38| | duke realty corporation annual report 2012 is dependent upon a number of factors including the availability of credit to potential buyers to purchase properties at prices that we consider acceptable .
although we believe that we have demonstrated our ability to generate significant liquidity through the disposition of non-strategic properties , potential future adverse changes to general market and economic conditions could negatively impact our further ability to dispose of such properties .
transactions with unconsolidated entities transactions with unconsolidated partnerships and joint ventures also provide a source of liquidity .
from time to time we will sell properties to unconsolidated entities , while retaining a continuing interest in that entity , and receive proceeds commensurate to those interests that we do not own .
additionally , unconsolidated entities will from time to time obtain debt financing and will distribute to us , and our joint venture partners , all or a portion of the proceeds from such debt financing .
uses of liquidity our principal uses of liquidity include the following : 2022 property investment ; 2022 leasing/capital costs ; 2022 dividends and distributions to shareholders and unitholders ; 2022 long-term debt maturities ; 2022 opportunistic repurchases of outstanding debt and preferred stock ; and 2022 other contractual obligations .
property investment we continue to pursue an asset repositioning strategy that involves increasing our investment concentration in industrial and medical office properties while reducing our investment concentration in suburban .[['', '2012', '2011', '2010'], ['second generation tenant improvements', '$ 26643', '$ 50079', '$ 36676'], ['second generation leasing costs', '31059', '38130', '39090'], ['building improvements', '6182', '11055', '12957'], ['total', '$ 63884', '$ 99264', '$ 88723']]office properties .
pursuant to this strategy , we evaluate development and acquisition opportunities based upon market outlook , including general economic conditions , supply and long-term growth potential .
our ability to make future property investments , along with being dependent upon identifying suitable acquisition and development opportunities , is also dependent upon our continued access to our longer-term sources of liquidity , including issuances of debt or equity securities as well as generating cash flow by disposing of selected properties .
leasing/capital costs tenant improvements and leasing commissions related to the initial leasing of newly completed or vacant space in acquired properties are referred to as first generation expenditures .
such expenditures are included within development of real estate investments and other deferred leasing costs in our consolidated statements of cash flows .
tenant improvements and leasing costs to re-let rental space that had been previously under lease to tenants are referred to as second generation expenditures .
building improvements that are not specific to any tenant but serve to improve integral components of our real estate properties are also second generation expenditures .
one of our principal uses of our liquidity is to fund the second generation leasing/capital expenditures of our real estate investments .
as illustrated in the tables below , we have significantly reduced such expenditures in 2012 as a direct result of repositioning our investment concentration in office properties in accordance with our asset strategy .
the following is a summary of our second generation capital expenditures by type of expenditure ( in thousands ) : .


.[['', '2009', '2010', '2011', '2012', '2013', '2014'], ['state street corporation', '$ 100', '$ 107', '$ 114', '$ 101', '$ 120', '$ 190'], ['s&p 500 index', '100', '115', '132', '135', '157', '208'], ['s&p financial index', '100', '112', '126', '104', '135', '183'], ['kbw bank index', '100', '123', '152', '117', '153', '211']].


on july 18 , 2013 , the board approved a new $ 10 billion share repurchase program to be completed at the latest by june 30 , 2018 .
schlumberger had repurchased $ 8.6 billion of shares under this new share repurchase program as of december 31 , 2015 .
the following table summarizes the activity under these share repurchase programs during 2015 , 2014 and 2013 : ( stated in thousands , except per share amounts ) total cost of shares purchased total number of shares purchased average price paid per .[['', 'total cost of shares purchased', 'total number of shares purchased', 'average price paid per share'], ['2015', '$ 2182180', '26751.0', '$ 81.57'], ['2014', '$ 4677687', '47545.9', '$ 98.38'], ['2013', '$ 2596447', '31349.5', '$ 82.82']]on january 21 , 2016 , the board approved a new $ 10 billion share repurchase program for schlumberger common stock .
this new program will take effect once the remaining $ 1.4 billion authorized to be repurchased under the july 18 , 2013 program is exhausted .
2022 net cash provided by operating activities was $ 8.8 billion in 2015 , $ 11.2 billion in 2014 and $ 10.7 billion in 2013 .
the decrease in operating cash flows in 2015 as compared to 2014 was largely attributable to lower earnings before non-cash charges and credits and depreciation and amortization expense while the increase in operating cash flows in 2014 as compared to 2013 was largely attributable to higher earnings before non-cash charges and credits and depreciation and amortization expense .
2022 dividends paid during 2015 , 2014 and 2013 were $ 2.4 billion , $ 2.0 billion and $ 1.6 billion , respectively .
on january 15 , 2015 , schlumberger announced that its board approved a 25% ( 25 % ) increase in the quarterly dividend , to $ 0.50 .
on january 16 , 2014 , schlumberger announced that its board approved a 28% ( 28 % ) increase in the quarterly dividend , to $ 0.40 .
2022 capital expenditures were $ 2.4 billion in 2015 , $ 4.0 billion in 2014 and $ 3.9 billion in 2013 .
capital expenditures are expected to be approximately $ 2.4 billion in 2016 .
2022 during the fourth quarter of 2015 , schlumberger made a $ 500 million cash investment into a new spm project .
schlumberger is obligated to make a further $ 500 million cash investment into this project during the first quarter of 2016 .
2022 during 2015 , 2014 and 2013 schlumberger made contributions of $ 346 million , $ 390 million and $ 538 million , respectively , to its postretirement benefit plans .
the us pension plans were 86% ( 86 % ) funded at both december 31 , 2015 and 2014 based on the projected benefit obligation .
schlumberger 2019s international defined benefit pension plans were a combined 93% ( 93 % ) funded at december 31 , 2015 based on the projected benefit obligation .
this compares to 94% ( 94 % ) funded at december 31 , 2014 .
schlumberger currently anticipates contributing approximately $ 350 million to its postretirement benefit plans in 2016 , subject to market and business conditions .
schlumberger maintains a 20ac5.0 billion guaranteed euro medium term note program .
this program provides for the issuance of various types of debt instruments such as fixed or floating rate notes in euro , us dollar or other currencies .
schlumberger has issued 20ac0.5 billion 1.50% ( 1.50 % ) guaranteed notes due 2019 under this program .
as of december 31 , 2015 , schlumberger had $ 13.0 billion of cash and short-term investments on hand .
schlumberger had separate committed debt facility agreements aggregating $ 3.8 billion with commercial banks , of which $ 1.4 billion was available and unused as of december 31 , 2015 .
the $ 3.8 billion of committed debt .


note 17 2014 sales-type leases and financing receivables in april 2017 , in conjunction with the implementation of a new 201cgo-to-market 201d business model for the company's u.s .
dispensing business within the medication management solutions ( 201cmms 201d ) unit of the medical segment , the company amended the terms of certain customer leases for dispensing equipment within the mms unit .
the modification provided customers the ability to reduce its dispensing asset base via a return provision , resulting in a more flexible lease term .
prior to the modification , these leases were accounted for as sales-type leases in accordance with accounting standards codification topic 840 , "leases" , as the non- cancellable lease term of 5 years exceeded 75% ( 75 % ) of the equipment 2019s estimated useful life and the present value of the minimum lease payments exceeded 90% ( 90 % ) of the equipment 2019s fair value .
as a result of the lease modification , the company was required to reassess the classification of the leases due to the amended lease term .
accordingly , most amended lease contracts were classified as operating leases beginning in april 2017 .
the change in lease classification resulted in a pre-tax charge to earnings in fiscal year 2017 of $ 748 million , which was recorded in other operating expense , net .
beginning april 1 , 2017 , revenue associated with these modified contracts has been recognized on a straight-line basis over the remaining lease term , along with depreciation on the reinstated leased assets .
the company's consolidated financial results in 2018 and 2017 were not materially impacted by the financing receivables remaining subsequent to the lease modification discussed above .
note 18 2014 supplemental financial information other income ( expense ) , net .[['( millions of dollars )', '2018', '2017', '2016'], ['losses on debt extinguishment ( a )', '$ -16 ( 16 )', '$ -73 ( 73 )', '$ 2014'], ['vyaire medical-related amounts ( b )', '288', '-3 ( 3 )', '2014'], ['other equity investment income', '8', '3', '8'], ['losses on undesignated foreign exchange derivatives net', '-14 ( 14 )', '-11 ( 11 )', '-3 ( 3 )'], ['royalty income ( c )', '51', '2014', '2014'], ['gains on previously held investments ( d )', '2014', '24', '2014'], ['other', '2014', '3', '7'], ['other income ( expense ) net', '$ 318', '$ -57 ( 57 )', '$ 11']]( a ) represents losses recognized upon our repurchase and extinguishment of certain senior notes , as further discussed in note 15 .
( b ) represents amounts related to the company 2019s 2017 divestiture of a controlling interest in its former respiratory solutions business and the subsequent sale in 2018 of the remaining ownership interest .
the amount in 2018 includes the gain on the sale of the remaining non-controlling interest and transition services agreement income , net of the company's share of equity investee results .
the amount in 2017 represents the company 2019s share of equity investee results , net of transition services agreement income .
additional disclosures regarding these divestiture transactions are provided in note 10 in the notes to consolidated financial statements .
( c ) represents the royalty income stream acquired in the bard transaction , net of non-cash purchase accounting amortization .
the royalty income stream was previously reported by bard as revenues .
( d ) represents an acquisition-date accounting gain related to a previously-held equity method investment in an entity the company acquired. .