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Raymond James Financial Balance Sheet Statement

Assets, liabilities, and shareholders' equity
Total Assets$91.9BTotal Stockholders Equity$12.6BLong Term Debt-Cash And Equivalents$15.0B
Market Cap$29.3B
ROE17.33%

Current Liabilities

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Accounts payable$2B$1.8B$2B$2B$1.8B$1.9B
Accrued compensation$1.8B$1.9B$2.2B$2.6B$1.9B$2.1B
Accrued Contingent Liabilities———$10M$10M$10M
Accrued expenses———$43M——
Accrued interest$23M$21M$19M$18M$17M$17M
Federal funds purchased and securities sold under repurchase agreements$0$0$0$0$0$0
Savings deposits$20.3B$21B$21.7B$22.5B$21.8B$22B
Time Deposit Maturities - Year One$493M$682M$1.1B$1.6B$400M$635M
Time Deposit Maturities - Year Two$51M$77M$120M$192M$119M$408M
Time Deposit Maturities - Year Three$27M$37M$54M$70M$49M$62M
Time Deposit Maturities - Year Four$17M$19M$24M$35M$39M$50M
Time Deposit Maturities - Year Five———$30M——
Time deposits4.6%4.5%4.3%4.2%3.9%3.9%
Accrued Income Taxes, Current———$5M——
Customer Collateral Liabilities$5.7B$5.9B$6.2B$5.9B$6.1B$6.6B
Debt Maturity - Remainder of Fiscal Year000—00
Derivative Liabilities - Fair Value$0$0$0$0$0$0
Derivative Liabilities - Not Offset Policy Election Deduction$0$0$0$0$0$0
Derivative Liabilities Offset$16M$0$0$0$0$0
Deposits$55.9B$56.4B$57.2B$58.9B$60.2B$62.4B
Noninterest-bearing deposits$716M$489M$524M$547M$667M$539M
Derivative liabilities$39M$72M$94M$92M$91M$61M
Securities loaned$16M$582M$655M$786M$514M$781M
Trading liabilities$835M$963M$920M$891M$883M$726M
Income taxes payable———$5M——
Operating lease liabilities, current$538M$537M$543M$538M$533M$552M
Payables to Brokerage Clients$5.7B$5.9B$6.2B$5.9B$6.1B$6.6B
Repurchase Agreements - Gross$307M$205M$228M$325M$368M$361M
Securities Sold Under Agreements to Repurchase - Not Offset Policy Election Deduction—$205M$228M$325M$368M$361M
Securities Loaned - Offset Policy Deduction—$561M$637M$768M$492M$781M

Current Assets

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Accounts receivable, net$454M$456M$470M$532M$472M$536M
Available-for-Sale Debt Securities - Amortized Cost$8.5B$8.1B$7.8B$7.4B$7.1B$6.9B
Available-for-Sale Debt Securities - Amortized Cost (Due Within One Year)$663M$694M$607M—$649M$485M
Available-for-Sale Debt Securities - Unrealized Loss Position (>=12 Months)$810$792$777$5.7B$5.4B$5.1B
AFS and Trading Securities - Unrealized Loss Position (>=12 Months)$6.6B$6.4B$6.1B$5.7B$5.4B$5.1B
AFS and Trading Securities - Unrealized Loss Position (<12 Months) Fair Value$368M$315M$114M$241M$185M$479M
Available-for-Sale Debt Securities - Unrealized Loss Position (<12 Months)$368M$315M$114M$241M$185M$479M
Available-for-Sale Debt Securities - Unrealized Loss Position$791M$669M$599M$532M$477M$483M
AFS and Trading Securities - Unrealized Loss Position (>=12 Months) Fair Value$6.6B$6.4B$6.1B$5.7B$5.4B$5.1B
AFS and Trading Securities - Unrealized Loss Position Fair Value$7B$6.7B$6.2B$6B$5.6B$5.6B
AFS and Trading Securities - Unrealized Loss Position (<12 Months) Fair Value$368M$315M$114M$241M$185M$479M
Federal funds sold and securities purchased under resale agreements$0$215M$210M$302M$311M$272M
Cash and cash equivalents$13.6B$13.1B$13B$14.8B$13.6B$15B
Cash, Cash Equivalents, and Marketable Securities$7B$6.7B$6.2B$6B$5.6B$5.6B
Fair Value of Resellable Collateral$3.8B$3.8B$4.1B$4B$4.4B$4.3B
Fair Value of Resold Collateral$1.4B$1.4B$1.6B$2.1B$1.7B$2B
Prepaid expenses and other$3.4B$3.3B$3.5B$3.5B$3.7B$3.7B
Derivative Assets - Fair Value$392M$366M$334M$307M$295M$285M
Derivative Assets - Net Reduction from Master Netting Arrangements$7M$5M$1M$1M$0$1M
Derivative assets$91M$92M$73M$68M$70M$71M
Securities borrowed$0$0$0$0$0$0
Trading assets$660M$691M$601M$0$647M$485M
Income taxes receivable———$79M——
Net Derivative Assets/(Liabilities) After Master Netting$330M$248M$210M$190M$181M$198M
Other Receivables$1.5B$1.9B$1.8B$1.8B$1.5B$1.8B
Receivables from Brokerage Clients, Net$2.7B$2.8B$2.9B$2.8B$3B$3.3B
Restricted cash$3.5B$3.4B$3.8B$3.4B$3.7B$3.7B
Securities Borrowed - Offset Policy Deduction—$326M$714M$372M$415M$336M

Equity

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Additional paid-in capital$3.1B$3.2B$3.2B$3.2B$3.1B$3.2B
AFS and Trading Securities - Unrealized Loss Position (>=12 Months) Accumulated Loss$788M$668M$599M$532M$477M$481M
Accumulated other comprehensive income (loss)-$655M-$546M-$438M-$396M-$348M-$368M
Common stock650M650M650M650M650M650M
Common Stock Par Value Per Share$0.01$0.01$0.01$0.01$0.01$0.01
Common Stock Shares Issued250M250.1M250.1M250.1M250.1M250.1M
Additional paid-in capital$3.1B$3.2B$3.2B$3.2B$3.1B$3.2B
Common stock; $0.001 par value; 6,000 shares authorized; 3,755 and 3,751 shares issued and outstanding as of March&#160;31, 2026 and December&#160;31, 2025, respectively$3M$3M$3M$3M$3M$3M
Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding$79M$79M$79M$79M$79M$0
Investments - Gross Unrealized Losses$7B$6.7B$6.2B$6B$5.6B$5.6B
Noncontrolling interests$6M$15M$2M$1M$4M$43M
Preferred stock$79M$79M$79M$79M$79M$0
Retained earnings$12.4B$12.8B$13.1B$13.6B$14.1B$14.5B
Share Repurchase Authorization Limit$1.5B$1.2B$749M$399M$1.9B$1.5B
Share Repurchase Program - Amount Remaining$1.5B$1.2B$749M$399M$1.9B$1.5B
Shares Reserved for Future Issuance Under Stock Plans—————99M
Total liabilities and stockholders' equity$82.3B$83.1B$84.8B$88.2B$88.8B$91.9B
Total stockholders' equity$11.9B$12.2B$12.3B$12.5B$12.6B$12.6B
Treasury stock$3B$3.2B$3.7B$4B$4.3B$4.7B
Undistributed Earnings of Foreign Subsidiaries———$669M——
Unrealized Gains on Investments$3M$6M$7M$10M$11M$5M
Unrealized Losses on Investments (Before Tax)$791M$669M$599M$532M$477M$483M

Non-Current Assets

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Available-for-Sale Debt Securities - Fair Value (Maturing 1 to 5 Years)$1.5B$1.3B$1.2B—$1.4B$1.5B
Deferred tax assets$651M$610M$642M$671M$623M$549M
Deferred Tax Assets and Other Non-Current Assets———$19M——
Deferred Tax Assets - Investments———$131M——
Deferred Tax Assets - Loan Loss Reserves———$143M——
Equity method investments———$131M——
Available-for-sale securities$1.5B$1.2B$1.2B$6.9B$1.3B$1.4B
Total investment securities$114M$105M$106M$103M$103M$103M
Finite-Lived Intangible Assets - Expected Amortization Expense (Year One)———$37M——
Finite-Lived Intangible Assets - Expected Amortization Expense (Year Five)———$153M——
Goodwill$1.4B$1.4B$1.5B$1.5B$1.8B$2B
Goodwill and Intangible Assets, Net$1.9B$1.9B$1.9B$144M$1.8B$2B
Net Investment in Lease$572M$570M$576M$583M$578M$597M
Net Operating Loss Carryforwards———$5M——
Deferred tax assets$651M$610M$642M$671M$623M$549M
Goodwill and intangible assets, net$1.9B$1.9B$1.9B$1.8B$1.8B$2B
Operating lease right-of-use assets$572M$570M$576M$583M$578M$597M
Other Assets$281M$222M$204M$195M$258M$273M
Property, plant and equipment at cost———$2B——
Operating lease right-of-use assets———4.9%——
Operating Lease Right-of-Use Assets in Other Assets$572M$570M$576M$583M$578M$597M
Other non-current assets$281M$222M$204M$195M$258M$273M
Pledged Assets - Fair Value$1.4B$1.4B$1.6B$2.1B$1.7B$2B
Property and equipment, net$639M$649M$669M$670M$678M$683M
Investment - Proportional Amortization Method———2300000000.0%——
Tax Credit Carryforward Valuation Allowance———$9M——
Total assets$82.3B$83.1B$84.8B$88.2B$88.8B$91.9B

Other

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Aggregate Notional Principal Outstanding$23.3B$25.8B$24.6B$24.2B$23.4B$23.7B
Components851819794—00
Decrease in Unrecognized Tax Benefits is Reasonably Possible$22M$20M$17M$11M$12M$11M
Derivative Notional Amount$23.3B$25.8B$24.6B$24.2B$23.4B$23.7B
Fair Value Measurement Disclosure$400M$354M$341M$313M$303M$281M
Gross Assets/Liabilities$330M$248M$210M$190M$181M$198M
Interest Rate Hedge Reclassification (Next 12 Months)-$15M-$12M-$11M-$8M-$6M-$6M
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax$791M$669M$599M$532M$477M$483M
Gross Unrealized Gains$3M$6M$7M$10M$11M$5M
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10$2B$1.9B$1.8B—$1.7B$1.7B
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10$1.8B$1.8B$1.7B—$1.6B$1.6B
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five$1.5B$1.3B$1.2B—$1.4B$1.5B
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five$1.5B$1.2B$1.2B—$1.3B$1.4B
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10$4.3B$4.2B$4.1B—$3.3B$3.2B
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10$3.8B$3.8B$3.7B—$3.1B$3B
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One$663M$694M$607M—$649M$485M
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One$660M$691M$601M—$647M$485M
Collateralized agreements$530M$551M$941M$698M$740M$608M
Collateralized debt$768M$787M$883M$1.1B$882M$1.1B
Commercial lines of credit———$5.4B$5.5B$5.4B
SBL and other consumer lines of credit———$56B$58.7B$63.4B
Standby letters of credit———$217M$233M$233M
Unfunded lending commitments$615M$588M$595M$716M$648M$523M
Common stock, par value (in dollars per share)$0$0$0$0$0$0
Common stock, shares authorized (in shares)$650M$650M$650M$650M$650M$650M
Common stock, shares issued (in shares)$250M$250.1M$250.1M$250.1M$250.1M$250.1M
Common Stock, Shares, Outstanding$204.6M$203.1M$200M$198.1M$197M$194.6M
Contract with Customer, Asset, after Allowance for Credit Loss$454M$456M$470M$532M$472M$536M
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss$8.5B$8.1B$7.8B$7.4B$7.1B$6.9B
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss$788M$668M$599M$532M$477M$481M
Less than 12 months$368M$315M$114M$241M$185M$479M
12 months or more$6.6B$6.4B$6.1B$5.7B$5.4B$5.1B
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss$3M$1M$0$0$0$2M
Estimated Fair Value$7.7B$7.4B$7.2B$6.9B$6.6B$6.4B
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss$791M$669M$599M$532M$477M$483M
Debt Securities, Available-for-Sale, Unrealized Loss Position$7B$6.7B$6.2B$6B$5.6B$5.6B
Debt Securities, Available-for-Sale, Weighted Average Yield$0$0$0—$0$0
Decrease in Unrecognized Tax Benefits is Reasonably Possible$22M$20M$17M$11M$12M$11M
Deferred Tax Liabilities, Gross———$302M——
Unrealized loss associated with loan portfolios———$23M——
Deferred Tax Assets, Gross———$982M——
Lease liabilities———$135M——
Deferred Tax Assets, Net of Valuation Allowance———$973M——
Deferred Tax Assets, Operating Loss Carryforwards———$30M——
U.S. federal, state and foreign net operating loss, credit carryforwards and other carryforwards———$5M——
Deferred Tax Assets, Operating Loss Carryforwards, State and Local———$5M——
Fixed assets———$3M——
Compensation and benefits———$455M——
Accrued expenses———$43M——
Deferred Tax Assets, Valuation Allowance———$9M——
Deferred Tax Liabilities, Other———$10M——
Deferred Tax Liabilities, Property, Plant and Equipment———$0——
Deposits, At Or Above FDIC Insurance Limit$7.4B$7.7B$8.4B$9.8B$10.2B$10.2B
FDIC-insured bank deposits$48.5B$48.7B$48.8B$49.1B$50B$52.2B
FDIC-insured bank deposits as a % of total bank deposits87.0%86.0%85.0%83.0%83.0%84.0%
Derivative Asset, Subject to Master Netting Arrangement, after Offset$91M$92M$73M$68M$70M$71M
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset$262M$202M$167M$147M$134M$153M
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset$39M$72M$94M$92M$91M$61M
Derivative Asset, Subject to Master Netting Arrangement, Gross Liability and Collateral, Obligation to Return Cash, Offset$301M$274M$261M$239M$225M$214M
Derivative Asset, Security Purchased under Agreement to Resell, and Security Borrowed, Subject to Master Netting Arrangement, Liability Offset$0$0$0$0$0$0
Derivative Asset, Security Purchased under Agreement to Resell, and Security Borrowed, Subject to Master Netting Arrangement, before Offset$530M$551M$941M$698M$740M$608M
Derivative Asset, Security Purchased under Agreement to Resell, and Security Borrowed, Subject to Master Netting Arrangement, after Offset—$551M$941M$698M$740M$608M
Derivative Asset, Security Purchased under Agreement to Resell, and Security Borrowed, Subject to Master Netting Arrangement, after Offset and Deduction—$10M$17M$24M$14M$0
Derivative, gross, assets$392M$366M$334M$307M$295M$285M
Derivative Asset, Including Not Subject to Master Netting Arrangement, after Offset and Deduction$84M$87M$72M$67M$70M$70M
Derivatives, gross, liabilities$400M$354M$341M$313M$303M$281M
Derivative Liability, Including Not Subject to Master Netting Arrangement, after Offset and Deduction$330M$248M$210M$190M$181M$198M
Derivative Liability$330M$248M$210M$190M$181M$198M
Derivative Liability, Subject to Master Netting Arrangement, after Offset$330M$248M$210M$190M$181M$198M
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset$31M$34M$37M$31M$31M$22M
Derivative Liability, Subject to Master Netting Arrangement, Asset Offset$39M$72M$94M$92M$91M$61M
Derivative netting, Liabilities$70M$106M$131M$123M$122M$83M
Potential reduction in net position of total derivative liabilities$0$0$0$0$0$0
Derivative Liability, Security Sold under Agreement to Repurchase, and Security Loaned, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset—$766M$865M$1.1B$860M$1.1B
Derivative Liability, Security Sold under Agreement to Repurchase, and Security Loaned, Subject to Master Netting Arrangement, after Offset and Deduction—$21M$18M$18M$22M$0
Derivative Liability, Security Sold under Agreement to Repurchase, and Security Loaned, Subject to Master Netting Arrangement, after Offset—$787M$883M$1.1B$882M$1.1B
Notional$23.3B$25.8B$24.6B$24.2B$23.4B$23.7B
Fair Value of Securities Received as Collateral that Can be Resold or Repledged$3.8B$3.8B$4.1B$4B$4.4B$4.3B
Other investments ($20 and $8 pledged as collateral)$299M$306M$315M$390M$398M$399M
Performing nonaccrual loans$72M$128M$127M$109M$122M$75M
2028———$38M——
2030———$37M——
2031———$35M——
2027———$39M——
2029———$37M——
Finite Lived Intangible Assets Amortization Expense After Year Five———$153M——
Client-owned fractional shares$139M$141M$155M$171M$183M$188M
Tax receivable within other current assets———$79M——
Instruments Measured At Fair Value, Level 3, Percentage Of Assets1.0%1.0%1.0%1.0%1.0%1.0%
Instruments Measured At Fair Value, Percentage Of Assets12.0%11.0%11.0%10.0%10.0%9.0%
Instruments Measured At Fair Value, Percentage Of Liabilities2.0%2.0%2.0%2.0%2.0%1.0%
Gains expected to be reclassified-$15M-$12M-$11M-$8M-$6M-$6M
Investments In Company-Owned Life Insurance$1.4B$1.4B$1.5B$1.6B$1.6B$1.6B
Amount by which unaccrued maximum of estimated range exceeds minimum———$10M$10M$10M
Minimum amount of shared national credit loan syndications———$100M——
Minimum number of regulated institutions with which SNCs are shared (or more)———3.00——
Noncontrolling interests in subsidiaries$6M$15M$2M$1M$4M$43M
Number of general types of non-guaranteed tax credit funds———2.00——
Number of loan portfolio segments———6.006.006.00
Number of party with power———1.00——
Number of share-based compensation plans1.001.001.00—1.001.00
Number of single investor members or limited partners in funds———1.00——
Other receivables$1.5B$1.9B$1.8B$1.8B$1.5B$1.8B
Percent ownership of subsidiaries that are consolidated100.0%100.0%100.0%100.0%100.0%100.0%
Restricted Cash and Investments$3.5B$3.4B$3.8B$3.4B$3.7B$3.7B
Money market and savings accounts$32.4B$33.2B$33.3B$33.9B$35.7B$37.5B
Savings And Money Market Accounts, Weighted-Average Rate1.8%1.7%1.6%1.6%1.3%1.3%
Securities borrowed, gross assets recognized$263M$336M$731M$396M$429M$336M
Security Purchased under Agreement to Resell, Subject to Master Netting Arrangement, before Offset$267M$215M$210M$302M$311M$272M
Security Borrowed, Subject to Master Netting Arrangement, after Offset and Deduction—$10M$17M$24M$14M$0
Security Borrowed, Subject to Master Netting Arrangement, after Offset—$336M$731M$396M$429M$336M
Security Loaned, Subject to Master Netting Arrangement, after Offset and Deduction—$21M$18M$18M$22M$0
Security Loaned, Subject to Master Netting Arrangement, after Offset—$582M$655M$786M$514M$781M
Security Purchased under Agreement to Resell, Subject to Master Netting Arrangement, after Offset—$215M$210M$302M$311M$272M
Security Purchased under Agreement to Resell, Subject to Master Netting Arrangement, after Offset and Deduction—$0$0$0$0$0
Security Sold under Agreement to Repurchase, Subject to Master Netting Arrangement, after Offset—$205M$228M$325M$368M$361M
Security Sold under Agreement to Repurchase, Subject to Master Netting Arrangement, after Offset and Deduction—$0$0$0$0$0
Shares reserved for awards to employees and outside directors (in shares)—————$99M
Share Repurchase Program, Authorized, Amount$2B———$2B—
Share Repurchase Program, Remaining Authorized, Amount$1.5B$1.2B$749M$399M$1.9B$1.5B
Time Deposit Liability, Uninsured$162M$154M$161M$171M$162M$420M
Time deposit liability, uninsured, maturity, over 6 months through 12 months$38M$37M$22M$29M$34M$21M
Time deposit liability, uninsured, maturity, over three months through six months$41M$43M$48M$40M$44M$51M
Over twelve months$11M$11M$16M$19M$24M$278M
Time deposit liability, uninsured, maturity, three months or less$72M$63M$75M$83M$60M$70M
Thereafter$3M$7M$13M—$10M$25M
2026$1.8B$946M$515M—$1.4B$1.1B
Time Deposit Maturities, Year Four$17M$19M$24M$35M$39M$50M
2027$493M$682M$1.1B$1.6B$400M$635M
Time Deposit Maturities, Year Three$27M$37M$54M$70M$49M$62M
Time Deposit Maturities, Year Two$51M$77M$120M$192M$119M$408M
Time Deposits$2.4B$1.8B$1.8B$1.9B$2B$2.3B
Trading assets$1.5B$1.5B$1.3B$1.5B$1.5B$1.4B
Treasury stock, shares (in shares)$45.4M$46.9M$50.1M$51.9M$53.1M$55.4M
Undistributed Earnings of Foreign Subsidiaries———$669M——
Unrecognized tax benefits———$47M——
Penalties and interest accrued on unrecognized tax benefits———$9M——
Amount that if recognized, would affect the effective tax rate or regulatory liability———$41M——
Non-interest-bearing demand deposits0.0%0.0%0.0%0.0%0.0%0.0%
Total bank deposits2.8%2.7%2.6%2.6%2.2%2.1%
Interest-bearing demand deposits4.1%4.0%4.1%3.9%3.4%3.4%
Total Collateral Pledged to Third Parties$1.4B$1.4B$1.6B$2.1B$1.7B$2B
Weighted-Average Interest Rate on Time Deposits$0$0$0$0$0$0

Non-Current Liabilities

MetricQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Debt Maturity - 1 to 5 Years000—00
Debt Maturity - 2024$1.8B$946M$515M$1.6B$1.4B$1.1B
Debt Maturity - 2025———$30M——
Debt Maturity - 2027$27M$37M$54M$70M$49M$62M
Debt Maturity - 5 to 10 Years$1.8B$1.8B$1.7B—$1.6B$1.6B
Debt Maturity - Over 10 Years000—00
Deferred tax liabilities———$10M——
Deferred Tax Liabilities - Leasing Arrangements———$148M——
Federal Home Loan Bank Borrowings$950M$750M$750M$700M$700M$700M
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $159 and $183)$2B$1.8B$2B$2B$1.8B$1.9B
Interest-Bearing Deposit Liabilities$20.3B$21B$21.7B$22.5B$21.8B$22B
Hybrid debt$1B$849M$849M$700M$700M$700M
Operating Lease Liabilities (Total)$538M$537M$543M$538M$533M$552M
Senior unsecured notes, net$2B$2B$2B$3.5B$3.5B$3.5B
Total liabilities$70.4B$70.9B$72.6B$75.7B$76.2B$79.3B
Unrecognized Tax Benefits - Impacting Effective Tax Rate———$41M——
Unrecognized Tax Benefits - Income Tax Penalties and Interest Accrued———$9M——