ended December 31, 2015. 2015-05-18 between 25% and 75% 2024-05-18 19 -553000 -553000 0 0.531250 0.531250 0.476563 0.531250 .29 .29 .29 0.28 0.28 0.28 .28 0.531250 .531250 0.476563 .27 .476563 0.476563 0.476563 0.476563 0.476563 0.476563 .495833 0.531250 .376736 .546875 13 11 <p style="margin: 0">The termination fee is equal to (a) the number of full years remaining prior to December 31, 2025, times (b) the aggregate fees due and payable to Costamare Shipping or Costamare Services, as applicable, during the 12-month period ending on the date of termination (without taking into account any reduction in fees under the Framework Agreement to reflect that certain obligations have been delegated to a sub-manager or a sub-provider, as applicable); provided that the termination fee will always be at least two times the aggregate fees over the 12-month period described above.</p> 12 3 months 0.0075 1000000 1000000 1050000 1425000 1425000 75000 75000 0.49 0.51 0.25 0.4 0.4 0.49 .49 .49 .49 .49 7470000 21000000 42000000 90000000 90000000 150000000 75000000 150000000 7470000 1000000000 38500000 631340000 semi-annual quarterly quarterly quarterly quarterly quarterly quarterly quarterly quarterly semiannual semiannual semiannual semiannual semiannual quarterly 4456700 1364300 1364300 1273400 1273400 2715000 525000 1050000 962500 2500000 2500000 6000000 4125000 4500000 22473000 62393300 38199600 38199600 40744800 40744800 35590000 4200000 8400000 7700000 30000000 30000000 42000000 10000000 60000000 271263000 0.03 0.75:1 18 18 0.8 2.50:1 30000000 500000000 9000000 11300000 152800000 120000000 229200000 140000000 120000000 203343000 0.7 133700000 9000000 48765000 48765000 48765000 11300000 113700000 75000000 75000000 68170000 64121000 62757000 66213000 111417000 0 13125000 25200000 42500000 45000000 66000000 30625000 82500000 0 22138000 6495000 6000000 2334000 4202000 3900000 18 months 12 19 18 20 18 11 17 16 5 6 4 5 5 15 January 2016 to January 2021 February 2016 to August 2020 March 2016 to June 2020 February 2016 to November 2020 January 2016 to April 2020 March 2016 to December 2018 February 2016 to February 2020 January 2016 to October 2019 February 2016 to August 2019 February 2016 to February 2018 February 2016 to August 2018 June 2016 to December 2017 February 2016 to February 2018 May 2016 to May 2018 <p class="MsoNormal" style="margin-top: 5.95pt; text-align: justify">The term loans discussed above bear interest at LIBOR plus a spread and are secured by, inter alia, (a) first priority mortgages over the financed vessels, (b) first priority assignments of all insurances and earnings of the mortgaged vessels and (c) corporate guarantees of Costamare or its subsidiaries, as the case may be. The loan agreements contain usual ship finance covenants, including restrictions as to changes in management and ownership of the vessels, additional indebtedness, mortgaging of vessels, as well as minimum requirements regarding hull Value Maintenance Clauses (&#147;VMC&#148;) in the range of 80% to 125% and restrictions in dividend payments if an event of default has occurred and is continuing or would occur as a result of the payment of such dividend. <b style="mso-bidi-font-weight: normal"><p></p></b></p> 1.11%-6.75% 1.03%-6.75% 1.25%-6.75% .042 .042 .043 72384000 77655000 81471000 -1306000 -7845000 10 $2,500 (in thousands of US dollars) and 598,400 shares payable quarterly in arrears 956 919 478 460 787400 2015-03-03 2015-11-02 598400 November 2008 2010-11-04 2015-12-31 2013-01-07 April 2013 The 3% Series 1 notes due 2023 amortizing subject to available cash flow in accordance with a corporate mechanism. The 5% Series 2 notes due 2023 non-amortizing (of the 5% interest, 3% is payable quarterlyin cash and 2% is accrued quarterly with deferred cash payment on maturity). 2013-05-15 2013-06-06 2013-12-18 2013-12-23 2013-12-23 2013-12-23 2013-10-16 2013-10-16 2013-06-25 2013-06-25 2013-06-06 2013-06-06 2013-06-26 2013-07-08 2013-07-01 2015-05-18 2015-05-18 2013-12-23 2015-09-22 2015-05-18 February 2006 June 2006 December 2007 January 2008 May 2008 April 2014 August 2012 March 2012 2013-04-08 2013-03-14 2014-01-14 2014-03-14 2014-04-28 September 2014 May 2014 2015-05-29 2014-05-21 November 2015 2010-07-14 2010-08-27